Slides
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SkiStar Q4 2025/26 presentation 30 September 2026
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Agenda • Q4 & Full Year performance • Financial update • Outlook and Summary • Q&A
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Market leader for Scandinavian mountain tourism • A passion for the mountains • Built communities and infrastructure for 50 years • Extensive land and property holdings enable continued organic growth • Growth through year-round operations and new business opportunities • Strong and growing interest from international guests • World’s fourth-largest player in alpine ski tourism
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*2025/26 4 SkiStar; the no 4 Ski Operator in the World Country Ski Operator Number of destinations Revenue* 1 Vail Resorts, Inc 42 $2.95 billion 2 Alterra Mountain Company 50+ $2.6 billion 3 Compagnie des Alpes 10 +12 amusement parks $1.4 billion 4 SkiStar 6 $490 million Alpinco 3 $60 million
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Q4 & Full Y ear performance 01
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• SkiStar’s 5th summer season – All year- round strategy starts to be proven • Many guests during the quarter • SkiStar’s Business Model delivers - Increase in all revenue streams • Strong growth (+29%) with increased profitability (+12%) • Popular events - All sold out Q4 summary 2025/26
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Key Drivers • Strategy confirmed • Growth in all revenue streams • Continued strong demand for mountain vacations- all year-round • Increased number of international guests • Continued investments strengthening guest experience • Net sales SEK 4,954 million, 8% increase • Operating profit SEK 872 million (785), 11% increase • Operating profit excl. exploitation gains, 18% increase • Operating margin 17.5% (16.1 excl. property gains) • 6,4 million ski- & activity days sold, 0,5% increase Full Year 2025/26
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Integrated business model • skistar.com, eqpestore.com and skistarshop.com - we own our distribution channels • Diversified revenue streams • Dynamic pricing model • Multiple point of guest interactions • Customer data enables tailored sales BOOKING Customer buying accommodation Secure the customer for 18 month until arrival Guest arrival Accommodati on Services Activities Pass Rental/Retail Transfer Add-On Bath/Spa 1. Pre - Arrival 2. Point of Sales 84% 16% Marketing Automation/CRM Customer Data Distribution CRM MEMBER 3. Re - engage Customer Insurance Restaurants Rental/Retail Pass Insurance Services Accommodation Activities Rental/Retail Restaurants Arrival Restaurants Transfer Bath/Spa
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Key points for continued growth • Stands for 40% of total Net Sales • International guest book "full package" in advance • Longer stay – higher spend • Peak weeks differs across markets – filling more weeks at destinations • Contributes to high and stable capacity utilization • Even outs seasonality effects International guests drive revenue
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SkiStarshop continues the growth journey • Solid revenue growth for SkiStarshop with a 12% CAGR since 2018/19 • +10% during 2025/26 • Continued strong growth for EQPE, +25% 2025/26 167 174 201 280 329 434 464 505185 163 127 221 220 242 255 289 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 352 338 328 501 549 677 720 794 +12% Rental Retail Net Sales Retail & Rental (MSEK)
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Investments in guest experience Trysil gondola Renovations Snow production Kalvås - dam Snow groomers Lodge renovations Lifts (other) Hovde South, Vemdalen Lightning, Björnen Åre New warehouse & platform International flights
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Financial update 02The segment reporting has changed during the fourth quarter and with retrospective application from 1 September 2025, operations are now reported in the segments; Mountain Resorts and SkiStarshop. The change has been made to better reflect the Group’s internal reporting and governance. Previously, operations were reported in the segments Operation of Mountain Resorts, Property Development, and Exploitation and Operation of Hotels.
