SAS — Earnings Release 2022

Feb 7, 2022

SAS Traffic figures - January 2022

SAS Traffic figures - January 2022

Ramp-up was slowed down by Omicron in January

In January 760,000 passengers traveled with SAS, an increase of 170% compared to

the same month last year. SAS' capacity also increased by approximately 170%

compared with the same period last year. In comparison with last month, the

total number of passengers decreased with almost 25% and capacity was reduced by

almost 10%. The flown load factor for January was 49%, an improvement of 19

percentage points compared to January last year.

"It will come as no surprise that Omicron had an impact on customer demand

during the month, with additional travel restrictions being imposed on our core

markets. The overall operational environment was also negatively affected due to

increased sickness rates. Winter is in general a slower season and the industry

still faces uncertainties regarding the development of the pandemic and SAS must

continue to respond to changes in demand. However, our longer-term outlook is

that we see the demand for travel increase as restrictions ease," says Anko van

der Werff, President & CEO of SAS.

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SAS scheduled traffic Jan21 Change[1] Nov21- Jan22 Change[1]

ASK (Mill.) 2,063 157.6% 6,745 145.4%

RPK (Mill.) 982 309.8% 3,712 361.5%

Passenger load factor 47.6%         17.7pp 55.0%  25.8 pp

No. of passengers (000) 724 158.5% 3,010 201.5%

Geographical Jan22           Nov21-

development, vs.          Jan22

schedule Jan21   vs.

Nov20

-Jan21

RPK ASK RPK ASK

Intercontinental 944.5% 207.6% 989.0% 179.2%

Europe/Intrascandi 361.6% 262.4% 497.2% 292.5%

navia

Domestic 84.0% 35.7% 102.4% 23.4%

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SAS charter traffic Jan22 Change[1] Nov21- Jan22 Change[1]

ASK (Mill.) 151 2,088.6% 327 1,492.0%

RPK (Mill.) 103 3,723.5% 241 2,975.5%

Load factor 68.0% 29.1 pp 73.6% 35.5 pp

No. of passengers (000) 34 4,704.1% 72 3,200.8%

[][]

SAS total traffic Jan22 Change[1] Nov21- Jan22 Change[1]

(scheduled and

charter)

ASK (Mill.) 2,214 174.1% 7,072 155.4%

RPK (Mill.) 1,085 347.7% 3,953 386.8%

Load factor 49.0% 19.0 pp 55.9% 26.6 pp

No. of passengers 758 169.9% 3,082 208.0%

(000)

[1] Change compared to same period last year, p p = percentage points

[]\\\\

Preliminary yield and PASK Jan22 Nominal change[1] FX adjusted change

Yield, SEK 0.85 -29.1% -27.4%

PASK, SEK 0.40 12.8% 15.5%

Jan22

Punctuality (arrival 15 75.2%

min)

Regularity 97.1%

Change in total CO\2 35.2%

\emissions

Change in CO\2 \emissions -8.9%

per available seat

kilometer,

Carbon offsetting of 42.8%

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 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 Louise

Bergström at 11:00 a.m. CET on 7 February 2022.