airBaltic Records the Best Result of Q1 in its History

posted on 11th May 2023 by Eddie Saunders
airBaltic Records the Best Result of Q1 in its History

The Latvian national airline airBaltic has started the year 2023 with positive key business indicators.

airBaltic has achieved EUR 105.1 million revenue, which is by 75% more than in 2022, as well as the highest ever recorded revenue in the first quarter of a year in the airline’s history. Notably, the number of carried passengers soared by 77%, compared to the first quarter of 2022.

The load factor reached 71.0%, marking an increase of 8.5 percentage points compared to 2019.

Moreover, the positive dynamics trajectory of the airline’s business indicators has resulted to a significant reduction of the net result, reducing three-fold to EUR -11.4 million, compared to 2022, which is even better than the pre-pandemic Q1 2019.

Martin Gauss, President and CEO of airBaltic: “The first quarter of 2023 has surpassed our expectations, driving airBaltic towards strong commercial performance and sustained profitability.

“Our clear target and ambition are to achieve EUR 700 million in revenue and witness a substantial increase in carried passengers, reaching 4.4 million by the end of 2023.”

“Looking ahead to 2023, we continue the successful path towards IPO in 2024. Our core objectives remain unchanged – to ensure the best connectivity between the Baltics – one of the key European business centres of the future – and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy”.

During the first three months of 2023, airBaltic has carried 770 thousand passengers or, as mentioned already before, by 77% more than during the same period last year.

The total number of performed flights has increased by 47% – to 11.4 thousand. That includes also 100 flights of short-term wet leased-in aircraft.

Position Jan-Mar 2023 Jan-Mar 2022 Change Jan-Mar 2019 Change
Revenue EUR 105.1 million EUR 60.1 million 75% EUR 75.6 million 39%
Net result (loss) (EUR 11.4 million) (EUR 37.4 million) EUR 26 million (EUR 30.9 million) EUR 19.5 million
Passengers 770 thousand 435 thousand  77% 818 thousand  (6%)
Total Flights 11.4 thousand 7.7 thousand 47% 12.8 thousand (11%)
Load factor  71.0% 53.4% 17.5pp 62.5% 8.5pp