Second Quarter nd Quarter result improved by MSEK 526. Improved load and stable yields. Positive result and improved operating performance

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1 Positive result and improved operating performance Second Quarter 25 1 st Half result improved by MSEK 82 Improvement for all business areas and group airlines Operating result almost tripled in 2 nd Quarter EBIT improved MSEK 698 vs last year Strong positive cash flow in 2 nd Quarter Stable yields and record load factors Turnaround 25 as planned Unit cost down 6,4% adjusted for currency and fuel (vs. 24) Continuous efficiency measures - benchmarking Fuel cost up appr. MSEK 7 vs last year New Business models Q2 Operating result (EBIT) +698 MSEK Q 24 2Q 25 Group Scandinavian Airlines Businesses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels nd Quarter result improved by MSEK 526 Improved load and stable yields April-e January-e MSEK 25 Change 25 Change Revenues EBITDAR Lease & depreciation EBIT % 7% 6% 1,3 1,3 1,2 1,2 Financial net EBT EBT bef non-recurring items % 4% 3-nov 3-dec 4-jan 4-feb Load factor 4-mar 4-apr 4-maj 4-jun 4-jul 4-aug 4-sep 4-okt Yield (12 months rolling) 4-nov 4-dec 5-jan 5-feb 5-mar 5-apr 5-may 5-jun 1,1 1,1 1,

2 SAS Braathens on track 1 st Half result improved by MSEK 417 Cabin factor up 2, p.u. in first half ket position stable One AOC established Over 4% internet bookings on domestic routes % Apr- Jan Total revenues EBITDAR EBT, bef nonrecurring items Jan Feb Apr Jan- p.u Load factor Change in load factor Scandinavian Airlines Danmark -still large overcapacity Fierce competition and overcapacity on many routes Capacity & Utilization Focus starting to give effect Capacity down 11,% Cabin factor down,1 p.u. during Jan- but up 1,9 p.u. in Q2 Negotiations with Copenhagen Airport on charges for Group Scandinavian Airlines Operations Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 6 Apr- Jan Total revenues EBITDAR EBT Scandinavian Airlines Sverige record load factors but yields under pressure Scandinavian Airlines International positive market development Number of passengers up 7,4% in Q2 Cabin factor up 6,8 p.u. in Q2 Swedish domestic yields down 1% in Q2 Successful launch of Swedish domestic concept One way pricing New web site Simple rules April-e load factor 7% up 8,1 p.u. vs 24 8% 75% Apr- Jan Total revenues EBITDAR EBT Focus on further efficiency measures on intercontinental operations Increased overcapacity Cabin factor down 3,7 p.u. in first half and down 1,7 p.u. in Q2 Several product improvements Internet onboard all aircraft IATA customer survey shows SAS has third most satisfied customers of all airlines on USA routes Apr- Jan Total revenues EBITDAR EBT Load factor 7% 65% 6% ket share 55% 5% Jan Feb Apr jul Aug Sep Oct Nov Dec Load factor 23 Load factor 24 Load factor 25 ket share 25 5% 7 8

3 EBITDAR 1 st Half improved 64% EBITDAR MSEK Q1 Q2 Q3 Q4 EBITDAR in 1H 25 was (1 449) MSEK EBITDAR Scandin Airl MSEK Spanair 489 MSEK Widerøe 212 MSEK Blue1 117 MSEK Gunilla Berg CFO Group Scandinavian Airlines Businesses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 1 Improved result by SEK,8 billion 1 st Half All major Business areas contribute to the improved result 2,3 1,9 April-e January-e 1,8 1,3,8,3 -,2 -,7 -,4,2 -,2 -,2 -,5 -,7 MSEK 25 Change 25 Change Scandinavian Airlines Businesses Subsidiary & Affiliated Airlines Airline Support Businesses Airlines Related Businesses Hotels Group, eliminations, other EBT bef non-recurring items ,2-1,7-1,5-2,2 24 Underlying yield Volume Turnaround 25 Maintenance engines Net financials Other incl. price & currency

