Finnair Group Interim Report 1 January 30 September 2017

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1 Finnair Group Interim Report 1 January 30 September October 2017

2 Finnair Group Interim Report 1 January 30 September 2017 The best quarter in Finnair s history; comparable operating result has already improved for 12 quarters in a row July September 2017 Revenue increased by 14.7% to million euros (640.9)*. Available seat kilometres (ASK) grew by 11.1%. Comparable operating result was million euros (65.7). Operating result was million euros (115.5). Comparable EBITDAR** was million euros (118.3). Net cash flow from operating activities was million euros (59.1), and net cash flow from investing activities was million euros (161.5).*** Unit revenue (RASK) increased by 3.3%. Unit cost (CASK) decreased by 3.5% and unit cost at constant currency excluding fuel increased by 0.2%. Ancillary and retail revenue per passenger grew by 0.8% to 11.4 euros. Earnings per share were 0.71 euros (0.66). January September 2017 Revenue increased by 10.1% to 1,923.1 million euros (1,746.9)*. Available seat kilometres (ASK) grew by 6.2%. Comparable operating result was million euros (53.5). Operating result was million euros (98.0) including sales gain on an A350 aircraft. Comparable EBITDAR** was million euros (211.0). Net cash flow from operating activities was million euros (189.2), and net cash flow from investing activities was million euros (-234.8).*** Unit revenue (RASK) increased by 3.7%. Unit cost (CASK) decreased by 1.3% and unit cost at constant currency excluding fuel increased by 1.4%. The 20-million euro cost-efficiency programme was successfully completed in full by summer. Ancillary and retail revenue per passenger grew by 5.8% to 12.0 euros. Earnings per share were 1.12 euros (0.47). * Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e. the same period last year. ** Comparable operating result + depreciation + lease payments for aircraft. *** Net cash flow from investing activities in the third quarter, includes 15 million euros of redemptions from money market funds, or divestments and maturities from other financial assets maturing after more than three months. In January September, these investments decreased in net terms by 110 million euros. These investments are part of the Group s liquidity management. Outlook unchanged Finnair estimates that in 2017 its capacity will grow approximately 9 per cent, weighted strongly towards the second half of the year. Full-year revenue is expected to grow approximately in line with capacity. Finnair expects its comparable operating result for 2017 to be in the range of million euro (2016: 55 million euro), if current fuel prices and exchange rates prevail and assuming no material changes in business environment.

3 CEO Pekka Vauramo: The strong performance in the third quarter is a result of our accelerated growth strategy adopted in the spring of well-timed capacity growth and successful network decisions show in the result. Our outstanding and dedicated people tackled the challenges related to rapid growth, and we broke records in the number of passengers, passenger load factors and customer satisfaction. The increase in revenues, nearly 15%, was driven by strong passenger demand. Passenger revenue, ancillary sales, cargo and travel services all grew at double-digit rates. Loads developed well especially in Asian and European traffic, whereas development in domestic flying was weaker than other areas and remains a concern. Our comparable operating result increased to an all-time high at approximately 119 million euros, showing improvement for the 12 th quarter in a row. The first phase in our extensive long-haul fleet renewal was completed towards the end of September, when the eleventh A350 aircraft joined the Finnair fleet. Eight additional A350s will be delivered between 2018 and I am happy to say that our balance sheet is very strong at this stage of the fleet renewal, and we are very well prepared for future investments. Our cash funds amounted to almost a billion euros at the end of September. We will continue our growth strategy and target to grow faster than our European peers in the traffic between Asia and Europe. The majority of our Asian customers will continue their journey from Helsinki to our European destinations, but we have also taken heed of the increased interest in Finland and the other Nordic countries, while making efforts to nurture this important market. In the coming winter season, we will increase our offering to Lapland by over a fifth from last winter. Finnair s future growth and business development will also be backed by about 1,000 new employees and our investments in digital development, which will provide better services and tools for our customers and personnel. Business environment Traffic continued to grow in Finnair s main markets in the third quarter of Measured in available seat kilometres, scheduled market capacity between Helsinki and Finnair s European destinations increased by 6 per cent, while direct market capacity between Finnair s Asian and European destinations grew by 4.8 per cent. Finnair s market share decreased slightly in European traffic, and increased in Asian traffic, to 5.6 per cent (5.0).* Market demand growth between Asia and Europe exceeded capacity growth in the review period. Demand for flights between Asia and Europe increased across the network to almost every destination. There was particularly strong demand from Japan to Europe, as the Japanese market demand remained strong for the peak season, which helped the growth of the market share of the Siberian Joint Business covering flights between Europe and Japan. Demand between Europe and North America was also strong, particularly from traffic originating in the US. The capacity and load factors of tour operators in Finland were at a very high level in the third quarter, reflecting unstable weather conditions. The demand growth filled all major holiday destinations, particularly Greece, Spain and Croatia. The air cargo market continued to grow during the period, particularly on routes connecting Europe and Asia. Market capacity is still growing, but the balance of supply and demand has continued to develop favourably. As a result, cargo load factors rose and yields generally began to increase. The US dollar, the most significant expense currency for Finnair after the euro, depreciated by 4.9 per cent against the euro. With regard to key income currencies, the Japanese yen was 12.4 per cent weaker against the euro than in the comparison period. The Chinese yuan depreciated by 4.9 per cent against the euro. The market price of jet fuel was 19.0 per cent higher in the third quarter than in the comparison period. Finnair hedges its fuel purchases and key foreign currency items; hence market fluctuations are not reflected directly in its result.

