airBaltic Records EUR 32 Million Operating Profit in 2022

posted on 3rd March 2023 by Eddie Saunders
airBaltic Records EUR 32 Million Operating Profit in 2022

Today the Latvian airline airBaltic has published its annual consolidated financial results and the sustainability report of the year 2022, highlighting strong positive business indicators.

The company recorded operating earnings of EUR 32.0 million, a significant increase from the previous year. Furthermore, its revenue exceeded EUR 500 million – a 145% year-over-year growth.

Martin Gauss, President and CEO of airBaltic: “With more than half a billion euros in revenue and 3.3 million passengers, airBaltic is on the way back to persistent profitability.”

“Looking ahead to 2023, we are filled with strength, ideas, and determination and we continue the successful course we have taken which will help airBaltic reach its IPO in 2024.

“Our core objectives remain unchanged – to ensure the best connectivity between the Baltics – one of the key European business centers of the future – and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy.”

In addition, airBaltic achieved significant improvements in other key financial results. EBITDAR increased from EUR 0.3 million in 2021 to EUR 129.7 million in 2022 – an improvement of EUR 129.4 million.

However, the number of passengers climbed to 3.3 million, representing a growth of 105% over the previous year.

Moreover, airBaltic operated 59% more flights than in 2021, with a total of 37.3 thousand in 2022.

The net result improved by EUR 81.5 million to a net loss of EUR 54.2 million, showing a strong recovery.

Position 2022 2021 Change
Revenue EUR 500.17 million EUR 204.1 million 145%
EBITDAR EUR 129.7 million EUR 0.3 million EUR 129.4 million
Operating profit / (loss) EUR 32 million EUR (56.0) million EUR 88.0 million
Net result EUR (54.2) million EUR (135.7) million EUR 81.5 million
Passengers 3.34 million 1.63 million 105%
Flights 37.3 thousand 23.4 thousand 59%