4 Net financial items negatively affected by MSEK 2 due to IAS and interest rates (MSEK) Q2 Q2 Difference Interest net and others Exchange rate differences Financial net Deviation interest net and others (MSEK) IAS- effects (interest rates down in Scandinavia) -66 Revaluation of accrued interest (due to stronger USD) -4 Higher short term interest rates in USD -18 Refinancing & net debt -39 Other -17 Total -18 Focus on remaining areas in Turnaround 25 2, 1,5 1,,5,,3 Pilot/cabin efficiency,3 SAS Ground Services,3 SAS Technical Services,2 Distribution and IT,1 Other 1,2 Total Scandinavian Airlines focus on cost and profitable services Turnaround 25 focus on remaining activities Further rationalization Simplified business model Basic production on LCC cost level Increase cost flexibility Activities currently being addressed Configuration being closer analyzed Continuously analyzed costs Cost base (lowest) Airport A/C LCC unit cost charges (price configuration level vs secondary airports) Accepted service level in business model Efficiency & Current unit simplification cost level 15 Secure further improvement in cost position vs. LCC after completion of Turnaround 25 Jørgen Lindegaard CEO

5 Spanair s result improved by MSEK 121 during 1 st Half 25 Widerøe best 1 st Half year result ever Robust traffic development in the total market Apr- Jan- Two new destinations and five new routes opened in first half 25 Total revenues Traffic up 13,7%, cabin factor stable EBITDAR Strong corporate sale development EBT, bef nonrecurring items Share of sales has increased by app 8 p.u Strong performance on Madrid-Barcelona with over 2 daily frequencies More dynamic aircraft allocation within the SAS Group has made it possible to increase capacity in Spanair 17 Oct-Dec Jan-Dec Total revenues EBITDAR EBIT EBT EBT bef. gains Traffic down,9% but load factor up,1 p.u. during first half 25 Result improvement of MSEK 26 Widerøe competing for the public service network on tender for Result of the procurement procedure in November/December EBT, MSEK Q1 24 2Q 24 3Q 24 4Q 24 Jan- Apr- Jan Total revenues EBITDAR EBT, bef nonrecurring items Blue1 - Impressive growth and result margins SAS Group Baltic presence increases Result improved by MSEK 17 in 1st Half Successful domestic operations CFROI 16% Strong operational performance Traffic up 23,9% in first half Cabin factor up 1, p.p. Cabin factor on Finnish domestic 63,3% Number of passengers (12 month roling) Apr- Jan Total revenues EBITDAR EBT, bef nonrecurring items airbaltic and Estonian Air carried more than,7 million passengers in the first half 25 airbaltic has opened up routes to Paris, Istanbul, Munich and Barcelona Blue1 connected with Baltic market Rezidor SAS hotels increases presence in a strategically interesting region 15 Hotels in Baltic states, Finland and Russia dec 3-jan 3-feb 3-mar 3-apr 3-maj 3-jun 3-jul 3-aug 3-sep 3-okt 3-nov 3-dec 4-jan 4-feb 4-mar 4-apr 4-maj 4-jun 4-jul 4-aug 4-sep 4-okt 4-nov 4-dec 5-jan 5-feb mar 5-apr may 5 5-jun 19 2

