SkiStar (SKIS) Q1 24/25 earnings summary

Executive summary

• Q1 net sales decreased by 3% to SEK 212 million, mainly due to timing shifts and a later season start, but retail sales grew 6% and guest satisfaction remained high.

• Over 80% of winter accommodation sales are already booked, with strong demand from international guests and stable mountain holiday interest despite economic headwinds.

• Retail business nears SEK 500 million in turnover, with 50% from online sales and the EQPE brand accounting for 20–25% of retail sales.

• Sustainability remains a core focus, highlighted by the world's first fossil-free ski resort, expanded free season passes, and a 50% climate reduction target by 2030.

• New organizational structure emphasizes lodging and bed capacity, with 2,500 seasonal workers and 1.97 million My SkiStar members.

Financial highlights

• Q1 net sales were SEK 212 million (down from SEK 220–226 million year-over-year); operating loss increased to SEK -482 million (from SEK -464 million); profit after tax was SEK -413 million.

• Operating profit increased by SEK 18 million in ski resort operations, but overall group operating margin remained negative.

• Cash flow from operating activities improved to SEK 283 million (up from SEK 221 million), supported by better working capital management.

• Net debt/EBITDA improved to 1.7 from 2.6 year-over-year; equity/assets ratio excluding IFRS 16 rose to 48%.

• Dividend payout at SEK 2.80–2.86 per share, with a policy of 40–60% payout.

Outlook and guidance

• Over 80% of winter accommodation sales are already booked, with strong demand for the main season and a focus on filling late-season weeks.

• International guests, especially Danes and other Europeans, are increasing and supporting growth.

• CapEx normalized to SEK 330 million for the year, financed by operating cash flow; future investments expected to remain below previous highs.

• Guidance for capital gains remains SEK 70–100 million per year.

• Focus on digital solutions and AI-based guest experience enhancements.