Finnair Registers Solid 2023 Financial Performance

Today, Finnair announced its 2023 results, registering a revenue increase of 26.8% in 2023.



February 14, 2024

DALLAS — Today, Finnair (AY) announced its 2023 results, registering a revenue increase of 26.8% in 2023. The airline's available seat kilometers (ASK) increased by 15.5% in 2023, and the passenger load factor registered rose from 67.6% to 76.4%.

Despite the closure of the Russian airspace, AY carried 11 million passengers in 2023, up 20.8%, with the Asian market attracting enough attention to allow the airline to finalize plans to operate on the Helsinki-Nagoya nonstop connection.

Asia and Europe account for most of AY's revenue, accounting for 75% of the 2023 revenue digits. Still, 31% of operating expenses for the year were due to fuel costs. With long non-stop flights to East Asia, the long de-route around Russia has significantly affected this voice.

Finnair's winglet on the short hop from Helsinki to London Heathrow on board the Airbus A350-900XWB. Photo: Simone Chellini/Airways

Finnair's Fleet Consolidation

In 2023, the airline consolidated its fleet of 55 aircraft, with 31 owned and 24 leased. The average fleet age in December 2023 was 12.5 years, with the Airbus A350 fleet averaging 6.1 years of operations. The Finnish carrier still has two Airbus A350s in order, with scheduled deliveries in Q4 2024 and Q2 2026.

The fleet operated by Nordic Regional Airlines (N7), aka Norra, comprises 24 ATR and Embraer aircraft, with 15 owned and nine leased. N7's fleet average age is 15 years.

Finnair's Airbus A350-900XWB features the iconic Marimekko livery in Amsterdam Schiphol. Photo: Simone Chellini/Airways

Not Yet There

While all numbers showcase a market recovery, the airline has not reached its pre-pandemic levels yet. In particular, the ASK is currently at around 77% of the pre-pandemic era. Finnair plans to increase its 2024 capacity by 10%, including the wet-leasing agreements.

The airline recorded a solid end of the year, with revenue up by 5.8% in October-December over its equivalent 2022 period. After-tax profits were 254 million EUR. However, the Board of Directors has proposed to the Annual General Meeting that no dividend be distributed for 2023.

Featured image: Finnair OH-LWC Airbus A350-900 HKT/VTSP. Photo: Alberto Cucini/Airways