Analyst Meeting Full Year 2006

Good growth in most markets in 26 Good GDP and traffic growth in most markets Strongest traffic growth in Spain, Norway and the Baltics Strong growth also in Finland Sweden: GDP: 4,3% Passengers: +2,5% Norway: GDP: 2,4% Passengers: +1,4% Finland: GDP: 5,% Passengers: +8,5% Eurozone: GDP: 2,6% Traffic: +7% Analyst Meeting Full Year 26 Denmark: GDP: 3,5% Passengers: +3,8% Estonia: GDP: 11,9% Passengers: +1,1% Latvia: GDP: 11,9% Passengers: +29,6% Lithuania: GDP: 8,2% Passengers: >3% Spain: GDP: 3,7% Passengers: +9% Stockholm and London, February 8-9 2 2 Favorable Business Cycle, New Business Models, Good Cost/Capacity Control gave improved result s present platform October-December January-December MSEK 26 Change 26 Change Revenues 15 157 +665 6 777 +5 276 EBITDAR 2 9 +679 6 616 +936 EBIT 644 +565 1 273 +596 EBT bef non-recurring items 735 +57 1 279 +1 165 EBT including discontinued operations 4 787 +4 214 4 936 +4 518 Platform created Cost Business Models Business Structure More focus on core business more competitive but far from return targets From crisis/rescue phase to conceptually driven restructuring Fill the profit gap 3 3 4 4

Strongest result improvement in SAS Scandinavian Airlines Oct-Dec MSEK 26 Change 26 Change SAS Scandinavian Airlines 743 +619 1 252 +1 626 SAS Individually Branded Airlines -5 +132 241-23 SAS Aviation Services -35-225 -111-744 Group eliminations, other 32-19 -13 +36 SAS A319 painted in retro color Scandinavian Airlines 6 years Gunilla Berg CFO EBT bef nonrecurring items 735 +57 1 279 +1 165 Non-reccuring and gains Capital gains + 4 277 + 4 324 Restructuring costs - 32-337 Impairment losses - 146-146 Other non recurring items - 47-184 6 6 One offs in 26 Number of measures and favorable business cycle contributed to the improved result Restructuring SKB 74 Sola 147 STS 4 SGS 5 Other 26 Total 337 Impairments Aeroexchange 5 Ramp Snake 51 Skyways 25 Club de Vacaciones 2 Total 146 Other SGS law suit (Norw) 84 SAS Cargo 1 Total 184 26 vs 25 3,5 2,5 1,5,5,1 -,5-1,5-2,5 25 -,3 Irregularities 1,5 Volume 1,7 Yield -2,1 Fuel (price) 2,6 Cost program -,7 Aviation Services Hotels,2-1,4 Inflation, Currency & Other 1,3 26 7 7 8 8

SAS Sverige strongest performer in SAS Scandinavian Airlines Result in SAS Individually Branded Airlines and Aviation Services in MSEK SAS Braathens SAS Danmark SAS Sverige SAS International Revenues 12 579 2,6% 1 924 6,4% 8 273 6,4% 7 85,9% EBITDAR 1 413-339 975 +636 1 2 +829 898 +251 EBT bef nonrec. 44-226 182 +797 54 +842 169 +212 26 Spanair Widerøe Blue1 Negative Result Positve Result Better vs Last Year airbaltic Result drivers Business Model Cost reductions SAS Aviation Services SGS Businss Cycle Capacity focus STS SAS Cargo 9 9 1 1 SEK 2,5 bn cost measures 79% implemented Financial gearing significantly up after hotel transaction and improved cash flows Measures Financial net debt Productivity Ground & Technical Services Administration/Sales & Fligt related costs 6 9 1 Implemented 79% 79% implemented in December 26 Result effect in 26 MSEK 1 Equity/Total Assets 4% 35% 3% 25% 2% 15% 1% 5% % dec- 1-dec 2-dec 3-dec 4-dec 5-dec 6-dec Equity/Total Assets Financial net debt, MSEK 2 18 16 14 12 1 8 6 4 2 Financial net debt 11 11 12 12

