Finnair (FIA1S) Pre-silent call summary

Executive summary

• Passenger volumes grew 6.3% in April and 7.4% in May year-on-year, with strong demand despite supply constraints from geopolitical events.

• Revenue per available seat kilometer rose 14.7% in April and 17.7% in May, supported by improved load factors and higher yields, especially in Asia.

• Cargo performance remained strong, benefiting from market disruptions and higher yields.

Trading performance and revenue trends

• Growth was strongest in Asia and Europe, while North America was softer and Middle East traffic remained suspended.

• Load factors improved to around 78%, reflecting solid demand and a supportive market environment.

• Ancillary revenue improved both in volume and per passenger, with double-digit per pax growth in Q1.

Profitability and margins

• Higher fuel costs were offset by increased unit revenues and improved yields.

• RASK growth provided a strong counterbalance to CASK growth, with easing cost pressures expected ahead.