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Finnair (FIA1S) investor relations material
Finnair Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue rose 14.2% YoY to €953.2m; comparable operating result reached €84.0m, versus €50.7m reported and €69m excluding prior-year industrial-action impact.
Passenger numbers increased 7.0% to 3.5m and load factor rose 2.0pp to 81.8%, as demand outpaced capacity growth.
Q1–Q3 revenue grew 14.3% to €2,648.0m and comparable operating result was €161.8m, versus -€1.5m in the prior-year period.
Financial highlights
Q3 operating result was €86.2m, result for the period €59.1m and basic EPS €0.29, versus €52.1m, €30.5m and €0.15, respectively.
Comparable EBITDA reached €167.5m versus €137.7m; comparable operating expenses rose 9.8% to €887.1m, with fuel costs up 14.5% and non-fuel costs up 7.8%.
Operating cash flow increased to €176.3m from €64.0m; Q1–Q3 operating cash flow was €632.8m versus €299.8m.
Q1–Q3 operating result was €176.4m, result for the period €108.3m and basic EPS €0.53, compared with €17.9m, -€7.9m and -€0.04.
Outlook and guidance
2026 guidance, raised on 13 October, forecasts revenue of €3.5–€3.6bn and comparable operating result of €175m–€220m; previous ranges were €3.4–€3.5bn and €120m–€190m.
2026 total capacity is expected to grow ~1%, including agreed wet leases; own-traffic passenger numbers are expected to rise ~7%.
Strategy-period investments for 2026–2029 are targeted at €2.0bn–€2.5bn, closer to the lower end following the Embraer purchase agreement.
Strategic growth ambition remains ~4% CAGR through 2029, with route profitability monitored amid elevated fuel costs.
- Q3 growth lifted profit and cash flow as fuel and geopolitical risks persisted.FIA1S
Q3 2026 - Cargo gains cushioned a 79.8% revenue drop as travel restrictions deepened losses.FIA1S
Q1 2021 - Cargo supported Q2 as losses narrowed, but passenger recovery remained gradual and uncertain.FIA1S
Q2 2021 - Record cargo and positive operating cash flow softened losses expected through H1 2022.FIA1S
Q3 2021 - Revenue and cargo rebounded, but losses and travel uncertainty persisted.FIA1S
Q4 2021 - Revenue rebounded, but fuel costs and Russia’s airspace closure kept losses deep.FIA1S
Q1 2022 - Demand recovered, but fuel costs and Russia’s airspace closure kept losses severe.FIA1S
Q2 2022 - Strong Q2 lifts end-2025 margin target to 6%; FY guidance is €150m–€210m.FIA1S
Q2 2023 - FY comparable EBIT reached €184m; 2024 capacity is planned to grow by more than 10%.FIA1S
Q4 2023
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