SAS — Earnings Release 2018

Nov 8, 2018

SAS traffic figures - October 2018

SAS traffic figures - October 2018

. SAS scheduled traffic compared to the same month last year:

- Number of passengers increased by 1.4% to 2.6 million.

- Capacity (ASK) and traffic (RPK) declined by 0.6% and 1.0%, respectively.

- Passenger load factor declined by 0.3 p.p. to 74.6%.

. Nominal yield and PASK increased by 6.6% and 6.2%, respectively.

. Currency adjusted yield and PASK increased by 1.3% and 0.9%, respectively.

Market and Capacity Development

. Capacity growth in the Scandinavian market has been 4-5% during 2018.

. Capacity growth is expected to continue during late fall and winter 2018/19.

. SAS plans to increase capacity by around 2% in fiscal year 2018/19, primarily

due to more seats in the Airbus A320neo.

SAS - Scheduled Traffic Development

. Intercontinental traffic declined 1.5%, but passenger load factor improved as

capacity was down 2.5%. The traffic decrease was somewhat larger on Asian routes

compared to US routes.

. Europe/Intrascandinavia traffic and capacity declined by 1.5% and 0.5%,

respectively. Traffic increased on Intrascandinavian routes but decreased on

European routes.

. Domestic traffic increased 2.2% on the back of a 3.2% increase in capacity,

resulting in a lower passenger load factor. The pattern was similar in Denmark,

Norway and Sweden.

SAS - In Other News

. High speed Wi-Fi is now installed on 39 aircraft.

. Six new destinations introduced in 2019 summer program - Catania, Florence,

Marseille, Cornwall Newquay, Szczecin and Antalya.

. Online booking of award trips to all destinations offered by Star Alliance

member airlines now available.

. Upgraded lounge at Copenhagen Airport opened.

. SAS CEO Rickard Gustafson among group of Nordic CEO's announcing joint

initiative to speed up the realization of the UN Sustainable Development Goals.