SAS — Earnings Release 2015

Feb 6, 2015

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

SAS traffic figures January 2015

• • SAS carried a total of 1.7 million passengers in January, unchanged versus last year.
• The total traffic (RPK) decreased by 1.4%.
• The total capacity (ASK) was reduced by 3.5%.
• The total load factor increased by 1.4 p.u. to 67.2%.
• • The yield and PASK were up 9.9% and 12.9% respectively in December. The currency adjusted yield and PASK were up 7.6% and 10.7% respectively.

Market trends, PASK and yield development

In line with earlier communication, SAS is reducing the overall capacity during the winter program 2014/2015 and, as a result, total capacity was reduced by 3.5% in January 2015. Scheduled capacity was down 2.2% as some capacity was moved from charter operation to scheduled services. In January 2015, SAS reports its tenth consecutive month with an improvement in the load factor versus last year.

In December 2014, SAS' yield and PASK were up 9.9% and 12.9% respectively. The currency adjusted yield and PASK were up 7.6% and 10.7%, in line with expectations. In January 2015 the change in the currency adjusted PASK vs. last year is expected to be positive but not as strong as in December 2014.

SAS scheduled traffic development in January SAS scheduled capacity decreased in January by 2.2%. Despite decreased capacity, scheduled traffic grew by 0.9% resulting in a 2 p.u. improvement in the load factor to 65.7%.

SAS increased its intercontinental capacity by 2.4% reflecting increased number of frequencies on the USA routes. The added capacity was not completely absorbed and traffic decreased 1.9%. Traffic on SAS European/ Intrascandinavian routes grew 4% with strongest growth on SAS intrascandinavian routes. Domestic traffic grew 0.3% combined with a positive load factor development.

Product and news update

• SAS launched an improved service concept in SAS Business on all long haul flights.
• SAS announced a new route, Stockholm-Riga.

SAS total traffic
(schedule and charter)	Jan 15	Change	Nov-Jan 15	Change
ASK (Mill.)	2 869	-3,5%	9 019	-2,9%
RPK (Mill.)	1 927	-1,4%	6 318	-0,3%
Passenger load factor	67,2%	+1,4 p u	70,1%	+1,9 p u
No. of passengers (Mill.)	1,727	0,0%	5,782	3,1%

SAS scheduled traffic	Jan 15	Change	Nov-Jan 15	Change
ASK (Mill.)	2 685	-2,2%	8 527	-0,6%
RPK (Mill.)	1 763	0,9%	5 869	3,2%
Passenger load factor	65,7%	+2,0 p u	68,8%	+2,5 p u
No. of passengers (Mill.)	1,670	0,4%	5,646	4,1%

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

SAS charter traffic	Jan 15	Change	Nov-Jan 15	Change
ASK (Mill.)	184	-18,7%	492	-30,7%
RPK (Mill.)	164	-20,5%	449	-30,8%
Passenger load factor	89,4%	-2,1 p u	91,3%	-0,1 p u
No. of passengers (Mill.)	0,056	-11,7%	0,136	-25,8%

Yield, PASK and punctuality	Dec 2014	Change
Yield (change is currency adjusted),
SEK	1.04	+7.6%
PASK (change is currency adjusted),
SEK	0.74	+10.7%
		January 2015
Punctuality (arrival 15 min)		83.5%

Regularity 99,0%

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)