Latvian national airline airBaltic reported improved revenues in the first half of this year but still lost more than 128 million euros, the company said on October 12th.
Revenues reached 399.2 million euros in the first half of this year, up 14.2% year-on-year. The airline's losses reached 128.2 million euros, significantly higher than the 1.7 million euros loss it posted in the first six months of 2025, the company said.
High fuel costs as a result of "the escalation of the conflict in the Middle East" had a big impact and counterbalanced generally positive trends in terms of passenger numbers.
In total, airBaltic operated 42.3 thousand flights in H1 2026, up 16.2% year-on-year. Network flights increased by 5.0% to 24.0 thousand, while leased-out flights grew by 35.0% to 18.3 thousand. An average of 26 aircraft were leased out in Q2, compared to 19 a year earlier. The passenger load factor was 77.3%, compared to 78.2% in H1 2025.
Erno Hildén, President and CEO of airBaltic said: “The aviation industry continues to face significant external pressures, including historically high jet fuel prices, which are affecting airlines across the sector. The current environment requires us to be more disciplined and focused in how we operate the business. Our priority is to strengthen airBaltic’s financial foundation and build a more resilient operating model, with a sharper focus on efficiency, sustainable profitability and financial stability.”
As recently reported, airBaltic is planning to slash the size of its fleet, lay off hundreds of staff and reduce its operations in other countries considerably.
The company currently operates 54 aircraft, but plans to reduce their number by about a third by the end of this year, to about 36. The company has already announced a reduction in the number of routes next summer.
In September, airBaltic voluntarily filed for Chapter 11 Bankruptcy in the United States to begin restructuring its financial obligations.
Currently, the Latvian state owns 88.37% of airBaltic's shares, Lufthansa owns 10%, and private shareholders on the remaining owns 1.63%.
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