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    +46-8 797 15 15
    http://www.sasgroup.net
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    Positive earnings and favorable traffic growth despite continued intense competition – however, greater challenges ahead.
    Rickard Gustafson, President and CEO
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    FINANCIAL DEVELOPMENT IN LINE WITH GUIDANCE

    NOVEMBER 2018–JANUARY 2019 · Revenue: MSEK 9,534 (8,978) · Earnings before tax and nonrecurring items: MSEK -724 (-385) · EBT: MSEK -576 (-285) · Net income for the period: MSEK -469 (-249) · Earnings per common share: SEK -1.25 (-0.88) COMMENTS BY THE CEO In the face of challenges, SAS is continuing its transition towards a viable and sustainable future. FOR FURTHER INFORMATION, PLEASE CONTACT: Michel Fischier, VP Investor Relations, +46 70 997 0673 This information is information that SAS AB is obliged to disclose pursuant to the EU Market Abuse Regulation.

    STRONG EARNINGS IN PEAK SEASON

    MAY 2018 – JULY 2018 · Revenue: MSEK 13,146 (12,210) · Earnings before tax and nonrecurring items: MSEK 1,978 (1,863) · EBT: MSEK 2,004 (1,973) · Net income for the period: MSEK 1,546 (1,535) · Return on invested capital (ROIC), LTM: 13% (13%) · Earnings per common share SEK 3.97 (4.39) · Outlook for 2017/2018 is upgraded to around SEK 2 billion (page 10) COMMENTS BY THE PRESIDENT AND CEO OF SAS:This is one of the strongest results in SAS’ history, despite increasing jet fuel costs and operational challenges. I apologize to affected passengers for any

    SAS CO2 compensates all Youth Tickets

    SAS has announced that in a new initiative that commenced on 1 April 2018, it will compensate CO2 emissions generated by customers flying on its Youth Ticket. With Youth Tickets available to travelers aged between 12 and 26, this initiative forms part of SAS’s environmental and sustainability work.“Many of our passengers, especially young travelers, make active choices to promote a sustainable development. SAS strives to use innovative solutions and new technology to make aviation sustainable long term. The possibility to CO2 compensate your flight has been available to all of our travelers

    QUARTERLY EARNINGS AS EXPECTED DESPITE NEGATIVE CURRENCY EFFECTS FEBRUARY 2018 – APRIL 2018

    FEBRUARY 2018 – APRIL 2018 · Revenue: MSEK 9,916 (9,843) · Earnings before tax and nonrecurring items: MSEK -320 (-259) · EBT: MSEK -499 (-208) · Net negative currency effects: MSEK 145 · Net income for the period: MSEK -358 (-320) · Return on invested capital (ROIC), LTM: 13% (9%) · Earnings per common share SEK -1.02 (-1.23) · The outlook for the full year 2017/2018 is retained. COMMENTS BY THE PRESIDENT AND CEO OF SAS:The quarterly earnings tracked our expectations, despite considerable negative currency effects. For the first six months, the improvement

    SEASONAL ADJUSTMENTS LIFT RESULTS NOVEMBER 2017 – JANUARY 2018

    NOVEMBER 2017–JANUARY 2018   · Earnings before tax and nonrecurring items: MSEK -373 (-707) · EBT: MSEK -273 (-697) · Revenue: MSEK 8,978 (8,957) · EBIT margin: -1.9% (-6.4%) · Net income for the period: MSEK -239 (-556) · Earnings per common share SEK -0.85 (-1.95) · The outlook for the full year 2017/2018 is retained, see page 10. COMMENTS BY THE PRESIDENT AND CEO OF SAS: The earnings improvement, though still negative, was gratifying and shows that our long-term efforts to strengthen our offering and increase the efficiency of our operations is delivering

    EARNINGS INCREASE IN LINE WITH SAS’S MOST RECENT FORECAST

    AUGUST 2017–OCTOBER 2017 · Income before tax and non-recurring items: MSEK 1,054 (941) · Income before tax: MSEK 657 (577) · Revenue: MSEK 11,644 (11,135) · EBIT margin: 6.7% (6.1) · Net income for the period: MSEK 490 (591) · Earnings per common share: SEK 1.22 (1.53) · The outlook for the full year 2017/2018 is retained, see page 10. · SAS concluded a three-year collective agreement with the unions representing the pilots and ground personnel. NOVEMBER 2016–OCTOBER 2017 · Income before tax and non-recurring items: MSEK 1,951 (939) · Income before tax:

    SAS publishes its preliminary earnings for 2016/2017 and outlook for 2017/2018 ahead of today’s extraordinary shareholders’ meeting

    Ahead of today’s extraordinary shareholders’ meeting of SAS AB, and given that the SAS fiscal year ended on October 31, 2017, SAS has chosen to publish its preliminary earnings for the 2016/2017 fiscal year. In conjunction with this, SAS is also announcing the outlook for 2017/2018.Preliminary earnings for 2016/2017SAS operations performed as expected in the fourth quarter. During the quarter, the yield improved while load factor is lower year-on-year[1]. The implementation of the efficiency measures proceeded as planned during the quarter. Nonrecurring costs related to IT, employees,

