SAS — Earnings Release 2019

Nov 8, 2019

Expected earnings before tax better than previously communicated on the back of strong passenger figures

Expected earnings before tax better than previously communicated on the back of strong passenger figures

SAS' outlook in the third quarter report was "that it will be challenging to

reach a positive result before tax and items affecting comparability in fiscal

year 2019". As a result of strong passenger figures and an improved unit

revenue, the outlook is revised as SAS' earnings before tax and items affecting

comparability is estimated to be in the range of SEK 700-800 million for the

fiscal year 2019.

- Despite a challenging year we are pleased with a strong performance across our

operations during the last months of fiscal year 2019. We are encouraged by an

improved supply/demand balance in Scandinavia and that our product offering

combined with our determined efforts toward more sustainable air travel

continues to attract more customers to fly with us, says Rickard Gustafson, CEO

of SAS.

SAS' total traffic capacity increased with 2.2% and the number of passengers

increased with 3.6% compared to October 2018. Regularity and punctuality also

showed a strong improvement with an increase of 0.8 percentage points and 1.5

percentage points respectively.

Domestic revenue passenger kilometers (RPK) increased by 5.7% across the three

Scandinavian countries. The growth was also substantial on

European/Intrascandinavian routes where RPK increased with 5.5%. Total passenger

load factor increased with 0.7 percentage points to 76.3% and supported an

improved currency adjusted unit revenue and yield, which increased with 2.3% and

1.6% respectively.

SAS will publish its interim report for August-October 2019 on 5 December 2019

at 08:00 CET.

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SAS scheduled traffic Oct19 Change[1] Nov18-Oct19 Change[1]

ASK (Mill.) 4 421 2.1% 48 471 -1.1%

RPK (Mill.) 3 324 2.9% 35 825 -1.8%

Passenger load factor 75.2% +0.6 p.p. 73.9% -0.5 p.p.

No. of passengers (000) 2 730 3.5% 28 451 -1.2%

Geographical development, schedule Oct19 vs. Oct18 Nov18-Oct19 vs. Nov17-Oct18

RPK ASK RPK ASK

Intercontinental -1.4% 1.6% -3.3% -3.0%

Europe/Intrascandinavia 5.5% 1.8% -1.6% -0.9%

Domestic 5.7% 3.9% 1.0% 2.0%

[][]

SAS charter traffic Oct19 Change[1] Nov18-Oct19 Change[1]

ASK (Mill.) 282 3.2% 3 900 3,8%

RPK (Mill.) 265 5.7% 3 550 2,9%

Load factor 94.0% +2.2 p.p. 91.0% -0,8 p.p.

No. of passengers (000) 91 6.9% 1 310 1.7%

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SAS total traffic Oct19 Change[1] Nov18-Oct19 Change[1]

(scheduled and

charter)

ASK (Mill.) 4 703 2.2% 52 371 -0.8%

RPK (Mill.) 3 589 3,1% 39 375 -1,4%

Load factor 76.3% +0.7 p.p. 75.2% -0,5 p.p.

No. of passengers 2 821 3.6% 29 761 -1.1%

(000)

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

Preliminary yield and PASK   Oct Nominal change FX adjusted change

2019

Yield, SEK   1.03 +4.4% +1.6%

PASK, SEK   0.78 +5.1% +2.3%

Oct 2019

Punctuality (arrival 15 min)       84.0%

Regularity       98.7%

Definitions:

RPK - Revenue passenger kilometers

ASK - Available passenger kilometers

Load factor - RPK/ASK

Yield - Passenger revenues/RPK (scheduled)

PASK - Passenger revenues/ASK (scheduled)

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 8 November 2019.