Skistar Ab Class B · OMXSTO:SKIS_B
Skistar Ab Class B — Q4 2025/26 Earnings Presentation
28 slides from Skistar Ab Class B's earnings presentation, Sep 30, 2026
Slide 1: SkiStar Q4 2025/26 presentation
SkiStar Q4 2025/26 presentation 30 September 2026
Slide 2: Agenda
Agenda • Q4 & Full Year performance • Financial update • Outlook and Summary • Q&A
Slide 3: Market leader for Scandinavian mountain tourism
Market leader for Scandinavian mountain tourism • A passion for the mountains • Built communities and infrastructure for 50 years • Extensive land and property holdings enable continued organic growth • Growth through year-round operations and new business opportunities • Strong and growing interest
Slide 4: SkiStar; the no 4 Ski Operator in the World
SkiStar; the no 4 Ski Operator in the World Number of Country Ski Operator Revenue* destinations 1 Vail Resorts, Inc 42 $2.95 billion 2 Alterra Mountain Company 50+ $2.6 billion 3 Compagnie des Alpes 10 $1.4 billion +12 amusement parks 4 SkiStar 6 $490 million Alpinco 3 $60 million *2025/26
Slide 5: Q4 & Full Year performance
Q4 & Full Year performance ¢ sHistar
Slide 6: Q4 summary
Q4 summary 2025/26 • SkiStar’s 5th summer season – All year- round strategy starts to be proven • Many guests during the quarter • SkiStar’s Business Model delivers - Increase in all revenue streams • Strong growth (+29%) with increased profitability (+12%) • Popular events - All sold out
Slide 7: Full Year
Full Year 2025/26 Key Drivers • Strategy confirmed • Growth in all revenue streams • Continued strong demand for mountain vacations- all year-round • Increased number of international guests • Continued investments strengthening guest experience • Net sales SEK 4,954 million, 8% increase • Operating
Slide 8: Integrated business model
Integrated business model Services Transfer Insurance • skistar.com, eqpestore.com and skistarshop.com Rental/Retail - we own our distribution channels Accommodation • Diversified revenue streams • Dynamic pricing model • Multiple point of guest interactions Activities Pass Add-On • Customer data en
Slide 9: International guests drive revenue
International guests drive revenue Key points for continued growth • Stands for 40% of total Net Sales • International guest book "full package" in advance • Longer stay – higher spend • Peak weeks differs across markets – filling more weeks at destinations • Contributes to high and stable capacity
Slide 10: SkiStarshop continues the growth journey
SkiStarshop continues the growth journey Net Sales Retail & Rental (MSEK) 794 • Solid revenue growth for 720 SkiStarshop with +12% 677 a 12% CAGR since 2018/19 289 549 501 242 255 • +10% during 2025/26 220 • Continued strong growth 352 338 328 221 for EQPE, +25% 2025/26 185 163 127 505 434 464 329 2
Slide 11: Investments in guest experience
Investments in guest experience Trysil gondola Lightning, Björnen Åre Lodge renovations International flights Snow groomers Renovations Hovde South, Vemdalen Lifts (other) New Kalvås-dam warehouse Snow production & platform
Slide 12: Financial update
Financial update The segment reporting has changed during the fourth quarter and with retrospective application from 1 September 2025, operations are now reported in the segments; Mountain Resorts and SkiStarshop. The change has been made to better reflect the Group’s internal reporting and governan
Slide 13: Satisfactory Net Sales development
Satisfactory Net Sales development ❖ Increase in all main revenue streams • Revenue growth of 8.3% (excl. exploitation revenues) and 5.4% adjusted for acquisitions and currency effects • SkiStars integrated business model drives volume that enables increase in Net Sales and Operating Margin ❖ Pricin
Slide 14: Operating income development, by category
Operating income development, by category Year-on-year (MSEK) Revenue growth +8,3% +8% 4 978 8 31 SkiPass +6% Price- & mix effect +5,7% 67 Volume growth +0,3% 60 Insurance compensation 11m (bridge/crossing in Vemdalen) 7 2 14 76 Accommodations +6,3% Retail +13,2% Restaurants +34,2% Price- & mix effe
Slide 15: Operating Margin of 17.5% (+1.4 p.u.)
