Finnair: Gulf carrier windfall gains deliver super strong 2Q, as expected. Pace of revenue fade in focus.

Research evidence excerpt

Finnair: Gulf carrier windfall gains deliver super strong 2Q, as expected. Pace of revenue fade in focus.

Equity Research

European Transportation

22 July 2026

Finnair

Gulf carrier windfall gains deliver

super strong 2Q, as expected. Pace First Look

FIA1S.HE/FIA1S FH UNDERWEIGHTof revenue fade in focus.

European Transportation NEUTRAL

Strong 2Q result YoY but underlying EBIT misses company Price Target EUR 4.00

consensus by 7%, FY revenue range up despite a lower Price (21-Jul-26) EUR 4.84

capacity guide, but EBIT guide range unchanged. Consensus PotentialSource: Bloomberg,Upside/DownsideBarclays Research -17.3%

sits at the top of that range. Key factor for 0900 press and

European Transportation1100 investor briefings (UK times) is the pace of the revenue

fade. Andrew+44 (0)20Lobbenberg3555 0639

andrew.lobbenberg@barclays.com

Barclays, UKView: Very strong 2Q results driven by major increases in Asian load factors could prompt some

profit taking after the strongest YTD share performance among European airlines, no change to Rahul Singh

FY EBIT guide. The 2Q profits were also excellent but slightly shy of the company consensus. +91 (0)22 6175 2529

Fuel hedging is strong for 2H26 (81% 3Q and 71% 4Q) but drops away into FY27, in common with rahul.xb.singh@barclays.com

Barclays, UKpeers. The unit revenue gains will fade from 2Q levels though the pace of the decline will be the

key focus for the imminent briefings. Estimating the implied RASK decline from company Marco Limite

guidance is complicated, despite explicit revenue and capacity guidance given the changes to +39 (0)2 6372 2582

wet lease arrangements. marco.limite@barclays.com

BBI, Milan

FY26 capacity guide slightly lower, revenue guide range up, EBIT unchanged: Finnair slightly Emilie Fung