Latvian ACMI carrier SmartLynx Airlines to cease operations

Latvian full-service aircraft leasing and ACMI operator SmartLynx Airlines has announced that it will cease operations as of Monday, 24 November 2025. The decision follows a thorough assessment of the company’s financial position and long-term operating prospects.

In a statement to the media, CEO Edvinas Demenius explained: “The decision has been made after carefully evaluating all possible scenarios for further operations. Unfortunately, under the current circumstances, it has been concluded that the continuation of the company’s operations is no longer possible.”

Earlier this month, Aviation24.be reported that the Riga District Court had initiated legal protection proceedings for SmartLynx Airlines as of 28 October, appointing Armands Rasa as supervising administrator. A legal protection plan was to be submitted to the court by 28 February 2026. At the same time, the airline had a registered tax debt of €522,126 with the Latvian State Revenue Service.

Ownership of SmartLynx Airlines changed hands in October 2025, when the management team, together with Dutch investment fund Stichting Break Point Distressed Assets Management, acquired the company. The fund now holds 90% of the shares, while CEO Edvinas Demenius and board member Mindaugas Kazakevicius each hold 5%. Previously, the company was fully owned by SIA Smart Aviation Holding, part of the Avia Solutions Group, whose ultimate beneficiary is Lithuanian tycoon Gediminas Žiemelis.

Under the new ownership, SmartLynx Airlines operated independently, while its subsidiaries in Malta and Estonia remained with the former shareholder. Despite a surge in passenger traffic—carrying 10.66 million passengers in 2024, a 62.5% increase over 2023—the company struggled to maintain financial stability. Last year, the airline reported a turnover of €339.027 million and a profit of €11.089 million.

SmartLynx had shifted its focus away from charter flights from the Baltic States, concentrating instead on its core ACMI services, including aircraft crewing, maintenance, and insurance. At the end of 2024, its fleet consisted of 68 aircraft.