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During today’s investor conference call airBalticairBaltic’s President and CEO Martin Gauss, together with CFO Vitolds Jakovļevs and COO Pauls Cālītis, presented the airline’s preliminary, unaudited financial results for the first half of 2024, ending 30 June. airBaltic continues to demonstrate robust business, financial and operational performance, building on its strong first quarter results.

Key highlights:

• Sales increased by 16% in the first half of the year compared to the previous year and reached around 339 million euros.
• Adjusted EBITDAR increased by 39% in the first half of the year, reaching a record level of almost EUR 77 million.
• The number of passengers increased by almost 11% and exceeded the 2 million mark.
• Available seat kilometers (ASK) increased by 16% and exceeded the 4 billion mark.
• Average occupancy improved to 77%.
• The expansion since the beginning of the year includes 20 new routes, bringing the total to over 130 routes and 24 codeshare partners, improving connections between the Baltics and destinations worldwide.

Martin GaussPresident and CEO of airBaltic: “We had a strong first half of the year, driven by an increase in flights and passenger numbers, improved efficiency and a dedicated focus on customer service. Similar to others in the industry, we faced rising costs and capacity issues, but our strategic focus and operational efficiency enabled us to successfully overcome these challenges. In addition, airBaltic’s performance in the first half of the year demonstrates the airline’s resilience and ability to adapt and thrive in a challenging market environment.”

“Despite the positive numbers, airBaltic reported a net loss, mainly due to the expected Pratt & Whitney engine shortage in 2024, accelerated depreciation costs due to engines undergoing a full workshop inspection ahead of schedule – partly due to the sinter metal issue – as well as currency devaluations and one-off costs related to the early repayment of our previous bond. Nevertheless, we continue to see strong performance in line with our expectations and our focus on operational excellence and strategic flexibility positions us well for a successful year.”

Gauss He added: “Looking ahead, our core objectives remain unchanged: to ensure the best connectivity from the Baltics, improve the passenger experience and make a fundamental contribution to the economy.”

In the first half of 2024, airBaltic carried over 2 million passengers, an increase of almost 11% compared to the same period in 2023. The airline also set a new milestone by operating almost 34,000 flights, an increase of almost 12% year-on-year.

The airline achieved record levels in several key operational metrics. Excluding ACMI operations, airBaltic operated around 22,000 flights, up almost 9%, and recorded over 4 billion available seat kilometers (ASK), up 16%. Load factor improved to 77%, up 2 percentage points compared to H1 2023. These figures underline the airline’s operational efficiency and ability to handle growing demand.

With over 130 routes launched this year, including 20 new ones, and 24 codeshare partners, airBaltic continues to improve connections between the Baltics and destinations worldwide.

airBaltic offers over 130 routes from Riga, Tallinn, Vilnius, Tampere and seasonally from Gran Canaria, providing access to a wide range of destinations in Europe, the Middle East, North Africa and the Caucasus region.