Paris, 4 July 2025


Air France-KLM initiates proceedings to take a majority stake in SAS
- Air France-KLM intends to increase its stake in SAS’s share capital, from 19.9% currently
to 60.5%, via a full acquisition of the stakes held by Castlelake and Lind Invest.
- This contemplated transaction reflects the successful turnaround of SAS and the positive
results generated by the commercial cooperation initiated in 2024. It would allow Air
France-KLM and SAS to fully unlock their synergy potential, confirm the Group’s
expansion in the Scandinavian market, and create additional potential for value delivery
to shareholders.
- Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all
conditions precedents, the ambition is to close in the second half of 2026.




Air France-KLM today announced that it will initiate proceedings to take a majority stake in SAS.
The Group currently holds a 19.9% stake in the Scandinavian carrier and since the summer of
2024, it has implemented a commercial cooperation between SAS, Air France and KLM in the
form of extended codeshare and interline agreements, further strengthened by SAS joining the
SkyTeam alliance.
Provided all the necessary conditions are met, Air France-KLM would fully acquire the stakes held
by Castlelake and Lind Invest, bringing its own stake to 60.5%. The Danish State would retain its
26.4% stake in SAS and its seats on the Board of Directors.
The value of Air France-KLM’s contemplated investment in SAS would be determined at closing,
based on SAS’s latest financial performance – including EBITDA and Net Debt. This transaction
would be in line with the Group’s medium-term financial outlook.
Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all
conditions precedents, the ambition is to close in the second half of 2026.
The acquisition of this majority stake would give Air France-KLM control of SAS, which would
become a subsidiary of the Air France-KLM Group. This new step would allow Air France-KLM
and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of
business, including loyalty, and would extend beyond commercial activities. The Group would
hold the majority of seats on the airline’s Board of Directors.
Air France-KLM’s interest in pursuing this transaction is driven by the significant improvement of
SAS’s financial and operational performance, the success of the current commercial cooperation,
as well as the Group’s confidence in the Scandinavian carrier’s long-term potential.
“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family”, said
Benjamin Smith, CEO of Air France-KLM. “Following their successful restructuring, SAS has
delivered impressive performance, and we are confident that the airline’s potential will continue
to grow through deeper integration within the Air France-KLM Group. This operation would benefit
our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS
teams whose dedication has been key to restore their airline to its rightful place. They would join
a group of airlines united by a shared commitment to excellence and a more sustainable future
for air transport. We look forward to this new chapter in our shared journey.”


Investor Relations
Michiel Klinkers Marouane Mami

michiel.klinkers@airfranceklm.com marouane.mami@airfranceklm.com

Website : www.airfranceklm.com




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The presentation is available at www.airfranceklm.com, in the section “other publications” on
July 4, 2025, from 7:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on July 4, 2025,
at 09.00 am CET.
To connect to the webcast, please use below link:
https://channel.royalcast.com/landingpage/airfranceklm/20250704_1/
Appendix - key facts about SAS, June 2025:

Aircraft in service 138

Destinations served >130

Passengers carried >25 Mn (2024)

Cargo carried 60,000 tons (2024)

Eurobonus members >8 Mn

Employees 10,500

Revenue €4.1bn (full year 2024)

Current shareholding structure Castlelake (32.0%)
Danish State (26.4%)
Air France-KLM (19.9%)
Lind Invest (8.6%)
Others (13,1%)

Alliance Skyteam (since September 2024)