SAS — Earnings Release 2021

Dec 7, 2021

SAS Traffic figures - November 2021

SAS Traffic figures - November 2021

Number of travelers stabilized in November, but uncertainty remains

In November more than 1.3 million passengers traveled with SAS, an increase by

just over 300% year on year. At the same time SAS increased its capacity by 143%

compared to last year and came in at a similar level versus the previous month.

The flown load factor was 61%, which is up 36 percentage points (p p) compared

to last year and 1.6 p p increase compared to October. Eased travel restrictions

subsequently lead to increased ticket sales both internationally and

domestically, which is clearly seen comparing numbers with last year as well as

with earlier months.

"We have seen a gradual increase of demand over the past few months as travel

restrictions have been lifted. Demand and ticket sales have stabilized ahead of

the winter, which in general is a slower period. However, with new versions of

the COVID-19 virus spreading across the globe, the future continues to be

uncertain. Entering the winter season, we need to remain flexible when it comes

to our capacity in order to respond to the demand amongst Scandinavia's

travelers" says Anko van der Werff, President & CEO of SAS.

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SAS scheduled traffic Nov21 Change[1]

ASK (Mill.) 2 371 136.8%

RPK (Mill.) 1 429 467.7%

Passenger load factor 60.3% 35.1 pp[1]

No. of passengers (000) 1 309 296.8%

Geographical development, schedule Nov21            vs.         Nov20

RPK ASK

Intercontinental 943.8% 145.6%

Europe/Intrascandinavia 786.7% 356.1%

Domestic 153.5% 12.3%

[][]

SAS charter traffic Nov21 Change[1]

ASK (Mill.) 79 874.6%

RPK (Mill.) 66 1948.4%

Load factor 82.6% 43.3 pp[1]

No. of passengers (000) 18 1777.1%

[][]

SAS total traffic (scheduled and charter) Nov21 Change[1]

ASK (Mill.) 2 451 142.8%

RPK (Mill.) 1 495 486.3%

Load factor 61.0% 35.7 pp[1]

No. of passengers (000) 1 327 301.1%

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

\\\\

Preliminary yield and PASK Nov21 Nominal change FX adjusted change

Yield, SEK 1.06 -35.9% -37.0%

PASK, SEK 0.64 53.8% 51.0%

Nov21

Punctuality (arrival 15 82.4%

min)

Regularity 97.2%

Change in total CO\2 -17.1%

\emissions, rolling 12

months

Change in CO\2 \emissions -10.7%

per available seat

kilometer

Carbon offsetting of 56.6%

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 tickets), rolling 12 months vs rolling 12 months previous year

Carbon offsetting of passenger related emissions - Share of SAS passenger

related carbon emissions compensated by SAS (EuroBonus members, youth tickets

and SAS' staff travel) during the month

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 2025, compared to 2005.

For further information, please contact:

SAS press office, +46 8 797 29 44

SAS, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and

Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a

Scandinavian heritage and sustainable values, SAS aims to be the global leader

in sustainable aviation. We will reduce total carbon emissions by 25 percent by

2025, by using more sustainable aviation fuel and our modern fleet with fuel

-efficient aircraft. In addition to flight operations, SAS offers ground

handling services, technical maintenance and air cargo services. SAS is a

founder member of the Star AllianceT, and together with its partner airlines

offers a wide network worldwide. Learn more at 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 Louise

Bergström at 11:00 a.m. CET on 7 December 2021.