FIA1SNasdaq HelsinkiAirlinesIFRS · EUR

Finnair Oyj

Finnair is a Finnish airline that operates both domestic and international flights, with a focus on connecting Europe and Asia through its Helsinki hub. The company is known for its efficient operations, customer-centric services, and commitment to sustainability, including the use of sustainable aviation fuel. Finnair has a comprehensive network that adapts to travel demand, offering a range of services to meet the needs of its diverse customer base. The airline is also investing in fleet renewal and enhancing its loyalty program to strengthen customer engagement beyond travel.

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Revenue3,106m EUR
+1.9 %y/y
Operating profit (EBIT)64.2m EUR
−43.8 %y/y
EBIT margin2.1%
−1.7 ppy/y
Net income18.4m EUR
−50.3 %y/y
Free cash flow390m EUR
−33.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,000m EUR2021: 838 m EUR2021: EBIT -454 m EUR20212022: 2,357 m EUR2022: EBIT -201 m EUR20222023: 2,989 m EUR2023: EBIT 191 m EUR20232024: 3,049 m EUR2024: EBIT 114 m EUR20242025: 3,106 m EUR2025: EBIT 64 m EUR20253,10664
RevenueOperating profit (EBIT)

Business

Share of revenue
Passenger Flights70 %

Scheduled flights for domestic and international travel

Cargo Services15 %

Transportation of goods and freight

Loyalty Program5 %

Finnair Plus program offering benefits and rewards

Charter Flights5 %

Customized flight services for specific groups

In-flight and Ancillary Services5 %

Additional services such as meals and entertainment

Customers

Finnair serves a diverse customer base, including business travelers, leisure travelers, and cargo clients. Business travelers appreciate the airline's punctuality and extensive network, which facilitates efficient travel between Europe and Asia. Leisure travelers are attracted by Finnair's competitive pricing and comprehensive travel packages. The Finnair Plus loyalty program is a key tool for retaining frequent flyers, offering rewards and exclusive benefits. Cargo clients rely on Finnair for timely and reliable transportation of goods across continents.

Business Travelers

Use Finnair for efficient Europe-Asia connections

Leisure Travelers

Attracted by competitive pricing and packages

Frequent Flyers

Engaged through the Finnair Plus loyalty program

Cargo Clients

Require reliable international freight services

Strategy

Finnair's strategic priorities focus on enhancing customer engagement, expanding its network, and improving operational efficiency. The airline aims to deepen customer relationships through its Finnair Plus program and by offering a choice-based product offering. Network expansion is driven by customer demand, with new destinations and frequencies being added. Finnair is committed to sustainability, with plans to renew its fleet and increase the use of sustainable aviation fuel. The company is also investing in technology and process improvements to enhance reliability and customer experience.

Enhance Customer EngagementMedium term

To deepen relationships and increase loyalty

Network ExpansionMedium term

To meet customer demand and grow market presence

Sustainability InitiativesLong term

To reduce carbon footprint and meet emission targets

Geography

Finnair's operations are centered around its hub in Helsinki, Finland, from where it connects Europe and Asia. The airline has a strong presence in Asia, Europe, and the North Atlantic, with growing demand in these regions. Finnair's strategic location allows it to offer short and efficient routes between Europe and Asia, making it a preferred choice for travelers. The company is expanding its network by adding new destinations in Europe and long-haul routes to Australia. Finnair's fleet renewal strategy includes investments in new aircraft to support its growth and sustainability goals.

Risks

Finnair faces several risks, including operational risks such as safety incidents, which could impact its ability to operate and harm its brand. Supply chain disruptions and vendor issues could lead to additional costs and operational challenges. The aviation industry is heavily regulated, with environmental and data privacy regulations impacting cost structures. Competitive pressures from new market entrants and pricing strategies of existing competitors pose a threat to demand and yields. Economic factors such as fuel price volatility and currency fluctuations also present financial risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Safety Incidents1Supply Chain Disruptions3Competitive Pressures4Regulatory Changes2Fuel Price Volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Safety IncidentsImpact: CriticalLikelihood: Medium

    Could impact operations and brand

  2. Regulatory ChangesImpact: HighLikelihood: High

    Impact cost structures

  3. Supply Chain DisruptionsImpact: HighLikelihood: Medium

    Could lead to additional costs

  4. Competitive PressuresImpact: HighLikelihood: Medium

    Affect demand and yields

  5. Fuel Price VolatilityImpact: MediumLikelihood: High

    Affects financial performance

Accounting

Judgemental items
Revenue Recognition

Affected by unflown ticket liabilities

Impact: timing of revenue

Hedge Accounting

Manages currency and fuel price risks

Impact: financial results

Fleet Valuation

Significant due to aircraft investments

Impact: balance sheet

Maintenance Provisions

Require judgment and affect financials

Impact: liabilities

Loyalty Program Accounting

Involves deferred revenue and liabilities

Impact: financial statements

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Last updated: 24/09/2026