SAS — Earnings Release 2020

Nov 6, 2020

SAS Traffic figures - October 2020

SAS Traffic figures - October 2020

The ongoing pandemic continues to severely impact SAS and reported traffic

figures for October are broadly in line with September this year.

During the month, SAS carried just over 0.6 million passengers, down 78.7%

compared to last year. Similarly, SAS reduced its capacity by 73.3% year-over

-year. Compared to the previous month, demand, capacity and load factor remained

broadly unchanged.

"Reported traffic is close to what we experienced in September and demand

continues to be stronger for domestic than for European and Intercontinental

travel, which is also reflected in the network and schedule we offer.

Regretfully, the accelerated number of COVID-19 cases in October have led to

reinforced restrictions across Europe, which naturally impacts the willingness

to travel negatively. Even though we expect the low demand environment to be

maintained for the next few months, our view remains firm that the ramp-up phase

for the airline industry will continue until 2022 with demand returning to

levels before the pandemic a few years thereafter" says Rickard Gustafson, CEO

SAS.

[][]

SAS scheduled traffic Oct20 Change[1] Nov19-Oct20 Change[1]

ASK (Mill.) 1 224 -72.3% 22 357 -53.9%

RPK (Mill.) 457 -86.3% 13 259 -63.0%

Passenger load factor 37.3% -37.9 p u 59.3% -14.6 p u

No. of passengers (000) 593 -78.3% 12 315 -56.7%

Geographical Oct20            Nov19

development, vs. -Oct20

schedule          Oct19    vs.

Nov18

-Oct19

RPK ASK RPK ASK

Intercontinental -97.1% -81.4% -69.6% -59.8%

Europe/Intrascandi -88.2% -78.6% -64.8% -57.6%

navia

Domestic -56.3% -38.7% -42.3% -31.4%

[][]

SAS charter traffic Oct20 Change[1] Nov19-Oct20 Change[1]

ASK (Mill.) 29 -89.6% 1 008 -74.1%

RPK (Mill.) 24 -90.9% 867 -75.6%

Load factor 82.8% -11.2 p u 86.0% -5.0 p u

No. of passengers (000) 10 -89.4% 295 -77.5%

[][]

SAS total traffic Oct20 Change[1] Nov19-Oct20 Change[1]

(scheduled and

charter)

ASK (Mill.) 1 253 -73.3% 23 365 -55.4%

RPK (Mill.) 481 -86.6% 14 127 -64.1%

Load factor 38.4% -37.9 p u 60.5% -14.7 p u

No. of passengers 602 -78.7% 12 610 -57.6%

(000)

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

\\\\

Preliminary yield and PASK Oct20 Nominal change FX adjusted change

Yield, SEK 1,18 14,5% 20,7%

PASK, SEK 0,44 -43,2% -40,1%

Oct20

Punctuality (arrival 15 91.7%

min)

Regularity 99.3%

Change in total CO\2 -57.2%

\emissions, rolling 12

months

Change in CO\2 \emissions -5.3%

per available seat

kilometer

Carbon offsetting of 42%

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 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 a.m. CET on 6 November 2020.