Liquidity improved by SEK 2,5 bn -Amortization in Q4 of SEK 4,6 bn 11, 8,3 9, 1,8 7, 5, 4,8 3, 1,2 1,6 1, -,5-1, -3, -2,7-1,9-5, Cash Sep 26 Cash from operating activities Sales of subsidiaries (Rezidor) Sales of fixed assets 13 13 Investments Planned amortization Preredemption of debt Cash dec 26 Mats Jansson President & CEO My current reflections: strengths My current reflections: Necessary next steps Brand market position Market position (Northern Europe) Network Customer base Business Structure Proud and competent work force We need a much clearer and distinct concept and customer offering (Business and Leisure) We need to continue to rationalize We need to grow We need to make a clearer definition of roles We need to reach return targets to satisfy Shareholders Future investments Independence 15 15 16 16

Current structure of Strategy 211 What should we offer? Second phase in development of Business Models - Lots of news for the frequent business traveler Today 6-7% of our passengers travel for work purposes and are frequent flyers These are our main customers 3-4% private customers Our position today What should we become? How should we behave? How should we be managed? We launch a comprehensive program to improve for frequent travelers More distinct product concepts Lower prices in Economy Extra Improved product quality and seamless flow at the airport Increased award recognition What should be our result targets? A friendly and reliable airline that provides smooth and efficient traveling Book Check-in Baggage Security Gate Arrival 17 17 18 18 More advantages for our main customers Fast Track Security to be introduced at more airports EuroBonus Gold members will receive added benefits Harmonized product on both Europe/Intrascand flights Economy Extra to be available at lower prices Improved product service feature much more It pays to be a loyal customer Innovative Travel Solutions Simple web interface New strategic direction for intercontinental operations Traffic program with increased focus on the Scandinavian market Seasonal destinations to be introduced 2 nd flight Copenhagen-New York from May (summer) New! Stockholm-Bangkok from November (winter) Doubled capacity from Stockholm but Copenhagen remains the largest hub Beijing the gateway to China Nonstop Stockholm-Beijing from March New developed concepts SAS Business Sleeper on all aircraft from May More flexible price model for customers Full flexibility and class combinability World unique Increased capacity to North America during summer Increased capacity to Asia/ Middle East during winter Mobile Solutions 19 19 2 2

Sum up 26 Improved result due to Strong market growth New Business Models Good cost control Capacity focus Next phase initiated Strategy 211 to be presented in May Conceptually driven restructuring Both revenue and cost actions Fill the profit GAP 27 Outlook Currently no signs of weaker market Stable market growth in markets Continued restructuring Uncertainties about strength of future growth, fuel prices, and competitive situation 21 21 Capacity, fuel, yield and load factor 27 Fuel costs (SEK, billion) 1,5 ASK up 5-7% Load factor slightly up Additional slides for further information Scandinavian Airlines Businesses 27 vs 26 Yield Positive 1 st Half, Stable 2 nd Half ASK flat Load factor slightly up Capacity outlook 27 vs 26 Scandinavian Airlines Danmark +/- % SAS Braathens +2% Scandinavian Airlines Sverige +6% Scandinavian Airlines International -4% Spanair 15% Blue1 2% Widerøe -4% airbaltic 3% 23 23 24 24

More streamlined structure after sale of Rezidor Revenues growing the airline business areas 15,5 15 14,5 14 13,5 13 14,7 15 Jan-Sep 6 Jan-Sep 5 SAS Aviation Services SAS Individually Branded Airlines Group revenue distribution SAS Scandinavian Airlines 18 17 16 15 14 13 17,6 14,4 39 38,5 38 37,5 37 36,5 36 35,5 35 38,6 36,9 6 5 6 5 25 25 26 26 EBT trend on the right track New customer offer 12 months rolling EBT before nonrecurring items, 1 5 1 5-5 -1-1 5-2 -2 5-3 -3 5 21 Q4 22 Q1 Q2 Q3 Q4 23 Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1 Q2 EBT before nonrecurring items Q3 Q4 26 Q1 Q2 Q3 Q4 Improved customer offer to frequent passengers Harmonized product concept Product differentiation to increase B2B Corporate agreements Brand positioning New product offer Improved service in Business Class Economy Flex becomes Economy Extra and gets more customer advantages Same concept on both Europe/Intrascand flights Fast Track Security to be introduced at more airports Economy Extra to be available at lower prices EuroBonus Gold members will receive complimentary food and beverage Automatic check in for traveling in Economy Target Customer Satisfaction index of 72 (today 66) Capture revenue potential in market 27 27 28 28