4 * Based on external sources (capacities on SRS Analyzer data and market shares on DDS pax estimates for July August). The basis for calculation is Finnair s non-seasonal destination cities. Financial performance Revenue in July-September 2017 Revenue in the third quarter of 2017 grew by 14.7 per cent to million euros (640.9). Passenger revenue grew faster than capacity, and the favourable demand environment was also shown as buoyant growth in ancillary and retail revenue, cargo revenue and travel services revenue. Travel agency revenue decreased to zero due to the divestment of SMT in November Unit revenue (RASK) increased by 3.3 per cent and amounted to 7.29 euro cents. The passenger load factor rose by 3.0 percentage point to 87.2 percent. Revenue by product EUR million Q3/2017 Q3/2016 Change % Passenger revenue Ancillary and retail revenue Cargo Travel services Travel agencies Total Ticket revenue and traffic data by area, Q3/2017 Ticket revenue ASK RPK PLF Traffic area EUR mill. Change % Mill. km Change % Mill. km Change % % Change %-point Asia , , North Atlantic Europe , , Domestic Unallocated Total , , Q3 passenger revenue (M ) Q3 capacity (ASKs) Q3 traffic (RPKs) 5 % 1 % 3 % 2 % 40 % 47 % 40 % 49 % 38 % 52 % 7 % 8 % 8 % Asia Europe North Atlantic Domestic Asia Europe North Atlantic Domestic Asia Europe North Atlantic Domestic Passenger traffic capacity (measured in Available Seat Kilometres (ASK)) grew by 11.1 per cent overall in the third quarter. Traffic measured in revenue passenger kilometres (RPK) grew by 15.0 per cent, while the passenger load factor (PLF) increased markedly, particularly in long-haul traffic. In Asian traffic, ASKs increased by 15.1 per cent. This reflected the introduction of A350 aircraft in Asian traffic and added frequencies on the Tokyo and Hong Kong routes. RPKs increased by 20.0 percent and the PLF rose by 3.7 per cent to 90.7 per cent. Capacity on the North Atlantic routes remained broadly unchanged (+0.3%). In

5 the summer, Finnair operated a new seasonal route to San Francisco, replacing the Miami route operated in summer RPKs increased by 10.2 per cent and the PLF rose by 8.1 percentage points to 89.3 per cent. In European traffic, ASKs grew by 9.5 per cent and RPKs increased by 11.0 per cent as the PLF rose by 1.1 percentage points to 84.0 per cent. Capacity in domestic traffic remained at the same level as in the comparison period (+0.1 per cent), but runway renovation in June at the main domestic destination, Oulu, and subsequent traffic restrictions in August were reflected as a decline in traffic. Traffic decreased by 4.0 per cent and the PLF declined by 2.8 percentage point to 65.7 per cent. Ancillary and retail revenue increased by 10.5 per cent and amounted to 37.4 million euros, or 11.4 euros per passenger. Growth was particularly strong in advance seat reservations and travel class upgrades. Available cargo tonne kilometres increased by 12.3 per cent, whereas revenue cargo tonne kilometres increased by 16.3 per cent reflecting a higher cargo load factor. Average cargo yields decreased by 2.3 per cent year on year. Cargo revenue increased by 13.6 per cent, amounting to 51.6 million euros. In Finnair s travel services (Aurinkomatkat Suntours) in the third quarter, the number of travellers increased by 7,7 per cent, and the load factor in Suntours fixed seat allotment was 98 per cent. Revenue increased by 15.8 per cent to 48.7 million euros (42.0). The reduction in travel agencies revenue to zero is attributable to the divestment of SMT, completed in November Cost development and result July-September 2017 Finnair s operating expenses in the third quarter increased by 7.3 per cent to million euros (591.4). Unit cost (CASK) decreased by 3.5 per cent and totalled 6.11 euro cents (6.33). CASK ex fuel at constant currency increased by 0.2 per cent. Q3 split of operating costs ( 635 mn in total) 4 % 3 % Staff 6 % 20 % Fuel Leasing, maintenance, depreciation & impairment 10 % Traffic charges 11 % 18 % Other costs Groundhandling & catering 11 % Other rents 17 % Tour operations Sales & marketing Operating expenses excluding fuel increased by 10.4 per cent, and amounted to million euros (462.7). Fuel costs, including hedging results and emissions trading costs, decreased by 3.8 per cent to million euros (128.7). Fuel efficiency as measured by fuel consumption per ASK improved by 2.9 per cent reflecting in particular the introduction of the more fuel-efficient A350s. Fuel consumption per RTK, which also accounts for improvements in the passenger and cargo load factors, improved by 6.5 per cent. Staff costs increased to million euros (87.4). The growth is explained by an increase in the number of personnel, acquisition of Finnair Kitchen, extensive training of flight crew and provisions made in the third quarter for incentives and profit-based contributions in the personnel fund. Meanwhile, fleet growth and renewal increased aircraft leases and depreciations. Other rents decreased, since wet leases used in the comparison period were no longer needed. Finnair s comparable EBITDAR increased to million euros (118.3). Comparable operating result, or operating result excluding items affecting comparability, capital gains and changes in the fair value of

