airBaltic has narrowed its losses in 2025 to €44.3 million, improving from €118.2 million a year prior.
The improved net losses come despite a €40.2 million drop in its adjusted EBITDAR result to €143.9 million in 2025.
The result was impacted by higher operating costs, yield pressure in the first half of 2025, as well as limited aircraft availability due to engine maintenance constraints.
“As a result, the company implemented adjustments to the summer schedule and increased the use of external wet-lease capacity to maintain operational continuity, which also contributed to higher operating costs,” said airBaltic.
“2025 was a challenging year operationally, as the industry continued to face engine maintenance issues that affected aircraft availability and required schedule adjustments,” said airBaltic CEO and president Erno Hilden.
The net loss improvement was supported by foreign exchange gains related to its liabilities denominated in US dollar.
Revenues improved 4% to €779.3 million.
The company noted that operational performance and revenue quality improved during the second half of 2025, which will provide a “more stable foundation” for 2026.
“We remain focused on improving efficiency and supporting airBaltic’s long-term financial performance," said Hilden. "As fleet availability improves, we will continue to develop our network and ensure reliable connectivity for passengers across the Baltic region.”
ACMI flights were up 15% in 2025, while its network flights were up 3%. Network passenger numbers were up 1% to 5.2 million during the year, resulting in a one percentage point load factor decrease, totalling 80.2%.