Finnair (FIA1S) Q1 2026 earnings summary

Executive summary

• Revenue increased by 12.1% year-over-year to €778.1 million, driven by higher passenger numbers, yields, and strong demand, especially in Asia and Europe following Middle East disruptions.

• Comparable operating result improved significantly to -€0.6 million from -€62.6 million, reflecting successful cost control and recovery from prior year strike impacts.

• Operational cash flow rose 42.5% to €273.9 million, supporting future fleet investments and EBITDA growth.

• Passenger numbers grew 7.3% to 2.8 million, with load factor up 4.3 percentage points to 78.0% and customer satisfaction (NPS) at 36, above peer average.

• Strategic focus on fleet renewal, digital sales, and customer loyalty, with new aircraft orders and expanded route network.

Financial highlights

• Revenue: €778.1 million (+12.1% year-over-year).

• Comparable operating result: -€0.6 million (improved from -€62.6 million); reported operating result: €3.6 million.

• Operational cash flow: €273.9 million (+42.6% year-over-year).

• EPS: -€0.04 (up from -€0.25 year-over-year).

• Comparable EBITDA margin: 11.0% (up from 3.3%).

• Net result: -€9.2 million (improved from -€50.8 million).

• Net investments: -€253.1 million (mainly fleet and financial assets).

• Unit revenue (RASK) up 8.2%, unit cost (CASK) down 0.7% to 8.24 cents/ASK; ex-fuel CASK down 2.0%.

• Cash and cash equivalents: €1,205 million.

Outlook and guidance

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

• International air traffic and capacity (ASK) expected to grow by about 3% in 2026, including wet leases.

• Sensitivity: 10% change in fuel price impacts annual comparable operating result by €39 million; similar change in USD/EUR impacts by €38 million.

• Geopolitical risks, especially in the Middle East, and rising environmental regulation costs pose uncertainties.