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Satisfactory Net Sales development ❖ Increase in all main revenue streams • Revenue growth of 8.3% (excl. exploitation revenues) and 5.4% adjusted for acquisitions and currency effects • SkiStars integrated business model drives volume that enables increase in Net Sales and Operating Margin ❖ Pricing power ❖ Growing international share • 40% of revenue (from 20% in 2020) • Easy access by car, train and air, supported by increased cooperation with travel operators • Extended snow guarantee – the best and most extensive in Scandinavia ❖ Diversified revenue stream • Attractive accommodations • Food & beverage • Retail (physical stores and online) • Family-friendly products and services ❖ Significant investments in guest experience • Gondola in Trysil • New ski area Hovde Syd in Vemdalen • Lightning and ski lift in Björnen/Åre
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Operating income development, by category Year - on - year (MSEK) *to fixed FX 117 76 60 67 31 SkiPass Accommodations 14 Ski Rentals 7 Ski School 2 Property mgmt Operating income 2025/26 Fx 8 Other SalesRestaurants 4 596 4 978 Sport shopsOperating income 2024/25 +8% Accommodations +6,3% Price- & mix effect +5,9% Volume growth +0,4% o/w Högfjällshotellet +1,6 % SkiPass +6% Price- & mix effect +5,7% Volume growth +0,3% Retail +13,2% Driven by strong growth of EQPE +25% Restaurants +34,2% Primary driven by Högfjällshotellet (53m) but also improved F&B concept Revenue growth +8,3% Insurance compensation 11m (bridge/crossing in Vemdalen)
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Operating Margin of 17.5% (+1.4 p.u.) ❖ Operating Profit during 2025/26 was SEK 872 million vs SEK 785 million last year (+11%) and excl. exploitation gains SEK 870 million vs SEK 739 million (+18%) impacted by: • Revenue growth of 8.3% • Improved guest experience • Improved resource allocation (cost control) • Increased profit from Joint ventures/associates ❖ Operating Margin was 17.5%, an increase of 1.4 p.u. ❖ Minor property transaction (exploitations gains) during the year (SEK 3 million vs SEK 46 million last year) ❖ Underlying operations with solid performance, “one-off items” of SEK 32 million had a positive impact during Q3 • Insurance compensation of SEK 11 million and a reversed impairments of approximately SEK 21 million of the value of rental equipment ❖ Improved profit in JVs due to exploitation gains, interest derivates and improved operations, with positive impact of SEK 18 million during Q4 ❖ Diversified revenue streams, increased share of international guests, favourable calendar will have a positive impact on Operating profit going forward
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Operating Profit development, by segment 65 22 Operating Profit 2024/25 Mountain Resorts SkiStarshop 1 FX Operating Profit 2025/26 785 872 • Improved Operating Profit 9% • A strong revenue growth due do price increase and favourable product mix • Improved Operating Margin despite cost inflation and volume related cost increases • No property transactions during 2025/26 (46 LY) • Increased profit in JVs (Skiab and Lima Transtrand) • Improved Operating Profit 10% • Strong growth in both online, physical stores and rental • Adjusted inventory value related to rentals has had a positive impact of 21m but also increase in COS (marketing spend) • Improved Operating Margin +2 ppt to 13% Year - on - year (MSEK)
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Improved cash flow from operating activities • Cash flow from operating activities during 2025/26 was SEK 1 223 million, an improvement of 15% vs last year, positively impacted by increased profit • Increase in capex due to several significant investments ahead of the winter season 2025/26 in order to improve and refine the guest experience • Capex during 2025/26 amounted to SEK 628 million ( 528 ) that correspond to a ratio of 12.7% in relation to revenues
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Strong cash position • Financial preparedness on the 31 st of August amounted to 1,279 million ( 1,106 ). The increase compared with previous year is due to improved profit. • Interest - bearing liabilities* was 1,611 million, a decrease of 120 million ( - 7%) vs previous year. • Cash & cash equivalent amounted to 58 (20). • Total interest - bearing liabilities recognised in accordance with IFRS16 amounted to 1,940 million ( 2,023) , of which 1,220 million (1,309) comprised lease liabilities to the partly owned joint venture holding Skiab. • Net interest - bearing debt* was 1.3 (1.5). * excl. IFRS 16
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Sustainability – news during the year • SkiStar’s long-term aim is to achieve seven million skier & activity days per year by 2030. • During 2025/26 SkiStar recorded 6,257,300 skier & activity days, an increase on the previous year, which indicates a continued high and stable level of activity. • We are continuing to reduce greenhouse gas emissions from our own operations and have cut Scope 1 and 2 emissions by 3 percent (8). • The newly built accommodation project Wasakölen in Sälen is one example of the way SkiStar integrates reduced climate impact in its production of new accommodation (cement with a lower carbon footprint and recycled copper and aluminum). • SkiStar has launched train travel services in partnership with Snälltåget to improve opportunities for fossil-free travel to our destinations, thus providing guests with a simpler and more attractive overall experience. • Engagement with top 30 suppliers to reduce emissions from purchased goods & services and capital goods. • Activity & Recreation • Ecosystem & Impact • Dialogue & Interaction