Group Revenue The airline industry has been dependant on the business cycle Revenue seasonality pattern Percent 6 4 2-2 1976 1978 198 2nd Oil crisis 1982 1984 Tjernobyl 1986 1988 199 Gulf war 1992 1994 1996 Asia crisis 1998 2 September 11 22 24 Exluding Rezidor Hotel as from December 26 1999 2 21 22 23 24 25 26-4 jan feb mar apr maj jun jul aug sep okt nov dec -6 Source: IATA; OECD GDP growth Net Result Margin 29 29 3 3 CFROI and EBITDAR improved Quarter result history MSEK, 26 25 Revenue 6 777 55 51 9,5% EBITDAR 6 616 5 68 +16,5% EBITDAR-margin 1,9% 1,2% +,7 p.p. CFROI 15% 13% +2 p.p. MSEK, EBT before gains and nonrecurring items 1 5 1 5-5 -1-1 5-2 1171 77 1 579 619 38 5116 184-13 -591-1319 -131-1312 -163-199 894 969 735 228-32 -415-647 -1613-2 5 Q1 Q2 Q3 Q4 21 22 23 24 25 26 31 31 SAS SAS Group Group 32 32

Positive trend in EBIT-margin and revenues Strong growth in most Group airlines Passenger growth in 26 vs 25 Revenues MSEK 19 18 17 16 15 14 13 12 11 1 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Revenues 2Q 24 3Q 24 4Q 24 Q1 25 EBIT-margin 33 33 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 EBIT-margin 1,% 5,%,% -5,% -1,% -15,% Excluding Rezidor Hotel Group 6, 5, % 4, 3, 2, 1,, -1, airbaltic Blue1 Spanair 34 34 SAS Braathens SK Denmark SK Sweden 38 million passengers in - new record SK International Fuel costs SEK 1,5 billion in 26 - expected to be 1,5 billion in 27 Split down of s fuel hedging during 27 9 8 7 6 5 4 3 2 1 jan-99 jul-99 jan- jul- jan-1 jul-1 jan-2 jul-2 jan-3 jul-3 jan-4 jul-4 jan-5 jul-5 jan-6 jul-6 jan-7 strategy to offset jet fuel price Policy to hedge 4-6% of expected consumption (12 months) Yield management Cost initiatives Current hedges 57% Jan - Dec 7 capt at 766 USD/MT Of which only appr 15 p.u. with swaps at 67 USD/MT consumption 27 2 4 6 8 1% Swaps Call options 3-way & zero cost hedging Spot market 35 35 36 36

Record high jet fuel prices Average market prices: consumption 2 297 USD/MT 21 245 USD/MT 22 233 USD/MT 23 282 USD/MT 24 399 USD/MT 25 568 USD/MT 1 98 million MT 26 651 USD/MT 1 988 million MT Q1 26 615 USD/MT Q2 26 692 USD/MT Q3 26 696 USD/MT Q4 26 63 USD/MT Business areas 37 37 38 38 Significant result improvement in SAS Scandinavian Airlines October- December January-December MSEK 26 25 Change 26 25 Change Revenues 9 832 9 616 +216 38 631 36 859 +1 772 Operating expenses -8 123-8 581 +458-33 555-33 424-131 EBITDAR 1 79 1 35 +674 5 76 3 435 +1 641 Lease -536-535 -1-2 12-1 927-175 EBITDA 1 173 5 +673 2 974 1 58 +1 466 Depreciation -285-326 +41-1 187-1 346 +159 Income from sales/affiliated 44 88-44 116 455-339 EBIT 932 262 +67 1 93 617 +1 286 EBT 773 135 +638 1 236-39 +1 275 EBT bef. nonrecurring items 743 124 619 1 252-374 1 626 SAS Scandinavian Airlines 4 4

