Finnair Plc Stock Exchange Release 30 October 2025
at 9:00 a.m. EET
Good comparable operating result considering the negative impact of industrial
action
July-September 2025
· Revenue increased by 2.0% to 834.9 million euros (818.3).
· Comparable operating result was 50.7 million euros (71.5). Industrial action
had a direct negative impact of around 18 million euros on the comparable
operating result.
· Operating result was 52.1 million euros (76.7).
· Earnings per share were 0.15 euros (0.28).
· Net cash flow from operating activities was 64.0 million euros (98.9) and
net cash flow from investing activities -46.8 million euros (-43.5)*.
· Number of passengers increased by 0.2% to 3.3 million (3.2**).
· Available seat kilometres (ASK) increased by 2.7% to 10,473.7 million
kilometres (10,194.9). Including wet leases, ASKs increased by 1.0%.
· Passenger load factor (PLF) increased by 0.2 percentage points to 79.8%
(79.5).
January-September 2025
· Revenue increased by 2.2% to 2,316.7 million euros (2,265.9).
· Comparable operating result was -1.5 million euros (103.5). Industrial
action had a direct negative impact of around 68 million euros on the comparable
operating result.
· Operating result was 17.9 million euros (102.1).
· Earnings per share were -0.04 euros (0.22).
· Net cash flow from operating activities was 299.8 million euros (411.0) and
net cash flow from investing activities -203.2 million euros (-111.1)*.
· Number of passengers increased by 1.9% to 9.0 million (8.8**).
· Available seat kilometres (ASK) increased by 3.1% to 29,807.9 million
kilometres (28,917.6). Including wet leases, ASKs increased by 1.4%.
· Passenger load factor (PLF) increased by 1.2 percentage points to 76.8%
(75.6).
Unless otherwise stated, comparisons and figures in parentheses refer to the
comparison period, i.e., the same period last year.
* In July-September, net cash flow from investing activities included 2.6
million euros of redemptions (16.6 million euros of investments) in money market
funds or other financial assets (maturity over three months). In
January-September, net cash flow from investing activities included 30.2 million
euros of investments (16.0 million euros of investments). They are part of the
Group's liquidity management.
** The number of passengers and cargo tonnes for January-November 2024 were
corrected in December 2024, with a total impact of 59,100 additional passengers
and 828.7 additional cargo tonnes for the period.
Outlook and guidance
Finnair's guidance regarding capacity, revenue and comparable operating result
for 2025 has been specified. The upper end of the comparable operating result
guidance range has been lowered, but the lower end of the range remains
unchanged. Capacity and revenue guidance have been lowered.
Outlook and guidance on 30 October 2025 (specified)
Global air traffic is expected to continue growing in 2025. However,
international conflicts, global political instability and the threat of trade
wars cause uncertainty in the operating environment. In particular, the risk
levels related to tariffs between different countries and their direct and
indirect impacts are elevated. The direct cost impact of known tariffs is
estimated to be limited, but it is too early to estimate the magnitude of
potential indirect effects. During the year, Finnair's profitability is burdened
particularly by additional costs caused by the sustainable aviation fuel
distribution obligation introduced in the EU, as well as rising navigation and
landing charges.
Finnair plans to increase its total capacity, measured by ASKs, by c. 2% in
2025. The capacity estimate includes the agreed wet leases. Finnair estimates
its revenue to be approximately 3.1 billion euros and its comparable operating
result to be within the range of 30-60 million euros in 2025 (previously 30-130
million euros). The upper end of the comparable operating result guidance range
has been lowered, because reaching the previous upper end is considered
unlikely. The new guidance is in line with the previous guidance, based on which
the comparable operating result was estimated to be closer to the lower end of
the previously given range. Lowering the upper end of the comparable operating
result range as well as capacity and revenue guidance is mainly due to the
continued weak demand and yield development in North Atlantic traffic, the
indirect effects of industrial action on demand in broader terms, unplanned
aircraft repair and maintenance needs, and fuel price developments.
