Latvia’s national carrier airBaltic posted losses of €70.1mn in the first quarter of 2026, more than double the figure recorded during the same period last year, despite rising revenues andd passenger numbers, BNS, a pan-Baltic news agency, reported on May 14.

The carrier welcomed a new CEO, Erno Hilden, last August after Martin Gauss, the long-standing CEO, was dismissed by the Latvian government.

The airline said quarterly losses increased 2.4-fold compared with the first three months of 2025.

Representatives of Latvia’s national carrier airBaltic declined to provide guidance on future liquidity forecasts or potential capital-raising plans during an investor call on May 13, citing ongoing uncertainty, LETA, Latvia’s national news agency, reported on May 14.

Hilden said management could not comment further on forward-looking projections because they remained subject to risks and market volatility.

Hilden acknowledged that airBaltic continues to operate under liquidity pressure, although he stressed the airline was still meeting all of its financial obligations.

The chief executive also confirmed that the company has hired external financial advisers to help prepare a new strategic business plan and evaluate possible strategic alternatives.

Hilden added that several possible scenarios were currently being assessed, but insisted management remained committed to maintaining uninterrupted airline operations, LETA said.

At the same time, group revenue rose 12.3% year-on-year to €149.1mn, supported by higher passenger traffic and expansion of its aircraft leasing operations, BNS reported.

airBaltic carried 1.5 million passengers during the quarter, up 10.9% from a year earlier. More than one million travellers flew on the airline’s regular route network, marking annual growth of 4.9%.

The company also increased total flight operations by 11.3% to 15,100 flights. Of those, 10,700 were operated on scheduled routes, while 4,400 flights were carried out under ACMI leasing agreements, where aircraft and crews are provided to other airlines. ACMI activity jumped by 33.5% compared with the same period in 2025, BNS said.

However, the airline’s average seat occupancy slipped slightly, with the load factor declining by 1.1 percentage points to 74.8%.

airBaltic said adjusted Ebitdar – earnings before interest, taxes, depreciation, amortisation, lease costs and litigation provisions – reached €7mn during the quarter, compared with a negative €4.3mn result a year earlier.

The results mark a sharp deterioration from the first quarter of 2025, when the airline reported losses of €29.3mn on revenue of €132.7mn, BNS reported.