6 derivatives and in the value of foreign currency-denominated fleet maintenance reserves, improved to million euros (65.7). The change in the fair value of derivatives and in the value of foreign currency denominated fleet maintenance reserves amounted to 4.7 million euros (7.4). The items affecting comparability amounted to -1.5 million euros (42.4), including various currency and derivatives items and one-time expenses related to the redelivery of A340s to Airbus. In the comparison period, the item mostly consisted of the gain on the sale of an A350 aircraft. The operating result was million euros (115.5), the result before taxes was million euros (109.9) and the result after taxes was 93.6 million euros (87.6). Revenue in January September 2017 Finnair s revenue in January September grew by 10.1 per cent to 1,923.1 million euros (1,746.9). All continuing business categories grew versus the comparison period. Travel agency revenue decreased to zero due to the divestment of SMT in November Unit revenue (RASK) increased by 3.7 per cent and amounted to 7.04 euro cents (6.79). Revenue by product EUR million Q1 Q3/2017 Q1 Q3/2016 Change % Passenger revenue 1, , Ancillary and retail revenue Cargo Travel services Travel agencies 0, ,0 Total 1, , Ticket revenue and traffic data by area, Q1-Q3/2017 Ticket revenue ASK RPK PLF Traffic area EUR mill. Change % Mill. km Change % Mill. km Change % % Change %-point Asia , , North Atlantic , , Europe , , Domestic , Unallocated Total 1, , , Q1-Q3 passenger revenue (M ) Q1-Q3 capacity (ASKs) Q1-Q3 traffic (RPKs) 8 % 4 % 3 % 42 % 44 % 39 % 49 % 38 % 51 % 6 % 8 % 8 % Asia Europe North Atlantic Domestic Asia Europe North Atlantic Domestic Asia Europe North Atlantic Domestic

7 Passenger traffic capacity (measured in Available Seat Kilometres (ASK)) grew by 6.2 per cent overall in January September the growth rate was 0.1 per cent in Q1, 6.8 per cent in Q2 and 11.1 per cent in Q3. Traffic measured in revenue passenger kilometres (RPK) grew by 11.6 per cent; the passenger load factor (PLF) improved particularly in Asian traffic. ASKs grew in all other traffic areas except the North Atlantic, where Miami flights operated earlier around the year were suspended at the beginning of May and the new San Francisco route was opened only in June. In addition, the New York route was operated at the beginning of the year with a smaller wet leased aircraft. In Asian traffic, ASKs grew 7.2 per cent from the comparison period. Capacity was augmented by the introduction of A350 aircraft in Asian traffic and additional frequencies to Tokyo and Hong Kong, while there were negative contributions from the suspension of the Chongqing route between 11 January and 2 May due to A350 pilot training and several cancellations at the beginning of the year due to a temporary shortage of pilots. The PLF in Asian traffic rose by 6.1 percentage points to 88.3 per cent. The capacity in North Atlantic traffic decreased by 2.3 per cent. RPKs in North Atlantic traffic increased by 3.2 per cent and the PLF rose by 4.5 percentage points to 84.8 per cent. In European traffic, ASKs increased by 6.9 and RPKs increased by 9.6 per cent as the PLF rose by 2.0 percentage points to 81.1 per cent. Domestic capacity increased by 4.8 per cent and traffic by 2.5 per cent. Traffic growth was heavily concentrated on the beginning of the year, when capacity was added to Lapland to meet the growing tourist demand for Northern Finland. In the summer, the largest domestic destination, Oulu, was closed throughout July due to runway renovation, and traffic restrictions at the airport continued in August. During the period as a whole, the PLF declined by 1.5 percentage points to Ancillary and retail revenue increased by 14.5 per cent and amounted to million euros, or 12.0 euros per passenger (11.3 euros). There was growth particularly in advance seat reservations. Available cargo tonne kilometres increased by 3.4 per cent, and revenue cargo tonne kilometres increased by 7.7 per cent. Average cargo yields increased by 2,0 per cent. Cargo revenue increased by 9.8 per cent to million euros. Revenue from the tour operating business (Aurinkomatkat Suntours) increased by 8.0 per cent to million euro. The decrease in travel agencies revenue is attributable to the divestment of SMT, which was completed in November Cost development and result January September 2017 Finnair s operating expenses in the first nine months of 2017 increased by 4.8 per cent to 1,832.8 million euros (1,749.5). Unit cost (CASK) decreased by 1.3 per cent and totalled 6.50 euro cents (6.58). CASK ex fuel at constant currency increased by 1.4 per cent. Split of operating costs in January September (1,833 M in total) 4 % 3 % 7 % 19 % Leasing, maintenance, depreciation & impairment Staff Fuel 10 % Other costs Traffic charges 11 % 17 % Ground handing and catering Other rents 12 % 17 % Tour operations Sales & marketing Operating expenses excluding fuel increased by 8.0 per cent to 1,483.0 million euros (1,372.9). Fuel costs, including hedging results and emissions trading costs, decreased by 7.1 per cent to million euros (376.6).

