olivLaw · European equity research
Norwegian Air Shuttle ASA NAS.OL
Norway · Euronext Oslo Børs · ISIN NO0010196140 · Vertical: Listed companies from Norway
Norwegian Air Shuttle is one of the largest low-cost airlines in the Nordics, flying short routes in domestic and European markets with the regional carrier Widerøe in its portfolio. The company paid its first dividend in 2025 and projects modest capacity growth in 2026, alongside a profitability programme and a growing owned fleet. Cost volatility remains high, and a dispute over EU ETS obligations for 2020 is ongoing.
At the close of 06 Nov 2026, Norwegian Air Shuttle ASA (NAS.OL) stock was 12.93 NOK (+3.52% on the day), with market capitalisation 13.5 bn NOK, P/E 5.2 on diluted EPS of 2.49 NOK over the last 12 months, dividend yield 7.05%, beta 0.96, 52-week range 10.79–17.98 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 10.24 – 12.54
- above the upper band · %B 1.17 · band width 20.2%
- SMA 50 / 200
- 11.90 / 14.01
- mixed trend
- MACD (12, 26, 9)
- 0.15 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.8% | −0.6% | +14.4 pp | — |
| 3 months | −3.7% | −4.2% | +0.5 pp | — |
| 6 months | −11.0% | +4.3% | −15.4 pp | — |
| Year to date | −25.9% | +7.5% | −33.4 pp | — |
| 1 year | −14.6% | +9.9% | −24.5 pp | −4.7% |
| 3 years | +37.4% | +49.8% | −12.4 pp | +12.7% |
| 5 years | +8.7% | +42.8% | −34.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 7.0, median 7.0, max 9.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 25.5 bn | 35.3 bn | 37.6 bn |
| Revenue YoY | unavailable | +38.3% | +6.6% |
| Net income | 1.7 bn | 1.4 bn | 2.7 bn |
| Net income YoY | unavailable | −22.0% | +99.9% |
| Diluted EPS | 1.54 | 1.20 | 2.49 |
| Diluted EPS YoY | unavailable | −22.1% | +107.5% |
| net % | 6.8% | 3.8% | 7.2% |
| Free cash flow | 4.8 bn | 5.8 bn | 2.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.4 bn NOK
- Financial debt
- 5.8 bn NOK
- Net debt
- -1.6 bn NOK
- Equity
- 7.7 bn NOK
- Total assets
- 42.0 bn NOK
- Debt / equity
- 0.76x
- Current ratio
- 1.03x
- ROE
- 36.3%
- ROA
- 6.8%
- FCF margin
- 7.7%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 25.5 bn | 35.3 bn | 37.6 bn | esef· 21 Oct 2026verified |
| Operating income | 2.2 bn | 1.9 bn | 3.7 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 1.8 bn | 1.4 bn | 3.0 bn | esef· 21 Oct 2026verified |
| Income tax | 66.9 m | 0 | 308.0 m | esef· 21 Oct 2026verified |
| Net income | 1.7 bn | 1.4 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 1.54 | 1.20 | 2.49 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.91 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.5 bn | 9.9 bn | 7.4 bn | esef· 21 Oct 2026verified |
| Receivables | 2.3 bn | 2.9 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Inventories | 259.6 m | 502.0 m | 566.0 m | esef· 21 Oct 2026verified |
| Current assets | 13.0 bn | 15.3 bn | 14.5 bn | esef· 21 Oct 2026verified |
| Total assets | 30.6 bn | 37.6 bn | 42.0 bn | esef· 21 Oct 2026verified |
| Accounts payable | 3.9 bn | 4.9 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 121.9 m | 1.8 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 3.6 bn | 2.9 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 9.0 bn | 13.1 bn | 14.0 bn | esef· 21 Oct 2026verified |
| Total liabilities | 24.8 bn | 30.4 bn | 34.4 bn | esef· 21 Oct 2026verified |
| Equity | 5.8 bn | 7.2 bn | 7.7 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 1.0 bn | 1.1 bn | 1.0 bn | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.3 bn | 6.9 bn | 7.8 bn | esef· 21 Oct 2026verified |
| Capex | 459.6 m | 1.2 bn | 4.9 bn | esef· 21 Oct 2026verified |
| Free cash flow | 4.8 bn ≈ | 5.8 bn ≈ | 2.9 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -577.9 m | -3.2 bn | -6.5 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -3.0 bn | -3.4 bn | -3.8 bn | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 950.0 m | esef· 21 Oct 2026verified |
| Share repurchases | — | 0 | 48.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 13.5 bn NOK
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 81.7% | 100 (vs peers) | 19% |
| Net margin · Quality | 7.2% | 58 (vs peers) | 11% |
| FCF conversion · Quality | 106.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 5.2x | 85 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 21.5% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 32.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial20/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation92/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORWEGIAN AIR SHUTTLE ASA (NAS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 37.6 bn NOK in 2025; YoY growth 6.6%; net margin 7.2%; ROE 36.3%.
The estimated value range is 15.87–44.86 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 29.54 NOK, the price of 12.93 NOK leaves a potential of 128.5% (value / price − 1) and a margin of safety of 56.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 81.7%
- FCF conversion: 106.9%
- P/E (TTM): 5.2x
- FCF yield: 21.5%
- Shareholder yield (distributions): 7.4%
- Payout ratio (FCF): 32.8%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| NAS.OLNorwegian Air Shuttle Asa | 13.5 bn | 5.2 | 36.3% | 7.2% | +6.6% | −25% / +30% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NAS.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.15 Total return -31% · Per year -31% | 14.39 Total return 19% · Per year 19% | 21.66 Total return 77% · Per year 77% |
| 3 years | 8.24 Total return -18% · Per year -7% | 16.35 Total return 52% · Per year 15% | 26.97 Total return 140% · Per year 34% |
| 5 years | 8.34 Total return -5% · Per year -1% | 18.58 Total return 88% · Per year 14% | 33.59 Total return 219% · Per year 26% |
- Exit P/E± 4.09
- Net margin± 2.86
- Annual revenue growth± 2.30
- Annual dilution± 0.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Norwegian Air Shuttle is one of the largest low-cost airlines in the Nordics, flying short routes in domestic and European markets with the regional carrier Widerøe in its portfolio. The company paid its first dividend in 2025 and projects modest capacity growth in 2026, alongside a profitability programme and a growing owned fleet. Cost volatility remains high, and a dispute over EU ETS obligations for 2020 is ongoing.
SWOT
Strengths
- A leading position in the Nordic short-haul market, with a strong loyalty brand and a well-known operating base 1.
- A solid financial platform, as stated by management, and the first dividend in the company's history paid in 2025 1.
- A complementary portfolio through Widerøe, covering small and medium-sized airports in Norway and selected European destinations 1.
Weaknesses
- Dependence on jet fuel prices; although part of consumption is hedged with derivatives, it remains a major cost factor 1.
- Underlying unit cost excluding fuel is expected to rise slightly in 2026, which limits the effect of cost-reduction programmes 1.
- Demand is strongly seasonal, concentrating revenue in certain periods of the year 1.
Opportunities
- Accelerated deliveries of MAX 8 aircraft from summer 2026 could lower total costs and increase financial flexibility 1.
- Synergies between Norwegian and Widerøe could improve the route network and customer experience if integration proceeds as planned 1.
- Program X could bring further gains in 2026 if revenue and cost measures are fully implemented 1.
Threats
- Geopolitical instability and the escalation in the Middle East could raise fuel prices and capital market volatility 1.
- Costs linked to the EU ETS and the SAF mandate could rise, especially after free aviation allowances end in 2026 1.
- A security event, a pandemic or industrial action could disrupt operations and reduce demand 1.
Risks
- ETS 2020 disputehigh
In March 2026 the Borgarting Court of Appeal ruled that the company had to fulfil its EU ETS obligations for 2020 in full. The ruling is not final, and the company will appeal to the Supreme Court of Norway 1.
- Jet fuel price volatilityhigh
Jet fuel prices are volatile and influenced by events in the Middle East. Derivative hedges do not cover all consumption, and remaining exposure could affect operating margins 1.
- Currency exposuremedium
Leasing, aircraft, maintenance and fuel costs are mainly in USD, while revenue is largely in SEK, EUR and DKK. Exchange rate movements could influence reported results 1.
- SAF and ETS costs after 2026medium
Free ETS allowances for aviation end in 2026, and sustainable aviation fuel trades at a premium to kerosene. These costs could add pressure on margins 1.
- Counterparty risklow
The company is exposed to the risk of default by banks, suppliers and card companies, although credit sales are kept at a minimum level 1.
Investment thesis
What would need to be true (bull case)
- If Program X delivers the gains announced, the company could improve margins even in a volatile cost environment.
- Accelerated delivery of owned aircraft could lower total costs and increase financial flexibility over the longer term.
- Brand loyalty and a leading position in the Nordics provide a solid base for handling demand fluctuations.
What would break the thesis
- The ETS 2020 dispute could lead to additional payments if the final courts confirm the Court of Appeal's ruling.
- Dependence on fuel prices and geopolitical tensions could affect results if derivative hedges prove insufficient.
- Underlying unit costs excluding fuel expected to rise slightly in 2026 could reduce the benefit of the profitability programme.
What to watch
- Supreme Court decision on the ETS 2020 dispute2026
- Pace of MAX 8 deliveries and effect on total costssummer 2026
- Realisation of Program X gains versus the report's expectations2026
- Jet fuel price trends and hedge coverage for 2027next annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Norwegian operates a broad network of short-haul flights: domestic routes within Norway, Sweden, Denmark and Finland, routes across the Nordic countries and routes from the Nordics to key European destinations. Through Widerøe, the group serves small and medium-sized airports in Norway and selected European destinations. According to the 2025 annual report, the company relies on strong brand loyalty and a cost structure it is strengthening through Program X. The proposed dividend of NOK 0.80 per share for 2025 continues the distributions that began in 2025 1.
Segments
Norwegian (low-cost airline)
The core segment operates short-haul flights on domestic and regional Nordic routes and to nearby European destinations. The projected fleet of 95 aircraft for summer 2026 and the 80 ordered MAX 8 aircraft show the direction of expansion and of lowering all-in costs by owning more of the fleet 1.
Widerøe (regional flights)
Widerøe serves routes from small and medium-sized airports in Norway and selected European destinations. The company expects capacity to rise by about 4% in 2026 and sees synergies with Norwegian through a more integrated route network 1.
Market context
The company operates in air travel across the Nordics and Europe, where the 2025 report describes encouraging booking trends and a supportive supply-and-demand balance. Norwegian forecasts 3% capacity growth for 2026, which depends on macroeconomic conditions, including fuel prices, exchange rates and geopolitical tensions 1.
Demand is strongly seasonal, and it depends on consumer and business confidence in key markets. The report notes that a security event or pandemic could affect operations, as could industrial action or a disruption in the supply chain 1.
Trends
- Jet fuel price volatilityheadwind
The military escalation in the Middle East increased volatility in capital markets and the price of jet fuel. The company has hedged part of its consumption with derivatives, which softens the short-term effect but does not remove it.
- Program X and Widerøe integrationtailwind
The profitability programme Program X and synergies between Norwegian and Widerøe are meant to support financial performance in 2026 and beyond. The effect depends on executing the cost and revenue measures.
- Owned fleetmixed
Deliveries of the 80 ordered MAX 8 aircraft accelerate from summer 2026. The company sees this as a path to lower all-in costs and greater financial flexibility, though it also means investment commitments.
- EU ETS and sustainable fuel costsheadwind
Free EU ETS allowances for aviation are discontinued from 2026, and the SAF mandate adds cost. The price of ETS allowances has historically been volatile, and SAF has traded at a significant premium to conventional jet fuel.
Competitive position
The annual report does not explicitly list competitors, but it indicates that Norwegian compares itself with some of its closest European competitors and peers, particularly on share return. Competition centres on price, network and customer loyalty.
On Nordic routes the company competes with other low-cost carriers and with traditional airlines flying similar routes. Its stated advantages are a strong loyalty brand and a cost structure it is reducing through Program X.
- Ryanair
European low-cost carrier with a large short-haul network; a competitor on some European routes, not named in the source.
- easyJet
European low-cost airline with multiple bases; a competitor on popular European leisure routes.
- SAS (Scandinavian Airlines)
Traditional Nordic carrier and a direct competitor on domestic and regional routes in the region.
- Finnair
Finnish airline with routes in the Nordics and Europe; a competitor on certain regional routes.
News & filings
In the press
- Fire Shuts Equinor’s Visund Platform in Norwegian North SeaOil Price · 04 Nov 2026 · EN
- Norwegian foreign minister calls US midterm election outcome 'victory for democracy'Anadolu Agency (TR, EN) · 04 Nov 2026 · EN
- Russia summons Norwegian charge d'affaires for seizure of Professor Molchanov vesselAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- Finnish president says he, Norwegian PM called Putin at Kiev’s requestTASS (RU, EN) · 31 Oct 2026 · EN
- Norwegian Firm Has $100 Million Riding on Mercuria’s Baltic CaseBloomberg Markets · 31 Oct 2026 · EN
- Coaches see red as Bodo/Glimt edge Viking in fiery Norwegian thrillerCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- Norwegian delegation sees rescue equipment damaged by Russian attacks in UkraineUkrinform (UA, EN) · 30 Oct 2026 · EN
- Putin says Finnish and Norwegian leaders "did the right thing" by calling himUkrainska Pravda (UA, EN) · 29 Oct 2026 · EN
- Norwegian Cruise Line’s Turnaround Shows Early Traction After Activist ShakeupSkift · 29 Oct 2026 · EN
- Norwegian shares surge 13% on earnings beat, guidance raiseCNBC World · 29 Oct 2026 · EN
- Norwegian prime minister denies Putin lectured him and Finnish president on medieval Slavs during callMeduza English (independent RU/exile) · 29 Oct 2026 · EN
- Norwegian PM denies claims about conversation with PutinUkrainska Pravda (UA, EN) · 29 Oct 2026 · EN
- Putin spent a call with Finnish and Norwegian leaders lecturing them on Slavic history, FT reportsMeduza English (independent RU/exile) · 28 Oct 2026 · EN
- Putin Spends 90 Minutes Discussing History With Finnish and Norwegian LeadersNovinite — Sofia News Agency (BG, EN) · 28 Oct 2026 · EN
- Putin gives 90-minute "history lecture" during call with Norwegian and Finnish leadersUkrainska Pravda (UA, EN) · 28 Oct 2026 · EN
- 🇷🇺 🇫🇮 🇳🇴 ⚡️ — Russian Foreign Minister Sergey Lavrov says Finnish and Norwegian …Telegram — Intel Slava Z (pro-RU OSINT EN) · 27 Oct 2026 · EN
- Finnish and Norwegian leaders discuss Ukraine peace with Putin as a source close to the Kremlin warns of escalating hybrid warfare with EuropeMeduza English (independent RU/exile) · 27 Oct 2026 · EN
- Oslo’s allies were informed about call with Putin in advance, Norwegian PM saysTASS (RU, EN) · 27 Oct 2026 · EN
- Norwegian media sue Meta over plans to use their journalism for AIEuronews Next · 27 Oct 2026 · EN
- Norwegian PM says keeping in touch with Russian leadership imperativeTASS (RU, EN) · 27 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Norwegian Air Shuttle ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.