SAS — Earnings Release 2017

May 8, 2017

SAS traffic figures - April 2017

SAS traffic figures - April 2017

. Scheduled traffic (RPK) increased 15.8% and the capacity (ASK) was up 6.6%.

. The load factor was positively affected by the timing of the Easter holiday

and increased by 6.1 p.u. versus last year to 75.7%.

. SAS carried 2.4 million scheduled passengers in April, up 2.4% vs. last year.

. The preliminary currency adjusted yield and PASK were down 10% and 2% in April

2017. The nominal yield was down 7% and the nominal PASK was up 1%.

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. In April the traffic program was changed around the

Easter holiday with capacity moved from the domestic market to European routes.

This had a positive impact on the traffic growth and load factors as more

passengers flew on longer European routes at the same time as the capacity was

optimized within Scandinavia.

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 April

SAS increased its scheduled capacity in April by 6.6% and the traffic grew by

15.8%, resulting in an increased load factor by 6.1 p.u. to 75.7%.

SAS intercontinental traffic increased 13.8% and the capacity was up 7.9%. The

capacity growth is lower than previous months as there only is a year-to-year

affect from added capacity on one route between Scandinavia and Miami compared

to two routes until March.

The traffic on the European/Intrascandinavian routes increased by a strong

25.6%. This was primarily driven by a more than 50% traffic increase on SAS's

leisure routes primarily to southern Europe in response to increased demand to

these destinations during the Easter holiday.

On domestic routes, the capacity was decreased by 11.8% and the traffic was down

by 4.1% due to the adjusted traffic program during the Easter holiday.