SAS — Earnings Release 2020

Apr 7, 2020

SAS TRAFFIC FIGURES - March 2020

SAS TRAFFIC FIGURES - March 2020

As an effect of the COVID-19 pandemic and the travel restrictions imposed by

many governments, SAS capacity was reduced by over 45% compared to last year.

During April, almost all flights will be canceled except for a few domestic

routes in Norway and Sweden.

- Just over one month has passed since we started being severely affected by the

Coronavirus crisis, and we are now in a situation never before experienced. For

the first time in the history of SAS, we are not offering any scheduled

international flights. Since Monday this week, we are only operating a limited

domestic network in Norway and Sweden. In Norway, we are serving more

destinations than in Sweden following an agreement with the Norwegian

government.

We remain at the disposal of public authorities and continue to play an

important role in providing critical services for the Scandinavian society,

including bringing home stranded citizens from various parts of the world and

transporting critical medical equipment. It is important for us to contribute

when and where we can in these unprecedented and challenging times. However,

these flights do not compensate for the significant loss in revenue due to the

travel restrictions.

In the light of the sharp decrease in revenue we must continue to adjust our

costs to the extent possible. We have been forced to temporarily lay off a

majority of our employees. At time of writing, nearly 11 000 employees have been

temporarily laid off in Scandinavia. We have also given notice of permanent

redundancy for some 120 positions in Sweden.

When the COVID-19 crisis struck with full force, SAS enjoyed a strong financial

preparedness. Naturally, this has been beneficial in this difficult situation

due to the travel restrictions imposed by the governments. We are pleased that

Denmark, Sweden and Norway are providing some financial support, however the

earmarked amounts will not suffice to secure and safeguard critical

infrastructure if the situation is prolonged.

SAS has safeguarded airline traffic in Scandinavia for over 70 years and we miss

being able to welcome our customers on board what we call our second home. I

hope to be able to resume safe and reliable operations as soon as possible, but

until then I would like to thank our customers for their patience and support,

and my colleagues at SAS for their dedication to SAS and our societies during

these difficult times, says Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic Mar20 Change[1] Nov19- Mar20 Change[1]

ASK (Mill.) 2 288 -44.9% 16 462 -9.7%

RPK (Mill.) 1 113 -61.9% 10 710 -13.6%

Passenger load factor 48,6% -21.7 p.p. 65.1% -2.9 p.p.

No. of passengers (000) 995 -59.6% 9,149 -12.6%

Geographical Mar20            Nov19

development, vs. -Mar20

schedule           Mar19    vs.

Nov18

-Mar19

RPK ASK RPK ASK

Intercontinental -69.9% -55.6% -18.4% -13.0%

Europe/Intrascandi -59.3% -42.1% -10.7% -8.5%

navia

Domestic -52.4% -32.2% -10.1% -6.2%

[][]

SAS charter traffic Mar20 Change[1] Nov19-Mar20 Change[1]

ASK (Mill.) 103 -53.7% 818 -7.6%

RPK (Mill.) 74 -63.5% 731 -9.9%

Load factor 71.4% -19.3 p.p. 89.3% -2.3 p.p.

No. of passengers (000) 25 -64.0% 241 -8.6%

[][]

SAS total traffic Mar20 Change[1] Nov19-Mar20 Change[1]

(scheduled and

charter)

ASK (Mill.) 2 391 -45.4% 17 280 -9.6%

RPK (Mill.) 1 187 -62.0% 11 440 -13.3%

Load factor 49.6% -21.8 p u 66.2% -2.9 p.p.

No. of passengers 1 020 -59.7% 9 390 -12.5%

(000)

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

\\\\

Preliminary yield and PASK Mar20 Nominal change FX adjusted change

Yield, SEK 1.02 +3.7% +4.1%

PASK, SEK 0.50 -28.3% -28.1%

Mar20

Punctuality (arrival 15 88.8%

min)

Regularity 86.6%

Change in total CO\2 -7.4%

\emissions, rolling 12

months

Change in CO\2 \emissions -3.3%

per available seat

kilometer

Carbon offsetting of 33%

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 sasgroup.net/ (http://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 CET on 7 April 2020.