Speaking to "Aktuaalne kaamera," airBaltic CFO Vitolds Jakovlevs said: "We can wait until 2026 for the IPO. If economic indicators deteriorate in the second half of this year – fuel prices rise or turnover decreases - we will have to start looking for additional money. We may have to ask shareholders for it."

The company says it will manage in the meantime until the end of this year, though much depends on how summer sales go.

The airline is being impacted by the general economic situation in all three Baltic countries though, the company says, an increased aircraft occupancy rate indicates that people are once again able to afford vacations abroad.

The Latvian carrier currently operates 95 routes and is leasing three additional aircraft for the high season.

Latvian Minister of Transport Atis Švinka said: "We are currently paying close attention to the company. The management is acting very decisively and has pulled itself together to improve the company's economic indicators."

The first quarter of this year passed steadily for airBaltic – the number of passengers increased by 10 percent, to 1.3 million, while losses were down on year by €10 million, totaling nearly €30 million.

The German competition council is currently assessing the prospects of Lufthansa Group becoming a minority shareholder, with approval expected soon.

At the same time, engine maintenance issues dogging the company – which at the moment have grounded 13 of the carrier's 50 planes – are not likely to be resolved until next year, "Aktuaalne kaamera" reported.

Nineteen aircraft with crews are to be leased to Lufthansa for the summer – which is reportedly a profitable move essential for improving the airline's financial situation.

The IPO remains on the back burner, however; airBaltic also lacks a full-time CEO after Martin Gauss was dismissed last month.

Connectivity with the Elon Musk-owned Starlink global satellite internet service is currently available on 10 airBaltic aircraft, though the installation of the necessary equipment has progressed more slowly than expected, acting CEO Pauls Calitis said, adding he hoped this would be achieved as soon as possible.

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