SkiStar (SKIS) Q3 24/25 earnings summary

Executive summary

• Q3 sales and profit declined due to late Easter and warm weather, but the accumulated result for the last 12 months showed 1.3% net sales growth and the second-best winter season ever, with operating profit up 7% year-over-year.

• International guests increased by 8%, now making up over 31% of total guests, driving higher average spend and retail growth.

• Strategic focus remains on all-year-round operations, sustainability, digitalization, and vertical integration through acquisitions and partnerships.

• Strong booking volumes for the next winter season, with 30% of accommodation already booked and positive calendar effects expected.

• Strategic investments in new lifts, ski areas, and sustainability initiatives continue, supporting a positive outlook.

Financial highlights

• Q3 net sales decreased by 6% year-over-year to SEK 1,405 million, and operating profit fell by 10% to SEK 377 million.

• For the nine months, net sales rose 2% to SEK 4,405 million, operating profit increased 7% to SEK 1,095 million, and EPS reached SEK 10.40.

• Number of ski days down 1.6% to 6 million; accommodation occupancy rate dropped to 46%.

• Ski pass revenue up 3.2% (mainly price-driven); retail segment turnover near SEK 700 million, with EQPE up 33%.

• Cash flow from operating activities for the nine months was SEK 1,258 million, down from SEK 1,318 million year-over-year.

Outlook and guidance

• Calendar effects for next winter (Christmas and Easter) expected to be highly favorable, supporting strong sales and guest volumes.

• 30% of next winter’s accommodation already booked, a historical high for this time of year, with booking volumes up 1% year-over-year.

• Investment of SEK 550 million planned for the year, with higher CapEx expected next year due to major projects.

• Margin target of 18% unlikely to be met this year due to Q3 setback.

• Capital gains from property sales may be delayed due to a slow property market.