Home » AIRLINE NEWS » airBaltic Reveals Preliminary Financial Results for the First Half of 2024 with CEO and Executives Emphasizing Strong Performance
Wednesday, August 14, 2024
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During today’s investor conference call, airBaltic’s President and CEO, Martin Gauss, along with CFO Vitolds Jakovļevs and COO Pauls Cālītis, unveiled the airline’s preliminary unaudited financial results for the first half of 2024, concluding on June 30. airBaltic continues to demonstrate robust business, financial, and operational performance, building on its strong Q1 results.
Key Highlights:
- Revenue for the first half surged 16% year-over-year, reaching approximately EUR 339 million.
- Adjusted EBITDAR for H1 climbed 39%, achieving a record nearly EUR 77 million.
- Passenger numbers increased by nearly 11%, exceeding 2 million.
- Available Seat Kilometers (ASK) rose by 16%, surpassing 4 billion.
- The average load factor improved to 77%.
- The year-to-date expansion includes 20 new routes, bringing the total to over 130 routes and 24 code-share partners, enhancing connectivity between the Baltics and global destinations.
Martin Gauss, President and CEO of airBaltic: “We have had a strong first half of the year, driven by an increase in flights and passengers, enhanced efficiency, and a dedicated focus on customer service. Similar to others in the industry, we have faced rising costs and capacity challenges, yet our strategic focus and operational efficiency have allowed us to handle these challenges successfully. Moreover, airBaltic’s performance in H1 demonstrates the airline’s resilience and capability to adapt and thrive in a challenging market environment.”
“Despite the positive figures, airBaltic experienced a net loss primarily due to the anticipated Pratt & Whitney engine shortage in 2024, accelerated depreciation costs driven by engines undergoing full interval shop visits ahead of schedule – partially caused by the powdered metal issue – as well as currency depreciation, and one-off costs associated with the early redemption of our previous bond. Nevertheless, we continue to see strong performance aligned with our expectations, and our focus on operational excellence and strategic flexibility positions us well for a successful year.”
Gauss added: “Looking ahead, our core objectives remain unchanged – to ensure the best connectivity from the Baltics, as well as to enhance the passenger experience and deliver a fundamental contribution to the economy.”
In the first half of 2024, airBaltic transported over 2 million passengers, marking an almost 11% rise compared to the same period in 2023. The airline also set a new milestone by conducting nearly 34,000 flights, a nearly 12% increase from the previous year.
The airline achieved record highs in several key operational metrics. Excluding ACMI operations, airBaltic completed around 22,000 flights, up by nearly 9%, and recorded over 4 billion Available Seat Kilometers (ASK), reflecting a 16% increase. The load factor improved to 77%, representing a 2-percentage-point increase from H1 2023. These figures underscore the airline’s operational efficiency and capacity to handle growing demand.
With over 130 routes in operation this year, including 20 new ones, and 24 code-share partners, airBaltic continues to enhance connectivity between the Baltics and global destinations.
| Position | H1 2024 (Preliminary) | H1 2023 | Change |
|---|---|---|---|
| Total Revenue | EUR 339.3 million | EUR 291.3 million | +16.5% |
| Adjusted EBITDAR | EUR 76.5 million | EUR 55.0 million | +39.2% |
| Adjusted EBITDAR Margin | 22.6% | 18.9% | +3.7 percentage points |
| Net Profit / (Loss) | EUR (88.8) million | EUR 14.6 million | – EUR (103.4) million |
| Passengers | 2.2 million | 2.0 million | +11.1% |
| Total Flights (Including ACMI) | 34.1 thousand | 30.5 thousand | +11.8% |
| Flights | 22.1 thousand | 20.3 thousand | +8.8% |
| ASK (Available Seat Kilometers) | 4.2 billion | 3.6 billion | +15.8% |
| Load Factor (%) | 76.9% | 74.5% | +2.4 percentage points |
airBaltic offers over 130 routes from Riga, Tallinn, Vilnius, Tampere, and seasonally from Gran Canaria, providing access to a diverse array of destinations across Europe, the Middle East, North Africa, and the Caucasus region.
