Lithuanian Airports: Record Growth in Revenue and Profitability, Nearly €7 Million Contribution to the State Budget

The company Lithuanian Airports (LTOU) improved its financial indicators last year, generating €65.5 million in revenue and earning €11.2 million in net profit. Compared to 2023, revenue increased by 9%, and net profit grew by a remarkable 167%—more than one and a half times.

“In 2024, Lithuanian Airports served 6.6 million passengers and achieved a new record. This provided a strong foundation for improved financial performance. It’s important to note that the company’s financial results in 2024, compared to 2023, showed significant growth. Revenue increased by 9%, or €5.7 million. Both aviation and non-aviation revenue growth were influenced by higher volumes of flights and passengers,” said Gediminas Almantas, Chairman of the Board at LTOU.

It was also noted that overall operating costs rose by 29% compared to the previous year.

“In 2024, we made an adjustment to cost attribution, assigning the costs of the risk-sharing model to our operational expenses—this significantly impacted the final financial results. At the same time, our other costs increased, mainly due to record-breaking passenger traffic and the full recovery of airport operations following the pandemic and the start of the war in Ukraine. Despite ongoing reconstruction works at Vilnius and Kaunas airport terminals, all airports experienced revenue growth. These results demonstrate the high professionalism of the airport teams, sustainable growth, and the ability to secure important investments for the future,” Almantas added.

Last year, Lithuanian Airports’ adjusted earnings before interest, taxes, depreciation, amortization, and risk-sharing model costs (adjusted EBITDA) amounted to €22.1 million, which was 9% lower than in 2023.

The company’s aviation-related revenue reached €41.6 million, while non-aviation and other activities generated €23.8 million. The total revenue of €65.4 million marked a record high in LTOU’s history.

Nearly €7 Million in Dividends to the State Budget

Lithuanian Airports will pay more than €6.9 million in dividends to the state budget for 2024. In 2023, the company paid out over €5 million in dividends.

“At the end of last year, we solidified our long-term ambitions by approving a new operational strategy through 2028. The core focus of this strategy is infrastructure modernization, a breakthrough in air connectivity quality, strengthening a balanced business model, and improving partnerships and passenger experience. Equally important aspects include enhancing business continuity and resilience, and transforming the organization with a strong focus on sustainability,” said LTOU CEO Simonas Bartkus.

Summarizing the past year’s results, Bartkus emphasized that the period was rich in both unique achievements and valuable lessons.

“The successful and early completion of the new departures terminal at Vilnius Airport, along with the renovated central square and full transport scheme, served as a backdrop for presenting the long-term Master Plan for airport network development through 2052. These developments mark significant changes in airport infrastructure that bring Lithuania closer to the world and strengthen the company’s leadership in the Baltic region,” Bartkus said.

It is planned that in 2025, more than €58 million will be invested in the infrastructure of the entire Lithuanian Airports network, aiming to improve service quality, digitize operational processes, and increase the airports’ contribution to the national economy.