SAS — Earnings Release 2021

Feb 5, 2021

SAS Traffic figures - January 2021

SAS Traffic figures - January 2021

Reduced traffic program and less passengers in January as a direct consequence

of increased travel restrictions

During January, 280,000 passengers flew with SAS, a decrease of 28% compared to

December, when demand was higher during the holidays. Compared to January last

year, the number of passengers decreased by some 85%. Compared to December, SAS'

capacity decreased by 15%, which corresponds to a decrease of almost 78%

compared to last year. The load factor was 30%, a decrease of about 3 percentage

points compared to December and 37 percentage points in comparison to last year.

"During January, new travel restrictions have been introduced at short notice in

Scandinavia and the rest of the EU. This means that as of February 1, all SAS'

international destinations have either requirement for quarantine, requirements

for a negative PCR test or a general entry ban for non-residents. Reintroduced

and extended travel restrictions have significantly reduced the demand for air

travel and has forced SAS to adapt both the offered destinations and departures

to the prevailing conditions. The increased restrictions mean that we estimate

that demand, and thus our capacity, will remain at low levels for the rest of

the winter season" says Rickard Gustafson, CEO SAS.

[][]

SAS scheduled traffic Jan21 Change[1] Nov20- Jan21 Change[1]

ASK (Mill.) 801 -77.1% 2 748 -74.5%

RPK (Mill.) 240 -89.5% 804 -89.1%

Passenger load factor 29.9% -35.7 p u 29.3% -39.2 p u

No. of passengers (000) 280 -85.2% 998 -83.7%

Geographical Jan21           Nov20-

development, vs.          Jan21

schedule Jan20    vs.

Nov19

-Jan20

RPK ASK RPK ASK

Intercontinental -96.4% -81.2% -96.4% -80.5%

Europe/Intrascandi -90.4% -83.9% -90.7% -83.2%

navia

Domestic -72.6% -53.2% -69.1% -41.6%

[][]

SAS charter traffic Jan21 Change[1] Nov20- Jan21 Change[1]

ASK (Mill.) 7 -95.8% 21 -95.9%

RPK (Mill.) 3 -98.2% 8 -98.3%

Load factor 38.9% -53.8 p u 38.1% -54.3 p u

No. of passengers (000) 1 -98.7% 2 -98.5%

[][]

SAS total traffic Jan21 Change[1] Nov20- Jan21 Change[1]

(scheduled and

charter)

ASK (Mill.) 808 -77.9% 2 769 -75.4%

RPK (Mill.) 242 -90.1% 812 -89.6%

Load factor 30.0% -36.9 p u 29.3% -40.2 p u

No. of passengers 281 -85.5% 1,001 -84.0%

(000)

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

\\\\

Preliminary yield and PASK Jan21 Nominal change FX adjusted change

Yield, SEK 1.20 22.6% 29.8%

PASK, SEK 0.36 -44.1% -40.9%

Jan21

Punctuality (arrival 15 72.8%

min)

Regularity 98.4%

Change in total CO\2 -73.8%

\emissions, rolling 12

months

Change in CO\2 \emissions -7.5%

per available seat

kilometer

Carbon offsetting of 43%

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 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 February 2021.