airBaltic targets 700m euro revenue for 2023

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The Latvian national airline airBaltic said April 12 it has started 2023 with the highest ever recorded revenue in the first quarter of a year in the airline’s almost 30-year history.

In Q1 airBaltic achieved EUR 104.3 million revenue, which is 74% more than in 2022, and an all-time first-quarter record.

Martin Gauss, President and CEO said: “Current indications reflect that the first quarter of 2023 has exceeded our expectations and airBaltic is on the way back to persistent profitability. For us the target and ambition is clear – EUR 700 million revenue in 2023 and a significant increase in carried passengers up to 4.4 million. In this way, the company will return to pre-crisis state and a positive result.”

The airline's revenues were just over 500 million euros in 2022 and just over 200 million in 2021.

During the first three months of 2023, airBaltic carried 769.6 thousand passengers or 77% more than during the same period last year. The total number of performed flights increased by 28% to 8,700. That includes 94 flights of short-term 'wet leased' aircraft belonging to other airlines.

airBaltic is a joint stock company that was established in 1995. Its primary shareholder is the Latvian state, which holds 97.97% of the stock, while other shareholders hold 2.03%.

As recently reported by LSM, airBaltic recorded a loss of just over 50 million euros in 2022, though Gauss has insisted the airline is rapidly recovering following the Covid crisis. More recently Gauss caused controversy with his defense of a decision to lease a fleet of luxury electric cars for the airline. On social media April 12 he said the airline was "on track".


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