SAS — Earnings Release 2020

Jan 12, 2021

SAS Traffic figures - December 2020

SAS Traffic figures - December 2020

Increased passenger numbers compared to November driven by holiday travel

Almost 400,000 passengers flew with SAS during December, an increase of 18%

compared to last month, but a decline by 80% year over year. At the same time

SAS reduced its capacity by 6% compared to November, which corresponds to a

reduction of 74% compared to last year. The load factor came in at 33%, an

increase of some 8 percentage units (p.u.) compared to the previous month, but

down 38 p.u. compared to last year. The increase in passengers and load factor

compared to November is mainly driven by an increased demand for domestic travel

during the holiday season.

"The overall demand continues to be heavily impacted by continued restrictions,

with holiday travel significantly below normal levels in December. SAS continues

to adapt its capacity according to the demand, that is expected to stay at low

levels throughout the winter season. However, we're encouraged by the recent

vaccine developments and initiated COVID-19 vaccination programs, providing a

foundation for a future normalization of our industry" says Rickard Gustafson,

CEO SAS.

[][]

SAS scheduled traffic Dec20 Change[1] Nov20-Dec20 Change[1]

ASK (Mill.) 946 -72.4% 1 947 -73.2%

RPK (Mill.) 313 -87.0% 565 -88.9%

Passenger load factor 33.1% -37.1 p u 29.0% -40.8 p u

No. of passengers (000) 388 -79.7% 718 -83.0%

Geographical Dec20            Nov20

development, vs.          -Dec20   vs.

schedule Dec19 Nov19-Dec19

RPK ASK RPK ASK

Intercontinental -95.7% -79.6% -96.4% -80.2%

Europe/Intrascandi -88.9% -80.7% -90.9% -82.9%

navia

Domestic -61.6% -35.7% -67.4% -35.9%

[][]

SAS charter traffic Dec20 Change[1] Nov20-Dec20 Change[1]

ASK (Mill.) 6 -96.6% 14 -95.9%

RPK (Mill.) 2 -98.7% 5 -98.3%

Load factor 35.2% -55.7 p u 37.7% -54.6 p u

No. of passengers (000) 1 -98.9% 1 -98.3%

[][]

SAS total traffic Dec20 Change[1] Nov20-Dec20 Change[1]

(scheduled and

charter)

ASK (Mill.) 951 -73.5% 1 961 -74.2%

RPK (Mill.) 315 -87.7% 570 -89.4%

Load factor 33.1% -38.0 p u 29.1% -41.7 p u

No. of passengers 389 -80.2% 720 -83.3%

(000)

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

\\\\

Preliminary yield and PASK Dec20 Nominal change FX adjusted change

Yield, SEK 1.26 32.9% 39.6%

PASK, SEK 0.42 -37.4% -34.2%

Dec20

Punctuality (arrival 15 82.0%

min)

Regularity 97.4%

Change in total CO\2 -68.3%

\emissions, rolling 12

months

Change in CO\2 \emissions -6.5%

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 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 12 January 2021.