Key Financial Results
- Q1 Operating Result: Nearly breakeven, ~€40 million improvement YoY (Q1 2025 was -€40 million comparable)
- Revenue: Double-digit growth driven by strong Asian demand
- Passengers: 7.3% YoY with increased load factors in all regions except Middle East
- Operating Cash Flow: Strong at €274 million
- CapEx: ~€100 million (including €20 million for new Embraers)
- Customer Satisfaction: Improved to 36 (2 points YoY); Gold/Platinum/Lumo members scoring above 40

Financial Position
- Unfunded Liability: €762 million (+10% YoY, indicating strong summer bookings)
- Equity: Strong position
- Net Debt: Continuing to decline
- Leverage: 1.2x
- Cash Ratio to Sales: 30%
- Management confident in balance sheet strength to navigate volatile environment

Traffic Performance by Region

Asia (9% ASK growth):
- Revenue and RASK grew even faster than capacity
- Load factors +7%
- Benefited from Middle East hub closures (Doha/Dubai) creating spillover demand
- Strong activation of Japanese leisure and business travelers
- Yields improving ~5%

Europe (4% ASK growth):
- Revenue +8%
- Load factors improving
- Over 90 destinations for summer season
- Better than expected performance

North Atlantic:
- Capacity increase now matched by revenue growth
- Positive signals in forward bookings and business travel
- Slight yield increases observed

Middle East:
- ~3% of annual revenue/capacity
- Operations to Doha and Dubai halted in late February due to geopolitical escalation
- Stockholm and Copenhagen to Doha routes also discontinued (mid-January 2025)

Domestic: Stable performance

Fuel Hedging Position (Key Strength)
- Q1 2026: 86% hedged (highly supportive during crisis)
- Q2 2026: 82% hedged at <$700/ton
- Rest of 2026: 69% hedged
- 2027: Some hedges still in place
- Hedging provides “time and oxygen” to adapt to changing conditions
- Fuel costs normally 25%-30% of total costs

Fuel Supply Situation

Helsinki/Finland (Most Secure):
- Solid availability confirmed through end of summer season
- Neste Porvoo Refinery provides strong local supply
- Extra capacity available for tankering operations
- 80% of European destinations feasible for tankering (fuel loaded in Helsinki for round trips)

Europe: No significant short-term issues identified at any destinations

North America: Low risk, secure supply

Asia: Question mark but no severe challenges communicated for 1-3 month horizon
- Daily monitoring with suppliers
- No short-term shocks anticipated

Fleet Strategy & Growth
New Order: 18 Embraer E2 next-generation aircraft (with options/purchase rights)
- Plus up to 12 second-hand Airbus A320/321ceos from market (2027-2029 delivery)
- Combination provides flexibility and optionality

2026 Bridge Capacity:
- 2 additional E190s (current generation)
- 2 additional ATR 72-600s
- Enables new route openings and year-round operations on summer routes

Strategy Execution Progress
- Flight Regularity: 98.3% in Q1, improving further in Q2
- Ancillary Revenue: +12.5% per passenger, total +20% (>€50 million in Q1)
- Finnair Plus Members: Active members +27% over past 12 months
- 110 Projects Identified: Worth ~€100 million profit improvement target by end-2029
- Modern sales channels and personalization initiatives advancing

2026 Guidance (Updated)
- Capacity (ASK): ~3% growth (reduced from 5% due to Middle East halt)
- Revenue: €3.3-3.4 billion (unchanged)
- Operating Result: €120-190 million (unchanged)
- Assumption: No significant disruptions in fuel availability

Management emphasized strong operational readiness, contingency planning capabilities, and confidence in navigating the complex environment while executing strategic growth plans.