Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2024/25 Earnings Presentation
43 slides from Bw Lpg's earnings presentation, Dec 2, 2024
Slide 1: June 19, 2025
June 19, 2025
Slide 2: Agenda
• Introduction • Q3 highlights • Q3 in numbers • Outlook: Going forward • Summary
Slide 3: Introduction
Introduction ¢ sHistar
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: Leading holiday organizer for Scandinavia
As the leading holiday organizer for Scandinavia, our vision is to create memorable mountain experiences all year round SATISFIED GUESTS SATISFIED EMPLOYEES NET SALES MSEK HAVE CHECKED IN DIGITALLY HAVE PURCHASED/ DOWNLOADED TO THEIR ACCOMMODATION THEIR SKIPASS DIGITALLY
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: Ski resort visits in Sweden and Norway
Ski resport Sälen 1,885,000 493 82 Åre 1,357,000 408 191 Trysil 1,308,000 336 78 Vemdalen 887,000 244 52 Hemsedal 642,000 189 54 Branäs 603,000 137 23 Hafjell 716,000 216 44 Idre Fjäll 559,000 126 27 Stöten 543,000 118 41 Geilo 441,000 137 34 Source: ALF; SLAO, resp. resorts’ websites, fnugg.no 2023
Slide 8: Strategic framework
Strategic framework SUSTAINABILITY BUSINESS DEVELOPMENT Mountain — Property Operations | Development SAFE & SECURE EMPLOYEE & CULTURE DIGITALISATION Sdilen VEMDALEN ARE HEMSEDAL TRYSIL sHistar
Slide 9: 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 Lodging; Bookable beds to ensure high volumes Retail: SkiStarshop Concept Store at all destinations. Skistarshop.com & eqpestore.com online stor
Slide 10: Financial targets
6% 18 % < 2.5x 40-60 % FY 23/24 10 % 16 % 1.7x 46 %
Slide 11: Sustainability
7 + [TBU] million skier- and 50% Contribute to activity days climate reduction sustainable development throughout the value chain 23/24 6.4 Million +17 %* 92% …of our supplier's have signed our code of conduct * Compared to the base year 11
Slide 12: Drivers of visits, margin and growth
Development of all year-round operation, increased capacity and more attractive destinations will continue to drive visits Strengthen margin and growth by dynamic pricing and increased average spend Increase number of commercial beds Secure sustainable future mountain experiences Normalize investmen
Slide 13: Q3 Summary
Q3 Summary ¢ ) sHistar
Slide 14: Q3 highlights
• Sales and profit declined due to late easter and poor weather conditions • Week 17 we opened up for snow guarantee at 3 destinations. Media made a big thing of this, in reality it caused minor financially impact. • Big efforts from our employees • Refinancing with improved commercial terms and lim
Slide 15: Second best result and best operational result
• Focus on our strategic initiatives • Second best result and best operational result ever • Q3 accumulated result1 095 MSEK vs 1 019 MSEK (+7%) • -1.6% in skier days, still second best (from +2.6% in Q2) • + 8% international guests (now approx. 31% of total) • +7% participants in our Ski school (10
Slide 16: Skier days by period
% Preseaon until week 50 -23% Christmas week 51-1 -8% January week 2-6 1% Winter vacation week 7-10 0% Spring/Easter week 11-18 -9% Total -4%
Slide 17: International customers drive average spend
International customers drive average spend Average spend - customer with accommodation SEK 20,758 More products in the shopping basket drive average spend Average Order value Average number of booked products No Accommodation @Accommodation @ Unique Customers No Accommodation @Accommodation 03M 33K
Slide 18: Digital engagement
• High digital engagement during the quarter • Many weather checks resulted in less conversion • +15% in My SkiStar members
Slide 19: Retail growth
• Solid growth, +5% from 2023/24, however impacted by warm weather • EQPE continues to grow (+33% y-o-y) 19
Slide 20: Temporary setback
• Temporary setback • 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. Therefore, number of ski days was down by 1,6% y-o-y (6,0 million). • O
Slide 21: Net sales development per category
Net Sales development, per category Sep-May 2024/25 4500 4.480 4.460 4440 4420 4.400 4300 4360 4340 4320 4300 MSEK. Increased capacity (Hundfllet) , LX , SS cnn 2 oO wu _— = ; i e ee (KO “ Physical stores 0%, primary ‘exploitation income. Last meson os rents gato copes ser moa ‘Number of objects -4%
Slide 22: Operating profit by segment, Sep-May 2024/25
Sep-May 2024/25 +7% 1 200 • Operations of Ski Resorts and Hotels MSEK 77 1 095 impacted by late Easter and poor 1 019 0 -1 weather conditions. 1 000 • Property Development was affected by a capital loss last year (-10 MSEK) and 800 a capital gain this year (50 MSEK). In addition, profit from JV’s ha
Slide 23: Operating profit bridge, Sep-May 2024/25
Sep-May 2024/25 +7% • Operations of Ski Resorts and Hotels MSEK impacted by late Easter and poor 1200 weather conditions that has implied 84 39 1150 higher maintenance of slopes than 1100 59 - 39 - 30 - 18 - 10 1 095 estimated and lower demand of 1050 1 019 weather-related products. 1000 - 10 • Prop
Slide 24: Net sales, operating profit and margin by quarter
3 000 35% 2 500 29% 30% 2 000 25% 21% 22% 1 500 19% 20% 18% 18% 17% 17% 1 000 16% 16% 15% 14% 14% 14% 15% 500 10% 0 5% -500 -1 000 0% Q2 21/22 Q3 21/22 Q4 21/22 Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 Net sales 2 178 1 536 224 177 2 350 1 49
Slide 25: Operating profit LTM and margin
• Challenging weather conditions, but improved Operating profit LTM and a margin of 17,1%. • Limited capital gains during Q4-25 • Operating profit has increased significantly during the last years with a peak the year after the pandemic.
