Slide 1: SkiStar AB Q3 2025/26 presentation
SkiStar AB Q3 2025/26 presentation 18 June 2026
Slide 2: Agenda
Agenda • Q3 performance • Financial update • Outlook and summary • Q&A
Slide 3: Q3 performance
Q3 performance O 1 sxHistar
Slide 4: Market leader for Scandinavian mountain holidays
Market leader for Scandinavian mountain holidays Vision – to create memorable mountain experiences • Six destinations – Sweden and Norway • 42% market share • Integrated business model • Digitalization – driver and enabler • Significant land bank for property development
Slide 5: Q3 summary
Q3 summary • Net sales SEK 1,441 million, 5% increase • Operating profit SEK 347 million (377), 8% decrease • Operating profit excl. exploitation gains on par with last year • Operating margin 24% (25) Key Drivers • Geopolitical situation has caused lower customer demand even with marketing efforts
Slide 6: Accumulated Q1-Q3 summary
Accumulated Q1-Q3 summary • Net sales SEK 4,663 million, 7% increase • Operating profit SEK 1,146 million (1,095), 5% increase • Operating profit excl. exploitation gains, 8% increase • Operating margin 24% (25) • 5,446 million ski days sold, 0,5% increase • Hesitant real estate market Key drivers •
Slide 7: International guests drive revenue
International guests drive revenue Strategy to increase international guest numbers supports both organic growth and profitability • Stands for 40% of total bed occupancy • International guest book "full package" in advance • Longer stay – higher spend • Peak weeks differs across markets – filling m
Slide 8: Improved guest experience
Improved guest experience 1. Better 2. Better 3. Value through r 4. More precise ski experience accommodation differentiation i governance > Investments in lifts, experience: ~ Tailored offerings for + Customer experience as KPI snow, capacity => Higher. quality/Al support distinct customer segments
Slide 9: Integrated business model
Integrated business model Services Transfer Insurance Rental/Retail • skistar.com - we own our distribution channel Accommodation • Diversified revenue streams • Dynamic pricing model • Multiple point of guest interactions Activities Pass Add-On • Customer data enables tailored sales Bath/Spa Restau
Slide 10: Expanding customer offer and new revenue streams drive growth
Expanding customer offer and new revenue streams drive growth Revenue SkiStar Shop & Retail (MSEK) 769 711 • Solid revenue growth for 677 Rentals and Retail with +11% a 11% CAGR since 2018/19 261 549 255 501 242 • Continued strong growth 221 220 for EQPE, +30% Q3 LTM 352 338 328 185 163 127 508 434
Slide 11: Significant land bank enables organic growth
Significant land bank enables organic growth • Land bank enables destination development - Development of ski areas - Development strengthening the destination ecosystem • Integrated real estate development model - Value creation through property development - Drives growth in accommodation capacity
Slide 12: Enhancing capacity and guest experience
Enhancing capacity and guest experience Lodge renovations Lundsgårds lift Trysil gondola Lightning, Björnen Åre International flights Snow groomers Renovations Hovde South, Vemdalen Lifts (other) New Kalvås- warehouse Snow production dam & platform
Slide 13: Financial update
Financial update O 2 sxHistar
Slide 14: Satisfactory net sales development
Satisfactory net sales development Demanding weather conditions Pricing power Growing international share • 40% of revenue (from 20% in 2020) • Easy access by car, train and air, supported by increased cooperation with travel operators • Snow condition / production Diversified revenue stream
Slide 15: Net sales development, per category
Net sales development, per category Year-on-year Revenue growth +8% MSEK excl. FX effects +7% 20 4 683 39 SkiPass +6% Property -10% Price & mix effect +5,5% Change in accrual 63 Volume growth +0,5% accounting 56 7 14 13 71 Accommodations +6,2% Restaurants +36% Price & mix effect +4,2% Retail +13,7%
Slide 16: Stable operating profit development
Stable operating profit development • Operating Profit during Sep-May was 1,146 MSEK vs 1,095 million in the corresponding period last year (+5%) and excl. exploitation gains 1,145 million vs 1,049 MSEK (+9%) impacted by: o Revenue growth of 7.2% o Revenue/product mix o Higher cost for electricity &
Slide 17: Operating profit development, per category
Operating profit development, per category Increase in rental income to Year-on-year Strong growth in both online, other segment (Hotels) physical stores and rental. related to Högfjällshotellet, Operating profit Adjusted inventory value development, excl MSEK related to rentals has had a but also t
Slide 18: Cash flow & capex
Cash flow & capex • Cash flow from operating activities Q3 LTM was 1,238 million, positively impacted by improved profit after financial items • Increase in capex due to several significant investments ahead of the winter season 2025/26 in order to improve and refine the guest experience • Capex in
Slide 19: Net debt/EBITDA structure
Net debt/EBITDA structure • Financial preparedness on 31 May amounted to 1,719 million (271). The large increase compared with previous year was due to refinancing agreed in June and improved profit. • Interest-bearing liabilities excluding IFRS 16 amounted to 1,171 million (1,352), a decrease of 18
Slide 20: Financial KPIs
Financial KPIs • Equity/asset ratio excl. IFRS 16 was 67% (64)
Slide 21: Financial targets
Financial targets Stable development that enables further revenue growth and improved margins • The quarterly result affected by a continued uncertain geopolitical environment, which caused lower customer demand even with marketing efforts (pricing activities), but also higher cost for electricity a
Slide 22: Initiatives to reach our financial targets
Initiatives to reach our financial targets Key points for continued growth +% 1-2% • Strategic framework regarding >18.0% property development & • Staff scheduling exploitation (resource optimization) • Prioritized “Masterplan” based on 16.9% 1-2% • Combined duties customer demand/needs • Investment
Slide 23: Outlook & summary
Outlook & summary O 3 sxHistar
Slide 24: Summer 2026
Summer 2026 • Development of the year around offer • Successful launch – Family pass, activities incl packages etc • Soccer tournament in Sälen • Bookings up 3% Investments to be ready for winter 2026/27 • Snow production: – increased water capacity – 489 NEW snow guns • New ski lift in Åre (1000m)
Slide 25: 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 p
Slide 26: Summary
Summary • Stable development that enables further revenue growth and improved margins • Continuous investments to strengthening guest experience and satisfaction • Launch of the best and most extensive snow guarantee • Hesitant real estate market • Continued strong demand for mountain vacations, +3%
Slide 27: SkiStar
sHistar Sdlen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM
Slide 28: 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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