Finnair Plc Stock Exchange Release 22 April 2026 at 9:00 a.m. EEST
Stronger Q1 than usual - risks related to the operating environment have increased
January-March 2026
- Revenue increased by 12.1% to 778.1 million euros (694.2).
- Comparable operating result was -0.6 million euros (-62.6). In the comparison period, industrial action had a direct negative impact of around 22 million euros on the comparable operating result.
- Operating result was 3.6 million euros (-53.4).
- Earnings per share were -0.04 euros (-0.25).
- Net cash flow from operating activities was 273.9 million euros (192.1) and net cash flow from investing activities -253.1 million euros (-57.2)*.
- Number of passengers increased by 7.3% to 2.8 million (2.6).
- Available seat kilometres (ASK) increased by 3.6% to 9,454.2 million kilometres (9,126.4). Including wet leases, ASKs increased by 3.9%.
- Passenger load factor (PLF) increased by 4.3 percentage points to 78.0% (73.8).
Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e., the same period last year.
*In January-March, net cash flow from investing activities included 157.1 million euros of investments (5.1 million euros of investments) in money market funds or other financial assets (maturity over three months). In January-March, net cash flow from investing activities included 157.1 million euros of investments (5.1 million euros of investments). They are part of the Group's liquidity management.
Outlook and guidance
Outlook and guidance on 22 April 2026
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 instability and the threat of trade wars cause significant uncertainty in the operating environment. In particular, the possible prolongation of the ongoing war in the Middle East poses risks related to the availability of fuel, which, if realised, could have a significant negative impact on Finnair's capacity growth and financial result. The increase in costs related to environmental regulation also continues to burden Finnair's profitability during the year. Risks are discussed in greater detail in the section Significant risks and uncertainties.
Guidance (unchanged)
Finnair estimates its revenue to be 3.3-3.4 billion euros and comparable operating result to be 120-190 million euros in 2026. The guidance is based on the assumption that there will be no significant disruptions in fuel availability.
Sensitivities to fuel prices and exchange rates
Finnair's comparable operating result is sensitive to fuel prices and exchange rates. A 10% change in fuel prices would have an impact of 39 million euros on the annual comparable operating result, taking hedges into account. A 10% change in the US dollar against the euro, on the other hand, would have an impact of 38 million euros on the annual comparable operating result, taking hedges into account. Strengthening of the US dollar weakens the company's comparable operating result, while weakening of the dollar strengthens it. The sensitivities are determined on a rolling basis for the 12 months following the date of financial statements.
Previous outlook and guidance issued on 11 February 2026
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 rise in purchasing power among consumers, demand for air travel is anticipated to strengthen in Finnair's key markets.
However, international conflicts, global political instability and the threat of trade wars cause uncertainty in the operating environment. The increase in costs related to environmental regulation continues to burden Finnair's profitability during the year, although current fuel prices offset the impact.
Guidance
Finnair estimates its revenue to be 3.3-3.4 billion euros and comparable operating result to be 120-190 million euros in 2026.
Sensitivities to fuel prices and exchange rates
Finnair's comparable operating result is sensitive to fuel prices and exchange rates. A 10% change in fuel prices would have an impact of 34 million euros on the annual comparable operating result, taking hedges into account. A 10% change in the US dollar against the euro, on the other hand, would have an impact of 31 million euros on the annual comparable operating result, taking hedges into account. The sensitivities are determined on a rolling basis for the 12 months following the end of 2025.
CEO Turkka Kuusisto:
Our revenue grew by 12.1%, and we carried a total of 2.8 million customers, which is 7.3% more than in the comparison period that was affected by industrial action. Our comparable operating result improved significantly, reaching -0.6 million euros, which is a good achievement in what is traditionally the weakest quarter of the year. Successful cost management and, in particular, increased demand for our Asian flights counterbalanced the negative impact of the sharp rise in jet fuel prices.
Our operating cash flow was strong, reflecting increased demand for our Asian flights in March, caused by the situation in the Middle East. Elevated fuel costs, on the other hand, are visible in the cash flow with some delay. Our healthy cash balance provides a strong foundation for the upcoming narrow-body fleet investments.
