Finnair has published its Q4 2025 results, with the Finnish airline ending the quarter and the year with a net profit. The yearly profit was down by more than half compared to 2024, as the airline struggled to contain costs and improve yields.
The carrier’s net profit for the full-year 2025 came in at €18.4 million ($21.8 million), down 50% from 2024. Q4 fared better on a year-on-year (YoY) basis with a net profit of €26.2 million ($31.1 million) compared to a loss of €8.4 million ($10.0 million) last year.
Declining fares driving down unit revenues
Finnair noted that in Q4 2025 and for the year, its unit revenue, or revenue per available seat kilometer (RASK), was down 0.8% year-on-year.
During the last quarter of the year, the airline blamed “a decline in average ticket fares,” while throughout 2025, Finnair faced lower fares, as well as “an increase in refunds, rerouting, and compensations due to industrial action, which reduced passenger revenue.”
In 2025, mostly between May and July, Finnair canceled over 1,300 flights from Helsinki Airport (HEL) due to strikes by internal and external employees, including ground handling staff at HEL.
In comparison, unit costs, cost per CASK (CASK), went up 2.3% in 2025, yet were down 2.6% in Q4 2025, while CASK, excluding fuel (CASK-ex), were 0.3% lower in Q4 2025. In 2025, ex-fuel unit costs were 5.2% higher.
Recovering revenues on flights to Asia
Split by geography, European traffic was the number one source of revenue for Finnair, with Asian flights being a close second, despite Finnair losing access to Russian airspace following Russia’s invasion of Ukraine in February 2022.
In 2025, European network revenue of €1 billion ($1.1 billion) was 4% higher YoY, while the Finnish carrier’s Asian network revenue was €888 million ($1 billion), up 14.5% YoY. In 2019, its Asian network generated €1 billion in revenue.
Finnair said that capacity growth in Asia, where the airline’s ASKs grew by 7.7%, was “supported by a favourable demand trend.”
“Finnair has continued operating to most of its Asian destinations despite routings that are up to 40% longer compared to routings used before the closure of Russian airspace in 2022.”
North Atlantic revenues were also up in 2025 compared to 2024, while Middle East and Domestic were down. The Finnish airline explained that its Middle East revenue was lower because it ended its partnership with Qatar Airways earlier in the year, which led Finnair to remove its flights from Copenhagen Airport (CPH) and Stockholm Arlanda Airport (ARN) to Doha Hamad International Airport (DOH).
Partial narrowbody fleet renewal
Finnair confirmed that the airline is “currently preparing a partial renewal of its narrowbody fleet,” which currently includes Airbus A319ceo and A320ceo aircraft, which, on average, are over 23 years old. Its A321ceos, of which it had one fewer compared to 2024, have an average age of 11 years.
“In addition, the company is considering adding used, smaller aircraft into its capacity in the near term.”
However, it currently has only a single A350-900 in its backlog, which Airbus will deliver in Q4 2026, barring any delivery delays.
Rytis Beresnevicius
