Finnair
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Finnair (FIA1S) investor relations material

Finnair Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Q4 2025 delivered record profitability, with revenue up 0.8% to €789.5M and comparable operating result up 28.9% to €61.7M, driven by strong demand in Asia and Europe, effective cost management, and operational execution despite higher regulatory and environmental costs.

  • Full-year comparable EBIT reached €60.1M, rebounding after a challenging first half impacted by industrial action and disruptions, with direct costs of €68M.

  • Customer satisfaction (NPS) recovered to 33 in Q4, with a 2% YoY increase in passenger numbers and top-tier frequent flyers trending above 40.

  • Issued a €300M bond before year-end, reflecting restored stakeholder confidence and supporting strategy execution.

  • The year began with industrial action but ended with a strong turnaround in performance.

Financial highlights

  • Q4 comparable operating profit was €61.7M, up 28.9% YoY, marking the strongest Q4 on record.

  • Full-year revenue grew 1.9% to €3,106.2M, with ancillary revenue exceeding €50M in Q4 and rising 10.3% to €200.4M for the year.

  • Unflown ticket liability increased by 7% YoY, indicating strong forward sales.

  • Fuel costs decreased by €14.5M due to favorable currency and hedging, offset by higher sustainability and navigation costs (each >€10M per quarter).

  • Cash funds rose to €1,061M, supported by the €300M bond issue; equity ratio improved to 17.3%, and gearing declined to 116.3%.

Outlook and guidance

  • 2026 ASK capacity expected to grow by approximately 5% over 2025 actuals, including wet leases.

  • Revenue guidance for 2026 set at €3.3–3.4B; comparable operating result expected between €120–190M.

  • CapEx for 2026 guided at €400–500M, with a focus on fleet, digitalization, and technology investments.

  • Board proposes a €0.09/share capital return, subject to AGM approval, to be paid in two instalments.

  • Profitability remains sensitive to fuel prices and exchange rates; a 10% change in fuel prices impacts operating result by €34M.

What was 2025 comparable result ex-industrial action?
Outline narrow-body fleet renewal strategy.
What are key obstacles to 2033 SBTi target?
New routes' yield impact on overall network?
Repeatability of Q4 cost efficiency in 2026?
Narrow-body fleet renewal CapEx impact?
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Frequently asked questions

Finnair Oyj engages in the airline business in Europe and Asia. The company offers passenger and cargo transport services. It transports passengers and cargo via Helsinki Airport, Helsinki Vantaa Airport, Hong Kong International Airport, Bangkok International Airport, Hongqiao Airport, Shanghai International Airport, Chubu Centrair International Airport, Tokyo International Airport Haneda, Tokyo Narita International Airport, Beijing Capital International Airport and other airports. The company is based in Vantaa, Finland.

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