airBaltic Approves New Business Plan

26.04.2020 11:09 | Latvia

Photo: A/S Air Baltic Corporation

Author: Alise Briede
Source: A/S Air Baltic Corporation

On April 23, the Supervisory Board of the Latvian airline airBaltic approved the new business plan of the company presented by the management of airBaltic. The new business plan, Destination 2025 CLEAN, focuses on the impact of the Coronavirus crisis and adjustments that had to be made to the existing five-year strategy.

Martin Gauss, CEO of airBaltic: “The new environment of the aviation industry requires serious and clear decisions for a positive business development. With the business plan Destination 2025 CLEAN we will be able to provide a very strong connectivity for the Baltic states.”

Reklāma

The new plan foresees a reduced fleet for the upcoming years, initially resuming operations with 22 Airbus A220-300 aircraft. The new plan takes into account the reduced capacity for the years 2020 and 2021, while at the same time foresees return to growth with up to 50 Airbus A220-300 aircraft by the end of 2023.

Business plan Destination 2025 was originally presented in May 2018 and relies on expansion of routes from all three Baltic countries – Latvia, Estonia and Lithuania, covering the main European hubs. The strategy also foresees airBaltic achieving a significant increase in passenger numbers and its revenue by 2025.

airBaltic in brief:

airBaltic (AIR BALTIC CORPORATION) is one of the most punctual airlines in the world connecting the Baltic region with over 70 destinations in Europe, the Middle East, and the CIS. airBaltic is a joint stock company that was established in 1995. Its primary shareholder is the Latvian state, which holds around 80% of the stock, while Lars Thuesen holds around 20% through his fully-owned Aircraft Leasing 1 SIA. The airBaltic fleet consists of 38 aircraft – 22 Airbus A220-300s, 4 Boeing 737s and 12 Bombardier Q400Next Gen aircraft. airBaltic has received numerous international awards for excellence and innovative services. In 2017, the airline received the CAPA Regional Airline of the Year award, while in 2018 and 2019 airBaltic received the ATW Airline Industry Achievement Award as the Market Leader of the Year. In addition, in 2019 airBaltic received Sector Leadership Award by Airline Business.

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