Scandic Hotels (SHOT) Q2 2026 earnings summary

Executive summary

• Net sales increased by 3.5% year-over-year to SEK 5,998 million in Q2 2026, with organic growth of 1.2% and strong demand in most markets except Finland.

• Adjusted EBITDA rose to SEK 796 million, margin improved to 13.3% from 12.5% year-over-year.

• Portfolio expansion continued, including Scandic Go growth, new hotel signings in Sweden, Norway, Germany, and Finland, and Dalata acquisition progressing for Q4 completion.

• Strong business momentum in Sweden, Norway, Denmark, and Ireland; Finland remains challenging but is expected to stabilize in H2.

• Booking situation remains strong, with robust Q3 expected and higher average room rates.

Financial highlights

• Net sales reached SEK 5,998 million, up 3.5% year-over-year (1.2% organic growth).

• Adjusted EBITDA was SEK 796 million, margin 13.3% (up from 12.5%).

• Free cash flow for Q2 was SEK 532 million; rolling 12-month free cash flow totaled SEK 0.9 billion.

• Net debt at SEK 276 million, leverage at 0.1x, down from 0.3x year-over-year.

• Net profit for Q2 2026 was SEK 350 million, up from SEK 268 million year-over-year.

Outlook and guidance

• Booking situation for H2 remains strong, with occupancy expected in line with last year and higher average room rates.

• Q3 expected to deliver strong occupancy and improved rates across all markets.

• Finland expected to see gradual improvement, with H2 financial performance in line with last year.