The estimates above regarding capacity, revenue and comparable operating result
include the impacts of the industrial action that took place in 2025. In
January-September, the direct impact of industrial action was approximately -96
million euros on revenue and approximately -68 million euros on comparable
operating result. The industrial action had a direct negative impact of
approximately 5% on the total capacity in 2025, measured by ASKs.
Finnair will update its outlook and guidance in connection with the financial
statements release for 2025.
Previous outlook and guidance issued on 16 July 2025
Global air traffic is expected to continue growing in 2025. However,
international conflicts, global political instability and the threat of trade
wars cause uncertainty in the operating environment. In particular, the risk
levels related to tariffs between different countries and their direct and
indirect impacts are elevated.
Excluding the direct impact of industrial action, Finnair has planned to
increase its total capacity, measured by ASKs, by c. 10% in 2025. The capacity
estimate includes the agreed wet leases. Finnair has anticipated its revenue to
be within the range of 3.3-3.4 billion euros and its comparable operating result
to be within the range of 100-200 million euros in 2025. However, based on the
current information, the company estimates that the comparable operating result
will be closer to the lower end of the given range, due to weaker-than-expected
demand in North Atlantic traffic and the indirect effects of industrial action
on demand in broader terms. In 2025, profitability is further burdened
particularly by additional costs caused by the sustainable aviation fuel
distribution obligation introduced in the EU, as well as rising navigation and
landing charges. The direct cost impact of tariffs that will enter into force
after the second quarter is estimated to be limited. It is too early to estimate
the magnitude of potential indirect effects.
The estimates above regarding capacity, revenue and comparable operating result
do not include direct impacts of industrial action. In total, the direct
negative impact of industrial action in 2025 is estimated to be approximately
100 million euros on revenue, approximately 70 million euros on comparable
operating result and approximately 5% on the total capacity, measured by ASKs.
In the first half of 2025, industrial action had a direct impact of around -72
million euros on revenue and around -51 million euros on the comparable
operating result. In addition, the three days of industrial action in July and
the flights cancelled for the summer season due to a temporary lack of resources
following industrial action, including wet lease out flights, are estimated to
negatively impact revenue by approximately 25 million euros, other operating
income by approximately 5 million euros and comparable operating result by
approximately 20 million euros in the third quarter. Based on the cancellations
confirmed, industrial action is estimated to have a direct negative impact of
approximately 5% on the total capacity in 2025, measured by ASKs.
Considering the direct negative impacts of industrial action, Finnair plans to
increase its total capacity, measured by ASKs, by c. 5% year-on-year and
estimates its revenue to be within the range of 3.2-3.3 billion euros and its
comparable operating result to be within the range of 30-130 million euros in
2025. However, based on the current information, the company estimates that the
comparable operating result will be closer to the lower end of the given range,
due to weaker-than-expected demand in North Atlantic traffic and the indirect
effects of industrial action on demand in broader terms.
Finnair will update its outlook and guidance in connection with the interim
report January-September 2025.
CEO Turkka Kuusisto:
The third quarter marked Finnair's return to normal, reliable operations as the
industrial action, which had caused flight cancellations in the first half of
year, ended at the beginning of the quarter. We carried 3.3 million customers,
and our revenue grew by 2.0% to 834.9 million euros. Comparable operating result
was 50.7 million euros, with industrial action having an estimated negative
impact of approximately 18 million euros. The result was in line with
expectations, supported by active improvements in cost efficiency, which helped
reduce the impact of industrial action, increased costs related to environmental
regulation, as well as higher navigation and landing charges. The continued good
growth in ancillary revenue per passenger contributed to the result development.
After the industrial action ended, our flight regularity immediately returned to
a high level, reaching 98.9% during the third quarter following the resolution.
Customer satisfaction also began to recover quickly, and NPS stood at 32 for the
entire quarter, which is close the level preceding the industrial action. We
thank our customers for their trust in Finnair and the entire Finnair team for
their dedicated work to ensure smooth journeys for our passengers.
