Scandic Hotels (SHOT) Q4 2025 earnings summary

Executive summary

• Achieved solid organic growth and improved profitability in Q4 2025, with all segments except Finland showing gains; occupancy and pricing increased across Nordic markets, especially in Sweden and Norway.

• Dalata acquisition is progressing as planned, contributing positively from day one, with full integration expected in H2 2026.

• Entered 2026 with a stronger commercial and operational platform, positive booking trends, and a favorable Q1 outlook.

• High pace of development with a robust pipeline and successful commercial initiatives.

• Expanded hotel portfolio significantly, including operational takeover of Dalata's hotel operations.

Financial highlights

• Q4 revenue grew by 1.6% (organic growth 4.2%), with net sales of SEK 5,575 million and adjusted EBITDA of SEK 513 million (margin 9.2%).

• Full-year 2025 organic growth was 3.9%, with net sales of SEK 22,289 million and adjusted EBITDA of SEK 2,425 million (margin 10.9%).

• Free cash flow reached SEK 914 million, net debt at SEK 35 million, leverage at 0x.

• Proposed ordinary dividend of SEK 2.60 per share, about 53% of net profit.

• Non-recurring items in Q4 totaled SEK 30 million, related to Dalata acquisition and commercial reorganization.

Outlook and guidance

• Expect continued growth in occupancy and room rates in 2026, with bookings and pricing already ahead of last year.

• Central costs expected to be stable in absolute terms and decline as a percentage of sales in 2026.

• Low inflation outlook, with fixed rent and salary increases around 3%.

• Continued focus on efficiency and cost control to support margin improvement.

• Business travel and leisure demand expected to remain strong, supported by a robust event calendar and new airline routes.