SAS — Earnings Release 2018

Nov 8, 2018

Scandinavian Airlines

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

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.

SAS scheduled traffic	Oct 18	Change1	Nov-Oct 18	Change1
ASK (Mill.)	4 330	-0.6%	49 023	1.5%
RPK (Mill.)	3 231	-1.0%	36 496	0.4%
Passenger load factor	74.6%	-0.3 p.p.	74.4%	-0.8 p.p.
No. of passengers (Mill.)	2.638	1.4%	28.794	0.6%
				Nov 17-Oct 18 vs.

Geographical	Oct 18 vs. Oct 17		Nov 16 – Oct 17
development. schedule	RPK	ASK	RPK	ASK
Intercontinental	-1.5%	-2.5%	-2.2%	-2.0%
Europe/Intrascandinavia	-1.5%	-0.5%	2.7%	4.4%
Domestic	2.2%	3.2%	-0.1%	0.9%
SAS charter traffic	Oct 18	Change1	Nov-Oct 18	Change1
ASK (Mill.)
RPK (Mill.)	273 251	1.7% -1.7%	3 758 3 450	-4.0% -7.2%

SAS total traffic	Oct 18	Change1	Nov-Oct 18	Change1
ASK (Mill.)	4 603	-0.5%	52 781	1.1%
RPK (Mill.)	3 482	-1.0%	39 946	-0.3%
Passenger load factor	75.6%	-0.4 p.p.	75.7%	-1.1 p.p.
No. of passengers (Mill.)	2.724	1.2%	30.082	0.3%

No. of passengers (Mill.) 0.085 -3.9% 1.289 -6.1%

¹ Change compared to same period in previous year.

p.p. = percentage points

Preliminary yield and PASK	Oct 2018	Nominal change	FX adjusted change
Yield, SEK	0.99	+6.6%	+1.3%
PASK, SEK	0.74	+6.2%	+0.9%

	Oct 2018
Punctuality (arrival 15 min)	82.5%
Regularity	97.9%

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 8 November 2018.

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