SAS — Earnings Release 2020

Jun 5, 2020

SAS Traffic figures - May 2020

SAS Traffic figures - May 2020

The total number of passengers fell by nearly 94% compared to last year as a

result of the ongoing COVID-19 pandemic. During June, SAS will double its

capacity to 30 aircraft as travel restrictions are being eased.

"May was the second consecutive month with most of our fleet being grounded as a

result of the COVID19 pandemic and imposed travel restrictions. The negative

impact is reflected in our total traffic figures, showing a 96% capacity

reduction and a 94% drop in number of passengers compared to last year.

Countries are gradually opening up and we expect that demand will start to re

-build slowly from the current low levels. In June, we have started to ramp-up

production from 15 aircraft in service to 30, mainly serving domestic and Nordic

destinations.

We look forward to re-building our network as travel restrictions are lifted and

once again having the pleasure of welcoming our passengers onboard," says

Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic May20 Change[1] Nov19-May20 Change[1]

ASK (Mill.) 176 -95.7% 16 841 -35.1%

RPK (Mill.) 98 -96.6% 10 861 -39.7%

Passenger load factor 55.7% -15.6 p.p. 64.5% -4.9 p.p.

No. of passengers (000) 158 -93,4% 9,401 -37.4%

Geographical May20            Nov19

development, vs. -May20

schedule           May19   vs.

Nov18

-May19

RPK ASK RPK ASK

Intercontinental -100.0% -100.0% -43.2% -37.2%

Europe/Intrascandi -98.5% -97.5% -39.8% -37.0%

navia

Domestic -83.7% -82.6% -31.7% -26.2%

[][]

SAS charter traffic May20 Change[1] Nov19-May20 Change[1]

ASK (Mill.) 0 -100.0% 848 -36.2%

RPK (Mill.) 0 -100.0% 739 -37.7%

Load factor n/a n/a 87.2% -2.0 p.p.

No. of passengers (000) 0 -100,0% 242 -39.4%

[][]

SAS total traffic May20 Change[1] Nov19-May20 Change[1]

(scheduled and

charter)

ASK (Mill.) 176 -96.0% 17 689 -35.1%

RPK (Mill.) 98 -96.9% 11 601 -39.5%

Load factor 55.7% -16.5 p.p. 65.6% -4.8 p.p.

No. of passengers 158 -93.7% 9,643 -37.5%

(000)

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

\\\\

Preliminary yield and PASK May20 Nominal change FX adjusted change

Yield, SEK 1.98 +93.2% +99.1%

PASK, SEK 1.10 +50.9% +55.4%

May20

Punctuality (arrival 15 95.3%

min)

Regularity 99.2%

Change in total CO\2 -19,8%

\emissions, rolling 12

months

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

per available seat

kilometer

Carbon offsetting of 24%

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 2030, 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, carries 30 million passengers annually to,

from and within Scandinavia. The airline connects three main hubs - Copenhagen,

Oslo and Stockholm - with over 125 destinations in Europe, the US and Asia.

Spurred by a Scandinavian heritage and sustainable values, SAS aims to reduce

total carbon emissions by 25% and operate with biofuel equivalent to equal the

total consumption of fuel used to operate all domestic SAS flights, by 2030. In

addition to airline operations, SAS offers ground handling services. technical

maintenance and air cargo services. SAS is a founding member of Star AllianceT

and together with partner airlines offers almost 19,000 daily flights to more

than 1,300 destinations around the world. 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 5 June 2020.