EBITDAR up 1 79 MSEK in 4 th Quarter Positive result development in all Scandinavian Airlines companies EBT before nonrecurring items (12 months rolling) EBITDAR, Scandinavian Airlines MSEK 6 SAS Braathens 5 3 SAS Sweden 2 4 1 1 5 2-1 -3 1 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26-5 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 5 3 1-1 SAS Denmark 2 1 Scandinavian Airlines International -5 Q1 Q2 Q3 Q4-3 -5-1 22 23 24 25 26-7 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26-2 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 41 41 42 42 Strong improvement in SAS Denmark SAS Braathens better than last year in Q4 SAS Sweden EBT improved MSEK 842 SAS International in black figures Denmark Oct-Dec 26 Change 26 Change Total revenues 2 83 +221 1 924 +661 EBITDAR 392 +337 975 +636 EBT bef nonrec items 193 +379 182 +797 Oct-Dec 26 Change 26 Change Total revenues 3 213 +22 12 579 +321 EBITDAR 57 +17 1 413-339 EBT bef nonrec items 241 +36 44-226 Sweden Oct-Dec 26 Change 26 Change Total revenues 2 313 +218 8 273 +496 EBITDAR 49 +39 121 +829 EBT bef nonrec items 329 +293 54 +842 International Oct-Dec 26 Change 26 Change Total revenues 1 871-59 7 85 +69 EBITDAR 235 +92 898 +251 EBT bef nonrec items 64 +14 169 +217 Solid traffic development No of pass up 2,8% Cabin factor up 5,6 p.u. to 72,1% Yield up 5,7% Unit cost marginally up adj for fuel Stable traffic but lower yield No of pass up 3,8% Cabin factor up 2,5 p.u. to 68,8% Yield down 2,2% Unit cost down,4% adj for fuel Capacity adjusted to demand Cabin factor up 3,5 p.u. to 69,9% Yield up 7,6% Unit cost down 3,3% adjusted for fuel Signs of reduced overcapacity in the market Development as expected in Cabin factor at 82,8% Yield up 13,9% Unit cost up 2,% adjusted for fuel Flat beds being installed and product improvements in Economy Extra 43 43 44 44

Strongest improvements in Sweden and Denmark Key airline profitability drivers improving Scandinavian Airlines Scandinavian Airlines Scandinavian Airlines in MSEK Denmark Sweden International Revenues 1 924 6,4% 12 579 2,6% 8 273 6,4% 7 85,9% EBITDAR 976 +636 1 413-339 1 21 +829 898 +251 EBT bef nonrec. 182 +797 44-226 54 +842 169 +217 Oct-Dec in MSEK Revenues 2 83 8,5% 3 213,7% 2 313 1,4% 1 871-3,1% EBITDAR 392 +337 57 +17 49 +39 235 +92 EBT bef nonrec. 193 +379 241 +36 329 +293 64 +14 26 vs 25 October-December 26 vs 25 January-December Traffic (RPK) down 4,2% down,8% Cabin Factor down,8 p.u. up 2,3 p.u. Yields (RPK) up 15,4% up 6,7% Yields (ASK) up 7,4% up 1,7% Total unit costs up 3,3% up 5,2% Fuel adjusted unit cost down,3% up,8% 45 45 46 46 Yield is improving up 6,7% in 26 North Atlantic cabin factor above AEA SAS Scandinavian Airlines 12-months rolling 1,4 1,3 1,2 1,1 1 jun-4 jun-5 jun-6 %, RPK vs. Last year 4 3 2 1-1 -2-3 -4 95 9 85 8 75 7 65 1 6 11 16 21 26 31 36 41 46 51 4 9 14 19 24 29 34 39 44 49 %, Cabin factor Week January March May July September November SAS January March AEA May July September November Daily departures to/from New York, Washington DC, Chicago, Seattle from Copenhagen Second flight to/from New York to be introduced in May 27 Daily departures to/from New York and Chicago from Stockholm Positive mix Traffic in 26: European airlines (AEA) traffic up,7% SAS traffic down 7,3% 47 47 48 48

