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Finnair (FIA1S) investor relations material
Finnair Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 delivered record profitability, with revenue up 0.8% to €789.5M and comparable operating result up 29% to €61.7M, driven by strong demand in Asia and Europe, effective cost management, and operational execution despite higher regulatory and environmental costs and industrial action earlier in the year.
Full-year comparable EBIT reached €60.1M, rebounding after a challenging first half marked by €68M in direct costs from industrial action and disruptions.
Customer satisfaction (NPS) recovered to 33 in Q4, with a 2% increase in passenger numbers year-over-year and frequent flyer engagement exceeding 40.
Unflown ticket liability increased by 7%, indicating robust forward ticket sales.
Financial highlights
Q4 revenue grew 0.8% year-over-year to €789.5M, with comparable operating profit up 28.9% to €61.7M, the strongest Q4 on record under current accounting methods.
Full-year revenue rose 1.9% to €3,106.2M, with ancillary revenues exceeding €200.4M in Q4.
Lower fuel prices and a weaker dollar provided a €14.5M–€15M benefit in Q4, offset by over €20M in higher regulatory and navigation costs.
Cash funds rose to €1,061M, supported by a €300M bond issue.
Board proposed a €0.09/share capital return, to be paid in two instalments.
Outlook and guidance
2026 ASK capacity expected to grow by approximately 5% over 2025 actuals, including wet leases.
Revenue guidance for 2026 is €3.3–3.4B, with comparable operating result expected between €120–190M.
CapEx for 2026 guided at €400–500M, up from under €200M in 2025.
Fuel price volatility remains a key risk, with a 10% change impacting results by about €34M.
Global air traffic growth and improved macroeconomic conditions are expected to support demand, but risks remain from geopolitical instability and environmental regulation costs.
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