AirBaltic SWOT: achievement and challenge as 2025 brings record revenue, but another loss
AirBaltic achieved its highest-ever revenue in 2025, but reported its sixth net loss in seven years, albeit a narrower loss than in 2024.
It is the leading airline in the Baltic States, and its core mission is to provide connectivity to this region. It is also growing a successful ACMI business operating for other airlines, thereby optimising the deployment of its fleet of 53 Airbus A220-300s.
AirBaltic has low unit costs and a focused geographical niche.
However, its inconsistent profitability and fragile balance sheet indicate that there are challenges for smaller independent airlines.
Lufthansa took a 10% stake in 2025, but the Latvian government owns 88%, and a long-awaited IPO continues to be delayed.
This report considers airBaltic's strengths, weaknesses, opportunities and threats.
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