SkiStar (SKIS) Q2 24/25 earnings summary

Executive summary

• Achieved record second quarter with 4.6 million ski days, driven by high demand, strong international guest growth, and favorable calendar effects.

• All revenue streams increased, with notable growth in ski passes, accommodation, retail (especially e-commerce and EQPE), and sport shops.

• Strategic focus on sustainability, digitalization, and expanding year-round operations, including new construction projects and digital engagement initiatives.

• Expansion projects and new bed capacity contributed to growth, with capital gains from property sales expected in Q3 or next year due to market timing.

• International guest share increased, supporting longer stays and higher spending.

Financial highlights

• Q2 net sales rose to SEK 2,787m (up from SEK 2,630m); H1 net sales reached SEK 3,000m (up from SEK 2,850m).

• Q2 operating profit increased to SEK 1,200m (up from SEK 1,065m); H1 operating profit up to SEK 718m (from SEK 601m).

• Operating margin for Q2 improved to 45% (from 41%); H1 operating margin at 24% (from 21%).

• Cash flow from operations for H1 was SEK 1,705m (1,578m); Q2 cash flow at SEK 1,422m.

• Net debt/EBITDA at 0.6x; interest-bearing debt at SEK 704m; net debt (excl. IFRS 16) reduced to SEK 654m.

Outlook and guidance

• Bookings for the 2025/26 winter season are up 5% year-over-year, with 15% of capacity already booked.

• Bookings for the remainder of 2024/25 are down 5% due to late Easter and warm weather.

• Capital gains guidance for the year revised below SEK 75m due to project delays; some gains expected next year.

• Maintenance CapEx expected at SEK 300–350m; total CapEx including new capacity at SEK 500–600m.

• 50th anniversary celebrations and guest experience investments planned for 2025.