SAS — Earnings Release 2018

Oct 5, 2018

SAS traffic figures - September 2018

SAS traffic figures - September 2018

. Total number of passengers increased by 3.3% to 2.9 million.

. Compared to the same month last year:

- Total scheduled capacity (ASK) and traffic (RPK) increased by 2.4% and 4.8%,

respectively.

- Scheduled passenger load factor increased by 1.8 p.p. to 78.0%.

- Nominal yield and PASK changed by +4.9% and +7.3%, respectively.

- Currency adjusted yield and PASK changed by -2.6% and -0.4%, respectively.

Market and Capacity Development

The capacity growth in the Scandinavian market has been approximately 4-5%

during 2018 vs. last year. Going forward the capacity growth is expected to

accelerate even further during late fall and winter 2018/19.

After serving the high demand for leisure travel during the summer period, we

have now fully adjusted capacity back to more business oriented routes.

In fiscal year 2017/18, SAS is increasing capacity (ASK) by around 1-2%. In

fiscal year 2018/19, SAS' indicative plan is to increase capacity (ASK) by

around 1-3%, primarily due to more seats in the Airbus A320neo relative to the

aircraft being replaced.

Scheduled Traffic Development

In September the number of passengers increased by 4.4%. SAS increased the

scheduled capacity by 2.4% and the traffic increased by 4.8%, resulting in a 1.8

p.p. increase in the load factor.

Traffic on SAS' intercontinental routes increased by 3.2%, even though capacity

decreased by 1.3%. The traffic increase was similar on both Asian and US routes.

The traffic on SAS' European / Intrascandinavian routes increased by 6.7%. The

growth was similar across routes to/from Denmark, Norway and Sweden.

The traffic on SAS' domestic routes increased by 3.6%, while the capacity was up

1.5%, resulting in a higher passenger load factor. Both Norway and Sweden had

increases in traffic, capacity and load factors on domestic routes.