6 2 nd Quarter improved by MSEK 75 Transaction with Carlson completed in 1 st Half Commercial direction Apr- Jan Total revenues EBITDA EBT EBT, bef nonrecurring items % 7% 6% 5% 4% 21 4-jan Maj Jul Sep Occupancy rate Nov DecJan 12 month rolling 75% 7% 65% 6% Strong hotel market Number of rooms sold increased RevPAR up 8,5% for comparable units 12 months occupancy rate improved 2,4 p.u. Number of operating hotels +1 to 2 Enhanced partnership with shareholder agreement with Carlson Agreement extended to MEUR in full year effect on reduced franchise fee as from July 25 Transaction confirms significant value in the Hotels PV of MEUR 131 at 9% WACC % growth PV at 4% growth MEUR 21 => Full implied value MEUR 84 Our platform Turnaround 25 => Competitive unit cost Incorporation => Transparency and accountability New Business models => Improved cabin factor Business environment growth => Stable yields and good market Group development 21. Braathens acquired 22: Majority stake in Spanair 23: Acquisition of 49% of Estonian Air 24: Rebranded Blue1 launched in Finland switch to domestic routes 22 Commercial development 23: Spanair introduced one-way demand driven pricing 23: airbaltic introduced one-way demand driven pricing 24: SAS Braathens with new domestic concept based on one-way October 24: Scandinavian Airlines introduced Economy Flex + fast track security Secure long term profitability of all group airlines ch 25: Launch of new Swedish domestic product September 25: One way and demand driven on European and Intrascandinavian routes Business models for SAS Group airlines - three common denominators The SAS Group continuously monitors market price levels Costs Commercial concept Cost level for the basic product in line with the most efficient players on corresponding traffic flows Additional costs for transfer, distribution, in-flight, on-ground, network etc. should be covered by a price premium Price structures based on demand-driven one-way prices for simple online distribution Base product differentiated from competitors Add-on products that stimulate buy-up and ancillary revenues. Value-for-money Example Copenhagen- Oslo Flights with few seats left SK s prices in general in line with market and low fare players The closer to departure the higher prices If flights are expected to be full if high demand higher price Scandinavian Airlines is the largest provider of low fare tickets in Scandinavia Traffic system Traffic systems dimensioned for local passengers and for profitable transfer traffic Dynamic flexible traffic planning 23 24

7 New Europe/Intrascandinavian concept to be launched Scandinavian Airlines introduces demand driven one way pricing on European routes One-way demand driven pricing Simplified rules Increased availability of low fares Simplified customer friendly web site with price calendar Simplified rules one way prices Prices entirely demand driven Positive impact from one way experienced on Norwegian, Swedish domestic and Madrid Expected to improve load factor on all European routes Reduced yield 8% 7% 6% 5% One way pricing introduced Swedish domestic Jan Feb Apr Aug Sep Oct jul Nov Dec % One way pricing introduced Copenhagen-Madrid 8% 7% More satisfied customers and increased repurchase rate More satisfied customers and increased repurchase rate 6% 5% 4% Jan Feb Apr jul Aug Sep Oct Nov Dec Madrid 23 Madrid 24 Madrid Sum up 2 nd Quarter Stable yields and improved load factors Turnaround 25 Focus on remaining activities Continuous improvements Commercial focus Economy Flex New Swedish domestic concept a rapid sales success New European business models - details August 19 Cautious outlook Uncertainties in the marketplace Business Plan shows positive earnings provided Unchanged yields Favorable traffic development Unchanged business environment No further significant fuel price increases 27

8 Incorporation of business units completed From business units to limited companies Closer to local markets Improved accountability 65 Fuel costs offset by fuel charges - future part of dynamic pricing Current spot price app 5% higher than year end SAS Group has 5% hedge in place for July 25 to e 26 Summary fuel charges Euro Sep 24 2 Euro Nov 24 2 Euro Apr 25 2 Euro Fuel charges have had a positive effect on yield in 1st Half by 5-6 p.u. As from September part of ticket price and yield management jan-3 mar-3 maj-3 jul-3 sep-3 nov-3 jan-4 mar-4 maj-4 jul-4 sep-4 nov-4 jan-5 mar-5 maj-5 jul-5 Group Scandinavian Airlines Operations Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 29 3 Record high jet fuel prices Average market prices: USD/MT USD/MT USD/MT USD/MT USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Hedge levels (including premiums): 2nd half 25: 46 USD/MT 12 months: 54 USD/MT 31 Group Scandinavian Airlines Operations Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 32

