Scandic Hotels Group Ab · OMXSTO:SHOT
Scandic Hotels Group Ab — Q3 2025 Earnings Presentation
40 slides from Scandic Hotels Group Ab's earnings presentation, Oct 29, 2025
Slide 1: Q3 Report
Scandic Q3 REPORT October 29, 2025 Scandic Your friend fews
Slide 2: Agenda
Scandic AGENDA 1. Q3 REPORT 2025 2. UPDATE ON THE ACQUISITION OF DALATA’S HOTEL OPERATIONS 3. CONCLUDING REMARKS 4. Q&A Classification: Confiden@al
Slide 3: Q3 Report 2025
Scandic 1. Q3 REPORT 2025
Slide 4: Good growth and overall positive market development
Q3 REPORT 2025 • Good growth and overall positive market development • High efficiency driving results and cash flow • Steady pace in portfolio and commercial development • Solid booking situation and outlook for the fourth quarter • Dalata acquisition progressing according to plan 4
Slide 5: Adjusted EBITDA per quarter 2022-2025
Q3 REPORT 2025 ADJUSTED EBITDA PER QUARTER 2022-2025, MSEK 1,400 • Adjusted EBITDA of 1 088 (1 077) MSEK, 1,200 corresponding to a margin of 17.1% (17.4) 1,000 800 • Slightly lower margin mainly due to currency 600 effects and the higher pace of development 400 • High efficiency and sharp focus on c
Slide 6: Market occupancy
Q3 REPORT 2025 MARKET OCCUPANCY SWEDEN NORWAY 75% 72% 76% 72% 75% 74% 68% 70% 73% 72% 70% 73% Jul-24 Aug-24 Sep-24 Jul-25 Aug-25 Sep-25 Jul-24 Aug-24 Sep-24 Jul-25 Aug-25 Sep-25 FINLAND DENMARK 83% 80% 86% 83% 76% 79% 66% 66% 68% 69% 65% 60% Jul-24 Aug-24 Sep-24 Jul-25 Aug-25 Sep-25 Jul-24 Aug-24 Se
Slide 7: Market average room rates
20 40 60 80 0 100 120 140 160 180 Jan 2020 Feb 2020 Mar 2020 Q3 REPORT 2025 Apr 2020 May 2020 Jun 2020 Jul 2020 Source: Benchmarking Alliance. Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Sweden MARKET AVERAGE ROOM RATES Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 202
Slide 8: Market RevPAR
20 40 60 80 0 100 120 140 160 180 Jan 2020 Feb 2020 Mar 2020 Q3 REPORT 2025 Apr 2020 May 2020 Jun 2020 Jul 2020 MARKET REVPAR Source: Benchmarking Alliance. Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Sweden Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 INDEXED TO
Slide 9: As of September 30, 2025
Q3 REPORT 2025 As of September 30, 2025 No. of Year Hotel Destination rooms Q4 2025 Scandic Stuttgart Stuttgart, Germany New 174 Q4 2025 Scandic Victoria Florø Florø, Norway New 97 Q1 2026 Scandic Go, Oulu Oulu, Finland New 144 Q1 2026 Scandic Go, Gothenburg Gothenburg, Sweden New 176 Q1 2026 Scandi
Slide 10: Hamburg hotels
Q3 REPORT 2025 LÄMPLIG BILD HOTELL 1 LÄMPLIG BILD HOTELL 2 • In the heart of Hamburg with direct access to • Exclusive experience in downtown Hamburg with Hamburg bus terminal and train and subway lines walking distance to Berliner Tor • 325 rooms and planned opening in 2028 • 430 rooms and planned
Slide 11: Scandic Go Oslo and Scandic Victoria Florø
Q3 REPORT 2025 LÄMPLIG BILD HOTELL 1 LÄMPLIG BILD HOTELL 1 • Scandic Go is expanding to Oslo, Norway • New franchise hotel Scandic Victoria Florø • Conversion of the 96-room hotel Scandic Grensen • 100-room hotel in Florø, Norway • Opening in H1 2026 • Opening in December 2025 11
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Slide 13: Improved net sales
