2017 A year of strong growth Finnair Q4 and FY 2017 result

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1 2017 A year of strong growth Finnair Q4 and FY 2017 result Pekka Vauramo 1

2 A record Q4 concluded a strong year 2017 Comparable operating result at record level, 22.9 million euro (Q4 2016: 1.6) Fastest growth in Finnair history, ASK +17% Four new long-haul routes opened Added capacity to Lapland Passenger revenue +12%, ancillary sales +17% Almost 3 million passengers, up +14% Cargo revenue up +24% Travel services revenue up +14%, Aurinkomatkat Suntours is the market leader 2

3 Favourable market environment also challenges towards the year end Demand for flights between Asia and Europe increased across the Finnair network to almost every destination. Strong demand from Japan. Lapland was again the #1 destination for Finnair s Chinese customers in the winter season. The air cargo market continued to grow, and cargo load factors and yields increased. Severe winter and wind condictions and overtime ban by IAU affected Finnair traffic in December. Industry consolidation continues in Europe. 3

4 Q4: Comparable operating result has improved for 13 consecutive quarters Comparable operating result, 12 months rolling Revenue M +13 % (569.9 M *) NPS 45 (43*) Comparable operating result 22.9 M >200 % (1.6 M *) RASK -3.4 % CASK -6.6 % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Comparable operating result, % of revenue -2.1% -1.6% -1.4% -1.1% 0.6% 1.1% 1.6% 2.3% 2.3% 2.4% 2.6% 4.0% 6.0% 6.6% 4 4 * Q NPS = Net Promoter Score.

5 Q4 revenue and capacity increased across all areas, passenger load factor improved in total traffic Revenue, M Capacity (ASK), M km Passenger Load Factor, % Asia North- Atlantic Europe Domestic Asia North- Atlantic Europe Domestic Asia North Atlantic Europe Domestic Total 5 Asia +19.8% North-Atlantic +22.9% Europe +13.6% Domestic +6.7% Q Q Asia +25.7% North-Atlantic +22.4% Europe +6.5% Domestic +11.0% Asia +1.7%-p North-Atlantic +2.1%-p Europe +2.5%-p Domestic -2.1%-p Total. +2.0%-p

6 Year 2017 was very successful for Finnair Revenue growth exceeded capacity growth Comparable operating result at its all-time high Record number of passengers, passenger load factor improved % % % -1.6% 1.1% 2.4% 6.6% % 7.7% 10.2% 17.0% 11.7% M M % 80.2% 80.4% 79.8% 83.3% Revenue Comparable EBITDAR, % of revenue Comparable operating result, M Number of passengers, ASK, Comparable operating result, % of revenue Passenger load factor, % 6 Finnair restructured its operations in , and divestment made during this period show in the revenue development.

7 Major steps forward in sustainability in 2017 A350 aircraft have reduced our CO2 emissions considerably: Emissions/RTK decreased by 6.7% Emissions/ ASK decreased by 3.2% Total emissions grew clearly less (+5.4%) than ATK (+9.9%). Finnair published its commitment to sustainability (Commitment 2050) and is committed to promote equality and non-discrimination in its own activities and in customer services We survey also included the questions about non-discrimination. The result was 3.98/5. Inflight videos in sign-language and more accessible booking process. 7

8 A great people experience builds a great customer experience Employee satisfaction up year-on-year Investments in wellbeing are seen in lower sickness and lower injury rates, LTIF (Lost Time Injury Frequency) 10 million euro training investment, a total of 370,000 training hours Customer experience Digital competencies Leadership Finnair recruited 1,000 new employees in 2017, and has recruited a total of new employees since beginning of 2016 Personnel was rewarded for Finnair turnaround with up to 2,000 special reward 6.7 million to Finnair s personnel fund 8

9 Positive developments in customer experience NPS 47 in 2017 Investments into personal service NPS 47 for the full year 2017 (43 in 2016), high point of 52 in Q updates Services and meals targeted at families with children New menus on board Ancillary products, such as Seat & meal New elements in long-haul business class Wi-Fi for European Airbus fleet 9

10 10 Finnair equips all personnel with iphones during 2018 Digital developments support growth Digital channels generate 24% of ticket sales, up +18% year-on-year 30% of ancillary sales through digital channels Our webstore had on average 1.8 million monthly visitors in 2017, up +17% year-on-year 210,000 active users for Finnair mobile app New sales channels and mobile payments: WeChat Finnair flagship stores on partner platforms (Alitrip, JD.com) Alipay, WeChatPay, ApplePay Digitools for personnel SkyPay Mobile apps in Technical Services iphones and apps for Finnair personnel