Stockholm-Beijing to be introduced on Asian routes Passenger load factor above AEA on European routes %, RPK vs. Last year 6 4 2-2 -4 %, Cabin factor Week 95 9 85 8 75 7 65 6 1 7 13 19 25 31 37 43 49 3 January 9 March 15 21 May 27 July 33 39 September 45 November 51 January March May July September November SAS AEA Scandinavian Airlines serving Bangkok, Beijing, Shanghai and Tokyo Bangkok-Singapore closed in March SAS Business Sleeper being installed Positive mix between Economy and Business Class Good development in Economy Extra Cabin factor higher than AEA Traffic in 26: AEA traffic up 9,9% SAS traffic down 4,9% due to reduced capacity %, RPK vs. Last year 3 2 1-1 -2 1 7 13 19 25 31 37 43 49 %, Cabin factor 75 65 55 45 January March May July September SAS 3 9 15 21 27 33 39 45 51 November January March May AEA July September November New Business Models a success Cabin factor above AEA average since September 25 Strong performance on UK, Netherlands, Finland and Italy New non stop destinations from Stockholm during spring 27 Traffic 26: AEA traffic up 7,% SAS traffic up 5,2% albeit capacity has been reduced by,9% 49 49 5 5 ECA agreement expires in 27 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 21: MSEK 335 Negative result effect 22: MSEK 418 Negative result effect 23: MSEK 244 Negative result effect 24: MSEK 134 Negative result effect 25: MSEK 415 Negative result effect 26: MSEK 415 Result effect 1 st Quarter 26: MSEK 13 (-64) Result effect 2 nd Quarter 26: MSEK 47 (-27) Result effect 3 rd Quarter 26: MSEK 98 (-92) Result effect 4th Quarter 26: MSEK 159 (-52) SAS Individually Branded Airlines 51 51

Strong top line in SAS Individually Branded Airlines Strong growth in Blue1, airbaltic, Spanair Widerøe improved in Q4 October-December January-December MSEK 26 25 Change 26 25 Change Revenues 4 162 3 731 +431 17 592 14 352 +3 24 Operating expenses -3 712-3 44-272 -15 466-12 432-3 34 EBITDAR 45 291 159 2 126 1 92 +26 Lease -356-315 -41-1 484-1 247-237 EBITDA 94-24 +118 642 673-31 Depreciation -99-76 -23-34 -312-28 Income from affiliated -12 11-23 43 54-11 EBIT -17-89 +72 345 415-7 EBT -59-119 +6 187 279-92 in MSEK Revenues 11 12 19,5% 2 941 3,9% 218 18,4% 1 551 28,1% EBITDAR 1417 +11 291-43 154-54 212 +12 EBT bef nonrec. 96 +49 22-39 -18-8 49 +24 Oct-Dec in MSEK Revenues 2 449 +9,6% 738 +3,4% 545 19,5% 399 3,4% EBITDAR 24 +42 82 +49 61 +12 47 +13 EBT bef nonrec. -7 +48 18 +56 18 +4 5-2 EBT before nonrecurring items -5-137 132 241 264-23 and capital gains 53 53 54 54 Spanair and Widerøe show better result in Q4 Blue1 and airbaltic gain market shares Oct-Dec 26 Change 26 Change Total revenues 2 449 9,6% 11 12 19,5% EBITDAR 24 +42 1 417 +11 Oct-Dec 26 Change 26 Change Total revenues 738 3,4% 2 941 3,9% EBITDAR 82 +49 291-43 Oct-Dec Oct-Dec 26 Change 26 Change 26 Change 26 Change Total revenues 545 2% 218 18% EBITDAR 61 +12 154-54 Total revenues 399 3% 1 551 28% EBITDAR 47 +13 212 +12 EBT, bef nonrec items -7 +48 96 +49 EBT, bef nonrec items 18 +56 22-39 EBT, bef nonrec items 18 +4-18 -8 EBT, bef nonrec items 5-2 48 24 Strong traffic development in No. of pass. up 2,% Cabin factor up 4,4 p.u. to 66,6% Yield was up 5,% Strong performance in business segment Stable traffic development No of pass up 6,3% Cabin factor up 2,8 p.u. to 57,% Yield was up 1,% Cost reductions of MSEK 2 being implemented Strong traffic figures No of pass up 21,8% Cabin factor up 2,5 p.u. to 66,6% Start up cost for European expansion 1 new international destinations introduced from Helsinki Strong traffic development in No of pass up 36,8% Cabin factor up 3,7 p.u. to 6,6% New destinations introduced East of Baltic airbaltic successfully competes with Ryanair and Easyjet 55 55 56 56

