SAS — Earnings Release 2018

Jul 6, 2018

SAS traffic figures - June 2018

SAS traffic figures - June 2018

. Scheduled number of passengers increased by 2.6% to a record high of 2.7

million in June.

. Compared to last year:

- Scheduled traffic (RPK) and capacity (ASK) increased by 2.8% and 1.5%,

respectively.

- Passenger load factor increased by 1 p.p. to 81.8%.

- Nominal yield and PASK increased by 5% and 6%, respectively.

- Currency adjusted yield and PASK increased by 2% and 3%, respectively.

Market and Capacity Development

The capacity growth in the Scandinavian market has accelerated during the spring

of 2018. The higher capacity growth is expected to continue during the summer

and the remainder of 2018.

In line with the seasonally increasing demand, SAS grew its capacity on both

business and more leisure oriented routes in June. Towards the end of June, SAS

predominantly adapted its network to the seasonally very high demand for leisure

travel. The capacity increase was well absorbed with higher load factors

compared to last year. The underlying yield and PASK also improved versus last

year.

In fiscal year 2017/2018, SAS plans to increase capacity (ASK) by around 1-3%,

driven by longer European routes and additional seats on the new Airbus A320neo.

Scheduled Traffic Development

The number of passengers increased by 2.6% vs. June last year. SAS increased the

scheduled capacity by 1.5% and the traffic increased by 2.8% vs. last year,

resulting in a 1 p.p. improvement in the load factor.

The capacity on SAS' intercontinental routes was reduced by 1.7% vs. last year,

as one aircraft has been phased out of traffic. Despite this, the traffic

increased by 2.2% vs. last year. The development was particularly positive on

the routes to/from the United States.

The traffic on SAS' European/Intrascandinavian routes increased by 4.9% vs. last

year. The growth was strongest on the European routes to/from Sweden and

Denmark.

The traffic on SAS' domestic routes decreased by 1.5%, while the capacity was

down 0.1%. The lower traffic in relation to capacity is mainly explained by a

slightly lower load factor in the Norwegian domestic market.