SkiStar (SKIS) Q2 24/25 earnings summary

Executive summary

• Achieved record second quarter with best-ever operating profit and net sales, driven by high demand for skiing holidays, strong international guest presence, and digitalization efforts; 4.6 million skier days and 27 all-time high days recorded.

• All revenue streams increased, with notable growth in ski passes, accommodation, retail (especially EQPE brand), and ski school participation; digital platform sessions up 13%.

• Strategic focus on sustainability, digitalization, and expanding year-round operations, with significant progress in supplier climate targets and electrification.

• Expansion projects and new bed capacity contributed to growth, with new construction in Sälen and Trysil and capital gains from property sales expected in Q3.

• Acquisition of Juuls/Jarl's Sportshop and takeover of Högfjällshotellet operations in Sälen, plus new gondola in Trysil and ski lift in Åre.

Financial highlights

• Q2 net sales increased 6% year-over-year to SEK 2,787 million; H1 net sales up 5% to SEK 3,000 million.

• Q2 operating profit rose 13% to SEK 1,200 million; H1 operating profit up 20% to SEK 718 million.

• Q2 operating margin improved to 43% (from 40%); H1 operating margin at 24% (up from 21%).

• Cash flow from operating activities in Q2 was SEK 1,422 million; H1 cash flow at SEK 1,705 million.

• Earnings per share for Q2 were SEK 11.84 (up 14%); H1 EPS was SEK 6.58 (up 19%).

Outlook and guidance

• Bookings for the 2025/26 winter season are up 5% year-over-year, with 15% of capacity already booked.

• Late Easter and warm weather have led to a 5% decline in late winter bookings.

• Capital gains guidance for the year revised below SEK 75 million due to project delays and cautious property market.

• Maintenance CapEx expected at SEK 300–350 million; total CapEx including new capacity at SEK 500–600 million.

• Major investments planned for next year, including new gondola in Trysil, ski area in Vemdalen, and lift upgrades in Åre.