SAS — Earnings Release 2020

Feb 7, 2020

1.9 million passengers traveled with SAS in January

1.9 million passengers traveled with SAS in January

The number of customers traveling with SAS increased by 3.2% compared to last

year. Punctuality showed a sharp increase by nearly 14 percentage points and

regularity remained at high levels.

Total capacity (ASK) and revenue passenger kilometers (RPK) increased by 1.5%

and 2.8%, respectively, compared to the same month last year. The growth was

driven by increased demand on Intrascandinavian, European and Domestic routes.

The increase in demand is reflected in an improved passenger load factor (+0.8

percentage points). Preliminary unit revenue and passenger yield were in line

with same period last year at 0.64 SEK and 0.98 SEK respectively.

- It is satisfactory to note that our improved operational quality, customer

offering and introduction of new fuel-efficient aircraft, enables SAS to

strengthen its position and gain market share in our home markets. We are also

encouraged by the increased interest among our customers to voluntarily add

Sustainable Aviation Fuel (i.e. biofuel) to their SAS-tickets. Since the

introduction of this option, almost 10,000 travelers have chosen to buy biofuel

to their journeys. This shows that a growing number of customers share our view

on the importance of contributing toward more sustainable air travel, says

Rickard Gustafson, CEO of SAS.

After evaluating the Coronavirus situation in China, SAS has decided to close

sales until March 15 and suspended all flights to and from Shanghai and Beijing

from 31 January until 29 February. The safety of passengers and employees is our

highest priority and SAS continues to monitor the situation in close dialogue

with relevant authorities.

[][]

SAS scheduled traffic Jan20 Change[1] Nov19- Jan20 Change[1]

ASK (Mill.) 3 490 1.5% 10 759 0.8%

RPK (Mill.) 2 292 2.7% 7 365 2.0%

Passenger load factor 65.7% +0.8 p.p. 68.5% +0.8 p.p.

No. of passengers (000) 1,889 3.1% 6,119 1.4%

Geographical Jan20 vs. Jan19 Nov19- Jan20 vs. Nov18-Jan19

development,

schedule

RPK ASK RPK ASK

Intercontinental -0.1% -0.4% 0.2% 1.4%

Europe/Intrascandi 5.3% 2.8% 4.0% 0.6%

navia

Domestic 3.7% 2.7% 1.3% 0.1%

[][]

SAS charter traffic Jan20 Change[1] Nov19-Jan20 Change[1]

ASK (Mill.) 164 1,7% 499 3.6%

RPK (Mill.) 152 2,9% 461 4.4%

Load factor 92.7% +1.1 p.p. 92.4% +0.7 p.p.

No. of passengers (000) 0,053 5.9% 0,141 6.8%

[][]

SAS total traffic Jan20 Change[1] Nov19- Jan20 Change[1]

(scheduled and

charter)

ASK (Mill.) 3 654 1.5% 11 258 0.9%

RPK (Mill.) 2 444 2.8% 7 826 2.2%

Load factor 66.9% +0.8 p.p. 69.5% +0.8 p.p.

No. of passengers 1,942 3.2% 6,260 1.5%

(000)

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

\\\\

Preliminary yield and PASK Jan20 Nominal change FX adjusted change

Yield, SEK 0.98 -0.6% -2.8%

PASK, SEK 0.64 +0.6% -1.6%

Jan20

Punctuality (arrival 15     88.7%

min)

Regularity     99.1%

Change in total CO\2     -2.8%

\emissions, rolling 12

months

Change in CO\2 \emissions     -2.6%

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 cargoservices. 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 (https://www.sasgroup.net/en/)

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 February 2020.