A noticeable rise in both passenger load factor and unit revenue – fuel hedging ratio 82% for Q2
In March, Finnair carried 1,015,500 passengers, which was 10.8% more than in March 2025, when the number of passengers was limited by capacity reductions following industrial action. Passenger numbers grew significantly in Asian and European traffic and slightly also in Domestic traffic, while declining slightly in North Atlantic traffic. In Middle Eastern traffic, the number of passengers dropped sharply, as flights to and from Doha and Dubai were suspended on 28 February due to the heightened safety situation in the region.
Overall capacity, measured in available seat kilometres (ASK), increased by 2.3%. In the comparison period, capacity was limited by industrial action. In March 2026, capacity grew significantly in Asian traffic, clearly in European traffic and slightly also in Domestic traffic. In addition to the end of the industrial action that burdened the comparison period, the capacity increase was primarily driven by added frequencies to Osaka, Tokyo and Hong Kong. Capacity in North Atlantic traffic declined clearly due to fewer frequencies to Dallas and Los Angeles. In Middle Eastern traffic, capacity experienced a significant decline. Including wet lease outs, overall capacity increased by 3.9%.
Finnair's traffic, measured in revenue passenger kilometres (RPK), increased by 15.7%, supported by lower market capacity due to the conflict in the Middle East. RPKs saw growth in Asian, European and Domestic traffic, while declining in Middle Eastern and North Atlantic traffic.
Passenger load factor (PLF) improved by 9.5% points to 82.4%. PLF improved across traffic areas, except for Middle Eastern traffic.
Revenue per available seat kilometre (RASK) increased by 21.4%, supported by an improved passenger load factor.
Total cargo tonnes declined by 4.8%, driven by a sharp decline in the Middle East. Revenue cargo tonne kilometres declined by 4.1%.
In March, 89.5% of all Finnair flights arrived on schedule compared to 85.8% in the comparison period.
Jet fuel prices have increased significantly since the escalation of the conflict in the Middle East at the end of February. At the end of March, Finnair’s fuel hedging ratio was 82% for Q2 and averaged 69% for April–December 2026.
Source: www.company.finnair.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein