Scandic Hotels (SHOT) Q1 2026 earnings summary

Executive summary

• Revenue/net sales grew by 3.1% year-over-year to SEK 4,689 million, with organic growth of 4.7%.

• Adjusted EBITDA reached SEK 105 million, margin stable at 2.2%, in line with last year.

• Strong operational efficiency, cost control, and robust financial position supported stable profitability.

• Dalata acquisition process is progressing as planned, with integration expected to complete in H2 2026.

• Strong booking situation for Q2, with high leisure demand and stable business travel.

Financial highlights

• Net sales grew to SEK 4,689 million from SEK 4,546 million, with organic growth of 4.7%.

• Adjusted EBITDA was SEK 105 million, margin 2.2%, matching last year.

• Free cash flow improved to SEK -473 million from SEK -680 million, reflecting seasonality.

• Net debt at SEK 510 million, leverage reduced to 0.2x from 0.4x year-over-year.

• Dalata contributed SEK 56 million in net sales and SEK 50 million in adjusted EBITDA.

Outlook and guidance

• Q2 expected to see slightly higher occupancy and room rates than last year, with strong leisure demand and a solid event calendar.

• No direct impact from geopolitical uncertainty or Middle East conflict on demand.

• Eight hotels scheduled to open in 2026, with 22 hotels in the pipeline.

• Finland expected to recover gradually as renovations complete and market stabilizes.