SAS — Earnings Release 2020

Dec 7, 2020

SAS Traffic figures - November 2020

SAS Traffic figures - November 2020

Reinforced travel restrictions led to reduced demand and capacity in November.

In the month of November 331,000 passengers flew with SAS, a decline by 86% year

over year and 45% compared to the previous month. At the same time SAS reduced

its capacity by 75% compared to last year and by 20% compared to October.

The load factor came in at 25.3%, down some 45 percentage points (p.p) compared

to last year and 13 p.p. compared to October. The decline in number of

passengers and load factor was driven by the accelerated number of reported

COVID-19 cases across Europe, resulting in renewed travel restrictions followed

by a significant drop in demand, also for domestic travel. In addition, we have

noted an increased number of no-show passengers in November, impacting the load

factor negatively versus the previous month. Furthermore, as we have gradually

reduced our European and Scandinavian capacity, intercontinental traffic

sustained by cargo revenues, have a larger proportional share of the reported

load factor, and thus impacting comparison with the previous month negatively.

"The sharp increase in the number COVID-19 cases, reintroduced travel

restrictions and recommendations for social distancing, instantly impacted

overall demand and willingness to travel. Even though SAS quickly responded by

reducing offered capacity, unavoidable lead time from implemented crew rosters

and adherence to local furlough schemes, unfortunately created some unbalance

between capacity and demand during the month. However, entering into December,

we have made further adjustments to adapt our capacity with available demand for

Scandinavian connectivity" says Rickard Gustafson, CEO SAS.

[]

SAS scheduled traffic Nov20 Change[1]

ASK (Mill.) 1 001 -73.9%

RPK (Mill.) 252 -90.6%

Passenger load factor 25.1% -44.3 p u

No. of passengers (000) 330 -85.7%

Geographical development, schedule Nov20            vs.         Nov19

RPK ASK

Intercontinental -97.1% -80.8%

Europe/Intrascandinavia -92.6% -84.9%

Domestic -72.3% -36.0%

[]

SAS charter traffic Nov20 Change[1]

ASK (Mill.) 8 -95.3%

RPK (Mill.) 3 -98.0%

Load factor 39.3% -54.1 p u

No. of passengers (000) 1 -97.7%

[]

SAS total traffic (scheduled and charter) Nov20 Change[1]

ASK (Mill.) 1 009 -74.8%

RPK (Mill.) 255 -91.0%

Load factor 25.3% -45.2 p u

No. of passengers (000) 331 -86.0%

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

\\\\

Preliminary yield and PASK Nov20 Nominal change FX adjusted change

Yield, SEK 1,65 57,6% 64,7%

PASK, SEK 0,41 -43,0% -40,4%

Nov20

Punctuality (arrival 15 94.6%

min)

Regularity 98.4%

Change in total CO\2 -63.1%

\emissions, rolling 12

months

Change in CO\2 \emissions -6.0%

per available seat

kilometer

Carbon offsetting of 32%

passenger related emissions

Definitions:

RPK - Revenue passenger kilometers

ASK - Available seat kilometers

Load factor - RPK/ASK

Yield - Passenger revenues/RPK (scheduled)

PASK - Passenger revenues/ASK (scheduled)

Change in CO\2 \emissions per available seat kilometers - SAS passenger related

carbon emissions divided with total available seat kilometers (incl. non-revenue

and EuroBonus), rolling 12 months

Carbon offsetting of passenger related emissions - Share of SAS passenger

related carbon emissions compensated by SAS (EuroBonus members, youth tickets

and SAS' staff travel)

From fiscal year 2020 we report change in CO\2\ emissions in total and per

Available Seat Kilometers (ASK) to align with our overall goal to reduce our

total CO\2\ emissions by 25% by 2025, compared to 2005.

For further information, please contact:

SAS press office, +46 8 797 29 44

Michel Fischier, VP Investor Relations, +46 70 997 06 73

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and

Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a

Scandinavian heritage and sustainable values, SAS aims to be the global leader

in sustainable aviation. We will reduce total carbon emissions by 25 percent by

2025, by using more sustainable aviation fuel and our modern fleet with fuel

-efficient aircraft. In addition to flight operations, SAS offers ground

handling services, technical maintenance and air cargo services. SAS is a

founder member of the Star AllianceT, and together with its partner airlines

offers a wide network worldwide. Learn more at 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 a.m. CET on 7 December 2020.