airBaltic posted its 2024 full year financial results on March 12, 2025.
Despite showing double digit growth in both passenger numbers and revenue and a relatively stable EBITDA margin, the Riga-based airline posted a net loss of €118.2 million, which contrasts with the €8.3 million profit recorded in 2023.
The airline’s management has attributed these results primarily to external factors, such as a €73 million non-cash charge related to the accelerated depreciation of Pratt & Whitney engines affected by technical issues, as well as foreign currency adjustments.
On the operational front, however, airBaltic has continued to increase the number of passengers carried, both on its own network and on behalf of other airlines under wet lease agreements.
airBaltic carried a total of 8.3 million passengers in 2024, an 18% increase. Of these, 5.1 million were on airBaltic’s own branded flights (a 13% increase), and the remainder were operated by third parties, mostly for Lufthansa Group airlines, with which airBaltic has a long-term capacity agreement.
Load factors also increased, although at a slower pace, up 4.5 percentage points, from 76.7% in 2023 to 81.2%, because of airBaltic expanding capacity by adding new Airbus A220 aircraft and increasing the number of flights it operates.
This increase in activity has been trailed by a 12% increase in revenue, to €747.6 million, 12% more than in 2023.
Adjusted EBITDA, however, has declined by 3%, down to €158.3 million from 163.3 million the preceding year. According to the airline, this was due to an increase in operational costs as well as external market conditions.
Answering questions from the media during the results presentation, airBaltic’s CEO Martin Gauss ruled out airBaltic entering Star Alliance in the short term, even after Lufthansa’s purchase of 10% of the airline. Gauss stated that he did not see this as a priority in the short term, pointing to the fact that airBaltic already has partnerships with more than two dozen airlines that serve a similar purpose, although he said the door was being kept open.
The airBaltic CEO also shared a positive view of the broader market, stating that he did not see a weakening of demand. He also reiterated his wish for airBaltic to be the first to return to the Ukrainian market as soon as circumstances permit, something he had previously expressed, as well as playing an active role in reestablishing air connectivity in the war-torn country.
But the big question right now for airBaltic is when will the airline be moving forward with its Initial Public Offering (IPO). Gauss declined to provide a specific date for the IPO but did state that the goal is to have it at some point in Q2 2025. However, he did not rule out further postponements, even into 2026.
In this regard, the company’s management explained that airBaltic currently has enough liquidity to make it well into 2026, even before having to go into cash-saving mode.
