SAS files monthly operating reports with U.S. court and announces certain financial information for the Group

SAS AB (“SAS” or the “Company”) and each of its subsidiaries that are subject to the voluntary chapter 11 process in the U.S. will shortly file monthly operating reports, containing certain financial information for the period of November 1, 2023 to February 29, 2024 with the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). All SAS companies that are subject to the voluntary chapter 11 process are each required to file operating reports with the Court on a monthly basis. The financial information contained in the monthly operating reports includes items such as cash position, assets, liabilities, revenue and profit and loss for the preceding month.

In connection with these Court filings, SAS announces certain consolidated financial information for the SAS Group as of February 29, 2024, see table below. The financial information has not been audited or reviewed by SAS’ auditor.

Financial Information, SAS Group       million SEK (million USD)¹⁾

                                                             November 1, 2023 – February 29, 2024

Revenue                                              11,784 (1,140

Net income for the period                    -2,275 (-220)

                                                            As of February 29, 2024

Total assets                                         55,827 (5,403)

Total liabilities                                      64,987 (6,289)

Cash and cash equivalents                 5,698 (551)

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1) Amounts in SEK have been recalculated to USD based on the Swedish Riksbank’s SEK/USD exchange rate of 10.3332 as of February 29, 2024.

SAS publishes a press release in connection with each monthly operating report filing, other than for the months when the filings coincide with the publication of SAS’ interim reports.

Additional information about the Chapter 11 process is available at the Company’s dedicated restructuring website, https://sasgroup.net/transformation. Court filings and other documents related to the chapter 11 process in the U.S. are available on a separate website administered by SAS’ claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/SAS. Information is also available by calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450 (International), as well as by email at SASInfo@ra.kroll.com.

Advisors
Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer Swartling Advokatbyrå AB is serving as Swedish legal counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment bankers. Seabury is also serving as restructuring advisor.

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This is information that SAS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Erno Hildén, at 08:00 a.m. CET on March 26, 2024.

SAS, Scandinavia’s leading airline, with main hubs in Copenhagen, Oslo and Stockholm, flies to destinations in Europe, USA and Asia. Spurred by a Scandinavian heritage and sustainability values, SAS aims to be the driving force in sustainable aviation and in the transition toward net zero emissions. We are continuously reducing our carbon emissions through using more sustainable aviation fuel, investing in new fuel-efficient aircraft and technology innovation together with partners – thereby contributing towards the industry target of net zero CO2 emissions by 2050. In addition to flight operations, SAS offers ground handling services, technical maintenance and air cargo services. Learn more at https://www.sasgroup.net