SkiStar (SKIS) Q1 25/26 earnings summary

Executive summary

• Achieved high guest satisfaction (80%) and strong employee engagement, with significant digital improvements and increased international guest share.

• Leading Scandinavian holiday operator focused on year-round mountain experiences, with high guest and employee satisfaction and strong digital engagement.

• Early opening of all five winter destinations due to favorable weather, boosting guest experience and operational confidence.

• Integrated business model with diversified revenue streams across accommodation, activities, retail, rentals, and property development, driving operational resilience.

• Strategic initiatives target sustainable, profitable growth, enhanced guest experience, and community value.

Financial highlights

• Net sales for Q1 increased by 11% year-over-year to SEK 236 million (212), with full-year revenue growth up to 4.2%.

• Operating margin stable at 17.1% for the year; Q1 operating profit improved by 1% year-over-year.

• Net debt/EBITDA at 1.6 (target: 2.1), supporting strong financial flexibility.

• CapEx increased to SEK 274–278 million for the quarter, mainly for winter investments; full-year estimate around SEK 650 million.

• Dividend of SEK 3 per share approved and paid at AGM.

Outlook and guidance

• Favorable calendar effects and early Easter expected to boost volume and profitability for the winter season.

• 80% of beds booked for the season, with 90% booked for peak weeks; bookings up 2% for key periods.

• International guests up 6% year-over-year, now 41% of total, with strong growth from Northern Europe.

• Continued investments in guest experience, automated snow systems, and sustainability initiatives.

• Confident in delivering a record season due to strong bookings, favorable conditions, and calendar effects.