Finnair (FIA1S) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14.2% YoY to €953.2m; comparable/adjusted operating profit increased to €84.0m from €50.7m, supported by higher unit revenue and load factor.

• Passenger numbers grew 7.0% to 3.5m and load factor increased 2.0 percentage points to 81.8%.

• Q3 operating cash flow rose to €176.3m from €64.0m; 9M cash flow was €632.8m versus €299.8m.

Financial highlights

• Q3 reported operating profit was €86.2m, net income €59.1m and diluted EPS €0.29, versus €52.1m, €30.5m and €0.15 YoY.

• 9M reported operating profit was €176.4m, net income €108.3m and diluted EPS €0.53, versus €17.9m, a €7.9m loss and a €0.04 loss per share.

• Q3 comparable EBITDA rose 21.6% to €167.5m; 9M adjusted EBITDA increased 61.0% to €415.4m.

• 9M comparable/adjusted operating profit was €161.8m versus a €1.5m loss; prior-year results were affected by labor action.

• Q3 operating costs increased 9.8%; costs excluding fuel rose 7.8%.

Outlook and guidance

• 2026 guidance, raised on 13 October, is revenue of €3.5–3.6bn and comparable/adjusted operating profit of €175–220m.

• 2026 total capacity is expected to grow ~1%, including wet lease capacity, and own-traffic passenger numbers ~7%; capacity outlook was reduced following Middle East flight cancellations.

• The 2026–2029 strategy targets a 6–8% adjusted operating margin by end-2029, €2.0–2.5bn investment and net debt/adjusted EBITDA of 1–2.

• A 10% fuel-price change affects adjusted operating profit by €63m over the next 12 months after hedging; a 10% USD move affects it by €47m.