SAS — Earnings Release 2021

Mar 5, 2021

SAS Traffic figures - February 2021

SAS Traffic figures - February 2021

Continued strict travel restrictions in February led to a further reduction of

the traffic program and fewer passengers.

Through February, 225,000 passengers flew with SAS, a decrease of 20% compared

with January this year and down some 89% year-on-year. SAS continued to adapt

capacity (ASK) to lower demand and, compared with January, ASK declined 16%,

which was almost 81% lower than last year.

"The travel restrictions continue to put pressure on demand, which has resulted

in further adjustment of offered destinations and departures in February. Strong

demand for cargo services has enabled SAS to maintain parts of its

intercontinental production, though this has resulted in a low overall passenger

load factor of 26%. However, the load factor for our Scandinavian and European

operations has stabilized at around 40% and even increased 4 percentage points

for the month compared with January," says Rickard Gustafson, CEO of SAS.

[][]

SAS scheduled traffic Feb21 Change[1] Nov20- Feb21 Change[1]

ASK (Mill.) 673 -79.7% 3 421 -75.7%

RPK (Mill.) 173 -91.9% 978 -89.7%

Passenger load factor 25.8% -39.3 p u 28.6% -39.1 p u

No. of passengers (000) 225 -88.7% 1 223 -84.9%

Geographical Feb21           Nov20-

development, vs.          Feb21

schedule Feb20    vs.

Nov19

-Feb20

RPK ASK RPK ASK

Intercontinental -97.6% -72.7% -96.6% -78.9%

Europe/Intrascandi -95.2% -91.4% -91.8% -85.2%

navia

Domestic -77.1% -65.2% -71.2% -47.7%

[][]

SAS charter traffic Feb21 Change[1] Nov20- Feb21 Change[1]

ASK (Mill.) 6 -97.0% 26 -96.2%

RPK (Mill.) 2 -98.7% 10 -98.4%

Load factor 38.5% -52.9 p u 38.2% -53.9 p u

No. of passengers (000) 1 -99.1% 3 -98.7%

[][]

SAS total traffic Feb21 Change[1] Nov20- Feb21 Change[1]

(scheduled and

charter)

ASK (Mill.) 678 -80.6% 3 447 -76.6%

RPK (Mill.) 176 -92.4% 988 -90.3%

Load factor 25.9% -40.6 p u 28,7% -40.1 p u

No. of passengers 225 -89.0% 1 226 -85.3%

(000)

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

\\\\

Preliminary yield and PASK Feb21 Nominal change FX adjusted change

Yield, SEK 1.37 36.7% 44.5%

PASK, SEK 0.35 -46.0% -43.0%

Feb21

Punctuality (arrival 15 78.1%

min)

Regularity 99.5%

Change in total CO\2 -79.3

\emissions, rolling 12

months

Change in CO\2 \emissions -8.8%

per available seat

kilometer

Carbon offsetting of 44%

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 2025, compared to 2005.

For further information, please contact:

SAS press office, +46 8 797 29 44

Michel Fischier, VP Investor Relations, +46 70 997 06 73

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 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 a.m. CET on 5 March 2021.