Latvia’s national airline airBaltic recorded a loss of 29.348 million euros in the first quarter of 2025, according to data published by the company. While the figure represents a 27.8% improvement compared to the same period in 2024, it continues a trend of loss-making quarters.
The group’s turnover for Q1 increased by 0.3% year-on-year, reaching 132.719 million euros.
During the first quarter, airBaltic transported 1.3 million passengers—an increase of 9.6% compared to a year earlier. Of these, 995 000 were on scheduled routes, while 334 000 euros were carried through ACMI (Aircraft, Crew, Maintenance, and Insurance) full-service leasing.
The total number of flights reached 13 600—up by 10.4% compared to the previous year.
The average seat load factor remained steady at 75.9%.
The company attributes the continued losses to higher financial costs, rising carbon emissions charges, and increased operating expenses. However, representatives noted that the first quarter is traditionally the weakest for airlines due to seasonality. They also highlighted record operational performance for Q1 in terms of passenger numbers, flights, and route network.
Pauls Cālītis, airBaltic’s acting CEO and Chief Operating Officer, acknowledged that while the airline remained in the red, the improved performance reflects growing revenue and a stable operation. The company’s strategic focus remains on strengthening its core business and preparing for a potential Initial Public Offering (IPO).
In line with this strategy, airBaltic expanded its route network by 10.5%, operating 95 routes in Q1 2025, compared to 86 in the same period last year.
Adjusted EBITDA for the first quarter was 3.1 million euros, down from 12.6 million euros a year earlier. Adjusted EBITDAR (excluding interest, taxes, depreciation, amortisation, leasing, and litigation reserves) was negative 4.3 million euros, compared to a 17.1 million profit in Q1 2024 euros.
In Q1 2024, the company had reported a turnover of 132.315 million euros and a loss of 40.602 million euros. For the full year 2024, airBaltic reported audited losses of 118.159 million euros, despite a 11.9% increase in revenue, which reached 747.572 million euros.
As previously reported, in January 2025, airBaltic agreed to a 14 million euros investment from German airline Lufthansa, in exchange for a convertible share giving Lufthansa Group a 10% stake. This share will convert into common shares following airBaltic’s potential IPO. After the IPO, Lufthansa Group is expected to retain at least 5% of the company’s capital, depending on the market price. The deal is pending approval from Germany’s Federal Cartel Office (Bundeskartellamt).
Currently, the Latvian state owns 97.97% of airBaltic shares, while 2.03% are held by Danish investor Lars Thuesen’s company Aircraft Leasing 1. The Latvian government has agreed that after the IPO, the state will retain at least 25% plus one share.
In 2024, airBaltic carried 5.2 million passengers, a 13% increase over 2023, and operated 47 000 flights, up 7% year-on-year.