Finnair (FIA1S) Q3 2025 earnings summary

Executive summary

• Revenue increased by 2.0% to €834.9 million in Q3 and 2.2% to €2,316.7 million for the first nine months year-over-year, despite negative impacts from labor actions and rising costs.

• Comparable operating profit was €50.7 million in Q3 (down from €71.5 million), with a direct negative impact of €18 million from industrial actions.

• Net profit for Q3 was €30.5 million (down from €57.4 million), and EPS was €0.15 (down from €0.28).

• Flight reliability returned to 98.9% after labor actions ended, and customer satisfaction improved significantly.

• Passenger numbers increased slightly, with 3.3 million in Q3 and 9.0 million for the first nine months.

Financial highlights

• Comparable operating profit margin was 6.1% in Q3 (down from 8.7%), and -0.1% for the first nine months (down from 4.6%).

• Operating cash flow in Q3 was €64 million (down from €98.9 million), and €299.8 million for the first nine months (down from €411.0 million).

• Net result for the quarter was €31 million, down from €57 million.

• Net debt decreased to €814.0 million at the end of Q3, and the equity ratio improved to 17.7%.

• Unit revenue (RASK) declined 0.7% in Q3 to 7.97 cents, and unit cost (CASK) rose 2.2% in Q3 to 7.49 cents year-over-year.

Outlook and guidance

• Revenue for 2025 is expected to be €3.1 billion, with comparable operating profit guidance narrowed to €30–60 million (previously €30–130 million).

• Capacity is planned to increase by about 2% in 2025, including wet-leased aircraft.

• Guidance was revised downward due to weak North American demand, lingering effects of labor actions, unplanned maintenance, and fuel price trends.