We want to build stronger cooperation and reduce the risk of industrial action
in the future. We continue dialogue with employee representatives and systematic
work to enhance the wellbeing of our work community and personnel. Our goal is
to unite 5,800 Finnair employees even more strongly as one crew working together
for the benefit of our customers and Finnair.
Travel demand in Finnair's markets grew slightly compared to last year. Demand
developed strongly in the Far East markets, particularly in Japan, while demand
on our North American routes was weakened by general market uncertainty. We
continue to monitor route-specific demand and optimise our traffic programme
accordingly. During the quarter, our traffic programme was also impacted by two
aircraft being out of service, which caused flight cancellations.
We continued to engage customers in reducing aviation-related CO₂ emissions by
introducing the option for corporate customers in the Finnair for Business
programme to purchase sustainable aviation fuel (SAF) and thereby reduce the
carbon footprint of their business travel. We also joined a Finnish
collaboration project piloting an ecosystem and value chain for synthetic fuel
production. These actions are important as costs related to EU environmental
regulation increase significantly starting this year.
Flight safety is always our top priority. For this reason, we temporarily
removed part of our narrow-body fleet from service in October when concerns
arose regarding the verification of fire protection in seat covers. This
situation led to the cancellation of approximately 70 flights and re-routing of
customers until the aircraft were returned to service. We deeply regret the
disruption to our customers' travel plans, but safety is an area where we never
compromise.
We have specified our guidance for 2025. The upper end of the comparable
operating result range, as well as our capacity and revenue expectations, have
been lowered. These adjustments reflect continued softness in North Atlantic
demand and yields, indirect effects of earlier industrial action, unplanned
aircraft maintenance needs, and fuel price developments.
The partial renewal project of our narrow-body fleet, launched earlier this
year, is progressing, and we are in negotiations with aircraft and engine
manufacturers. The renewal supports our emission reduction targets, enhances
customer experience, and strengthens the development of our regional network. We
will share more details as the project advances.
In November, we will host a Capital Markets Update where we will present our
financial targets and strategic priorities for the coming years.
Financial reporting in 2026
The publication dates of Finnair's financial reports in 2026 are the following:
· Financial Statements Release for 2025 on Wednesday 11 February 2026
· Interim Report for January-March 2026 on Wednesday 22 April 2026
· Half-year Report for January-June 2026 on Wednesday 22 July 2026
· Interim Report for January-September 2026 on Tuesday 27 October 2026
This text is a summary of Finnair's Interim Report January-September 2025. The
full report is available as an attachment to this summary.
FINNAIR PLC
Board of Directors
Briefings
Finnair will hold a results press conference (in Finnish) on 30 October 2025 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/2025-10-30
-media (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ffinnair
group.videosync.fi%2F2025-10-30
-media&data=05%7C02%7CEmilia.Rannanniemi%40finnair.com%7Ce66884033a5d43c3b6d608de
01c451e5%7Cf4b2d972f1c84f3ca73b4f9b2ca3d778%7C0%7C0%7C638950139885586211%7CUnknow
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joiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=V%2FEFbzrOOfaUsdiako5yJYWUDqkxlKix
v4ZvGI3D7GA%3D&reserved=0).
An English-language telephone conference and webcast will begin on 30 October
2025 at 1:00 p.m. Finnish time. To access the telephone conference, kindly
register at https://events.inderes.com/finnairgroup/q3-2025/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/q3
-2025 (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ffinnairg
roup.events.inderes.com%2Fq3
-2025&data=05%7C02%7CEmilia.Rannanniemi%40finnair.com%7Ce66884033a5d43c3b6d608de0
1c451e5%7Cf4b2d972f1c84f3ca73b4f9b2ca3d778%7C0%7C0%7C638950139885602850%7CUnknown
%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIj
oiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Y4O%2BeMkYYmgG4s6IVvW052JbaVPDSCJOf
JbfvE0L5eQ%3D&reserved=0).
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.