airBaltic Returns to Profit in 2022

Photo Credit: Arash Abed/AviationSource

airBaltic’s 2022 financial results show it returned to a strong profit, assisted by an increase in revenue and a doubling of passengers flown.

airBaltic is back!


An airBaltic Airbus A220 on the taxiway.
Photo Credit: airBaltic

The Latvian airline published its annual consolidated financial results for 2022. The airline applauded the “strong positive business indicators” it was highlighting.

The results show the airline made an operating profit of 32 million EUR in 2022. Compared to a loss of 56 million EUR in 2021, it shows a swing in fortune of 88 million EUR.

Martin Gauss, President and CEO of airBaltic, said: “With more than half a billion euros in revenue and 3.3 million passengers, airBaltic is on the way back to persistent profitability.”

The carrier also displayed an increase in revenue, up 145% in 2022 compared to 2021, with a figure of over 500 million EUR. This result was just over 200 million EUR in 2021.

The results showed the airline is on track to recover its net losses since the Pandemic. In 2021, the airline made a net loss of 135.7 million EUR. In 2022, this had reduced to 54.2 million EUR.

Another positive indicator shown is the carrier’s EBITDAR result. This increased from 300,000 EUR in 2021 to just short of 130 million EUR in 2022 – a significant change in the company’s fortunes.

2023 Projections


While the results are indeed positive, the carrier is still looking ahead to increase and improve to pre-pandemic success.

In 2019, the airline carried over 5 million passengers. The figures for 2022 showed just over 3.3 million were carried. Albeit a 105% improvement in 2021, it shows the carrier has the scope to continue its recovery.

Gauss added: “Looking ahead to 2023, we are filled with strength, ideas, and determination and we continue the successful course we have taken…”

AviationSource recently reported that airBaltic had completed the retirement of its older fleet of Bombardier Dash 8-Q400 aircraft in favor of the more modern and fuel-efficient Airbus A220.

The Airbus A220 is providing the airline the chance to enter destinations and markets the older fleets made impractical. The airline has seen increased popularity in its further-afield destinations – such as Tenerife, Dubai, and Paris – and is continuing to increase connectivity to the Baltic states from destinations across Europe and the Middle East.

“Our core objectives remain unchanged – to ensure the best connectivity between the Baltics – one of the key European business centers of the future – and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy,” Gauss added.

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