    SAS seasonal summer 2018 routes – 5 new destinations and 27 new non-stop routes from Scandinavia

    SAS continues to expand its offer to and from Scandinavia and launches 27 new non-stop routes to be served from several of its hubs. The seasonal summer 2018 routes also includes five new destinations on SAS´s route map; Verona, Sarajevo, Genoa, Toulon and Beirut. In addition to this, SAS is giving its customers more access to popular destinations with expanded summer service to Portugal, Spain, Croatia and Italy. And as a response to the increased interest in leisure travel, expanded non-stop flights from several of its hubs to popular summer destinations. Flights will be available for

    SAS Interim Report November 2016–July 2017

    STRONG SUMMER LIFTS EARNINGS MAY 2017 – JULY 2017 · Income before tax: MSEK 1,973 (1,036) · Income before tax and nonrecurring items: MSEK 1,863 (1,003) · Revenue: MSEK 12,210 (11,133) · EBIT margin: 17.1% (10.4) · Net income for the period: MSEK 1,535 (805) · Earnings per common share: SEK 4.39 (2.17) · The outlook for the full year 2016/2017 has been revised, see page 10. COMMENTS BY THE PRESIDENT AND CEO OF SAS: Higher revenue resulted in a significant boost to earnings in the quarter. This is an encouraging trend that motivates our continued change

    SAS Interim Report November 2016 – April 2017

    EXPANDED STRUCTURAL MEASURES TO STRENGTHEN PROFITABILITYJANUARY 2017 – APRIL 2017 · Income before tax and nonrecurring items: MSEK -259 (-601) · Income before tax: MSEK -208 (127) · Revenue: MSEK 9,843 (8,916) · EBIT margin: -1.1% (2.7%) · Net income for the period: MSEK -320 (171) · Earnings per common share: SEK -1.23 (0.25) · The outlook for the full year 2016/2017 is retained. COMMENTS BY THE PRESIDENT AND CEO OF SAS:The quarter trended in line with our expectations. The most positive news being the increase in passenger numbers compared with the

    SAS Interim Report November 2016 – January 2017

    SEASONALLY WEAK EARNINGS AS EXPECTED– structural measures being plannedNOVEMBER 2016 – JANUARY 2017 · Income before tax: MSEK -697 (-309) · Income before tax and nonrecurring items: MSEK -707 (-404) · Revenue: MSEK 8,957 (8,275) · EBIT margin: -6.4% (-2.2%) · Net income for the period: MSEK -556 (-246) · Earnings per common share: SEK -1.95 (-1.01) · The outlook for the full year 2016/2017 is retained. COMMENTS BY THE PRESIDENT AND CEO OF SAS: We are putting a seasonally weak quarter behind us, which, as expected, was worse than the preceding year. The

    Play chess with Magnus Carlsen up in the air

    SAS has entered into a global partnership with World Chess Champion Magnus Carlsen and the company Play Magnus AS. This partnership will help to realize Magnus Carlsens dream of bringing chess out to the wider world and give SAS travelers the unique opportunity to play against the highest-rated chess player in history.As part of the partnership, SAS is proud to announce the launch of the Play Magnus game on board all SAS inflight entertainment systems as of November 1st. SAS is one of the few airlines to have Wi-Fi on board its long-haul aircraft, and passengers traveling with the

    SAS Interim Report November 2015 – July 2016

    CLEAR STRATEGY GENERATES HIGHER REVENUEMAY 2016 – JULY 2016 · Income before tax: MSEK 1,036 (1,031) · Income before tax and nonrecurring items: MSEK 1,003 (996) · Revenue: MSEK 11,133 (10,973) · Unit revenue (PASK) declined 3.5%[1] · Unit cost (CASK) decreased 0.3%[2] · EBIT margin: 10.4% (10.4%) · Net income for the period: MSEK 805 (800) · Earnings per common share: SEK 2.17 (2.16) · The outlook for the full year 2015/2016 is retained, see page 8. NOVEMBER 2015 – JULY 2016 · Income before tax: MSEK 854 (550) · Income before tax and nonrecurring

    SAS Interim Report November 2015 – April 2016

    RISING PASSENGER NUMBERS IN A WEAK QUARTERFEBRUARY 2016 – APRIL 2016 · Income before tax: MSEK 127 (355) · Income before tax and nonrecurring items: MSEK -601 (-331) · Revenue: MSEK 8,916 (9,403) · Unit revenue (PASK) declined 11.5%[1] · Unit cost (CASK) decreased 1.3%[2] · EBIT margin: 2.7% (4.9%) · Net income for the period: MSEK 171 (279) · Earnings per common share: SEK 0.25 (0.58) · The outlook for the full year 2015/2016 remains firm, see page 8. NOVEMBER 2015 – APRIL 2016 · Income before tax: MSEK -182 (-481) · Income before tax and

