«airBaltic» Reports Revenue and Passenger Growth in Q2, Supporting H1 2026 Performance

Foto: airBaltic.com | Autors: airBaltic.com | 2026.10.12

The Latvian national airline airBaltic has published its unaudited financial and operational results for the first half of 2026. During the period, airBaltic recorded higher revenue and passenger numbers, driven by growth in both its own network and ACMI (Aircraft, Crew, Maintenance and Insurance) operations, while fleet availability improved significantly. At the same time, the sharp rise in fuel prices and higher operating costs weighed on profitability.

In Q2 2026, airBaltic reported revenue of EUR 250.1 million, up 15.3% year-on-year. The increase was supported by stronger ticket yields, higher passenger volumes and ACMI activity. airBaltic carried 1.41 million passengers on its own network, up 3.2% year-on-year, while total flights, including ACMI operations, grew by 19.1% to 27.2 thousand.
However, the escalation of the conflict in the Middle East created a more challenging operating environment and affected profitability. Fuel costs climbed by 79.6% year-on-year to EUR 66.1 million in Q2 2026, while personnel, carbon emission allowance and other operating costs also rose amid broader inflationary pressures. Airspace restrictions led to longer routings and the suspension of services to Tel Aviv and Dubai. In response to higher fuel prices, airBaltic adjusted its summer capacity, cancelling approximately 5.7% of the originally planned March–October schedule. The total impact of higher jet fuel prices on Q2 2026 results is estimated at approximately EUR 29.3 million.

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Despite the revenue growth, higher operating costs weighed on profitability. Against this backdrop, adjusted EBITDAR was EUR 27 million in Q2 2026, compared to EUR 55.2 million a year earlier, and airBaltic recorded a net loss of EUR 58.1 million, compared to a profit of EUR 27.6 million in Q2 2025. The net result was also affected by foreign exchange movements, higher depreciation following fleet growth and increased financing costs.

Erno Hildén, President and CEO of airBaltic: “The aviation industry continues to face significant external pressures, including historically high jet fuel prices, which are affecting airlines across the sector. The current environment requires us to be more disciplined and focused in how we operate the business. Our priority is to strengthen airBaltic’s financial foundation and build a more resilient operating model, with a sharper focus on efficiency, sustainable profitability and financial stability. The recently announced business plan provides a clear path towards these objectives, while preserving airBaltic’s essential role in providing connectivity for Latvia and the wider Baltic region.”

Turning to the H1 2026 results, airBaltic generated revenue of EUR 399.2 million, up 14.2% year-on-year. Passenger revenue increased by 7.4%, while ACMI lease revenue rose by 36.5%. airBaltic carried 2.5 million passengers on its own network in H1 2026, up 3.9% year-on-year.

For H1 2026, higher operating costs contributed to lower profitability, with adjusted EBITDAR at EUR 34 million, compared to EUR 50.9 million in H1 2025. airBaltic recorded a net loss of EUR 128.2 million, versus EUR 1.7 million a year earlier. The year-on-year difference was also significantly affected by foreign exchange movements, as a gain of EUR 65.7 million in H1 2025 shifted to a net foreign currency exchange loss of EUR 21.2 million in H1 2026. Higher depreciation following fleet growth and increased financing costs also contributed to the loss.

In total, airBaltic operated 42.3 thousand flights in H1 2026, up 16.2% year-on-year. Network flights increased by 5.0% to 24.0 thousand, while ACMI flights grew by 35.0% to 18.3 thousand. An average of around 26 aircraft were leased out in Q2, compared to 19 a year earlier. The passenger load factor was 77.3%, compared to 78.2% in H1 2025.

Fleet availability also improved significantly during the period. Throughout the first half of the year, airBaltic had no aircraft unavailable due to Pratt & Whitney engine-related issues, compared to an average of 11 aircraft in H1 2025.

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

Going forward, airBaltic will publish its operational performance figures in a Monthly Operating Report, which will be released in the second half of each month and will provide an overview of the airline’s key operating metrics for the preceding month.