Here are Viljakainen’s comments on Finnair’s February. 
Finnair published its traffic data report for February on Thursday. The report was quite neutral overall, as a clearly higher passenger load factor than our forecasts compensated for volumes that fell short of our expectations. However, the report does not cause immediate pressure for changes to our Finnair Q1 forecasts.
Here’s a nice comparison of airlines, I thought those following this thread might be interested.
https://x.com/ConsensusGurus/status/1901784686868738287
A noteworthy aspect of Finnair’s Q1 results is the labor disputes, which are still ongoing.
On its website, Finnair currently states that the average processing time for compensation for canceled or delayed flights is 2-6 weeks. The undersigned has been waiting for compensation for the ninth week, which indicates a clear backlog in compensation processing.
According to page 33 of Finnair’s 2024 annual report, these actions have a significant impact on the result, as they have stated:
“Strikes and other industrial actions in Finland and elsewhere, depending on their timing, duration, and scope, may significantly affect Finnair’s operations and results.”
and on page 36
“In January 2025, the estimated negative impact of industrial actions on comparable operating profit was approximately 5 million euros.”
Despite these issues, the stock price has continued to rise in recent months.
Finnair’s passenger traffic is not directly affected by US tariffs on goods (and China’s retaliatory tariffs). Air cargo, on the other hand, depends on the global economy and world trade, so if implemented, the tariffs would likely weaken Finnair’s cargo demand. However, demand for air travel is very sensitive to consumer confidence and the economic situation, for which trade disputes are inherently negative. Conversely, the price of oil (i.e., jet fuel price) has fallen and the EUR/USD exchange rate has strengthened following Trump’s tariff announcement, at least for now, which are positive drivers for Finnair. Thus, tariffs are a very complex issue from Finnair’s perspective, considering the difficult-to-predict indirect overall effects, but at least at this stage, the overall picture, in my opinion, turns negative for Finnair (as well).
Finnair will next publish traffic data on Tuesday. European traffic competitor Norwegian published its March traffic report today. Capacity and sold volume grew, but passenger load factor and unit revenues softened. Of course, the timing of the Easter travel season (this year April vs. last year March) is distorting the comparison, and the same is likely to be seen in Finnair’s traffic figures for both March and April.
“Absolutely Genius Finnair”
Interesting video about Finnair. 
Here are Viljakainen’s comments on Finnair from March.
Finnair published its traffic data report for March on Tuesday, which was weaker than our forecasts for practically all group-level passenger traffic parameters. The somewhat subdued development compared to the reference period is partly explained by industrial actions leading to flight cancellations and the timing of Easter in April this year. Finnair will publish its Q1 report on April 29.
Viljakainen has written a pre-company report, as Finnair will publish its Q1 report next week on Tuesday.
We have lowered our Finnair Q1 forecasts due to recent traffic data being slightly softer than our expectations. We estimate the company’s operating result to have fallen below comparative figures in Q1. We expect Finnair to reiterate its guidance, although regarding capacity and revenue growth, we see downside risks associated with it following recent news flow. However, we are not making changes to our view on Finnair before the Q1 report, as the stock’s valuation is, in our opinion, quite neutral.
No one has even wanted to share Finnair’s Q1 result here, the market didn’t like it: Finnair-konsernin osavuosikatsaus 1.1.-31.3.2025 - Inderes
January-March 2025
Revenue grew by 1.9% to EUR 694.2 million (681.5).
Comparable operating result was EUR -62.6 million (-11.6). Industrial action weakened the comparable operating result by approximately EUR 22 million.
Operating result was EUR -53.4 million (-17.2).
Earnings per share was EUR -0.25 (-0.15).
Net cash flow from operating activities, i.e., operating cash flow, was EUR 192.1 million (138.9) and net cash flow from investing activities was EUR -57.2 million (-25.9)*.
Number of passengers grew by 2.6% to 2.6 million (2.6**).
Available seat kilometers (ASK) grew by 2.3% to 9,126.4 million kilometers (8,922.9). When aircraft wet leases are included, capacity grew by 1.6%.
Passenger load factor (PLF) increased by 1.6 percentage points to 73.8% (72.1).
@Tomi_Valkeajarvi interviewed Finnair’s CEO Turkka Kuusisto.
Topics:
00:00 Introduction
00:10 A difficult start to the year
01:54 Customer satisfaction
03:02 Impact of industrial action on the Qantas agreement
03:44 Guidance
04:48 Demand for USA flights
05:28 Finns’ travel intentions for the summer
06:02 Slight decrease in ticket prices
06:48 Biofuel blending mandate
07:24 Focus areas for spring and summer
Thanks to @Sijoittaja-alokas for the link and @Tomi_Valkeajarvi for the good interview!
Antti has prepared a company report on Finnair.
Finnair’s start to the year was very difficult and heavy due to pilot industrial action and the rise in several cost items, with the Q1 loss practically ruining the current year’s result. We significantly cut our forecasts for the current year and the coming years, especially in relation to industrial action and recently increased macro risks. In addition, we slightly raised our required rate of return related to the latter factor. In our view, Finnair’s expected return remains below the required rate of return over a one-year horizon.
Quoted from the report:
Debt level is below the company’s target level
Finnair’s cash at the end of Q1 was a solid 0.9 billion euros, which is sufficient for operating the business. The company’s net debt/EBITDA ratio remained below the target at 1.9x (vs. target below 2x). Thus, in our opinion, the company’s financial position is reasonable, and the balance sheet has not significantly increased the share’s risk level since the Q4’23 rights issue.
Jussi Halme has made a good video about Finnair.
Finnair’s early 2025 made for chilling reading: an operating loss of 62.6 million euros, a 17% collapse in share price, and the effects of industrial action extending far into the future. In this video, I go through the harsh figures of Finnair’s Q1 results, analyze the underlying problems – and assess whether the company still has hope of recovering from the crisis. Is it temporary turbulence – or is Finnair’s plane already heading for an uncontrolled dive?
Post-Vappu greetings from Finnair! The Q1 results day and the day after were spent by yours truly on a sickbed, so this blog update is coming a bit late. But better late than never, right?
The latest blog post still provides a recap of the key messages from the results report, as well as answers to, for example, what constituted the negative impact on results caused by industrial action and what is behind the increased navigation and landing fees.
Have a nice weekend!
Somehow, this doesn’t seem like a very functional concept 
Good morning from Finnair! April traffic figures are now public. Revenue Passenger Kilometers increased by 10.5% as capacity grew by 5.9%. Thus, the passenger load factor increased by 3.1 percentage points. The figures were supported by Easter falling in April this year, although industrial actions continued to hamper operations.
Additionally, as good news, the Finnish Air Line Pilots’ Association announced yesterday that it is suspending all its industrial actions for the time being.
Norwegianin Huhtikuun liikenetiedot (7.5.2025): Norwegian Group had 2.3 million passengers in April | Norwegian
Viljakainen has written about a slightly busier April than expected.
Not exactly comparables for the company in this thread, but perhaps of interest here.
https://x.com/ConsensusGurus/status/1921207763050320213
CEO Turkka Kuusisto was talking about his company as an investment target at today’s Investor Days.
