Slide 1: SkiStar AB Q4 2024/25 presentation
SkiStar AB Q4 2024/25 presentation October 1, 2025
Slide 2: Agenda
Agenda • Introduction • Q4 highlights • Q4 in numbers • Outlook: Going forward • Deep-dive: Real estate development • Summary
Slide 3: Introduction
Introduction ¢ sxHistar
Slide 4: A 50-year Love Story
A 50-year Love Story Together with our guests and employees, we celebrate 50 years of love for snow, joy and community
Slide 5: Our Position
Our Position As the leading holiday organizer for Scandinavia, our vision is to create memorable mountain experiences all year round 8/10 SATISFIED EMPLOYEES 8/10 GUESTS ARE HIGHLY SATISFIED WITH OUR HOSPITALITY 4,631 NET SALES MSEK 81% HAVE PURCHASED/ DOWNLOADED THEIR SKIPASS DIGITALLY 95% HAVE CHE
Slide 6: The Largest Ski Resorts in the World
The 52 Largest Ski Resorts in the World North America Controls all revenue streams and the entire guest experience, i.e. hotels, food, rentals, ski school, all franchises (i.e. all stores/brands sold at the resort), etc. Growing via acquisitions and aggressive pricing model. Vail Resort is now growi
Slide 7: An unmatchable position in Scandinavia
An unmatchable position in Scandinavia SkiPass revenue Length of groomed slopes Ski resort Skier days (MSEK) (km) Sälen 1,750,000 554 82 Åre 1,415,000 473 191 Trysil 1,197,000 391 78 Vemdalen 879,000 281 52 Hemsedal 707,000 228 54 Branäs 591,793 155 23 Hafjell 630 000 168 44 Idre Fjäll 561,590 143 2
Slide 8: SkiStar's strategic frameworks
SkiStar’s strategic frameworks Vision SkiStar creates memorable mountain experiences Position The leading holiday operator for Scandinavia Values Simplicity Togetherness Trustworthy Engagement Financial objectives Organic growth Operating margin Leverage Dividend 6% 18% <2,5x 40–60% (Net interest-be
Slide 9: Updated Strategic initiatives to reach our financial targets
Updated Strategic initiatives to reach our financial targets 1. Enhance the Guest 2. Profitable and Sustainable 3. Community Builder 4. Property Development and 5. Financial Strength Experience Growth In collaboration with the local Infrastructure A strong cash flow enables long- Weather-proof, expa
Slide 10: Initiatives to reach our financial targets
Initiatives to reach our financial targets +% 1-2% • Strategic framework regarding >18,0% property development & exploitation • Staff scheduling • Prioritized “Masterplan” based on (resource optimization) customer demand/needs 16,9% 1-2% • Combined duties • Sustainability initiatives (water, • Diffe
Slide 11: Financial targets
Financial targets Late Easter with poor weather conditions together with limited property transactions impacted revenue growth. A positive calendar effect and a lot of guest related investments will most likely increase growth during 2025/26. Operating margin improved due to underlying revenue growt
Slide 12: Strategic framework
Strategic framework SUSTAINABILITY As from Q1 2025/26 two BUSINESS DEVELOPMENT segment will be presented: Operation of Mountain Resorts and, Property Development & Infrastructure Mountain Property Operations Development SAFE EMPLOYEE & SECURE & CULTURE DIGITALISATION 12
Slide 13: SkiStar's Integrated Business model
SkiStar’s Integrated Business model With diversified revenue streams Hotels & Lodges: 7 units contribute to the guest experience Restaurants: contribute to the guests’ overall experience Rentals: Ski-and bike rentals Activity/Pass: SkiPass Lodging; Bookable beds to & activity pass ensure high volume
