The following is a summary of the Finnair Oyj (FNNNF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Finnair's Q2 revenue increased by 2% year-over-year, primarily driven by growth in cargo business and successful implementation of ancillary sales.

• Declining unit revenue and yields by 4% led to a decreased comparable EBIT, amounting to close to EUR44 million versus EUR66 million a year ago.

• Operating cash flow remained strong at EUR173 million, supporting a robust balance sheet.

Business Progress:

• Increased capacity by 6% due to reintegrating four narrowbody aircraft previously on wet leases.

• Finalized a EUR200 million investment project for widebody fleet cabin renewal.

• Opened a new Schengen lounge at Helsinki Airport, enhancing launch capacity and customer experience.

• Repaid the pension premium loan in advance, concluding pandemic-era financing instruments.

Opportunities:

• Continuation of global air traffic growth expected in 2024.

• Finnair to increase capacity by approximately 10% during 2024, including through wet lease arrangements.

Risks:

• Normalization of the market could impact yields and load factors, particularly in European and domestic traffic.

• Protracted high fuel prices and uncertainty from geopolitical conflicts pose financial risks.

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