SAS — Earnings Release 2022

Nov 8, 2022

Scandinavian Airlines

195 87 Stockholm Telephone: +46 8-797 0000 www.sasgroup.net

SAS Traffic figures – October 2022

Close to 2 million passengers traveled with SAS in October

In October, 1.93 million passengers traveled with SAS, an increase of approximately 38% compared to the same month last year. SAS' capacity increased by approximately 41% compared with the same period last year. In comparison with last month, the total number of passengers decreased by 3% and capacity was increased by 1%. The flown load factor for October was 75%, an improvement of 13 percentage points compared to October last year.

"We are pleased that we had almost 2 million passengers flying with us in October, a healthy number despite a challenging macroeconomic environment. We continue to make progress in our chapter 11-process in the U.S. We recently announced that we have reached agreements with additional lessors to amend existing aircraft and equipment lease agreements, which will result in cost-savings, and which represents another step towards reaching our targets in the SAS FORWARD plan", says Anko van der Werff, President & CEO of SAS.

SAS scheduled traffic	Oct22		Change1	Nov21- Oct22	Change1
ASK (Mill.)	3,237		36.6%	31,688	91.1%
RPK (Mill.)	2,365		65.9%	22,058	184.7%
Passenger load factor	73.1%		+12.9 pp	69.6%	+22.9 pp
No. of passengers (000)	1,834		36.0%	17,029	130.7%
Geographical development, schedule	Oct22	vs.	Oct21	Nov21- Oct22 vs. Nov20-Oct21
	RPK		ASK	RPK	ASK
Intercontinental	520.2%		97.1%	577.8%	120.5%
Europe/Intrascandinavia	20.0%		16.2%	155.9%	113.5%
Domestic	17.3%		20.7%	64.8%	28.1%
SAS charter traffic	Oct22		Change1	Nov21- Oct22	Change1
ASK (Mill.)	295		110.3%	2,683	302.2%
RPK (Mill.)	272		124.5%	2,259	344.7%
Load factor	92.2%		+5.8 pp	84.2%	+8.1 pp
No. of passengers (000)	94		107.6%	839	309.6%
SAS total traffic (scheduled and charter)	Oct22		Change1	Nov21- Oct22	Change1
ASK (Mill.)	3,531		40.7%	34,371	99.2%
RPK (Mill.)	2,637		70.5%	24,317	194.5%
Load factor	74.7%		+13.0 pp	70.7%	+22.9 pp
No. of passengers (000)	1,929		38.4%	17,868	135.6%

¹ Change compared to same period last year, pp = percentage points

Scandinavian Airlines

195 87 Stockholm Telephone: +46 8-797 0000 www.sasgroup.net

			FX adjusted
Preliminary yield and PASK	Oct22	Nominal change1	change
Yield, SEK	1.09	-1.4%	-6.1%
PASK, SEK	0.80	19.7%	14.0%
			Oct22
Punctuality (arrival 15 min)			77.4%
Regularity			98.3%

Change in total CO2 emissions 101.2 % Change in CO2 emissions per available seat kilometer 1.8% Carbon offsetting of passenger related emissions 39.2%

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 CO2 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

From fiscal year 2020 we report change in CO2 emissions in total and per Available Seat Kilometers (ASK) to align with our overall goal to reduce our total CO2 emissions by 25% by 2025, compared to 2005.

For further information, please contact:

members, youth tickets and SAS' staff travel) during the month

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 Alliance™, 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, through the agency of Erno Hildén, at 11:00 a.m. CET on November 8, 2022.