Finnair (FIA1S) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14.2% YoY to €953.2m; comparable operating result reached €84.0m, versus €50.7m reported and €69m excluding prior-year industrial-action impact.

• Passenger numbers increased 7.0% to 3.5m and load factor rose 2.0pp to 81.8%, as demand outpaced capacity growth.

• Q1–Q3 revenue grew 14.3% to €2,648.0m and comparable operating result was €161.8m, versus -€1.5m in the prior-year period.

Financial highlights

• Q3 operating result was €86.2m, result for the period €59.1m and basic EPS €0.29, versus €52.1m, €30.5m and €0.15, respectively.

• Comparable EBITDA reached €167.5m versus €137.7m; comparable operating expenses rose 9.8% to €887.1m, with fuel costs up 14.5% and non-fuel costs up 7.8%.

• Operating cash flow increased to €176.3m from €64.0m; Q1–Q3 operating cash flow was €632.8m versus €299.8m.

• Q1–Q3 operating result was €176.4m, result for the period €108.3m and basic EPS €0.53, compared with €17.9m, -€7.9m and -€0.04.

Outlook and guidance

• 2026 guidance, raised on 13 October, forecasts revenue of €3.5–€3.6bn and comparable operating result of €175m–€220m; previous ranges were €3.4–€3.5bn and €120m–€190m.

• 2026 total capacity is expected to grow ~1%, including agreed wet leases; own-traffic passenger numbers are expected to rise ~7%.

• Strategy-period investments for 2026–2029 are targeted at €2.0bn–€2.5bn, closer to the lower end following the Embraer purchase agreement.

• Strategic growth ambition remains ~4% CAGR through 2029, with route profitability monitored amid elevated fuel costs.