Hotel Fast SSE (HOTEL) Q2 2024 earnings summary

Executive summary

• Net sales increased by 188% to SEK 26.0 million for Q2 2024, driven by own operations and the acquisition of Hotel Planetstaden.

• Hotel Planetstaden saw a 35% occupancy increase and a 53% RevPAR rise compared to Q2 2023.

• First Member loyalty base grew by 40% year-over-year, with 76% of own-channel bookings from members.

• Strategic investments in F&B concepts and franchise restructuring aimed at long-term growth and efficiency.

• Expansion in Stockholm with new franchise hotels and continued focus on operational optimization.

Financial highlights

• Group net sales for H1 2024 rose 161% year-over-year to SEK 44.5 million.

• Adjusted EBITDA for Q2 was SEK 3.9 million (SEK 0.3 million in Q2 2023).

• Operating income (EBIT) for Q2 was SEK -3.0 million (SEK -2.7 million in Q2 2023).

• Net result for Q2 was SEK -9.0 million (SEK -3.3 million in Q2 2023).

• Free cash flow for Q2 was SEK 20.4 million (SEK -5.9 million in Q2 2023).

Outlook and guidance

• Positive market trends in Scandinavia with increasing occupancy and profitability.

• Ambition to expand the hotel portfolio to over 110 hotels in Scandinavia.

• Continued focus on operational efficiency, value-added services, and sustainable profitability.