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Finnair publishes additional financial targets and brings forward the release of its Q3 2023 interim report

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Finnair Plc                    Stock Exchange Release           6 October 2023 at 8.00 a.m. EEST

Finnair publishes additional key long-term financial targets and announces that it will bring forward the release date of its Interim Report for January – September 2023 in connection with the planned rights issue.

Additional long-term financial targets

Finnair has set additional key long-term financial targets that it seeks to achieve over time. Finnair seeks to achieve a comparable operating profit margin of 6 per cent by the end of 2025, as previously announced. In addition, Finnair seeks to achieve 1-2x net debt to comparable EBITDA by the end of 2025 and to reinstate the company’s ability for shareholder distributions from 2025 onwards.

The company’s long-term targets are:

  • Comparable operating profit margin of 6 per cent by the end of 2025;
  • 1-2x net debt to comparable EBITDA by the end of 2025;
  • Reinstate the company’s ability for shareholder distributions from 2025 onwards (based on 2024 earnings); and
  • Carbon neutrality by 2045.

The company’s long-term financial targets are based on the following key assumptions: The company’s overall capacity, measured in Available Seat Kilometres (ASK), would increase by more than 15 per cent from 2023 to 2025; the company’s maintenance capex would amount to EUR 80–100 million annually; the company would be able to utilise EUR 190 million of the recognised deferred tax assets, which would limit the corporate tax payable over the medium term; and the company would maintain cash to sales ratio of 30 per cent over time (calculated as cash and cash equivalents plus other financial assets, divided by revenue for the last 12 months).

Change in Finnair’s Interim Report for January – September 2023 release date

Finnair amends its 2023 financial reporting schedule for its Interim Report for January – September 2023 by bringing forward its release date as a result of Finnair’s planned rights issue, announced on 6 October 2023. Finnair will publish its Interim Report for January – September on 24 October 2023 at 9.00 a.m. EEST (previously 31 October 2023 at 9.00 a.m. EET).

FINNAIR PLC

Further information:
Finnair communications, 358 9 818 4020, comms@finnair.com

Distribution:
NASDAQ OMX Helsinki
Principal media

Finnair is a network airline, specialising in connecting passenger and cargo traffic between Asia, North America and Europe. Finnair is one of the oldest operating airlines in the world, celebrating its centenary in 2023. Sustainability is at the heart of everything we do – Finnair intends to reach carbon neutrality latest by the end of 2045. Customers have chosen Finnair as the Best Airline in Northern Europe in the Skytrax Awards for 13 times in a row. Finnair is a member of the oneworld alliance. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange. 

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