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Finavia Business Review January-September 2023

Article published
1.11.2023 at 08:53
Finavian työntekijä seisoo kiitotiellä selkä kohti kameraa.
The total number of passengers using Finavia´s airports in January-September 2032 was 13.6 million (11.0), showing an increase of 23.4 percent when compared to January–September 2022. Revenue totalled EUR 255.6 million (206.9), an increase of 23.5 percent.

In January–September, the number of passengers at Helsinki Airport increased by 23.4 percent year-on-year and was 11.6 million (9.4). Passengers on international flights accounted for 88.8 percent of the total. The number of passengers at Helsinki Airport was approximately 70% of the number of passengers in January–September 2019, which is lower than the average for other key European airports. The share of Asian traffic has remained low due to the war in Ukraine leading to the closure of Russian airspace and the flight routes being longer than before.

A total of 2.0 million (1.6) passengers travelled through Finavia’s regional airports in January–September 2023. The number of passengers increased by 23.0 percent. The development of passenger volumes was particularly positive at Tampere-Pirkkala, Rovaniemi and Turku Airports due to the opening of new direct international flight connections.

In January–September 2023, Finavia’s revenue increased by 23.5 percent and amounted to EUR 255.6 million (206.9). Most of Finavia’s revenue was derived from air traffic, including passenger charges and landing charges paid by airlines. Commercial revenue developed favourably during the review period due to new services and the growth of parking volumes. The operating margin before extraordinary items improved to EUR 70.8 million (42.3). The operating result before extraordinary items was EUR -16.1 million (-45.1), representing an increase of 64.4 percent.

The Helsinki Airport Development Programme was completed

During the review period, Finavia completed its investment programme at Helsinki Airport, which was valued at over one billion euros. In the final stage of the development programme, a new service area was commissioned in the old departure hall.

The development programme progressed on budget and on schedule, and Finavia was even able to shorten the schedule. The employment effect during construction was 17,000 person-years, and the project had a degree of domestic content of 90%. Service quality, the fluidity of operations and the customer experience remained excellent throughout the development programme, which was reflected in improved customer satisfaction and international awards. In September 2023, Helsinki Airport received both national and international recognition for steel construction, data modelling and the Food Hall area.

Finavia invested in functional infrastructure and sustainable air travel

During the review period, Finavia continued to invest in airport infrastructure at Helsinki Airport as well as Kuopio and Kuusamo. Total investments in 2023 exceed EUR 15 million.

The first stage of the renovation of Helsinki Airport’s runway 2 was completed in September. The renovation work included improvements to runway surfacing, stormwater drainage and electrical systems. At Kuopio Airport, the renovation of taxiways E and F was completed in September, which also included the renovation of stormwater drainage systems. The renovation of the runway at Kuusamo Airport was also completed in September. The airport’s runway lighting system was replaced and the airport and taxiway were repaved.

Finavia’s sustainability programme guides the Group’s investment decisions and operations towards sustainable air travel. In 2023, we are investing over EUR 5 million in sustainable development projects whose main focus is on promoting water protection at Helsinki Airport, Turku Airport and Pori Airport. One of the key environmental objectives of Finavia’s sustainability programme is to reduce the carbon emissions of airports to net zero by the end of 2025.

The Group’s key figures



Change, %

Total number of passengers, million




Revenue, EUR million




Operating margin, EUR million




Operating margin, %



Operating margin before extraordinary items1, EUR million




Operating margin before extraordinary items1, %



Operating result, EUR million




Operating result, %



Operating result before extraordinary items1, EUR million




Operating result before extraordinary items1, %



Result for the period, EUR million




Return on equity, %



Return on investment, %



Equity ratio, %



Cash flow-based investments, EUR million




Net debt




Cash at bank and in hand, EUR million




Balance sheet total, EUR million




Average number of employees (person-years)




[1] Extraordinary items comprise write-downs from the Helsinki Airport development programme, the effects of new and reversed additional environmental provisions as well as profit and performance bonuses.

Finavia´s Business Review January-September 2023 is available on Finavia´s Financial information web page.