Finnair Oyj · OMXHEX:FIA1S
Finnair Oyj — Q3 2025 Earnings Presentation
23 slides from Finnair Oyj's earnings presentation, Oct 30, 2025
Slide 1: Finnair
FINNAIR
Slide 2: Good comparable operating result considering the negative impact of industrial action
Good comparable operating result considering the negative impact of industrial action 30 October 2025 Turkka Kuusisto, Finnair
Slide 3: Back to normal, reliable flying – result still burdened by industrial action
Back to normal, reliable flying – result still burdened by industrial action • Revenue increased by 2.0% to 834.9 million euros • Comparable operating result was 50.7 million euros (71.5) • Direct impact of industrial action around -18 million euros • Impact of increase in landing and navigation pri
Slide 4: Collective labour agreements reached, customer satisfaction on the rise
Collective labour agreements reached in line with the general labour market framework, customer satisfaction on the rise Net Promoter Score development • The collective agreements signed secure our cost- +9 competitiveness and enable investments into the 37 future Q2 32 • Customer satisfaction clear
Slide 5: Strong demand growth in Asia – unit revenue and load factor declined in North Atlantic
Strong demand growth in Asia – unit revenue and passenger load factor declined in North Atlantic traffic Europe Total Change % Domestic North Atlantic ASK (million) 4,813.7 2.2 Total Change % Total Change % Revenue (M€) 395.5 2.8 ASK (million) 264.2 -4.0 ASK (million) 1,416.2 26.9 RASK (€c) 8.22 0.6
Slide 6: Revenue increased, but result and operating cash flow declined
Revenue increased, but result and operating cash flow declined Q3 Q3 Income statement, M€ 2025 2024 • Comparable operating result decreased mainly due to costs Revenue 835 818 caused by industrial action as well as higher landing and Other operating income 24 31 navigation prices and costs related t
Slide 7: Industrial action and cost increases weighed on the comparable operating result
Industrial action and cost increases weighed on the comparable operating result also during this quarter Comparable operating result, M€ 72 c. 17 69 c. -10 51 c. -10 -18 Q3 Increase in landing and Increase in costs related to Other incl. growth Q3 Direct industrial Q3 navigation prices in Europe env
Slide 8: Both equity ratio and gearing improved
Both equity ratio and gearing improved Equity ratio % Gearing % • Equity ratio improved thanks to 0.8pp -21.4pp lower liabilities 154.8 17.7 143.2 133.4 • Also gearing declined, thanks to 16.1 16.9 lower interest-bearing net debt The second instalment of the return of capital, 0.05 euros per share,
Slide 9: Cash funds remained at a healthy level
Cash funds remained at a healthy level Cash funds, M€ -27 138 • Operating cash flow decreased year- on-year, primarily due to a decrease in unflown ticket liability and a lower -67 EBITDA -7 767 -50 2 740 • Investments included the lease buyout -44 of one A321 aircraft Operating cash flow 64 M€ (99)
Slide 10: We continue optimising our network and product
We continue optimising our network and product • We will launch routes to Catania, Florence, Valencia and the island of Kos for the summer 2026 season • We are the world’s first airline to introduce ancillary combos built on modern retailing capabilities • We launched the Finnair for Business SAF se
Slide 11: Outlook and guidance specified
Outlook and guidance specified 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 12: Finnair Capital Markets Update November 2025
Finnair Capital Markets Update 13 November 2025 at 1:00 p.m. EET finnairgroup.events.inderes.com/2025-cmu
Slide 13: Finnair
FINNAIR
Slide 14: Appendices
Appendices
Slide 15: Comparable operating result declined due to industrial action and higher costs
Comparable operating result declined due to industrial action and higher costs • Operating expenses 808.0M€ Comparable operating result, M€ • Capacity +2.7% • Revenue +2.0% • Operating expenses +3.9% • Operating expenses excluding fuel +6.7% -21 17 6 7 72 -7 -9 -7 -12 -2 -6 -1 51 -5 Q3 2024 Revenue
Slide 16: Revenue increased across products, except for cargo
Revenue increased across products, except for cargo • Market demand grew compared to the same period in the previous Revenue by product, M€ year, and average ticket fares per revenue passenger kilometre remained stable across most markets, except for North Atlantic and +2% Middle Eastern traffic, wh
Slide 17: Passenger revenue growth dampened by Qatar Airways cooperation contraction and compensations
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% +4% 7 34 1 163 5 5 169 -4 53 48 666 655 -32 0 0 53 49 Ancillary revenue Cargo 63 Travel services 67 Q3 2024 Asia North Europe M
Slide 18: Fuel costs decreased thanks to lower fuel price and favourable currencies
Fuel costs decreased thanks to a lower fuel price and favourable changes in foreign currencies, despite increased costs related to the SAF mandate and higher capacity Fuel costs, M€ -6 4 • Higher capacity increased fuel costs 239 slightly 7 234 -10 7 • Costs related to the sustainable aviation fuel
Slide 19: 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 7.97 8.11 8.29 7.82 7.79 7.77 7.87 8 7.64 7.61 7.72 8 7.41 7.74 7.37 7.32 7.62 7.49 2.57 2.34 2.34 2.39 2.54 2.45 2.36 2.29 2.35 2.23 2.23 4 4 5
Slide 20: 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 Q3 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 21: Comparable income statement
Comparable income statement M€ Q3 2025 Q3 2024 Change % Q1–Q3 2025 Q1–Q3 2024 Change % Revenue 834.9 818.3 2.0 2,316.7 2,265.9 2.2 Other operating income 23.9 30.7 -22.2 74.9 95.7 -21.7 Operating expenses Staff and other crew related costs -134.2 -125.1 -7.3 -406.1 -385.1 -5.4 Fuel costs -233.9 -239
Slide 22: Thank you.
Thank you. Have a wonderful day. Contact us: Finnair Investor Relations investor.relations@finnair.com
Slide 23: Finnair
FINNAIR