Finnair Q4 2025 results and Q&A

Finnair closed 2025 with a strong fourth quarter, marked by solid operational execution, healthy demand across most markets and continued progress on our long-term strategic priorities. While the year as a whole was affected by industrial action and lingering macroeconomic uncertainty, Q4 demonstrated the resilience of our business and the momentum we carry into 2026.

Below, we walk through the highlights of the quarter and the full year, our updated outlook and guidance, as well as selected questions from the investor community.

Q4 2025 highlights: Robust performance

Revenue: 

Q4 revenue increased slightly to 789.5 million euros (+0.8%), supported by an increase in capacity.

Comparable operating result: 

Comparable operating result grew by 29% to 61.7 million euros, driven by:

• Healthy demand
• Solid operational performance
• Lower fuel prices and favourable FX movements

These tailwinds were partly offset by increased costs related to environmental regulation, including higher sustainable aviation fuel (SAF) blending requirements and rising navigation and landing charges.

Passenger volumes and load factor:

• Passengers: 2.9 million (+2.2%)
• Available seat kilometres (ASK): +1.7%
• Passenger load factor (PLF): 77.1% (+0.7p)

Demand developed particularly well in Asia and Europe, while North Atlantic remained softer. Our unflown ticket liability grew year-on-year, signalling continued prioritisation of travel among consumers.

Customer experience: 

Net Promoter Score (NPS) remained at 33, with our most frequent Finnair Plus customers (Gold, Platinum, Lumo) exceeding 40.

Full year 2025: Impacted by industrial action

Finnair delivered revenue of 3.1 billion euros (+1.9%).

The comparable operating result was 60.1 million euros, with industrial action having a direct negative impact of 68 million euros.

Passenger numbers grew to 11.9 million (+2.0%), and PLF improved to 76.9%.

Cash flow from operating activities remained solid at 401.9 million euros, and the company's liquidity continued to improve.

The Board proposes a return of capital of 0.09 euros per share, paid in two instalments.

Strategy execution progressing across key areas

In Q4, Finnair took important steps in implementing its strategy for 2026–2029, which focuses on modern retailing, deeper customer engagement, a network that serves core customers, and reliable, efficient operations.

Highlights include:

• Announcing seven new European destinations for summer 2026
• Launching a new long-haul route to Melbourne from October 2026
• Good progress in employee engagement (scoring 7.0, +0.6 vs. previous survey)
• Successfully issuing a 300-million-euro bond, supporting strategy execution

Operational reliability improved, with on-time performance increasing to 82.5% in Q4.

2026 outlook and guidance

Finnair expects global air traffic growth to continue in 2026 and plans to increase capacity by ~5% (ASKs), including wet leases.

2026 guidance:

• Revenue: 3.3–3.4 billion euros
• Comparable operating result: 120–190 million euros

Q&A highlights

Have you observed consumers saving on holiday expenses in the current economic situation?

Consumer confidence is low, but available funds are increasingly being spent on experiences and travel, which is reflected in the growth of our unflown ticket liability.

What is the current demand situation in the North American market?

In the final quarter of the year, traffic to North America was impacted by weak Nordic demand, which resulted from changes in the demand environment earlier in the year. However, in the long term, this remains an important market for us. We continue to monitor route-specific demand and optimise our traffic programme continuously. It is still too early to draw conclusions about demand for the key summer season.

How does the competitive situation in Helsinki in 2026 look like?

Competition is a constant part of our business. In response to potential entries of new competitors in the region, we may adjust our own network and capacity accordingly. Considering, for example, the recent news regarding a new competitor entering the market from Dubai, it is good to note that flights to the Middle East account for approximately 3% of our revenue, and we operate routes to Dubai only during the winter months.

How does Chinese airlines flying over Russia affect Finnair?

European and Japanese airlines are bypassing Russian airspace, so Chinese competitors gain time and fuel savings compared to us. It would be good to consider possible measures at EU level to help balance the playing field.

Where will you place the planned 5% capacity increase in 2026?

We are further enhancing our presence in Japan this summer by introducing three additional weekly flights to Osaka. We are launching several new destinations across Europe for the summer season and will also commence flights to Toronto. For the winter season, we will add Melbourne via Bangkok, enabling a third daily Bangkok flight.

Will the numerous new connections that you have announced support average yields?

Extensive analysis has informed these network additions, but the outcomes will become evident over time. If we, for example, look at the new European destinations, there is currently a gap in regional flight connections between several European destinations and Helsinki.

Which factors are the most important profit growth drivers in 2026?

Growth is important, considering that we plan a capacity increase of 5% and estimate revenue to reach 3.3-3.4 billion euros in 2026. In addition to growth, we need to maintain cost control and deliver on our strategy.

Will navigation and landing charges increase further?

Significant price escalations took place in 2025, but future increases will mainly reflect inflation.

How are negotiations progressing regarding the partial renewal of the narrow-body fleet?

Negotiations are ongoing, and there is nothing conclusive to report yet. This is an important investment programme for us, so we are conducting the discussions carefully and taking the time needed. We will provide further updates in the coming weeks or months.

You previously mentioned considering adding used, smaller aircraft to your capacity in the near future. Has the acquisition progressed?

Yes, the project is progressing. The used aircraft market is tight, but the team is working determinedly to secure additional capacity.