8 Fuel efficiency as measured by fuel consumption per ASK improved by 3.0 per cent primarily reflecting the introduction of the more fuel-efficient A350s. Fuel consumption per RTK, which also accounts for improvements in the passenger and cargo load factors, improved by 6.8 per cent. Staff costs increased to million euros (272.2). The growth is explained by an increase in the number of personnel, the acquisition of Finnair Kitchen, extensive training of flight crew and provisions made for incentive schemes and profit-based contribution in the personnel fund. Fleet growth and renewal increased depreciations, aircraft lease payments and maintenance cost. Other expenses increased to million euros (195.6). In the comparison period, the item included a significant positive hedging result. As a result of the implementation of IFRS 9, effective 1 January 2017, the impacts of currency hedging are now allocated, to the relevant expense rows (fuel costs, lease payments for aircraft, maintenance and traffic charges). The previously announced 20-million euro cost-efficiency programme was successfully completed in full and on schedule. After the conclusion of the programme, Finnair will improve efficiency through continuous development, without separate programmes. Finnair s comparable EBITDAR increased to million euros (211.0). The comparable operating result, or operating result excluding items affecting comparability, capital gains and changes in the fair value of derivatives and in the value of foreign currency-denominated fleet maintenance reserves, improved to million euros (53.5). The change in the fair value of derivatives and in the value of foreign currency denominated fleet maintenance reserves amounted to 10.8 million euros (11.7). The items affecting comparability amounted to 43.0 million euros (32.7) including a gain on the sale of an A350 aircraft and one-time expenses related to A340 aircraft redelivered to Airbus. The operating result was million euros (98.0), the result before taxes was million euros (89.9) and the result after taxes was million euros (71.5). Balance sheet on 30 September 2017 The Group s balance sheet totalled 2,824.8 million euros at the end of the period under review (31 Dec 2016: 2,528.7). Non-current assets increased by million euros in January September primarily due to aircraft investments. Assets held for sale decreased by million euros, as four A340 aircraft were redelivered to Airbus in accordance with a previous agreement. The remaining payment from this transaction, approximately 100 million euros, will be received in 2018 and is shown as an increase in trade and other receivables, totaling million euros. Shareholders equity was million euros (31 Dec 2016: 857.0), or 7.68 euros per share (31 Dec 2016: 6.73). Shareholders equity includes a fair value reserve that is affected by changes in the fair values of jet fuel and currency derivatives used for hedging as well as actuarial gains and losses related to pilots defined benefit plans according to IAS 19. The value of the item at the end of September 2017 was 33.3 million euros (31 Dec 2016: 33.9) after deferred taxes. In the review period, it was reduced by changes in the fair value of the hedging instruments mentioned above, but this impact was offset by a change in accounting principles and actuarial gains. Cash flow and financial position Finnair has a strong financial position, which supports business development and future investments. In January September, net cash flow from operating activities amounted to million euros (189.2). The increase in cash flow was primarily attributable to the growth of the comparable operating result. Net cash flow from investments amounted to million euros (-234.8) and was particularly attributable to aircraft investments and divestments as well as the maturity of money market investments with maturities exceeding three months used as part of the Group's liquidity management.

9 The equity ratio on 30 September 2017 stood at 34.7 per cent (31 Dec 2016: 33.9) and gearing was negative at per cent (31 Dec 2016: -11.2). Adjusted gearing was 69.2 per cent (31 Dec 2016: 78.3). At the end of September, adjusted interest-bearing debt amounted to million euros (31 Dec 2016: 701.5) and interestbearing net debt was negative at million euros (31 Dec 2016: -95.8). The company s liquidity was strong in the review period. The Group s cash funds at period-end amounted to million euros (31 Dec 2016: 797.3). In addition to the cash funds on the balance sheet, the Group has the option of re-borrowing employment pension fund reserves worth approximately 430 million euros from its employment pension insurance company. Using these reserves requires a bank guarantee. Finnair has an entirely unused 175-million-euro unsecured syndicated credit facility, intended as reserve funding. The arrangement has a maturity of three years from June 2016 with two optional one-year extensions. In March, Finnair issued a 200-million-euro senior unsecured bond and redeemed 85 million euros of its existing corresponding bond. Finnair has a 200-million-euro short-term commercial paper program, which was unused at the end of the review period. Net cash flow from financing in January September amounted to 68.5 million euros (270.2). Financial income was -0,1 million euros (1,2) due to negative interest rates, while financial expenses were million euros (-9.4). Capital expenditure During , capital expenditure excluding advance payments totalled million euros (424.0)) and was primarily related to fleet investments. Cash flow from investments totalled million euros, including advance payments. Cash flow from investments for 2017 is estimated at approximately 410 million euros, or 250 million net, taking into account e.g. the sale and leaseback agreement for the A350 aircraft delivered in April The cash flow from investments includes, in addition to investment commitments, also an estimate of investments which have been decided upon, but not yet concluded with a counterparty. Finnair will add seating capacity to its current Airbus narrow-body aircraft in by modifying storage and technical space at the front and rear of the aircraft. The investment concerns 23 Airbus narrow-body aircraft. In addition to fleet investments, Finnair has developed a modern cargo terminal, which will be taken into use in phases from October onwards. Finnair will also introduce WiFi connectivity to the majority of its current narrowbody fleet between All of Finnair s wide-body fleet already has WiFi connectivity. The current favourable state of the credit markets and Finnair s good debt capacity enable the financing of future fixed-asset investments on competitive terms. The company has 35 unencumbered aircraft, which account for approximately 64 per cent of the balance sheet value of the entire fleet of 1,161 million euros.* * 44 million of the balance sheet value of the fleet relates to long-term operational lease contracts, which are reported on the balance sheet. Fleet Fleet operated by Finnair Finnair s fleet is managed by Finnair Aircraft Finance Oy, a wholly-owned subsidiary of Finnair Plc. At the end of September 2017, Finnair itself operated 52 aircraft, of which 19 were wide-body and 33 narrow-body aircraft. Of the aircraft, 25 were owned by Finnair Aircraft Finance Oy, 20 were on operating lease and 7 on finance lease.

