SAS — Earnings Release 2020

Aug 7, 2020

SAS Traffic figures - July 2020

SAS Traffic figures - July 2020

SAS capacity was down by 76% and total number of passengers were 75% lower

compared to same period last year. Number of passengers remains low due to

limited demand in the light of the ongoing COVID-19 pandemic.

SAS continues to resume flights to its destinations as demand returns and travel

restrictions are easing. Compared to June, the number of passengers increased by

nearly 300 thousand but showed a decrease of 2.5 million compared to same period

last year. Domestic routes are showing the strongest recovery, whereas demand

for Intercontinental and European travel remains weak.

"We continue to note a slow recovery of demand, in line with our expectations.

As demand slowly returns, we are pleased to gradually ramp up our operations

while ensuring a safe travel experience for our customers and employees," says

Rickard Gustafson, CEO SAS.

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SAS scheduled traffic Jul20 Change[1] Nov19-Jul20 Change[1]

ASK (Mill.) 1 308 -73.5% 18 575 -47.2%

RPK (Mill.) 662 -83.9% 11 746 -54.1%

Passenger load factor 50.6% -32.6 p u 63.2% -9.6 p u

No. of passengers (000) 699 -73.0% 10,429 -48.8%

Geographical Jul20            Nov19

development, vs. -Jul20

schedule           Jul19    vs.

Nov18

-Jul19

RPK ASK RPK ASK

Intercontinental -97.4% -87.1% -58.6% -50.6%

Europe/Intrascandi -84.7% -77.0% -56.3% -50.9%

navia

Domestic -39.0% -16.0% -37.7% -29.7%

[][]

SAS charter traffic Jul20 Change[1] Nov19-Jul20 Change[1]

ASK (Mill.) 18 -97.4% 867 -66.5%

RPK (Mill.) 14 -97.8% 754 -68.0%

Load factor 81.9% -12.5 p u 87.0% -3.9 p u

No. of passengers (000) 6 -97.7% 248 -71.0%

[][]

SAS total traffic Jul20 Change[1] Nov19-Jul20 Change[1]

(scheduled and

charter)

ASK (Mill.) 1 326 -76.4% 19 442 -48.5%

RPK (Mill.) 676 -85.8% 12 500 -55.3%

Load factor 51.0% -33.6 p u 64.3% -9.8 p u

No. of passengers 705 -75.2% 10,676 -49.7%

(000)

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

\\\\

Preliminary yield and PASK Jul20 Nominal change FX adjusted change

Yield, SEK 1.10 27.6% 32.3%

PASK, SEK 0.56 -22.5% -19,6%

Jul20

Punctuality (arrival 15 95.7%

min)

Regularity 99.4%

Change in total CO\2 -36.1%

\emissions, rolling 12

months

Change in CO\2 \emissions -3.5%

per available seat

kilometer

Carbon offsetting of 39%

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 August 2020.