SAS — Earnings Release 2015

Nov 6, 2015

SAS traffic figures - October 2015

SAS traffic figures - October 2015

. Scheduled traffic (RPK) was up 3.9% and the capacity (ASK) was increased by

0.8%.

. The load factor improved by 2.3 p.u. to 76.9%.

. SAS carried 2.6 million scheduled passengers in October, down 0.8%.

. The currency adjusted yield and PASK were down 1.1% and 0.3% respectively in

September. The nominal yield and PASK were down 1% and 0.3% respectively.

Market trends

Market conditions in Scandinavia have temporarily stabilized and the balance

between capacity and demand has improved in comparison with 2014. While the

competition remains very intensive in certain markets and the demand in regions

with high exposure to the oil sector in Norway is weaker, demand for leisure

oriented routes and SAS long haul traffic is growing.

In response to the growing demand, SAS will increase its intercontinental

capacity by about 25% during the winter program through the new routes and

frequencies already announced. Also, until April 2016 larger aircraft will

replace phased out Boeing 717 primarily in Sweden. Overall, this will result in

a longer average stage length with subsequent effect on the yield and contribute

to an expected scheduled capacity growth of 10-12% during the winter program.

Excluding the long haul expansion the capacity growth is 3-4%. The total number

of flights will however only increase by about 1%.

PASK and yield development

In September 2015, SAS' currency adjusted yield and PASK were down 1.1% and 0.3%

respectively. The nominal yield and PASK were down 1% and 0.3% respectively.

Also in October 2015 the currency adjusted PASK is expected to be lower than

last year.

SAS scheduled traffic development in October

SAS increased its scheduled capacity in October by 0.8%. Demand responded well

and traffic increased by 3.9%, primarily driven by growth on intercontinental

routes and leisure oriented routes in Europe. The load factor improved 2.3 p.u.

to 76.9%, the highest recorded for an October month.

SAS intercontinental capacity increased 4.4% and traffic was up 8%. The growth

was driven by the new route between Stockholm and Hong Kong and positive

development on existing routes. On European/ Intrascandinavian routes, capacity

was increased by 0.1% and traffic was up 3.1%. Domestic traffic was down 1.8% at

the same time as capacity was decreased 3.2%.