October 27, 2026 — Finnair (AY) reported a sharp rise in third-quarter profit on Tuesday, helped by strong demand, fuller planes and fuel hedges that protected it from much of this year’s price spike.
What happened
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | €953.2 million (+14.2%) | — |
| Comparable operating profit | €84.0 million | €50.7 million |
| Passengers | 3.5 million (+7%) | — |
| Load factor | 81.8% | 79.8% |
| Fuel costs | €267.9 million (+14.5%) | — |
| Cargo revenue | +35.4% | — |
Last year’s third quarter was hit by industrial action that cost Finnair about €18 million. Finnair said reduced capacity in the market because of the Middle East war helped passenger revenue. Its own Middle East flights remain suspended until further notice.
Outlook and fuel
- 2026 guidance (raised on October 13 and confirmed today): revenue of €3.5–3.6 billion and comparable operating profit of €175–220 million.
- Capacity: about 1% growth in 2026, with passengers up about 7%.
- Hedging: about 73% of fourth-quarter fuel and 34% of 2027 fuel is hedged. FlightGlobal reports Finnair is weighing “carefully” whether to add more for next year.
- CEO Turkka Kuusisto warned that high fuel prices, inflation and interest rates make the outlook challenging.
Fleet and people
- One more Airbus A350, Finnair’s 19th, arrives this year and enters service in early 2027.
- For the narrowbody fleet, Finnair has a firm order for 18 Embraer E2s and plans up to 12 used A320-family jets as a bridge (six letters of intent signed).
- CFO Pia Aaltonen-Forsell is leaving; Jussi Siitonen is the incoming CFO. Start date: TBA.
- A second capital return of €0.04 per share is payable November 4.
What it means for non-revs
- Fuller planes. Load factor rose two points to 81.8%, and management said Asia load factors are near 86%. Asia flights will be the hardest to clear.
- Little new capacity. Finnair is growing capacity only about 1% this year, so do not expect many extra seats.
- No Middle East flying. Finnair’s Middle East flights are suspended until further notice. Plan around them.
- New option to Australia. Finnair’s recently launched Melbourne service via Bangkok gives another way south, but check loads carefully.
Sources
- Investing.com — Finnair Q3 comparable operating profit jumps 66% on higher revenue
- Investing.com — Earnings call transcript: Finnair Q3 2026 revenue rises 14.2% as profit improves
- FlightGlobal — Finnair looks to ‘carefully’ add more fuel hedges in volatile market
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