Finnair (FIA1S) investor relations material

Executive summary

• Revenue grew 16.4% year-over-year in Q2 2026 to €916.7 million, with strong demand in Asia and Europe, higher passenger numbers, and record-high comparable operating result of €78.4 million.

• Passenger numbers increased 7.6% to 3.3 million, with Asian traffic benefiting from reduced market capacity and improved load factors and yields.

• Ancillary and cargo revenues saw double-digit growth, with cargo up over 40% and ancillary revenue per passenger up 15%.

• Operational excellence reflected in 99% punctuality and a Net Promoter Score of 42, well above peer average.

• Strategic initiatives advanced, including sourcing six second-hand Airbus A320s, launching new European destinations, and ongoing fleet renewal.

Financial highlights

• Q2 2026 revenue: €916.7 million (+16.4% YoY); comparable operating result: €78.4 million (vs. €10.3 million); net result: €58.4 million.

• Operating cash flow increased to €182.6 million, supporting ongoing investment plans; cash funds at period-end: €1,252 million.

• Equity ratio improved to 20.0%, gearing declined to 57.7%, and leverage reduced to 0.9x.

• Ticket liabilities reached €757 million, reflecting strong forward sales.

• Unit revenue (RASK) increased 14.1%, while unit cost (CASK) rose 5.7%.

Outlook and guidance

• 2026 revenue guidance raised to €3.4–3.5 billion; comparable operating result expected at €120–190 million.

• Capacity growth (ASKs) for 2026 revised to approximately 1%, with passenger numbers expected to rise by 7%.

• Guidance assumes no major fuel disruptions; fuel price volatility remains the largest risk, with a 10% change in jet fuel price impacting results by €18 million.