Latvian airline airBaltic has published its financial and operational results for the full year 2025. The carrier reported revenue of EUR 779 million in 2025, a 4% increase year-on-year, while the net loss was reduced compared to 2024. Passenger volumes also reached a new peak, with 5.2 million travellers carried across the airBaltic route network during the year, thus reflecting continued demand and the airline’s key role in providing connectivity from the Baltic region.
The Adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring/Rent) stood at EUR 143.9 million, compared to EUR 184.2 million in the previous year, with a margin of 18.5%. This performance was affected by higher operating costs, yield pressure in the first half of the year, and limited aircraft availability due to industry-wide engine maintenance constraints.
Although the company reported a net loss of EUR 44.3 million in 2025, this represents an improvement of EUR 73.8 million compared to 2024. The financial position was influenced by several external and operational factors, including increased environmental and operating costs, lower-than-expected ACMI (Aircraft, Crew, Maintenance and Insurance) capacity utilisation during the winter season, and engine maintenance.
At the same time, the results were positively supported by foreign exchange gains related to the revaluation of USD-denominated liabilities. Operational performance and revenue quality improved during the second half of the year, providing a more stable foundation entering 2026.
Following a weaker start to the year, ticket yields improved during the second half of 2025, supported by efficient capacity deployment, targeted pricing actions, and strengthening demand across core markets. This contributed positively to overall revenue performance and helped mitigate the impact of higher external costs, including airport, air navigation, personnel, and carbon emission charges.
Erno Hildén, President and CEO of airBaltic, said: “2025 was a challenging year operationally, as the industry continued to face engine maintenance issues that affected aircraft availability and required schedule adjustments. Despite these disruptions and continued cost pressures, we saw steady demand for our services and further development across both network and ACMI operations. While external factors continued to affect financial performance, the total result improved compared to the previous year, supported by more favourable operating conditions in the second half.”
He added: “We remain focused on improving efficiency and supporting airBaltic’s long-term financial performance. As fleet availability improves, we will continue to develop our network and ensure reliable connectivity for passengers across the Baltic region.”