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Financial Targets Stable development that enables further revenue growth and improved margins • Revenue growth of 8.3% (excl. acquisitions and fx = 5.4%) • Operating profit improved by 11% • Minor property transaction (exploitations gains) during the year • Operating margin estimated to improve, driven by revenue growth and operational efficiencies • Net Debt/EBITDA at a very low and satisfactory level, that enables investments and initiatives to further improve the guest experience • Dividend of SEK 3.5/share to be suggested to AGM
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Initiatives to climb our value chain Efficient resource allocation Property development & exploitation • Staff scheduling (resource optimization) • Combined roles • Investment and procurement process • Economies of scale • Inventory and spare parts • Maintenance optimisation • Strategic framework regarding property development & exploitation – extensive land & property holdings • Prioritized “Destination plans” based on customer demand/needs • Sustainability initiatives (water, electricity, fuel, diversity etc.) >18.0% >1% >1% 2024/25 >2026/27 17.1% 2025/26 Guest Experience • Differentiation • Internationalisation • Year - round destinations • Product mix • Product/concept development • SkiStar Member (loyalty programme) >1% 17.5% 16.6% 2023/24 Key points for continued growth NB: Operating margin, excl. exploitation gains was 17.5% (last year 16.1%)
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Outlook & Summary 03
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Winter 2026/27 • Strong demand for winter holidays and prioritized among families • Winter bookings up 3% • Launch of Scandinavia most extensive snow guarantee as we invest heavily in snow production • Strong Christmas and New Year calendar with an extra week 53 • Early Easter week 12 - 13 • Lodging price increase 0 - 1% • SkiPass price increase 4 - 5% • Continued development of the lowest price on SkiPass ex launch of Duved resort pass after last year success!
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• Land bank enables destination development that strengthening the destination’s ecosystem – Ski areas – Accommodations (growth in capacity/warm beds) – Infrastructure • Integrated property development model – Value creation through property development Extensive land bank enables organic growth and property gains when (we) market is ready
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• Development of our organization and destinations enables improved margins and continued growth • Year - round strategy starts to be proven with continuous growth and increased profit during Q2 - Q4 • Improved Cash flow and strong financial position enable us to invest to strengthening guest experience • Launch of the best and most extensive snow guarantee – will continue Outlook Vision – to create memorable mountain experiences
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Q & A
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Disclaimer This presentation has been prepared by SkiStar AB (publ) (the “Company”) solely for use at this presentation and it is furnis hed to the recipients solely for their information. It may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not c ons titute an invitation or offer to acquire, purchase or subscribe for securities in the Company. By attending this presentation, or by reading the presentation sli des, you agree to be bound by the following obligations and limitations. This presentation, including analysis and opinions expressed herein, may be based on accounting estimates and judgements, as wel l as assumptions of the management and the Board of Directors of the Company that effect the application of the accounting policies and the carrying amo unts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this present ati on may also be forward - looking and reflect the managements and the Board of Directors’ current views with respect to future events and financial and operati ona l performance or other future circumstances. Although the management and the Board of Directors believe that the expectations reflected in such forward - looking statements ar e reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward - looking statements, if any, as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of busines s a nd operating initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management . SkiStar’s past performance is not necessarily indicative of future results and nothing contained herein shall constitute any rep resentation or warranty as to future performance of SkiStar or any security, credit, currency rate or other market or economic measure. Nor does this document con sti tute a recommendation with respect to any securities. This presentation speaks as of the date hereof and in providing this presentation, SkiStar gives no undertaking and is under no obligation to provide the recipients with access to any additional information or to update this document or to correct any inaccuracies in it which may become ap par ent. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of th e information contained herein. Accordingly, none of the Company, or any of its shareholders, subsidiaries, directors or employees accepts any liability what soe ver arising directly or indirectly from the use of this presentation.