Finnair Oyj · OMXHEX:FIA1S
Finnair Oyj — Q1 2026 Earnings Presentation
28 slides from Finnair Oyj's earnings presentation, Apr 22, 2026
Slide 1: Finnair Plc Result Presentation Q1 2026
Finnair Plc Result Presentation Q1 2026 Turkka Kuusisto, CEO Pia Aaltonen-Forsell, CFO 22 April 2026
Slide 2: Stronger Q1 than usual – risks related to the operating environment have increased
Stronger Q1 than usual – risks related to the operating environment have increased • Revenue increased by 12.1% to 778.1 million euros • Comparable operating result increased significantly to -0.6 million euros (-62.6) • Operating cash flow increased by 42.5% to 273.9 million euros • Number of passe
Slide 3: Customer satisfaction on the rise
Customer satisfaction on the rise Net Promoter Score 36 • Net Promoter Score (NPS) was 36, 34 32 33 Peer average representing a good level in international 28 31* comparison • Among our most frequent Finnair Plus tier members (Gold, Platinum and Lumo), NPS was 44 • The number of active Finnair Plus
Slide 4: The situation in the Middle East increased demand in Asia and Europe
The situation in the Middle East increased demand in Asia and Europe Europe Total Change % Domestic North Atlantic ASK (million) 3,667.7 3.9 Total Change % Total Change % Revenue (M€) 298.7 8.0 ASK (million) 606.9 4.0 ASK (million) 1,082.3 4.7 RASK (€c) 8.14 4.0 Revenue (M€) 61.3 4.1 Revenue (M€) 63
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: There are risks associated with fuel supply
There are risks associated with fuel supply In North America, the Finland and Europe have risk associated with jet relatively good fuel fuel supply is supply for the time being moderate Some airlines have reported challenges related to fuel supply at individual airports in Asia (e.g. the Philippines
Slide 7: Revenue, comparable operating result and operating cash flow increased significantly
Revenue, comparable operating result and operating cash flow increased significantly Revenue, M€ Comparable operating result, Operating cash flow, M€ M€ +43% +12% 100 1,000 5,000 6.0 300 274 800 778 5.0 250 800 681 694 4,000 50 600 4.0 200 192 600 3,000 0 3.0 150 139 400 400 2,000 -1 -12 2.0 100 -50
Slide 8: Unit revenue increased by 8.2%, while unit cost decreased by 0.7%
Unit revenue increased by 8.2%, while unit cost decreased by 0.7% thanks to good cost management RASK development, € cents CASK development, € cents 12 12 • Growth in unit revenue was driven Fuel by an improved passenger load CASK excl. fuel factor and yield 8.38 8.31 8.23 8.29 8.24 8.03 • Changes i
Slide 9: Strong cash funds and balance sheet
Strong cash funds and balance sheet Cash funds 1,205 M€ Unflown ticket liability, M€ Gross capital expenditure*, Capital structure M€ +10% 800 762 150 400 2,5 50 692 2,0 1,9 546 2,0 40 600 102 300 100 1,5 30 1,2 400 200 52 1,0 20 50 200 32 100 0,5 10 0 0 0 0,0 0 Q1 2024 Q2 2024 Q3 2024 Q1 2024 Q2 20
Slide 10: Our hedging policy brings stability to the operating environment
Our hedging policy brings stability to the operating environment Fuel hedging ratio • Our hedging horizon is 24 months 82% • In accordance with our risk management 69% policy, the hedging ratio decreases further 55% into the future with each quarter • At the end of March, the hedging ratio for April
Slide 11: Strategy execution proceeds as planned
Strategy execution proceeds as planned A network that meets customer needs • Fleet renewal supports growth, efficiency and customer experience o 18 confirmed orders for E195-E2 aircraft, options for 16 aircraft and purchase rights for 12 aircraft – deliveries will start in 2027 o Up to 12 Airbus A32
Slide 12: Strategy execution proceeds as planned also in other areas
