Finnair Oyj · OMXHEX:FIA1S
Finnair Oyj — Q4 2025 Earnings Presentation
26 slides from Finnair Oyj's earnings presentation, Feb 11, 2026
Slide 1: Finnair Plc Result Presentation Q4 2025
Finnair Plc Result Presentation Q4 2025 Turkka Kuusisto, CEO Pia Aaltonen-Forsell, CFO 11 February 2026
Slide 2: Strong Q4 driven by robust demand and solid execution
Strong Q4 driven by robust demand and solid execution • Revenue increased by 0.8% to 789.5 million euros • Comparable operating result increased by 28.9% to 61.7 million euros • Demand developed well in Asia and Europe • We announced our long-term financial targets and strategy for the period 2026–2
Slide 3: Good development in Asia and Europe
Good development in Asia and Europe Europe Total Change % Domestic North Atlantic ASK (million) 4,035.8 1.7 Total Change % Total Change % Revenue (M€) 354.2 5.0 ASK (million) 497.9 6.7 ASK (million) 899.9 10.8 RASK (€c) 8.78 3.3 Revenue (M€) 53.8 1.4 Revenue (M€) 55.4 -2.5 PLF 75.8% 2.7pp RASK (€c)
Slide 4: Customer satisfaction recovered quickly, number of passengers increasing
Customer satisfaction recovered quickly, number of passengers increasing Net Promoter Score Number of passengers 34 +2% • Net Promoter Score (NPS) was 33, 33 32 33 4,000 12,000 Peer representing a good level in 28 2,910 average* 10,000 international comparison 3,000 2,848 2,611 8,000 • Among our mos
Slide 5: Capacity growing steadily, market shares stable
Capacity growing steadily, market shares stable Finnair’s market share and capacity in Finnair’s market share and capacity in Europe–Asia traffic Helsinki–Europe traffic (incl. domestic) 15,000 5.0 20,000 80.0 4.0 15,000 60.0 10,000 3.0 10,000 40.0 2.0 5,000 1.0 5,000 20.0 0 0.0 0 0.0 Q1 2024 Q2 202
Slide 6: Year began with industrial action but ended with a strong turnaround in performance
Year began with industrial action but ended with a strong turnaround in performance Capacity (ASK) Revenue Comparable Net Promoter Score operating result +2.7% +1.9% 60.1M€ 32 (151.4M€) (37) Passenger load Number of Unflown ticket Proposal for return factor passengers liability of capital +1.1pp +2.
Slide 7: Strong year-end performance – unflown ticket liability also increasing
Strong year-end performance – unflown ticket liability also increasing Revenue, M€ Comparable operating result, Unflown ticket liability, M€ M€ 1,000 4,000 100 8.0 800 +7% 789 62 783 48 800 727 50 600 562 3,000 6.0 525 23 600 395 2,000 0 4.0 400 400 1,000 -50 2.0 200 200 0 0 -100 0.0 0 Q4 2023 Q1 20
Slide 8: Unit revenue and unit cost excl. fuel remained stable
Unit revenue and unit cost excl. fuel remained stable Full-year RASK declined by 0.8%, CASK increased by 2.3% RASK development, € cents CASK development, € cents Fuel CASK excl. fuel 12 12 7.97€c 7.90€c 7.57€c 7.75€c 8.04 8.38 8.31 8.29 7.82 8.03 7.72 7.97 7.79 7.77 7.87 8 7.64 7.61 8 7.37 7.32 7.62
Slide 9: Robust operating cash flow, strong balance sheet
Robust operating cash flow, strong balance sheet Cash funds 1,061M€ Operating cash flow, M€ Gross capital expenditure, M€ Capital structure 250 800 400 500 2.5 40 202 192 2.2 200 173 321 2.0 400 2.0 1.8 600 300 269 30 150 139 99 102 300 1.5 100 400 200 20 64 44 200 1.0 50 200 100 10 0 100 0.5 -6 18
Slide 10: Our strategy is driven by customer needs
Our strategy is driven by customer needs • An even stronger focus on customers traveling to and from Finland; transfer traffic remains important • Strategic priorities: • A network that meets customer needs • Choice-based product offering • Deeper engagement with customers also beyond travel • Relia
Slide 11: Strategy execution is already underway
Strategy execution is already underway • New routes will bring new passenger flows into our network • 12 new European destinations for the summer 2026 • Route to Melbourne will be opened in October 2026 • Context-aware agentic AI has improved customer satisfaction with the chat service • Development
Slide 12: Outlook and guidance
Outlook and guidance Outlook Global air traffic is expected to continue to grow in 2026. Finnair plans to increase its total capacity, measured by ASKs, by approximately 5% in 2026. The capacity estimate includes the agreed wet leases. Supported by an improving macroeconomic situation, including a r
Slide 13: Questions?
