Finnair Oyj · OMXHEX:FIA1S
Finnair Oyj — Q2 2026 Earnings Presentation
27 slides from Finnair Oyj's earnings presentation, Jul 22, 2026
Slide 1: Finnair Plc Result Presentation Q2 2026
Finnair Plc Result Presentation Q2 2026 Turkka Kuusisto, CEO Pia Aaltonen-Forsell, CFO 22 July 2026
Slide 2: Strong performance in the second quarter
Strong performance in the second quarter • Revenue increased by 16.4% to 916.7 million euros • Comparable operating result increased significantly to 78.4 million euros (10.3) • Operating cash flow increased to 182.6 million euros (43.7) • Number of passengers increased by 7.6% to 3.3 million • Dema
Slide 3: Net Promoter Score continued a strong growth path
Best quarterly Net Promoter Score in more than three years Net Promoter Score continued a strong growth path Net Promoter Score • Net Promoter Score (NPS) was 42 – a very (NPS) strong result in the airline industry 42 • Among our most frequent Finnair Plus tier 36 32 33 members (Silver, Gold, Platin
Slide 4: Strong demand especially in Asia and Europe
Strong demand especially in Asia and Europe Europe Total Change % Domestic North Atlantic ASK (million) 4,844.6 8.0 Total Change % Total Change % Revenue (M€) 434.7 12.4 ASK (million) 294.3 1.1 ASK (million) 1,494.1 -6.4 RASK (€c) 8.97 4.0 Revenue (M€) 36.5 5.8 Revenue (M€) 103.6 6.3 PLF 78.8% 0.6pp
Slide 5: Capacity growing steadily, market position stable
Capacity growing steadily, market position stable Finnair’s relative share and capacity in Finnair’s relative share and capacity in Europe–Asia traffic Helsinki–Europe traffic (incl. domestic) billion % billion % 15 5.0 20 80 4.0 15 60 10 3.0 10 40 2.0 5 5 20 1.0 0 0.0 0 0 Q1 2024 Q2 2024 Q3 2024 Q1
Slide 6: Revenue, comparable operating result and operating cash flow increased significantly
Revenue, comparable operating result and operating cash flow increased significantly Revenue Comparable operating result Operating cash flow Bn€ +16% Bn€ M€ % M€ M€ 1.0 100 6.0 300 +318% 800 0.92 5.0 78 0.79 250 0.8 0.77 4.0 50 44 5.0 600 4.0 200 173 183 0.6 3.0 10 0 3.0 150 400 0.4 2.0 2.0 100 -50
Slide 7: Unit revenue increased by 14.1%, supported by reduced market capacity – unit cost increased by 5.7%
Unit revenue increased by 14.1%, supported by reduced market capacity – unit cost increased by 5.7% • The majority of unit revenue RASK development CASK development growth was driven by the higher €c €c passenger load factor, average 12 12 ticket fares and cargo yields Fuel following a temporary red
Slide 8: Strong cash funds and balance sheet
Strong cash funds and balance sheet Cash funds 1,252 M€ Unflown ticket liability Gross capital expenditure* Capital structure M€ +13% M€ M€ % 800 757 150 400 2.5 50 668 2.1 592 2.0 1.9 40 600 300 100 1.5 30 72 72 400 200 1.0 0.9 20 50 36 200 100 0.5 10 0 0 0 0.0 0 Q2 2024 Q3 2024 Q2 2024 Q3 2024 Q2
Slide 9: Tightness in the gasoil market keeps jet fuel prices elevated
Tightness in the gasoil market keeps jet fuel prices elevated • Geopolitical tensions in the Middle East escalated Brent, jet fuel and gasoil crack development again in early July and led to the end of the ceasefire, which has increased prices of crude oil and refined oil USD/bbl products 240 Jet fu
Slide 10: Fuel hedges have been increased for the rest of the year
Fuel hedges have been increased for the rest of the year Fuel hedging ratio 81% • We have also been active in the fuel market during the war 71% • The waiver valid until the end of 2026 allows us to temporarily deviate from the hedging limits defined in the risk management policy • At the end of Jun
Slide 11: We executed our strategy as planned in the second quarter
We executed our strategy as planned in the second quarter A network that meets customer Reliable and efficient Choice-based product offering Deeper engagement with needs operations customers • We signed Letters of Intent • Top-class flight regularity: • Ancillary revenue per • Number of active Finna
Slide 12: Fleet renewal proceeds according to strategy
Fleet renewal proceeds according to strategy Finnair's fleet 30 June 2026 Announced additions New aircraft # number of aircraft (average age) 1 x A350 Airbus A330 (17 years) Wide-body aircraft 7 18 25 Airbus A350 (8 years) 18–46 x Embraer 195-E2 Two A330 aircraft are temporarily dry-leased out Used
Slide 13: Outlook and guidance
Outlook and guidance Outlook (specified) Global air traffic is expected to continue to grow in 2026. Finnair plans to increase its total capacity, measured by ASKs, by approximately 1%. The decrease in the capacity estimate is impacted by the cancellation of flights to the Middle East. The capacity
Slide 14: Questions?
