Finnair
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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.
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Q4 2025 earnings summary11 Feb, 2026

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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Frequently asked questions

Finnair Oyj engages in the airline business in Europe and Asia. The company offers passenger and cargo transport services. It transports passengers and cargo via Helsinki Airport, Helsinki Vantaa Airport, Hong Kong International Airport, Bangkok International Airport, Hongqiao Airport, Shanghai International Airport, Chubu Centrair International Airport, Tokyo International Airport Haneda, Tokyo Narita International Airport, Beijing Capital International Airport and other airports. The company is based in Vantaa, Finland.

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