SAS — Earnings Release 2018

Sep 7, 2018

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

SAS traffic figures August 2018

• Total number of passengers increased by 4.3% to 2.8 million.
• Compared to August last year:
• Total traffic (RPK) and capacity (ASK) increased by 5% and 5.2%, respectively.
• Passenger load factor decreased by 0.1 p.p. to 79.8%.
• Nominal yield and PASK increased by 4% and 5%, respectively.
• Currency adjusted yield and PASK changed by -1% and 0%, 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 2018/2019.

After serving the high demand for leisure travel during the summer holiday, SAS has in the second half of August started to adjust its capacity back toward more business oriented routes.

In fiscal year 2017/2018, SAS is increasing capacity (ASK) by around 1–2%. In fiscal year 2018/2019, SAS' indicative plan is to increase capacity (ASK) by around 1-3%, primarily due to more seats in the Airbus A320neo relative to the number of seats in aircraft being replaced.

Scheduled Traffic Development

In August the number of passengers increased by 5.1% vs. last year. SAS increased the scheduled capacity by 5.4% and the traffic increased by 6.4% vs. last year, resulting in a 0.7 p.p. increase in the load factor.

The capacity on SAS' intercontinental routes increased by 0.7%. At the same time, the traffic increased by 5.8% vs. last year. The traffic increased by close to 8% on the Asian routes.

The traffic on SAS' European/Intrascandinavian routes increased by 7.8% vs. last year. The growth was strongest on the European routes to/from Sweden

The traffic on SAS' domestic routes increased by 3.3%, while the capacity was up 2.5%%, resulting in an improvement in the passenger load factor. Domestic routes in Norway had increases in both traffic and capacity while traffic increased on Swedish routes despite lower capacity.

In Other News

• During August, SAS took delivery of one Airbus A320neo, reaching a total of 20 in our fleet.
• Starting with the 2019 summer program, SAS will increase departures to Boston from Copenhagen. The current four departures per week will be increased to daily departures.

SAS scheduled traffic	Aug 18	Change1	Nov-Aug 18	Change1
ASK (Mill.)	4 495	5.4%	40 462	1.6%
RPK (Mill.)	3 541	6.4%	29 966	0.0%
Passenger load factor	78.8%	+0.7 p.p.	74.1%	-1.2 p.p
No. of passengers (Mill.)	2.579	5.1%	23.477	0.1%

			Nov 17-Aug 18 vs. Nov
Geographical	Aug 18 vs. Aug 17			16 – Aug 17
development. schedule	RPK	ASK	RPK	ASK
Intercontinental	5.8%	0.7%	-2.9%	-2.0%
Europe/Intrascandinavia	7.8%	9.7%	2.8%	4.8%
Domestic	3.3%	2.5%	-0.7%	0.6%

SAS charter traffic	Aug 18	Change1	Nov-Aug 18	Change1
ASK (Mill.)	556	3.3%	2 985	-4.7%
RPK (Mill.)	492	-4.2%	2 754	-7.2%
Passenger load factor	88.4%	-7.0 p.p.	92.3%	-2.5 p.p.
No. of passengers (Mill.)	0.192	-5.1%	1.031	-5.3%

SAS total traffic	Aug 18	Change1	Nov-Aug 18	Change1
ASK (Mill.)	5 051	5.2%	43 447	1.2%
RPK (Mill.)	4 032	5.0%	32 720	-0.6%
Passenger load factor	79.8%	-0.1 p.p.	75.3%	-1.3 p.p.
No. of passengers (Mill.)	2.771	4.3%	24.508	-0.2%

¹ Change compared to same period in previous year.

p.p. = percentage points

Preliminary yield and PASK	August 2018	Nominal change	FX adjusted change
Yield, SEK	0.90	+4%	-1%
PASK, SEK	0.71	+5%	+0%

	August 2018
Punctuality (arrival 15 min)	71.9%
Regularity	98.9%

Definitions:

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

Björn Tibell, Head of Investor Relations +46 70 997 1437 or bjorn.tibell@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 September 2018.

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