SAS — Earnings Release 2017

Mar 8, 2017

SAS traffic figures - February 2017

SAS traffic figures - February 2017

. Scheduled traffic (RPK) increased 13% and the capacity (ASK) was up 5%,

despite the leap year in February 2016.

. The load factor improved by 4.8 p.u. versus last year to 67.9%.

. SAS carried 2 million scheduled passengers in February, up 2.6% vs. last year.

. The preliminary currency adjusted yield and PASK were down 8% and 1% in

February 2017. The nominal yield was down 6% while the nominal PASK was up 1%.

Market development

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

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

increased versus last year combined with an unfavorable USD development versus

the SEK.

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 February

SAS increased its scheduled capacity in February by 5.0% and the traffic grew by

13.0%. The overall load factor was up 4.8 p.u. versus last year to 67.9%. The

load factor improved in all geographical areas with strongest developments on

SAS's international routes.

SAS intercontinental traffic increased 31.0% and the capacity was up 18.9%. The

growth was driven by the new routes to/from Los Angeles and Miami as well as

larger traffic volumes on existing Asian routes.

The traffic on the European/Intrascandinavian routes increased by 6.0%. The

growth continued to be particularly strong on the leisure oriented routes.

On domestic routes, the capacity was increased by 0.2% and the traffic was up by

1.4%.