Slides
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Finnair Plc Result Presentation Q3 2026 Turkka Kuusisto, CEO Pia Aaltonen-Forsell, CFO 27 October 2026
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• Revenue increased by 14.2% to 953.2 million euros • Comparable operating result increased to 84.0 million euros (50.7), supported by increased net sales. In the comparison period, the direct negative impact of industrial action was approximately 18 million euros on the operating result • Operating cash flow increased to 176.3 million euros (64.0) – needed to finance capital expenditure • Number of passengers increased by 7.0% to 3.5 million • Passenger load factor increased to 81.8% • 81% of our fuel purchases were hedged in the third quarter. Our average hedge rate for 2027 is currently 34% • The Board of Directors decided on the record date of the second instalment of 0.04 euros per share of the capital repayment on 28 October 2026 and it will be paid on 4 November 2026 2 Strong third quarter
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Q3 2026 Total Change % ASK (million) 10,642.3 1.6 Revenue (M€) 953.2 14.2 RASK (€c) 8.96 12.4 PLF 81.8% 2.0 pp Europe Total Change % ASK (million) 5,058.7 5.1 Revenue (M€) 454.1 15.1 RASK (€c) 8.98 9.6 PLF 80.2% 2.5 pp Domestic Total Change % ASK (million) 252.8 -4.3 Revenue (M€) 32.9 10.6 RASK (€c) 13.01 15.6 PLF 64.3% 0.0 pp Asia Total Change % ASK (million) 3,866.2 2.9 Revenue (M€) 334.3 15.9 RASK (€c) 8.65 12.7 PLF 85.6% 0.6 pp North Atlantic Total Change % ASK (million) 1,464.6 3.4 Revenue (M€) 107.6 28.5 RASK (€c) 7.35 24.2 PLF 80.5% 4.4 pp 3 ASK = available seat kilometres RASK = unit revenue per ASK PLF = passenger load factor Our network choices were well suited to customer needs, and passenger revenue increased Flights to Middle East suspended
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32 33 36 42 38 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 NPS, a key indicator of customer satisfaction and strategy success, remains at a good level • Net Promoter Score (NPS) for the third quarter was 38 and for the full 2026 (YTD) 39 – a strong result in the airline industry • Weather conditions and air traffic control restrictions in Europe impacted on-time performance in July, while results for August and September show a return to a strong level • The NPS of the most frequently flying Finnair Plus tier customers (Silver, Gold, Platinum, Lumo) was 44 Net Promoter Score (NPS) Peer average 33* *Average NPS of IAG Group, Lufthansa Group and KLM in 2025, based on reported figures where available and estimated figures otherwise. There may be differences in how NPS is measured between Finnair and its peers.
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5 N E T W O R K More capacity and new connections 1 x A350 6 × A320ceo 3 x E195-E2 2 x ATR Entering the fleet in 2026-2027 Melbourne Route Opening Flights to Turku and Tampere start Q U A L I T Y O F O P E R A T I O N Reliable operations are strengthened 99% Regularity of flights Investments in the rapid handling of disruptions The Finnair app is updated P R O D U C T O F F E R I N G Freedom of choice increases additional sales +8.6% Ancillary revenue per passenger The share of modern sales channels is already 75.2% I N C U S T O M E R S ’ D A I L Y L I V E S Finnair Plus as part of customers’ daily lives EUR 2.6 million active Finnair Plus members New partnerships and more flexible point transfers As the strategy progresses, customers are already seeing the results Employee engagement index May 2026 7.4 Q4/2025: 7.0
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Revenue Comparable operating result 6 Operating cash flow Revenue, comparable operating result and operating cash flow increased significantly 0.0 0.2 0.4 0.6 0.8 1.0 0.0 1.0 2.0 3.0 4.0 5.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.82 0.83 0.95 +14% Revenue, last 12 months Revenue 72 51 84 0,0 2,0 4,0 6,0 8,0 -100 -50 0 50 100 72 51 84 -100 -50 0 50 100 0,0 2,0 4,0 6,0 8,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +66% Comparable operating result, last 12 months, % Comparable operating result 99 64 176 0 200 400 600 800 0 50 100 150 200 250 300 99 64 176 0 200 400 600 800 0 50 100 150 200 250 300 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +175% Operating cash flow, last 12 months Operating cash flow Bn€ Bn€ M€ % M€ M€
