airBaltic pauses global expansion focus in 2026 business plan

Latvian transport minister Rihards Kozlovskis told LETA that the national airline’s 2026 business plan no longer emphasizes global growth. He said the company must demonstrate a viable financial model before any further state investment, noting that the plan foresees negative free cash flow in 2026 and will require an additional €100‑150 million injection for the winter season of 2026‑27.

Kozlovskis stressed that any future capital from the state will depend on the presence of a strategic investor with real financing. He declined to comment on specific figures but reiterated that merely covering a €150‑200 million loss would not be sufficient. AirBaltic’s 2025 results showed a €44.3 million loss, down 2.7‑fold from 2024, and a modest 1 % passenger increase to 5.2 million. Shareholding remains 88.37 % state‑owned, 10 % Lufthansa, with the remainder split among private investors. The airline has postponed a potential IPO and does not consider it a capital source for 2026.