SAS — Earnings Release 2018

May 30, 2018

QUARTERLY EARNINGS AS EXPECTED DESPITE NEGATIVE CURRENCY EFFECTS FEBRUARY 2018 - APRIL 2018

QUARTERLY EARNINGS AS EXPECTED DESPITE NEGATIVE CURRENCY EFFECTS FEBRUARY 2018 - APRIL 2018

FEBRUARY 2018 - APRIL 2018

· Revenue: MSEK 9,916 (9,843)

· Earnings before tax and nonrecurring items: MSEK -320 (-259)

· EBT: MSEK -499 (-208)

· Net negative currency effects: MSEK 145

· Net income for the period: MSEK -358 (-320)

· Return on invested capital (ROIC), LTM: 13% (9%)

· Earnings per common share SEK -1.02 (-1.23)

· The outlook for the full year 2017/2018 is retained.

COMMENTS BY THE PRESIDENT AND CEO OF SAS:

The quarterly earnings tracked our expectations, despite considerable negative

currency effects. For the first six months, the improvement was SEK 0.3 billion

before tax and nonrecurring items. During the quarter, we placed an order for 50

new Airbus A320neo aircraft, which will play a decisive role in strengthening

our competitiveness going forward. The order means that, for the first time in

the modern age, SAS will be able to create a single-type fleet consisting of the

most efficient aircraft in the market, in terms of both cost and environmental

performance.