SAS — Earnings Release 2015

Mar 5, 2015

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

SAS traffic figures February 2015

• • SAS carried a total of 1.9 million passengers in February, up 2.2%.
• The total traffic (RPK) decreased by 1.8%.
• The total capacity (ASK) was reduced by 3.5%.
• The total load factor increased by 1.2 p.u. to 68.1%.
• • The yield and PASK were up 3.4% and 6.7% respectively in January. The currency adjusted yield and PASK were down 0.4% and up 2.8% respectively.

Market trends, PASK and yield development

According to plan, SAS continued to reduce the overall capacity during the winter program 2014/2015 and, as a result, total capacity was reduced by 3.5% in February 2015. Scheduled capacity was down 1.5% as some capacity was moved from charter operation to scheduled services. In February 2015, SAS reports its eleventh consecutive month with an improvement in the load factor versus previous year.

In January 2015, SAS' yield and PASK were up 3.4% and 6.7% respectively. The currency adjusted yield and PASK were down 0.4% and up 2.8% respectively, in line with expectations. In February 2015 the change in the currency adjusted PASK vs. last year is expected to be in line with January.

SAS scheduled traffic development in February

SAS scheduled capacity decreased in January by 1.5%. Despite decreased capacity, scheduled traffic grew 1.3% resulting in a 1.8 p.u. improvement in the load factor to 66.7%.

SAS decreased its intercontinental capacity by 2.9% and the traffic was down 4.3%. The lower volumes were primarily related to reduced capacity on SAS' Asian routes.

SAS traffic on European/ Intrascandinavian routes grew 3.9% with strongest growth on SAS intrascandinavian routes. Domestic traffic grew 3.9% combined with a positive load factor development.

SAS regularity of 98.2% in February was lower than normally, primarily due to industrial action, in breach of contract, by cabin attendants in Copenhagen which resulted in 166 cancelled flights.

Product and news update

• SAS first intercontinental aircraft with new cabin interior was phased into traffic on 17 February.
• Both Norwegian and Swedish travel agents voted SAS as the best airline for European travel.

SAS total traffic
(schedule and charter)	Feb 15	Change	Nov-Feb 15	Change
ASK (Mill.)	2 917	-3,5%	11 935	-3,1%
RPK (Mill.)	1 987	-1,8%	8 305	-0,6%
Passenger load factor	68,1%	+1,2 p u	69,6%	+1,7 p u
No. of passengers (Mill.)	1,885	2,2%	7,666	2,9%

SAS scheduled traffic	Feb 15	Change	Nov-Feb 15	Change
ASK (Mill.)	2 748	-1,5%	11 275	-0,8%
RPK (Mill.)	1 832	1,3%	7 701	2,8%
Passenger load factor	66,7%	+1,8 p u	68,3%	+2,4 p u
No. of passengers (Mill.)	1,828	3,1%	7,474	3,8%

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

SAS charter traffic	Feb 15	Change	Nov-Feb 15	Change
ASK (Mill.)	169	-27,5%	660	-29,9%
RPK (Mill.)	155	-28,1%	604	-30,1%
Passenger load factor	91,9%	-0,7 p u	91,5%	-0,2 p u
No. of passengers (Mill.)	0,057	-21,5%	0,193	-24,6%

Yield, PASK and punctuality	Jan 2015	Change
Yield (change is currency adjusted),
SEK	1.06	-0.4%
PASK (change is currency adjusted),
SEK	0.70	+2.8%

	February 2015
Punctuality (arrival 15 min)	86.1%
Regularity	98.2%

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)