Estonian Air shows solid growth The holds 49% in Estonian Air Estonian Air number of passengers up 7% in 26 Q4 growth lower due to one aircraft being maintained Competitive cost position Increasing charter operation Number of passengers Estonian Air 8 7 6 5 4 3 2 1 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 12 month rolling Monthly figures SAS Aviation Services 57 57 SAS Aviation Services STS and SGS affected by lower prices October-December January-December MSEK 26 25 Change 26 25 Change Revenues 3 787 3 863-76 14 746 14 964-218 Operating expensives -3 713-363 -83-14768 -13953-815 EBITDA 74 233-159 -22 1 11-1 33 Depreciation -121-12 -19-358 -419 61 EBIT -48 142-19 -417 63-1 2 in MSEK Revenues 4 896-5,2% 5 867-5,1% 3 648 1,3% 441-1,3% EBT, bef nonrec. -249-523 43-185 99 +32 4-1 EBT -83 12-23 -527 52-1 29 EBT bef nonrec items -35 19-225 -111 633-744 59 59 6 6

Balance Sheet Financial update MSEK 3 Dec 6 31 Dec 5 Liquid funds 1 83 8 684 Aircraft, spare parts 12 713 16 27 Other assets 27 648 33 125 Total assets 51 164 58 16 Operating liabilities 14 825 15 981 Interest-bearing liabilities 16 478 26 337 Deferred tax 3 473 3 617 Equity 16 388 12 81 Total liabilities and equity 51 164 58 16 Financial net debt 4 134 14 228 62 62 Strong cash flow in Q4 Very limited CAPEX Oct-Dec SEK, billion 26 26 Cash flow from operations 1,1 2,5 Change in working capital,1,5 Net financing from operations 1,2 3, Investments, adv. payments -,5-2,3 Acquisitions/sale of subsidiaries (net) 4,8 4,8 Sale of fixed assets etc. 1,6 4,1 Financing deficit/surplus 7,1 9,6 Firm Aircraft Orders Total 27 Airbus A319 2 2 Boeing 737 2 2 Number of aircraft 4 4 CAPEX (MUSD) 19 19 Change in external financing -4,6-7,4 Cash flow from the period 2,5 2,1 Financial net debt 4,1 Available funds 16,1 Other investments appr MSEK 1 5 /year 63 63 64 64

has more than SEK 16 bn in available funds CAPEX holiday continues Dec 6 Dec 5 Change Liquid Funds MSEK 1 84 8 684 +2 12 Available Credit Facilites: Revolving Credit Facility (MEUR 366) 3 312 2 829 +483 Bi-lateral Facilities 1 5 296-596 Others 524 321 +23 Total Available Facilities 5 336 5 246 +9 Total Available Funds 16 14 13 93 +2 21 MSEK 14 12 1 8 6 Available facilities MSEK 5 336 Utilized facilities MSEK 184 Total facilities MSEK 5 52 4 2 The Revolving Credit Facility renewed, maturity in June 21 Improved terms and conditions 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27F 28F 65 65 66 66 Strong improvement in gearing in 26 Amortization profile of interest bearing liabilities Key figures Dec 6 Dec 5 Target Equity/assets ratio (solidity) 32% 21% >3% Financial net debt/ equity 25% 118% <5% Fin. net debt+7*oplease/ equity 168% 29% <1% Consolidation coming years Low investments Improved cash flow from operations 67 67 68 68

Development of Financial Net Debt in 26 Financial Net January December 26 MSEK Financial Net Debt Dec 5-14 2 Cash flow from operating activities +3 Sale of subsidiaries +4 8 Sale of aircraft and properties +4 1 Investments -2 3 Deconsolidation, currency & other +5 Financial Net Debt Dec 6-4 1 (MSEK) 6-12-31 5-12-31 Difference Interest net and others - 931-961 + 3 Exchange rate differences -3-12 + 9 Financial net - 934-973 + 39 69 69 7 7 Financial Net October December 26 Development and Breakdown of the Financial Net Debt 26 vs 25 (MSEK) Q4-26 Q4-25 Difference Interest net and others - 211-157 -54 Exchange rate differences - 14-1 - 13 Financial net - 225-158 -67 (MSEK) 61231 51231 Difference Cash 1 83 8 684 + 2119 Other interest bearing assets 1 541 3 425-1 884 Interest bearing liabilities - 16 478-26 337 + 9 859 Financial Net debt - 4134-14 228 + 1 94 71 71 72 72

