airBaltic reports record Q3 2024 results with strong passenger demand and revenue growth

During its investor call today, airBaltic, Latvia’s national airline, presented preliminary unaudited financial results for the third quarter and first nine months of 2024. Following a record-breaking first half, airBaltic maintained strong performance in Q3, reporting a net profit of €40.3 million and reaching a record high quarterly revenue of €236 million, marking an 8% year-over-year increase. This growth was driven by high passenger demand and a successful Summer.

In the first nine months of 2024, airBaltic achieved a revenue of €575.3 million, a 13% increase over the same period in 2023. An adjusted EBITDAR of €158.1 million reflects the company’s operational efficiency and adaptability amid challenging economic conditions in the Baltic region. CEO Martin Gauss attributed the strong performance to airBaltic’s focus on expanding its route network, now with 140 routes including 22 new additions this year, and partnerships with 24 codeshare carriers to improve connectivity across the Baltics.

A growing segment of airBaltic’s revenue is from ACMI (Aircraft, Crew, Maintenance, and Insurance) services, which reached 22% of Q3 revenues, with 17 aircraft leased to Lufthansa Group carriers. This strategic expansion supports revenue diversity and resilience, positioning airBaltic for sustained growth. Despite economic challenges, airBaltic remains on track for annual revenues of €740–750 million and continues to prioritize enhanced passenger experience and economic impact in the Baltics.