    SAS Interim Report November 2015–January 2016

    SAS PRESENTS EARNINGS IMPROVEMENTS FOR THE QUARTERNOVEMBER 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

    SAS takes off with biofuel in the tank

    SAS is the only Scandinavian airline to be taking part in Avinor’s biofuel project at OSL, which from January 22 will ensure regular delivery of the most eco-friendly aircraft fuel. This will make OSL the first international airport where biofuel is available on a regular basis.SAS is joined by KLM and Lufthansa in signing a purchase agreement with biofuel supplier Air BP. In doing so, these airlines are contributing to a demand that is necessary in order to encourage the production and delivery of this fuel, and they are helping to make bio jet fuel commercially viable. Biofuel is

    SAS Year-end Report November 2014 – October 2015

    SAS delivers substantial earnings improvementAugust 2015 – October 2015 · Income before tax: MSEK 867 (-450) · Income before tax and nonrecurring items: MSEK 1,338 (789) · Revenue: MSEK 10,903 (10,966) · Unit revenue (PASK) declined 0.5% [1] · Unit cost (CASK) increased 3.5% [2] · EBIT margin: 11.8% (-2.3%) · Net income for the period: MSEK 517 (-303) · Earnings per common share: SEK 1.31 (-1.21) · The outlook for the full year 2015/2016 is presented on page 8 · The Board of Directors proposes that no dividends be paid to holders of SAS AB’s common shares ·

    SAS Interim Report November 2014 – July 2015

    Commercial success improves earningsMay 2015 – July 2015 · Income before tax: MSEK 1,031 (756) · Income before tax and nonrecurring items: MSEK 996 (759) · Revenue: MSEK 10,973 (10,697) · Unit revenue (PASK) increased 3.6%[1] · Unit cost (CASK) increased 3.4%[2] · EBIT margin: 10.4% (8.7) · Net income for the period: MSEK 800 (496) · Earnings per common share: SEK 2.16 (1.24) · The outlook for the full year 2014/2015 remains firm, see page 8 November 2014 – July 2015 · Income before tax: MSEK 550 (-468) · Income before tax and nonrecurring items: MSEK

    SAS expands with new direct routes to USA

    SAS is expanding and opening three new direct routes to USA in 2016. The new routes being launched are Los Angeles from Stockholm, Miami from Oslo and Miami from Copenhagen. SAS is also increasing the number of departures from Stockholm to New York and Chicago and between Copenhagen and Shanghai. That means that SAS will now offer over 330,000 additional seats on its intercontinental routes in 2016.SAS is investing in the future and strengthening its offer to Scandinavia’s frequent flyers. In line with already published plans to expand its long haul fleet, SAS is today announcing three new

    SAS Interim report November 2014 – April 2015

    SAS’s commercial initiatives deliver resultsFebruary 2015 – April 2015 · Income before tax: MSEK 355 (-1,078) · Income before tax and nonrecurring items: MSEK -331 (-1,076) · Revenue: MSEK 9,403 (8,472) · Unit revenue (PASK) increased 6.8% · Unit cost (CASK) increased 3.4%(1) · EBIT margin: 4.9% (-7.8%) · Net income for the period: MSEK 279 (-800) · Earnings per common share: SEK 0.58 (-2.72) · SAS expects to post clearly positive income before tax and nonrecurring items for the full-year 2014/2015, see page 8 November 2014 – April 2015 · Income before

    SAS has signed an agreement with the Norwegian Pilot Union (NSF) and the industrial action in Norway is called of

    SAS has today signed a new modern collective bargain agreement with the Norwegian pilot union NSF. The negotiations have reached its objective after a strike that lasted for seven days and involved 17 pilots. SAS has now agreed with all of its pilot unions on new collective bargain agreements that create conditions for future expansion.Job security, reduced complexity and SAS need to act faster in relation to the market’s demand have been central parts in the negotiations for a new collective bargain agreement with the pilot unions during this spring. The Norwegian pilot union NSF signed

    Interim Report November 2014 – January 2015

    Market position strengthened in a seasonally weak quarterNovember 2014–January 2015 · Income before tax and nonrecurring items: MSEK -829 (-1,169)  · Revenue: MSEK 8,371 (7,871)  · Unit revenue (PASK) rose 6.7%  · Unit cost (CASK) rose 2.9%1  · EBIT margin: -7.8% (1.7%)  · Income before tax: MSEK -836 (-146)  · Net income for the period: MSEK -640 (-112)  · Earnings per common share: SEK -2.21 (-0.35)  · SAS maintains its outlook for the full year 2014/2015, see page 8 1) Currency adjusted and excluding jet fuel. SAS

    Lars Sandahl Sørensen joins SAS Group Management

    Lars Sandahl Sørensen is returning to SAS as new Group Director and COO, (Chief Operating Officer), SAS. Lars Sandahl will join on 1 May 2015.Lars Sandahl Sørensen was previously Group Director and CCO (Chief Commercial Officer) of global services company ISS. Prior to that he worked for SAS from 2003 to 2010. He was initially MD of the airline's then subsidiary company SAS International before being appointed Group Director for Commercial with responsibility for product development, network, revenue management and marketing. Lars Sandahl Sørensen is currently a partner at Flensby &

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