Finavia Group financial statements release 1 January–31 December 2024: A positive operating result in a time of uncertainty

Financial performance in January–December 2024 in brief: 

• Finavia Group's revenue increased by 10.2 per cent and amounted to EUR 396.5 million (359.8) 
• The operating margin increased to EUR 119.5 million (93.4) 
• The operating result was EUR 4.0 million (-23.8), or 1.0 per cent (-6.6) of revenue 
• The result for the financial year was EUR -4.4 million (-53.8) 

Finavia Group’s key figures 

	2024	2023	Change, %
Number of passengers, million	19.6	18.3	7.1
Revenues, EUR million	396.5	359.8	10.2
Operating margin, EUR million	119.5	93.4	28.0
Operating margin, %	30.1	26.0
Operating result, EUR million	4.0	-23.8	117.0
Operating result, %	1.0	-6.6
Result for the period, EUR million	-4.4	-53.8	91.7
Return on equity, %	-0.7	-8.3
Return on investment, %	0.4	-2.0
Equity ratio, %	43.8	42.0
Cash flow-based investments, EUR million	49.3	53.6	-8.0
Net debt	604.8	656.4	-7.9
Balance sheet total, EUR million	1,496.2	1,513.0	-1.1
Average number of employees (person-years)	2,041	1,967	3.8
Salaries and fees, EUR million	108.0	102.9	4.9

Kimmo Mäki, CEO: 

Air travel continued to grow globally in 2024, but our operating environment in Finland remained difficult. Despite the crises and rapid changes in circumstances in recent years, we managed to maintain a good service level and increase our non-aviation revenues.  

A total of 19.6 million passengers travelled through Finavia’s airports in 2024. The demand for international air travel remained strong despite the uncertain economic situation and high interest rates in 2024. Flight connections between Finland and Europe were significantly improved as airlines opened new direct international connections to Finavia’s airports. The winter season in Lapland was particularly successful. At the end of the year, there were 154 (161*) direct flight destinations from Finavia’s airports to various parts of the world. Finavia’s active efforts to increase new flight connections across the airport network improved Finland’s connectivity.  

At Helsinki Airport, the total number of passengers was 16.3 (15.3) million, representing an increase of 6.5 per cent when compared to 2023. The number of passengers at Helsinki Airport was approximately 74.6 per cent of the number of passengers in 2019, which is still lower than the average for other key European airports. The share of Asian traffic remained low due to the closure of Russian airspace and the flight routes being longer than before, which had a direct impact on the development of international passenger volumes at Helsinki Airport. Transfer passengers represented 31.1 per cent (31.4%) of the total number of passengers at Helsinki Airport in 2024. 

The Airport Network business comprises 19 airports, for which the total number of passengers rose by 9.9 per cent and was 3.3 (3.0) million. In 2024, the revenue of the Airport Network business increased by 14.8 per cent and amounted to EUR 71.8 (62.5) million. Nevertheless, the Airport Network business was loss-making, particularly due to the low number of flights and passengers at small airports. In the past, it has been possible to use the passenger-based revenue of Helsinki Airport to cover the operations of the regional airports in accordance with the network principle.  

We are continuing our long-term sustainability efforts, the key themes of which are sustainable air travel, the well-being of people, and good governance and finances. In 2024, we made purposeful progress towards net-zero carbon emissions in our own operations, and we will achieve our net-zero target at all of our airports in 2025. We are also accelerating emission reductions in our value chain by participating in the planning and deployment of new motive power solutions at airports, for example. Other highlights of our sustainability efforts in 2024 included the excellent results we achieved in our personnel survey and in customer satisfaction, for example. 

Outlook for 2025 

The company expects its comparable revenue for 2025 to be higher than in 2024. This expectation is based on the current view of the development of air traffic. The comparable operating profit is expected to be higher than in 2024. In addition to growth in comparable revenue and the comparable operating result, Finavia’s increased holding in the property investment and development company Avia Real Estate will increase Finavia’s revenue and operating result.  

Due to the closure of Russian airspace, it will take years for air traffic to recover and return to the level seen in 2019. The development of the economy affects companies’ decisions concerning business travel as well as consumers’ willingness to travel. This slows down the development of air transport. 

Ordinary General Meeting 

The Ordinary General Meeting of Shareholders (GM) of Finavia Corporation will be held on 28 March 2025.  

FINAVIA CORPORATION 
Communications 

 
 
Finavia’s Annual Report 2024 has been published on our website www.finavia.fi. The Annual Report includes the Board of Directors' Report, Financial Statements, Corporate Governance and Remuneration Statement, and Sustainability Report.  

Images for media is available here.  

*Calculation method changed: IATA city codes are used in calculating the number of destinations. For example, London counts as one destination, even though there are flights to four different airports in the area (Heathrow, Gatwick, Stansted and Luton).  The number of summer holiday destinations was also slightly lower than in the previous year.