SAS — Earnings Release 2019

Dec 6, 2019

2.4 million passengers traveled with SAS in November

2.4 million passengers traveled with SAS in November

The number of travelers flying with SAS during November were in line with last

year, whereas currency adjusted unit revenues and passenger yield increased with

1.4% and 0.8%, respectively.

SAS' total traffic capacity increased with 0.4%, with a decrease in scheduled

traffic and an increase in charter traffic as an effect of continued seasonal

adaptation. Total revenue passenger kilometers (RPK) increased by 1.3%, leading

to an improvement in load factor of 0.6 percentage points to 70.5%. Regularity

and punctuality remained at strong levels and increased by 0.3 and 0.1

percentage points, respectively, compared to last year.

- I am pleased that our customer offering continues to be reflected in improved

passenger yield and unit revenues. Our determined work to reduce climate impact

is gaining interest and we are encouraged by an increasing number of passengers

for example choosing to add biofuel to their booking. During the month we also

launched a new packaging of our award-winning food concept. The renewed design

will save over 50 tons of plastic each year and is one of many important steps

toward reaching our goal of only using sustainable materials in the customer

offering, says Rickard Gustafson, CEO of SAS.

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SAS scheduled traffic Nov19 Change[1]

ASK (Mill.) 3 839 -0.3%

RPK (Mill.) 2 667 0.3%

Passenger load factor 69.5% +0.4 p.p.

No. of passengers (000) 2 314 -0.5%

Geographical development, schedule Nov19 vs. Nov18

RPK ASK

Intercontinental -1.5% 1.3%

Europe/Intrascandinavia 2.6% -1.2%

Domestic -1.4% -1.2%

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SAS charter traffic Nov19 Change[1]

ASK (Mill.) 172 20.3%

RPK (Mill.) 160 20.1%

Load factor 93.4% -0.2 p.p.

No. of passengers (000) 43 18.0%

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SAS total traffic (scheduled and charter) Nov19 Change[1]

ASK (Mill.) 4 011 0.4%

RPK (Mill.) 2 827 1.3%

Load factor 70.5% +0.6 p.p

No. of passengers (000) 2 357 -0.2%

[1] Change compared to same period last year p.p. = percentage points

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Preliminary yield and PASK Nov Nominal change FX adjusted change

2019

Yield, SEK 1.05 +1.8% +0.8%

PASK, SEK 0.73 +2.4% +1.4%

Nov 2019

Punctuality (arrival 15 85.6%

min)

Regularity 98.8%

Change in total CO\2 -2.7%

\emissions, rolling 12

months

Change in CO\2 \emissions -2.0%

per available seat

kilometer

Carbon offsetting of 48%

passenger related emissions

Definitions: RPK - Revenue passenger kilometers ASK - Available seat

kilometers

Load factor - RPK/ASK

Yield - Passenger revenues/RPK (scheduled) PASK - Passenger revenues/ASK

(scheduled) Change in CO\2 \emissions per available seat kilometers - SAS

passenger related carbon emissions divided with total available seat

kilometers

(incl. non-revenue and EuroBonus), rolling 12 months Carbon offsetting of

passenger related emissions - Share of SAS passenger related carbon emissions

compensated by SAS (EuroBonus members, youth tickets and SAS' staff travel)

From fiscal year 2020 we report change in CO\2\ emissions in total and per

Available Seat Kilometers (ASK) to align with our overall goal to reduce our

total CO\2\ emissions by 25% by 2030, compared to 2005.

For further information. please contact:

SAS press office. +46 8 797 2944

Michel Fischier. VP Investor Relations. +46 70 997 0673

SAS. Scandinavia's leading airline. carries more than 30 million passengers

annually to, from and within Scandinavia.  The airline connects three main hubs

- Copenhagen. Oslo and Stockholm - with 125 destinations in Europe, the US and

Asia. Spurred by a Scandinavian heritage and sustainable values, SAS will reduce

total carbon emissions by 25% and operate with biofuel equivalent to equal the

total consumption of fuel used to operate all domestic SAS flights, by 2030. In

addition to airline operations, SAS offers ground handling services, technical

maintenance and air cargo services. SAS is a founding member of Star AllianceT

and together with partner airlines offers almost 19.000 daily flights to more

than 1.300 destinations around the world.

Learn more at sasgroup.net

This is information that SAS AB is obliged to make public pursuant to the EU

Market Abuse Regulation. The information was submitted for publication by Michel

Fischier at 11:00 CET on 6 December 2019.