AirBaltic posts €118m loss for 2024
March 13, 2025
AirBaltic has reported a net loss of €118 million for 2024, despite achieving record-breaking revenue and passenger numbers.
The airline attributed the loss primarily to external factors, including accelerated depreciation on Pratt & Whitney engines, which accounted for €73 million, as well as currency fluctuations and rising operational costs.
While airBaltic recorded a 12% increase in revenue to nearly €748 million and saw passenger numbers exceed eight million for the first time, these gains were overshadowed by mounting expenses. The airline faced significant disruptions due to engine maintenance issues, which have impacted airlines globally.
Martin Gauss, President and CEO of airBaltic, said: “2024 was a year of both growth and external challenges. We set new records in passenger numbers and revenue, with scheduled flights busier than ever.
“Demand reached new heights, setting fresh benchmarks in our history. However, industry-wide engine maintenance issues and currency fluctuations impacted the financial performance. Nonetheless, these are temporary setbacks that do not change our long-term trajectory.”
AirBaltic’s dependence on the Airbus A220-300 fleet, powered by Pratt & Whitney engines, has left it vulnerable to ongoing maintenance challenges. These issues have required accelerated depreciation costs, contributing significantly to the airline’s financial loss.
The airline also faced headwinds from currency-related losses, including the depreciation of the euro against the US dollar, further straining financial performance.
Despite those pressures, airBaltic has continued to expand its fleet, adding three new Airbus A220-300 aircraft in 2024 and securing orders for 10 more.
The airline remains the largest global operator of the A220-300, with 50 in service and plans to reach 100 aircraft by 2030. However, with engine reliability concerns still unresolved, the airline’s long-term operational strategy may need further adjustments.
Alongside its passenger operations, airBaltic has expanded its ACMI (Aircraft, Crew, Maintenance, and Insurance) business, leasing aircraft to airlines across Europe. The Lufthansa Group remains its largest ACMI client.
