SAS — Earnings Release 2019

Oct 7, 2019

During September 2.9 million passengers traveled with SAS

SAS reports an increase of 3% in number of passengers compared to same period last year. Unit revenues increased with 4.4% and passenger yield with 5.4% which affirms the positive trend seen during the year.

Total traffic capacity increased with 1.5% and number of passengers increased with 87 000 or 3.0%, compared to September 2018. Regularity and punctuality also showed an improvement compared to last year.

The traffic on SAS' domestic routes increased in all three Scandinavian countries. The total increase in revenue passenger kilometers was 6.3% on domestic routes, where Norway had the largest growth. European routes also show an increase compared to last year, but the weak Swedish krona and geopolitical uncertainties have dampened the demand for intercontinental travel to and from Scandinavia. Currency adjusted passenger yield and unit revenue increased with 5.4% and 4.4% respectively, reflecting an improved supply/demand balance in Scandinavia.

• It is encouraging that our continuous work to adapt our production to the seasonal demand is reflected in improved passenger numbers. We note an increase in domestic demand, which we believe is a direct effect of our work to improve our customer offering and our efforts to reduce the climate impact of aviation. In addition to our carbon offsetting of all SAS tickets booked by EuroBonus members, travelers can now make their flights more sustainable by choosing to pay for biofuel, which reduces climate affecting carbon emissions by 80 percent compared to fossil fuel. Since launch we've seen an increasing interest from customers for this possibility, says Rickard Gustafson, CEO of SAS.

Sep19	Change1	Nov18- Sep19	Change1
4 370	3.3%	44 050	-1.4%
3 377	2.3%	32 501	-2.3%
77.3%	-0.7 p.p.	73.8%	-0.6 p.p.
2.780	3.8%	25.721	-1.7%
		Sep19 vs. Nov17-Sep18
RPK	ASK	RPK	ASK
-1.6%	1.6%	-3.5%	-3.4%
			-1.1%
6.3%	9.1%	0.5%	1.8%
			Change1
434	-13.3%	3 618	3.8%
404	-9.2%	3 285	2.7%
93.1%	+4.2 p.p.	90.8%	-1.0 p.p.
0.158	-8.5%	1.219	1.3%
			Change1
4 804	1.5%	47 668	-1.1%
3 781	1.0%	35 786	-1.9%
78.7%	-0.4 p.p.	75.1%	-0.6 p.p.
2.938	3.0%	26.940	-1.5%
	4.3% Sep19 Sep19	Sep19 vs. Sep18 2.4% Change1 Change1	Nov18- -2.2% Nov18- Sep19 Nov18- Sep19

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

Scandinavian Airlines

195 87 Stockholm Telephone: +46 8-797 0000 Fax: +46 8-797 1515 www.sasgroup.net

Preliminary yield and PASK	Sep 2019	Nominal change	FX adjusted change
Yield, SEK	1.05	+6.5%	+5.4%
PASK, SEK	0.81	+5.5%	+4.4%

	Sep 2019
Punctuality (arrival 15 min)	81.4%
Regularity	98.5%
Change in CO2 emissions per passenger kilometer	0.0%
Carbon offsetting of passenger related emissions	39%

Definitions: RPK – Revenue passenger kilometers ASK – Available passenger kilometers Load factor – RPK/ASK Yield – Passenger revenues/RPK (scheduled) PASK – Passenger revenues/ASK (scheduled) Change in CO2 emissions – SAS passenger related carbon emissions divided with the total number of passenger kilometers (incl. non-revenue and EuroBonus) rolling 12 months Carbon offsetting ofpassenger related emissions – Share of SAS passenger (EuroBonus members, youth tickets and SAS' own travel) related carbon emissions compensated by SAS

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 Alliance™ and together with partner airlines offers almost 19.000 daily flights to more than 1.300 destinations around the world. Learn more at https://www.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 7 October 2019.