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.

• Passenger numbers increased 7.3% to 2.83 million, with demand shifting to Asia and Europe due to Middle East disruptions.

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

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

Financial highlights

• Operating cash flow up 42.5% to €273.9 million; cash funds reached €1,205 million.

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

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

• Unit revenue (RASK) increased 8.2%, while unit cost (CASK) fell 0.7%.

• 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 from previous 5% due to Middle East operational halts.

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

• Sensitivity: 10% change in fuel prices or USD/EUR exchange rate impacts annual operating result by €39 million and €38 million, respectively.

• Guidance assumes no significant disruptions in fuel availability.