airBaltic achieves highest ever nine month revenue

posted on 15th November 2023 by Eddie Saunders
airBaltic achieves highest ever nine month revenue

During today’s investor call, Martin Gauss, President and CEO of the Latvian airline airBaltic, along with the Board Members – CFO Vitolds Jakovļevs and COO Pauls Cālītis – presented the company’s financial results of Q3 and the first nine months of 2023.

Following the record-breaking half-year results, airBaltic maintains strong and positive operational excellence and business indicators, with a total revenue of EUR 510.6 million, representing a 41% year-over-year increase.

Additionally, the first nine months ended with comparable EBITDAR of EUR 129.5 million, surpassing the 2022’s figure by over EUR 74 million.

Furthermore, the results for Q3 of 2023 also highlight an upward trajectory – by reaching a record comparable EBITDAR of EUR 72.7 million with a 33.2% EBITDAR margin, as well as generating EUR 219.3 million in revenue.

The last mentioned figure marks a 28% increase compared to the corresponding period last year, emphasizing the company’s strong growth and market resilience.

Martin Gauss, President and CEO of airBaltic: “Throughout Q3 and the first nine months of 2023, airBaltic consistently demonstrated strong financial and operational performance.

“This period included a record-breaking summer, with nearly half a million passengers monthly and a steady increase in overall demand. Such growth is reflected in our revenues, surpassing the half-billion euro milestone.

“Despite challenges with spare engine supply and reliability leading to grounded aircraft and impacting Q3 performance, airBaltic still achieved one of its highest ever Q3 EBITDAR margins. The results could have been even stronger without the engine issues.”

“During the 2023 summer period, traditionally the peak for the aviation industry, airBaltic benefited from an uplift owing to escalating demand for both leisure and business travel, amplified by the strategic expansion of our network. airBaltic retains its status as the premier airline in the Baltics, continuously developing essential connectivity from our home cities of Riga, Tallinn, Vilnius, and Tampere.

“As the main connectivity provider to and from the region, we are committed to providing our home markets with the best possible air travel services. We continually enhance the overall passenger experience and make a significant contribution to the region’s economy”.

During the first nine months of 2023, airBaltic carried 3.4 million passengers, representing a 41% year-over-year increase. The number of total performed flights, including ACMI-out operations, also increased by 36%, leading to 51 thousand.

Position Jan-Sep 2023 Jan-Sep 2022 Change
Revenue EUR 510.6 million EUR 362.5 million 41%
Comparable EBITDAR EUR 129.5 million EUR 55.4 million 74.1 million
EBITDAR EUR 131.2 million EUR 55.4 million 75.8 million
Comparable profit / (loss) EUR 27.8 million EUR (36.9) million 64.6 million
Net profit / (loss) EUR 9.1 million EUR (125) million 134.1 million
Passengers 3.4 million 2.5 million 41%
Flights 33 thousand 28 thousand 19%
Total Flights* 51 thousand 37 thousand 36%


Position Q3 2023 Q3 2022 Change
Revenue EUR 219.3 million EUR 171.1 million 28%
Comparable EBITDAR EUR 72.7 million EUR 48.9 million 23.8 million
EBITDAR EUR 76.2 million EUR 48.9 million 27.3 million
Comparable profit / (loss) EUR 27.0 million EUR 17.2 million 9.8 million
Net profit / (loss) EUR (5.5 million) EUR (33.9 million) 28.4 million
Passengers 1.5 million 1.1 million 28%
Flights 13 thousand 11 thousand 18%
Total Flights* 20 thousand 16 thousand 29%