SAS — Earnings Release 2015

Apr 9, 2015

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

SAS traffic figures March 2015

• • SAS carried a total of 2.5 million passengers in March, up 6.1%.
• The total traffic (RPK) increased by 1.8%.
• The total capacity (ASK) was reduced by 2.2%.
• The total load factor increased by 3.0 p.u. to 74.3%.
• • The yield and PASK were up 8.3% and 11.3% respectively in February. The currency adjusted yield and PASK were up 2.8% and 5.7% respectively.

Market trends

Market conditions in Scandinavia stabilized during the winter program and the balance between capacity and demand is improving. As planned, SAS continued to reduce the overall capacity during the winter program 2014/2015 and, as a result, total capacity was reduced by 2.2% in March 2015.

PASK and yield development

In February 2015, SAS' yield and PASK were up 8.3% and 11.3% respectively. The currency adjusted yield and PASK were up 2.8% and 5.7% respectively. In March 2015 the change in the currency adjusted PASK vs. last year will be positive.

SAS scheduled traffic development in March

In March, industrial action amongst Scandinavian and European carriers partly affected SAS traffic. SAS scheduled capacity was increased in March by 0.5% as capacity was moved from charter operation to scheduled services. Traffic was up 6.2%, resulting in a 3.9 p.u. improvement in the load factor to 73.4%.

SAS increased its intercontinental capacity by 2.5% and the traffic was up 3.6%, driven by positive development on the USA routes. SAS traffic on European/ Intrascandinavian routes increased 5.1% with strongest growth on SAS intrascandinavian routes. Domestic traffic grew 12.6% while capacity was decreased 1.9%.

SAS regularity of 97.2% in March was lower than usual, primarily due to an industrial action by cabin attendants in Copenhagen early in March and severe weather conditions in Norway toward the end of March.

Product and news update

• SAS launched its summer timetable, featuring eleven new routes as well as the return of many popular summer destinations.
• SAS self service bag drop was introduced in March at Aalborg and Billund airports in Denmark.
• SAS agreed on a new simplified collective agreement with its Danish pilots in March 2015.

SAS total traffic
(schedule and charter)	Mar 15	Change	Nov-Mar 15	Change
ASK (Mill.)	3 616	-2,2%	15 551	-2,9%
RPK (Mill.)	2 687	1,8%	10 992	0,0%
Passenger load factor	74,3%	+3,0 p u	70,7%	+2,0 p u
No. of passengers (Mill.)	2,450	6,1%	10,117	3,6%

SAS scheduled traffic	Mar 15	Change	Nov-Mar 15	Change
ASK (Mill.)	3 439	0,5%	14 714	-0,5%
RPK (Mill.)	2 524	6,2%	10 224	3,6%
Passenger load factor	73,4%	+3,9 p u	69,5%	+2,7 p u
No. of passengers (Mill.)	2,397	7,6%	9,871	4,7%

Geographical	Mar 15 vs Mar 14		Nov 14 - Mar 15 vs. Nov 13 - Mar 14
development, schedule	RPK	ASK	RPK	ASK
Intercontinental	3,6%	2,5%	-0,3%	0,7%
Europe/Intrascandinavia	5,1%	0,4%	5,6%	-1,2%
Domestic	12,6%	-1,9%	5,7%	-0,7%

SAS charter traffic	Mar 15	Change	Nov-Mar 15	Change
ASK (Mill.)	177	-35,8%	837	-31,3%
RPK (Mill.)	163	-37,5%	767	-31,8%
Passenger load factor	92,3%	-2,5 p u	91,6%	-0,8 p u
No. of passengers (Mill.)	0,053	-34,8%	0,246	-27,1%

Yield, PASK and punctuality	Feb 2015	Change
Yield (change is currency adjusted), SEK	1.09	+2.8%
PASK (change is currency adjusted), SEK	0.72	+5.7%

	March 2015
Punctuality (arrival 15 min)	90.7%
Regularity	97.2%

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)