SAS — Earnings Release 2018

Apr 9, 2018

SAS traffic figures - March 2018

SAS traffic figures - March 2018

. Scheduled traffic (RPK) increased 4.5% while the capacity (ASK) decreased

0.3%.

. The load factor increased by 3.4 p.u. versus last year to 73.1%.

. Scheduled number of passengers amounted to 2.4 million in March.

. The preliminary currency adjusted yield decreased 3% while the PASK increased

2% in March 2018 vs. last year. The nominal yield decreased 3% and the PASK

increased 2% in March 2018 vs. last year.

Market and SAS development

The capacity in the Scandinavian market has accelerated during the autumn and

winter 2017/2018 in line with SAS's expectations. This trend is also expected to

continue during the spring 2018.

Due to the different timing of Easter compared to last year, SAS adjusted its

network to accommodate the customers' changing demand. This was well received

and resulted in higher traffic volumes on international routes and generally

higher load factors.

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

driven by longer European routes and the fact that the Airbus A320neo has more

seats than the aircraft being replaced.

SAS scheduled traffic development in March

In line with SAS's increased seasonal adjustment during the winter program

2017/2018, SAS reduced the capacity in March by 0.3%. Despite this, the traffic

increased by 4.5%, which resulted in an increased passenger load factor of 3.4

p.u. versus last year to 73.1%.

SAS's intercontinental capacity decreased by 1.9% as one aircraft has been

phased out of traffic. The traffic grew during March by 5.4%. The growth was

strongest on the USA routes, where the traffic grew by more than 6%.

The traffic on SAS's European/Intrascandinavian routes increased by 8.0%. At the

same time the capacity increased by 4.8%. In response to the adjustments of the

network around Easter, the number of passengers increased by more than 20%

versus last year on the European leisure oriented routes.

On SAS's domestic routes, the capacity was reduced by 9.7%, as capacity was

allocated to European routes during Easter. As a result, the traffic decreased

on the domestic routes by 5.7%.