What's Up Next For SAS?

And let's face it, over the last few months and year, you've been very, very busy.

Uh, SAS has left Star Alliance, joined SkyTeam, and there's now potential for Air France KLM to increase its equity stake from 19.6% to 60.5%, giving it majority control, and I think that's probably the headline right now around SAS.

So I'm wondering, Gonzalo, whereabouts are you up to with that process with Air France KLM?

Yeah.

So as you very well explained, Victoria, uh, some years ago in, in '22, we got a, a new, uh, consortium of investors that, uh, uh, took the, the ownership of, of SAS.

Among them was Air France KLM as a minority investor, and, uh, last year they announced that they would like to take a, a majority position in the company.

Uh, and that is in the process, uh, that needs to be cleared by competition authorities.

Uh, so as far as we know, uh, Air France KLM is proceeding with, with that process.

And, uh, what we hear is that, uh, we can expect this process to be finalized, uh, in the second half of '26.

Uh, as you all know, these, uh, process take, uh, take some time with regulatory approvals and so on.

Uh, and this is taking a bit longer than initially expected, so the latest, uh, prospects is that it will, it will, uh, happen by end of '26 or even beginning of '27.

Mm-hmm.

And I'm wondering how that's impacting where you're at now, because it's an interesting position to be in.

They do not have majority control at this point.

I imagine that limits what you're able to do together.

So I'm wondering kind of where you're at within that limbo, as it were.

Exactly.

So for the moment, SAS is an independent operator.

We, uh, as you mentioned, we changed alliance, and that had, of course, an impact on, on some decisions.

Uh, but when it comes with Air France KLM, they are only alliance partners, so our relationship limits to what you do in the alliance sphere.

Uh, we've signed code-share agreements, we have, uh, frequent flyer program, uh, agreements and so on, but there is no kind of further commercial or even network cooperation because we're not legally allowed to.

Uh, so that's how, how it is for now.