SkiStar (SKIS) Q4 23/24 earnings summary

Executive summary

• Achieved 10% organic sales growth year-over-year, surpassing targets, with all business areas contributing and record skier days up 7% to 6.1 million.

• Operating margin improved to 16% (up from 14%), with operating profit at SEK 740 million and adjusted result at SEK 759 million, marking the second-best result ever.

• Strong digital engagement: 80% of ski passes sold digitally, 95% digital check-ins, and MySkiStar membership up 13% to nearly 2 million.

• International guests increased by 8%, driving higher average spend, with successful marketing in Denmark and stable bookings for the upcoming winter season.

• Investments focused on guest experience, new lifts, snow systems, and climate-neutral operations, including the launch of the first 100% climate-neutral ski destination at Hammarbybacken.

Financial highlights

• Net sales for the full year reached SEK 4,679 million, up 10% organically and 9% year-over-year.

• Operating profit was SEK 740 million (up 20%), with adjusted operating profit at SEK 759 million; profit after tax was SEK 473 million.

• Cash flow from operating activities increased to SEK 1,084 million (up from SEK 669 million), and net debt to EBITDA improved to 1.7.

• Dividend proposed at SEK 2.80 per share, totaling SEK 219 million and representing a 46% payout ratio.

• Equity/assets ratio at 56% (IFRS 16 adjusted), reflecting a strong balance sheet.

Outlook and guidance

• Bookings for the upcoming winter season are stable and in line with historical patterns, with total bookings nearly flat year-over-year.

• Continued focus on margin improvement, international guest acquisition, and sustainable growth, with CapEx for 2024/25 expected at SEK 330 million or slightly higher.

• Weak SEK and NOK currencies continue to benefit affordability for foreign guests.