airBaltic is going through its most delicate moment in years. While operating normally in the peak summer season and recording passenger growth, the company faces an acute liquidity crisis, an unsustainable capital structure, and increasingly intense rumors about route cuts, debt restructuring, or even growing insolvency risk.
According to data from Fitch Ratings and the company’s own reports, airBaltic ended 2025 with gross debt of around €1.3 billion (including approximately €854 million in aircraft lease liabilities and about €461 million in loans, of which the €380 million senior secured bonds due 2029 stand out). EBITDAR leverage stood at around 10.6x, a level the agency considers unsustainable and that could approach 12x by…