Finnair advances plans to acquire up to 12 used A320s, considers wet-leases for fleet flexibility

Finnair is actively pursuing the acquisition of up to 12 used Airbus A320ceo-family aircraft and is also exploring leasing strategies, including wet-leases, to bolster its medium-term fleet capabilities. The airline’s finance chief Pia Aaltonen-Forsell detailed these plans during an investor call ahead of the first-half 2026 financial results announcement. This approach aims to complement the carrier’s planned deliveries of Embraer 195-E2 jets starting late 2027, and maintain robust network capacity.

The Helsinki-based carrier has committed to purchasing 18 Embraer 195-E2 regional jets, to be operated by its subsidiary Norra, with additional options available for expansion. Finnair’s CEO Turkka Kuusisto previously identified older A320 and A319 models from the secondary market as a method to quickly refresh the narrowbody fleet alongside the newer E2s. Progress is being made in negotiations, but the airline has not disclosed firm details on specific aircraft yet.

This fleet flexibility initiative is driven by a period of intense demand for air travel, amplified by reduced available seat capacity in the Middle East following geopolitical tensions. The conflict in Iran, which escalated in late February, has led to significant capacity withdrawals from carriers based in the region, providing Finnair with an opportunity to capture market share and improve yields on its routes.

The consequence of these shifts in supply and ongoing robust demand has resulted in higher profitability metrics for Finnair. Aaltonen-Forsell noted that improved revenue per available seat kilometre (RASK) has effectively offset rising fuel prices under the current environment. The carrier’s strategic network and pricing adjustments have enabled it to maximize load factors and maintain financial resilience amid cost pressures.

Fuel cost volatility remains a concern, with supplies expected to normalize gradually only after peace negotiations potentially reopen the Strait of Hormuz. Although recent talks between the USA and Iran suggest possible de-escalation, economic uncertainty persists, and Finnair continues cautious fuel hedging. The airline is hedged for 69% of fuel consumption through the remainder of 2026, with decreasing coverage planned for 2027’s quarters, reflecting a calibrated response to market conditions.

Finnair’s consideration of wet-leases, which involve leasing aircraft including crew and maintenance from other operators, highlights priority on immediate operational flexibility. This could allow the carrier to deploy additional capacity without the longer lead times and capital expenditure associated with new aircraft deliveries. Such tactics align with the uncertainty around geopolitical factors impacting supply chains and fuel markets.

With the first of the Embraer 195-E2 jets anticipated to join the fleet at the end of 2027, interim solutions like used aircraft acquisitions and leasing are essential to support Finnair’s medium-term network ambitions. This mix of strategies aims to ensure consistent service levels and competitive offerings amid evolving market dynamics post-pandemic and in a tense geopolitical landscape.

The used A320 family aircraft considered by Finnair would provide vital narrowbody capacity primarily for European routes, while the E195-E2-sized jets serve regional markets more efficiently. This balanced fleet approach leverages existing aircraft availability and cutting-edge technology to optimize route economics and environmental performance, supporting Finnair’s strategic objectives.

Finnair’s measured expansion and fleet diversification underscore a pragmatic adaptation to external challenges, including regional conflicts and fuel market disruptions. Their upcoming half-year financial report on 22 July is expected to shed further light on how these fleet and network strategies are translating into operational and financial results within this complex environment.