SAS — Earnings Release 2018

Jan 9, 2019

Scandinavian Airlines

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

SAS traffic figures December 2018

• SAS scheduled traffic compared to the same month last year:
• Number of passengers decreased by 1.9% to just below 1.9 million.
• Capacity (ASK) and traffic (RPK) decreased by 1.9% and 1.8%, respectively.
• Passenger load factor increased by 0.1 p.p. to 68.9%.
• Nominal yield and PASK increased by 4.4% and 4.5%, respectively.
• Currency adjusted yield and PASK increased by 0.5% and 0.6%, respectively.

Market and Capacity Development

• Capacity growth is expected to continue during winter 2018/19, and we expect an overall growth of 4-5% during Q1.
• SAS plans to increase capacity by 2-3% in fiscal year 2019, primarily due to more seats in the Airbus A320neo.

SAS - Scheduled Traffic Development

• Intercontinental traffic decreased 1.7%, while capacity was down 6.9%. In relative terms, the decrease in traffic and capacity was largest on Asian routes.
• European/Intrascandinavian traffic declined 2.7% and capacity increased 0.6%. Traffic increased on Intrascandinavian routes but decreased on European routes.
• Domestic traffic increased 0.2% on the back of a 3.0% increase in capacity, resulting in a lower passenger load factor. Traffic increased in Norway, while decreasing in Sweden.

SAS - In Other News

• 24 Airbus A320neo in operation as of 9 January 2019
• High-speed WiFi now installed on 43 aircraft

SAS scheduled traffic			Nov18-	Chang
	Dec18	Change1	Dec18	1 e
ASK (Mill.)	3 382	-1.9%	7 234	-0.8%
RPK (Mill.)	2 330	-1.8%	4 989	-0.4%
Passenger load factor	68.9%	+0.1 p.p.	69.0%	+0.3 p.p.
No. of passengers (Mill.)	1.874	-1.9%	4.200	0.1%

		Nov18-Dec18 vs. Nov17 – Dec17
RPK	ASK	RPK	ASK
-1.7%	-6.9%	0.5%	-4.3%
-2.7%	0.6%	-2.1%	0.4%
0.2%	3.0%	1.5%	3.4%
		Dec18 vs. Dec17

SAS charter traffic			Nov18-
	Dec18	Change1	Dec18	Change1
ASK (Mill.)	178	22.5%	321	20.9%
RPK (Mill.)	161	17.5%	294	16.7%
Passenger load factor	90.1%	-3.8 p.p.	91.7%	-3.3 p.p.
No. of passengers (Mill.)	0.047	15.9%	0.083	16.0%

SAS total traffic			Nov18-
	Dec18	Change1	Dec18	Change1
ASK (Mill.)	3 561	-0.9%	7 555	-0.1%
RPK (Mill.)	2 491	-0.8%	5 283	0.4%
Passenger load factor	70.0%	+0.1 p.p.	69.9%	+0.3 p.p.
No. of passengers (Mill.)	1.920	-1.5%	4.283	0.4%

¹ Change compared to same period in previous year.

p.p. = percentage points

Preliminary yield and PASK	Dec 2018	Nominal change	FX adjusted change
Yield, SEK	0.93	+4.4%	+0.5%
PASK, SEK	0.64	+4.5%	+0.6%

	Dec 2018
Punctuality (arrival 15 min)	74.0%
Regularity	98.9%

Definitions:

RPK – Revenue passenger kilometers ASK – Available passenger kilometers Load factor – RPK/ASK

Yield – Passenger revenues/RPK (scheduled)

PASK – Passenger revenues/ASK (scheduled)

Magnus Hurst, Investor Relations +46 70 997 45 19 or magnus.hurst@sas.se

This is information that SAS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11:00 CET on 9 January 2019.

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