Author: airBaltic.com
Source: airBaltic.com
A challenging year due to industry-wide issues, yet steady performance in key metrics and growing demand positions airBaltic as a key driver of regional connectivity.
Today, the Latvian airline airBaltic has published its financial and operational results for the full year 2024. The company achieved its highest ever annual revenue of nearly EUR 748 million, a 12% year-on-year increase from the previous year. Additionally, total passenger numbers (including all passenger types and the airline’s ACMI-out operations) exceeded record-breaking eight million for the first time, marking an 18% year-on-year increase.
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Furthermore, despite industry-wide challenges, airBaltic’s operating model and continued network expansion led to a 16% year-on-year increase in Adjusted EBITDAR, reaching EUR 184 million. The airline’s Adjusted EBITDAR margin expanded to 24.6%, confirming the efficiency of its modern Airbus A220-300 fleet and disciplined cost management. At the same time, Adjusted EBITDA reached EUR 158 million (against EUR 163 million in 2023), with an Adjusted EBITDA margin of 21.2%, reflecting a 3.3pp decrease compared to the previous year. This decline was primarily driven by increased operational costs and external market conditions.
However, airBaltic posted a net loss of EUR 118 million, primarily due to external factors, including accelerated depreciation on Pratt & Whitney engines, which amounted to EUR 73 million, and currency-related non-cash adjustments, including the EUR depreciation against USD in 2024, and the servicing of the Group’s expanded bond programme from May 2024.
Martin Gauss, President and CEO of airBaltic: “2024 was a year of both growth and external challenges. We set new records in passenger numbers and revenue, with scheduled flights busier than ever. Demand reached new heights, setting fresh benchmarks in our history. However, industry-wide engine maintenance issues and currency fluctuations impacted the financial performance. Nonetheless, these are temporary setbacks that do not change our long-term trajectory.”
Gauss added: “We remain committed to sustainable growth, optimizing our fleet, and enhancing the network to strengthen airBaltic’s position for the future, including potential initial public offering (IPO). Our operational performance underscores airBaltic’s crucial role in regional connectivity and economic development.”
airBaltic concluded 2024 with its highest-ever passenger count, carrying more than five million passengers – a 13% increase compared to 2023 – while the total number of passengers exceeded eight million, up 18% from the previous year. This growth emphasizes the increasing demand for airBaltic’s services and confirms its leading position in the Baltic region. Additionally, the total number of flights, including ACMI-out operations, reached a new record, surpassing 73 000 – an increase of 12% compared to 2023. Meanwhile, airBaltic’s own scheduled flights totaled 47 000, reflecting a steady 7% year-on-year climb in operational activity. The airline also maintained confident operational performance, with the load factor on scheduled flights rising by 4.5 percentage points year-over-year, reaching approximately 81% in 2024, up from about 77% in 2023.
In 2024, airBaltic expanded its fleet, adding three new Airbus A220-300 aircraft and securing orders for an additional 10, further advancing its long-term goal of reaching 100 aircraft by 2030. With 50 A220-300s already in operation and four more scheduled to join in 2025, airBaltic remains the largest global operator of this aircraft type.
Alongside its scheduled operations, airBaltic continued to develop its ACMI-out services as an important part of its hybrid business model. The airline has built also a strong reputation in the wet lease market, with Lufthansa Group remaining its largest ACMI-out client. Through this partnership, airBaltic’s modern Airbus A220-300 fleet provides reliable, efficient, and high-quality service to passengers across various markets.
airBaltic’s team grew to over 2 700 professionals in 2024, approximately 10% year-on-year increase. The airline launched the airBaltic Technical Academy to train future aviation technicians and celebrated the 100th graduate of its Pilot Academy. airBaltic also completed the fifth season of its Leadership Academy – ALFA – further investing in the next generation of aviation leaders.
The full financial report is available here.
airBaltic operates nearly 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 are available on the company's homepage at www.airbaltic.com.
To publish this article please contact BalticTravelnews.eu editorial board
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