SAS — Earnings Release 2018

Jun 8, 2018

SAS traffic figures - May 2018

SAS traffic figures - May 2018

. Scheduled number of passengers increased by 3.8% to 2.7 million in May.

. Scheduled traffic (RPK) increased 1.6% and the capacity (ASK) increased 1.5%.

. The load factor increased to 74.1%, up 0.1 p.p. versus last year.

. Compared to last year, the preliminary currency adjusted yield and PASK were

unchanged, while the nominal yield and PASK increased 4%.

Market and Capacity Development

The capacity in the Scandinavian market has accelerated during the winter

2017/2018 and spring 2018. This accelerated capacity growth is expected to

continue during the summer/autumn 2018.

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

business and more leisure oriented routes in May. The capacity increase was well

absorbed, with underlying yield and PASK unchanged compared to 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

During May the number of passengers increased by 3.8% vs. last year. SAS

increased the scheduled capacity by 1.5% and the traffic increased by 1.6% vs.

last year, resulting in a marginally stronger passenger load factor.

The capacity on SAS' intercontinental routes was reduced by 3.0% vs. last year,

as one aircraft has been phased out of traffic. This is the primary reason for

the 3.4% decrease in intercontinental traffic vs. last year.

The traffic on SAS' European/Intrascandinavian routes increased by 5.5% vs. last

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

Norway.

The capacity on SAS' domestic routes increased by 1.3%, contributing to a

positive growth in traffic by 1.9%. The growth was strongest on Danish domestic

routes.