9 Distribution of cost reductions in Turnaround 25 by cost item Scandinavian Airlines Businesses unit cost development 6% 5% 12 months rolling SEK/ASK 1,1 9% 49% 1,,9 11% 11% Personnel Ground Handling & Technical Aircraft lease Other Sales Inflight IT,8,7 Q42 Q13 Q23 Q33 Q43 Q14 Q24 Q34 Q44 Q15 Q Block hours for Group Airlines Key productivity ratios improving Cabin crew over 6 block hours 12 months rolling Jul 4-5 Air craft/day Pilots/year Cabin/year Scandinavian Airlines Businesses 8, Spanair Widerøe Blue1 8,3 6,7 8, airbaltic 7, Aircraft utilization (12 month roling) 8,5 8 7,5 7 6,5 6 5,5 5 Dec Feb Apr Aug Oct Dec Feb Apr Cabin, pilot utilization (12 month roling) Cabin crew Dec Feb Apr Aug Oct Dec Feb Pilots Apr 35 36

10 Self Service check in and Internet check in over 4% Internet check low, but increasing 5% 45% 4% 35% 3% 25% Share of e-tickets growing significantly - over 6% share during 2 nd Quarter 8% 7% 6% 5% 4% 3% 2% Automat Automat+internet % Jan Feb Apr Jul Aug Sep Oct Nov Dec Jan Feb Apr Scandinavian Airlines Blue1 Spanair Widerøe Result improved on all levels Q2 25 Change 1H 25 Change Business areas EBT bef. non-recurring items ECA V.A.T IAS-effect EBT bef non-recurring items normalized

11 Scandinavian Airlines Businesses Strongest EBITDAR improvement since 22 EBITDAR, Scandinavian Airlines MSEK Scandinavian Airlines Businesses -5 Q1 Q2 Q3 Q Scandinavian Airlines Businesses key airline profitability drivers 25 vs 24 April-e 25 vs 24 January-e Scandinavian Airlines Businesses income statements April-e January-e MSEK Change Change Revenues Operating expensives EBITDAR Traffic (RPK) down 2,9% down 2,2% Cabin Factor up 1,5 p.u. up,5 p.u. Yields (currency adjusted) up 7,8% up 4,% Total unit costs down,9% down 2,3% Lease EBITDA Depreciation Income from sales/affiliated EBIT EBT EBT bef. gains

12 Improved long haul product as part of customer segmentation strategy SAS Braathens and Widerøe s market share stable on Norwegian domestic First airline in the world to offer a wireless broadband internet connection on the entire long haul fleet PC power in the seats in Business and Economy Flex (11 volt, same adapter as at home/in office) In seat telephones in Business Flat beds, Video and Audio on demand will be installed from 26 5 Passengers using Internet on SAS intercontinental flights July Aug Sep Oct Nov Des Jan Feb Apr e SK DY WF Other Jan Feb Apr Scandinavian Airlines has introduced new yield system based on one way pricing Scandinavian Airlines Sverige s new simplified web site a success New yield management system (Optimix) developed based on one way fares Optimizing leisure fare Buy up in economy Automatic price elasticity Developed and tested by SAS since July 24 All flights individually profile steered according to expected demand System has successively and successfully been rolled out since starting with Copenhagen-Madrid /Prague Introduced on all European routes during the summer 25 Elasticity Ticket prices No frills Price one way pricing Product more frequencies than any competitor Distribution new internet site launched. Based on web site with over 4% internet bookings in Norway Communication to frequent flying customers and leisure 47 48

13 Next phase to adjust product to customers individual preferences Yields are stabilizing Added services Attractive products/ services which can be added to base product 1,3 1,25 12-months rolling 1,2 1,15 Base product Attractive basic offer Few restrictions Price follows demand Further segmentation of product next phase Simplification of basic product Additional services features to further adjust product offer according to customer s preferences 1,1 1,5 1, Dec 4- jan Sep Dec 5- jan mar Yield 49 5 Scandinavian Airlines Businesses Development of number of employees North Atlantic cabin factor above AEA JAN-3 JUL JAN-4 JUL JAN-5 JUL Actual Plan 51 %, RPK vs. Last year %, Cabin factor January ch July September November 49 SAS 12 Week AEA January ch July September November January ch 26 Daily departures to/from New York, Washington DC, Chicago, Seattle from Copenhagen Daily departures to/from New York and Chicago from Stockholm Compared with 24 capacity has been reduced to New York resulting in improved cabin factors and slightly lower volumes Positive mix in first half Traffic in Jan- 25: European airlines (AEA) traffic up 1,9% SAS traffic down 6,5% Strong USD and fuel charges

