SAS — Earnings Release 2020

Oct 7, 2020

SAS Traffic figures - September 2020

SAS Traffic figures - September 2020

In September SAS carried 0.6 million passengers and reports a capacity reduction

of 73% compared to the same period last year.

The COVID-19 pandemic continues to impact SAS' traffic negatively. In September,

the total number of passengers ended at 0.6 million, a decrease by 2.3 million,

and total capacity was down by 72.7% compared to the same period last year.

Demand for domestic travel continues be stronger than for European and

Intercontinental traffic and SAS has adapted its network accordingly.

"Since March, when nearly all traffic was halted, we have slowly started to

rebuild our network. Today SAS operates up to 380 daily flights servicing 75

destinations and I am pleased that we now have resumed our presence at mainland

China after 9 months interruption. Overall demand is heavily dependent on

imposed travel restrictions. In September more countries were unfortunately

classified as "red", reducing the number of passengers somewhat versus August.

However, in the last six months we have seen a slow but steady recovery in

demand, and in September SAS reports half a million additional passengers than

in April. Looking ahead, we continue to monitor the market development and stand

ready to make further adjustments in accordance with how demand evolves," says

Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic Sep20 Change[1] Nov19-Sep20 Change[1]

ASK (Mill.) 1 254 -71.3% 21 132 -52.0%

RPK (Mill.) 448 -86.7% 12 802 -60.6%

Passenger load factor 35.8% -41.5 p u 60.6% -13.2 p u

No. of passengers (000) 595 -78.6% 11 723 -54.4%

Geographical Sep20            Nov19

development, vs. -Sep20

schedule          Sep19    vs.

Nov18

-Sep19

RPK ASK RPK ASK

Intercontinental -97.3% -84.7% -66.8% -57.7%

Europe/Intrascandi -88.6% -74.9% -62.5% -55.5%

navia

Domestic -56.9% -37.3% -40.9% -30.6%

[][]

SAS charter traffic Sep20 Change[1] Nov19-Sep20 Change[1]

ASK (Mill.) 58 -86.6% 979 -72.9%

RPK (Mill.) 46 -88.6% 843 -74.3%

Load factor 79.2% -13.9 p u 86.1% -4.7 p u

No. of passengers (000) 20 -87.5% 285 -76.6%

[][]

SAS total traffic Sep20 Change[1] Nov19-Sep20 Change[1]

(scheduled and

charter)

ASK (Mill.) 1 312 -72.7% 22 111 -53.6%

RPK (Mill.) 494 -86.9% 13 646 -61.9%

Load factor 37.7% -41.0 p u 61.7% -13.4 p u

No. of passengers 614 -79.1% 12 008 -55.4%

(000)

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

\\\\

Preliminary yield and PASK Sep20 Nominal change FX adjusted change

Yield, SEK 1.25 19.0% 26.1%

PASK, SEK 0.45 -44.9% -41.7%

Sep20

Punctuality (arrival 15 96.2%

min)

Regularity 99.4%

Change in total CO\2 -50.3%

\emissions, rolling 12

months

Change in CO\2 \emissions -4.5%

per available seat

kilometer

Carbon offsetting of 37%

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, flies 30 million passengers to, from and

within Scandinavia each year. The airline has three main hubs - Copenhagen, Oslo

and Stockholm - with more than 125 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, for example by using more sustainable aviation fuel and our

modern 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 around

19,000 daily flights to over 1,300 destinations 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. CEST on 7 October 2020.