Scandic Hotels (SHOT) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw stable growth and solid results, with net sales up 3.1% to SEK 4,689 million and organic growth of 4.7%.

• Adjusted EBITDA was SEK 105 million, margin stable at 2.2%, and net loss improved to SEK -195 million from SEK -217 million last year.

• Strong cash flow and financial position support future growth, with leverage at 0.2x net debt/EBITDA.

• Dalata acquisition and integration are progressing as planned, with completion expected in H2 2026.

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

Financial highlights

• Adjusted EBITDA reached SEK 105 million, margin 2.2%, and net sales grew to SEK 4,689 million.

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

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

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

• Operating profit rose to SEK 212 million from SEK 194 million year-over-year.

Outlook and guidance

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

• Energy costs expected to normalize as winter ends; no significant price increases anticipated.