SAS — Earnings Release 2020

Sep 7, 2020

Correction: SAS Traffic figures - August 2020

Correction: SAS Traffic figures - August 2020

The correction refers to preliminary yield and PASK

Total number of passengers and capacity in August decreased by 74% and 73%

respectively, versus the same period last year. However, August also recorded a

small increase of 12 000 passengers compared to July this year.

SAS' traffic continues to be negatively impacted by COVID-19. In August, total

capacity was down by 73.4% compared to the same period last year and number of

passengers decreased by 2.1 million. Demand has recovered somewhat better within

Scandinavia than in other parts of our network and SAS has deployed its capacity

accordingly.

"During fall we aim to increase the number of flights and re-open more routes,

in line with the re-bounce in demand. Primarily we'll resume domestic traffic in

Denmark, Norway and Sweden, but also re-open 18 routes to key European

destinations. Furthermore, we aim to resume flights to Asia and once again offer

flights across all three continents where we normally operate," says

Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic Aug20 Change[1] Nov19-Aug20 Change[1]

ASK (Mill.) 1 304 -71.1% 19 878 -49.9%

RPK (Mill.) 608 -82.7% 12 354 -57.6%

Passenger load factor 46.7% -31.2 p u 62,1% -11.2 p u

No. of passengers (000) 699 -72.8% 11,128 -51.5%

Geographical Aug20            Nov19

development, vs. -Aug20

schedule           Jul19    vs.

Nov18

-Aug19

RPK ASK RPK ASK

Intercontinental -96.7% -87.3% -63.2% -54.7%

Europe/Intrascandi -81.7% -72.0% -59.4% -53.4%

navia

Domestic -49.2% -30.9% -39.0% -29.8%

[][]

SAS charter traffic Aug20 Change[1] Nov19-Aug20 Change[1]

ASK (Mill.) 54 -90.9% 921 -71.1%

RPK (Mill.) 43 -91.9% 797 -72.3%

Load factor 79.7% -9.1 p u 86.5% -3.9 p u

No. of passengers (000) 18 -91.3% 266 -75.0%

[][]

SAS total traffic Aug20 Change[1] Nov19-Aug20 Change[1]

(scheduled and

charter)

ASK (Mill.) 1 357 -73.4% 20 799 -51.5%

RPK (Mill.) 651 -83.9% 13 151 -58.9%

Load factor 48.0% -31.2 p u 63.2% -11.4 p u

No. of passengers 717 -74.2% 11.394 -52.5%

(000)

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

\\\\

Preliminary yield and PASK Aug20 Nominal change FX adjusted change

Yield, SEK 1.15 22.4% 30.2%

PASK, SEK 0.54 -26.7% -22.0%

Aug20

Punctuality (arrival 15 95.3%

min)

Regularity 99.4%

Change in total CO\2 -43.3%

\emissions, rolling 12

months

Change in CO\2 \emissions -3.7%

per available seat

kilometer

Carbon offsetting of 36%

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

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 12:20 p.m. CEST on 7 September 2020.