10 At the end of September 2017, the average age of the fleet operated by Finnair was 9,2 years. Fleet operated by Seats # Change Own** Leased Average Ordered Finnair* from (Operating (Finance age 30/09/ /12/2016 leasing) leasing) 30/09/2017 Narrow-body fleet Airbus A ,4 Airbus A ,1 Airbus A / ,1 Wide-body fleet Airbus A / ,9 Airbus A / Airbus A / ,1 8 Total ,2 8 * Finnair s Air Operator Certificate (AOC). ** Includes JOLCO-financed (Japanese Operating Lease with Call Option) A350 aircraft. *** All A340 aircraft are disposed from the fleet. Fleet renewal Finnair has ordered a total of 19 Airbus A350 XWB aircraft from Airbus S.A.S., three of which were delivered in 2015 and four in By the end of the third quarter, Finnair had taken delivery of all four of the aircraft scheduled for delivery in 2017 and thus completed the first phase of the fleet renewal consisting of the original 11 aircraft orders. According to the current delivery schedule, Finnair will receive the remaining eight A350 aircraft between 2018 and Finnair s investment commitments for property, plant and equipment, totalling 1,130 million euros, include the upcoming investments in the wide-body fleet. Finnair has phased out its A340 aircraft, following the successful delivery and entry into service of the A350 XWB aircraft. Finnair sold its four Airbus A aircraft back to Airbus and all have left revenue service and fleet. Finnair has the possibility to adjust the size of its fleet flexibly based on demand and outlook due to the staggered maturities of its lease agreements. In 2017, Finnair will add seven new Airbus A321 narrow-body aircraft to its fleet with an operating lease agreement. By the end of the third quarter, Finnair had taken the delivery of four of these aircraft. Fleet operated by Norra (purchased traffic) Nordic Regional Airlines (Norra) operates a fleet of 24 aircraft for Finnair on a contract flying basis. All aircraft are leased from Finnair Aircraft Finance. Fleet operated by Seats # Change Own** Leased Average Ordered Norra* from (Operating age 30/09/ /12/2016 leasing) 30/09/2017 ATR ,2 Embraer E ,3 Total ,7 * Nordic Regional Airlines Oy s Air Operator Certificate (AOC). ** Aircraft owned by Finnair Aircraft Finance include JOLCO-financed E190 aircraft.

11 Air traffic services and products Route network and alliances Finnair specialises in traffic between Asia and Europe with 19 destinations in Asia and nearly 100 in Europe. There are more than 1,000 Finnair flights weekly from Helsinki to other Finnish and European destinations. The maximum weekly number of flights to Asia was 87 during the summer season For summer 2017, Finnair added frequencies to Tokyo and Hong Kong as well as Copenhagen, Berlin and St Petersburg. In addition, new routes were introduced from Helsinki to San Francisco, Alicante, Ibiza, Corfu, Menorca and Reykjavik. For the winter season 2017/2018, Finnair will increase capacity to Finnish Lapland by over 20% and launch several new leisure-focused destinations, including Havana, Puerto Vallarta, Puerto Plata and Goa, as well as direct flights to Finnish Lapland from London, Paris and Zurich. Finnair is part of the oneworld alliance and it also engages in closer cooperation with certain oneworld partners through participation in joint businesses, namely the Siberian Joint Business and the Atlantic Joint Business. The joint businesses are agreements covering revenue sharing and coordination of prices and capacity for the route areas in question. Other renewals and services In June, Finnair launched a new product, called Finnair Holidays, combining the best of independent travelling and package holidays. Customers can tailor their holiday by choosing suitable Finnair- and oneworld-flights, a hotel and experiences selected by travel professionals. Finnair Holidays can be designed and purchased on Finnair's website ( Finnair was the first airline in the world to offer Alipay on board as a payment method, which is widely used by Chinese customers. The Alipay system has now been rolled out to all Chinese routes. In June, the sales system used on all Finnair flights was also replaced by a new user-friendly SkyPay system, which speeds up inflight purchasing and enables the use of contactless payment by customers. The entire Finnair wide-body fleet now has wireless WiFi connectivity. The new A350 aircraft are delivered WiFicapable, and installations on the A330 fleet were completed in Q2. Installations on the Airbus narrow-body fleet began this year and are expected to be completed in Finnair is testing digital Finnish-language newspapers and magazines on its long-haul flights. Customers can read the newspapers and magazines as PDF files free of charge on Finnair s Nordic Sky portal, which is accessible on the customers own devices free of charge. The expansion of Finnair s hub, Helsinki Airport, is proceeding, and the new south wing of Terminal 2 has been inaugurated. In addition, the Finnair lounge in the Schengen area was refurbished and Fazer was introduced as the new service provider in mid-summer. Finnair Kitchen s integration into the Finnair group as of April has proceeded as planned. In honour of Finland s 100 years of independence in December 2017, Finnair will serve a centennial themed menu for its long-haul business passengers in the coming winter season. To celebrate Finland s world-renowned education system, the economy class offers a school lunch menu selected in cooperation with elementary school pupils. Awards The OAG Punctuality League publication released in January ranked Finnair s arrival punctuality in 2016 (84.12%) as the sixteenth-highest in the world. In January, FlightStats recognised the oneworld alliance as the most punctual airline alliance in 2016.

