SAS — Earnings Release 2019

Jul 5, 2019

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

Nearly 3 million passengers traveled with SAS in June

The number of passengers traveling with SAS increased slightly compared to same month last year and reached the highest reported number for a single month. Unit revenue continues to develop favorably and increased with 4.8%.

Scheduled capacity increased with nearly 1% and number of passengers increased with 0.5%. Currency adjusted unit revenue and yield increased with 4.8% and 5.2% respectively, reaffirming the positive underlying trend during the year.

• Strong traffic in June shows that customers value both the business and leisure travel offered by SAS, resulting in a record number of passengers. During the month we announced the routes for the first new Airbus A350, which will enter service in January 2020. The A350 is the most fuelefficient long-haul aircraft available, emitting 30% less CO² compared to previous generation of aircraft. We see a demand for more sustainable air travel and this is an important step on our ambitious path to reduce emissions, says Rickard Gustafson, CEO of SAS.

SAS scheduled traffic	Jun19	Change1	Nov18-Jun19	Change1
ASK (Mill.)	4 292	0.9%	30 231	-2.9%
RPK (Mill.)	3 498	0.5%	21 500	-3.5%
Passenger load factor	81.5%	-0.3 p.p.	71.1%	-0.5 p.p.
No. of passengers (000)	2 753	0.5%	17 776	-2.9%
Geographical development, schedule	Jun19 vs. Jun18		Nov18-Jun19 vs. Nov17-Jun18
	RPK	ASK	RPK	ASK
Intercontinental	-1.0%	-0.6%	-3.3%	-4.7%
Europe/Intrascandinavia	0.7%	1.8%	-4.8%	-2.8%
Domestic	3.6%	1.2%	-0.8%	0.6%
SAS charter traffic	Jun19	Change1	Nov18-Jun19	Change1
ASK (Mill.)	575	-2.0%	1 905	9.4%
RPK (Mill.)	521	-3.0%	1 707	6.3%
Load factor	90.6%	-1.0 p.p.	89.6%	-2.6 p.p.
No. of passengers (000)	203	-3.3%	602	3.0%
SAS total traffic (scheduled and charter)	Jun19	Change1	Nov18-Jun19	Change1
ASK (Mill.)	4 867	0.5%	32 136	-2.3%
RPK (Mill.)	4 019	0.0%	23 208	-2.9%
Load factor	82.6%	-0.4 p.p.	72.2%	-0.5 p.p.
No. of passengers (000)	2 956	0.3%	18 378	-2.7%

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	Jun 2019	Nominal change	FX adjusted change
Yield, SEK	1.09	+7.6%	+5.2%
PASK, SEK	0.89	+7.2%	+4.8%
			Jun 2019
Punctuality (arrival 15 min)			76.5%

Regularity	98.9%
Change in CO2 emissions per passenger kilometer	-0.4%
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 of passenger related emissions – Share of SAS passenger (EuroBonus members, youth tickets and SAS' own travel) related carbon emissions compensated by SAS

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