Croatia Airlines has reported a net loss of 20.9 million euros for the first nine months of 2025, with the third summer quarter unable to reverse or lessen the negative trend. The result compares to a nine-million-euro loss during the same period in 2024, as the company continued its largest investment cycle since its founding, introducing new Airbus A220 aircraft while phasing out older A319s, A320s and Dash 8-Q400s.
Operating revenues rose 3% year-on-year to 204.7 million euros, driven by solid growth in ancillary and other revenues. Passenger transport accounted for 84.6% of total income, or 173.2 million euros, which is below 2024 levels due to intensified fare competition and a weaker US dollar. Total operating costs rose 9% to 226.2 million euros, as the carrier faced higher maintenance, airport and navigation service expenses, as well as increased depreciation linked to the induction of new aircraft. Depreciation costs grew 50% to 25.5 million euros, while air traffic service costs climbed by 6.5 million and maintenance by 3.1 million euros.
Croatia Airlines recorded an operating loss (EBIT) of 21.5 million euros, compared to 8.9 million last year. The airline noted that transitional fleet replacement costs reached 19.9 million euros by September 2025, already surpassing the total for all of 2024. It emphasised that these extraordinary costs are expected to continue throughout the four-year transition period (2024–2027). Its capital remains negative, amounting to minus 18.8 million euros, while long-term liabilities rose to 258 million. This means the airline’s obligations have exceed the value of its assets, indicating that accumulated losses have fully eroded its equity base.
Between January and September 2025, Croatia Airlines carried 1.553.577 passengers, representing a 9% increase compared to the same period last year, or an extra 128.595 travellers, on the back of the introduction of new routes and growing capacity levels. The figure is still 8.7% below 2019 levels, or 147.994 travellers below. In 2025, there were 372.951 customers on domestic flights, up 12%, while there were a further 1.138.729 passengers on scheduled international flights, an improvement of 8.8%. Charter traffic, however, fell by 8.2% to 41.897 passengers, mainly due to suspended flights to Tel Aviv amid Middle East conflicts. The domestic load factor improved by three points to 65.9%, while the international load factor reached 65.5%. Its overall loads stood at 66.3%, up 1.6 points year-over-year but still 7.7 points below the same period during the pre-pandemic 2019.
Croatia Airlines said the introduction of the A220 fleet represents “the foundation for long-term sustainable operations”, adding that the new type will enhance efficiency, reduce fuel consumption and align the carrier with European decarbonisation goals. “The modernisation of the fleet will simplify operations and improve environmental and financial performance”, the company stated.
