Slide 1: SAS: a valuable future asset supporting Air France-KLM's ambition
SAS: a valuable future asset supporting Air France-KLM’s ambition July 4th, 2025
Slide 2: Disclaimer
DISCLAIMER ▪ This document has been prepared by Air France-KLM solely for informational purposes to present the contemplated acquisition by Air France-KLM of a majority stake of SAS's share capital and corresponding expected synergies. ▪ The information herein regarding Air France-KLM is based on pu
Slide 3: Key FY2024 figures of Scandinavia's leading airline
KEY FY2024 FIGURES OF SCANDINAVIA’S LEADING AIRLINE Revenues Destinations #Aircraft1 €4.1bn >130 138 Passengers Employees Loyalty >25m ~10,500 >8m members (1) As per June 2025 3
Slide 4: SAS fleet overview
SAS FLEET OVERVIEW A/C Type Total Fleet on order A330/A350 family 12 A/C Type Total A350-900 2 A320 family 89 A320neo 6 E195-100 13 E195 3 Bombardier CRJ 12 E195-E2 45 ATR-72 12 Total 138 As per June 2025, Fleet including 25 wet leases 4
Slide 5: A dense Nordics footprint and strategic position to serve North American and Asian markets
A DENSE NORDICS FOOTPRINT AND STRATEGIC POSITION TO SERVE NORTH AMERICAN AND ASIAN MARKETS Scandinavian network European network Long haul network OAG Map, June 2025 OAG Map, June 2025 OAG Map, June 2025 • Dense Nordics footprint: 35 destinations • Medium haul : 91 destinations • America: 10 destina
Slide 6: A decisive step that opened strategic doors in the Nordics: 19.9% stake in SAS
A DECISIVE STEP THAT OPENED STRATEGIC DOORS IN THE NORDICS 19.9% STAKE IN SAS SECURED IN AUGUST 2024 Scandinavia ranked Air France-KLM took a 19.9% non- controlling stake in the share capital of 4th European the reorganized SAS AB along consortium co-investors Danish State GDP (26.4%), Castlelake (3
Slide 7: SAS performance ahead of initial expectations
SAS PERFORMANCE AHEAD OF INITIAL EXPECTATIONS Enhanced connectivity since SAS Successful commercial cooperation between joined SkyTeam Alliance in September Air France-KLM and SAS 2024 ➢ Air France and KLM customers gained access to 33 destinations in Northern Europe beyond SAS’s hubs Significant im
Slide 8: Contemplated transaction and key terms
CONTEMPLATED TRANSACTION AND KEY TERMS Shareholding structure at transaction closing Current shareholding structure with majority of board members for AF-KLM Others Others Danish State Danish State 32.0% 8.6% 19.9% 26.4% 13.1% 26.4% 60.5% 13.1% Consolidation of SAS into Air France-KLM targeted in H2
Slide 9: SAS: additional potential for value delivery to shareholders
SAS: ADDITIONAL POTENTIAL FOR VALUE DELIVERY TO SHAREHOLDERS Confident to contribute to our Promising turnaround already Opportunity to unlock substantial 8%+ margin target underway synergies 9
Slide 10: Unlocking synergies once SAS is part of Air France-KLM Group
UNLOCKING SYNERGIES ONCE SAS IS PART OF AIR FRANCE-KLM GROUP Commercial Other opportunities Enhanced loyalty customer value Cost synergies driven by economies of scale, eg Further optimizing codeshare agreements and commercial cooperation Fleet Extended partnership towards North Atlantic Blue Skies
Slide 11: This transaction is perfectly aligned with our 2026-2028 ambition
THIS TRANSACTION IS PERFECTLY ALIGNED WITH OUR 2026-2028 AMBITION Adj. Operating free Operating margin Unit cost1 Leverage cash flow Significantly Reduction Investment grade Above 8% positive improve EBIT by ~€2bn by 2028 1) At constant fuel price including SAF, constant currency and excluding Emiss
Slide 12: A strategic and financially disciplined move for Air France-KLM Group
A STRATEGIC AND FINANCIALLY DISCIPLINED MOVE FOR AIR FRANCE-KLM GROUP Contemplated transaction would increase Air France-KLM’s stake in 1 SAS from 19.9% to 60.5%, securing control of the company Reflects SAS’s successful turnaround and the positive results from 2 the commercial cooperation launched
Slide 13: Investor Relations department
Investor Relations department Michiel Klinkers Marouane Mami Michiel.klinkers@airfranceklm.com Marouane.mami@airfranceklm.com