Slide 26: Cash flow
Investments (net) • Cash flow from operating activities was 1,258 MSEK (1,318) for the period, a decrease of 60 MSEK compared with the corresponding period in the previous year. The difference was primarily due to the repayment of a large current loan receivable in the previous year, which had a pos
Slide 27: Net debt and leverage
High cash flow from operating activities has contributed to a reduced net debt and a corresponding reduced leverage (Net debt/EBITDA) that amounts to 1.1x on 31st of May-2025 (1,5x). Financial net debt (excl IFRS16) amounted to 1 328 MSEK (1 678) and EBITDA LTM was 1 157 MSEK (1 023). A refinancing
Slide 28: Summary table
SUMMARY 2024/25 2023/24 2024/25 2023/24 2023/24 MSEK Mar-Maj Mar-Maj Sep-Maj Sep-Maj Full year Net sales 1 405 1 490 4 405 4 340 4 679 Operating income 1 408 1 493 4 423 4 353 4 693 Operating profit 377 418 1 095 1 019 740 Profit/loss after tax 299 313 814 746 473 Earnings per share, SEK 3,82 3,99 1
Slide 29: New and renewed collaborations
New Collaborations Future Collaborations Renewed Agreement Renewed agreements, Leading the industry’s Partnering with OKQ8 focus on more tours to transition to cut car emissions the mountains
Slide 30: Outlook - going forward
Outlook — going forward ¢ 3 sHistar
Slide 31: Drivers of visits, margin and growth
Development of all year-round operation, increased capacity and more attractive destinations will continue to drive visits Strengthen margin and growth by dynamic pricing and increased average spend Increase number of commercial beds Secure sustainable future mountain experiences Normalize investmen
Slide 32: Outlook and upcoming investments
• Calendar effect, both around Christmas holidays and Easter • More international flights from Easyjet UK • More international flights with TUI from Germany and Belgium • Investments in Guest experiences will be ready in December • Trysil – New Gondola ready for next winter season • Åre – A new Ski
Slide 33: Summer 2025 +2%
Summer 2025 +2% uttobokring 2025 mruttobokning 2028 Siilen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM sHistar
Slide 34: Summer 2025 offerings
• For summer ’25, we will expand our offerings with a broader range of travel motivations tailored to a more segmented target audience. • The focus is on creating packages with our accommodation at the core, complemented by activities, food, beverages and more. • Beyond showcasing the packages on ou
Slide 35: Development of SkiStar's Destinations
Development of SkiStar’s Destinations Sélen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM sHistar
Slide 36: Winter bookings approx 30% booked (+1%)
Winter bookings approx 30% booked (+1 %) ee | i | | | | | | | / | | I l ll ll hh || al me 6 ov 8 8 ® © 9» +1 2 Sn Hila 20506 Eatbeing REINS Siilen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM sHistar
Slide 37: Development of SkiStar's Destinations
Development of SkiStar’s Destinations Séilen VEMDALEN ARE HEMSEDAL
Slide 38: Strengthening competitiveness through new attractions
Strengthening competitiveness through new attractions
Slide 39: News! SkiPass from SEK/day
News! "SkiPass from 295 Sek/day Utforska fjallets m6jligheter Besék Hogfjillet | Salen med familjens basta skid: Séilen VEMDALEN ARE HEMSEDAL TRYSIL STO! sHistar
Slide 40: Mountain holidays in Scandinavia an obvious choice
Mountain holidays in Scandinavia continue to be an obvious choice for many Sélen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM sHistar
Slide 41: SkiStar
sHistar Séilen VEMDALEN ARE HEMSEDAL TRYSIL STOCKHOLM
Slide 42: 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 constitute a
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