During today’s investor call, airBaltic’s Board presented the Latvian national carrier’s preliminary unaudited financial results for Q3 and the first nine months of 2024, revealing another milestone quarter.
The airBaltic Group posted an impressive net profit of €40.3 million for Q3, alongside record revenue of €236 million, marking an 8% year-on-year increase.
This growth, driven by surging passenger demand and a robust summer season, highlights the airline’s sustained upward trajectory.
For the first nine months of 2024, airBaltic reported revenue of €575.3 million, a 13% increase from the same period in 2023, and an adjusted EBITDAR of €158.1 million, demonstrating operational efficiency and resilience.
Passenger traffic rose significantly as well, with 3.8 million passengers flown in the period, an 11% increase over 2023 figures.
A key contributor to airBaltic’s success has been its ACMI (Aircraft, Crew, Maintenance, and Insurance) segment, which grew to represent 22% of total Q3 2024 revenue.
This expansion reflects airBaltic’s strategy to lease aircraft to other airlines, with up to 17 aircraft serving Lufthansa Group carriers during Q3, further diversifying the company’s revenue streams and reinforcing profitability.
Martin Gauss, president and CEO of airBaltic: “Our record-breaking results for Q3 and the first nine months of 2024 highlight the effectiveness of airBaltic’s strategy and our focus on operational efficiency, network expansion, and customer experience.
“With 140 routes, including 22 new additions, until the end of year, and partnerships with 24 codeshare carriers, we have significantly increased the connectivity for our passengers compared to last year.
“We continue to position airBaltic as the premier connectivity provider in the Baltics, supporting growth in passenger numbers and revenue.”
Gauss added: “Despite difficult macroeconomic conditions in the Baltics and the challenges of rising engine maintenance costs, our Q3 profit and record load factors highlight strong passenger demand as well as our agility in a changing market.
“Moving forward, we are focused on our vision, continuing airBaltic’s growth story, enhancing passenger experience, and boosting our positive impact on the regional economy.”
Looking ahead, airBaltic has slightly adjusted its full-year revenue forecast due to challenging macroeconomic conditions in the Baltic States, now expecting annual revenue to land between €740 million and €750 million.
