Record-breaking H1 2024 for airBaltic: Revenue up 16%, EBITDAR up 39%

Key Highlights:

H1 revenue up 16% YoY to a record approximately EUR 339 million.
H1 adjusted EBITDAR up 39% to a record nearly EUR 77 million.
Nearly 11% increase in the number of passengers carried to more than 2 million.
ASK increase of 16% to more than 4 billion.
Average load factor up to 77%.
Year to date, 20 new routes added, reaching a total of more than 130 routes and 24 code-share partners, offering the best connectivity between the Baltics and the world.

Martin Gauss, President and CEO of airBaltic commented: “We have had a strong first half of the year, driven by an increase in flights and passengers, enhanced efficiency, and a dedicated focus on customer service. Similar to others in the industry, we have faced rising costs and capacity challenges, yet our strategic focus and operational efficiency have allowed us to handle these challenges successfully. Moreover, airBaltic’s performance in H1 demonstrates the airline’s resilience and capability to adapt and thrive in a challenging market environment.”

“Despite the positive figures, airBaltic experienced a net loss primarily due to the anticipated Pratt & Whitney engine shortage in 2024, accelerated depreciation costs driven by engines undergoing full interval shop visits ahead of schedule – partially caused by the powdered metal issue – as well as currency depreciation, and one-off costs associated with the early redemption of our previous bond. Nevertheless, we continue to see strong performance aligned with our expectations, and our focus on operational excellence and strategic flexibility positions us well for a successful year.”

Gauss added: “Looking ahead, our core objectives remain unchanged – to ensure the best connectivity from the Baltics, as well as to enhance the passenger experience and deliver a fundamental contribution to the economy.”

During the first six months of 2024, airBaltic carried more than 2 million passengers, a nearly 11% increase as compared to the same period in 2023. The total number of flights performed in H1 increased by nearly 12% to 34 thousand, setting another new record for the airline.

Historical peaks were reached also in other key operational metrics. Excluding ACMI operations, the airline executed approximately 22 thousand flights, a nearly 9% increase, and recorded over 4 billion Available Seat Kilometers (ASK), a 16% increase. The load factor also improved to 77%a, a 2-percentage point climb compared to H1 2023. These records highlight the airline’s enhanced operational efficiency and ability to meet the increasing demand.

This year, operating more than 130 routes of which 20 are new during 2024, and by having 24 code-share partners, airBaltic continues to offer the best connectivity between the Baltics and the rest of the world.

airBaltic operates more than 130 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.