airBaltic financial results 2026: fleet, Liquidity & Restructuring
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Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and correctly labelled unit economics, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. Core metrics follow the Airline comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Quick answers
Is airBaltic profitable?
No, not in its latest full year. airBaltic reported an operating loss of €6.5m in FY2025 (year to 31 Dec 2025), a −0.8% margin.
What was airBaltic’s revenue in 2025?
airBaltic reported revenue of €779.3m in FY2025 (year to 31 Dec 2025). For H1 2026 (to 30 Jun 2026) it reported revenue of €399.2m.
Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.
Text version of the airBaltic data on this page
airBaltic data snapshot
- Scope: Air Baltic Corporation AS; own network excludes ACMI-out unless labelled
- Region: Europe
- Business model: National carrier
- Financial year end: 31 Dec
- Reporting currency: EUR
- Source: Investor presentations & annual reports
- Latest period: Q1 2026
- Last updated: 2026-09-24
Current restructuring
airBaltic filed for Chapter 11 protection in New York on 14 September 2026 and secured a commitment for €350m of debtor-in-possession financing. The earlier proposed €257m super-senior bridge at 25% did not proceed; the 15 September bondholder meeting was cancelled. Flights continue to operate while the airline restructures its debt and fleet commitments.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 5.2m (Own network; 8.7m incl. ACMI-out); Revenue: €779.3m (Annual; +4% YoY); Load factor: 80.0% (Weighted range, own network); Capacity / ASK: +1.8% ASK (Own-network ASK 9.121bn (sum of quarters) vs 8.958bn) [Calculated]; Cash / liquidity: €11m (Unrestricted cash; + €17m restricted); Fleet size: 54 (A220-300); Total CASK: 6.94¢ (Normalized CASK) [Defined]; EBITDA / EBITDAR: €143.9m (Adjusted EBITDAR) [Defined]; Net profit: −€44.3m (Net result). Source: airBaltic FY2025 results.
- FY2024 (31 Dec 2024): Passengers: 5.133m (Own network); Revenue: €747.6m; Load factor: 81.2% (Own network); Capacity / ASK: +9.1% ASK (Own-network ASK 8.958bn vs 8.213bn) [Calculated]; RASK / yield: 6.70¢ RASK (Own network); CASK ex-fuel: 4.92¢ (Ex-fuel CASK); Cash / liquidity: €33m (Cash at year-end); Total CASK: 6.89¢ (CASK; 6.55¢ normalized); EBITDA / EBITDAR: €184.2m (Adjusted EBITDAR) [Defined]; Net profit: −€118.2m (Net result). Source: airBaltic FY2024 results.
- FY2023 (31 Dec 2023): Passengers: 4.536m (Own network); Revenue: €668.0m; Load factor: 76.7% (Own network); Capacity / ASK: +30.4% ASK (Own-network ASK 8.213bn vs 6.299bn) [Calculated]; RASK / yield: 6.89¢ RASK (Own network); CASK ex-fuel: 5.31¢ (Ex-fuel CASK); Cash / liquidity: €28.8m (Cash at year-end); Total CASK: 7.48¢ (CASK); EBITDA / EBITDAR: €158.2m (Adjusted EBITDAR) [Defined]; Net profit: €33.7m (Net result). Source: airBaltic FY2023 investor call.
- FY2022 (31 Dec 2022): Passengers: 3.342m (Own network); Revenue: €500.2m; Load factor: 71.2% (Own network); RASK / yield: 6.72¢ RASK (Own network); CASK ex-fuel: 4.75¢ (Ex-fuel CASK); Cash / liquidity: €37.6m (Cash at year-end); Total CASK: 7.45¢ (CASK); EBITDA / EBITDAR: €80.9m (Adjusted EBITDAR) [Defined]; Net profit: −€54.2m (Net result).