Questions?
Slide 14: Thank you.
Thank you. Contact us: Finnair Investor Relations investor.relations@finnair.com 14
Slide 15: Appendices
Appendices 15
Slide 16: Comparable operating result increased thanks to higher revenue and lower costs
Comparable operating result increased thanks to higher revenue and lower costs Comparable operating result, M€ • Operating expenses 762.1 M€ • Capacity +1.7% • Revenue +0.8% • Operating expenses -0.7% • Operating expenses excluding fuel +1.7% +14 7 14 4 62 2 -1 2 -4 7 -10 -1 48 -6 Q4 2024 Revenue Ot
Slide 17: Landing and navigation charges as well as costs related to environmental regulation increased
Landing and navigation charges as well as costs related to environmental regulation increased Comparable operating result, M€ 5 62 c. 14 57 48 c. 15 c. -10 c. -10 Q4 Increase in landing Increase in Lower effective Other incl. growth Q4 Direct industrial Q4 2024 and navigation costs related to fuel p
Slide 18: Revenue increased across products, except for cargo
Revenue increased across products, except for cargo Revenue by product, M€ • Market demand grew compared to the same period in the previous year and exceeded Finnair’s capacity growth, but average ticket fares per revenue passenger kilometre +2% declined due to soft demand on North Atlantic traffic,
Slide 19: Passenger revenue growth was dampened by the contraction of Qatar Airways cooperation
Passenger revenue growth was dampened by the contraction of Qatar Airways cooperation Passenger revenue, M€ Other revenue, M€ +4% +2% 13 172 1 2 174 0 26 52 53 0 0 -30 615 55 55 611 -5 Ancillary revenue Cargo 64 66 Travel services Q4 2024 Asia North Europe Middle Domestic Unallo- Q4 2025 Q4 2024 Anc
Slide 20: Fuel costs decreased, thanks to favourable changes in foreign currencies and hedging
Fuel costs decreased, thanks to favourable changes in foreign currencies and hedging Fuel costs, M€ • A small increase in capacity did not raise fuel costs -14 • Fuel price in USD increased, but changes 9 in foreign currencies and hedging results 219 turned the price impact positive 0 -15 • Costs re
Slide 21: Cash funds at a strong level
Cash funds at a strong level Cash funds, M€ • The increase in cash funds was driven by c. 300M€ proceeds from +321 the rated senior unsecured notes 297 1,061 issued in November, maturing in November 2030 146 -18 -25 740 -35 -43 Operating cash flow 102 M€ (202) Cash EBITDA Changes Other Invest- Loan
Slide 22: Equity ratio and gearing improved during the year
Equity ratio and gearing improved during the year Equity ratio % Gearing % 0.4pp -38.5pp • Equity ratio improved, thanks to 17.7 154.8 16.9 17.3 higher equity and lower liabilities 133.4 • Also gearing declined, primarily 116.3 thanks to lower lease liabilities due to lease buyouts Q4 Q3 Q4 Q4 Q3 Q4
Slide 23: Ambitious EBIT margin target and growth in line with core market demand
Ambitious EBIT margin target and growth in line with core market demand 2025–2029 financial targets +4% 6–8% 2.0–2.5Bn€ 1–2x Min 20% 1/3 of EPS Demand Comparable EBIT Investments during Net debt to Cash to sales ratio1,3 Maintain (passenger) margin by the end the strategy comparable during the strat
Slide 24: Standard capacity calculation does not reflect longer routings to Asia
Standard capacity calculation does not reflect longer routings to Asia Q4 2025 available seat kilometres (ASK), million: • Great circle distance (GCKM) based figures do not reflect the longer Asia Total routings caused by the closure of Russian Far East airspace ~15% • Current capacity figures are n
Slide 25: Comparable income statement
Comparable income statement M€ Q4 2025 Q4 2024 Change % 2025 2024 Change % Revenue 789.5 782.9 0.8 3,106.2 3,048.8 1.9 Other operating income 34.3 32.3 6.2 109.2 128.0 -14.6 Operating expenses Staff and other crew related costs -139.7 -133.4 -4.7 -545.7 -518.6 -5.2 Fuel costs -204.1 -218.6 6.6 -878.
Slide 26: FINNFAITF
FINNFAITF