Finnair’s Q4 revenue hit estimates well, while adjusted EBIT was a bit stronger than expected. At first glance the report doesn’t seem to contain any major surprises.

Finnair reports Q4 results on Feb 15. Travel demand may remain robust and fuel prices have declined, but high valuation doesn’t seem to leave much upside potential.

Finnair’s Q3 results came in clearly above estimates as strong development in unit revenues drove top line as well as profitability. Finnair turned in a positive EBIT for the first time since Q4’19.

Finnair continues to address its challenges, and EBIT will improve, but a lot of uncertainty lingers around outlook while valuation multiples remain high relative to peers.