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Higher passenger yield, load factor and cargo yield improved results significantly 69 -18 51 84 7 Q3 2025 excl. industrial action Direct industrial action impact Q3 2025 Higher passenger yield Higher load factor Higher cargo yield Higher costs related to environment al regulation Higher other operating costs Other Q3 2026Higher effective fuel price FXHigher staff costs Comparable operating result, M€
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• The majority of unit revenue growth was driven by the higher passenger load factor, average ticket fares and cargo yields following a reduction in market capacity • Fuel costs increased moderately, as changes in market prices affect fuel costs with a delay due to hedging and contractual reasons RASK development 8 CASK development Unit revenue increased by 12.4% – unit cost increased by 9.1% 0 4 8 12 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 8.03 8.38 7.61 7.72 7.97 8.31 8.23 8.80 8.96 4 8 12 0 2.35 4.98 Q3 2024 2.34 5.53 Q4 2024 2.34 5.95 Q1 2025 2.23 5.39 Q2 2025 2.23 5.25 Q3 2025 2.15 Q4 2025 2.40 5.83 Q1 2026 2.27 5.78 Q2 2026 2.52 5.65 Q3 2026 7.32 7.87 8.29 7.62 7.49 7.66 8.24 8.05 8.17 5.51 Fuel CASK excl. fuel €c €c
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Jet fuel prices, up 84.4% YoY, remain elevated as the gasoil market stays tight • Prices of crude oil and refined oil products have risen as geopolitical tensions have persisted • Crude oil supply has remained relatively good, but the market for refined petroleum products remains tight • A high gasoil price (crack spread) continues to keep jet fuel prices elevated • The market price of aviation fuel forms the basis for pricing bio-based aviation fuel (SAF), with an additional SAF premium • Fuel availability has remained good Brent crude oil, jet fuel and diesel prices 9 USD/barrel 0 20 40 60 80 100 120 140 160 180 200 220 240 01/07/2025 01/01/2026 01/07/2026 01/01/202701/10/2025 01/04/2026 01/10/2026 Jet Fuel Gasoil crack Brent
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• The waiver, which is valid until the end of 2026, allows us to deviate from the hedging levels defined in the risk management policy • At the end of September, the hedging ratio for the fourth quarter was 73% and the average price was 757USD/tonne. The hedging ratio for the first quarter of 2027 is 58% at an average price of 754USD/tonne • Fuel availability has remained stable, and we have not observed disruptions to our operations • The high fuel price and the uncertainty related to its development are expected to make it difficult to increase fuel hedging for 2027 Fuel hedging ratio Fuel hedging ratio at a good level through year- end, then declines in 2027 Q4 2026 Q1 2027 73% 58% 10 Q2 2027 Q3 2027 Q4 2027 38% 13% 26% 757 USD 754 USD 763 USD 798 USD 738 USD
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Unflown ticket liability Gross capital expenditure* 11 Capital structure Cash funds of 1,348 M€ - strong cash flow and cash funds support the systematic execution of our strategy and is key for financing investments 27 50 52 0 100 200 300 400 0 50 100 150 27 50 52 0 100 200 300 400 0 50 100 150 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross capital expenditure, last 12 months Gross capital expenditure 0 10 20 30 40 50 0 10 20 30 40 50 0.0 0.5 1.0 1.5 2.0 2.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.8 2.1 0.6 Cash to sales, last 12 months, % Interest-bearing net debt / Comparable EBITDA * Gross capital expenditure has been restated to include investments in the fleet and other fixed assets in the Group's cash flow statement. Previously, it included capitalised fixed assets as well as new contracts, reassessments, and modifications related to right-of-use assets. 550 595 725 0 200 400 600 800 550 595 725 0 200 400 600 800 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +22%M€ M€ %M€
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# number of aircraft (average age) Fleet renewal advances in line with strategy Finnair’s fleet 30 September 2026 Announced additions 13 15 7 12 14 18 25 29 25 Regional aircraft Narrow-body aircraft Wide-body aircraft Airbus A330 (17 years) Airbus A350 (9 years) Airbus A319/ A320 (25 years) Airbus A321 (12 years) ATR (16 years) Embraer E190 (18 years) Two A330 aircraft are temporarily dry-leased out New aircraft 1 x A350 18-46 x Embraer E195-E2 Used aircraft ≤12 x A320/321ceo 1 x ATR-72-600 12
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Outlook and guidance 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. 13
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Questions?
