Slide 1: SkiStar AB Q2 2025/26 presentation
SkiStar AB Q2 2025/26 presentation 18 March 2026
Slide 2: Agenda
Agenda • Q2 performance • Financial update • Outlook and summary • Questions
Slide 3: Q2 performance
Q2 performance QO 1 sHistar
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: Q2 summary
Q2 summary • Net sales SEK 2,986 million, 8% increase • Operating profit SEK 1,277 million, 6% increase (8% adjusted) • Operating margin 17.9% (LTM) • 4.3 million ski days sold, 2% increase
Slide 6: Key drivers
Key drivers • Continued strong demand for mountain vacations • Increased number of international guests • All destinations on full ski lift / slope capacity January – March • Increased level of guest satisfaction • Growth in all revenue streams • Continued investments in our destinations
Slide 7: Strong demand for mountain vacations
Strong demand for mountain vacations • Changing booking patterns with booking closer to arrival • Mountain holiday prioritized among families • The "experience economy" • More free time and more flexible work life • Staycation, coolcation
Slide 8: International guests drive revenue
International guests drive revenue Strategy to increase international guest numbers supports both organic growth and profitability • International guest book "full package" in advance • Longer stay – higher spend • Peak weeks differs across markets – filling more weeks at destinations • Contributes
Slide 9: Integrated business model
Integrated business model Transfer Services Insurance Rental/Retail • Diversified revenue streams Accommodation • Digitalization as a driver and enabler • Data driven pricing model • Multiple point of guest interactions Activities Pass Add-On • Customer data enables tailored sales Bath/Spa Restauran
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) 766 711 • Solid revenue growth for 677 Rentals and Retail with a 11% +11% CAGR since 2018/19 549 263 255 501 242 • Continued strong growth for 221 220 EQPE, +37% Q2 LTM 352 338 328 185 163 127 503 434
Slide 11: Property development
Property development • Integrated real estate development model • Drives growth in accommodation capacity • Focus on “warm beds” • Value creation through development and sales • Strengthens the destination ecosystem
Slide 12: Investments - enhancing capacity and guest experience
Investments - 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 QO 2 sHistar
Slide 14: Net sales development
Net sales development Revenue growth drivers: ❖ Favourable 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 conditions ❖ Diversified revenue stream
Slide 15: Net sales development, per category
Net sales development, per category Revenue growth +10.0% Year-on-year Excl. currency effects MSEK +8% 5 42 47 3 222 50 5 1 SkiPass +8,4% 14 Price & mix effect +6.1% Restaurants +38.3% Volume growth +2.3% Driven by Högfjällshotellet (31m) but also due to 75 improved F&B concepts Retail +15.9% Driven
Slide 16: Operating profit development
Operating profit development • Operating Profit increased with 6%, excl. exploitation gains 8%, impacted by: o Revenue growth of 8.2% o Revenue/product mix o Higher cost for electricity (price & volume) o Currency effects (NOK/SEK) • No property transaction (exploitations gains) during the quarter (
Slide 17: Cash flow & capex
Cash flow & capex • Cash flow from operating activities LTM was 1,146 million, positively impacted by improved profit after financial items • Increase in capex due to several significant investments ahead of the winter season in order to improve and refine the guest experience • Capex in the quarter
Slide 18: Net debt/EBITDA structure
Net debt/EBITDA structure • Financial preparedness on 28 Feb amounted to 2,206 million (900). 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 1,031 million (727), an increase of 304
Slide 19: 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 20: Financial KPIs
Financial KPIs • Equity/asset ratio excl. IFRS 16 was 59% (60)
Slide 21: Financial targets
Financial targets • Favourable conditions at all our destinations have contributed to high guest satisfaction • Revenue growth amounted to 8.2% during Q2, impacted by increase in all revenue streams. NOK/SEK contributed to negative currency effect, mitigated by the acquisition of Topeja (Högfjällsho
Slide 22: Outlook & summary
Outlook & summary QO 3 sHistar
Slide 23: Growth drivers
Growth drivers International guests – higher profitability Retail – upselling and own business • Advance bookings → better capacity planning Creates growth: • Higher consumption per stay • Complementing the core business... • Holiday weeks outside of Swedish winter holidays • … and stand on their ow
Slide 24: Summary
Summary • Continued strong demand for mountain vacations • 2025/26 winter season set record for number of ski days purchased at SkiStar’s resorts • Excellent snow conditions contributed to strong performance • High guest satisfaction reported throughout season • Growth in all revenue streams
Slide 25: Looking ahead
Looking ahead • Bookings for next winter season in line with last year • Active work to optimize high- potential periods and strengthen occupancy • Further investments planned for 2026/2027 winter season, e.g. snow production, lift capacity, and slope development • Summer bookings 14% higher compare
Slide 26: SkiStar
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 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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