Lithuanian Airports’ First Half-Year 2025 Financial Results: Passenger Traffic and Revenues Continue to Grow, Investments in Infrastructure Expansion Accelerate
In the first half of 2025, Lithuanian Airports (LTOU) generated revenues of €33.8 million, according to unaudited data – a 9.1% increase compared to the same period last year. The company continued on its path of sustainable growth, successfully implementing strategic projects while ensuring service quality amid rising passenger flows at Vilnius, Kaunas, and Palanga airports.
“The half-year financial results reflect positive trends driven by a record increase in passenger numbers. More than 3.3 million passengers travelled through Lithuanian Airports – almost 9% more than during the same six-month period last year. Flight numbers also grew by 6%, with 28.5 thousand flights operated. Looking ahead, this trend gives us optimism and allows us to plan the next stages of expansion and continue investments in infrastructure,” said Simonas Bartkus, CEO of Lithuanian Airports.
Around two-thirds of LTOU’s revenues in the first half of 2025 came from aviation-related activities, reaching nearly €22.3 million – €1.8 million more than in the same period last year. Non-aviation revenues also increased, rising from €10.5 million in 2024 to €11.5 million this year, despite ongoing reconstruction and development works.
Major Projects Underway
The company invested around €15 million in infrastructure expansion during the first half of this year.
February marked the opening of the new departures terminal at Vilnius Airport – the largest project in decades. The lessons learned there are being successfully applied in managing the ongoing reconstruction of Kaunas Airport’s passenger terminal. This expansion project, scheduled for completion in October, will enlarge both arrivals and departures areas, with updated infrastructure enabling the handling of up to six passenger flights per hour (an increase from the previous four).
In early 2025, construction also began on a new multi-storey car park at Kaunas Airport, and additional investments were made in modernising airport special-purpose vehicles.
Other infrastructure expansion projects at Vilnius Airport are also gaining momentum. Reconstruction of the old terminal spaces is progressing intensively, and preparations are underway for the construction of the new arrivals terminal. The design competition was won by the world-renowned architectural firm Zaha Hadid Architects, whose proposal was selected as the best architectural concept.
The international route network of Lithuanian Airports expanded significantly in the first half of this year, with seven new destinations launched. The start of the summer aviation season was marked by a new partnership with Israeli airline Israir Airlines, which since late April has been operating regular flights connecting Vilnius and Tel Aviv.
Costs Driven by Active Investment Phase
Summarising the first half of 2025 and looking at the near future, CEO Simonas Bartkus emphasised that Lithuanian Airports is undergoing a particularly active stage of development, which is shaping both investment and other financial indicators. Maintaining a balance between revenues and costs remains a key goal in project management.
According to LTOU data, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first half of 2025 amounted to €11.1 million – remaining nearly unchanged from the same period in 2024. The stability of profitability indicators, according to Bartkus, reflects the organisation’s ability to efficiently manage costs related to servicing growing passenger flows and maintaining expanding infrastructure.