12 In March, Finnair was named the best European airline operating in China at the TTG China Travel Awards for the second consecutive year. The award was based on votes cast by the readers of TTG s publications. The German ESG rating company oekom research AG confirmed its analysis of Finnair s responsibility. The ESG rating was affirmed as C+-, which is the highest rating in the category comprising 69 companies in the transport and logistics sector. Finnair kept its Prime status indicating the suitability of Finnair s securities for responsible investors. In March, Aurinkomatkat - Suntours was again found to be Finland s most sustainable travel service company by Sustainable Brands Index, which is the largest brand study focused on sustainability and corporate responsibility in the Nordics. The study is made annually by interviewing consumers in four Nordic countries and the Netherlands. The survey is based on the 10 principles of the UN Global Compact initiative. In June, the Skytrax World Airline Awards chose Finnair as the best airline in Northern Europe for the eighth consecutive year. The award is based on an independent Skytrax survey conducted between August 2016 and May 2017 in 105 countries. The survey covers more than 40 criteria including check-in, seat comfort, cabin cleanliness and service. In September, Finnair was awarded a Four Star Global Airline rating by the Airline Passenger Experience Association (APEX). The ratings are based on verified feedback given by customers. APEX 2018 assessment covered 470 airlines worldwide, of which only 15% received sufficient votes for Four Stars, and 12% received sufficient votes for Five Stars. Personnel Finnair employed an average of 5,417 (4,909)* people in January September 2017, which is 10,3 per cent more than in the comparison period. The number of personnel in continuing operations grew by 6,8 per cent from the comparison period. The number of employees on 30 September 2017 was 5,739 (30 Sept 2016: 5,044; 31 Dec 2016: 4,838). During the review period (1 9/2017), the number of personnel increased by 901. The change was due to the migration of LSG Finland personnel (approximately 500) to Finnair Kitchen Ltd, and growth in the number of cabin crew and pilots in particular. The collective labour agreement with IAU will expire on 15 November, and negotiations are in progress. The agreement with PRO will expire on 31 January 2018, and negotiations are expected to commence in the near future. Collective labour agreements with the cabin crew union SLSY were renewed in autumn 2016, and with the pilots union SLL in February * The principle of calculating the number of personnel was revised as of the beginning of 2017 so that personnel in basic training are not yet included. Own shares In July-September 2017, Finnair did not exercise the authorisation granted by the AGM to acquire or dispose of its own shares. During the first quarter, Finnair transferred a total of 348,257 shares as incentives to the participants of the FlyShare employee share savings plan and as a reward to the key personnel included in Finnair s share-based incentive scheme On 30 September 2017, Finnair held a total of 440,707 of its own shares (31 Dec 2016: 788,964), representing 0.34 per cent of the total share capital.

