Update on SAS progress on transformation plan

When the first quarter results were released on February 22, SAS announced a comprehensive new business transformation plan; SAS FORWARD, which aims to ensure long-term competitiveness and better financial strength. As stated at the time, the success of the SAS The FORWARD plan depends entirely on its ability to deleverage SAS and raise significant amounts of new equity. Both depend directly on SAS management and its key stakeholders working together to deliver by FY2026 a 7.5 billion Swedish crowns in annual cost reductions (including interest charges and dividends on hybrid bonds issued by SAS).

SAS management and its advisors have emphasized to certain key stakeholder groups the importance of achieving full burden sharing through an out-of-court process as a means of achieving a competitive cost structure and gaining support from financial parties both for the full repayment of the debt – capital conversions and the raising of new equity. Unfortunately, to date, these negotiations have yielded few results and much remains to be done before SAS management and the board of directors can declare the success of this program.

A more complete update on the progress of the SAS FORWARD Plan, will be published once the discussions are advanced. SAS will publish its second quarter results on May 31, 2022in accordance with its financial calendar.

For more information, please contact:

SAS press office: +46 8 797 29 44

Louise Bergström, Vice President of Investor Relations: +46 70 997 04 93

SASScandinavia’s leading airline, with its main hubs in Copenhagen, Oslo and stockholmflies to destinations in Europe, United States and Asia. Driven by a Scandinavian heritage and enduring values, SAS aims to be the world leader in sustainable aviation. We will reduce total carbon emissions by 25% by 2025, using more sustainable aviation fuel and our modern fleet with fuel-efficient aircraft. In addition to air operations, SAS offers ground handling, technical maintenance and air freight services. SAS is a founding member of Star Alliance™ and, together with its partner airlines, offers an extensive network worldwide. Learn more about: https://www.sasgroup.net

The information was submitted for publication by Louise Bergström to 11:58 CET on April 29, 2022.



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