airBaltic, the Latvian airline, has revealed its preliminary unaudited financial results for the first half of 2024, showcasing strong performance across various aspects of its operations. Despite experiencing challenges, the airline demonstrated resilience and adaptability, building upon its strong performance in the first quarter.
Martin Gauss, the President and CEO of airBaltic, highlighted the key factors contributing to this positive performance. He emphasized the increase in flights and passengers, improved operational efficiency, and unwavering dedication to customer service. He acknowledged the industry-wide issues of rising costs and capacity constraints, but also emphasized airBaltic’s strategic focus and operational efficiency, enabling them to navigate these challenges effectively.
While airBaltic achieved a significant increase in revenue and adjusted EBITDAR, the company reported a net loss attributed to several factors. These include the anticipated Pratt & Whitney engine shortage impacting 2024 operations, accelerated depreciation costs associated with unscheduled engine maintenance, currency depreciation, and one-time costs related to the early redemption of previous bonds.
Despite these challenges, Gauss expressed confidence in airBaltic’s future, highlighting the company’s unwavering commitment to operational excellence and strategic flexibility. These qualities, he believes, will position the airline for continued success throughout the year.
In terms of key operational metrics, airBaltic recorded significant growth during the first half of 2024. The airline transported over 2 million passengers, representing an 11.1% increase compared to the same period in 2023. It also achieved a new milestone, completing nearly 34,000 flights, a 11.8% increase year-on-year. Excluding ACMI operations, airBaltic completed 22,000 flights, a nearly 9% increase, and recorded over 4 billion Available Seat Kilometers (ASK), a remarkable 16% increase. The load factor, a measure of seat occupancy, also improved to 77%, a 2.4 percentage point increase from H1 2023. These figures demonstrate the airline’s ability to handle growing demand efficiently.
With over 130 routes in operation, including 20 new routes, and 24 code-share partners, airBaltic continues to strengthen connectivity between the Baltics and global destinations. The airline operates from Riga, Tallinn, Vilnius, Tampere, and seasonally from Gran Canaria, offering a diverse range of destinations across Europe, the Middle East, North Africa, and the Caucasus region.
