Air Baltic, the national airline of Latvia, reported a revenue of 779.3 million euros for the last year, but incurred a significant net loss of 44.5 million euros. This loss, although a decrease of nearly 74 million euros compared to the previous year, highlights the ongoing financial challenges faced by the airline, particularly in the wake of a tumultuous operating environment for the aviation industry. With a need for at least a 100 million euro cash injection to survive the next winter season, the airline is looking for ways to stabilize its operations.

The airline's Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent (EBITDAR) stood at 144 million euros, marking a 22% decrease compared to the previous year. Despite carrying 8.7 million passengers with over 78,000 flights, the airline saw only a 1% increase in passenger numbers, indicating the competitiveness in the Baltic market and the logistical challenges that have persisted in the travel industry post-pandemic. The slight growth in average ticket revenue, which increased by 4%, was driven by rising demand in the Baltic region.

Last year, Air Baltic's expansion was most apparent in Tallinn, from where it operated a growing number of flights. This strategic widening of its operations suggests a focused effort to capture more market share in a recovering aviation sector. However, the airline's financial report underscores the need for strong management and financial support as it navigates the complexities of the current economic landscape.