airBaltic Delivers EUR 40.3 Million Profit and Record Revenue in Q3 2024

airBaltic.com | 2024.11.14

Strong performance driven by record load factors, more flights, operational efficiency and a successful wet lease strategy.

Key Highlights:
• Q3 Net Profit: EUR 40.3 million, marking a financially successful summer season.
• All-Time High Q3 Revenue: EUR 236 million, +8% y-o-y.
• Record Load Factor: 87.8% in Q3, a 6-percentage point increase y-o-y.
• Passenger Growth: 12% increase in Q3, with a 5% rise in the number of flights (excluding ACMI operations).
• Record Nine-Month Revenue: EUR 575.3 million, +13% y-o-y.
• Record Adjusted EBITDAR: EUR 158.1 million for nine months, +21% y-o-y.
• Fleet Growth: The airline converted 10 Airbus A220-300 purchase rights into firm orders in August and adjusted the delivery schedule.
• Strategic Partnership: In September, airBaltic extended its wet lease partnership with Lufthansa Group for three more years starting summer 2025, deploying up to 21 aircraft.
• Agreement with Pratt & Whitney: airBaltic signed a long-term maintenance agreement with Pratt & Whitney for its geared turbofan (GTF) engine fleet in September, based on a power-by-the-hour model and providing greater transparency and predictability in maintenance planning.

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Rēzeknes pilsētas TIC

Riga. During today’s investor call, the Board of the Latvian national airline airBaltic presented the company's preliminary unaudited financial results for Q3 and the first nine months of 2024. Following a record-breaking H1, airBaltic has sustained its strong business, financial, and operational performance to achieve new records. In Q3, the airBaltic Group reported an impressive net profit of EUR 40.3 million, underscoring a financially successful summer season. Revenue for the quarter reached an all-time high of EUR 236 million, representing an 8% year-over-year increase. This result, driven by increased passenger demand and strong summer season performance, further underlines the airline’s upward trajectory. Moreover, the nine-month period reflects revenue of EUR 575.3 million, a 13% increase year-over-year, and an adjusted EBITDAR of EUR 158.1 million, evidencing the Group’s operational efficiency and resilience.

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.”

During the first nine months of 2024, airBaltic carried 3.8 million passengers, an 11% increase compared to the same period in 2023.

The increasing proportion of higher-margin ACMI (Aircraft, Crew, Maintenance, and Insurance) business segment revenue, representing the services airBaltic provides to other airlines, highlights the growing importance of ACMI operations as a strategic component of the airline’s business model. Also, this secondary revenue stream bolsters resilience and contributes to improved profitability. In Q3 2024, up to 17 aircraft were leased to Lufthansa Group carriers on an ACMI basis, as part of the airline's strategy to develop ACMI-out services, thus resulting in ACMI revenue share reaching 22% of total Q3 2024 revenues.

Outlook for the Year
Due to difficult macroeconomic conditions in the Baltic States in the year to date, full-year guidance has been adjusted. Revenue for the full year of 2024 is now expected to be in the range of EUR 740 million to EUR 750 million.

The full financial report is available here: https://investors.airbaltic.com/en/financial-information.

airBaltic operates more than 130 routes from Riga, Tallinn, Vilnius, Tampere and, seasonally, Gran Canaria, offering connections to a wide range of destinations in the airline's route network in Europe, the Middle East, North Africa, and the Caucasus region. A complete schedule of airBaltic flights and tickets are available on the company's homepage at www.airbaltic.com.