14 %, RPK vs. Last year Asian traffic Scandinavian Airlines gaining market shares %, Cabin factor 53 Week January ch July September November January ch July September November January ch July September November January ch SAS AEA Capacity increased on Bangkok/Singapore and Shanghai compared with last year Business Class has increased on Shanghai by more than four times Overcapacity on some routes After weak start of the year traffic has improved in the second quarter Traffic in Jan- 25: AEA traffic up 11,6% SAS traffic up 15,7% %, RPK vs. Last year European traffic %, Cabin factor January ch 1 8 July September November January SAS ch July September AEA November January ch Severe overcapacity on some routes Scandinavian Airlines has reduced its capacity by 7,4% vs 24 Scandinavian Airlines cabin factor successively improving and over 24 years level and AEA in e Scandinavian Airlines introducing one way fares expected to improve cabin factor further Traffic Jan- 25: AEA traffic up 5,9% SAS traffic down 4,4% ECA European cooperation agreement Tri-party Joint Venture agreement with BMI, Lufthansa and SAS signed November 9, 1999 In effect from January 1, 2 Main scope: To integrate the parties scheduled pass. transport to/ from London/ Manchester Negative result effect 22: MSEK 418 (335) Negative result effect 23: MSEK 244 Negative result effect 24: MSEK Result effect 1st quarter 25: MSEK 64 (-71) Result effect 2nd quarter 25: MSEK 27 (45) Subsidiary & Affiliated Airlines

15 Income for Subsidiary & Affiliated Airlines improved Results significantly improved in Spanair, Widerøe and Blue1 April-e January-e MSEK Change Change Revenues Operating expensives EBITDAR Lease EBITDA Depreciation Income from sales/affiliated EBIT EBT EBT bef. gains Jan- in MSEK Revenues ,% ,4% 86 4,3% EBITDAR ,7% ,5% 117 n.m EBT -153 n.m ,% 41 n.m. EBT bef. gains -153 n.m 77 51,% 41 n.m Results significantly improved in Widerøe and Blue1 Revenues ,7% ,6% ,4% EBITDAR 37 6,6% 132 3,7% 83 98% EBT 5-93% 63 7,3% 45 n.m. EBT bef. gains 5-72% 63 7,3% 45 n.m. 59 Apr- in MSEK Impressive growth in airbaltic and Estonian Air despite fierce competition The SAS Group holds 49% in Estonian Air and 47,2% in airbaltic airbaltic traffic up 149,4% in first half and passengers up 86,5% Estonian Air number of passengers up 2,2% Competing successfully with Ryanair and Easyjet which have entered the market in Number of passengers airbaltic Sep Dec Sep Dec 12 month rolling Month Number of passengers Estonian Air Dec Sep Dec Sep Dec 12 month rolling Monthly figures

16 Impressive growth in airbaltic The SAS Group holds 47,2% in airbaltic airbaltic traffic up 149,4% in first half and passengers up 86,5% airbaltic fending off Easyjet competition when entered the market in 25 Cost base one of lowest in Europe Number of passengers airbaltic Sep Dec Sep Dec 12 month rolling Month Airline Support Businesses Improved top line and bottom line for Airlines Support Businesses STS improving result significantly SAS Cargo affected by weaker freight market in Q2 April-e January-e MSEK Change Change Revenues Operating expensives EBITDA Jan- in MSEK EBT, bef gains Depreciation EBIT EBT Apr- in MSEK EBT, bef gains

