airBaltic will reduce its fleet of A220s and recentre operations around Riga, as it seeks €225 million in interim financing.
The carrier said increased costs and supply chain delays had impacted planned growth. airBaltic had been targeting an ambitious 100 aircraft by 2030.
Now, they are cutting their A220 fleet by a third, expecting to downsize from 54 jets to 36 at the end of this year. A new incremental growth plan aims for 40 aircraft by the end of the decade instead.
In a post on LinkedIn, President and CEO Erno Hildén said:
What I can say is that this plan is about building a more resilient and efficient airline with a clear path forward to sustained profitability. For our customers, airBaltic continues to operate as normal, and all scheduled flights are operating according to plan.
In a statement, the airline blamed geopolitical conflict in Ukraine and the Middle East for pushing up prices and frustrating growth. It also said delays at engine supplier Pratt & Whitney had impacted full fleet deployment.
Consolidating its presence at Riga Airport in Latvia as well as the other Baltic states, the airline will now refocus operations on existing markets. The Latvian government, which owns an 88% share in airBaltic, provided a €30 million short-term loan in April, but said a strategic commercial investor was needed.
Conflict in the Middle East and high jet fuel prices have placed pressure on Europe’s carriers. Last week, easyJet agreed to be acquired by US private equity firm Apollo, while Lufthansa announced it was shutting its CityLine subsidiary with immediate effect.
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