Operating Margin of 17.5% (+1.4 p.u.) ❖ Operating Profit during 2025/26 was SEK 872 million vs SEK 785 million last year (+11%) and excl. exploitation gains SEK 870 million vs SEK 739 million (+18%) impacted by: • Revenue growth of 8.3% • Improved guest experience • Improved resource allocation (cos
Slide 16: Operating Profit development, by segment
Operating Profit development, by segment Year-on-year (MSEK) 872 • Improved Operating Profit 9% 1 • A strong revenue growth due do price 22 increase and favourable product mix • Improved Operating Margin despite cost inflation and volume related cost increases • No property transactions during • Imp
Slide 17: Improved cash flow from operating activities
Improved cash flow from operating activities • Cash flow from operating activities during 2025/26 was SEK 1 223 million, an improvement of 15% vs last year, positively impacted by increased profit • Increase in capex due to several significant investments ahead of the winter season 2025/26 in order
Slide 18: Strong cash position
Strong cash position • Financial preparedness on the 31st of August amounted to 1,279 million (1,106). The increase compared with previous year is due to improved profit. • Interest-bearing liabilities*was 1,611 million, a decrease of 120 million (-7%) vs previous year. • Cash & cash equivalent amou
Slide 19: Sustainability – news during the year
Sustainability – news during the year • Activity & Recreation • Ecosystem & Impact • Dialogue & Interaction • SkiStar’s long-term aim is to achieve seven • We are continuing to reduce greenhouse gas • SkiStar has launched train travel services million skier & activity days per year by 2030. emission
Slide 20: Financial Targets
Financial Targets Stable development that enables further revenue growth and improved margins • Revenue growth of 8.3% (excl. acquisitions and fx = 5.4%) • Operating profit improved by 11% • Minor property transaction (exploitations gains) during the year • Operating margin estimated to improve, dri
Slide 21: Initiatives to climb our value chain
Initiatives to climb our value chain Key points for continued growth >1% >1% • Strategic framework regarding >18.0% property development & • Staff scheduling exploitation – extensive land >1% (resource optimization) & property holdings 17.5% • Combined roles 17.1% • Differentiation • Prioritized “De
Slide 22: Outlook & Summary
Outlook & Summary ¢ 3 sHistar
Slide 23: Winter 2026/27
Winter 2026/27 • Strong demand for winter holidays and prioritized among families • Winter bookings up 3% • Launch of Scandinavia most extensive snow guarantee as we invest heavily in snow production • Strong Christmas and New Year calendar with an extra week 53 • Early Easter week 12 -13 • Lodging
Slide 24: Extensive land bank enables organic growth and property gains
Extensive land bank enables organic growth and property gains when (we) market is ready • Land bank enables destination development that strengthening the destination’s ecosystem – Ski areas – Accommodations (growth in capacity/warm beds) – Infrastructure • Integrated property development model – Va
Slide 25: Outlook
Outlook Vision– to create memorable mountain experiences • Development of our organization and destinations enables improved margins and continued growth • Year-round strategy starts to be proven with continuous growth and increased profit during Q2- Q4 • Improved Cash flow and strong financial posi
Slide 26: sHistar
sHistar Séilen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM
Slide 27: Disclaimer
Disclaimer This presentation has been prepared by SkiStar AB (publ) (the “Company”) solely for use at this presentation and it is furnis hed to the recipients solely for their information. It may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not
Slide 28: Sélen YONDALIN ARE HEMSEDAL TRYSIL
Sélen YONDALIN ARE HEMSEDAL TRYSIL