Finnair Oyj (FNNNF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. I'm Erkka Kalonen from Finner Investor Relations, and it's my pleasure to welcome you to this Q1 2026 earnings call. I'm joined by our CEO, Turku Kuusisto, and our CFO, Pi-Aaltanen Forssell. After the presentation, you may ask questions either by dialing in or using the webcast chat function. But with these words, I hand it over to you, Turku. Thank you, Erkka. Very good afternoon also on my behalf. Earlier this morning, we published, in my opinion, a strong Q1 report, especially given the fact that the Q1 is typically low season for our sector and also for Finnair. While, of course, at the same time, when reporting stronger results, we do see that the risk related to the operating environment have increased. And we aim at also describing that how do we see the current situation, especially when it comes to the war in Middle East area. But if I very briefly summarize the Q1 results and Pia will get you through more of the details. But if I start with the operating results, we were almost at break even. And I think that this is a remarkable improvement from Q1 last year. although we did face the industrial action already in Q1 2025. But the direct impact of the industrial action at the time was somewhat 22 million euros, and the kind of the comparable operating result was minus 40 million euros. So over the past 12 months' time, we've been capable of improving the operational platform, our commercial capabilities, and executing the new strategy so that the result actually improved by some 40 million euros in Q1 to Q1 comparison. Revenue increased by double digit number, especially driven or fueled by the strong demand that we especially did see towards the end of the quarter in Asian traffic, given the situation in Middle East, the clos...