SkiStar (SKIS) Q2 25/26 earnings summary

Executive summary

• Achieved best-ever second quarter, driven by high demand for skiing holidays, strong international guest presence, and favorable calendar effects.

• Record skier days reached 4.7 million, with longer average stays and increased digital engagement.

• Expansion and construction projects increased accommodation capacity, supporting higher guest volumes.

• All revenue streams increased, with notable growth in ski passes, accommodation, and retail.

• Investments in snowmaking, digitalization, and guest experience contributed to improved satisfaction and profitability.

Financial highlights

• Net sales for Q2 reached SEK 2,986 million (up 8%); H1 net sales at SEK 3,222 million (up 8%).

• Operating profit for Q2 was SEK 1,277 million (up 6%); H1 operating profit at SEK 799 million (up 11%).

• Operating margin for Q2 improved to 43%; H1 margin at 25%.

• Cash flow from operating activities in Q2 was SEK 1,422 million; H1 at SEK 1,767 million.

• Earnings per share for Q2: SEK 12.48 (up 5%).

Outlook and guidance

• Easter bookings lag behind last year due to late holiday timing and warm weather, but week 16 is well booked.

• Next winter bookings are up 5%, with 15–20% of the season already booked.

• Capital gains guidance for the year revised below SEK 75 million due to project delays and property market recovery.

• Maintenance CapEx expected at SEK 300–350 million; total CapEx with new capacity at SEK 500–550 million.

• Summer 2026 bookings are 14% higher year-over-year.