The Latvian national airline airBaltic reported a net loss of 44.337 million euros last year, which is 2.7 times smaller than in 2024, the airline announced.
At the same time, the airBaltic Group’s turnover increased by 4.2%, reaching 779.344 million euros compared with the previous year.
In 2025, the airline carried 5.2 million passengers across its route network, representing a 1% increase compared with 2024.
The total number of flights, including full-service aircraft leasing operations (ACMI), reached 78,400, marking a 7% increase year-on-year. Of these, 48,300 flights were operated within airBaltic’s route network, up 3%, while 30,100 flights were ACMI operations, which grew 15% compared with the previous year.
The airline’s average seat load factor last year was 80.2%, which is one percentage point lower than in 2024.
airBaltic’s adjusted EBITDAR (earnings before interest, taxes, depreciation, amortisation, aircraft rent and litigation provisions) reached 143.9 million euros in 2025, compared with 184.2 million euros in 2024.
Although the airline reported a net loss of 44.3 million euros, this represents a 73.8 million euros improvement compared with 2024.
The losses were caused by several external and operational factors, including higher environmental and operating costs, lower-than-expected demand for ACMI services during the winter season, and aircraft engine maintenance issues.
However, the company noted that its results were positively influenced by currency exchange gains related to US-dollar-denominated liabilities. Operational performance and revenue quality improved during the second half of the year, providing a more stable foundation for operations in 2026.
The airline highlighted that
both revenue and passenger numbers reached the highest levels in the company’s history last year.
The expansion of ACMI services also improved aircraft utilisation and diversified revenue streams.
During the year, airBaltic’s fleet grew to 51 Airbus A220‑300 aircraft, while the company also expanded its training, maintenance and cargo infrastructure.
The airline’s EBITDAR margin stood at 18.5%, though profitability was affected by higher operating costs, weaker revenue performance in the first half of the year and limited aircraft availability due to industry-wide engine maintenance issues.
To respond to these challenges, airBaltic adjusted its summer flight schedule and increased the use of wet-lease agreements to maintain operational continuity. These measures raised operating costs and limited full utilisation of the fleet during parts of the year.
According to the airline,
profitability improved in the second half of the year thanks to price adjustments,
route network optimisation and stronger demand in key markets. Ticket revenue also rose during this period following a weaker start to the year, supported by improved capacity management and targeted pricing strategies.
airBaltic CEO Erno Hildén said 2025 was a challenging year for the aviation sector, as ongoing engine maintenance issues continued to affect aircraft availability and forced airlines to adjust flight schedules.
Despite these challenges and rising costs, Hildén noted that demand for airBaltic services remained stable and the airline continued to expand both its route network and ACMI operations.
The airline expects improved operational and commercial performance in 2026, supported by better aircraft availability, additional aircraft deliveries and continued expansion of both its route network and ACMI services.
The company also plans to introduce Starlink high-speed internet onboard its aircraft,
while expanding its network with new routes and increasing flight frequencies between the Baltic states. These developments are expected to improve passenger experience and boost revenue growth.
At the end of last year, Lufthansa, the German national airline, became a shareholder in airBaltic. Currently, the Latvia government owns 88.37% of airBaltic shares, Lufthansa holds 10%, Danish investor Lars Thuesen through Aircraft Leasing 1 owns 1.62%, and other shareholders hold 0.01%.
Following a potential initial public offering (IPO), Lufthansa’s stake will depend on the market price but will remain at least 5%.
The Latvian government decided in August 2024 that after the IPO the state must retain at least 25% plus one share in airBaltic. In August 2025, the government also approved a 14 million euros co-investment in the airline alongside Lufthansa ahead of the potential IPO.
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