SAS — Earnings Release 2018

Oct 5, 2018

195 87 Stockholm Telephone: +46 8-797 0000 Fax: +46 8-797 1515

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.

In Other News

• During September, SAS took delivery of one Airbus A320neo, reaching a total of 21 in our fleet.
• High speed Wi-Fi is now installed on 35 aircraft.
• As of 24 September, SAS offers all EuroBonus members the opportunity to make advance bookings via Live Nation in the Nordics.
• SAS and the Government of Greenland have announced that the Government of Greenland will consider buying the 37.5% stake in Air Greenland owned by SAS.
• In August, SAS Cargo was ranked as world number one in delivering airfreight quality (IATA Cargo iQ)

SAS scheduled traffic	Sep 18	Change1	Nov-Sep 18	Change1
ASK (Mill.)	4 231	2.4%	44 693	1.7%
RPK (Mill.)	3 299	4.8%	33 265	0.5%
Passenger load factor	78.0%	+1.8 p.p.	74.4%	-0.9 p.p.
No. of passengers (Mill.)	2.678	4.4%	26.155	0.5%

Geographical	Sep 18 vs. Sep 17		Nov 17-Sep 18 vs. Nov 16 – Sep 17
development. schedule	RPK	ASK	RPK	ASK
Intercontinental	3.2%	-1.3%	-2.3%	-1.9%
Europe/Intrascandinavia	6.7%	5.7%	3.2%	4.9%
Domestic	3.6%	1.5%	-0.3%	0.7%

SAS charter traffic	Sep 18	Change1	Nov-Sep 18	Change1
ASK (Mill.)	500	-2.5%	3 485	-4.4%
RPK (Mill.)	445	-10.0%	3 199	-7.6%
Passenger load factor	88.9%	-7.4 p.p.	91.8%	-3.2 p.p.
No. of passengers (Mill.)	0.173	-11.5%	1.203	-6.3%

SAS total traffic	Sep 18	Change1	Nov-Sep 18	Change1
ASK (Mill.)	4 732	1.9%	48 179	1.2%
RPK (Mill.)	3 744	2.8%	36 464	-0.3%
Passenger load factor	79.1%	+0.7 p.p.	75.7%	-1.1 p.p.
No. of passengers (Mill.)	2.851	3.3%	27.359	0.2%

¹ Change compared to same period in previous year.

p.p. = percentage points

Preliminary yield and PASK	Sep 2018	Nominal change	FX adjusted change
Yield, SEK	0.99	+4.9%	-2.6%
PASK, SEK	0.77	+7.3%	-0.4%
			Sep 2018
Punctuality (arrival 15 min)			80.8%
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, Acting Head of Investor Relations +46 70 997 4519 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 5 October 2018.

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