The efforts of the new leadership of the national airline have not yet led to a fundamental improvement in the financial situation.
Today, the Latvian national airline announced the results of its financial performance for the first quarter of 2026.
"Today, during the investor call, the management — CEO of airBaltic Erno Hildén and CFO Vitolds Jakovlevs — presented the unaudited financial results of the company for the first quarter of 2026. The results indicate an increase in revenue and the number of passengers carried, including several records set in the first quarter...
airBaltic's revenue in the first quarter of 2026 amounted to €149.1 million, which is 12.3% higher than the previous year. This is the highest revenue ever recorded by the airline for the first quarter. This growth was driven by an increase in the number of passengers carried and flights performed, better commercial performance, and growth in leasing services.
As expected, the first three months of this year were a seasonally weaker period for the aviation industry. However, adjusted EBITDAR profit rose to €7 million compared to a loss of -€4.3 million a year earlier, mainly due to an increase in total revenue, an increase in revenue per passenger, and more efficient aircraft utilization.
The number of passengers carried continued to grow. airBaltic transported 1.044 million passengers in its route network compared to 995 thousand in the first quarter of 2025. Including ACMI leasing services, the total number of passengers carried reached 1.5 million compared to 1.3 million a year earlier. Both the total number of passengers carried and the number of passengers carried in the airline's route network are the highest ever recorded by the airline in the first quarter.
The number of flights performed also increased. In total, airBaltic operated 15.1 thousand flights compared to 13.6 thousand flights in the first quarter of last year. The number of flights performed in the airline's route network reached 10.7 thousand, while the number of ACMI flights rose to 4.4 thousand, which is the highest level ever for the first quarter. The seat load factor was 74.8%, which is 1.1 percentage points lower than last year.
Despite improvements at the EBITDAR level, the airline's net result worsened, reaching -€70.1 million in the first quarter of this year compared to -€29.3 million a year earlier. The result was mainly affected by fluctuations in foreign exchange rates, reduced commercial support, and increased costs in several categories.
Erno Hildén, President and CEO of airBaltic, noted: "From an operational perspective, the first quarter for airBaltic was stable with an increase in the number of passengers carried and flights performed and an improved EBITDAR figure. However, the operating environment across the aviation industry remains challenging, and external factors continue to impact our financial results. In 2026, we will focus primarily on revenue quality, cost discipline, and fully utilizing the availability of our fleet," the statement from airBaltic specifically mentions.
