SAS — Earnings Release 2020

Jul 7, 2020

SAS Traffic figures - June 2020

SAS Traffic figures - June 2020

As a result of the ongoing COVID-19 pandemic the total number of passengers was

86% lower compared to last year. From mid-June, SAS doubled its capacity to 30

aircraft and an additional 15 aircraft have returned to service in July.

SAS has increased its capacity and number of passengers as countries are

gradually opening up. Compared to last month capacity has increased by 251

million available seat kilometers (ASK) and the number of passengers has

increased by 269 thousand. In relation to last year SAS experienced a 91%

reduction in capacity and an 86% drop in the total number of passengers.

"We are pleased to welcome more passengers onboard as we slowly start to rebuild

our network and increase the connectivity to, from and within Scandinavia," says

Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic Jun20 Change[1] Nov19-Jun20 Change[1]

ASK (Mill.) 426 -90.1% 17 266 -42.9%

RPK (Mill.) 223 -93.6% 11 084 -48.4%

Passenger load factor 52.4% -29.1 p u 64.2% -6.9 p u

No. of passengers (000) 328 -88.1% 9,729 -45.3%

Geographical Jun20            Nov19

development, vs. -Jun20

schedule           Jun19    vs.

Nov18

-Jun19

RPK ASK RPK ASK

Intercontinental -99.1% -97.2% -52.3% -45.4%

Europe/Intrascandi -96.3% -93.5% -49.4% -45.6%

navia

Domestic -72.1% -64.6% -37.6% -31.1%

[][]

SAS charter traffic Jun20 Change[1] Nov19-Jun20 Change[1]

ASK (Mill.) 2 -99.7% 850 -55.4%

RPK (Mill.) 1 -99.9% 740 -56.7%

Load factor 35.3% -55.3 p u 87.1% -2.6 p u

No. of passengers (000) 99 -100% 242 -59.8%

[][]

SAS total traffic Jun20 Change[1] Nov19-Jun20 Change[1]

(scheduled and

charter)

ASK (Mill.) 427 -91.2% 18 116 -43.6%

RPK (Mill.) 223 -94.4% 11 824 -49.1%

Load factor 52.3% -30.3 p u 65.3% -6.9 p u

No. of passengers 427 -85.5% 9,971 -45.7%

(000)

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

\\\\

Preliminary yield and PASK Jun20 Nominal change FX adjusted change

Yield, SEK 1.92 76.3% 82.8%

PASK, SEK 1.01 13.2% 17.4%

Jun20

Punctuality (arrival 15 95.8%

min)

Regularity 99.7%

Change in total CO\2 -28.1%

\emissions, rolling 12

months

Change in CO\2 \emissions -3,2%

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 2944

Michel Fischier. VP Investor Relations. +46 70 997 0673

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 July 2020.