13 Share price development and trading Finnair s market capitalisation increased by 178 per cent in January September 2017 to stand at 1,436.4 million euros on 30 September 2017 (31 Dec 2016: 516.4). The closing price of the share on 30 September 2017 was euros (31 Dec 2016: 4.03). In January September 2017, the highest price for the Finnair Plc share on the Nasdaq Helsinki was euros, the lowest price 3.98 euros and the average price 7.39 euros. Some 30.2 million company shares, with a total value of million euros, were traded. The number of Finnair shares recorded in the Trade Register was 128,136,115 at the end of the period. The Finnish state owned 55.8 per cent (55.8) of Finnair s shares, while 16.7 per cent (31 Dec 2016: 8,9) were held by foreign investors or in the name of a nominee. Corporate responsibility Economic, social and environmental sustainability is integral to Finnair s overall business strategy and operations. Finnair wants to be a responsible global citizen and respond to its stakeholders needs, also from the perspective of corporate responsibility. Finnair cooperates with industry operators and the authorities in areas such as reducing the climate impacts of aviation, promoting the use of biofuels and the consideration of sustainability within the supply chain. Finnair s corporate responsibility is reflected in its strategy and vision as well as its values of commitment to care, simplicity and courage. Finnair s sustainability strategy is crystallised in a three-pronged commitment: cleaner, caring, collaborative, and it embeds sustainability even deeper in the group strategy, brand and product development. The programme measures are geared to contribute to cost containment, risk mitigation as well as value creation. In 2017, Finnair also updated its Corporate Responsibility Policy. In May, Finnair undertook to implement the UN Agenda2030 for sustainable development goals by signing the Finnish Government's Society's Commitment to Sustainable Development. With these commitments, companies and communities pledge themselves to promoting sustainable development in their work and operations. Finnair s commitment was themed Equality and non-discrimination in both in the air and on ground whereby Finnair will, in particular, emphasise equality and diversity in its own activities, promote equality and nondiscrimination in customer processes and promote diversity in different occupational groups. In July, Finnair participated in the UN sustainable development forum as part of the Finnish delegation, presenting its efforts in sustainable development and its commitment. In the third quarter, Finnair began cooperation with the Crisis Management Initiative (CMI) organisation to promote peace. Finnair Plus customers have the opportunity to donate their points to support the work of the organisation. Finnair was named the responsible company of the year by the Association of Finnish Travel Agents in the Travel Gala 2017 event to acknowledge its longstanding and comprehensive work in sustainable development. Finnair is committed to the sector s common goals of carbon-neutral growth from 2020 onwards, and cutting emissions from the 2005 level in half by The key performance indicators for corporate responsibility are presented in this half-year report under Key Figures, the first table in the tables section below. Significant near-term risks and uncertainties Aviation is an industry that is sensitive to global economic cycles and reacts quickly to external disruptions, seasonal variation and economic trends. In the implementation of its strategy, Finnair is faced with various risks and opportunities. Finnair has a comprehensive risk management process to ensure that risks are identified and mitigated as much as possible, although many risks are not within the company s full control. To exploit value creation opportunities, Finnair is also prepared to take and manage risks within the limits of its risk-bearing capacity.

14 The risks and uncertainties described below are considered to potentially have a significant impact on Finnair s business, financial result and future outlook within the next 12 months. This list is not intended to be exhaustive. Exceptional variations in fuel price and how these are passed on to ticket prices or affect capacity growth in Finnair s main markets pose a risk for Finnair s revenue development, as do sudden adverse changes in foreign exchange rates and slowing demand growth. Capacity increases and product improvements among Finnair s existing or new competitors may have an impact on the demand for and yield of Finnair s services. In addition, joint operations involving closer cooperation than airline alliances and joint businesses, are expected to develop further. The achievement of the additional revenue and efficiency improvements sought through Finnair s digital business transformation and new services involves risks as does the implementation of Finnair s strategy and fleet renewal. Finnair s growth plan and its resourcing could generate further cost pressure and operational challenges in the short term. The aviation industry is affected by a number of regulatory projects at the EU and international levels. Estimating the impacts of the regulatory changes on airlines operational activities and/or costs in advance is difficult. Examples of such regulatory projects include international regulation related to emission trading, noise regulation and other environmental regulation, EU regulations on privacy protection and the decision made by the Court of Justice of the European Union in October 2012 regarding flight passengers rights. Interpretation of these decisions involves risks, for example relating to the injunction sought by the Finnish Consumer Ombudsman in September regarding Finnair s compensation practices. In addition, regulations on the reporting of non-financial information (corporate responsibility) and other stakeholder requirements have increased substantially. Geopolitical uncertainty, the elevated threat of terrorism and other potential external disruptions may, if they materialise, significantly affect the demand for air travel and Finnair s operations. Potentially increasing protectionism in the political environment may also hinder market access required for the implementation of Finnair s growth plan. The construction work associated with the extension of Helsinki Airport, which will continue until 2020, may cause traffic disruptions. Finnair is engaged in close cooperation with Finavia to minimise the negative impacts of the expansion project on its operations. The expansion will facilitate the increase of the airport s annual passenger volume to 20 million and enable implementation of Finnair s growth strategy. Finnair s risk management and risks related to the company s operations are described in more detail on the company s website at Seasonal variation and sensitivities in business operations Due to the seasonal variation of the airline business, the Group s revenue and profit are generally at their lowest in the first quarter and at their highest in the third quarter of the year. The growing proportional share of Asian traffic increases seasonal fluctuation due to destination-specific seasons in Asian leisure and business travel. In addition to operational activities and market conditions, fuel price development has a key impact on Finnair s result, as fuel costs are the company s most significant expense item. Finnair s foreign exchange risk arises primarily from fuel and aircraft purchases, divestments of aircraft, aircraft lease payments, aircraft maintenance, overflight royalties and foreign currency revenue. Significant dollar-denominated expense items are fuel costs and aircraft lease payments. The largest investments, namely the acquisition of aircraft and their spare parts, are also mainly denominated in US dollars. The most significant income currencies after the euro are the Japanese yen, the Chinese yuan and the Swedish krona.