The war in the Middle East disrupted international air traffic from the end of February onwards. We cancelled our Dubai flights until the end of the season, i.e. until the end of March, and our Doha flights until the beginning of July. We brought customers home on a special repatriation flight via Muscat in Oman, as re-routing from the region could not be organised. While the direct impact of the war on our traffic was small, reduced traffic through two transfer hubs, Dubai and Doha, increased demand for alternative routes, which was reflected in growing demand for our Asian flights.
The situation in the Middle East caused a sharp rise in the price of jet fuel from the beginning of March. We hedge our fuel purchases on a two-year horizon and with a relatively high forward-declining hedge ratio. At the turn of the year, 86% of our fuel purchases for the first quarter were hedged. At the end of March, our hedging ratio was 82% for the second quarter and 69% for April-December.
Fuel availability at our home airport Helsinki is stable. We are monitoring the situation closely and preparing for different scenarios. The majority of our European flights can, if necessary, be operated with fuel tankering. If the war prolongs, fuel availability may become a new risk factor.
In March, we announced an order for 18 Embraer E195-E2 aircraft and plans to acquire up to 12 A320/321ceo aircraft from the used aircraft market. Renewing our narrow-body fleet supports our growth and profitability targets. It strengthens our ability to offer customers an expanding, attractive network, as well as excellent reliability and customer experience. According to Embraer, CO2 emissions per passenger of the new E195-E2 aircraft are approximately 30% lower compared to Finnair's current E190-E1 aircraft.
The summer season brings 12 new European destinations to our network and, in May, the launch of a new long-haul route to Toronto to meet our customers' evolving travel needs. Our Finnish brand will be more prominent than ever on our flights during the summer season and will also welcome international customers to discover our home market, Finland. We invite all customers to book their summer travels with us now and look forward to serving you during the summer season.
In March, Finnair's Annual General Meeting approved the Board's proposal for a capital return to shareholders. Despite the uncertainty in our operating environment, we continue to work systematically towards implementing our strategy and creating value for our shareholders. Thank you to all Finnair employees for ensuring the safe journeys of our customers, and thank you to our customers for allowing us to be part of your important travels.
Financial reporting in 2026
The publication dates of Finnair's financial reports in 2026 are the following:
- Half-year Report for January-June 2026 on Wednesday 22 July 2026
- Interim Report for January-September 2026 on Tuesday 27 October 2026
This release is a summary of Finnair's Interim Report 1 January-31 March 2026. The full report is available as an attachment to this release.
FINNAIR PLC
Board of Directors
Briefings
Finnair will hold a results press conference (in Finnish) on 22 April 2026 at 11:00 a.m. Finnish time at its office at Tietotie 9 in Vantaa, Finland. It is also possible to participate in the press conference via a live webcast at https://finnairgroup.videosync.fi/2026-04-22-media.
An English-language telephone conference and webcast will begin on 22 April 2026 at 1:00 p.m. Finnish time. To access the telephone conference, kindly register at https://events.inderes.com/finnairgroup/q1-2026/dial-in. After the registration, you will be provided with phone numbers and a conference ID. To join the live webcast, please register at https://finnairgroup.events.inderes.com/q1-2026.
For further information, please contact:
Chief Financial Officer Pia Aaltonen-Forsell, tel. +358 9 818 4960, pia.aaltonen-forsell@finnair.com
Head of Investor Relations Erkka Salonen, tel. +358 9 818 5101, erkka.salonen@finnair.com
FINNAIR PLC
Further information:
Finnair communications, +358 9 818 4020, comms(a)finnair.com
Distribution:
NASDAQ OMX Helsinki
Principal media
Finnair is a network airline, specialising in connecting passenger and cargo traffic between Asia, North America and Europe. Finnair is the only airline with year-round direct flights to Lapland. Customers have chosen Finnair as the Best Airline in Northern Europe in the Skytrax Awards for 15 times in a row. Finnair is a member of the oneworld alliance. Finnair Plc's shares are quoted on Nasdaq Helsinki.
