Perks per Share

EN
Nasdaq Stockholm

SAS

Shareholder fares and EuroBonus status

Discontinued
What shareholders got Former fare offers and EuroBonus status From 4,000 shares

SAS, Scandinavian Airlines, flies domestic and international routes from Copenhagen, Oslo and Stockholm.

This scheme has endedSAS’s final shareholder programme period ended on 31 March 2025. The old listed shares were cancelled in 2024, and the programme is closed to new participants.

History of the perk

  1. The final programme period ended

    SAS’s final terms set 31 March 2025 as the programme’s expiry. The last annual check had been 11 October 2023, and registration closed on 28 February 2024.

  2. The old shares left the exchanges

    SAS shares last traded in Stockholm, Copenhagen and Oslo on 13 August 2024. The company’s annual report confirms that the old common shares were cancelled as it completed its restructuring that August.

  3. Shareholders joined employee campaigns

    SAS announced the programme as a way to offer shareholders the same selected-fare campaigns as its employees. Shareholders also had to belong to EuroBonus; larger holdings could qualify for Gold or Diamond status.

Company story

A rescue that replaced the shareholders

SAS sought court protection in the US in July 2022 and began Swedish reorganisation in March 2024. Its 2024 rescue cancelled the old common shares without compensation. The airline became privately owned, with Castlelake, the Danish state, Air France-KLM and Lind Invest among the new owners.

Sources: SAS annual report 2024 ; SAS reorganisation plan, July 2024 

What shareholders got

SAS gave qualifying private shareholders access to Friends & Family fare campaigns. Larger holdings could also qualify for EuroBonus Gold or Diamond status. The offers were campaign fares, not a fixed discount on every flight.

Campaigns rather than a permanent rate

SAS described two or three Friends & Family campaigns a year, with lower fares on selected domestic and international tickets.

Status came with limits

Shareholder Gold and Diamond did not count towards Lifetime Gold or carry the usual ability to give away Silver or Gold membership. A member’s shareholder status could run past 31 March 2025, depending on their EuroBonus qualification period.

Who qualified

You needed at least 4,000 SAS AB common shares on 11 October 2023.

Minimum holding period: For the final programme year, SAS used the average monthly holding from 30 November 2022 to 11 October 2023. It used month-end holdings, except that October used the holding on 11 October. The average had to meet the relevant benefit threshold.

Benefits by tier

4,000–99,999 shares

Access to Friends & Family fare campaigns.

100,000–999,999 shares

Fare campaigns and eligibility for EuroBonus Gold. SAS capped Gold awards at 2,500 a year and gave priority to the largest holdings.

1,000,000–9,999,999 shares

Fare campaigns and EuroBonus Diamond under the final formal terms.

Participants had to be private individuals, permanent residents of Sweden, Norway or Denmark, and members of EuroBonus with their own personal account.

Shares held through a broker

SAS’s formal terms included shares in a custody account or a Swedish investment savings account (ISK). They excluded holdings through endowment insurance, pension schemes or an intermediate entity. Those issuer rules did not establish whether a particular broker could complete registration.

Previous claim process

Participants registered their personal EuroBonus number and shareholding through the InvestorPortal. SAS used the holdings registered there for its annual checks.

  1. 1. Register through InvestorPortalParticipants completed the online application through SAS’s external partner, accepted the programme and EuroBonus terms, and registered their personal EuroBonus account before the deadline.

Dates

Qualifying ownership date
Former claim deadline
Valid from
Scheme ended

Practical notes

The airline survived; the old shares did not

SAS’s 2024 annual report confirms that it cancelled the old common shares and issued new shares during the restructuring. Keeping an old share statement does not create a current route into the former programme.

Why the Diamond range looks unusual

SAS’s formal terms capped Diamond at 9,999,999 shares; its programme summary said one million or more.