17 Airline Related Businesses affected by SAS Trading phase out April-e January-e MSEK Change Change Revenues Operating expensives EBITDA Depreciation Capital gains EBIT EBT EBT bef non-recurring items Airline Related Businesses 66 Improved cccupancy rate for Rezidor SAS 8% 75% 7% 7% 6% % 4% 2-jan July Sept Occupancy rate Nov 3-jan July Sept Nov 4-jan Jul Sep Nov Dec Jan 12 month rolling 65% 6%

18 Cost per available room is coming down REVPAR improving Cost per available room (EUR), 12 months rolling value RevPAR (EUR), 12 months rolling value jun-2 jun-3 Unit cost calculated as Costs/number of rooms jun-4 jun-5 5 jun-2 jun-3 jun-4 jun Balance Sheet MSEK Dec 4 Liquid funds Aircraft, spare parts Other assets Total assets Financial update Operating liabilities Interest-bearing liabilities Deferred tax Equity Total liabilities and equity Financial net debt Group Mainline Airline Operations Subsidiary & Affiliated Airlines Airline Support Business Airline Related Business Hotels 71 72

19 SAS Group s limited aircraft Capex Firm Aircraft Orders Total Airbus A319* Boeing Number of aircraft CAPEX (MUSD) * = Changed from A321 during Q2 SAS Group has amortized MSEK on utilized facilities since ch 25 MSEK Liquid Funds e 3, Available Credit Facilites: Revolving Credit Facility (MEUR 4) 2 1 Bi-lateral Facilities 2 1 Others 4 Total Available Facilities 4 6 Total Available Funds Available facilities MSEK 4 6 Utilized facilities MSEK 2 4 Total facilities MSEK MSEK 75 SAS Group s Capex Holiday continues - aircraft and spares F 26 F 27 F Clear Targets to Reduce Indebtedness - Key rations improved during first half 25 Key figures 5 Dec 4 Target Equity/assets ratio (solidity) 2% 2% >3% Financial net debt/ equity 133% 153% <5% Fin. net debt+7*oplease/ equity 283% 39% <1% 76 Targets will be reached by: Turnaround 25 Capital Release: Aircraft Surplus and phase-outs Other Assets (Properties, non-core subsidiaries etc) Cash flow from operations

20 Amortization profile of interest bearing liabilities Financial Net January e 25 (MSEK) Difference Interest net and others N/A Exchange rate differences N/A Financial net N/A Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 77 Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 78 Financial Net January e 25 Financial Net April e 25 (MSEK) Difference Interest net and others (MSEK) Q2-25 Q2-24 Difference Interest net and others Exchange rate differences Exchange rate differences Financial net Financial net Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 79 Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 8

21 Development and Break Down of Financial Net Debt 563 Development and Break Down of Financial Net Debt 563 (MSEK) Difference Cash Other interest bearing assets Interest bearing liabilities Financial Net debt (MSEK) Difference Cash Other interest bearing assets Interest bearing liabilities Financial Net debt Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 81 Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 82 Development of financial net debt Equity / Assets Ratio % 45% 4% 35% 3% 25% 2% 15% 1% 5% % Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 83 Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 84

22 Financial Net Debt / Equity Ratio Gearing ratios going down 2,5 2,3 2, 1,8 1,5 1,3 1,,8,5,3, Group Scandinavian Airlines Business Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels % 3% 25% 2% 15% 1% 5% % dec-98 apr-99 Net Debt / Equity Equity / Total Assets aug-99 dec-99 apr- aug- dec- apr-1 aug-1 dec-1 apr-2 aug-2 dec-2 Fin Net Debt / Equity apr-3 aug-3 dec-3 apr-4 aug-4 dec-4 apr-5 Fin. Net Debt + 7*Op lease / Equity Cash flow from operations improved MSEK in first half Sum Up Credit position April-e January-e MSEK Change Change Cash flow from operations Change in working capital Net financing from operations Investments, adv. payments Acquisitions/sale of subsidiaries (net) Sale of fixed assets etc Financing deficit/surplus Change in external financing Cash flow from the period Strong liquidity of MSEK 8 68 Substantial Committed credit facilities of MSEK 4 6 Limited CAPEX going forward Young aircraft fleet Additional sources of capital Turnaround 25 program with union agreements secured Positive cash flow from operations Translation diff in liquid assets Change in liquid asset

