airBaltic Unveils 16 New Routes and IPO Plans
On September 4, 2024, airBaltic unveiled a major expansion of its route network, introducing 16 new routes across Europe from its three Baltic hubs. This strategic expansion, set to launch between October 2024 and June 2025, will be serviced by the airline’s modern Airbus A220-300 fleet.
The new routes are as follows:
From Riga (RIX), Latvia:
- Rzeszow (RZE), Poland: Starting October 28, 2024
- Cluj-Napoca (CLJ), Romania: Starting May 2, 2025
- Stavanger (SVG), Norway: Starting June 3, 2025
- Mykonos (JMK), Greece: Starting June 5, 2025
From Tallinn (TLL), Estonia:
- Barcelona (BCN), Spain: Starting February 19, 2025
- Palma de Mallorca (PMI), Spain: Starting April 13, 2025
- Hamburg (HAM), Germany: Starting May 2, 2025
- Keflavik International Airport (KEF), Iceland: Starting May 14, 2025
- Tirana (TIA), Albania: Starting June 2, 2025
From Vilnius (VNO), Lithuania:
- Tel Aviv (TLV), Israel: Starting March 30, 2025
- Prague (PRG), Czech Republic: Starting March 30, 2025
- Chisinau (KIV), Moldova: Starting April 2, 2025
- Rhodes (RHO), Greece: Starting April 2, 2025
- Valencia (VLC), Spain: Starting April 16, 2025
- Tirana (TIA), Albania: Starting June 3, 2025
- Ibiza (IBZ), Spain: Starting June 3, 2025
All new routes will initially operate twice weekly, with some exceptions: Vilnius–Chisinau, Tallinn–Keflavik, and Riga–Mykonos will operate once a week.
This network expansion is strategically timed to optimize connectivity. New services from Riga will integrate traffic from the other Baltic capitals, as well as from Finland and Scandinavia, enhancing airBaltic’s role as a key regional hub.
In addition to expanding its route network, airBaltic is preparing for its initial public offering (IPO). Following strong financial performance in the first half of 2024, with revenue reaching €339 million and EBITDA at €77 million, the Latvian government has approved a simplification of the airline’s share structure. The restructuring will consolidate the existing four types of shares into one common share type, aiming to attract more institutional and retail investors.
The Latvian government, which currently holds approximately 97% of airBaltic, plans to retain a 25% stake in the airline post-IPO. This move is expected to bolster the airline’s financial position and increase its appeal to potential investors, paving the way for its next growth phase.
With these strategic expansions and financial developments, airBaltic is set to enhance its presence in the European aviation market and position itself for long-term success.