Strategy execution proceeds as planned also in other areas Reliable and efficient operations • Top-class flight regularity: 98.3% Choice-based product offering We are constantly • Ancillary revenue per passenger increased by working towards a 12.5% 100M€ profitability improvement • Modern sales chan
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 3% in 2026. The capacity estimate includes the agreed wet leases. However, international conflicts, global political i
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 income
Comparable operating result increased thanks to higher income Comparable operating result, M€ • Operating expenses 815.1 M€ • Capacity +3.6% • Revenue +12.1% • Operating expenses +3.6% • Operating expenses excluding fuel +2.6% +62 7 84 11 -8 -3 0 -2 -14 -7 -4 -1 -1 -63 Q1 2025 Revenue Other Staff an
Slide 18: Higher unit revenue and load factor improved the result
Higher unit revenue and load factor improved the result Comparable operating result, M€ c. -7 c. 30 -1 c. 25 -41 -22 -63 Q1 Direct industrial Q1 Higher unit revenue Higher load factor Other incl. growth Q1 2025 action impact 2025 2026 excl. industrial action 18
Slide 19: Revenue increased across products, except for travel services
Revenue increased across products, except for travel services Revenue by product, M€ • Market demand increased compared to the same period in the previous year, surpassing Finnair's capacity growth; in particular, the outbreak of war in the Middle East at the end of February +12% significantly bolst
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€ +14% +6% 21 13 614 9 2 164 156 2 -2 49 3 -12 45 54 538 50 52 Ancillary revenue Cargo 61 Travel services 59 Q1 2025 Asia North Europe Middle Domestic Unallo- Q1 2026 Q1 2025 Ancillary
Slide 21: Fuel costs increased due to higher fuel price and increased capacity
Fuel costs increased due to higher fuel price and increased capacity Fuel costs, M€ • Higher capacity increased fuel costs • The US dollar-denominated fuel price +14 increased, but changes in foreign 32 currencies and hedging results limited the impact 9 -22 1 227 • Costs related to the sustainable
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€ 184 4 +144 • Operating cash flow increased supported by EBITDA and strong -102 12 1,205 ticket sales intake 86 -40 1,061 Operating cash flow 274M€ (192) Cash EBITDA Changes Other Invest- Loan and Other Cash funds in working operatin
Slide 23: Equity ratio and gearing improved
Equity ratio and gearing improved Equity ratio % Gearing % 7.4pp -87.1pp 22.1 146.9 • Equity ratio improved thanks to 17.3 116.3 higher equity 14.7 • Gearing declined, primarily thanks to higher equity and cash funds 59.8 Q1 Q4 Q1 Q1 Q4 Q1 2025 2025 2026 2025 2025 2026 23
Slide 24: We are making one of the largest investments in our history
We are making one of the largest investments in our history Finnair's fleet 31 March 2026 Announced additions # Number of aircraft (average age) Aircraft type Airbus A330 (16 years) Embraer 195-E2 Wide-body aircraft 8 18 26 Airbus A350 (8 years) Number of aircraft The last A350 aircraft ordered will
Slide 25: 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 Net debt to Cash to sales ratio1,3 Maintain (passenger) margin during the strategy comparable during the strategy shareho
Slide 26: Standard capacity calculation does not reflect longer routings to Asia
Standard capacity calculation does not reflect longer routings to Asia Q1 2026 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 27: Comparable income statement
Comparable income statement M€ Q1 2026 Q1 2025 Change % Revenue 778.1 694.2 12.1 Other operating income 36.4 29.8 22.3 Operating expenses Staff and other crew related costs -148.2 -140.0 -5.8 Fuel costs -227.1 -213.5 -6.4 Capacity rents -33.5 -33.5 0.1 Aircraft materials and overhaul -48.9 -60.0 18.
Slide 28: FINNFAITF
FINNFAITF