23 Guidance for 25 APPENDICES Traffic Data Yield Unit cost Fleet Financial key figures SAS Group 25 Change vs 24 Fuel costs (MSEK) 7 5 2% ASK 2-3% Scandinavian Airlines Change vs 24 Yield flat ASK -5% 89 9 Capacity (ASK) outlook 25 vs. 24 Yield development 25 vs 24 Scandinavian Airlines -5% Spanair 14% Widerøe 2% Blue1 4% airbaltic 86% Total SAS Group 2-3%* *) Adjusted for airbaltic, capacity increase would be % Scandinavian Airlines Businesses Total Scheduled Jan Change Yield (öre/rpk) 114,7 11,4 3,9% Currency adj. yield 114,7 11,4 4,% Apr Change Yield (öre/rpk) 115,9 17,5 7,9% Currency adj. yield 115,9 17,5 7,8% Group Scandinavian Airlines Operations Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 91 92

24 Yield development 25 vs 24 Yield, local currency April-e January-e 6,3% 4,1% 8,% 3,% 9,4% 7,2% Unit Cost January-e 25 vs 24 Share of Cost analysis Var% total var % Personnel ,7% -2,% Fuel ,% 4,1% Gov. Charges ,1% -1,7% Selling cost ,8% -1,% Ground Services ,4% -,4% Technical ,2% 1,% Other operating costs ,9% -1,9% Total operating expenses ,% -1,9% Aircraft costs ,3% -,4% Adjusted EBIT ,3% -2,3% Volume (including charter) = average increase in ASK: +1,6% Unit Cost April-e 25 vs 24 Share of Cost analysis Var% total var % Personnel ,1% -1,3% Fuel ,9% 4,6% Gov. Charges ,7% -1,6% Selling cost ,% -,7% Ground Services ,9% -,3% Technical ,9%,6% Other operating costs ,4% -2,2% Total operating expenses ,8% -,7% Aircraft costs ,1% -,2% Adjusted EBIT ,9% -,9% Volume = average increase in ASK: -1,1% Unit cost continues down despite record high jet fuel costs % -2% -4% -6% -8% -1% -12% -14% -16% -18% Total unit cost, Scandinavian Airlines Businesses 1st Q 23 2nd Q 3rd Q 4th Q 1st Q nd Q 3rd Q 4th Q 1st Q 2nd Q Unit cost down 1,9% in 24 Unit cost down 3,9% in Q1 Adjusted for fuel unit cost was down by 7,5% Unit cost down,9% in Q2 Adjusted for fuel unit cost was down by 5,5% 95 96

25 Yield Development, Scandinavian Airlines Businesses January-e (currency adjusted) vs 24 8,% 7,% 6,% 5,% 4,% 3,% 2,% 1,%,% Apr- 25 Jan- 25 Yield development Scandinavian Airlines Businesses % Q1 vs 23 Q2 Q3 Q4 Q1 vs 24 Q2 24 vs 23 Yields down 9,1% in 24 Yields down,6% in 1st Quarter 25 Yields up 7,8% in 2 nd Quarter Group Scandinavian Airlines Businsses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 98 Passenger Yield January-e 25 vs 24 Nominal Currency Adjusted Route Sector yield effect yield Scandinavian Airlines Busin Intercontinental Europe Intrascandinavian Denmark Norway Sweden Passenger Yield 2 nd Quarter 25 vs 24 Nominal Currency Adjusted Route Sector yield effect yield Scandinavian Airlines Busin Intercontinental Europe Intrascandinavian Denmark Norway Sweden Group Scandinavian Airlines Businsses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 99 Group Scandinavian Airlines Businsses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 1