11 2018/2019: more flights than ever before New long-haul routes W17/18 More Asian traffic Summer 2018 new Summer 2018 destinations additions Winter 2018/2019 Goa, India Puerto Vallarta, Mexico Puerto Plata, Dominican republic Havana, Cuba Nanjing three times a week as of May 2018, year-round destination 38 weekly frequencies to both China and Japan. 97 weekly flights to Asia in summer 2018 Stuttgart, Lisbon, Bergen and Tromsø Berlin, Tallinn, Moscow, Gdansk, Edinburgh, Barcelona, Madrid, Reykjavik Tokyo, Bangkok, Delhi Chicago, San Francisco Kuusamo Over 230 new flights to Lapland Non-stop flights to Lapland from Paris, London, Zürich Additional frequencies to Hongkong, Osaka, Phuket New W17/18 destinations continue 11

12 Share price development past 12 months (15 Feb Feb 2018) Closing 14 Feb euros, Market cap 1, million euros 12

13 Strategy The growth plan and the four previous focus areas were reviewed and confirmed: Growth Customer Experience People Experience Transformation Doubling of Asian traffic in 2018 versus 2010 (two years ahead of original schedule) Doubling of ancillary revenues in 2020 versus 2016 New target for the number of passengers, 20 million in 2030 Financial targets unchanged: EBIT margin 6% over cycle EBITDAR margin minimum of 17% over cycle Adjusted gearing maximum of 175% Return on capital employed (ROCE) minimum of 7% 13

14 Dividend proposal The Board of Directors proposes to the Annual general Meeting that a dividend of 0.30 euros per share be distributed for EPS 1.23 euros in 2017 (0.55). Annual General Meeting 2018 will be held in Helsinki on 20 March

15 Outlook Global airline traffic is expected to grow strongly in Finnair expects increased competition as existing and new operators increase capacity, particularly on routes linking Europe with Asia and with North America. Finnair plans on increasing its capacity by more than 15 per cent in 2018, with most of this growth coming in the first half of the year. Passenger volume is expected to grow broadly in line with capacity while revenue growth is expected to be slightly lower. In line with its disclosure policy, Finnair will issue guidance on its full year comparable operating result as part of its half-year report in July. 15

16 Finance CFO Pekka Vähähyyppä 16

17 Q4: Good performance in all areas was reflected in revenue growth and improved comparable operating result Comparable revenue* % 645 Comparable operating result 1,300% 23 Capacity and traffic ASK, mill. 10,000 9,607 3,500 8,000 6,000 4,000 8, % 6,420 PLF 78.3% 7,718 PLF 80.3% Pax, mill. 3,000 2,500 2,000 1,500 Q Q Q Q ,000 0 Q Q , Passenger revenue Ancillary sales Cargo Travel services Q4 comparable operating result over 10 times higher than in 2016 Capacity (ASK) Traffic (RPK) Passengers 17 * excl. SMT

18 Q4 EBIT increased by +21 M year-on-year 75.5 Passenger 53.4 Ancillary & retail 5.5 Cargo 11.0 Travel services RASK -3.4% Q4 PY Q4 FLIGHTS ASK, mill +6.7% +17.2% 28,969 8,194 9,607 27,148 Q4 PY Q4 Q4 PY Q4 1.6 EBIT Q4 PY Revenue Travel agency -1.7 Staff Fuel Maintenance Tour operator Sales& Marketing Other (NET) Passenger revenue growth was the key driver behind the improved comparable operating result Also ancillary sales, cargo revenue and travel services revenue increased EBIT Q4 Personnel costs include a 13-million euro extra reward to personnel (one-off) for enabling the turn in business Costs in other categories increased mainly as a result of the increase in fleet size and the increased operating volumes Rents Leases& depreciation Other rents declined with lower number of wet lease agreements than in 2016 PAX, 1000 Avg. fare 2 PLF, % 2,599 Q4 PY +13.7% 2,956 Q4 168 EUR / PAX Q4 PY 34.8 KG Q4 PY -1.4% +17.6% 166 EUR / PAX Q KG Q4 Q4 PY +2.0pp Ancillary REV Cargo, mill Cargo yield 12.2 EUR / PAX Q4 PY +3.2% 12.6 EUR / PAX Q EUR / KG Q4 PY +5.2% Q EUR / KG Q4 18 1) Avg. fare = Passenger revenue per revenue passengers

