airBaltic Board Re-elected; Company May Need Additional Funding in 2026
The board of Latvia's national airline airBaltic has been re-elected for a three-year term with Andrejs Martinovs as chairman, Jurģis Sedlenieks as deputy, and Ruta Amtmane as member. Meanwhile, the company's annual report indicates a potential need for an additional 100–150 million euros in funding for the 2026/2027 winter season.
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Board Composition
On 30 June 2026, airBaltic's board meeting re-elected Andrejs Martinovs as chairman, Jurģis Sedlenieks as vice-chairman, and Ruta Amtmane as a board member. All three had previously served on the board.
Martinovs is responsible for financial and audit matters, corporate management, and stakeholder management. He has nearly 30 years of experience in asset management, pension funds, and private equity investments. He also chairs IPAS INVL Asset Management. Sedlenieks brings expertise in aviation and strategy, having previously held positions at Nordic Aviation Group and Smartlynx Airlines. Amtmane specializes in corporate governance, risk management, and internal controls, with over 20 years of experience in the banking and financial sector.
Selection Process
An open competition for board positions was announced on 21 January 2026. A total of 44 applications from 31 candidates were reviewed. The recruitment company WorkingDay Latvia assisted in candidate assessment. Lars Thussen and Aleksandrs Feuerzengers continue to serve on the board.
Financial Performance
In 2025, airBaltic's group turnover increased by 4.2% to 779.344 million euros. Losses decreased by 2.7 times to 44.337 million euros. The airline carried 5.2 million passengers, up 1% year-on-year.
Since summer 2025, Lufthansa has been a shareholder with a 10% stake. The Latvian state retains 88.37%, while Lars Thussen's company Aircraft Leasing 1 holds 1.62%.
IPO Suspension and Funding Needs
airBaltic has suspended its initial public offering (IPO) plans and does not consider them a potential capital source for 2026. The annual report states that despite expected operational and commercial improvements, the company will have negative free cash flow in 2026. It forecasts a need for an additional cash injection of 100 to 150 million euros for the 2026/2027 winter season.
