Interim report
Page 1
SKISTAR´S IMPROVED FULL -YEAR RESULTS ENABLE CONTINUED DEVELOPMENT OF MOUNTAIN DESTINATIONS FOR THE FUTURE SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026
Page 2
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 FOURTH QUARTER • Net sales amounted to SEK 292 million (226), an increase of SEK 66 million, 29 percent. • Operating profit amounted to SEK -274 million (-310), an increase of SEK 36 million, 12 percent. • Operating profit adjusted for capital gains from exploitation assets amounted to SEK -276 million (-310), an increase of SEK 34 million, 11 percent. • Capital gains from exploitation assets were included with SEK 2 million (0). • Cash flow from operating activities amounted to SEK -176 million (-161), a decrease of SEK 15 million. • Basic and diluted earnings per share amounted to SEK -2.87 (-3.35), an increase of 14 percent. FULL YEAR • Net sales amounted to SEK 4,954 million (4,574), an increase of SEK 380 million, 8 percent. • Operating profit amounted to SEK 872 million (785), an increase of SEK 87 million, 11 percent. • Operating profit, adjusted for capital gains from exploitation assets, amounted to SEK 870 million (739), an increase of SEK 131 million, 18 percent. • Capital gains from exploitation assets were included with SEK 3 million (46). • Cash flow from operating activities amounted to SEK 1,223 million (1,063), an increase of SEK 160 million • Basic and diluted earnings per share amounted to SEK 8.01 (7.05), an increase of 14 percent. SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD • The Board proposes a dividend of SEK 3.50 (3.00) per share, totaling SEK 274 (235) million. The dividend represents 44 percen t (43) of the Group’s profit after tax. • Booking volumes for the winter season 2026/27, measured as the number of overnight stays booked through SkiStar´s mediated accomodation, are up 3 percent compared with the same time of the previous year. Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Sara Jinnerot Uggelberg, CFO tel +46 (0)280 841 60 SUMMARY, SEK MILLION 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep – 31 Aug 2025/26 2024/25 2025/26 2024/25 Net sales 292 226 4,954 4,574 Operating income 295 230 4,978 4,596 Operating profit -274 -310 872 785 Operating profit, adjusted for capital gain from exploitation assets -276 -310 870 739 Profit/loss after tax -225 -262 627 552 Basic and diluted earnings per share, SEK -2.87 -3.35 8.01 7.05 Cash flow from operating activities -176 -161 1,223 1,063 Operating margin, % neg neg 18 17 Equity/assets ratio, % 49 45 49 45 Equity/assets ratio, excluding IFRS 16, % 63 59 63 59 Net interest-bearing debt excluding IFRS 16 1,553 1,711 1,553 1,711 2
Page 3
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF For SkiStar, the 2025-26 financial year has been one of continued good demand for mountain holidays and positive development in the core operation. Year-round activities have also begun contributing to growth and profitability. The full-year results reaffirm the strength of the business model that enables SkiStar to continue developing attractive mountain destinations for the future. FOURTH QUARTER – More guests during the summer As the year’s final quarter, the summer season has continued to develop positively, with a growing interest in active holidays in the mountains. Net sales in the fourth quarter amounted to SEK 292 (226) million, an increase of 29 percent compared with the previous year, and the operating loss decreased to SEK -274 million (-310). SkiStar did not carry out any major property transactions in the quarter. Consequently, SkiStar’s fifth summer season since the launch of year - round activities can be summed up as one of continued growth and improved profitability. The investment in summer package holidays in Åre, Sälen and Trysil was well received by guests, and many large events attracted a record number of participants. FULL YEAR – Growth across the board Demand for mountain holidays was good during the year. Net sales amounted to SEK 4,954 million (4,574), up by 8 percent on the previous year, and all of the Group’s revenue streams showed positive development. For example, SkiStarshop posted growth of 10 percent and SkiStar’s own brand EQPE grew by 25 percent. The winter season got off to a good start thanks to a favourable calendar over Christmas and New Year, and SkiStar’s important second quarter saw an increase in both the number of guests and the number of skier days sold. International guests represented around 40 percent (37) of guest nights during the winter season. A key factor in this development was SkiStar’s holding in Scandinavian Mountains Airport, which is strategically located between Sälen and Trysil and offers direct flights from nine European destinations. Operating profit for the full year amounted to SEK 872 million (785), an improvement of 11 percent. Adjusted for impact on profit of capital gains from property transactions, profit was up 18 percent, or