AIRLINE METRICS · AS AIR BALTIC CORPORATION
airBaltic
Reported results, the balance-sheet crisis, fleet downsizing, ACMI growth and the Lufthansa relationship behind Latvia’s national carrier.
Latest: Q1 2026 · bondholder vote 15 September 2026Latest read
airBaltic is operationally improving and financially fragile at the same time. FY2025 delivered record revenue and a narrower loss, and by Q1 2026 the airline had cleared the Pratt & Whitney engine problem that once grounded a third of its fleet. But cash is thin, leverage is high, and on 15 September 2026 bondholders vote on lending the airline up to €257 million at 25% annual interest simply to keep it flying through the winter. The restructuring under way will shrink the in-service fleet from 54 aircraft to roughly 36 by year-end. See the full analysis.
Company profile
Operations from Oct 1995
Secondary: Tallinn, Vilnius, Tampere
IATA / ICAO
Since 1 December 2025
Five-year reported results
Company-reported annual history, own-network operations. “Not separately disclosed” indicates the selected primary release did not provide a directly usable comparable measure.
| Year | Passengers | Revenue €m | Net result €m | Load factor |
|---|---|---|---|---|
| FY2022 | 3.34m | 500.2 | −54.2 | 71.2% |
| FY2023 | 4.54m | 668.0 | +33.7 | 76.7% |
| FY2024 | 5.13m | 747.6 | −118.2 | 81.2% |
| FY2025 | 5.2m | 779.3 | −44.3 | 80.2% |
Latest reported results
€ million unless stated otherwise. Financial year ends 31 December.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | 779.3 | 749.3 | +4% |
| Net result | −44.3 | −118.2 | Loss narrowed 62% |
| Adjusted EBITDAR | 143.9 | Not separately disclosed | Margin 18.5%, vs 24.6% |
| Passengers, own network | 5.2m | Not separately disclosed | — |
| Total flights incl. ACMI | 78,400 | Not separately disclosed | — |
Q1 2026 interim results
Quarter ended 31 March 2026, compared with Q1 2025.
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | 149 | 133 | +12% |
| Passenger revenue | +8.2% | — | Growth rate |
| ACMI revenue | 21.3 | Not separately disclosed | +29% |
| Adjusted EBITDAR | +7.0 | −4.3 | Turned positive |
| Net result | −70.1 | Not separately disclosed | ~−36.5m from USD FX revaluation |
ACMI activity
Wet-lease (aircraft, crew, maintenance, insurance) supplied to other carriers, principally Lufthansa Group.
| Metric | Latest | Context |
|---|---|---|
| ACMI flights, FY2025 | 30,100 | +15% year on year |
| ACMI revenue, Q1 2026 | €21.3m | +29% year on year |
| Aircraft on ACMI, Q1 2026 | ~9 avg / 10 peak | Mainly Lufthansa Group |
| Restructuring plan stance | Reduce exposure | To the open ACMI market specifically |
Balance sheet, 31 March 2026
Plus ≈€17m restricted
Total debt
Current + non-current
Negative equity
Thin available cash combined with expensive new financing and continued losses leaves little capacity to absorb a further shock.
Fleet and network
All Airbus A220-300
Q1 2026, down from 13 in Q1 2025
Restructuring plan
Versus ~100 under the prior IPO-era plan
Ownership
| Shareholder | Stake |
|---|---|
| Government of Latvia | 88.37% |
| Lufthansa Group | 10.00% |
| Aircraft Leasing 1 SIA (Lars Thuesen) | 1.62% |
| Other holders | 0.01% |
Financing and restructuring timeline, 2026
| Date | Event |
|---|---|
| 11 Aug 2026 | Revised business reorganisation plan unveiled: smaller Riga-centred network, fleet cuts, tighter discipline |
| 17 Aug 2026 | Bondholders approve amendments to €380m, 14.5% 2029 bonds: interest capitalised, liquidity covenants waived to 14 Nov 2026 |
| 3 Sept 2026 | Terms announced for up to €257m in new super-senior interim financing |
| 11 Sept 2026 | Original bondholder vote postponed to allow more time to review terms |
| 15 Sept 2026 | Rescheduled vote on the €257m facility, 12:00 GMT |
September 2026 interim financing terms
| Term | Detail |
|---|---|
| Total facility | Up to €257m across two tranches |
| Tranche 1 | €180m gross cash (€189.5m face value, 95% issue price), immediate on approval |
| Tranche 2 | €77m gross cash (€81.1m face value), conditional |
| Interest | 25% per year, monthly compounding; +10pp on default |
| Maturity | 26 February 2027 |
| Ranking | Super-senior; ahead of existing €380m 2029 bonds |
| Collateral | 8 A220-300 aircraft, 7 PW1521G engines, leasing-entity shares, lease/warranty/insurance assignments, offshore accounts, 2029-notes collateral package |
Guidance and what to watch
- 15 September vote: whether bondholders approve the €257m super-senior facility; Fitch calls the alternatives “quite limited” if it fails.
- Fleet cut execution: reducing the in-service fleet from 54 to roughly 36 A220-300s by year-end without disrupting the Riga-centred network.
- Long-term recapitalisation: new equity, a strategic investor and further debt restructuring are still needed beyond the interim financing.
- ACMI mix: whether exposure to the open ACMI market is reduced as planned while the anchor Lufthansa relationship deepens.
Sources and methodology
Figures use company-reported results and public financing disclosures as covered in the sources below. airBaltic Investor Relations — Financial Information · airBaltic, 2023 Annual Report Investor Call (FY2022–FY2023 figures) · airBaltic, 2024 Annual Results Investor Call (FY2024 figures) · airBaltic, Annual Report 2025 (FY2025 figures) · AeroTime, bondholder amendments · Airways Magazine, financing terms · ch-aviation, fleet plan · Wikipedia, company profile
Last updated: 12 September 2026. The 15 September 2026 bondholder vote had not yet occurred as of publication.
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