SAS — Earnings Release 2015

May 8, 2015

Scandinavian Airlines 195 87 Stockholm Telephone: +46 8-797 0000 Fax: +46 8-797 1515

SAS traffic figures April 2015

• • SAS carried a total of 2.2 million passengers in April, down 9.6%.
• The total traffic (RPK) decreased by 11.7%.
• The total capacity (ASK) was reduced by 0.1%.
• The total load factor decreased by 9.2 p.u. to 70.1%.
• • The currency adjusted yield and PASK were up 8.1% and 13% respectively in March. The nominal yield and PASK were up 13.8% and 20% respectively.

Market trends

Market conditions in Scandinavia have temporarily stabilized and the balance between capacity and demand has improved in comparison with 2014. SAS summer program has been well received with incoming bookings at expected levels. However, the competition remains very intensive in certain markets. SAS traffic development in April 2015 is an outcome of more active yield management and shall also be set in relation to the strong traffic growth, record high passenger load factor and double digit decrease in the yield in April 2014.

PASK and yield development

In March 2015, SAS' currency adjusted yield and PASK were up 8.1% and 13% respectively. The nominal yield and PASK were up 13.8% and 20% respectively. In April 2015 the change in the currency adjusted yield vs. last year is expected to be positive, and the currency adjusted PASK is expected to be close to unchanged.

SAS scheduled traffic development in April

The scheduled capacity was increased in April by 2.7% as capacity was moved from charter operation to scheduled services. Traffic was down 9.1%, which resulted in a decline in the load factor of 9 p.u. to 69.6%. Total number of passengers in SAS Plus increased by 6.5%.

SAS decreased its intercontinental capacity by 5.3% and the traffic was down 10.9%. SAS traffic on European/Intrascandinavian routes decreased 11% from high levels last year. Domestic traffic grew 1.2% and capacity was increased 7.2%.

Product and news update

• SAS first Café Lounge was opened at Trondheim airport.
• At the Swedish ServiceScore 2015 gala, SAS was voted the airline providing best service to its customers.
• SAS launched a new app for Apple Watch along with other digital services such as Google Street view of SAS new longhaul cabins and CPH Lounge.

SAS total traffic (schedule and charter)	Apr 15	Change	Nov-Apr 15	Change
ASK (Mill.)	3 725	-0,1%	19 276	-2,3%
RPK (Mill.)	2 612	-11,7%	13 604	-2,5%
Passenger load factor	70,1%	-9,2 p u	70,6%	-0,1 p u
No. of passengers (Mill.)	2,239	-9,6%	12,355	0,9%

SAS scheduled traffic	Apr 15	Change	Nov-Apr 15	Change
ASK (Mill.)	3 631	2,7%	18 345	0,1%
RPK (Mill.)	2 526	-9,1%	12 750	0,8%
Passenger load factor	69,6%	-9,0 p u	69,5%	+0,5 p u
No. of passengers (Mill.)	2,213	-8,8%	12,083	2,0%

Geographical	Apr 15 vs Apr 14		Nov 14 - Apr 15 vs. Nov 13 - Apr 14
development, schedule	RPK	ASK	RPK	ASK
Intercontinental	-10,9%	-5,3%	-2,6%	-0,4%
Europe/Intrascandinavia	-11,0%	5,9%	1,5%	0,2%
Domestic	1,2%	7,2%	5,0%	0,6%

SAS charter traffic	Apr 15	Change	Nov-Apr 15	Change
ASK (Mill.)	94	-51,2%	931	-34,0%
RPK (Mill.)	86	-51,8%	853	-34,6%
Passenger load factor	91,6%	-1,0 p u	91,6%	-0,8 p u
No. of passengers (Mill.)	0,026	-49,6%	0,272	-30,1%

Yield, PASK and punctuality	Mar 2015	Change
Yield (change is currency adjusted),
SEK	1.11	+8.1%
PASK (change is currency adjusted),
SEK	0.81	+13.0%

	April 2015
Punctuality (arrival 15 min)	91.4%
Regularity	99.3%

SAS' definitions:

RPK – Revenue passenger kilometers

ASK – Available passenger kilometers

Load factor – RPK/ASK

Yield – Passenger revenues/RPK (scheduled) PASK – Passenger revenues/ASK (scheduled)

RASK – Total traffic revenues/total ASK (scheduled+charter)