Quarterly and interim results
- Q1 2026 (Q1 2026 · 31 Mar 2026): Revenue: €149.086m (Operating revenue); Cash / liquidity: €32.865m total cash (€15.645m unrestricted; €17.220m restricted); Net debt / cash / leverage: €1.356bn borrowings and lease liabilities (Gross liabilities; not net debt); Fleet size: 53 aircraft (At 31 Mar 2026; A220-300); Fleet growth / guidance: 54 → ~36 aircraft (Restructuring plan) [Defined]; EBITDA / EBITDAR: €7.010m adjusted EBITDAR (Q1 2026) [Defined]; Net profit: −€70.064m (Net loss); Equity: −€249m (Negative equity); debt: ~€473m (Borrowings, current + non-current); Passengers: 1.474m (Total operations incl. ACMI-out; own-network passengers 1.044m); Operating profit / result: −€43.316m adjusted EBIT (Q1 2026) [Defined]; Operating margin: −29.1% (Adjusted EBIT ÷ operating revenue) [Calculated]; Load factor: 74.8% (Own network); Capacity / ASK: 2.111bn ASK (Own network; total operations 2.652bn incl. ACMI-out); RASK / yield: 6.03 euro cents RASK (Own network); CASK ex-fuel: 5.01 euro cents CASK ex-fuel and CO₂ (Own network); Fuel / hedging: 10% fuel hedge unwound (During Q1 2026); Passenger revenue: €119.038m (Passenger revenue); ACMI lease revenue: €21.349m (ACMI lease revenue); Cargo / own-network passengers: 1.044m passengers (Own network; additional 430k ACMI-out passengers). Source: airBaltic Q1 2026 interim financial statements.
- Q4 2025 (31 Dec 2025): RASK / yield: 6.45¢ RASK (Own network); CASK ex-fuel: 4.70¢ (Normalized ex-fuel CASK) [Defined].
- Q3 2025 (30 Sep 2025): RASK / yield: 7.64¢ RASK (Own network); CASK ex-fuel: 4.91¢ (Normalized ex-fuel CASK) [Defined].
- Q2 2025 (30 Jun 2025): RASK / yield: 7.02¢ RASK (Own network); CASK ex-fuel: 5.01¢ (Normalized ex-fuel CASK) [Defined].
- Q1 2025 (31 Mar 2025): Revenue: ≈€133m (Derived from reported +12% Q1 2026 change) [Calculated]; RASK / yield: 5.88¢ RASK (Own network); CASK ex-fuel: 4.78¢ (Normalized ex-fuel CASK) [Defined]; EBITDA / EBITDAR: −€4.3m (Adjusted EBITDAR) [Defined].
- Q4 2024 (31 Dec 2024): RASK / yield: 6.35¢ RASK (Own network); CASK ex-fuel: 4.54¢ (Normalized ex-fuel CASK) [Defined].
- Q3 2024 (30 Sep 2024): RASK / yield: 7.31¢ RASK (Own network); CASK ex-fuel: 4.57¢ (Normalized ex-fuel CASK) [Defined].
- Q2 2024 (30 Jun 2024): RASK / yield: 6.79¢ RASK (Own network); CASK ex-fuel: 4.62¢ (Normalized ex-fuel CASK) [Defined].
- Q1 2024 (31 Mar 2024): RASK / yield: 6.24¢ RASK (Own network); CASK ex-fuel: 4.54¢ (Normalized ex-fuel CASK) [Defined].
- Q4 2023 (31 Dec 2023): RASK / yield: 6.60¢ RASK (Own network); CASK ex-fuel: 3.70¢ (Normalized ex-fuel CASK) [Defined].
- Q3 2023 (30 Sep 2023): RASK / yield: 7.35¢ RASK (Own network); CASK ex-fuel: 4.46¢ (Normalized ex-fuel CASK) [Defined].
- Q2 2023 (30 Jun 2023): RASK / yield: 7.07¢ RASK (Own network); CASK ex-fuel: 4.05¢ (Normalized ex-fuel CASK) [Defined].
- Q1 2023 (31 Mar 2023): RASK / yield: 6.29¢ RASK (Own network); CASK ex-fuel: 4.34¢ (Normalized ex-fuel CASK) [Defined].
Fleet
Total fleet: 54 aircraft (as of Before restructuring). Before the restructuring, the company had been planning a much larger fleet; the new plan is materially smaller and includes returning surplus aircraft and renegotiating lease obligations. Chapter 11 is being used to address the capital structure while scheduled operations continue.
| Fleet fact | Value | Context |
|---|---|---|
| Fleet type | A220-300 | All-Airbus A220-300 fleet |
| FY25 network flights | 48,328 | +3% YoY |
| FY25 routes | 133 | −7% YoY |
| FY25 grand-total passengers | 8.7m | Incl. ACMI-out |
| FY25 total ASK | 13.08bn | Incl. ACMI-out |
| ACMI revenue, Q1 2026 | €21.3m | +29% YoY |
Financial history
| Period | Revenue | Adjusted EBITDAR | EBITDAR margin | Net result | Cash at year-end |
|---|---|---|---|---|---|
| FY2022 | €500.2m | €80.9m | 16.2% | −€54.2m | €37.6m |
| FY2023 | €668.0m | €158.2m | 23.7% | €33.7m | €28.8m |
| FY2024 | €747.6m | €184.2m | 24.6% | −€118.2m | €33m |
| FY2025 | €779.3m | €143.9m | 18.5% | −€44.3m | €11m + €17m restricted |
FY2024 and FY2025 include significant engine-related accounting effects.
