The summer travel season is once again set to be busy, as indicated by Finnair’s recent positive profit warning and high load factors already in June. Finnair’s positioning has meant its Q2’23 RPK was still some 30% below the Q2’19 comparison figure, however we estimate continued high passenger yields and achieved cost cuts to have helped Q2 EBIT to EUR 44m (close to the EUR 47m Q2’19 figure). We estimate FY ’23 EBIT at EUR 165m, by itself a decent figure and which Finnair could well top if yields and volumes develop favorably also in H2. Volume recovery is set to continue due to Finnair’s positioning; pricing levels don’t seem to be declining any time soon, but neither may they have much further potential to advance from here on.
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