Finnair Q3 2026: Strong third quarter

Revenue, passenger volumes, profitability, operating cash flow and passenger load factors all increased from the comparison period, while the company strengthened its balance sheet and reduced net leverage. Growth was supported by strong travel demand, higher unit revenues, cargo performance, ancillary sales and favorable capacity conditions, although geopolitical uncertainty, fuel costs, environmental regulation and currency movements continued to create material risks.

The comparable operating result improved from 50.7 million euros to 84.0 million euros in the third quarter and from a loss of 1.5 million euros to 161.8 million euros for the first nine months. The comparison periods were negatively affected by industrial action, with an estimated direct impact of approximately 18 million euros in the third quarter and 68 million euros in the first nine months.

Capacity measured by available seat kilometres increased 1.6 percent in the third quarter and 2.3 percent in the first nine months. Including wetleases, capacity decreased 2.9 percent and 0.5 percent, respectively. Passenger load factor rose by 2.0 percentage points in the third quarter and 3.2 percentage points for the first nine months.

Demand remained strong across Finnair’s principal markets and grew faster than the company’s capacity. Disruptions to Middle Eastern air traffic reduced market capacity, particularly in connecting traffic between Europe and Asia, supporting higher load factors and improved unit revenues. European traffic was strongest, while Asian and North American traffic also grew. The company remained the largest European operator between Europe and Japan.

Operating cash flow increased to 632.8 million euros for the first nine months from 299.8 million euros. Investment cash flow was negative at 624.8 million euros, mainly because of investments in financial assets and the fleet. Financing cash flow was negative at 154.1 million euros due to debt repayments, lease liability payments and the first capital repayment installment.

In 2026, fuel hedging has supported profitability improvement and brought predictability to fuel costs in a situation where the price of aviation fuel has remained high as geopolitical uncertainty continues. However, the high price level and the uncertainty of the fuel price development have slowed down acquiring additional hedging for 2027. Our average hedging ratio for 2027 is current 34%.

Finnair estimates its revenue to be 3.5–3.6 billion euros and comparable operating result to be 175–220 million euros in 2026.