Finnair Group Interim Report 1 January - 30 September 2026

Finnair Plc            Stock Exchange Release           27 October 2026 at 9:00 a.m. EET

Strong third quarter

July-September 2026 

•  Revenue increased by 14.2% to 953.2 million euros (834.9).
• Comparable operating result was 84.0 million euros (50.7). In the comparison period, industrial action had a direct negative impact of around 18 million euros on the comparable operating result.
• Operating result was 86.2 million euros (52.1).
• Earnings per share were 0.29 euros (0.15).
• Net cash flow from operating activities was 176.3 million euros (64.0).
• Gross capital expenditure totalled 52.2 million euros (49.5).
• Number of passengers increased by 7.0% to 3.5 million (3.3).
• Available seat kilometres (ASK) increased by 1.6% to 10,642.3 million kilometres (10,473.7). Including wet leases, ASKs decreased by 2.9%.
• Passenger load factor (PLF) increased by 2.0 percentage points to 81.8% (79.8). 

January-September 2026

•  Revenue increased by 14.3% to 2,648.0 million euros (2,316.7).
• Comparable operating result was 161.8 million euros (-1.5). In the comparison period, industrial action had a direct negative impact of around 68 million euros on the comparable operating result.
• Operating result was 176.4 million euros (17.9).
• Earnings per share were 0.53 euros (-0.04).
• Net cash flow from operating activities was 632.8 million euros (299.8).
• Gross capital expenditure totalled 225.6 million euros (174.0).
• Number of passengers increased by 7.3% to 9.6 million (9.0).
• Available seat kilometres (ASK) increased by 2.3% to 30,507.9 million kilometres (29,807.9). Including wet leases, ASKs decreased by 0.5%.
• Passenger load factor (PLF) increased by 3.2 percentage points to 80.0% (76.8). 

Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e., the same period last year. 

Outlook and guidance on 27 October 2026

Outlook

Global air traffic is expected to continue to grow in 2026. Finnair plans to increase its total capacity, measured by ASKs, by approximately 1%. The decrease in the capacity estimate is impacted by the cancellation of flights to the Middle East. The capacity estimate includes the agreed wet leases. The number of passengers in Finnair's own traffic is expected to grow by approximately 7% in 2026.

However, international conflicts, global political instability and the threat of trade wars cause significant uncertainty in the operating environment. In particular, the possible prolongation of the war and peace negotiations in the Middle East pose risks related to the price and availability of fuel, which, if realised, could have a negative impact on Finnair's capacity and financial result. The increase in costs related to environmental regulation also continues to burden Finnair's profitability during the year. Risks are discussed in greater detail in the section Significant risks and uncertainties.

Guidance (updated 13 October 2026)

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

Sensitivities to fuel prices and exchange rates

Finnair's comparable operating result is sensitive to fuel prices and exchange rates. The table below shows how a 10% change in fuel prices or in the US dollar against the euro would affect the comparable operating result, taking hedges into account. Strengthening of the US dollar weakens the company's comparable operating result, while weakening of the dollar strengthens it.

CEO Turkka Kuusisto:

The third quarter was very strong for Finnair. Our revenue grew by 14.2%, and our comparable operating result improved by 33 million euros to 84 million euros. In the comparison period, revenue and operating result were burdened by industrial action. In the third quarter, we carried 3.5 million passengers, up 7% year-on-year. At the same time, our passenger load factor increased to 81.8%.

Net sales growth and strong earnings were supported by continued strong demand, as travel demand continued to grow despite several uncertainties in the market. Good operational quality and successful cost management supported the result. Our network choices met customers' needs well, and passenger revenue increased in Europe, North America and Asia. Cargo revenue grew by 35.4% as the northern route attracted more cargo flows due to the situation in the Middle East. Ancillary sales grew by 16.3%.

Customer satisfaction remained at a good level, with net promoter score (NPS) at 38 for the third quarter. In September, Finnair was awarded as the best airline in Northern Europe for the 16th consecutive time, and our cabin crew was named the best cabin crew in Northern Europe for the fourth time in a row.

This year, fuel hedging has supported the improvement of our profitability and brought predictability to fuel costs in a situation where the price of aviation fuel has remained high as geopolitical uncertainty continues.

Although the flight demand has so far stayed resilient, the high fuel price and the uncertainty related to its development, inflation and interest rates make the operating environment challenging going forward. Our average hedging ratio for 2027 is currently 34%.

Our operating cash flow was strong during the quarter. The strong cash flow and cash reserves support the systematic implementation of our strategy and are one of the key prerequisites for financing approximately 2.0-2.5-billion-euro investments for the strategy period 2026-2029. At the end of this year, we will receive our 19th A350 wide-body aircraft, and next year, we will take delivery of our first new Embraer E195-E2 narrow-body aircraft. Our strong cash flow also supports the second return of capital instalment of 0.04 euros per share, that will be paid on 4 November 2026.

I would like to thank our customers for the continuous trust you have shown us. I also thank the entire Finnair team for the strong performance and commitment to ensuring the safety and reliability of our customers' journeys in an ever-changing operating environment.

Events after the period

On 13 October 2026, Finnair revised its guidance for 2026 by issuing a positive profit warning. Finnair

estimates its revenue to be 3.5-3.6 billion euros and comparable operating result to be 175-220 million euros

in 2026. The previous guidance was from 22 July 2026 and in that, Finnair estimated its revenue to be 3.4-3.5

billion euros and comparable operating result to be 120-190 million euros in 2026. In addition, on 13 October

2026, the company published preliminary info regarding revenue and comparable operating result for the

third quarter of 2026.

Financial reporting in 2027

The publication dates of Finnair's financial reports in 2027 are the following:

• Financial Statements Release for 2026 on Wednesday 17 February 2027 

• Interim Report for January-March 2027 on Friday 23 April 2027 

• Half-year Report for January-June 2027 on Wednesday 21 July 2027 

• Interim Report for January-September 2027 on Thursday 28 October 2027 

This release is a summary of Finnair's Interim Report 1 January-30 September 2026. The full report is available as an attachment to this release.

 FINNAIR PLC
Board of Directors   

Briefings

Finnair will hold a results press conference (in Finnish) on 27 October 2026 at 11:00 a.m. Finnish time (EET) at its office at Tietotie 9 in Vantaa, Finland. It is also possible to participate in the press conference via a live webcast at https://finnairgroup.videosync.fi/2026-10-27-media.

An English-language telephone conference and webcast will begin on 27 October 2026 at 1:00 p.m. Finnish time (EET). To access the telephone conference, kindly register at https://events.inderes.com/finnairgroup/q3-2026/dial-in. After the registration, you will be provided with phone numbers and a conference ID. To join the live webcast, please register at https://finnairgroup.events.inderes.com/q3-2026.

For more information, please contact:

Pia Aaltonen-Forsell, CFO, +358 9 818 4960, pia.aaltonen-forsell(a)finnair.com
Sophie Jolly, IR Director, +358 9 8185 7667, sophie.jolly(a)finnair.com