Questions?
Slide 15: Thank you.
Thank you. Contact us: Finnair Investor Relations investor.relations@finnair.com 15
Slide 16: Appendices
Appendices 16
Slide 17: Comparable operating result increased thanks to higher revenue
Comparable operating result increased thanks to higher revenue Comparable operating result, M€ • Operating expenses 855.2 M€ • Capacity +2.0% • Revenue +16.4% • Operating expenses +7.1% • Operating expenses excluding fuel +8.3% +68 129 -4 -20 0 -9 -2 -5 -2 3 78 -12 10 -11 Q2 2025 Revenue Other Staff
Slide 18: Higher yields and load factor improved the result
Higher yields and load factor improved the result Comparable operating result, M€ 78 39 10 -29 Q2 Direct Q2 Higher Higher Higher Higher Higher costs Higher other Other Q2 2025 industrial 2025 passenger load factor cargo yield effective related to operating 2026 excl. action impact yield fuel price e
Slide 19: Revenue increased in all products
Revenue increased in all products Revenue by product, M€ • Market demand remained strong throughout the quarter and continued to outpace Finnair's capacity growth; disruption to air traffic in the Middle East reduced market capacity, +16% particularly in Europe–Asia transfer traffic, supporting high
Slide 20: Growth in passenger revenue was supported by the reduction in market capacity
Growth in passenger revenue was supported by the reduction in market capacity Passenger revenue, M€ Other revenue, M€ +15% +23% 16 718 5 199 39 21 2 12 -12 161 61 4 42 50 627 72 51 Ancillary revenue Cargo 60 Travel services 65 Q2 2025 Asia North Europe Middle Domestic Unallo- Q2 2026 Q2 2025 Ancilla
Slide 21: Fuel costs increased due to higher fuel price and environmental costs as well as increased capacity
Fuel costs increased due to higher fuel price and environmental costs as well as increased capacity Fuel costs, M€ • Higher capacity increased fuel costs +9 169 slightly • The US dollar-denominated fuel price increased significantly, but currency changes and especially hedging results 227 4 8 237 li
Slide 22: Operating cash flow and cash funds at a strong level
Operating cash flow and cash funds at a strong level Cash funds, M€ 39 +47 • Operating cash flow increased 162 -18 supported by strong EBITDA and ticket sales intake -72 13 1,252 1,205 -67 -10 Operating cash flow 183 M€ (44) Cash EBITDA Changes Other Invest- Loan and Return Other Cash funds in opera
Slide 23: Equity ratio and gearing improved
Equity ratio and gearing improved Equity ratio % Gearing % 4.5pp -93.9pp 20.0 151.7 • Equity ratio improved 17.3 thanks to higher equity 15.6 116.3 • Gearing declined to approximately half, 57.7 primarily thanks to higher equity and cash funds Q2 Q4 Q2 Q2 Q4 Q2 2025 2025 2026 2025 2025 2026 23
Slide 24: Ambitious EBIT margin target and growth in line with market demand
Ambitious EBIT margin target and growth in line with market demand 2025–2029 financial targets +4% 6–8% 2.0–2.5 Bn€ 1–2x Min 20% 1/3 of EPS Demand Comparable EBIT Investments during Net debt to Cash to sales Maintain (passenger) margin by the end the strategy comparable ratio¹,³ during the sharehold
Slide 25: Standard capacity calculation does not reflect longer routings to Asia
Standard capacity calculation does not reflect longer routings to Asia Q2 2026 available seat kilometres (ASK), million: • Great circle distance (GCKM) based figures do not reflect the longer Asian Total traffic routings caused by the closure of Russian Asian traffic airspace ~15% • GCKM-based figur
Slide 26: Comparable income statement
Comparable income statement M€ Q2 2026 Q2 2025 Change % Q1–Q2 2026 Q1–Q2 2025 Change % Revenue 916.7 787.7 16.4 1,694.8 1,481.9 14.4 Other operating income 16.9 21.2 -20.3 53.3 51.0 4.6 Operating expenses Staff and other crew related costs -151.7 -131.8 -15.1 -299.9 -271.8 -10.3 Fuel costs -236.7 -2
Slide 27: FINNFAITF
FINNFAITF