Q Fast growth continued, Comparable operating result at record high levels Pekka Vauramo

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1 2018 Fast growth continued, Comparable operating result at record high levels Pekka Vauramo 2

2 A good - Comparable operating result increased to new seasonal high Revenue Comparable operating result Passengers NPS 715 M +12.9% 47.9 M +27.6% 3.5 mill +12.6% NPS = Net Promoter Score

3 Comparable operating result has improved for 15 consecutive quarters M Comparable operating result, 12 months rolling Q Q Q Q Q Q Q Q Q Q Q Q % of revenue

4 Our capacity grew twice as fast as the market Passenger load factory remained at a good level Passenger records in May and June Ancillary sales and cargo grew, but slower than expected Travel services developed well 5

5 Revenue increased in all market areas Revenue, M Capacity (ASK), Mill. km Passenger Load Factor, % Asia Unallocated North- Atlantic Europe Domestic Asia North- Atlantic Europe Domestic Asia North- Atlantic Europe Domestic Total Asia +14.6% North-Atlantic +16.4% Europe +6.0% Domestic +1.9% Unallocated % Asia +24.1% North-Atlantic +15.2% Europe +11.9% Domestic +10.3% 2017 Asia -1.6%-p North-Atlantic +2.3%-p Europe -1.9%-p Domestic +0.6%-p Total -1.2%-p

6 Business environment changes continuously Demand for air traffic continued to increase. IATA forecasts growth for 2018.* Market growth in Finnair s traffic areas in Asia and Europe faster than in the comparison period. The price of jet fuel has increased significantly. Strong movements in currencies. Consolidation in Europe continues. Capacity grew with a record high pace and the operating result reached a new record level 7 *IATA Economics using data from ICAO. IMF World Economic Outlook and IATA forecasts.

7 Transformation continues Business-class service renewal Future Travel Experience reward from ancillaries Applications that make it easier for employees to work New software for pilots saves fuel and reduces CO2 emissions (PACE) Finnair mobile app active user count increased by +62% Finnair-mobile app has already over a quarter million users 8

8 Outlook Global airline traffic continues to grow strongly in the second half of Finnair expects increased competition as existing and new operators increase capacity, particularly on routes linking Europe with Asia and North America. Finnair estimates that its capacity increases by more than 15 per cent in Passenger volume is expected to grow broadly in line with capacity while revenue growth is expected to be slightly lower. The substantial increase in the price of jet fuel will impact Finnair s result especially in the second half of Finnair estimates that its comparable operating result in 2018 will be broadly at the previous year s level (2017: million euros), if current fuel prices and exchange rates prevail and assuming no material changes in business environment. 9

9 Finance CFO Pekka Vähähyyppä 10

10 Revenue and comparable operating result improved from last year Revenue Comparable operating result Capacity and traffic % M ASK. mill. 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, , % 7,616 PLF 83.7% 10,719 8,847 PLF 82.5% 2018 Pax. mill. 4,000 3,500 3,000 2,500 2,000 1,500 1, Passenger revenue Ancillary sales Cargo Travel services Comparable operating result improved compared to /2017 Capacity (ASK) Traffic (RPK) Passengers

11 Comparable operating result improved by 10 M 37.5 PY EBIT 81.7 Revenue -8.9 Passenger 68.0 Ancillary& retail 4.3 Cargo 2.2 Travel services 7.1 Staff Fuel 13.3 Maintenance Operating expenses excluding fuel % (ASKs +17.9%) -9.6 Traffic charges Fuel costs. including hedging results and emissions trading cost % Unit costs CASK -5.0%. CASK ex fuel at constant currency -9.9% -4.3 Ground handling -4.9 Tour operator Other exp Leases& depreciation Other (NET) EBIT 6.96 PY 3,070 PY 11.8 EUR / PAX PY RASK FLIGHTS ASK, mill -4.2% +12.6% -0.6% , EUR / PAX 29,001 PY 166 EUR / PAX PY 40.3 KG PY +10.7% +0.7% -0.5% 32, EUR / PAX 40.1 KG 9,095 PY 83.7 PY 1.23 EUR / KG PY +17.9% -1.2pp +4.9% 10,719 PAX, 1000 Avg, fare 1 PLF, % 82.5 Ancillary REV Cargo, mill Cargo yield 1.29 EUR / KG 12 1) Avg. fare = Passenger revenue per revenue passengers.

12 Higher price of jet fuel and Finnair s growing volumes increased fuel costs in Fuel costs /17 vs. /18 Fuel hedges 30 June 2018 meur Volume Price Currency Hedging deviation % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% hedge ratio Q1/17 hedging loss 1.7 M Q1/18 hedging gain 22.2 M 13

13 Revenue increased as a result of favourable development of Asian and European traffic 2018 Passenger revenue vs. 2017, M 2018 Other revenue vs. 2017, M PY ASK PLF (load) FX Yield, mix, other PY Asia Atlantic Europe Domestic Unallocated PY Ancillary Cargo Travel services Ancillary Cargo Travel services 14

14 Strong balance sheet ,000-1,500-1, Adjusted interest-bearing liabilities Adjusted net debt 7x aircraft leases + currency hedges --1,048 Cash 1,119 Adjusted net debt Assets HFS Cash Other assets Other fixed assets Fleet Liabilities HFS I-B debt Tickets Other liabilities Provisions Equity Equity ratio 33.9% Adjusted gearing 60.7% 15 1) HFS = Held-for-Sale. 2) I-B = Interest-bearing

15 Growing sales and results support financing of fleet investments Change in cash flows M Cash funds M Operating mEUR Investing -32.8mEUR Financing -52.7mEUR , Cash Q1 EBITDA Working capital Other Investments Other Disposals Loan Dividend payments paid Cash 31 Mar Jun 2018 Commercial paper, deposits and funds > 3 months Commercial paper, deposits and funds < 3 months 16 Cash and bank deposits Cash in cash flow

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

17 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. 18 OFF BS OFF-Balance sheet Operating lease commitment 18

18 THANK YOU Contact us: Finnair IR / financial communications

19 Income statement in mill. EUR Change % H H LTM 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

20 Fuel the single largest cost item in /2018 Share of operating costs %, 685 M 5 % 3 %3 % 21 % Fuel costs 6 % Staff costs Other expenses 9 % Traffic charges Leasing, depreciation and impairment Ground handling and catering expenses 17 % Other rents 12 % Aircraft materials and overhaul Expenses for tour operations 11 % 13 % Sales and marketing expenses 21

21 Hedging currencies and sensitivities 30 June 2018 Fuel sensitivities 10% change 10% change. taking Hedging ratio (rolling 12 months from date of financial statements) without hedging hedging into account H1/2018 H1/2019 Fuel EUR 66 million EUR 29 million 72% 57% Currency distribution % Sales currencies Currency sensitivities USD and JPY (rolling 12 months from date of financial statements for operational cash flows) 10% change without hedging EUR % change. taking hedging into account Hedging ratio for operational cash flows (rolling next 12 months) USD* see below see below see below JPY EUR 26m EUR 12m 68% CNY KRW SEK Other Purchase currencies EUR USD* EUR 71m EUR 27m 67% Other * 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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