π±π» Latvia | airBaltic turns 9-month profit and grows traffic
airBaltic posted a β¬4.25m profit for JanβSep 2025 (vs. a β¬48.5m loss a year earlier) on β¬594.3m revenue (+3.3% y/y). The airline carried 3.9m passengers (+1.7%), operated 60.3k flights (+5.9%), and reported an 80.5% load factor (-0.5 pp). ACMI activity rose 11.7% to 24k flights, alongside modest growth in the route network.
Ownership now: Latvian state 88.37%, Lufthansa 10%, Aircraft Leasing 1 (Lars Tusen) 1.62%, others 0.01%. Government and Lufthansa pre-IPO co-invested β¬14m; after a potential IPO the state targets β₯ 25% + 1 share and Lufthansa β₯ 5%. The airline also maintains bond financing on Nasdaq Riga, including its widely noted 14.5% coupon issue, serving as a bridge to the planned IPO.
Context β what to watch next
The winter schedule adds capacity from RΔ«ga (nearly 60 direct routes) amid a broader push to improve yields after 2024βs full-year loss. Profitability tailwinds include ACMI and network tweaks; headwinds include slightly softer load factors and a still-uneven Baltic demand recovery vs 2019. Governance and capital structure moves (IPO timing/size) remain the strategic hinge for 2026.
Image: photos/photo_11@05-11-2025_18-52-21.jpg