SAS — Earnings Release 2020

Mar 6, 2020

SAS TRAFFIC FIGURES - February 2020

SAS TRAFFIC FIGURES - February 2020

Passenger growth, unit revenues and passenger yield showed good development in

February as COVID-19 had a limited impact. Due to the outbreak, SAS notes a

reduced demand going forward and adjusts its route network and capacity

accordingly.

Total capacity (ASK) and revenue passenger kilometers (RPK) increased by 1.4%

and 0.5%, respectively, compared to last year. Currency adjusted unit revenue

increased by 1.1% and passenger yield increased by 2.2%.

Following the outbreak of COVID-19, SAS suspended flights to/from Mainland China

on 31 January, Northern Italy on 4 March and Hong Kong on 5 March. SAS is also

adjusting other parts of network and reducing capacity on routes with lower

demand.

- We have noted reduced demand due to the COVID-19 outbreak, primarily on

intercontinental travel and travel to/from Northern Italy, but also in other

parts of our network. We continue the close dialogue with relevant authorities

and follow their recommendations. To mitigate some of the negative financial

effects, SAS reduces long- and short haul network capacity on routes with low

forward bookings. Given the fluid and uncertain situation, we are also pursuing

a number of other initiatives to reduce costs and preserve our strong liquidity

position, says Rickard Gustafson, CEO of SAS.

[][]

SAS scheduled traffic Feb20 Change[1] Nov19- Feb20 Change[1]

ASK (Mill.) 3 416 0.4% 14 175 0.7%

RPK (Mill.) 2 232 -0.7% 9 597 1.4%

Passenger load factor 65.3% -0.7 p.p. 67.7% +0.4 p.p.

No. of passengers (000) 2,035 3.4% 8,154 1.9%

Geographical Feb20            Nov19

development, vs.           -Feb20

schedule Feb19

vs.

Nov18

-Feb20

RPK ASK RPK ASK

Intercontinental -16.3% -9.1% -3.4% -1.1%

Europe/Intrascandi 8.2% 6.0% 5.1% 1.9%

navia

Domestic 7.5% 5.6% 2.9% 1.5%

[][]

SAS charter traffic Feb20 Change[1] Nov19-Feb20 Change[1]

ASK (Mill.) 215 19.7% 714 8.0%

RPK (Mill.) 196 17.6% 657 8.0%

Load factor 90.9% -1.7 p.p. 91.9% +0.0 p.p.

No. of passengers (000) 75 20.2% 216 11.0%

[][]

SAS total traffic Feb20 Change[1] Nov19-Feb20 Change[1]

(scheduled and

charter)

ASK (Mill.) 3 632 1.4% 14 889 1.0%

RPK (Mill.) 2 428 0.5% 10 254 1.8%

Load factor 66.8% -0.6 p.p. 68.9% +0.5 p.p.

No. of passengers 2,110 3.9% 8,370 2.1%

(000)

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

\\\\

Preliminary yield and PASK Feb20 Nominal change FX adjusted change

Yield, SEK 1.00 +3.7% +2.2%

PASK, SEK 0.66 +2.5% +1.1%

Feb20

Punctuality (arrival 15     83.0%

min)

Regularity     97.5%

Change in total CO\2     -3.1%

\emissions, rolling 12

months

Change in CO\2 \emissions     -2.9%

per available seat

kilometer

Carbon offsetting of     45%

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 will 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 CET on 6 March 2020.