Air Baltic records full-year net loss but sees evidence of engine problems receding

Air Baltic had an average of eight Airbus A220 aircraft simultaneously grounded over spare engine shortages last year, and expects the situation to continue in 2025. The figure is lower than the nine it recorded the previous year, and the carrier states that the overall performance of the Pratt & Whitney PW1500G powerplant is “slightly improving”, as indicated by reduced removal rate and fewer problems such as bearing oil leakage. Air Baltic recorded a 12% hike in revenues to E747.5m last year. This included E146m generated by its wet-lease business, up by 46%, with 17 aircraft flying for other European carriers over the summer. But being unable to operate at full capacity, and having to wet-lease older, less fuel-efficient aircraft from other operators during summer, contributed to a full-year net loss of E118m. “There were cases when sourcing of [wet-leased] capacity was impossible due to no suitable aircraft being available in the market on short notice,” it adds. Up to nine aircraft were wet-leased at one time last year, although this was down on the 13 in 2023. The carrier recognised E40m of an estimated E80m impact from accelerated depreciation of engine parts.<br/>