SkiStar (SKIS) Q4 25/26 earnings summary

Executive summary

• Achieved strong growth in Q4 and the full year, with net sales up 8% to SEK 4,954 million and operating profit up 11% to SEK 872 million, driven by increased demand for mountain holidays, international guests, and a successful year-round strategy.

• International guests accounted for 40% of total, up from 20% in 2020, driving higher average spend and reducing seasonality.

• Investments in guest experience, snow production, and new business segments contributed to growth and improved resilience to weather variability.

• Year-round activities and bundled offerings increased guest engagement and spend, with all major events sold out.

• Booking volumes for the upcoming winter season are up 3% year-over-year, with about 60% of accommodation capacity already booked.

Financial highlights

• Net sales reached SEK 4,954 million, up 8.3% year-over-year; adjusted for acquisitions and currency, growth was 5.4%.

• Operating profit rose 11% to SEK 872 million; underlying profit (excluding property/exploitation gains) up 18%.

• Operating margin improved to 17.5% (from 16.1%/17%), nearing the 18% target.

• Cash flow from operating activities increased 15% to SEK 1,223 million; free cash flow at SEK 1.2 billion.

• Dividend proposed at SEK 3.5 per share, a 16% increase, representing 44% of net profit.

Outlook and guidance

• Winter bookings up 3% year-over-year, with strong demand for winter holidays and a favorable calendar.

• Continued investment in snow production and guest experience; CapEx expected to rise to about 13% of revenue.

• Ski pass prices to increase 4-5%, with lodging prices kept stable or rising 0-1% to drive occupancy.

• Confident in reaching 18% operating margin target without property gains.

• Launching Scandinavia's most extensive snow guarantee and investing in sustainability initiatives.