airBaltic Sees 26% Revenue Increase in Q1 2024

An airBaltic aircraft on the tarmac.
Photo Credit: airBaltic

Early financial results for Latvian carrier airBaltic point to a successful first quarter of 2024.

Building on its record-breaking performance in 2023, the airline continues to demonstrate strong financials and operational excellence.

Preliminary figures indicate a significant revenue increase of 26% compared to the first quarter of 2023.

This translates to an estimated total revenue of EUR 132 million, the highest ever recorded by airBaltic in Q1.

Passenger numbers have also seen a positive trend, rising by 20% compared to the same period last year.

Strategic Growth and Efficiency Gains

“These positive indicators reflect our commitment to continuous improvement throughout Q1,” said Martin Gauss, President and CEO of airBaltic.

“By expanding our flight network, optimizing operations, and focusing on exceptional customer service, we’ve achieved a strong quarter.”

“This approach has resulted in increased passenger numbers and improved financial performance.”

Photo: Air Baltic Airbus A220; photo credit Air Baltic

Continued Growth and Potential IPO

airBaltic remains on track for a potential IPO in the second half of 2024. The airline maintains its core objectives of ensuring optimal connectivity within the Baltic region.

It aims to create a future European business hub, while simultaneously enhancing passenger experience and contributing significantly to the regional economy.

Operational Capacity and Network Expansion

During the first three months of 2024, airBaltic transported 926,000 passengers, a 20% increase year-over-year.

The total number of flights operated also rose by 11%, reaching 9,600 flights in Q1. Notably, Available Seat Kilometers (ASK) witnessed a significant 30% increase, reflecting the airline’s expanded operational capacity.

The load factor also climbed to a record high of 75.9% in Q1, compared to 71% the previous year. Including ACMI flights, the total number of flights operated in Q1 2024 reached 12,300. This represents an 8% increase from the same period in 2023.

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

Focus on Passenger Experience

airBaltic’s commitment to exceptional customer service goes beyond simply offering more flights. The airline has invested in improving the passenger experience at every touchpoint.

This includes streamlining the booking process, enhancing onboard amenities, and providing efficient customer support.

These efforts have been well-received by passengers, contributing to the airline’s overall success.

A new airBaltic A220 on the tarmac at night
Photo Credit: airBaltic

Environmental Responsibility

While achieving financial success, airBaltic remains committed to environmental responsibility.

The airline operates one of the youngest and most fuel-efficient fleets in Europe, the Airbus A220-300. This modern aircraft reduces carbon emissions significantly compared to older models.

Additionally, airBaltic is exploring further initiatives to minimize its environmental footprint, such as sustainable fuel options.

Photo Credit: airBaltic

Full Financial Results

airBaltic will be presenting its complete financial results for the first quarter during an investor call on May 22nd, 2024. Following the call, the information will be made available on the company’s website.

About airBaltic

airBaltic, established in 1995, is the national airline of Latvia. Its route network spanns Europe, the Middle East, North Africa, and the Caucasus region. airBaltic offers connections to over 70 destinations, operating from its hubs in Riga, Tallinn, Vilnius, Tampere, and Gran Canaria (seasonal).

The airline boasts a young fleet of 47 Airbus A220-300 aircraft and has been consistently recognized for its excellence.

Notably, Skytrax has awarded airBaltic the title of “Best Airline in its Region” for two consecutive years.

 Additionally, airBaltic has received prestigious awards for diversity and inclusion, cabin service, and its achievements within the industry.

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By Len Varley - Assistant Editor 4 Min Read
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