Losses of airBaltic Group in the first quarter dropped to 29.3 million euros / day

The turnover of airBaltic in the first quarter of this year, compared to the same period last year, increased by 0.3% to EUR 132.719 million.

AirBaltic representatives informed LETA that the airline carried a total of 1.3 million passengers in the first quarter of 2025, which is 9.6% more than the year earlier. Of which, 995,000 passengers were transported to the airline route network and 334,000 passengers were carried, providing full service rental services (ACMI).

In turn, the total number of flights made, including aircraft full service rental services or ACMI, accounted for 13,600 in the first quarter of this year, which is 10.4%.

The average fulfillment of airBaltic in the first quarter of this year remained 75.9%.

The airline explains that, despite the increase in revenue, the losses were mainly influenced by higher financial expenses, higher carbon costs and the increase in operating expenses.

Representatives of airBaltic point out that during the difficult winter season, which has traditionally seen seasonally low demand, the results reflect widespread first quarter trends in the aviation industry. At the same time, the company has reached several historically highest operations in the first quarter, including passengers carried, flights and routes carried out.

Paul Cālītis, Acting Executive Director of airBaltic, notes that the first quarter is usually the weakest period for airlines due to seasonality. « Although we still showed losses, it is an improvement compared to the previous year. The results show an increase in revenue and stable operational operations, both in terms of passenger and route network, » he says.

Cālītis points out that airBaltic’s strategic progress is still to strengthen the business and prepare for future opportunities, including the potential share of the stock (IPO). « We will continue to develop processes based on commercial and sustainability principles to strengthen competitiveness and improve their profitability. At the same time, airBaltic will consistently contribute to connectivity by developing Riga as an air traffic center, » he adds.

According to the growth strategy, airBaltic has expanded the route network by 10.5%, with flights on 95 routes in the first three months of 2025, compared to 86 routes a year earlier.

AirBaltic’s adjusted profit before interest, taxes, depreciation and depreciation (EBITDA) in the first quarter of this year was EUR 3.1 million, compared to EUR 12.6 million in the first quarter of 2024. Meanwhile, airBaltic adjusted losses before interest, taxes, depreciation, depreciation and lease deductions, as well as before savings in litigation (EBITAR) amounted to EUR 4.3 million, compared to EUR 17.1 million a year ago.

In the first quarter of 2024, airBaltic had a turnover of EUR 132,315 million and a loss of EUR 40,602 million.

It has already been reported that in 2024, the airBaltic group had an audited loss of EUR 118.159 million, as opposed to profit a year earlier, while the group turnover increased by 11.9%compared to 2023, reaching EUR 747.572 million.

It has also been reported that at the end of January 2025, an agreement was reached with the German airline « Lufthansa » on investments in airBaltic in the amount of EUR 14 million. In exchange for investment in the Lufthansa Group will receive a convertible share, which will give it 10% participation. Later, following the potential public offer of airBaltic, this convertible campaign will be converted to normal shares.

After the IPO Lufthansa Group participation, the potential IPO market price will be determined. The deal also stipulates that Lufthansa Group will be at least 5% of airBaltic’s capital after the potential IPO.

This transaction has yet to obtain permission from the German Federal Cartel Bureau (« Bundeskartellamt »).

Currently, the Latvian state owns 97.97% of airBaltic shares, while financial investor, Danish businessman Lars Nuten, owned by Aircraft Leasing 1 – 2.03%. On August 30, 2024, the Latvian government agreed that the country should retain at least 25% plus one campaign after airBaltic’s IPO.

AirBaltic carried a total of 5.2 million passengers in 2024, up 13% more than a year ago, with 47,000 flights, which is 7% more than a year ago.