SEK 131 million, clearly demonstrating a strong underlying core operation. The major investments carried out during the year were successful. The lift in the new ski area Hovde Syd in Vemdalen became the second most used lift in Vemdalen in its first year after launch, and the new gondola in Trysil offers easy access to large parts of the skiing area, a move that was welcomed by guests. Other popular investments were the lighting and new lift in Åre Björnen, which meant that opening hours could be extended. The launch of destination passes, for instance in Klövsjö and Storhogna in Vemdalen, was well received as an alternative to the regular SkiPass . These passes give guests greater freedom of choice and are a less expensive option for skiing in certain parts of the destinations’ skiing systems, which has improved guest satisfaction. Development of our year - round offering continued during the year, based on the Group’s strong position in alpine skiing and the infrastructure already in place at the destinations. Although revenue and profits for the fourth quarter are as yet making only a minor contribution to the full -year results, the investment in year-round operations is essential if the destinations and their attractiveness are to develop over time. In the final quarter of the financial year, SkiStar introduced a new segment structure that better reflects the operations and the way SkiStar governs and monitors the Group. The new structure provides more clarity on how the different business activities contribute to the Group’s performance and profits. The property market remained cautious during the year, but thanks to SkiStar’s work on detailed development plans, the Group is in a good position to act when the market recovers. SkiStar’s extensive land and property assets also enable the Group to influence and shape development in the long term. Together with relevant municipalities, landowners, local businesses and other stakeholders, SkiStar’s property development activities lay the foundation for a sustainable, profitable evolution that will enhance the attractiveness of the mountain destinations over time. Cash flow from operating activities increased by SEK 160 million in the year and amounted to SEK 1,223 million (1,063). The increase was primarily due to an improved operating profit that also had an impact on financial preparedness, net debt and liquidity. Stronger position ahead of the winter During the summer, SkiStar continued to invest for the coming winter, which serves to boost competitiveness. The launch of the best snow guarantee in Scandinavia was made possible by the investments in increased snow production capability. The investments also strengthen SkiStar’s resilience with regard to variable weather conditions. As far as lifts are concerned, the most hotly anticipated news for the winter is the return of Tusenmetersliften (the Thousand-Metre Lift) in Åre. Following the launch of destination passes in Sälen and Vemdalen, the offering will now be expanded to Duved and Tegefjäll, to provide a more affordable alternative to SkiPasses for the entire Åre skiing system. Ahead of the coming winter season, SkiStar reports a stable booking volume which, measured as the number of overnight stays in SkiStar’s mediated accommodation, is up 3 percent year -on-year. Demand among Swedish guests is growing. Around 60 percent of the anticipated accommodation capacity for the winter has now been booked, which is according to plan. SkiStar’s ambition is to be a long-term powerful player in the mountains by continuing to develop attractive mountain destinations and strengthen SkiStar’s position as the leading operator in mountain tourism in Scandinavia. The strong full -year results for the financial year, together with the Group’s attractive destinations, dedicated employees and a growing year-round operation, mean that SkiStar is well equipped for continued growth and long-term value creation. I look forward with confidence to the year ahead. Stefan Sjöstrand, CEO The strong full-year results mean that SkiStar is well equipped for continued growth and long-term value creation, with the ambition to be a leading force in mountain tourism, and to continue offering mountain experiences for many generations to come. COMMENTS FROM THE CEO SKISTAR´S IMPROVED FULL-YEAR RESULTS ENABLE CONTINUED DEVELOPMENT OF MOUNTAIN DESTINATIONS FOR THE FUTURE SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 ” 3
Page 4
