airBaltic has reported a third-quarter net income of €6 million, despite seeing a significant year-over-year decline in its passenger numbers.
The company’s net income for the quarter was a substantial improvement over the same period last year, when it reported a €34.3 million net loss. Total revenue for the quarter came in at €244.7 million, an increase of 3.7%.
The Latvian airline carried 1.5 million passengers during the third quarter, a drop of 5.1% compared to the same period last year, but this was offset by a 10.7% increase in yield.
Yield improvements also supported a robust adjusted EBITDAR, which reached €77.7 million – a new quarterly high for 2025.
Adjusted EBITDAR margin was 31.8%, which is 2.77 percentage points below last year’s third quarter but an improvement on the previous quarter.
airBaltic operated 23,900 flights during the third quarter, including 13,400 scheduled flights and 10,500 ACMI flights.
This was 4.9% more total flights than during the same period last year, and 10.8% more ACMI flights - a key part of the airline's growth strategy.
In addition to wet-leasing up to 19 aircraft to Lufthansa Group, airBaltic provided short-term services to multiple European carriers, which further bolstered its revenue.
Pauls Cālītis, Interim CEO and COO of airBaltic, said the airline outperformed in the third quarter despite a “complex environment” shaped by engine supply shortages and cost pressures.
“Looking ahead, our priority is to maintain operational resilience and financial stability, ensuring airBaltic can continue delivering reliable services despite market challenges,” he said.
“By optimising processes, improving fleet efficiency, and enhancing the passenger experience, we are strengthening the company for sustainable results and long-term competitiveness.”
Year to date, airBaltic has delivered a net profit of EUR 4.2 million, representing a swing of €52.8 million compared to last year’s net loss during the first three quarters.
Total revenue has grown to €594.3 million year to date – a 3.3% increase compared to the same period last year – and adjusted EBITDAR has grown to €128.6 million.
“Forward bookings for Q4 are currently above 2024 levels, and yield trends continue to show improvement,” the company said.
“While geopolitical risks – particularly in the Middle East – are being monitored closely due to their potential impact on fuel prices, overall travel demand and market indicators remain strong.”
Based on its third-quarter results, airBaltic is projecting a full-year adjusted EBITDAR of between €160 million and €170 million.
Total full-year revenue is expected in the range of €780 million to €790 million.
airBaltic’s capacity targets also remain unchanged, with a planned increase of approximately 5% in seat capacity and a 20% increase in ACMI-out capacity compared to 2024.
This outlook also assumes a “gradual improvement” in engine availability.