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May 20, 2024
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airBaltic published its 2023 Annual Report. The company recorded its highest profit of €34 million – an increase of €88 million over 2022.  The airline group’s revenue increased to an all-time high of €668 million, a 34% increase compared to 2022.

Martin Gauss, President and CEO of airBaltic: “2023 was a very successful year of growth for airBaltic. With a record-breaking revenue of well above half a billion euros, the highest profit in the company’s history, impressive record EBITDAR of €159 million, and other positive business indicators, airBaltic has surpassed the pre-pandemic level.”

airBaltic has started 2024 on a strong note, and currently, our focus is on continuing our path to a potential initial public offering (IPO). Our core objectives remain unchanged – to ensure the best connectivity between the Baltics and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy,” Gauss added.

airBaltic concluded 2023 with the historically highest EBITDAR of €159 million, exceeding the 2022 figure by €76 million. In 2023, passengers soared by 36% to 4.5 million passengers. Additionally, the airline performed 65.5 thousand flights – 30% more than in 2022.

In 2023, airBaltic launched 38 new routes across five operating destinations – Riga, Tallinn, Vilnius, Tampere, and Gran Canaria – including routes to 14 destinations not served in 2022. The airline had an extensive network of 126 routes, a robust growth from 103 routes in 2022.

airBaltic ended 2023 with 46 A220-300 aircraft. Currently, it operates 47 aircraft of the type, with three more planned in 2024, thus concluding the 50 aircraft order. airBaltic is the largest A220-300 operator, and in November 2023, it announced a firm purchase agreement for 30 more A220-300 with purchase rights for an additional 20 aircraft.

author avatar
Addison Schonland
Co-Founder AirInsight. My previous life includes stints at Shell South Africa, CIC Research, and PA Consulting. Got bitten by the aviation bug and ended up an Avgeek. Then the data bug got me, making me a curious Avgeek seeking data-driven logic. Also, I appreciate conversations with smart people from whom I learn so much. Summary: I am very fortunate to work with and converse with great people.

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