26 Yield stabilizing in most markets %, currency adjusted Intercont. Europe Intrascand. Denmark Norway Sweden Total 2nd Quarter First half 25 Key airline profitability drivers 25 vs 24 January-e Traffic growth (RPK) down 2,2% Cabin Factor up,5 p.u. Yields up 4,% Unit costs incl A/C cost down 2,3% April-e Traffic growth (RPK) down 2,9% Cabin Factor up 1,5 p.u. Yields up 7,8% Unit costs incl A/C cost down,9% Long term passenger load trend positive long term targets achievable Weaker USD in the beginning of 25 has had a positive effect on costs Moving 12 months values 69% 68% 67% 66% 65% % 63% DEC94 DEC95 DEC96 DEC97 DEC98 DEC99 DEC DEC1 DEC2 DEC3 DEC4 Positive effect on total revenues & costs in January-e by MSEK 18 Group Scandinavian Airlines Businesses Subsidiary & Affiliated Airlines Airline Support Airline Related Business Hotels 13 14

27 Currency Effects SAS Group January-e 25 vs 24 Currency Effects SAS Group January-e 25 vs 24 MSEK Jan- Total revenues -2 Total costs +293 Forward cover costs & working cap Income before depr Financial items +4 Income before tax +14 Total revenues & costs: (Total +291 MSEK) Major approx. effects: USD +28 DKK +1 NOK +57 EUR -7 Asian curr. -32 All others -17 Forward cover costs: (Total +19 MSEK) Working capital: (Total -174 MSEK) Financial items: (Total +4 MSEK) Grand total +14 MSEK Currency Effects SAS Group April-e 25 vs 24 Currency Effects SAS Group April-e 25 vs 24 MSEK Apr- Total revenues +17 Total costs +19 Forward cover costs & working cap. -6 Income before depr. +66 Financial items -2 Income before tax +46 Total revenues & costs: (Total +126 MSEK) Major approx. effects: USD +118 DKK +2 NOK +29 EUR Asian curr. -15 All others -8 Forward cover costs: (Total +48 MSEK) Working capital: (Total -18 MSEK) Financial items: (Total -2 MSEK) Grand total +46 MSEK 17 18

28 Currency distribution in the SAS Group 24 SAS Group fleet as of e 3, 25 NOK 31% Revenues SEK 21% USD 7% Others 4% DKK 1% SEK 17% Expenses USD 25% Others 1% DKK 15% Aircraft Type Owned Leased In Total Leased Out On Order Airbus A34/A Airbus A321/A Boeing Boeing Douglas MD-8 - series Douglas MD Avro RJ-85/1 9 9 Fokker F dehavilland Q1/Q3/Q SAAB Total Company GBP 4% EUR 23% NOK 25% GBP 2% EUR 15% Scandinavian Airlines Businesses Spanair Widerøe Blue Total Development of ket capitalization SAS share jun-5 feb-5 okt-4 jun-4 feb-4 okt-3 jun-3 feb-3 okt-2 jun-2 feb-2 okt-1 jun-1 feb-1 okt- jun- feb- okt-99 jun-99 feb

29 SAS share price vs. peers 24 Number of traded SAS shares increasing 14, 13, 12, 11, 1, 9, 8, SAS ket Capitalization vs. European Peers measured in SEK (December 31, 24 - e 3, 25) 7, 3-jan-5 3-feb-5 3-mar-5 3-apr-5 3-maj-5 3-jun-5 Index peers Index SAS * Peers: Alitalia, Air France, British Airways, Easyjet, Finnair, Lufthansa & Ryanair 112,1 111, January February Number of shares traded in SAS per month ch April e July August September 24 vs 23 oktober November December January February ch April 25 vs 24 e Increased number of traded SAS shares at Stockholm Stock Exchange 9 Number of shares traded in Stockholm per month January February ch April e July August 24 vs 23 September October November December January February MArch April 25 vs 24 e

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