SAS — Earnings Release 2019

Dec 7, 2018

Scandinavian Airlines

195 87 Stockholm Telephone: +46 8-797 0000 Fax: +46 8-797 1515 www.sasgroup.net

SAS traffic figures November 2018

• SAS scheduled traffic compared to the same month last year:
• Number of passengers increased by 1.8% to 2.3 million.
• Capacity (ASK) and traffic (RPK) increased by 0.1% and 0.8%, respectively.
• Passenger load factor increased by 0.4 p.p. to 69.0%.
• Nominal yield and PASK increased by 5.0% and 5.7%, respectively.
• Currency adjusted yield decreased by 0.1% and PASK increased by 0.5%.

Market and Capacity Development

• Capacity growth is expected to continue during winter 2018/19, and we expect an overall growth of 4-5% during Q1.
• SAS plans to increase capacity by 2-3% in fiscal year 2019, primarily due to more seats in the Airbus A320neo.

SAS - Scheduled Traffic Development

• Intercontinental traffic increased 2.6%, while capacity was down 1.8%. The increase was mainly on Asian routes.
• European/Intrascandinavian traffic declined 1.5% and capacity increased 0.2%. Traffic increased on Intrascandinavian routes but decreased on European routes.
• Domestic traffic increased 2.6% on the back of a 3.8% increase in capacity, resulting in a lower passenger load factor. The pattern was similar in Norway and Sweden.

SAS - In Other News

• SAS redeemed all remaining preference shares at 30 November 2018
• 23 Airbus A320neo in operation as of 6 December 2018
• High-speed WiFi now installed on 42 aircraft Preliminary yield and PASK

SAS scheduled traffic			Nov18-
	Nov18	Change1	Nov18	Change1
ASK (Mill.)	3 852	0.1%	3 852	0.1%
RPK (Mill.)	2 658	0.8%	2 658	0.8%
Passenger load factor	69.0%	+0.4 p.p.	69.0%	+0.4 p.p.
No. of passengers (Mill.)	2.326	1.8%	2.326	1.8%

Geographical	Nov18 vs. Nov17		Nov18-Nov18 vs. Nov17 – Nov17
development. schedule	RPK	ASK	RPK	ASK
Intercontinental	2.6%	-1.8%	2.6%	-1.8%
Europe/Intrascandinavia	-1.5%	0.2%	-1.5%	0.2%
Domestic	2.6%	3.8%	2.6%	3.8%

Nov18	Change1	Nov18	Change1
			19.0%
			15.8%
			-2.6 p.p.
0.036	16.2%	0.036	16.2%
	143 134 93.6%	19.0% 15.8% -2.6 p.p.	Nov18- 143 134 93.6%

SAS total traffic			Nov18-
	Nov18	Change1	Nov18	Change1
ASK (Mill.)	3 994	0.7%	3 994	0.7%
RPK (Mill.)	2 792	1.4%	2 792	1.4%
Passenger load factor	69.9%	+0.5 p.p.	69.9%	+0.5 p.p.
No. of passengers (Mill.)	2.362	2.0%	2.362	2.0%

¹ Change compared to same period in previous year.

p.p. = percentage points

	Nov 2018	Nominal change	FX adjusted change
Yield, SEK	0.99	+5.0%	-0.1%
PASK, SEK	0.74	+5.7%	+0.5%

	Nov 2018
Punctuality (arrival 15 min)	85.5%
Regularity	98.5%

Definitions:

RPK – Revenue passenger kilometers ASK – Available passenger kilometers Load factor – RPK/ASK Yield – Passenger revenues/RPK (scheduled)

PASK – Passenger revenues/ASK (scheduled)

Magnus Hurst, Investor Relations +46 70 997 45 19 or magnus.hurst@sas.se

This is information that SAS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11:00 CET on 7 December 2018.

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