SAS — Earnings Release 2017

Jun 8, 2017

SAS traffic figures - May 2017

SAS traffic figures - May 2017

. Scheduled traffic (RPK) increased 8.0% and the capacity (ASK) was up 7.2%.

. The load factor increased by 0.5 p.u. versus last year to 74.0%.

. Scheduled number of passengers increased by 3.3% to a record of 2.6 million

passengers for May.

. The preliminary currency adjusted yield was down 3% and the PASK was down 2%

in May 2017 vs. last year. The nominal yield was unchanged and the nominal PASK

increased 1% vs. last year.

Market development

Although the demand is growing, the operating environment is challenging, with

the yield at historically low levels. In addition, jet fuel prices have

increased versus last year and the USD is at unfavorable levels. During May, the

demand has continued to develop in line with previous months with strongest

growth on intercontinental and European leisure routes.

In fiscal year 2016/2017, SAS's total capacity growth (ASK) will amount to 6-8%.

The growth will primarily be driven by a full-year effect from the new

intercontinental routes that commenced during 2015/2016, increased production on

European leisure routes and the fact that the Airbus A320neo is larger than the

aircraft it will replace. The number of flights is expected to increase by about

2%.

SAS scheduled traffic development in May

SAS increased its scheduled capacity in May by 7.2% and the traffic grew by

8.0%, resulting in an increased load factor by 0.5 p.u. to 74.0%.

SAS intercontinental traffic increased 9.8% and the capacity was up 9.6%. The

growth is driven by a year-to-year affect from the added capacity on one route

between Scandinavia and Miami compared to last year. On the existing network,

the development was strongest on Asian routes.

The traffic on SAS's European/Intrascandinavian routes increased by 7.5%. This

was driven by a more than 10% growth on SAS's leisure routes and positive

development between Scandinavia and more business oriented European cities.

On SAS's domestic routes, the capacity was increased by 5.2% and the traffic was

up by 4.8%. The traffic had a positive development in Norway and Sweden and grew

strongly on Danish domestic routes due to the new route to the Faroe Islands.