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Updated June 27, 2022

  • Joe Breitfeller

airBaltic Reports Full Year 2021 Net Loss of €135.7 Million on 41 Percent Revenue Increase to €204.1

airBaltic has reported a full year 2021 net loss of €135.7 million on a year-over-year revenue increase of 41 percent to €204.1 million. During they year, the airline carried 1.63 million guests, a 21 percent improvement compared to 2020.


airBaltic Reports Full Year 2021 Financial Results - Courtesy airBaltic

On Thursday (April 14, 2022), airBaltic reported their full year financial results for the period ending December 31, 2021. The carrier reported a full year net loss of €135.7 million, a substantial improvement versus a loss of €264.6 million for FY 2020. For 2021, airBaltic’s revenue grew year-over-year by 41 percent to €204.1 million. During the year, the airline carried 1.63 million passengers, a 21 percent improvement compared to 2020. airBaltic added seven Airbus A220-300s in 2021, expanding their fleet to 33 aircraft. The airline served a total of 74 destinations last year from their bases in Riga, Tallinn and Vilnius.


In Thursday’s announcment, airBaltic’s Chief Executive Officer, Martin Gauss, said,


“For much of 2021, we still saw changing travel restrictions and a continuation of the largest crisis in aviation history. airBaltic was able to fly more, though, and reduced its net loss almost twice compared to 2020. Notably, the company carried 1.63 million passengers, which is up 21% compared to the previous year, to and from the Baltics as it increased frequencies on key business routes. In 2021, despite a very challenging year for the aviation industry, we managed to show a positive EBITDAR of €0.3 million.


“We are now on a strong path to recovery and are actively recruiting additional staff to maintain the high level of connectivity we provide to the Baltic region. The forward bookings in the first quarter of 2022 are significantly above the previous year and confirm a very positive development out of the crisis.”


During 2021, the government of Latvia approved an additional equity investment of airBaltic of €90 million. The carrier also ‘insourced’ a significant part of their ground handling services at Riga Airport in the fourth quarter and also initiated the design phase for a heavy maintenance hangar in Riga to be built by the end of 2023. Last year, airBaltic operated a record number of routes for the airline and introduced new service to Dubai and Tenerife. Additionally, the carrier signed codeshare agreements with Lufthansa and Emirates, increasing their number of partners to 24 airlines. In December 2021, the carrier announced the opening of a new base in Tampere, Finland, their first base outside of the Baltic States.


airBaltic's Full Year 2021 Financial Results - Courtesy airBaltic

Established in 1995, Air Baltic Corporation SA (airBaltic) is a joint stock company with most of the equity (97.03%) held by the Latvian state and the remaining 2.97 percent held by other shareholders. The airline Group also includes Air Baltic Training SIA, Loyalty Services SIA, Baltijas Kravu Centrs SIA and Crew Resources AS. One of the most punctual carriers in the world, the airline connects the Baltic region to over 70 destinations in Europe, the Middle East, and the CIS with a fleet of 33 Airbus A220-300s.



Source: airBaltic