The following is a summary of the Finnair Oyj (FNNNF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Finnair reported a slight drop in revenue of 1.9% YoY due to strikes and lower load factor.

• Comparable EBIT and net result were reported at -€12 million and -€30 million respectively.

• Despite a capacity increase of 4.4%, operating expenses were equivalent to the previous year.

• Ancillary revenue saw a promising increase by 13%.

• The quarter ended with a strong cash position of €981 million, an equity ratio of 177%, and operating cash flow of €139 million, primarily driven by ticket sales for the summer.

Business Progress:

• Finnair has modified its capacity guidance to approximately 10% from more than 10%.

• The airline expanded its network by adding new destinations such as Wroclaw, Poland, Tartu, Estonia, and Nagoya, Japan.

• High load factors were reported, especially for the route to Thailand, with an overall load factor of 72% for the quarter.

• A Net Promoter Score of 34 indicates high customer satisfaction.

• Strategic partnerships have been announced, including leasing a second aircraft to Qantas and operating narrow-body aircraft with British Airways.

• Finnair has controlled costs effectively and seen revenue growth from existing assets.

• As a part of their path towards carbon neutrality, Finnair submitted climate target validation to the Science Based Targets Initiative.

• Improvements have been made to the Finnair Plus program which is a part of their strategic initiative, opening up possibilities for future prospects.

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