Half Year 2026 Finnair Oyj Earnings Call Transcript
Key Points
- Finnair Oyj (FNNNF) reported a strong revenue growth of 16.4% in Q2 2026, with passenger revenue up by 15% and cargo revenue exceeding expectations with a 40% increase.
- The company achieved a comparable operating result of EUR 78 million, significantly higher than the EUR 10 million reported in the same quarter last year.
- Operating cash flow was robust at nearly EUR 200 million, supporting the company's investment plans.
- Finnair Oyj (FNNNF) maintained a high fuel hedging ratio of 82% for Q2, providing stability and predictability in managing fuel costs.
- Customer satisfaction improved, with a Net Promoter Score (NPS) of 42, surpassing the peer average of 33, attributed to operational excellence and punctuality.
- The geopolitical situation in the Middle East, particularly the Iran-US conflict, has impacted operations, leading to the suspension of flights to Dubai and Doha.
- Jet fuel costs have increased due to market constraints, with potential future volatility affecting financial performance.
- Personnel costs have risen due to increased passenger volumes and preparations for upcoming capital expenditure projects.
- The company's guidance for capacity growth has been revised down from 3% to approximately 1% due to the Middle East situation.
- There is uncertainty regarding fuel costs in the second half of the year, with a 10% change in jet fuel prices potentially impacting results by EUR 18 million.
Good day, ladies and gentlemen. I'm Erkka Salonen from Finnair Investor Relations, and it's my pleasure to welcome you to this Q2 2026 earnings call. I'm joined by our CEO, Turkka Kuusisto; and our CFO, Pia Aaltonen-Forsell. (Operator Instructions) But with these words, I hand it over to Turkka. Please, go ahead.
Thank you, Erika, and very good afternoon to all of you, and welcome to this result presentation event. Earlier this morning, we have reported very strong performance.
During the second quarter of '26, which is kind of a continuation of the two earlier quarters, Q4 2025 being the all-time high, Q4 and also strong performance continued during the first quarter.
What is kind of especially important to address when it comes to the second quarter performance, in my opinion, is actually rather holistic success in multiple areas.
For instance, the revenue growth of 16.4% comes across the all
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