Publication date: 15-08-2025
Finnair is Finland’s national airline, based at its main hub in Helsinki, with routes across Europe, Asia, North America, and the Middle East. It controls over 70% of the take-off and landing slots at Helsinki airport and faces little competition from low-cost airlines, partly because Finland is far from major European population centres and has a small domestic market.
Before the war in Ukraine, Finnair’s biggest strength was being the fastest link between Northern Europe and major Asian destinations like Japan and China, thanks to access to Russian airspace. When this route closed in 2022, the airline had to change its business model.
Today, Finnair focuses more on North American routes and also runs flights on behalf of other airlines, including British Airways, Qantas, Qatar Airways, and Eurowings. It keeps a large long-haul fleet ready in case it can return to its pre-war Asia-focused network. This approach has a cost: spare aircraft either operate in more competitive, lower-margin markets or remain underused, which affects profitability.
The airline still benefits from limited low-cost competition at home and from steady demand for Arctic tourism — a year-round attraction for visitors from Europe, Asia, and North America.
The Finnish state owns 55% of Finnair and has a strong history of providing support in times of crisis, including about €1,6 billion during the pandemic, which was fully repaid.
The 4,75% bond is available for purchase through Interactive Brokers in minimum sizes of €100,000. Investors using Trade Republic can buy much smaller amounts, starting from just €1.
as of 30.06.2025 EUR bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 3,7 | EBITDA Margin | 13 % | CFO/Debt | 0,3 |
| Revenue | 3,1 | Net debt | 1,0 | FCF | 0,4 |
| EBITDA | 0,4 | Net Debt/EBITDA | 2,1x | Equity | 0,6 |
| Net Profit | 0 | EBITDA/Interest | 4x | Debt/Equity | 3x |
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