airBaltic's first-half losses reach €128.2 million

The airBaltic group, Latvia's national airline, recorded a net loss of €128.2 million in the first half of 2026, compared with a loss of €1.7 million in the same period of 2025. The company says higher operating costs, partly driven by the escalation of conflict in the Middle East, hit profitability even though revenue kept growing.

Revenue up, profit down

First-half revenue was €399.2 million, 14.2% more than a year earlier. Passenger revenue rose 7.4%, while revenue from ACMI services (leasing out aircraft together with crew and maintenance) grew 36.5%. The airline carried 2.5 million passengers on its route network, 3.9% more than last year. Adjusted EBITDAR profit fell from €50.9 million to €34 million.

Foreign exchange movements also weighed heavily: they produced a €65.7 million gain in the first half of 2025, but a €21.2 million net loss this year. Higher depreciation from fleet expansion and increased financing costs added to the loss.

Second quarter

Second-quarter revenue reached €250.1 million, up 15.3% year on year. Even so, the net loss was €58.1 million, against a €27.6 million profit a year before. Fuel costs climbed 79.6% to €66.1 million, and the overall effect of higher fuel prices is estimated at about €29.3 million. Airspace restrictions forced longer routes, flights to Tel Aviv and Dubai were halted, and about 5.7% of the planned summer schedule was cancelled.

Operations and fleet

The airline operated 42.3 thousand flights in the half-year, 16.2% more than before. Load factor edged down from 78.2% to 77.3%. Fleet availability improved: no aircraft were grounded by Pratt & Whitney engine problems during the period, compared with an average of 11 a year earlier.

President and CEO Erno Hildén said the industry faces pressure from external factors, including historically high fuel prices. He stressed that the priority is strengthening financial foundations, and that the recently announced new business plan sets a path towards efficiency and stability.