Supervisory Board of airBaltic Elected

RIGA - On February 11, at the airBaltic shareholders' meeting, Andrejs Martinovs and Lars Mydland  were elected as Supervisory Board members of the company. Andrejs Martinovs will serve as the chairman  of the interim Supervisory Board of airBaltic. Additionally, at the shareholders' meeting, the decision was  taken to complete the company's share capital reduction process. 

"The new Supervisory Board brings together outstanding professionals with extensive experience in aviation  and finance, and I am pleased that we have established a strong and competent leadership team. As the  largest shareholder of airBaltic, the Ministry of Transport aims to initiate a new phase of growth for the  national airline in preparation for the potential initial public offering (IPO). airBaltic generates significant  economic value for Latvia, its citizens, and the entire Baltic region, and I am confident that the new  Supervisory Board will ensure the company's sustainable growth," emphasized Minister of Transport  Kaspars Briškens. 

At the first meeting of the new Supervisory Board, Martinovs was elected as Chairman and Mydland as Vice  Chairman. Lars Thuesen remains a member of the Supervisory Board. 

The airBaltic Supervisory Board will benefit from Andrejs Martinovs' expertise in financial management,  investment strategies, and capital raising. Martinovs is an experienced financial and investment  management professional with over twenty-seven years of experience in the local capital market in asset  management, pension fund, and private equity investments. He is currently the chairman of the board at the  investment management joint-stock company IPAS INVL Asset Management, a member of the investment  committee at the ALTUM private equity fund, and a board member of INVL Open Pension Fund. Previously,  he has held leading positions in several financial sector companies. Martinovs holds a master's degree in  economics, banking, and finance from the University of Latvia. 

"I take on the role on the airBaltic Supervisory Board with a strong sense of responsibility. It is clear to me  that the company’s main strategic priorities right now are completing a successful IPO as well as  strengthening the strategic partnership with Lufthansa Group. Meanwhile, the Supervisory Board’s key  priorities will be improving corporate governance, strengthening the risk management system, achieving  financial targets, and containing costs," explains Andrejs Martinovs. 

Lars Mydland has been elected as a Supervisory Board member with expertise in aviation operations  management and strategic planning. Mydland has extensive experience in senior positions in the aviation  industry. 

Lars Mydland has been elected as a Supervisory Board Member, bringing expertise in aviation operations  management and strategic planning. Mydland has extensive experience in senior positions within the  aviation industry. He is currently a board member of Swedavia AB, which manages and develops Sweden’s  ten largest airports, and a Special Advisor to the Board at Veling Ltd. Previously, he has been Senior Vice  President and Accountable Manager of Scandinavian Airlines, President of SAS Flight Academy AB,  and held several board positions within the SAS Group. Additionally, Mydland has been a consultant at  the International Air Transport Association (IATA) and led the SESAR Performance Partnership Group. 

"I am looking forward to working closely together with the rest of the Supervisory Board and Executive  Management to prepare airBaltic for a successful IPO. In order to do so, a stable and solid financial platform  must be achieved. A cost-effective and flexible operation, including aircraft fleet and maintenance, must be  established—all while ensuring the highest level of flight safety, customer satisfaction, and  punctuality," says Lars Mydland.

Reflecting the recently announced strategic investment from Lufthansa Group, the decision was taken at the  shareholders' meeting to complete the company's share capital reduction process, whereby the already  initiated changes to simplify the company’s share structure will be formalized in the Commercial Register. 

airBaltic operates more than 130 routes from Riga, Tallinn, Vilnius, Tampere and, seasonally, Gran Canaria,  offering connections to a wide range of destinations in the airline's route network in Europe, the Middle East,  North Africa, and the Caucasus region. A complete schedule of airBaltic flights and tickets are available on  the company's homepage at www.airbaltic.com. 

airBaltic in brief: 

airBaltic (Air Baltic Corporation AS) is the leading airline in the Baltics and one of Europe’s fastest-growing carriers. As a hybrid airline, it leverages  the upsides of both traditional network and low-cost carriers. Through a network of more than 130 routes from Riga, Tallinn, Vilnius, Tampere and,  seasonally, Gran Canaria, airBaltic connects the Baltics with over 70 destinations across Europe, the Middle East, North Africa, and the Caucasus.  Founded in 1995, today airBaltic operates one of Europe’s youngest fleets, consisting of 49 Airbus A220-300 aircraft, and employs over 2 700  professionals. The company is majority-owned by the Latvian state, which holds a 97.97% stake, with the remaining 2.03% owned by private  shareholders.  

airBaltic's commitment to excellence is recognized by numerous prestigious awards including the Best Airline in its region by Skytrax for three  consecutive years. In 2022, the International Air Transport Association (IATA) recognized airBaltic with the Diversity and Inclusion Team Award.  Furthermore, in 2023, APEX awarded the company the Passenger Choice Award for Best Cabin Service in Europe, and in 2024 airBaltic also  received the APEX Four Star Major Airline Award, recognizing its commitment to providing a high-quality travel experience. In 2024, the airline was  awarded the PROS AI Innovator Award for leveraging AI to drive transformative outcomes and optimize operations.