Slide 14: SkiStar - Organizational structure
SkiStar - Organizational structure CORE SUPPORT FUNCTIONS HUMAN RESOURCES FINANCE/ACCOUNTING LEGAL/INVESTOR RELATIONS COMMERCIAL/IT SUSTAINABILITY/PROCUREMENT CUSTOMER SERVICE CEO LODGING OPERATIONAL SKISTAR SHOP & REAL ESTATE RETAIL SKI RESORT EQPE & LODGES & HOTELS PROJECT OPERATIONS SKISTARSHOP.C
Slide 15: Q4 Summary
Q4 Summary ¢ ) sxHistar
Slide 16: Summary Q4 & 2024/25
Summary Q4 & 2024/25 SUMMARY 2024/25 2023/24 2024/25 2023/24 MSEK Jun-Aug Jun-Aug Full year Full year Net sales 226 339 4 631 4 679 Operating income 231 340 4 654 4 693 Operating profit -310 -279 785 740 Profit/loss after tax -262 -273 552 473 Earnings per share, SEK -3,35 -3,49 7,05 6,04 Cash flow
Slide 17: Sustainability
Sustainability 6.2 million skier- and activity days 10% reduction from own operation* 99% of our new supplier's have signed our code of conduct 17 * Compered to 2324
Slide 18: Digital engagement
Digital engagement • Significant increase in traffic on all digital platforms indicate high interest in both retail and travel. • +12% in SkiStar Members
Slide 19: International customers drive average spend
International customers drive average spend Strategic approach to increase international quests, that will support both organic growth and profitability
Slide 20: New and business focus drives growth FY18-25
New and business focus drives growth FY18-25 • Solid growth, +5% from 2023/24, however impacted by warm weather • EQPE continues to grow (+33% y-o-y) 20
Slide 21: Net Sales development
Net Sales development • A strong Q2 2024/25, with a positive calendar effect was followed by a late Easter with poor weather conditions that implied revenue losses in several revenue streams, especially SkiPass and accommodations. Summer season with revenue growth (SkiPass +12% and accommodation +4%
Slide 22: Net Sales development, per category
Net Sales development, per category September 2024 to August 2025 Revenue growth +4,9% driven by online sales +11,8% MSEK whereas revenues from physical stores declined (-2,0%) due to Revenue growth +3,5% lower demand for weather- Price growth +5,4% related items Number of sold ski days -1,8% 32 21
Slide 23: Operating profit development
Operating profit development • Challenging weather conditions during Q3 but improved Operating profit. • Limited capital gains during Q4- 25. • Underlying improvement of 9% • Operating profit has increased significantly during the last years with a peak the year after the pandemic. • Diversified rev
Slide 24: Operating profit per Segment
Operating profit per Segment September 2024 to August 2025 • Positive development of Operating +6% profit for Operation of Mountain 785 Resorts driven by revenue growth from SkiPass and Retail 8 • Capital gains from Property Development last year exceeded this 10 year’s, on the other hand profits fr
Slide 25: Seasonality impact
Seasonality impact 3.000 2.500 2.000 1 500 35% 30% 21% 25% 20% 15% 10% =1 000 Q221M2 | Q3 22 | Q4 21/22) QI 2223 | Q2 22123 | QB 22/23 | Q4 22/23 | QI 23/24 | Q2 23/24 | Q3 23/24 | Q4 23/24 QI 24/25 | QV24/25 | Q3 2425 | Q4 2425 mmm Net sales 2178 1536 24 17 2.350 1490 345 20 2630 1 490 339 212 2787
Slide 26: Cash flow & Capex
Cash flow & Capex • Cash flow from operating activities was 1 108 MSEK (1 084) for 2024/25, a 2% improvement. • Capex was lower than last year, but due to many new investments related to Mountain Resorts, Capex will increase during 2025/26.
