Finnair Q3 2025 results and Q&A

We published our Interim Report for January–September 2025 on 30 October. 

The third quarter marked a return to operational stability for Finnair, following the industrial action that disrupted our operations earlier in the year. We carried 3.3 million passengers and grew our revenue by 2% year-on-year to 834.9 million euros. Our comparable operating result was 50.7 million euros, impacted by approximately 18 million euros in direct costs from industrial action and related cancellations. 

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. 

Despite the challenges, our flight regularity rebounded to 98.9% after the resolution of industrial action, and customer satisfaction began to recover, with our Net Promoter Score (NPS) reaching 32 for the quarter.

Market dynamics and specified guidance

While demand in Asia, particularly Japan, remained strong and outpaced capacity growth, North Atlantic traffic continued to face headwinds. Geopolitical uncertainty led to softer demand and increased capacity to declining yields in this region. 

In response, we specified our full-year 2025 guidance. We now expect:

• Capacity growth of ~2% (ASKs)
• Revenue of approximately 3.1 billion euros
• Comparable operating result between 30–60 million euros 

These adjustments reflect the indirect effects of industrial action, unplanned aircraft maintenance and repair needs, and fuel price developments.

Looking ahead: fleet renewal and Capital Markets Update

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. 

On 13 November 2025, we will host our Capital Markets Update, where we will present our financial targets and strategic priorities for the coming years.

Q&A Highlights

What caused the weaker Q3 result compared to last year? 

The July industrial action by ground handling personnel led to nearly 300 flight cancellations. In addition, due to a temporary lack of resources following industrial action earlier this year, we had to cancel a number of flights, both our own and wet lease out flights, for the summer season as previously announced. These, combined with higher traffic charges and environmental compliance costs, weighed on our results. 

Will environmental costs continue to rise in Q4 compared to Q3? 

The 2% sustainable aviation fuel (SAF) EU mandate became effective this year, and we expect costs to develop evenly on a quarterly basis throughout 2025. In 2026, costs will increase further, but not as sharply as the jump from 2024 to 2025. 

How is the Asian market performing? 

Very well. Demand exceeded capacity growth, especially on Japan routes. We operated 25 weekly flights to Japan during the summer and continue strong frequencies into the winter season. 

How is the North Atlantic market developing? 

Our capacity there has increased, but revenue has seen a slight decline, which means load factors have come down. The US dollar has weakened, entry requirements have tightened, and the overall economic outlook remains uncertain. We continue to monitor route-specific demand and optimise our traffic programme accordingly. Despite these challenges, we continue to view the United States as a key destination for Finnair and American Airlines as an important strategic partner. 

What happened with the A321 seat covers? 

We temporarily grounded eight A321 aircraft in October due to concerns about fire protection compliance. Safety is our top priority, and all affected aircraft have now returned to service. The incident impacted around 11,000 customers. 

When will the fleet investment decision be announced? 

We are currently evaluating different aircraft types and manufacturers, and the decisions will be made in due course.