Update on SAS progress on transformation plan
When Q1 results were released on February 22, SAS announced a new comprehensive business transformation plan; SAS FORWARD, which is designed to secure long-term competitiveness and improved financial strength. As outlined at that time, the success of the SAS FORWARD Plan is entirely dependent upon an ability to deleverage SAS and raise significant amounts of new equity capital. Both are directly dependent upon SAS management and its key stakeholders working together to deliver by FY2026 a full SEK 7.5 billion in annual cost reductions (inclusive of interest expense and dividends on hybrid