Latvian carrier airBaltic recorded a net loss of €128.2 million in the first half of 2026, compared with €1.7 million a year earlier, despite a 14.2% increase in revenue to €399.2 million. Passenger numbers rose by about 15%, but higher fuel costs drove a sharp deterioration as the airline entered a US Chapter 11 process to restructure its financial obligations while maintaining normal operations.
Second-quarter revenue increased 15.3% year on year to €250.1 million, but the period ended with a €58.1 million net loss, against a €27.6 million profit in the same quarter of 2025. The carrier’s fuel bill rose 79.6% to €66.1 million, with higher aviation-fuel prices estimated to have reduced the quarter’s result by €29.3 million.
The restructuring is supported by commitments for up to €350 million in debtor-in-possession financing, of which €140 million had been received. Flights, ticket sales, reservations and customer services continue during the court-supervised process, which could run until mid-2027 and is intended to deliver a court-approved reorganisation plan.