Finnair Investor Presentation — July 2022

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Q2 2022: Demand started to normalise;

closed Russian airspace, record high fuel

price burden Finnair’s profitability

19.7.2022 Topi Manner, FinnairQ2: Pent- up demand materialised

•Number of passengers increased to 2.4 million, as pent -up

demand for air travel began to materialise

•We operated 64% of Q2 2019 ASKs as our own flights, 6%

wet leased for our partners

•PLF improved in all traffic categories

•Capacity challenges in European aviation system ; on-time

performance was on a good level thanks to well-functioning

•Sale of Premium Economy commenced on long- haul routes

3Operating environment

dramatically changed

•Significant uncertainty in the operating environment

•Historically high fuel price

•Uncertainty related to the duration of Russian airspace

•Development of the COVID -19 pandemic

•Impact of inflation on demand and costs

•Notable change in competitive environment

•Change in operating environment requires completely

new strategy –work is ongoing

4Fuel cost was impacted by record high prices and strong

2020 2019 2011Price per ton

Source: Bloomberg, month’s last day’s priceJet fuel price, in euro Jet fuel price, in dollarsComparable operating loss -84M€

•Positive development in ticket prices and

RASK, which was visible in revenue

•Expense management was successful. However, volume- impacted costs increased

notably, crew stand -by costs grew, record -high

fuel price decreased profitability and there were c. 10M€ of exceptional costs

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