Q3 REPORT 2025 • Improved net sales Net sales Adjusted Adjusted EBITDA EBITDA margin ‒ Organic growth of 5.3% (LFL 4.2%) Q3 Q3 Q3 Q3 Q3 Q3 MSEK 2025 2024 2025 2024 2025 2024 • Good results in line with last year Sweden 2,023 1,873 438 406 21.6% 21.7% ‒ Adjusted EBITDA of 1,088 (1,077) MSEK Norway 1,
Slide 14: Operational cash flow of 2,261 MSEK LTM
Q3 REPORT 2025 • Operational cash flow of 2,261 MSEK LTM Free cash flow per quarter and LTM, MSEK Free cash flow Cash flow from operations LTM • Improved working capital, investments in line with plan 2,500 2,320 2,261 • Free cash flow of 593 MSEK (659); YTD free cash has 1,966 2,015 improved to 621
Slide 15: Record-low leverage and strong balance sheet
Q3 REPORT 2025 • Record-low leverage and strong balance sheet Net debt to adjusted EBITDA LTM supporting the 2030 growth agenda, acquisition of Dalata and dividend policy • Net debt of 62 MSEK • Net debt to adjusted EBITDA of 0.0x (0.0x) 0.4x 0.3x 0.1x 0.0x 0.0x Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20
Slide 16: Update on the acquisition of Dalata's hotel operations
Scandic 2. UPDATE ON THE ACQUISITION OF DALATA’S HOTEL OPERATIONS
Slide 17: Transaction in brief
• Transaction in brief • Transaction rationale • Financial impact • Organisation and governance • Closing remarks 17
Slide 18: Dalata acquisition progressing according to plan
• Dalata acquisition progressing according to plan • Scandic and Pandox, building on a long-standing partnership, have jointly established a plan under which Scandic acquires the operations and Pandox acquires the hotel properties. • Through the acquisition, Scandic would add a well-managed hotel po
Slide 19: Adding a well-managed hotel portfolio
Scandic ADDING A WELL-MANAGED HOTEL PORTFOLIO WITH STRONG BRANDS AND POSITIONS IN ATTRACTIVE MARKETS 1 2 3 DALATA HAS A PROVEN TRACK ATTRACTIVE MARKET VALUE CREATING CAPITAL RECORD AND IS A STRONG FIT FUNDAMENTALS IN IRELAND ALLOCATION FOR SCANDIC AND THE UK
Slide 20: Dalata has a proven track record
Scandic DALATA HAS A PROVEN TRACK RECORD ANDISA STRONG FIT FOR SCANDIC
Slide 21: Strong footprint in the largest cities
Strong footprint in the largest cities Boutique Hotels With ~12,000 rooms Dalata has a leading 566 position in Ireland with an established and growing presence in the UK Portfolio (# rooms) 27 25 4 5,187 6,466 Hotels Hotels Hotels 2 1 1 3 Belfast 1 Ireland The UK Other 1 3 Dublin 1 4 Pipeline of ~1,
Slide 22: History of good revenue growth
History of good revenue growth Attractive and well-invested portfolio1 Revenue (BNSEK) Portfolio by type of contract (% of rooms) +10% 7.5 7.0 5.5 31% 4.5 69% 2019 2022 2023 2024 Variable (min. guarantee) Fixed • Average revenue growth of ~10% from 2019-2024, with estimated profitability at least in
Slide 23: Solid development of occupancy levels and room rates
Solid development of occupancy levels and room rates Translates into good RevPAR growth Occupancy, % ARR, EUR RevPAR 83% 80% 80% 76% 1,641 1,669 6% 1,435 1,320 1,326 1,197 1,084 985 2019 2022 2023 2024 2019 2022 2023 2024 23
Slide 24: Attractive market fundamentals in Ireland and the UK
Scandic ATTRACTIVE MARKET FUNDAMENTALS IN IRELAND AND THE UK
Slide 25: Ireland supply & demand
Ireland supply & Demand United Kingdom supply & Demand, Occupancy (Indexed to corresponding month in 2019) (Indexed to corresponding month in 2019) (%) Ireland-Supply Ireland-Demand UK-Supply UK-Demand Ireland UK Nordics 120 120 100 90 100 100 80 70 80 80 60 60 60 50 40 40 40 30 20 20 20 10 0 0 0 20
