airBaltic reports record €503 million revenue in 2019 (+23%)


Latvian airline airBaltic continued its growth in 2019 and achieved strong financial results. According to the financial results of 2019, for the first time in the company’s history, airBaltic has exceeded EUR 500 million revenue, which was a 23% increase over 2018.

Martin Gauss, Chief Executive Officer of airBaltic: “Our strategy is to become the number one carrier in the Baltic States. Last year we successfully exceeded our two main targets – to carry more than 5 million passengers and to achieve a revenue of over 500 million euros. It was a successful year, but now we have to continue working hard to ensure that we are able to develop further.

The first two months of 2020 showed strong results and we continued our growth ahead of airBaltic’s Business plan. Unfortunately, the positive start of the year has been interrupted by the exceptional circumstances caused by the spread of COVID-19. Every airline in the world is cutting its costs, capacity and some are even stopping all operations. airBaltic is in a strong financial position to deal with an extraordinary crisis situation. Nevertheless, the aviation industry is one of those that will be severely affected by this crisis and state support for airlines, in general, might be needed to ensure air infrastructure long-term. airBaltic plays an important role in the Latvian and the Baltic economy in ensuring air connectivity. We need to take proactive decisions to go through this difficult period and be ready to grow again when the crisis is over,” Martin Gauss added.

During 2019, airBaltic carried a record high of 5 million passengers, representing a 22% increase compared to 2018. The airline served over 80 destinations from Riga, Tallinn and Vilnius, offering the largest variety of direct destinations and connections via Riga. On 23 July 2019, airBaltic successfully issued EUR 200 million of senior unsecured bonds due in 2024, which remains the largest corporate bond issue by a Latvian company to date.

2019 2018 Change %
Revenue EUR 503.3 million EUR 408.7 million +23%
EBITDAR EUR 124.7 million EUR 93.1 million +34%
EBIT EUR 26.6 million EUR 6.8 million +292%
Net Result* EUR -7.7 million EUR 5.4 million -244%
Passengers 5.0 million 4.1 million +22%
Market share in the Baltics 36% 31% +5% pp
Flights 62 748 56 261 +12%
Routes out of
Riga, Tallinn, Vilnius
88 routes 79 routes +11%
Employees (year-end, airBaltic Group) 1 716 1 585 +8%


*As a result of foreign exchange rate effects and implementation of IFRS 16 accounting standard, the net result was negatively impacted with a result of EUR 7.7 million in 2019.

March 19, 2020


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