Development and Breakdown of the Financial Net Debt in Q4 Development of the Financial Net Debt (MSEK) 61231 693 Difference Cash 1 83 8 327 + 2 476 Other interest bearing assets 1 541 2 29-488 Interest bearing liabilities - 16 478-21 87 + 5 329 Financial Net debt - 4 134-11 451 + 7 317 73 73 74 74 Development of the Equity/Asset ratio Financial Net Debt/Equity ratio development 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 2,5 2,3 2, 1,8 1,5 1,3 1,,8,5,3, 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 75 75 76 76

Gearing ratios improved in 26 Sum up credit position 32% 27% 22% 17% 12% 7% 2% -3% dec-98 dec- dec-2 jun-3 dec-3 jun-4 dec-4 jun-5 dec jun-6 dec-7 Net Debt / Equity Fin Net Debt / Equity Solid liquidity of MSEK 1 83 Substantial Committed credit facilities of MSEK 5 336 Limited CAPEX coming years MD 8 next aircraft to be replaced after 212 No financial covernance on debt on the balance sheet Consolidation of balance sheet will continue coming years Positive cash flow from operations and loss carry forward will limit tax payments going forward Equity / Total Assets Fin. Net Debt + 7*Op lease / Equity 77 77 78 78 Yield development 26 vs 25 APPENDICES Traffic Data Yield Unit cost Fleet Financial key figures SAS Scandinavian Airlines Total Scheduled 26 25 Change Yield (öre/rpk) 114,9 17,5 6,9% Currency adj. yield 114,9 17,6 6,7% Oct-Dec 26 25 Change Yield (öre/rpk) 125,6 113,9 1,3% Currency adj. yield 125,6 18,9 15,4% 79 79 8 8

Yield development 26 vs 25 SAS Individually Branded Airlines Improved yield and load factor Yield, local currency Oct-Dec 8% SAS Scandinavian Airlines 1,3 1,3 5,% 5,% 7% 1,2 7,6% 1,% 6% 1,2 1,1 81 81-27,3% -24,7% -,2% 3,1% 5% 4% 3-nov 4-jan 4-mar 4-maj Load factor 4-jul 4-sep 4-nov 5-jan 5-mar 5-may 5-jul 82 82 Yield (12 months rolling) 5-sep 5-nov 6-jan 6-mar may-6 6-jul 6-sep 1,1 1, Yield development SAS Scandinavian Airlines Passenger yield 26 % 2 15 1 5-5 -1-15 -2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 vs vs vs 23 24 25 Yields down 9,1% in 24 Yields down,3 in 25 Yield up 1,2% in Q1 26 Yield up 1,9% in Q2 26 Yield up 9,2% in Q3 26 Yield up 15,4% in Q4 26 SAS Scandinavian Airlines Route Sector Intercontinental Europe Intrascandinavia Denmark Norway Sweden SAS Scandinavian Airlines Nom. yield Curr. effect Adj. Yield 114 1 114 16 98 14 1 99 99 19 98 17 11 1 11 117 99 116 17 1 17 83 83 84 84

Passenger yield October- December 26 Break down of SAS Scandinavian Airlines Unit Cost SAS Scandinavian Airlines Route Sector Intercontinental Europe Intrascandinavia Denmark Norway Sweden SAS Scandinavian Airlines Nom. yield Curr. effect Adj. Yield 111 15 116 114 13 117 19 14 114 16 12 19 11 18 18 112 1 112 11 15 115 85 85 86 86 Unit cost slightly up Block hours overview 8% 3% -2% -7% -12% -17% 1st Q 23 SAS Scandinavian Airlines 3rd Q 23 1st Q 24 3rd Q 24 1st Q 25 3rd Q 25 1st Q 26 3rd Q 26 Unit cost down 1,9% in 24 Unit cost down 1,7% in 25 Unit cost up 5,2% in Jan-Sep Unit cost up 3,8% in 3 rd Quarter Unit cost up 3,3% in Q4 Adjusted for fuel, unit cost was down,3% 12 months rolling Jan 6 -Dec 6 Air craft/day Pilots/year Cabin/year SAS Scandinavian Airlines 7,9 547 628 Spanair 8,8 741 798 Widerøe Blue1 6,8 8,2 447 635 429 638 airbaltic 9,1 82 757 87 87 88 88