15 The company hedges its currency, interest rate and jet fuel exposure using a variety of derivative instruments, such as forward contracts, swaps and options, in compliance with the risk management policy approved annually by the Board of Directors. Fuel purchases are hedged for 24 months forward on a rolling basis, and the degree of hedging decreases towards the end of the hedging period. The higher and lower limits of the degree of hedging are 90 and 60 per cent for the following six months. Sensitivities in business operations, impact on comparable operating profit (rolling 12 months from date of financial statements) Passenger load factor (PLF, %) Average yield of passenger traffic Unit cost (CASK ex. fuel) 1 percentage (point) change EUR 24 million EUR 22 million EUR 21 million Fuel sensitivities 10% change, Hedging ratio 10% change taking (rolling 12 months from date of financial statements) without hedging hedging into H2/2017 H1/2018 account Fuel EUR 47 million EUR 20 million 76% 69% 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 10% change, taking hedging into account Hedging ratio for operational cash flows (rolling next 12 months) EUR USD* see below see below see below JPY EUR 19 mill. EUR 8 mill. 67% CNY KRW SEK Other Purchase currencies EUR USD* EUR 55 mill. EUR 20 mill. 66% Other * Hedging ratio for and sensitivity analysis for USD basket, which consists of net cash flows in USD CNY and HKD. The sensitivity analysis assumes that the correlation of the Chinese yuan and the Hong Kong dollar with the US dollar continue in line with historical levels. Events after the review period Finnair announced on 11 October that it will acquire 60% of Nordic Regional Airlines AB from Staffpoint Holding Oy and Kilco Oy. Finnair currently owns 40% of the company, and following the transaction Norra will transfer full ownership to Finnair on an interim basis. Finnair aims to find a new, industrial partner to develop Norra s business further with Finnair. The transaction has no impact on Norra s operations or personnel, and it requires approval by the Finnish Competition and Consumer Authority.

16 Financial reporting The publication dates of Finnair s financial reports in 2018 are as follows: Financial Statements 2017: 16 February 2018 Interim Report 1 January 31 March 2018: 25 April 2018 Interim Report 1 January 30 June 2018: 17 July 2018 Interim Report 1 January 30 September 2018: 25 October 2018 FINNAIR PLC Board of Directors Briefings Finnair will hold a result press conference on 25 October 2017 at 11:00 a.m. and an analyst briefing at 12:30 p.m. at its office at Tietotie 9. An English-language telephone conference and webcast will begin at 2:30 p.m. Finnish time. The conference may be attended by dialling your local access number (Finland), (Sweden), (UK) or +44 (0) (all other countries). The confirmation code is To join the live webcast, please register at: For further information, please contact: Chief Financial Officer Pekka Vähähyyppä, tel , Director, Financial Communications Mari Reponen, tel ,

17 Key figures Q Q Change % Q1-Q Q1-Q Change % 2016 Revenue and result Revenue, EUR million , , ,316.8 Comparable operating result, EUR million Comparable operating result, % of revenue %-p %-p 2.4 Operating result, EUR million Comparable EBITDAR, EUR million Net result, EUR million Balance sheet and cash flow Equity ratio, % %-p 33.9 Gearing, % %-p Adjusted gearing, % %-p 78.3 Interest-bearing net debt, EUR million Adjusted net debt, EUR million Adjusted net debt / Comparable EBITDAR, LTM %-p 2.5 Gross capital expenditure, EUR million Return on capital employed (ROCE), LTM, % %-p 8.9 Return on equity (ROE), LTM, % %-p 10.7 Net cash flow from operating activities, EUR million Share Share price at the end of quarter, EUR Earnings per share (EPS), EUR Traffic data and responsibility indicators Passengers, 1,000 3,274 2, ,948 8, ,867 Available seat kilometres (ASK), million 10,093 9, ,315 25, ,914 Revenue passenger kilometres (RPK), million 8,799 7, ,032 20, ,065 Passenger load factor, % %-p %-p 79.8 Unit revenue per available seat kilometre, (RASK), cents/ask RASK at constant currency, cents/ask Unit revenue per revenue passenger kilometre (yield), cents/rpk Unit cost per available seat kilometre (CASK), cents/ask CASK excluding fuel, cents/ask CASK excluding fuel at constant currency, cents/ask Ancillary and retail revenue per passenger (PAX) Available cargo tonne kilometres (cargo ATK), million* ,093 1, ,385 Revenue cargo tonne kilometres (cargo RTK), million Cargo and mail, tonnes 43,831 38, , , ,596 Cargo traffic unit revenue per revenue cargo tonne kilometre, cents/cargo RTK Overall load factor, % %-p %-p 65.6 Flights, number 29,480 27, ,749 83, ,198 Arrival punctuality, % %-p %-p 85.3 Fuel consumption, tonnes 250, , , , ,148 Fuel consumption, tonnes/ask Fuel consumption, tonnes/rtk CO 2 emissions, tonnes 788, , ,158,822 2,094, ,753,567 CO 2 emissions, tonnes/ask CO 2 emissions, tonnes/rtk Customer satisfaction on a scale of 1 (very poor) - 10 (very good) Personnel Average number of employees** 5,744 5, ,417 4, ,908 * Finnair has adjusted its methodology for the calculation of belly cargo capacity (available cargo tonne kilometres) from June The changes are described in more detail in note 18. Restatement of key ratio. ** The principle of calculating the number of personnel was revised as of the beginning of 2017 so that personnel in basic training are not yet included.

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