Q2 pre-silent call on 29 June 2026

In April and May, Finnair’s traffic performance continued to show positive momentum. Passenger volumes increased by 6.3% in April and 7.4% in May year-on-year, supported by strong demand and a lower comparison base from last year’s industrial action.

Growth was particularly strong in Asian and European traffic, while North Atlantic traffic remained softer and Middle Eastern traffic suspended.

Revenue passenger kilometres increased in both months, and load factors improved to around 78%, reflecting solid demand and a supportive market environment.

Unit revenue development has remained clearly positive, with RASK increasing by 14.7% in April and 17.7% in May, supported by improved load factors and higher yields, particularly in our Asian traffic. We have actively optimised our network, capacity allocation and pricing to capture demand and take advantage of the reduced market capacity caused by the war in the Middle East.

Cargo performance has been supportive, driven particularly by yields benefiting from market disruptions and the geopolitical situation. This is continuing the positive cargo trend seen earlier in the year.

Fuel prices have remained clearly elevated, although hedging and stronger unit revenue mitigate part of the impact. At the end of Q1, we had hedged 69% of fuel purchases for April–December. Fuel supply at our home hub Helsinki Airport continues to be stable, and we have not seen material availability issues in our network stations. Having said that, geopolitical developments continue to create uncertainty around fuel availability and pricing. Should the Strait of Hormuz remain open, this should alleviate the uncertainty around fuel supply.

Looking ahead, market conditions could gradually normalise during the second half of the year as market capacity might be ramped up as the peace negotiations in the Middle East are progressing. Potential increase in supply could also normalise ticket price levels.

Overall, we continue to see encouraging demand momentum, as we move into the busy summer season, as our customers are actively booking and travelling across our network. While the operating environment remains uncertain, we are confident in our ability to serve our customers by offering them reliable and high-quality connections, and it remains safe to plan and book travel also for the autumn season.