Key productivity ratios SAS Scandinavian Airlines Self Service check in above 5% Internet check in over 5% Aircraft utilization (12 months roling) 8,5 8 7,5 Cabin, pilot utilization (12 month roling) 67 62 55% 5% 45% 4% 7 57 35% 6,5 6 5,5 5 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 52 47 42 Dec Feb Apr Jun Aug Oct Dec Feb Apr Cabin crew Jun Aug Oct Dec Pilots Feb Apr Jun Aug Oct Dec 3% 25% 2% 2211 232 235 238 2311 Automat 242 245 248 2411 252 255 258 2511 262 265 268 2611 Automat+internet 89 89 9 9 Long term passenger cabin factor trend positive USD gradually weaker during 26 Moving 12 months values 74% 72% 7% 68% 66% 64% 62% 6% DEC94 DEC95 DEC96 DEC97 DEC98 DEC99 DEC DEC1 DEC2 DEC3 DEC4 DEC5 DEC6 12 11 1 9 8 7 6 23 22 21 2 24 25 26 91 91 92 92

Currency effect January-December 26 vs 25 Currency effect January-December 26 vs 25 MSEK Total revenues -1 Total costs +28 Forward cover costs & working cap. -3 Income before depr. +24 Financial items +21 Income before tax +45 Total revenues & costs: (Total +27 MSEK) Major approx. effects: USD +56 DKK -5 NOK -2 EUR -7 Asian curr. -16 All others +1 Forward cover costs: (Total -154 MSEK) 25 +197 26 +43 Working capital: (Total +151 MSEK) 25-19 26-39 Financial items: (Total +21 MSEK) 25-22 26-1 Grand total +45 MSEK 93 93 94 94 Currency effect October-December 26 vs 25 Currency effect October-December 26 vs 25 MSEK Oct-Dec Total revenues -678 Total costs +85 Forward cover costs & working cap. -96 Income before depr. +31 Financial items -16 Income before tax +15 Total revenues & costs: (Total +127 MSEK) Major approx. effects: USD +311 DKK +13 NOK -133 EUR -22 Asian curr. -31 All others -11 Forward cover costs: (Total 171 MSEK) 25 +134 26-37 Working capital: (Total +75 MSEK) 25-47 26 +28 Financial items: (Total -16 MSEK) 25 +4 26-12 Grand total +15 MSEK 95 95 96 96

Currency distribution in the SAS Group 26 fleet December 26 Revenues SEK 18% USD 6% Expenses USD 3% NOK 29% Others 5% DKK 11% SEK 15% Others 2% DKK 13% GBP 5% EUR 26% NOK 19% GBP 3% EUR 18% 97 97 98 98 Development of the s Market Capitalization MSEK 25 SAS share 2 15 1 5 jan-5 maj-5 sep-5 jan-6 maj-6 sep-6 jan-7 99 99 1 1

SAS Share vs Peers Index SAS Market Capitalization vs. European Peers measured in SEK (December 31, 24 - December 31, 26) 2 19 18 17 16 15 14 13 12 11 1 9 8 7 3-jan-5 3-feb-5 3-mar-5 3-apr-5 3-maj-5 3-jun-5 3-jul-5 3-aug-5 3-sep-5 3-okt-5 3-nov-5 3-dec-5 3-jan-6 3-feb-6 3-mar-6 3-apr-6 3-maj-6 3-jun-6 3-jul-6 3-aug-6 3-sep-6 3-okt-6 3-nov-6 3-dec-6 Index peers Index SAS * Peers: Alitalia, Air France, British Airways, Easyjet, Finnair, Lufthansa & Ryanair 11 11 194,2 19,5 Number of trades shares increased slightly in 26 2 18 16 14 12 1 8 6 4 2 Number of shares traded in SAS per month January February March April May June July August September October November December 24 25 26 12 12