SAS Interim Report November 2015–January 2016

SAS PRESENTS EARNINGS IMPROVEMENTS FOR THE QUARTER
NOVEMBER 2015 – JANUARY 2016

• Income before tax: MSEK -309 (-836)
• Income before tax and nonrecurring items: MSEK -404 (-829)
• Revenue: MSEK 8,275 (8,371)
• Unit revenue (PASK) declined 10.0% [1]
• Unit cost (CASK) decreased 6.6% [2]
• EBIT margin: -2.2% (-7.8%)
• Net income for the period: MSEK -246 (-640)
• Earnings per common share: SEK -1.01 (-2.21)
• The outlook for the 2015/2016 fiscal year remains firm, see page 8.
[1] Currency adjusted.
[2] Currency adjusted and excluding jet fuel.

COMMENTS BY THE PRESIDENT AND CEO OF SAS:
“The first quarter is the seasonally weakest quarter of the fiscal year and,
this year, income before tax amounted to MSEK -309. However, this represents a
year-on-year improvement of MSEK 527. The improvement was driven by our
commercial success, significantly lower jet-fuel costs and the effects of cost
measures.

Our strategy is to strengthen our offering to Scandinavia’s frequent travelers
and to be an airline that rewards its customers for their loyalty. Many
travelers appreciate the advantages offered by SAS, which resulted in a year-on
-year increase in EuroBonus members of 14%, while income from members accounted
for more than 50% of our total passenger revenue. Competition intensified in
2016 with increased capacity growth in the market. Accordingly, we are working
intensively on adapting operations to market conditions and enhancing
efficiency. The outsourcing ground handling services at the line stations in
Norway comprises a key element in increasing our cost flexibility and has now
been completed according to plan.

Looking ahead to the spring, we look forward to offering new routes to both Los
Angeles and Boston and welcoming our travelers on board our upgraded long-haul
aircraft with a product that, according to our customers, is the best in
Europe,” says Rickard Gustafson, SAS President and CEO.

SAS discloses this information pursuant to the Swedish Securities Market Act
and/or the Swedish Financial Instruments Trading Act. The information was
provided for publication on March 8, 2016, at 8:00 a.m.