Air Baltic reports strong growth in the first quarter of 2024

Latvian airline Air Baltic is preparing to publish its financial results for the first quarter of 2024 and early data already suggests a strong performance. Air Baltic continues its course of operational excellence and positive business metrics, building on its record results for the full year 2023.

According to preliminary indicators, total revenue for the first quarter is expected to reach around 132 million euros, an increase of 26% compared to the corresponding period last year and being the highest ever first quarter result for the airline. Passenger numbers increased by 20% compared to the first quarter of 2023 - another historic high for Air Baltic's first quarter.

Martin Gauss, President and CEO of Air Baltic, commented: “Current indicators show that Air Baltic continued to deliver strong financial and operational performance in the first quarter of 2024. Our early results indicate a good quarter as we added more flights, improved our operations and focused on providing better service to our customers. These changes have helped us attract more passengers and improve our results.”

“At the same time, we are optimistic about 2024 and are continuing our successful course towards a potential IPO in the second half of the year. Our main objectives remain unchanged: to ensure the best connectivity between the Baltic States, one of the most important European economic centers of the future, as well as to improve the passenger experience and make a fundamental contribution to the economy,” Gauss added.

During the first three months of 2024, Air Baltic carried 926.000 thousand passengers, an increase of 20% compared to the same period in 2023. The total number of flights in the first quarter increased by 11% to 9,6 thousand.

Air Baltic's overall capacity also improved significantly, as evidenced by a 30% increase in available seat kilometers (ASK) to 1,9 billion compared to 1,5 billion in the first quarter of 2023. Flight utilization improved to 75,9% from 71%, also the best result for the first quarter to date. The total number of flights, including ACMI, increased to 2024 thousand in the first quarter of 12,3, compared to 11,4 thousand in the same quarter last year, an increase of 8%.