Author: airBaltic.com
Source: airBaltic.com
Key highlights:
Full year 2025 compared to 2024:
• Revenue: EUR 779.3 million (+4%)
• airBaltic passengers: 5.2 million (+1%), total passengers 8.7 million (+5%)
• Total flights: 78.4 thousand (+7%), including ACMI flights of 30.1 thousand (+15%)
• Adjusted EBITDAR: EUR 143.9 million (2024: EUR 184.2 million), margin 18.5% (2024: 24.6%)
• Net loss: EUR 44.3 million, improvement of EUR 73.8 million compared to 2024
Operational and strategic developments in 2025:
• Revenue and passenger numbers reached the highest level in the company’s history
• ACMI operations expanded, contributing to aircraft utilization and revenue diversification
• The fleet increased to 51 Airbus A220-300 aircraft, confirming airBaltic’s position as the largest global A220-300 operator
• Training, maintenance, and cargo infrastructure were expanded during the year
Today, the Latvian airline airBaltic has published its financial and operational results for the full year 2025. airBaltic reported revenue of EUR 779 million in 2025, a 4% increase year-on-year, while the net loss was reduced compared to 2024. Passenger volumes also reached a new peak, with 5.2 million travelers carried across the airBaltic route network during the year, thus reflecting continued demand and the airline’s key role in providing connectivity from the Baltic region.
Reklāma
The Adjusted EBITDAR stood at EUR 143.9 million, compared to EUR 184.2 million in the previous year, with a margin of 18.5%. This performance was affected by higher operating costs, yield pressure in the first half of the year, and limited aircraft availability due to industry-wide engine maintenance constraints. As a result, the company implemented adjustments to the summer schedule and increased the use of external wet-lease capacity to maintain operational continuity, which also contributed to higher operating costs. These factors restricted full fleet utilization during parts of the year and required operational adjustments to maintain reliable service and operational continuity. Yield performance improved in the second half of the year, supported by pricing discipline, network optimization, and strengthening demand across key markets.
Although the company reported a net loss of EUR 44.3 million in 2025, this represents an improvement of EUR 73.8 million compared to 2024. The financial position was influenced by several external and operational factors, including increased environmental and operating costs, lower-than-expected ACMI (Aircraft, Crew, Maintenance, and Insurance) capacity utilization during the winter season, and engine maintenance. At the same time, the results were positively supported by foreign exchange gains related to the revaluation of USD-denominated liabilities. Operational performance and revenue quality improved during the second half of the year, providing a more stable foundation entering 2026.
Following a weaker start to the year, ticket yields improved during the second half of 2025, supported by efficient capacity deployment, targeted pricing actions, and strengthening demand across core markets. This contributed positively to overall revenue performance and helped mitigate the impact of higher external costs, including airport, air navigation, personnel, and carbon emission charges.
Erno Hildén, President and CEO of airBaltic: “2025 was a challenging year operationally, as the industry continued to face engine maintenance issues that affected aircraft availability and required schedule adjustments. Despite these disruptions and continued cost pressures, we saw steady demand for our services and further development across both network and ACMI operations. While external factors continued to affect financial performance, the total result improved compared to the previous year, supported by more favorable operating conditions in the second half.”
Hildén added: “We remain focused on improving efficiency and supporting airBaltic’s long-term financial performance. As fleet availability improves, we will continue to develop our network and ensure reliable connectivity for passengers across the Baltic region.”
From an operational perspective, in 2025 airBaltic performed 48.3 thousand scheduled flights, while ACMI activity increased by 15% year-on-year to 30.1 thousand flights. Total flights reached 78.4 thousand, reflecting improved fleet utilization and sustained demand across the airline’s operations. ACMI and charter services remained an integral part of airBaltic’s business model, contributing to operational flexibility and revenue diversification, with charter operations totaling above 650 flights during the year. The load factor stood at 80.2%, representing a slight decrease of one percentage point compared to the previous year, while remaining at a stable level overall.
To support flight operations and long-term growth, airBaltic expanded its training and maintenance capabilities, by doubling simulator capacity with the addition of a new Airbus A220 full-flight simulator. Operational capacity was further supported by the launch of two new aircraft hangars and the opening of the Baltic Cargo Hub, one of the largest air cargo facilities in the Baltics.
Looking ahead, airBaltic expects its operational and commercial performance to strengthen in 2026, supported by improved fleet availability, the planned delivery of additional aircraft, and continued growth across both network and ACMI operations. The introduction of Starlink high-speed onboard connectivity and further network expansion, including new routes and increased frequencies across the Baltic capitals, are expected to enhance customer experience and support revenue growth. Improving macroeconomic conditions in the Baltic region, together with continued cooperation with strategic partners, provide additional confidence in future demand development.
The full financial report is available here: https://investors.airbaltic.com/en/financial-information
With over 130 routes and more than 20 code-share partners, airBaltic remains the leading carrier connecting the Baltic States with destinations worldwide.
airBaltic operates more than 130 routes from Riga, Tallinn, Vilnius, Tampere and, seasonally, Gran Canaria, offering connections to a wide range of destinations in the airline's route network in Europe, the Middle East, North Africa, and the Caucasus region. A complete schedule of airBaltic flights and tickets is available on the company's homepage at www.airbaltic.com
To publish this article please contact BalticTravelnews.eu editorial board
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