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“Unforeseen challenges” as the effects of the war in Ukraine and higher fuel prices have largely negated airBaltic higher revenues in the first six months. The carrier of the Baltic States reported a €-59.3 million net loss, almost identical to the result in HY 2021 of €-61.5 million. “Unforeseen challenges” eat into airBaltic’s result.

airBaltic significantly increased revenues, however, to €191.5 million from €51.7 million. The airline doesn’t further specify its financial results, so it isn’t clear what the operating loss, EBITDA, and expenses were that resulted in a net loss that is almost on par with that of HY1 2021 despite a 270 percent increase in revenues.

In a reply to questions from AirInsight, the airline says: “During the first six months of 2022, airBaltic was affected by a number of unforeseen challenges such as the ongoing war in Ukraine, uncertainty around the Covid-19 pandemic, global supply chain issues, increasing fuel prices and more. These global challenges have affected airBaltic, respectively resulting in the group’s consolidated net loss of €-59.3 million in the first half of 2022.” 

airBaltic notes that it carried significantly more passengers in the first six months of 2022: 1.3 million, up from 0.3 million. The number of flights increased to 16.925 from 6.110 last year. It carried its 50 millionth passenger on August 31 since airBaltic was founded in 1995. The passenger traveled on a flight from Vienna to Riga (main picture). For the coming winter season, the airline is flying to fifty destinations. It will launch its first services to Marakesh (Morocco) on October 31 and to Gran Canaria on November 1.

Included in the revenues – but not specified – are the proceeds from wet leasing some of its Airbus A220-300s. This summer season, five aircraft are flying with Eurowings, two with Eurowings Discover, and four with SAS. airBaltic recently announced that SWISS will wet lease six aircraft during the coming winter.

Asked if the carrier has more confirmed contracts, it replies: “airBaltic receives a number of wet-lease operation proposals. For the upcoming winter season, currently, confirmed is only the wet-lease agreement with SWISS on up to six Airbus A220-300 aircraft. For the summer 2023 season, at the moment, there are no confirmed and signed wet-lease agreements.”

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Active as a journalist since 1987, with a background in newspapers, magazines, and a regional news station, Richard has been covering commercial aviation on a freelance basis since late 2016.
In 2022, he has gone full-time freelance. Richard has been contributing to AirInsight since December 2018. He is also writing for Airliner World and Aviation News and until July 1 2023 in a part-time role with Dutch website and magazine Luchtvaartnieuws. Twitter: @rschuur_aero.

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