Q3 2025 (vs Q3 2024):
- Net profit EUR 6 million (EUR -34.3 million)
- Revenue EUR 244.7 million (+3.7%)
- Passengers 1.5 million (-5.1%)
- Total flights 23.9 thousand (+4.9%)
First nine months of 2025 (vs 2024):
- Net profit EUR 4.2 million, compared to a loss of EUR 48.5 million in 2024
- Revenue EUR 594.3 million (+3.3%)
- Passengers 3.9 million (+1.7%)
The airline recorded a net profit of EUR 6 million in the third quarter and revenue of EUR 244.7 million, up 3.7% year-on-year. Despite a 5.1% decline in passenger numbers, the ticket yield increased by 10.7%, offsetting the lower volume. Yield improvements have supported the recovery of Adjusted EBITDAR, which reached EUR 77.7 million in the strongest quarter of the year. The Adjusted EBITDAR margin of 31.8% is 2.77 percentage points below Q3 2024, but shows an improvement compared to Q2 2025.
In Q3 2025, airBaltic operated 13.4 thousand scheduled flights, while ACMI-out flights grew by 10.8% to 10.5 thousand, bringing the total to 23.9 thousand flights – supporting both its network and wet-lease operations. During the quarter, in addition to wet-leasing up to 19 aircraft to the Lufthansa Group, the airline also provided short-term services to other leading European carriers, which contributed further to its revenue. The continued growth in ACMI operations supports airBaltic’s position within the European ACMI market.
Pauls Cālītis, Interim CEO and COO of airBaltic: “The third quarter remains pivotal for airBaltic, and this year we continued to operate under a complex environment shaped by engine supply constraints and cost pressures. While passenger numbers in Q3 were slightly lower than last year, mainly due to network optimizations, we increased ticket yields, continued to grow revenue and strengthened our ACMI strategy. These improved results show that our operating model can adapt even in challenging market conditions.”
“Looking ahead, our priority is to maintain operational resilience and financial stability, ensuring airBaltic can continue delivering reliable services despite market challenges. By optimizing processes, improving fleet efficiency, and enhancing the passenger experience, we are strengthening the company for sustainable results and long-term competitiveness,”Cālītis added.
Financial results | Q3 2025 | Q3 2024 | Change |
Revenue | EUR 244.7 million | EUR 236.0 million | 3.7% |
Adjusted EBITDAR | EUR 77.7 million | EUR 81.6 million | (3.8 million) |
Adjusted EBITDAR margin | 31.8% | 34.6% | (2.8pp) |
Net profit / (loss) | EUR 6.0 million | EUR 40.3 million | (34.3 million) |
|
|
|
|
Operational results | Q3 2025 | Q3 2024 | Change |
Network passengers | 1.5 million | 1.6 million | (5.1%) |
Network flights | 13.4 thousand | 13.3 thousand | 0.7% |
ACMI flights | 10.5 thousand | 9.5 thousand | 10.8% |
Total flights (including ACMI) | 23.9 thousand | 22.8 thousand | 4.9% |
Load Factor % | 84.6% | 87.8% | (3.3pp) |
Looking at the first nine months of 2025, airBaltic reports a net profit of EUR 4.2 million, representing a change of EUR 52.8 million compared to last year’s loss. Revenue grew to EUR 594.3 million – a 3.3% increase compared to the same period last year – and Adjusted EBITDAR reached EUR 128.6 million. In addition, this year passenger numbers rose by 1.7% to reach 3.9 million, while the number of flights increased to 36.3 thousand, up 2.4% year-on-year. Total flights, including ACMI operations, grew by 5.9%, indicating that both scheduled and wet-lease operations have continued to expand this year.
Financial results | 9 months 2025 | 9 months 2024 | Change |
Revenue | EUR 594.3 million | EUR 575.3 million | 3.3% |
Adjusted EBITDAR | EUR 128.6 million | EUR 158.1 million | (29.5 million) |
Adjusted EBITDAR margin | 21.6% | 27.5% | (5.8pp) |
Net profit / (loss) | EUR 4.2 million | EUR (48.5 million) | 52.8 million |
|
|
|
|
Operational results | 9 months 2025 | 9 months 2025 | Change |
Network passengers | 3.9 million | 3.8 million | 1.7% |
Network flights | 36.3 thousand | 35.4 thousand | 2.4% |
ACMI flights | 24.0 thousand | 21.5 thousand | 11.7% |
Total flights (including ACMI) | 60.3 thousand | 56.9 thousand | 5.9% |
Load Factor % | 80.5% | 81.0% | (0.5pp) |
Forward bookings for Q4 are currently above 2024 levels, and yield trends continue to show improvement. While geopolitical risks – particularly in the Middle East – are being monitored closely due to their potential impact on fuel prices, overall travel demand and market indicators remain strong.
Outlook for the Year 2025
Based on the Q3 results, the guidance projects the full year of 2025 Adjusted EBITDAR to be in the range of EUR 160 million to EUR 170 million. The total revenue is expected in the range of EUR 780 million to EUR 790 million. The capacity targets also remain unchanged, with a planned increase of approximately 5% in seat capacity deployed in the airBaltic’s network, and a 20% increase in ACMI-out capacity compared to 2024. The outlook also assumes gradual improvement in engine availability.
With over 130 routes and more than 20 code-share partners, airBaltic remains the leading carrier connecting the Baltic States with destinations worldwide.
Tags: Pauls Cālītis, airBaltic