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF THE GROUP’S PERFORMANCE JUNE 2026 – AUGUST 2026 Revenue in the fourth quarter amounted to SEK 295 million (230). Net sales increased by SEK 66 million to SEK 292 million (226), an increase of 29 percent on the same period in the previous year. SkiPass revenue in the period amounted to SEK 54 million (36), an increase of SEK 18 million or 50 percent. Accommodation revenue also increased by 28 percent to SEK 64 million (50). Sales in sporting goods stores increased to SEK 56 million (51) in the period, an increase of 10 percent. Selling expenses and personnel costs increased compared with the same period in the previous year as a result of a higher level of activity and increased sales. Changes in the NOK/SEK exchange rate had a positive effect of SEK 28 million (-4), or 13 percent, on net sales. Organic growth, excluding exchange rate effects and acquisitions, was positive in the quarter and amounted to SEK 33 million (3), which corresponds to 15 percent (1). Operating loss improved by SEK 36 million to SEK -274 million (-310), corresponding to 12 percent. The cost of merchandise increased as a result of higher sales in the stores and procurement of rental equipment, as well as accommodation-related purchases. Other external expenses decreased by SEK 7 million, or 4 percent, and amounted to SEK -159 million (-166). Personnel costs rose by 15 percent. No major property transactions took place in the quarter. Changes in the NOK/SEK exchange rate had a positive effect of SEK 8 million (4) on operating profit/loss. Share of profit of associates and joint ventures impacted profit by SEK 14 million (-4). Depreciation/amortisation amounted to SEK -149 million (-143). Net financial items in the quarter amounted to SEK -19 million (-28), an improvement of SEK 9 million. Net interest expense amounted to SEK -29 million (-25), including lease-related interest of SEK -16 million (-11) under IFRS 16. Changes in the fair value of interest rate derivatives amounted to SEK 12 million (-4). Exchange losses amounted to SEK -11 million (-2) and exchange gains amounted to SEK 9 million (1). The Group’s loss after tax amounted to SEK -225 million (-262), an increase of SEK 37 million or 14 percent. The 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. Previously, operations were reported in the segments Operation of Mountain Resorts, Property Development and Exploitation and Operation of Hotels. For more information about what the different segments comprise, see Note 3 on page 18. The change has been made to better reflect the Group’s internal reporting and governance. Comparative figures have been restated. Mountain Resorts Revenue amounted to SEK 222 million (164). Net sales amounted to SEK 216 million (159), an increase of SEK 57 million, or 36 percent, on the same period in the previous year. During the quarter, the largest revenue category was accommodation revenue, which amounted to SEK 64 million (50), an increase of SEK 14 million or 28 percent. SkiPass revenue increased by SEK 18 million to SEK 54 million (36). Other external expenses decreased by 7 percent and amounted to SEK -140 million (-150). Depreciation/amortisation amounted to SEK -137 million (-132). Share of profit of associates and joint ventures increased by SEK 18 million to SEK 14 million (-4) as a result of the holding in Skiab. Operating loss improved by SEK 44 million to SEK -249 million (-293), corresponding to 15 percent. SkiStarshop Revenue grew by 13 percent, or SEK 9 million, to SEK 76 million (67). Both sporting goods store revenue and rental increased in the period, compared with the same period in the previous year. Sporting goods store revenue increased by SEK 5 million to SEK 56 million (51) and rental revenue increased by SEK 3 million to SEK 15 million (12). Other external expenses increased by SEK 3 million and amounted to SEK -19 million (-16). Depreciation/amortisation amounted to SEK -12 million (-11). Operating loss grew by SEK -8 million to SEK -25 million (-17). Seasonal effects SkiStar’s operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters. The number of days off during Christmas and New Year, and whether Easter falls early or late, also cause variations in earnings. Over half of the revenue is paid in advance. REVENUE AND EARNINGS IN THE FOURTH QUARTER SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 QUARTERLY VALUES, SEK MILLION 2025/26 2024/25 2023/24 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net sales 292 1,441 2,986 236 226 1,375 2,760 212 225 1,467 2,531 220 Operating profit/loss -274 347 1,277 -478 -310 377 1,200 -482 -279 418 1,066 -464 4
Page 5
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF THE GROUP’S PERFORMANCE SEPTEMBER 2025 – AUGUST 2026 Revenue amounted to SEK 4,978 million (4,596). Net sales increased by SEK 380 million to SEK 4,954 million (4,574), an increase of 8 percent compared with the previous year. Changes in the NOK/SEK exchange rate had a positive effect of SEK 8 million (-53) on net sales. Of net sales for the year, SEK 105 million (4), or 2 percent, was attributable to the acquisition of Sälens Högfjällshotell (Topeja AB). Organic growth, excluding exchange rate effects and acquisitions, was positive and amounted to SEK 246 million (179), corresponding to 5 percent (4). The underlying increase in sales in the period related to all main revenue streams. SkiPass revenue amounted to SEK 2,084 million (1,963), corresponding to an increase