airBaltic reports net profit of EUR 17.1 million in Q3 of 2022

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The Latvian national airline airBaltic records positive business indicators. According to the unaudited consolidated financial results for the first nine months of 2022, airBaltic group has already achieved EUR 362.5 million revenue, which is 172% more than in 2021. At the same time, the pre-exceptional net income for the third quarter of 2022 has grown to EUR 17.1 million.

Martin Gauss, President and CEO of airBaltic: “The aviation industry is recovering from the effects of the pandemic, and that is reflected also in our financial results. With exceeding EUR 362.5 million revenue and 2.4 million passengers already in the first nine months of this year, airBaltic is on the way back to profitability.”

The war in Ukraine with all its consequences has changed our market conditions significantly, facing supply chain issues, growing fuel prices, rescheduling the airline’s operations, and more. But we remain consistent and our core goal remains the same – airBaltic will continue expanding its market share, by further improving connectivity between the Baltics and the rest of the world,” Martin Gauss added.

During the first nine months of 2022, airBaltic has carried 2.4 million passengers or by 133% more than during the same period last year. The number of performed flights has increased by 88% – to 27 713 flights.

PositionJan-Sep 2022Jan-Sep 2021Change %
RevenueEUR 362.5 millionEUR 133.3 million1.72
Net loss**EUR (35.6) millionEUR (72.1) million-0.506
Passengers2.4 million1.0 million1.33
Flights27713147190.88

** Supplemental commercial support included and adjusted for the period; the foreign currency exchange loss related to the re-evaluation of USD-denominated liabilities is excluded.

Riga 28.11.2022

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