Finnair (FIA1S) Q2 2026 earnings summary

Executive summary

• Revenue increased by 16.4% to €916.7 million in Q2 2026, driven by strong demand and higher yields, especially in Asia and Europe, despite capacity constraints from Middle East disruptions.

• Comparable operating profit rose to €78.4 million from €10.3 million year-over-year, with net profit at €58.4 million and EPS at €0.28.

• Passenger numbers grew 7.6% to 3.3 million, with load factor up 3.4 percentage points to 79.9%.

• Strong operating cash flow of €182.6 million and improved financial position with net debt reduced to €467.6 million.

• Strategic initiatives included agreements to lease six used A320ceo aircraft, new Embraer and Airbus orders, and the launch of new routes.

Financial highlights

• H1 2026 revenue up 14.4% to €1,694.8 million; comparable operating profit €77.8 million (vs. -€52.3 million YoY); net profit €49.2 million (vs. -€38.4 million YoY).

• EBITDA rose 66.6% to €162.1 million year-over-year; operating margin improved to 8.6% in Q2.

• Unit revenue (RASK) increased by 14.1%, while unit cost (CASK) rose by 5.7%.

• Cash and equivalents at €1,252 million, with liquidity further supported by an undrawn €200 million credit facility.

• Net debt/EBITDA improved to 0.9x; equity ratio at 20.0%.

Outlook and guidance

• Full-year 2026 revenue expected at €3.4–3.5 billion, with comparable operating profit between €120–190 million, assuming stable fuel supply.

• Capacity (ASK) to grow by about 1% in 2026; passenger numbers expected to rise by 7%.

• Sensitivity: 10% change in fuel price or USD/EUR impacts operating profit by €38 million annually (with hedges).

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