of 6 percent, while accommodation revenue rose by SEK 79 million to SEK 1,291 million (1,212). Revenue from sporting goods stores increased by 13 percent to SEK 516 million (455) in the year. Operating profit increased by SEK 87 million, or 11 percent, to SEK 872 million (785), while the operating margin was 18 percent (17). Changes in the NOK/SEK exchange rate had a positive effect of SEK 1 million (-10) on operating profit. Operating profit was impacted by share of profit of associates and joint ventures of SEK 27 million (6). No material property transactions took place in the period, and this entailed a negative effect of SEK -43 million compared with the previous year. Depreciation/amortisation amounted to SEK -585 million (-559). During the period, net financial items amounted to SEK -89 million (-101), an improvement of SEK 12 million. Net interest expense amounted to SEK -95 million (-98), including lease-related interest of SEK -53 million (-45) under IFRS 16. Changes in the fair value of interest rate derivatives amounted to SEK 11 million (1). Exchange losses amounted to SEK -41 million (-45) and exchange gains amounted to SEK 37 million (40). The Group’s profit after tax amounted to SEK 627 million (552), an improvement of SEK 75 million or 14 percent. Mountain Resorts Revenue amounted to SEK 4,189 million (3,879). Net sales amounted to SEK 4,161 million (3,854), an increase of SEK 307 million, or 8 percent, on the previous year. The increase in sales stemmed mainly from SkiPass (up SEK 121 million), accommodation (up SEK 79 million) and restaurants (up SEK 66 million). Of the increase, SEK 105 million was attributable to the acquired operations at Sälens Högfjällshotell (Topeja AB). Other external expenses increased by 5 percent and amounted to SEK -1,031 million (-984). Depreciation/amortisation amounted to SEK -540 million (-515). Share of profit of associates and joint ventures increased by SEK 21 million to SEK 27 million (6) as a result ofshare of profit from the investment in Skiab and capital gains on the property sale in Lima Transtrand Fastighets AB. No material property transactions were carried out in the year, which had a negative effect of SEK -43 million compared with the previous year. Operating profit improved by SEK 65 million to SEK 770 million (705), corresponding to 9 percent. The operating margin was unchanged compared with the previous year at 18 percent. SkiStarshop Revenue grew by 10 percent, or SEK 74 million, to SEK 794 million (720). Both sporting goods store revenue and rentals increased in the year, compared with the previous year. Sporting goods store revenue increased by SEK 61 million to SEK 516 million (455) and rental revenue increased by SEK 15 million to SEK 266 million (251). Other external expenses increased by 23 percent and amounted to SEK -151 million (-123). Depreciation/amortisation amounted to SEK -46 million (-44). Operating profit increased by SEK 22 million to SEK 102 million (80). The operating margin improved on the previous year and amounted to 13 percent (11). REVENUE AND EARNINGS IN THE FULL YEAR SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 20265
Page 6
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Cash flow Cash flow from operating activities after changes in working capital was SEK 1,223 million (1,063) for the period, an increase of SEK 160 million compared with the corresponding period in the previous year, primarily as a result of improved operating profit. The Group’s cash flow from investing activities amounted to SEK -616 million (-474) for the year, an increase of SEK 142 million. In addition to a few major investments carried out in the year, the difference compared with the previous year was due to the fact that in the previous year the Group reported two major land sales that had a positive effect on cash flow of SEK 57 million, but no such transactions took place in the current financial year. Cash flow from financing activities amounted to SEK -570 million (-593). Liquidity and financing The Group’s cash and cash equivalents amounted to SEK 58 million (20) at the end of August. Unused credit facilities, including overdraft facilities and RCF, amounted to SEK 1,221 million (1,106). The Group’s total available liquidity at the end of the period was SEK 1,279 million (1,126). