Finnair (FIA1S) Pre-silent call summary

Executive summary

• Passenger volumes grew 9.3% in July and 2.3% in August year-on-year, reflecting continued positive momentum despite global uncertainties.

• Load factors remained high, with 85% in July and 80.3% in August, supported by strong demand and higher yields.

• Cargo performance was strong and contributed positively to overall results in Q3.

Trading performance and revenue trends

• Unit revenue (RASK) increased by 8.9% in July and 12.3% in August, driven by high load factors and improved yields.

• Network capacity and pricing optimization continued to capture demand, especially with shifts in market flows from the Middle East to Asia.

Profitability and margins

• Elevated jet fuel prices have increased costs, but no flights were canceled due to fuel shortages.

• Fuel supply is expected to remain stable in Q4, with Europe more constrained but still stable.