EUR 34 Million Profit in 2023 – airBaltic Group Reports All-Time Record Numbers

Today, on March 5, 2024, the Latvian airline airBaltic published its Annual Report for the year 2023. The company recorded the historically highest profit of EUR 34 million – a significant increase of EUR 88 million from the previous year. Furthermore, airBaltic’s revenue increased to an all-time high of EUR 668 million, a 34% increase in comparison to 2022.

Martin Gauss, President and CEO of airBaltic: “2023 was a very successful year of growth for airBaltic. With a record-breaking revenue of well above half a billion euros, the highest profit in the company’s history, impressive record EBITDAR of EUR 159 million, and other positive business indicators, airBaltic has surpassed the pre-pandemic level.”

“airBaltic has started 2024 on a strong note, and currently, our focus is on continuing our path to a potential initial public offering (IPO). Our core objectives remain unchanged – to ensure the best connectivity between the Baltics and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy,” Gauss added.

airBaltic concluded 2023 with the historically highest EBITDAR of EUR 159 million, exceeding the 2022 figure by 76 million. In 2023, the number of carried passengers by airBaltic soared by 36% to 4.5 million passengers. Additionally, the airline performed a grand total of 65.5 thousand flights – 30% more than in 2022.

*Scheduled airBaltic flights within the airline’s network combined with the performed wet-lease flights

In 2023, airBaltic launched a record number of 38 new routes across all five operating destinations – Riga, Tallinn, Vilnius, Tampere, and Gran Canaria – including routes to 14 destinations not served in 2022. As a whole, the airline had an extensive network of 126 routes, which is a robust growth from 103 routes in 2022.

airBaltic ended 2023 with 46 Airbus A220-300 aircraft. Currently, it operates 47 aircraft of the type with 3 more planned to join in 2024, thus concluding the former 50 aircraft order. airBaltic continues to be the largest A220-300 operator in the world, and in November 2023, announced a firm purchase agreement for 30 more A220-300 aircraft with purchase rights for an additional 20 aircraft of the same type.

airBaltic operates more than 100 routes from Riga, Tallinn, Vilnius, Tampere, and Gran Canaria (seasonally) offering connections to a wide range of destinations in the airline's route network in Europe, the Middle East, North Africa, and the Caucasus region. A complete schedule of airBaltic flights and tickets are available on the company's homepage at www.airbaltic.com.

airBaltic in brief:

airBaltic (Air Baltic Corporation AS) is a joint stock company that was established in 1995. Its primary shareholder is the Latvian state, which holds 97.97% of the stock, while the rest of the shareholders hold 2.03%. airBaltic offers connections to more than 70 destinations in Europe, the Middle East, North Africa and the Caucasus region. Over the last 28 years, airBaltic has developed as a strong and internationally respected airline, which employs more than 2 500 employees. The airBaltic fleet consists of 47 Airbus A220-300 aircraft, making it one of the youngest fleets in Europe. The airline has received several international awards for excellence, innovative services and significant achievements. Skytrax has awarded airBaltic two years in a row as the best airline in its region. Additionally, in 2022, the International Air Transport Association (IATA) awarded airBaltic the Diversity and Inclusion Team Award. In 2023 the airline received the APEX Passenger Choice Award of Best Cabin Service in Europe.

For further information, please contact:

airBaltic Corporate Communication Unit
Air Baltic Corporation AS
Email: pr@airbaltic.com