AIRLINE METRICS · SAS GROUP
SAS
Financial performance, traffic, capacity, balance sheet and fleet history for Scandinavian Airlines.
Latest comprehensive disclosure: FY2025 · history expanded to FY2023Financial history
| Period | Revenue | Adjusted EBITDA | EBIT | Net income |
|---|---|---|---|---|
| FY2023 | SEK 42,043m | SEK 1,572m | SEK -2,705m | SEK -5,701m |
| FY2024 | SEK 45,883m | SEK 4,157m | SEK -2,111m | SEK 1,579m |
| FY2025 | SEK 49,106m | SEK 7,035m | SEK 3,030m | SEK 517m |
FY2024 net income benefited from gains connected with SAS’s emergence from Chapter 11; it should not be read as a clean operating comparison with FY2025.
Traffic and capacity history
| Period | Passengers | RPK | ASK | Load factor | CASK ex-fuel |
|---|---|---|---|---|---|
| FY2023 | 23.681m | 32.553bn | 42.566bn | 76.5% | SEK 0.71 |
| FY2024 | 25.190m | 35.915bn | 45.442bn | 79.0% | SEK 0.67 |
| FY2025 | 28.3m | Not separately disclosed on the same table basis | Not separately disclosed on the same table basis | 82.8%* | — |
*FY2025 load factor is disclosed in SAS’s sustainability performance section; its presentation basis differs from the FY2023–FY2024 total-traffic table, so it is flagged rather than treated as a perfectly continuous series.
Cash flow and balance sheet
| Year-end | Cash & equivalents | Financial net debt | Operating cash flow | Investments |
|---|---|---|---|---|
| 2023 | SEK 6,160m | High restructuring-era leverage | SEK 2,427m | SEK 4,069m |
| 2024 | SEK 11,546m | SEK 21,629m | SEK 3,037m | SEK 4,858m |
| 2025 | SEK 13,168m | SEK 17,823m | SEK 8,086m | SEK 2,213m |
The FY2023 annual report disclosed a financial-net-debt/adjusted-EBITDA ratio of 20.4× on its average-debt basis; FY2024 reported 14.5×. FY2025 changed the emphasis toward closing financial net debt, so the table avoids forcing a ratio comparison across definitions.
Fleet
SAS’s operating model combines SAS mainline, SAS Connect, SAS Link and wet-leased capacity. The 45-aircraft Embraer E195-E2 order announced in 2025 is the airline’s largest direct jet order in nearly three decades, with first deliveries planned from late 2027.
What to watch
- Whether the return to positive EBIT persists as production grows.
- Cash generation and further reduction in financial net debt after the restructuring.
- Integration with Air France-KLM and changes to network economics.
- Fleet renewal, including E195-E2 deliveries and the role of wet-leased capacity.
Sources and methodology
Primary sources: SAS Annual and Sustainability Reports FY2023, FY2024 and FY2025. Values preserve SAS’s fiscal year ending 31 October and company definitions. Restructuring-related comparability breaks are explicitly flagged.
Last updated: 21 September 2026.
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