airBaltic

In the wake of Latvia regaining independence, the nation's first attempt at a flag carrier, Latavio, was liquidated. A new chapter began on August 28, 1995, with the founding of airBaltic as a joint venture between the Latvian state and Scandinavian Airlines (SAS). Operations commenced on October 1, 1995, with a Saab 340 aircraft making the inaugural passenger flight. Over the years, ownership shifted, with SAS selling its 47.2% stake in 2009. After a period of financial difficulty and restructuring around 2011, the Latvian government stepped in, eventually taking a 99.8% stake in the airline to stabilize it. A pivotal moment in airBaltic's journey was the decision to modernize and simplify its fleet. The airline became the global launch customer for the Airbus A220-300 (formerly the Bombardier CSeries), with its first commercial flight of the type in December 2016. By 2020, airBaltic had transitioned to an all-A220-300 fleet, making it the world's largest operator of the aircraft. This strategic move to a single, fuel-efficient aircraft type became a core part of its business model. Looking to the future, airBaltic has been planning for an Initial Public Offering (IPO) to raise capital for further expansion, including its goal to operate a fleet of 100 A220s by 2030. However, the IPO timeline has shifted, with current expectations pointing towards 2026. In a significant development in August 2025, Lufthansa Group completed an investment in the airline, with the Latvian state co-investing, providing a total of €28 million to support the carrier's growth ahead of its public offering.