Outlook and guidance

OUTLOOK ON 11 FEBRUARY 2026

Global air traffic is expected to continue to grow in 2026. Finnair plans to increase its total capacity, measured by ASKs, by approximately 5% in 2026. The capacity estimate includes the agreed wet leases. Supported by an improving macroeconomic situation, including a rise in purchasing power among consumers, demand for air travel is anticipated to strengthen in Finnair’s key markets.

However, international conflicts, global political instability and the threat of trade wars cause uncertainty in the operating environment. The increase in costs related to environmental regulation continues to burden Finnair’s profitability during the year, although current fuel prices offset the impact.

GUIDANCE ON 11 FEBRUARY 2026

Finnair estimates its revenue to be 3.3–3.4 billion euros and comparable operating result to be 120–190 million euros in 2026.

SENSITIVITIES TO FUEL PRICES AND EXCHANGE RATES

Finnair's comparable operating result is sensitive to fuel prices and exchange rates. A 10% change in fuel prices would have an impact of 34 million euros on the annual comparable operating result, taking hedges into account. A 10% change in the US dollar against the euro, on the other hand, would have an impact of 31 million euros on the annual comparable operating result, taking hedges into account. The sensitivities are determined on a rolling basis for the 12 months following the end of 2025.