The Latvian airline airBaltic has reported stable revenue and a reduced net loss for 2025, as passenger numbers and flight activity reached record levels despite ongoing industry challenges.
The carrier said annual revenue rose by 4% to €779.3m (£657m) compared with 2024, while the net loss narrowed to €44.3m, an improvement of €73.8m year-on-year.
Passenger numbers reach record high
The airline carried 5.2 million passengers across its network during the year, up 1% compared with 2024. Including passengers transported on behalf of other airlines through leasing agreements, the total number of passengers reached 8.7 million, a 5% increase.
Flight activity also grew, with 78,400 flights operated during 2025, representing a 7% increase. Of these, 30,100 flights were ACMI operations — where aircraft, crew, maintenance and insurance are provided to other airlines — marking a 15% rise.
Profitability pressures remain
Adjusted EBITDAR — a key industry profitability measure — stood at €143.9m, down from €184.2m in 2024. The airline’s EBITDAR margin fell to 18.5%, compared with 24.6% the previous year.
The company said the performance was affected by higher operating costs, pressure on ticket yields in the first half of the year and limited aircraft availability due to global engine maintenance issues.
These constraints forced the airline to adjust parts of its summer schedule and rely more heavily on wet-leased aircraft to maintain operations, which increased overall costs.
However, the carrier said ticket yields improved in the second half of the year, supported by stronger demand, targeted pricing strategies and adjustments to its route network.
Fleet expansion and infrastructure investment
During 2025, airBaltic expanded its fleet to 51 Airbus A220-300 aircraft, reinforcing its position as the largest operator of the A220-300 worldwide.
The airline also invested in training, maintenance and cargo infrastructure, while continuing to grow its ACMI leasing operations to diversify revenue and improve aircraft utilisation.
Outlook for 2026
Erno Hildén, president and chief executive of airBaltic, said 2025 had been a challenging year for the aviation sector.
He said engine maintenance issues across the industry had reduced aircraft availability and forced schedule changes, but demand for the airline’s services remained steady.
Hildén added that the company would continue focusing on improving efficiency and expanding its network as fleet availability improves, with the aim of strengthening financial performance and maintaining connectivity across the Baltic region.