Slide 26: RevPAR, ARR, Occupancy
Aug-25 26 May-25 Jan-25 Sep-24 May-24 Jan-24 Sep-23 May-23 Jan-23 Sep-22 Nordic May-22 Jan-22 Sep-21 May-21 Jan-21 Sep-20 UK May-20 Jan-20 Sep-19 RevPAR, SEK Ireland May-19 Jan-19 2 000 1 400 2 400 1 800 400 0 800 1 600 1 000 600 200 2 200 1 200 Aug-25 May-25 Jan-25 Sep-24 May-24 Jan-24 Sep-23 May-2
Slide 27: Value creating capital allocation
VALUE CREATING CAPITAL ALLOCATION
Slide 28: Expected EPS accretion
Expected EPS accretion Acquisition EV/Adjusted Leverage is to remain Scandic will continue to from the management EBITDA 2024 multiple <2.0x. deliver according to the agreement phase: >15%1) around 6x2) existing 2030 strategy. The transaction to be fully Expected EPS accretion Represents a discount
Slide 29: Financial impact
FINANCIAL IMPACT
Slide 30: Management agreement enters into force
• As from completion, Scandic will operate Dalata’s 56 hotels under a management agreement with management fees received from the same day. Management fees and related costs to be communicated in interim reports. • A carve-out process of Dalata’s hotel operations will be initiated. Updates relating
Slide 31: Illustrative combined Scandic and Dalata 2024 pro forma
• Scandic to receive 4% of Dalata’s revenues (quarterly paid fee). Illustrative combined Scandic and Dalata 2024 pro forma (pre-IFRS 16)1) • On an illustrative combined 2024 pro forma basis, the management agreement would have generated around: – 300 MSEK in revenue, 270 MSEK in adjusted EBITDA, inc
Slide 32: Illustrative combined Scandic and Dalata 2024 pro forma
• Full consolidation expected after the carve-out process during Illustrative combined Scandic and Dalata 2024 pro forma (pre-IFRS 16)1) the second half of 2026. • On an illustrative combined 2024 pro forma basis, revenues would increase with 7.5 BNSEK and adjusted EBITDA margin at Revenue1) Adj. EB
Slide 33: Organisation and governance
ORGANISATION AND GOVERNANCE
Slide 34: Overview
Overview Governance structure to ensure consistency and performance Scandic represented • Scandic will assume responsibility for the day-to- day operations of all 56 Dalata hotels through the management agreement. • During the tenure of the management agreement, a steering committee will be the prim
Slide 35: Closing remarks
CLOSING REMARKS
Slide 36: Creating an additional growth platform
Scandic CREATING AN ADDITIONAL GROWTH PLATFORM WITH IMMEDIATE AND LONG-TERM VALUE CREATION 1 2 3 4 DALATA HAS A PROVEN ATTRACTIVE MARKET VALUE CREATING GOVERNANCE TRACK RECORD AND IS FUNDAMENTALS IN CAPITAL ALLOCATION SUPPORTING FUTURE A STRONG FIT FOR IRELAND AND THE UK PERFORMANCE SCANDIC
Slide 37: Concluding remarks
3. CONCLUDING REMARKS
Slide 38: Continued performance with good growth, results and cash flow
Q4 REPORT 2024 • Continued performance with good growth, results and cash flow • Portfolio expansion on track and the commercial and operational foundation in place to drive further growth and efficiency • Strong financial position and flexibility • Solid booking situation and outlook for the fourth
Slide 39: Q&A
Scandic Q&A
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