«airBaltic» Reports Revenue and Passenger Growth in Q2, Supporting H1 2025 Performance

airBaltic.com | 2025.08.13

Key Highlights:
•    H1 revenue: EUR 349.6 million, up 3.0% y-o-y, the highest ever for H1
•    Profit in Q2: EUR 27.6 million, compared to EUR –24.2 million in Q2 2024
•    Passenger growth: 3.9 million in H1 (+8.7%), including 2.5 million in Q2 (+8.3%)
•    Improved load factor: 80.2% in Q2 (+2.4pp), reaching 78.2% in H1 (+1.3pp)
•    ACMI operations: Flights up 9.2% in Q2 and 12.4% in H1 y-o-y
•    Reduced H1 net loss: EUR –1.7 million, down from EUR –88.8 million last year

Today the Latvian national airline airBaltic held an investors’ call, during which 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 half of 2025. The results show growth and stability in key areas, such as revenue, passenger volumes, and network performance, reflecting steady progress in line with the airline’s long-term plans.

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In Q2 2025, airBaltic generated revenue of EUR 216.9 million, up 4.8% compared to the same period last year. The airline posted a net profit of EUR 27.6 million, marking a significant improvement from a loss of EUR –24.2 million in Q2 2024. In turn, Adjusted EBITDAR reached EUR 55.2 million, while total passenger numbers grew by 8.3% to 2.5 million, and the load factor increased by 2.4 percentage points to 80.2%. Moreover, ACMI (Aircraft, Crew, Maintenance and Insurance) flights rose by 9.2% year-on-year, further strengthening the company’s operational performance. Overall, the quarterly results reflected a recovery from the Q1 performance and provided a solid boost to the airline’s H1 results.

At the same time, Q2 operations were affected by ongoing industry-wide engine availability challenges, leading to the use of wet-leased capacity and higher operational costs. These temporary measures ensured continued service but added pressure on profitability.

Turning to the H1 2025 results, airBaltic generated EUR 349.6 million in revenue – a 3% year-on-year increase and the highest ever result for the first half of a year. The total passenger traffic reached 3.9 million, also setting a new H1 high, driven by growth in both scheduled and ACMI operations.

Despite continued inflationary pressure and a challenging macroeconomic environment in Latvia, airBaltic’s core market, the company posted an EUR 87 million gain in net result, reaching EUR –1.7 million for H1 2025 compared to the same period in 2024. The result was positively supported by a foreign exchange effect and the absence of accelerated depreciation charges that affected last year’s figures.

Pauls Cālītis, Interim CEO and COO of airBaltic:
"The results of the first half of 2025 show the resilience of our operations and the consistent demand for our services, as well as the reliability we have ensured in our operations. Even with ongoing challenges – including engine availability and cost pressures – the company sustained stable performance and continued to grow. These results confirm the strength of our business model and our role as a key provider of connectivity in the Baltics and beyond.”

“Looking ahead, our focus remains on improving efficiency and operational performance, while preparing the company for long-term opportunities – including a potential IPO. With strong forward bookings, an expanded network, and growing ACMI operations, we are well-positioned for the second half of the year.”

In total, airBaltic operated 36.4 thousand flights in H1 2025 (+6.6%), including 13.5 thousand ACMI flights – a 12.4% increase compared to the same period last year. This confirms the airline’s position as a growing ACMI provider in Europe.

Nevertheless, forward bookings for Q3 exceed 2024 levels, and yield trends remain positive. While geopolitical risks – particularly in the Middle East – are being monitored closely due to their potential impact on fuel prices, overall travel demand and market indicators remain strong. The airline continues to strengthen commercial performance and prepare for strategic steps, including a potential IPO.

Based on current trends, the management of airBaltic expects to see improvements in Adjusted EBITDAR margins in the second half of the year and, as a guidance, projects the full-year Adjusted EBITDAR to be in the range of EUR 160 million to EUR 175 million. The total revenue is expected in the range of EUR 780 million to EUR 800 million.

The company also expects to carry more than 5.2 million passengers in 2025. The capacity targets remain unchanged, with a planned increase of approximately 5% in seat capacity deployed in airBaltic’s network compared to 2024, and a 20% increase in ACMI capacity compared to 2024.

With nearly 130 routes and 24 code-share partners, airBaltic remains the leading connector between the Baltics and the world.

The full report is available here: https://investors.airbaltic.com/en/

* Asterisk marks indicate records in these positions among airBaltic’s H1 results.

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.