SAS — Earnings Release 2019

Jan 9, 2020

Nearly 2 million passengers traveled with SAS in December

Nearly 2 million passengers traveled with SAS in December

Compared to last year, the total number of passengers increased by more than 2%.

Furthermore, load factor, unit revenue and passenger yield also developed

favorably versus last year.

In December, the total capacity (ASK) increased by 0.9% while the revenue

passenger kilometers (RPK) increased by 2.6%, driven by growth in demand on SAS

scheduled traffic. As a result, the passenger load factor improved by 1.2

percentage points to 71.1%. Currency adjusted unit revenue and passenger yield

increased by 3.1% and 1.2% respectively.

- It is encouraging that more customers choose to travel with SAS, enabling us

to further strengthen our position in the Scandinavian market. During December,

the first of eight Airbus A350s entered our fleet, and we're delighted that our

travelers within short will experience the world's most modern and fuel

-efficient long-haul aircraft. With the A350 aircraft, we reduce carbon

emissions by up to 30 percent and noise by approximately 40% compared with the

aircraft it replaces. Along with the new livery, the A350 is a symbol of a more

sustainable and competitive future for SAS, says Rickard Gustafson, CEO of SAS.

[][]

SAS scheduled traffic Dec19 Change[1] Nov19- Dec19 Change[1]

ASK (Mill.) 3 429 1.4% 7 268 0.5%

RPK (Mill.) 2 406 3.3% 5 073 1.7%

Passenger load factor 70.2% +1.3 p.p 69.8% +0.8 p.p.

No. of passengers (000) 1.916 2.2% 4.230 0.7%

Geographical Dec19 vs. Dec18 Nov19- Dec19 vs. Nov18-Dec18

development,

schedule

RPK ASK RPK ASK

Intercontinental 2.3% 3.6% 0.4% 2.4%

Europe/Intrascandi 4.5% 0.6% 3.5% -0.3%

navia

Domestic 2.3% -1.1% 0.2% -1.1%

[][]

SAS charter traffic Dec19 Change[1] Nov19-Dec19 Change[1]

ASK (Mill.) 164 -8.2% 335 4.5%

RPK (Mill.) 149 -7.3% 309 5.1%

Load factor 91.0% +0.8 p.p. 92.2% +0.5 p.p.

No. of passengers (000) 0.046 -1.1% 0.089 7.3%

[][]

SAS total traffic Dec19 Change[1] Nov19- Dec19 Change[1]

(scheduled and

charter)

ASK (Mill.) 3 593 0.9% 7 604 0.6%

RPK (Mill.) 2 555 2.6% 5 383 1.9%

Load factor 71.1% +1.2 p.p. 70.8% +0.9 p.p.

No. of passengers 1.962 2.1% 4.318 0.8%

(000)

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

\\\\

Preliminary yield and PASK   Dec Nominal change FX adjusted change

2019

Yield, SEK   0.95 +2.1% +1.2%

PASK, SEK   0.67 +4.0% +3.1%

Dec 2019

Punctuality (arrival 15       78.9%

min)

Regularity       98.1%

Change in total CO\2       -2.7%

\emissions, rolling 12

months

Change in CO\2 \emissions       -2.3%

per available seat

kilometer

Carbon offsetting of       46%

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 more than 30 million passengers

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

Copenhagen, Oslo and Stockholm - with 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 sasgroup.net (https://www.sasgroup.netsasaas/)

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 9 January 2020.