Slide 1: Finnair
FINNAIR
Slide 2: Industrial action had a considerable impact on Q2 result, but 94% of flights operated as planned
Industrial action had a considerable impact on Q2 result, but 94% of flights were operated as planned despite industrial action 16 July 2025 Turkka Kuusisto, Finnair
Slide 3: Industrial action overshadowed Q2
Industrial action overshadowed Q2 • Revenue increased by 2.8% to 787.7 million euros • Comparable operating result was 10.3 million euros (43.6) – direct impact of industrial action around -29 million euros • Over 1,300 flights cancelled due to industrial action • Negative impact on customer satisfa
Slide 4: Industrial action and cost increases weighed on the comparable operating result
Industrial action and cost increases weighed on the comparable operating result Comparable operating result, M€ 44 c. 10 39 c. -10 c. -5 10 -29 Q2 Increase in landing and Increase in sustainable Other incl. growth Q2 Direct industrial Q2 navigation prices in Europe aviation fuel costs action impact
Slide 5: Result for the period 12 million euros, comparable operating result 10 million euros
Result for the period 12 million euros, comparable operating result 10 million euros Q2 Q2 Income statement, M€ 2025 2024 • Revenue increased by 2.8% despite a decline in average Revenue 788 766 ticket fares and increased refunds, rerouting and Other operating income 21 32 compensations caused by in
Slide 6: Demand development mainly in line with expectations – unit revenue decreased in North Atlantic traffic
Demand development mainly in line with expectations – unit revenue decreased in North Atlantic traffic Europe Total Change % Domestic North Atlantic ASK (million) 4,485.2 1.2 Total Change % Total Change % Revenue (M€) 386.8 6.2 ASK (million) 291.2 2.8 ASK (million) 1,596.7 39.8 RASK (€c) 8.62 5.0 Re
Slide 7: Both equity ratio and gearing declined during the first half of the year
Both equity ratio and gearing declined during the first half of the year Equity ratio % Gearing % • Equity ratio declined due to the -3.1pp negative result and return of -1.3pp capital 150.3 154.8 151.7 16.1 16.9 15.6 • Gearing declined, thanks to lower interest-bearing net debt Q2 Q4 Q2 Q2 Q4 Q2 20
Slide 8: Cash funds remained at a healthy level
Cash funds remained at a healthy level Cash funds, M€ -150 97 • Operating cash flow decreased year- on-year, primarily due to a decrease in 918 -19 -35 unflown ticket liability and a lower EBITDA -72 -12 767 -88 • Investments included the lease -22 buyouts of two A321 aircraft Operating cash flow 44
Slide 9: We continue optimising our network and product
We continue optimising our network and product • We will launch a route to Toronto for the summer 2026 season • Our new route to Alta will enhance our Northern Europe offering in summer 2026 • Air travellers chose Finnair as the Best Airline in Northern Europe for the 15th consecutive year and our c
Slide 10: Outlook and guidance clarified
Outlook and guidance clarified Global air traffic is expected to continue growing in 2025. However, international conflicts, global political instability and the threat of trade wars cause uncertainty in the operating environment. In particular, the risk levels related to tariffs between different c
Slide 11: Finnair
FINNAIR
Slide 12: Appendices
Appendices
Slide 13: Comparable operating result declined due to industrial action and higher costs
Comparable operating result declined due to industrial action and higher costs • Operating expenses 798.6M€ Comparable operating result, M€ • Capacity +4.2% • Revenue +2.8% • Operating expenses +5.8% • Operating expenses excluding fuel +7.7% -33 22 44 -11 -1 -3 -13 -10 7 10 -13 0 -5 -4 Q2 2024 Reven
Slide 14: Revenue increased across products, except for cargo
Revenue increased across products, except for cargo Revenue by product, M€ • Market demand developed positively, and average ticket fares per revenue passenger kilometre remained stable across most markets, +3% except for North Atlantic traffic, where fares declined, particularly for 766 788 traffic
Slide 15: Passenger revenue growth was dampened by contraction of Qatar Airways cooperation
Passenger revenue growth was dampened by the contraction of Qatar Airways cooperation and an increase in passenger compensations Passenger revenue, M€ Other revenue, M€ +2% +5% 14 153 5 3 161 16 35 0 50 45 -33 0 627 614 -20 51 51 Ancillary revenue Cargo 57 Travel services 60 Q2 2024 Asia North Europ
Slide 16: Fuel costs increased, despite the decline in fuel price
Fuel costs increased, despite the decline in fuel price partly offsetting the impact of increased costs related to the SAF mandate and higher capacity Fuel costs, M€ +3 9 • Higher capacity increased fuel costs 225 6 227 slightly 29 • Costs related to the sustainable aviation fuel (SAF) mandate incre
Slide 17: Unit revenue declined, and unit cost increased
Unit revenue declined, and unit cost increased RASK development, € cents CASK development, € cents 12 12 Fuel 8.75 CASK excl. fuel 8.13 8.13 8.04 8.03 8.38 8.11 8.29 7.64 7.82 7.61 7.72 7.74 7.79 7.77 7.87 7.62 8 8 7.41 7.37 7.32 2.57 2.34 2.34 2.39 2.54 2.45 2.36 2.29 2.35 2.23 4 4 5.55 5.19 5.33 5
Slide 18: Industry standard capacity calculation does not reflect longer routings to Asia
Industry standard capacity calculation does not reflect longer routings to Asia – impact on Finnair greater than on competitors Q2 2025 available seat kilometres (ASK), million: • Great circle distance (GCKM) Total based figures do not reflect the longer Asia routings caused by the ~15% Far East clo
Slide 19: Comparable income statement
Comparable income statement M€ Q2 2025 Q2 2024 Change % Q1–Q2 2025 Q1–Q2 2024 Change % Revenue 787.7 766.1 2.8 1,481.9 1,447.6 2.4 Other operating income 21.2 32.4 -34.5 51.0 64.9 -21.5 Operating expenses Staff and other crew related costs -131.8 -130.3 -1.1 -271.8 -260.0 -4.5 Fuel costs -227.5 -224
Slide 20: Thank you.
Thank you. Have a wonderful day. Contact us: Finnair Investor Relations investor.relations@finnair.com
Slide 21: Finnair
FINNAIR