SkiStar (SKIS) Q3 25/26 earnings summary

Executive summary

• Net sales increased by 5% in Q3 year-over-year to SEK 1,441 million, but operating profit decreased by 8% to SEK 347 million due to higher energy and fuel costs, lower margins, and reduced capital gains from property transactions.

• Accumulated results for the first nine months show net sales up 7% to SEK 4,663 million and operating profit up 5% to SEK 1,146 million, with adjusted operating profit up 9% year-over-year.

• International guests now account for 40% of total revenue or bed-occupancy, up from 20% in 2020, driving longer stays, higher advance bookings, and higher average order value.

• Investments in guest experience, digitalization, and property development continue to support growth and differentiation.

• The number of skier days sold increased by 0.5% to 5,446,000 despite weather challenges, reflecting strong demand and effective investments in snow reliability.

Financial highlights

• Q3 net sales: SEK 1,441 million (+5% year-over-year); operating profit: SEK 347 million (-8%).

• Nine-month net sales: SEK 4,663 million (+7%); operating profit: SEK 1,146 million (+5%); adjusted operating profit up 9%.

• Operating margin for Q3 at 24% (down from 25% last year); nine-month margin at 24%.

• Cash flow from operating activities for nine months: SEK 1,399 million (up SEK 175 million year-over-year); last 12 months: SEK 1,238 million.

• CapEx for the year to date at SEK 427 million, focused on snow production and guest experience.

Outlook and guidance

• Bookings for both summer and upcoming winter season are up 3% year-over-year, with 30% of expected accommodation already booked for winter 2026/27.

• Significant investments planned in snow production (489 new snow cannons) and infrastructure, including the rebuilding of the Thousand-Metre Lift in Åre.

• Lodging prices expected to rise 0–1%, skipass prices 4–4.5% for winter 2026/27.

• Operating margin expected to improve, driven by revenue growth and operational efficiencies.

• Continued focus on developing year-round offerings and expanding summer activity packages.