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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.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.
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