SAS — Earnings Release 2019

Mar 7, 2019

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

2 million passengers and increased unit revenue for SAS during February

In February, the number of passengers traveling with SAS was in line with last year. A slight decrease in passenger load factor was offset by a higher yield, resulting in an improved unit revenue.

Compared to February 2018, capacity and number of passengers in scheduled traffic was unchanged. Traffic was in line with expectations in February, which is a month characterized by low seasonal demand. On SAS' scheduled traffic, a slightly lower load factor of 66.1% was offset by a higher yield (+0.8%), which resulted in an improved currency adjusted unit revenue compared to last year (0.3%). During the month, European/Intrascandinavian traffic fell slightly while Domestic and Intercontinental increased.

- Traffic in February, a month characterized by low seasonal demand, was in line with our expectations. As we move into the spring and summer, we look forward to welcoming more passengers onboard. We also continue our work towards sustainable air travel and as part of that work we are carbon offsetting all tickets booked with a EuroBonus number since 1 February, says Rickard Gustafson, CEO of SAS.

SAS scheduled traffic	Feb19	Change1	Nov18-Feb19	Change1
ASK (Mill.)	3 403	0.0%	14 076	-0.4%
RPK (Mill.)	2 248	-0.5%	9 468	0.0%
Passenger load factor	66.1%	-0.3 p.p.	67.3%	+0.3 p.p.
No. of passengers (000)	1 969	0.0%	8 002	0.1%
Geographical development, schedule	Feb19 vs. Feb18		Nov18-Feb19 vs.
				Nov17 – Feb18
	RPK	ASK	RPK	ASK
Intercontinental	1.1%	0.4%	1.6%	-2.3%
Europe/Intrascandinavia	-2.2%	-1.8%	-2.0%	-0.4%
Domestic	0.4%	3.4%	1.3%	3.4%
SAS charter traffic	Feb19	Change1	Nov18-Feb19	Change1
ASK (Mill.)	180	19.1%	662	18.8%
RPK (Mill.)	167	16.5%	608	15.8%
Load factor	92.5%	-2.0 p.p.	91.9%	-2.4 p.p.
No. of passengers (000)	62	13.2%	194	12.6%
SAS total traffic	Feb19	Change1	Nov18-Feb19	Change1
ASK (Mill.)	3 583	0.8%	14 738	0.3%
RPK (Mill.)	2 415	0.5%	10 076	0.8%
Load factor	67.4%	-0.2 p.p.	68.4%	+0.3 p.p.
No. of passengers (000)	2 031	0.3%	8 196	0.4%

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	Feb 2019	Nominal change	FX adjusted change
Yield, SEK	0.97	+6.1%	+0.8%
PASK, SEK	0.64	+5.6%	+0.3%

	Feb 2019
Punctuality (arrival 15 min)	79.0%
Regularity	97.9%

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 carries more than 30 million passengers annually and is Scandinavia's leading airline with more than 800 daily flights on 272 routes to 123 destinations in Scandinavia, Europe, USA and Asia. SAS is a member of Star Alliance™ and can together with our partner airlines offer more than 18,800 daily flights to over 1,300 destinations in 193 countries. For more information, visit www.flysas.com.

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 March 2019.