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Thank you. 15 Contact us: Finnair Investor Relations investor.relations@finnair.com
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16 Appendices
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Comparable operating result increased thanks to higher revenue Comparable operating result, M€ 17 Capacity rents Aircraft materials and overhaul Traffic charges Sales, marketing and distribution costs Passenger and handling services Property, IT and other expenses Depreciation 51 118 -6 -16 -34 -7 1 Q3 2026 -5 -11 -5 3 84 Q3 2025 Revenue Other operating income Staff and other crew related costs Fuel costs -5 +33 • Operating expenses 887.1 M€ • Capacity +1.6% • Revenue +14.2% • Operating expenses +9.8% • Operating expenses excluding fuel +7.8%
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Revenue by product, M€ • Market demand remained strong throughout the quarter and continued to outpace Finnair's capacity growth; disruption to air traffic in the Middle East reduced market capacity, particularly in Europe–Asia transfer traffic, supporting higher load factors, improved yields and positive unit revenue development • Ancillary revenue increased, supported by a higher number of passengers, enhanced dynamic pricing and tiered baggage pricing • Cargo revenue increased due to strong cargo volume development and elevated yields, particularly for cargo from Asia • Travel services’ revenue was supported by an increase in the load factor of allotment-based production, while uncertainty in the operating environment continued to affect the business 18 Revenue increased in all products 663 56 49 67 Q3 2025 750 65 66 73 Q3 2026 835 953 +14% Passenger revenue Ancillary revenue Cargo Travel services
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Passenger revenue, M€ Other revenue, M€ 19 Growth in passenger revenue was supported by the reduction in market capacity 56 49 67 Q3 2025 Ancillary revenue Cargo Travel services 65 66 73 Q3 2026 172 9 17 5 204 +18% Ancillary revenue Cargo Travel services Asia North Atlantic Europe Middle East Domestic Unallo- cated Q3 2026 663 29 18 46 -13 3 5 750 Q3 2025 +13%
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Fuel costs, M€ Q3 2025 Volume Price Price hedging Currency incl. hedging Costs related to environmental regulation Q3 2026 234 3 124 -95 -6 8 268 +34 • Higher capacity increased fuel costs slightly • The US dollar-denominated fuel price increased significantly, but currency changes and especially hedging results limited the impact • Costs related to environmental regulation, i.e. sustainable aviation fuel blending obligation and emissions trading scheme, increased 20 Fuel costs increased due to higher fuel price and environmental costs as well as increased capacity Comparable figures where applicable ~23 M€
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Operating cash flow and cash funds at a strong level Cash funds, M€ • Operating cash flow increased supported by strong EBITDA and ticket sales intake 21 EBITDA Changes in working capital Other operating cash flow Invest- ments Loan and lease repayments Other cash flow Cash funds Q3 2026 1,252 167 10 -1 -52 -37 8 1,348 Cash funds Q2 2026 +96 Operating cash flow 176 M€ (64) Comparable figures where applicable
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• Equity ratio improved thanks to higher equity • Gearing declined significantly, primarily due to higher equity and cash funds Equity ratio % 22 Gearing % Equity ratio and gearing improved Q3 2025 Q4 2025 Q3 2026 17.7 17.3 24.7 7.0 pp Q3 2025 Q4 2025 Q3 2026 133.4 116.3 32.5 -100.9 pp
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• Great circle distance (GCKM) based figures do not reflect the longer Asian routings caused by the closure of Russian airspace • GCKM-based figures are not comparable to figures prior to the airspace closure • Impact on Finnair is greater than on competitors Q3 2026 available seat kilometres (ASK), M. 23 Standard capacity calculation does not reflect longer routings to Asia 10,642 GCKM based Flown distance based 3,866 GCKM based Flown distance based ~15% ~35% Total traffic Asian traffic
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24 Comparable income statement M€ Q3 2026 Q3 2025 Change % Q1–Q3 2026 Q1–Q3 2025 Change % Revenue 953.2 834.9 14.2 2,648.0 2,316.7 14.3 Other operating income 17.8 23.9 -25.4 71.2 74.9 -5.0 Operating expenses Staff and other crew related costs -150.6 -134.2 -12.2 -450.5 -406.1 -10.9 Fuel costs -267.9 -233.9 -14.5 -731.7 -674.8 -8.4 Capacity rents -41.8 -34.9 -19.8 -115.7 -109.1 -6.1 Aircraft materials and overhaul -51.7 -52.6 1.7 -165.3 -175.6 5.9 Traffic charges -88.9 -84.1 -5.6 -253.4 -240.8 -5.2 Sales, marketing and distribution costs -36.5 -31.1 -17.3 -107.5 -97.7 -10.0 Passenger and handling services -133.7 -123.1 -8.6 -378.3 -348.6 -8.5 Property, IT and other expenses -32.6 -27.2 -19.9 -101.4 -81.0 -25.3 Comparable EBITDA 167.5 137.7 21.6 415.4 258.0 61.0 Depreciation -83.5 -86.9 4.0 -253.6 -259.5 2.3 Comparable operating result 84.0 50.7 65.5 161.8 -1.5 >200 Items affecting comparability 2.2 1.3 61.6 14.6 19.4 -24.9 Operating result 86.2 52.1 65.4 176.4 17.9 >200 Financial income 7.6 5.1 48.7 22.4 18.0 24.5 Financial expenses -19.8 -18.0 -10.0 -60.9 -62.8 3.1 Exchange rate gains and losses -0.7 0.3 <-200 -3.8 17.0 -122.5 Share of results of associates and joint ventures 0.5 - - 1.3 - - Profit before taxes 73.8 39.5 86.8 135.4 -10.0 >200 Income taxes -14.7 -9.0 -63.0 -27.1 2.1 <-200 Result for the period 59.1 30.5 93.8 108.3 -7.9 >200