airBaltic Surpasses One Million Passengers, Maintains Stable Revenue and Expands Network in Q1
The Latvian airline airBaltic, has held an investors’ call whereby Members of the Board – Interim CEO and COO Pauls Cālītis, and CFO Vitolds Jakovļevs – presented the company’s unaudited financial and operational results for the first quarter of 2025. As expected during the seasonally low and challenging winter period, the results reflected industry-wide Q1 trends. However, the company achieved multiple first-quarter records across key operational performance metrics, including passenger numbers, flights, and routes.
Key Highlights – Q1 2025:
- Strong operational performance: 1.3 million passengers and 13.6 thousand flights – the highest ever for a first quarter.
- Expanded network: 10.5% year-on-year increase in routes, reaching a total of 95 routes.
- Stable load factor: Strong average of 75.9% maintained despite the seasonally low winter period.
- Market headwinds persist: Net loss reduced by approximately 28% year-on-year, but sluggish demand in core markets affected the revenues and profitability.
- Sustained growth trajectory: 50 aircraft received to date; long-term strategy remains to expand the fleet to 100 aircraft.
According to unaudited data, the airline achieved revenue of EUR 132.7 million in Q1 2025, marking a slight year-on-year increase. Adjusted EBITDA amounted to EUR 3.1 million, down from EUR 12.6 million in Q1 2024. Meanwhile, adjusted EBITDAR totaled EUR-4.3 million, compared to EUR 17.1 million a year earlier.
Nevertheless, the airline reported a lower net loss of EUR 29.3 million, compared to EUR 40.6 million in Q1 2024. The net result, despite revenue growth, was primarily affected by higher financing expenses, increased costs associated with carbon emissions, and year-on-year increases in key operating expenditures.
Total passenger numbers reached a new Q1 record of 1.3 million, with 995 thousand network passengers and 334 thousand ACMI passengers – representing all-time Q1 highs. Total flights rose to 13.6 thousand, with growth recorded across both network and ACMI operations. Meanwhile, the average load factor remained stable at 75.9%, matching last year’s Q1 record.
Pauls Cālītis, Interim CEO and COO of airBaltic: “The first quarter is typically the weakest period for airlines due to seasonality. While we still reported a loss, it represents a notable year-on-year improvement. The results reflect continued revenue growth and stable operations – from passenger numbers and flights to an expanded route network. This confirms that we are maintaining passenger trust and are a recognized and reliable carrier with a significant role in Latvia’s economy and connectivity.”
“Our strategic focus remains focused on strengthening the company’s operations and preparing for future opportunities, including a potential IPO. We will continue to improve our processes based on commercial and sustainability principles to enhance competitiveness and profitability. At the same time, airBaltic will consistently contribute to connectivity by further developing Riga as an air traffic hub.”
According to its growth strategy, airBaltic expanded its route network by 10.5% in the first three months of 2025, operating flights on 95 routes compared to 86 routes a year earlier. This achievement supports the airline’s goal of strengthening connectivity within the Baltics and beyond.
| Financial Performance | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Revenue | EUR 132.7 million | EUR 132.3 million | 0.3% |
| Adjusted EBITDAR | EUR (4.3) million | EUR 17.1 million | (21.4) million |
| Adjusted EBITDA | EUR 3.1 million | EUR 12.6 million | EUR (9.5) million |
| Net profit / (loss) | EUR (29.3) million | EUR (40.6) million | 11.3 million |
| Operational Performance | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Total passengers (including all passenger types and the airline’s ACMI operations) | 1.3 million | 1.2 million | 9.6% |
| Network passengers | 995 thousand | 926 thousand | 7.4% |
| Total flights (including ACMI) | 13.6 thousand | 12.3 thousand | 10.4% |
| Network flights | 10.3 thousand | 9.6 thousand | 6.8% |
| ACMI flights | 3.3 thousand | 2.7 thousand | 23.6% |
| Load Factor (%) | 75.9% | 75.9% | 0.0pp |
The full report is available here: https://investors.airbaltic.com/en/
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.
