SkiStar (SKIS) Q3 24/25 earnings summary

Executive summary

• Q3 sales and profit declined due to late Easter and warm weather, but the accumulated result for the nine months was the best operationally ever, with operating profit up 7% year-over-year.

• International guests increased by 8%, now making up over 31% of total guests, driving higher average spend; retail segment grew 6% with EQPE up 33%.

• Strategic focus remains on year-round operations, digitalization, margin improvement, and sustainability initiatives, with new partnerships and property developments.

• Booking volumes for the next winter season are up 1% year-over-year, with 30% of accommodation already booked, a historical high.

• Strategic investments in new lifts, ski areas, and sustainability initiatives continue, supporting a positive outlook.

Financial highlights

• Q3 net sales decreased by 6% year-over-year to SEK 1,405 million, and operating profit fell by 10% to SEK 377 million.

• For the nine months, net sales rose 2% to SEK 4,405 million, operating profit increased 7% to SEK 1,095 million, and EPS reached SEK 10.40.

• Cash flow from operating activities for the nine months was SEK 1,258 million, down from SEK 1,318 million year-over-year.

• Operating margin for the nine months improved to 25% from 23% year-over-year.

• Net investments for the period were SEK 295 million, down from SEK 433 million last year.

Outlook and guidance

• Next winter season expected to benefit from favorable calendar effects and increased international demand, with new guest experience investments and expanded international flight connections.

• 30% of next winter's accommodation is already booked, a historical high for this time of year; summer bookings are up 2%.

• Investment guidance for the year is SEK 550 million, with higher CapEx expected in the first quarter of next year.

• Margin target of 18% is unlikely to be met this year due to the Q3 setback.

• Capital gains from property sales are likely to be delayed due to a slow property market.