airBaltic, Latvia’s national carrier, is poised to unveil its first-quarter (Q1) financial results for 2024, and preliminary figures indicate a robust performance. Building upon its exceptional 2023 results, airBaltic has maintained operational excellence and achieved strong business metrics. Early indications suggest that the airline’s total revenue for Q1 could reach approximately EUR 132 million, a significant 26% increase compared to the same period in 2023 and establishing a new quarterly record. Passenger traffic also witnessed an impressive 20% growth, reaching another historical peak for the period.
Commenting on the positive results, Martin Gauss, President and CEO of airBaltic, stated, “Our current indicators demonstrate that throughout the first quarter of 2024, airBaltic has continued to deliver strong financial and operational performance. Our early results point to a successful quarter, driven by the expansion of our flight offerings, optimization of our operations, and relentless focus on enhancing the passenger experience. These strategic initiatives have contributed to increased passenger numbers and overall improved results.”
Gauss added, “As we look ahead to 2024, we remain committed to our successful course towards a potential IPO in the latter half of the year. Our core objectives remain steadfast—to provide exceptional connectivity between the Baltics, a key European business center of the future, while simultaneously enhancing the passenger experience and making a meaningful contribution to the economy.”
In the first three months of 2024, airBaltic transported 926 thousand passengers, marking a 20% year-over-year growth. The total number of flights for Q1 increased by 11% to 9.6 thousand. Operational capacity improvements are evident with a 30% rise in Available Seat Kilometers (ASK) to 1.9 billion, up from 1.5 billion in the first quarter of 2023. The airline’s load factor also improved, reaching 75.9% from 71%, the highest Q1 performance on record. Total flights, including ACMI, climbed to 12.3 thousand in Q1 2024, an 8% increase from 11.4 thousand in the same quarter the previous year.
airBaltic is set to present the complete financial results for the first quarter on May 22, 2024, during an investor call.
