Finnair (FIA1S) Q2 2026 earnings summary

Executive summary

• Revenue rose 16.4% year-over-year to €916.7 million in Q2 2026, driven by strong demand in Asia and Europe, higher passenger numbers, and record-high comparable operating result of €78.4 million.

• Passenger numbers increased 7.6% in Q2, with Asian traffic benefiting from reduced market capacity and improved load factors and yields.

• Ancillary and cargo revenues saw double-digit growth, supported by new product bundles and robust market demand.

• Strategy execution continued, including fleet renewal, expansion of European destinations, and improved customer and employee satisfaction.

Financial highlights

• Q2 2026 revenue: €916.7 million (+16.4% YoY); H1 2026 revenue: €1,694.8 million (+14.4% YoY).

• Comparable operating result surged to €78.4 million from €10.3 million; H1: €77.8 million (vs. -€52.3 million).

• Net result for the period was €58.4 million, up from €12.5 million; Q2 EPS: €0.28 (vs. €0.06).

• Operating cash flow increased to €182.6 million from €43.7 million YoY; H1 net cash flow from operating activities: €456.5 million.

• Equity ratio improved to 20.0%, and gearing declined to 57.7%.

Outlook and guidance

• 2026 revenue guidance raised to €3.4–3.5 billion; comparable operating result expected at €120–190 million.

• Capacity growth estimate lowered to ~1% due to Middle East flight cancellations; passenger numbers expected to rise by 7%.

• Guidance assumes no major disruptions in fuel availability; fuel price and FX volatility remain key sensitivities.