Finnair (FIA1S) Q1 2026 earnings summary

Executive summary

• Revenue grew 12.1% year-over-year to €778.1 million, driven by higher passenger demand and improved load factors, especially on Asian routes following Middle East disruptions.

• Comparable operating result improved to -€0.6 million from -€62.6 million, reflecting successful cost management and recovery from prior industrial action.

• Net cash flow from operating activities rose to €273.9 million, supporting ongoing fleet investments.

• Customer satisfaction improved, with NPS at 36 overall and 44 among top-tier members; active loyalty program membership up 27% over 12 months.

• Fleet renewal advanced with orders for 18 Embraer E195-E2 aircraft and plans to acquire up to 12 used A320/321ceo aircraft.

Financial highlights

• Revenue: €778.1 million (+12.1% YoY); passenger revenue up 14.0%.

• Comparable operating result: -€0.6 million (vs. -€62.6 million YoY); operating result: €3.6 million.

• Operating cash flow reached €274 million, supported by a 10% year-over-year increase in unflown ticket liability.

• Equity ratio improved to 22.1%, and gearing declined to 59.8%.

• Gross capital expenditure: €101.7 million (+94.3% YoY), mainly for fleet investments.

Outlook and guidance

• 2026 revenue guidance: €3.3–3.4 billion; comparable operating result: €120–190 million, assuming no major fuel disruptions.

• Capacity (ASK) to increase by ~3% in 2026, including wet leases, revised down due to Middle East operational halts.

• Risks from geopolitical instability, especially Middle East conflict, and rising environmental regulation costs.