Slide 27: Net Debt/EBITDA structure
Net Debt/EBITDA structure • Improved cashflow from operating activities together with increased EBITDA has contributed to a reduced Net debt and a corresponding reduced leverage (Net debt/EBITDA) that amounts to 1.5x on 31st of Aug 2025 (1,8x). • Net debt (excl IFRS16) amounted to 1 711 MSEK (1 914)
Slide 28: Outlook – going forward
Outlook — going forward ¢ 3 sxHistar
Slide 29: Outlook
Outlook • Positive calendar effect, both during Christmas holidays and Easter • More international flights from Belgium, Denmark, England, Germany and UK • Investments in Guest experiences and automated snow systems at all SkiStars destinations • Trysil – New Gondola • Åre – A new Ski Area Getvalsli
Slide 30: By taking 5 vacation days, you get 18 days off
By taking 5 vacation days, you get 18 days of continuous time off
Slide 31: Strongest news launch ever
Strongest news launch ever Trysil Gondola Söderåsen Vemdalen Hovde Syd Getvalsliften Lightning project
Slide 32: SkiPass from 295 Sek/day
SkiPass from 295 Sek/day Utforska fjallets m6jligheter Besdk Hogfjillet I Salen med familjens biista skidakning Séilen VEMDALEN ARE HEMSEDAL TRYSIL ST sHistar
Slide 33: Shift in marketing due to later booking behavior
Shift in marketing due to later booking behavior
Slide 34: 60% booked for the season and 85% for first part
60% booked for the season and 85% for first part W 2526 Pre-season 44-51 -24% Christmas 52-2 3% January 3-6 4% Winterholidays 7-10 0% March 11-13 -6% April 14-15 18% End of season 16-18 -68%
Slide 35: Strategic Collaborations and Partnerships
Strategic Collaborations and Partnerships Strong Cooperation Creating Societal Change Strong Partnership S Continued cooperation within From diesel to renewables A popular way of traveling for the alliance with significant SkiStar + OKQ8 = 2 sek our Danish guest progress discount
Slide 36: SkiStar
sHistar Sdlen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM
Slide 37: SkiStar Real Estate
SkiStar Real Estate sxHistar
Slide 38: A Diversified Portfolio of Assets
A Diversified Portfolio of Assets Value Preservation and Value Creation Development of Building Areas and Ski Areas Investment Properties (Asset and Technical Management) Project Development SkiStar Infrastructure (Airport, Property Transactions Power Grid, District Heating, Roads, etc.) Forest and
Slide 39: Strategic initiatives
Strategic initiatives By increasing the focus on asset value growth, we create new opportunities for financing, stronger cash flow, and increased corporate value Increase scalability through long-term planning within a synchronized and prioritized master plan Increase efficiency in management and de
Slide 40: SkiStar Real Estate – Three ways to create value
SkiStar Real Estate – Three ways to create value Project Financing Value Building Rights Equity Capital Gain 5 – 20 TSEK/BTA Land Development 20% project profit Tenant Owned co-op Credit Facility Capital Gain Plans Investment Property Equity (40%) Net Op. Income 5-7% Net Initial Yield Forest or Land
Slide 41: SkiStar's Integrated Business model
SkiStar’s Integrated Business model Hotels & Lodges: 7 units contribute to the guest experience Restaurants: contribute to the guests’ overall experience Rentals: Ski-and bike rentals Activity/Pass: SkiPass Lodging; Bookable beds to and activity pass ensure high volumes GUEST Guides: Ski instructors
Slide 42: Sustainability Targets
Sustainability Targets 4% reduction in energy consumption by 2030 Preserve biodiversity during development Environmentally Certified New Developments 800 EV charging points by 2027/28
Slide 43: Skiab
Skiab sxHistar
Slide 44: Ownership Structure
Ownership Structure 50% 50% The real estate portfolio is intended to comprise both hotel properties and development land
Slide 45: Skiab 2025
Skiab 2025 Key Figures Number of Properties 12 Net Operating Income (NOI) 118 000 SEK Net Initial Yield 6,53% Investment Properties Market Value (SEK) Sweden 782 400 000 Norway 1 082 000 000 Total Property Value 1 801 644 000 Building Rights Market Value (SEK) Sweden 489 400 000 Norway - Total Build
Slide 46: Forward strategy
Forward strategy sxHistar
Slide 47: Strategy – Creating value in both SkiStar and Skiab
Strategy – Creating value in both SkiStar and Skiab SkiStar Skiab Tactics Tactics • Use land bank, acquire land or enter into joint ventures, • Acquire developed land holdings from SkiStar with primarily related to large-scale ski area development. completed building rights and programming documenta
Slide 48: Land / Development plans / building rights in Inventory
Land / Development plans / building rights “in Inventory” Sqm BTA Units Beds Skiab - Approved development plans 84 900 701 4 208 Skistar - Approved development plans 71 620 617 3 701 Skistar - Development plans in progress 241 290 2 118 12 709 Approved or in progress 400 000 Skistar - Identified dev
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Slide 50: Disclaimer
Disclaimer This presentation has been prepared by SkiStar AB (publ) (the “Company”) solely for use at this presentation and it is furnished 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 c
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