Latvian carrier airBaltic has published contrasting results for the first quarter, marked by a record level of activity and sales but a sharp increase in losses. The carrier posted sales of 149.1 million euros, up 12.3% on the same period in 2025, its highest ever level for a first quarter, traditionally its weakest.
Despite this increase, the net loss reached 70.1 million euros, more than double the 29.3 million recorded a year earlier. This deterioration was due in particular to the impact of exchange rate movements, lower sales support and increases in several cost items.
In operational terms, airBaltic carried some 1.044 million passengers on its own network during the quarter, compared with 0.995 million a year earlier, and 1.5 million including ACMI’s activities, all of which are records for a first quarter. The total number of flights reached 15,100, including 10,700 on the company’s own network and 4,400 under ACMI contracts, up from 13,600 in the same period of 2025.
The load factor stood at 74.8%, down slightly on the previous year’s 75.9%, despite an increase in available seat-kilometre capacity, driven by higher fleet utilization and an average of around 9 to 10 aircraft leased to other airlines under ACMI contracts.
“From an operational point of view, the first quarter was stable for airBaltic, with a rise in passenger numbers, an increase in the number of flights and an improvement in EBITDAR. However, the general economic context remains difficult for the airline industry, and external factors continue to affect our financial results. For 2026, we are focusing on quality sales, cost control and making use of the increased availability of our fleet,” explained Erno Hildén, CEO of airBaltic.
In other good news, the Latvian airline reported that it was now able to operate its entire fleet of 55 Airbus A220-300s, with no aircraft grounded due to PW1500G engine availability (13 aircraft grounded a year ago).
However, airBaltic’s financial situation remains particularly tight, with cash of 32.9 million euros, current liabilities exceeding current assets by around 415 million euros, and liabilities exceeding assets by over 480 million euros at March 31.
As a reminder, the Latvian state remains airBaltic’s ultra-majority shareholder, with 98% of the capital.
