SAS — Earnings Release 2015

Aug 7, 2015

SAS traffic figures - July 2015

SAS traffic figures - July 2015

. SAS carried 2.6 million passengers totally in July.

. Scheduled traffic (RPK) was unchanged and the capacity (ASK) was reduced by

0.5%.

. The load factor increased by 0.4 p.u. to 86.9%, the highest recorded load

factor in a single month for SAS.

. The currency adjusted yield and PASK were up 4.8% and 1.0% respectively in

June. The nominal yield and PASK were up 7.9% and 4.0% respectively.

Market trends

Market conditions in Scandinavia have temporarily stabilized and the balance

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

competition remains very intensive in certain markets.

PASK and yield development

In June 2015, SAS' currency adjusted yield and PASK were up 4.8% and 1.0%

respectively, slightly higher than guided. The nominal yield and PASK were up

7.9% and 4.0% respectively. In July 2015 the change vs. last year in the

currency adjusted PASK is expected to be slightly positive.

SAS scheduled traffic development in July

SAS strategy is to focus on Scandinavia's frequent travelers. During the summer

months the travel pattern amongst frequent travelers changes toward more leisure

oriented destinations. In response to this, SAS opened 47 seasonal routes.

Demand responded particularly well to/from Denmark and Sweden and grew by 3.5%

combined with higher load factors. SAS total scheduled number of passengers also

grew by 0.8%.

Scheduled capacity was decreased 0.5% but traffic during July was unchanged,

which resulted in a 0.4 p.u. higher load factor of 86.9%. SAS intercontinental

capacity was increased by 0.6% but the traffic was down 0.9%. While SAS

decreased its capacity on European/ Intrascandinavian routes by 1.7%, traffic

increased 0.3% in response to the seasonal route adjustments particularly on

European routes. Domestic traffic was up 1% and capacity was up 3.1% primarily

reflecting increased capacity on Swedish domestic routes.