I’m just thinking about the valuation relative to Norwegian Air Shuttle (NAS). NAS aircraft use 15-33% less fuel per passenger kilometer than Finnair’s “full-service” planes. NAS ordered 80 Boeing 737 MAX 8 aircraft, while Finnair ordered 18 new Embraer E195-E2 aircraft. In early 2026, NAS’s average load factor was 87.6%, while Finnair’s was 78.0%.
On Asian routes, the Chinese have an overflight advantage. It may take a long time before Finnair’s planes can access Russian airspace. After the war in Ukraine, Finland is unlikely to have a special status for routes overflying Russia.