SAS — Earnings Release 2015

Jun 18, 2015

SAS Interim report November 2014 - April 2015

SAS Interim report November 2014 - April 2015

SAS's commercial initiatives deliver results

February 2015 - April 2015

· Income before tax: MSEK 355 (-1,078)

· Income before tax and nonrecurring items: MSEK -331 (-1,076)

· Revenue: MSEK 9,403 (8,472)

· Unit revenue (PASK) increased 6.8%

· Unit cost (CASK) increased 3.4%(1)

· EBIT margin: 4.9% (-7.8%)

· Net income for the period: MSEK 279 (-800)

· Earnings per common share: SEK 0.58 (-2.72)

· SAS expects to post clearly positive income before tax and nonrecurring

items for the full-year 2014/2015, see page 8

November 2014 - April 2015

· Income before tax: MSEK -481 (-1,224)

· Income before tax and nonrecurring items: MSEK -1,160 (-2,245)

· Revenue: MSEK 17,774 (16,343)

· Unit revenue (PASK) increased 6.7%

· Unit cost (CASK) increased 3.1%(1)

· EBIT margin: -1.1% (-3.2%)

· Net income for the period: MSEK -361 (-912)

· Earnings per common share: SEK -1.63 (-3.07)

1) Currency adjusted and excluding jet fuel.

Comments by the President and CEO of SAS:

"SAS posted an income before tax and nonrecurring items of MSEK -331 for the

second quarter, representing a substantial year-on-year improvement in earnings.

This improvement was primarily driven by a positive trend for unit revenue,

which climbed 6.8%. Income before tax was positively impacted by the divestment

of two slot pairs at London Heathrow. Our customers value our offering and the

positive response has resulted in 158,000 more passengers in SAS Plus, up 15%

year-onyear. In addition, the number of EuroBonus members continued to increase

and the membership base now totals 3.9 million members. In parallel with SAS

continuously developing its customer offering, we are maintaining a high pace of

change for implementation of the previously announced cost measures. The

implementation is proceeding as planned and, together, the measures will

generate an earnings impact of SEK 2.1 billion with full effect in 2017. The

unit cost increased 3.4% in the second quarter, largely due to capacity

reduction. This confirms the continued need to increase cost-base flexibility

and further reduce costs. SAS is investing in the future and the new, simplified

collective agreements for pilots create the prerequisites for future expansion

and, as a consequence, SAS is increasing its long-haul fleet by three additional

aircraft," says Rickard Gustafson, SAS President and CEO.

SAS discloses this information pursuant to the Swedish Securities Market Act

and/or the Swedish Financial Instruments Trading Act. The information was

provided for publication on June 18, 2015, at 8:00 a.m.