Finnair Oyj (FNNNF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.215 Good day, ladies and gentlemen. I'm Erkka Salonen from Finnair Investor Relations, and 00:00:04.215 -- 00:00:09.320 it's my pleasure to welcome you all to this Finnair's first quarter 2025 earnings call. 00:00:09.320 -- 00:00:14.386 I have here with me Finnair's CEO, Mr. Turkkakuusisto, and he's joined by our 00:00:14.386 -- 00:00:17.749 CFO, Mr. Kristian Pullala, for the Q&A session. 00:00:17.749 -- 00:00:19.891 I will now turn this call over to you, Turkk. 00:00:19.891 -- 00:00:21.413 Please, go ahead. 00:00:21.413 -- 00:00:26.558 Thank you, Erkka, and also very good afternoon from my behalf. 00:00:26.558 -- 00:00:31.648 We had a weak start for the fiscal year of 2025 and 00:00:31.648 -- 00:00:34.414 in many ways it was expected 00:00:34.414 -- 00:00:39.784 when it comes to the increased cost profile we anticipated 00:00:39.784 -- 00:00:44.794 when we opened the fiscal year and also when we communicated the 00:00:44.794 -- 00:00:47.720 full year result in mid-February. 00:00:47.720 -- 00:00:51.364 The expected increase in 00:00:51.364 -- 00:00:53.206 cost of environmental 00:00:53.206 -- 00:00:58.511 compliance by some 10 million euros combined with the increasing traffic and landing 00:00:58.511 -- 00:01:00.173 charges 00:01:00.173 -- 00:01:02.896 hit especially the 00:01:02.896 -- 00:01:05.899 seasonally weak first quarter of the year. 00:01:05.899 -- 00:01:10.904 But on top of that, we did face a 22 million euro 00:01:10.904 -- 00:01:14.348 hit from the industrial action of the pilot union. 00:01:14.348 -- 00:01:18.455 And that is a combination of multiple factors, 00:01:18.455 -- 00:01:20.558 EU compensations, 00:01:20.558 -- 00:01:26.328 reroutings, hotel accommodation, and other costs related to disruptions and 00:01:26.328...