Own-network traffic and unit economics
| Period | Passengers | ASK | Load factor | RASK | CASK | Ex-fuel CASK |
|---|---|---|---|---|---|---|
| FY2022 | 3.342m | 6.299bn | 71.2% | 6.72¢ | 7.45¢ | 4.75¢ |
| FY2023 | 4.536m | 8.213bn | 76.7% | 6.89¢ | 7.48¢ | 5.31¢ |
| FY2024 | 5.133m | 8.958bn | 81.2% | 6.70¢ | 6.89¢ | 4.92¢ |
| FY2025 | 5.2m | 9.121bn* | 80.0% weighted range | Quarterly series | 6.94¢ normalized | Quarterly normalized series |
*FY2025 own-network ASK is the sum of company-reported quarterly ASK. The headline 13.08bn total ASK includes ACMI-out production.
Quarterly RASK history
€ cents.
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 6.29 | 7.07 | 7.35 | 6.60 |
| 2024 | 6.24 | 6.79 | 7.31 | 6.35 |
| 2025 | 5.88 | 7.02 | 7.64 | 6.45 |
Normalized ex-fuel CASK history
€ cents.
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 4.34 | 4.05 | 4.46 | 3.70 |
| 2024 | 4.54 | 4.62 | 4.57 | 4.54 |
| 2025 | 4.78 | 5.01 | 4.91 | 4.70 |
Q1 2026 and liquidity
| 31 March 2026 | Amount | Context |
|---|---|---|
| Q1 revenue | €149m | +12% YoY |
| Q1 adjusted EBITDAR | €7.0m | vs −€4.3m |
| Unrestricted cash | ~€16m | + ~€17m restricted |
| Equity | −€249m | Negative equity |
| Borrowings | ~€473m | Current + non-current debt |
| Lease liabilities | ~€884m | Current + non-current |
| Net result, Q1 2026 | −€70.1m | Includes ~€36.5m USD FX revaluation impact |
| ACMI revenue, Q1 | €21.3m | +29% YoY |
Reading the history
FY2024 and FY2025 include significant engine-related accounting effects; the company separately presents normalized/management measures where relevant. airBaltic reports adjusted EBITDAR rather than an operating result, so the margin shown is the company’s adjusted EBITDAR margin and the profit line is the net result.
Unit economics
RASK recovered strongly in H2 2025 after a weak first quarter, consistent with management’s commentary on pricing and demand. airBaltic reported full-year normalized CASK of 6.94¢ in 2025 versus 6.55¢ in 2024. External/regulatory costs, particularly carbon and navigation charges, were major drivers of the increase.
Scope
Own-network metrics exclude ACMI-out unless explicitly labelled. FY2025 own-network ASK is the sum of company-reported quarterly ASK: 1.967bn, 2.294bn, 2.454bn and 2.406bn. The company’s headline 13.08bn total ASK includes ACMI-out production and is therefore a different scope.
Outlook
What to watch:
- Chapter 11 execution: court approval, access to the full DIP facility and creditor negotiations.
- Fleet reset: how many aircraft are ultimately returned and the impact on own-network versus ACMI production.
- Unit economics: whether the H2 2025 RASK recovery can offset normalized ex-fuel CASK inflation.
- Liquidity: the ability to exit restructuring with a sustainable debt and lease burden rather than another short-term bridge.
Key events
- 2026-09-15 · Restructuring — Bondholder meeting cancelled: The earlier proposed €257m super-senior bridge at 25% did not proceed; the 15 September bondholder meeting was cancelled.
- 2026-09-14 · Restructuring — Chapter 11 filing in New York: airBaltic filed for Chapter 11 protection and secured a commitment for €350m of debtor-in-possession financing. Flights continue to operate.
Peers
- Finnair — Global network · Europe
- SAS — Global network group · Europe
- Norwegian — Low cost group · Europe
Related analysis
- airBaltic at a Crossroads: A Strong Airline Trapped by a Weak Balance Sheet
- Wizz Air and the lessons from Norwegian’s restructuring