19 Increase in fleet size and improved result strengthened the balance sheet 2, ,049 2, ,261 2, ,271 2, ,016 2, , Adjusted interestbearing liabilities Adjusted net debt 7x aircraft leases + currency hedges -956 Cash 983 Adjusted net debt 31 Dec Sep 2017 Assets HFS 1 Cash Other assets Other fixed assets Fleet 31 Dec Dec 2017 Liabilities HFS 1 I-B debt 2 Tickets Other liabilities Provisions 30 Sep 2017 Equity 31 Dec ) HFS = Held-for-Sale, 2) I-B = Interest-bearing

20 Cash funds increased to nearly one billion euros in 2017 Operating +92.6mEUR 9.0 Change in cash flows -20.7mEUR Investing -85.6mEUR Cash funds mEUR Financing -27.7mEUR Dec Dec Cash Q3 Comparable Other EBITDA Working capital Investments Other Disposals Loan proceeds Loan payments Hybrid bond interest paid Dividend paid Cash Q4 Commercial paper, deposits and funds > 3 months Commercial paper, deposits and funds < 3 months Cash and bank deposits Cash in cash flow

21 Revenue and comparable operating result development Revenue Comparable operating result Q1 Q2 Q3 Q4-40 Q1 Q2 Q3 Q

22 Adoption of IFRS 16 Leases standard (replaces IAS 17) Finnair expects to adopt the IFRS 16 -standard from 2019 onwards, and plans to apply the full retrospective method significant impacts on Finnair financial statements and key ratios The present value of the future operating lease payments for aircraft and other lease agreements will be recognized as right-of-use -assets and interest-bearing liabilities in the balance sheet.* Lease cost is divided into depreciation of the right-of-use -asset (operating result) and interest cost for the liability (finance net). Significant impacts on following key ratios: operating result, EBITDA, cash flow from operating activities, cash flow from financing activities, interest-bearing net debt, gearing and equity ratio. INCOME STATEMENT EBIT PBT CURRENT Lease expense Finance lease depreciation Finance lease Interest expense NEW Depreciation of ALL leases Interest expense of ALL leases BALANCE SHEET ASSETS DEBT CURRENT Finance Lease Asset Finance Lease Liability NEW Right-to-use Lease Asset Lease Liability for ALL leases *Currently, future lease payments are presented in the notes as operating lease commitments at their nominal value. Based on Finnair's preliminary evaluation, service contracts that relate to the usage of airports and terminals (HEL hub) do not qualify as lease arrangements for IFRS 16 purposes. 22 OFF BS OFF-Balance sheet Operating lease commitment 22

23 THANK YOU Contact us: Finnair IR / financial communications

24 Income statement in mill. EUR Q Q Change % Change % Revenue , , Other operating income Operating expenses Staff costs Fuel costs Other rents Aircraft materials and overhaul Traffic charges Ground handling and catering expenses Expenses for tour operations Sales and marketing expenses Other expenses Comparable EBITDAR Lease payments for aircraft Depreciation and impairment Comparable operating result > 200 % > 200 % 24

25 Fuel costs increased in Q4 year-on-year, FY 2017 fuel costs below the 2016 level Jet fuel cost Q4/16 vs. Q4/17 Jet fuel cost 2016 vs meur Q4 Volume Price Currency Hedging deviation 2017Q4 meur Volume Price Currency Hedging deviation Q4/16 hedging loss 13.5 meur Q4/17 hedging profit 6.9 meur 2016 hedging loss meur 2017 hedging profit 2.1 meur 25

26 Fuel the single largest cost item in 2017 % share of operating costs, 2,475 M (2017) Fuel costs 4 % 4 % Personnel costs 6 % 19 % Leasing, maintenance, depreciation, impairment 10 % Other costs 11 % 12 % 17 % 17 % Traffic charges Ground handling and catering Other rents Tour operators Sales and marketing Fuel hedges as at 31 December % hedge ratio 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 26

27 Hedging, currencies and sensitivities 31 December 2017 Fuel sensitivities 10% change 10% change with Hedging ratio without hedging (rolling 12 months from date of financial statements) hedging H1/2018 H2/2018 Fuel EUR 54 million EUR 21 million 74% 53% Currency split % Sales currencies / Currency sensitivities USD and JPY (rolling 12 months from date of financial statements for operational cash flows) 10% change without hedging 10% change without hedging EUR USD* see below See below See below JPY EUR 19 million EUR 8 million 66% CNY KRW SEK Other Purchase currencies EUR USD* EUR 57 million EUR 21 million 67% Other Hedging ratio for operational cash flows (rolling 12 months from date of financial statements) 27 * Hedging ratio for USD basket. The sensitivity analysis assumes that the Chinese yuan and the Hong Kong dollar continue to correlate strongly with the US dollar.

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