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,611 million (1,731), a decrease of SEK 120 million. Interest-bearing liabilities including IFRS 16 amounted to SEK 3,551 million (3,754), a decrease of SEK 203 million on the previous year. Total interest-bearing liabilities included lease liabilities in accordance with IFRS 16 of SEK 1,940 million (2,023), of which SEK 1,220 million (1,309) comprised lease liabilities to the partly owned joint venture holding Skiab Invest. The average interest rate during the period, including interest rate swaps but excluding IFRS 16, was 3.58 percent (3.64). Net interest- bearing debt, excluding IFRS 16, relative to EBITDA for the most recent twelve-month period was 1.3 (1.5). The equity/assets ratio increased to 49 percent (45). The equity/assets ratio excluding IFRS 16 was 63 percent (59). Tax Tax expense for the period amounted to SEK -156 million (-132) and was largely attributable to current tax. The effective tax rate was 19.9 percent (19.3). Investments Investments for the year amounted to SEK 633 million (549) gross and SEK 616 million (474) net. The difference between gross and net is disposals. The increase in investments compared with the previous year was primarily due to the large investments carried out both at the beginning of the year, ahead of the start to the season, and in the final quarter. Additionally, the difference was due to two major land sales carried out in the previous year, which raised SEK 57 million. No corresponding sale took place in the current financial year. Depreciation and amortisation for the same period amounted to SEK 585 million (559). Personnel The average number of employees was 1,646 (1,656), a decrease of 10 on the previous year. Personnel costs amounted to SEK 1,128 million (1,062). Related-party transactions Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 percent of the votes and 24 percent of the capital as of 31 August 2026, is also the main owner of Peab with which SkiStar has a business relationship. During the year, purchases were made from Peab amounting to SEK 6 million (12). Outstanding liabilities to Peab totalled SEK 0 million (1). Sales to Peab amounted to SEK 0 million (1) and outstanding receivables were SEK 0 million (0). Purchases from associates during the year amounted to SEK 172 million (179) and outstanding liabilities to associates totalled SEK 2 million (29). Sales to associates amounted to SEK 9 million (42) and receivables from associates amounted to SEK 21 million (22), SEK 19 million (20) of which related to loans to associates. Current lease liabilities to associates under IFRS 16 amounted to SEK 1,220 million (1,309), and right-of-use assets amounted to SEK 1,134 million (1,230). In addition to the Group’s related-party transactions, the Parent Company carries out transactions with subsidiaries. Disclosures of related-party transactions and a description of their nature can be found in Note 35 of the 2024/25 Annual Report. Parent Company The Parent Company’s net sales amounted to SEK 3,299 million (3,188) and operating profit for the year was SEK 499 million (433). Net investments amounted to SEK 377 million (237). Looking ahead of the 2026/27 winter season Ahead of the coming winter season, our booking volume was 3 percent higher year-on-year and approximately 60 percent of the expected accommodation volume has been booked, which is according to plan. The Christmas and New Year holidays work in our favour this season, allowing several extra days of high booking volume. Ahead of the winter season a number of investments are being planned, one of the largest of which is an investment in snow production, including 489 new snow cannons at our destinations. This is a strategic investment that is expected to have a significant impact on snow reliability at our destinations throughout the season, and it will also enable extended opening times. On the strength of this, we are also launching the best and most comprehensive snow guarantee in Scandinavia. We are developing a number of different areas in Sälen, including increased lighting, wider slopes, a skating rink and an upgraded lift. In Åre, the popular and eagerly awaited Tusenmetersliften, the Thousand-Metre Lift, will be rebuilt. The design will be updatedand parts of the lift route will be new, providing better links between the upper slopes. Following the successful launch in the previous year of affordable destination passes for Högfjället in Sälen and Klövsjö and Storhogna in Vemdalen, we will now be launching additional discounted SkiPass options for Duved and Tegefjäll in Åre. The destination passes can now also be purchased for longer periods; they were previously limited to day passes. FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC. SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 20266
Page 7
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SUSTAINABILITY SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 OTHER INFORMATION SkiStar Share The number of shareholders was 60,487 on 31 August 2026, which is an increase of 87 since 31 August 2025. SkiStar’s class B shares are listed on the Nasdaq Stockholm, Large Cap. The number of shares was 78,376,056, of which 74,728,056 are class B shares. The closing price of the SkiStar share was SEK 162.40 on 31 August 2026 which was the last day of trading during the period. Regulatory press releases during the quarter and after the end of the period • 23/09/2026 Invitation to conference call with web presentation of SkiStar AB’s year - end report for the fourth quarter 2025/26 • 18/06/2026 SkiStar AB interim report September 2025-May 2026 • 11/06/2026 Invitation to conference call with web presentation of SkiStar AB’s interim report for the third quarter 2025/26 The press releases are available in full at https://investor.skistar.com/en/nyheter/pressmeddel anden. Proposed appropriation of profits The Board proposes that the AGM adopt a dividend of SEK 3.50 (3.00) per share, totalling SEK 274 million (235). The dividend corresponds to 44 percent (43) of the Group’s profit after tax, which is in line with the dividend policy. The proposed record date is 15 December 2026 and the dividend to Swedish shareholders will be paid on 18 December 2026. Annual General Meeting Annual general meeting will be held on 12 December 2026, at 2.00 p.m. CET in Sälen. Nomination Committee prior to SkiStar’s AGM The Nomination Committee prior to the 2026 Annual General Meeting has the following composition: • Per Gullstrand, appointed by Ekhaga Utveckling AB. • Peder Strand, appointed by Nordic Ski & Mountains AB. • Niklas Johansson, appointed by Handelsbanken Fonder. • Sara Karlsson, appointed by Sara Karlsson & Svante Paulsson with family and company. The Nomination Committee has appointed Per Gullstrand chairman of the committee. Sharehoders wishing to provide the Nomination Committe with proposals can reach the Committee in writing at valberedning@skistar.com , or SkiStar AB, Att: Valberedningen, Fjällvägen 25, 780 91 Sälen. Risks and uncertainties The risks and uncertainties described below apply to both the parent company and group. Like all companies and business operations, SkiStar is exposed to various risks related to the business. For SkiStar, it is important to identify the risks that may prevent the company from achieving defined targets and to determine whether the risks are in line with risk propensity. Where necessary, measures are taken to avoid, minimise or monitor identified risks. The purpose of risk management is to continuously assess and manage the risks that arise in the operations and to ensure that it forms the basis for successful sustainability work. SkiStar’s risk process, ownership, governance and management are discussed and evaluated in the company’s audit committee and board of directors. The most relevant risk factors and how they are managed are described in the annual and sustainability report and are grouped within market risks, sustainability risks, operational risks, information-/IT risks, legal risks and financial risks. For a further description of risks and uncertainties, please refer to the risk paragraph on page 34 and note 32 in the Annual and sustainability report for 2024/25. News during the year Ecosystem & Impact (E1) 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 is one example of the way SkiStar integrates reduced climate impact in its production of new accommodation. This includes taking an active approach to environmental certification, choosing cement with a lower carbon footprint and using recycled copper and aluminium. Dialogue & Engagement (S3) SkiStar is continuing to work with relevant partners in order to improve opportunities for fossil -free travel to our destinations, thus providing guests with a simpler and more attractive overall experience. During the quarter, SkiStar initiated a more in- depth dialogue with strategic suppliers in order to promote climate-related initiatives in the value chain and facilitate follow-up of the Company’s science-based climate targets. Public health (S4) SkiStar’s long-term aim is to achieve seven million skier and activity days per year by 2030. During the financial year, the Company recorded 6,257,300 skier and activity days (6,248,000), an increase on the previous year, which indicates a continued high and stable level of activity. About the sustainability section of this interim report This is a quarterly follow-up of SkiStar’s sustainability work and has not been prepared in accordance with Chapter 6, Section 1, of the Annual Accounts Act. An overview of the sustainability initiatives is published annually in the sustainability report. Read more at: https://investor.skistar.com/en/esg/esg . 7
Page 8
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of comprehensive income SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 3 MONTHS FULL YEAR 1 Jun -31 Aug 1 Sep – 31 Aug SEK MILLION Note 2025/26 2024/25 2025/26 2024/25 Operating income Net sales 3 292 226 4,954 4,574 Other income 4 4 24 22 Total operating income 295 230 4,978 4,596 Operating expenses Merchandise -105 -76 -1,240 -1,134 Other external expenses -159 -166 -1,182 -1,107 Personnel costs -172 -150 -1,128 -1,062 Capital gains from exploitation assets 2 0 3 46 Share of profit/loss of joint ventures/associates 14 -4 27 6 Depreciation and amortisation of assets -149 -143 -585 -559 Operating profit/loss -274 -310 872 785 Net financial items -19 -28 -89 -101 Profit/loss before tax -293 -338 783 684 Tax 68 76 -156 -132 Profit/loss for the period -225 -262 627 552 3 MONTHS FULL YEAR 1 Jun -31 Aug 1 Sep – 31 Aug SEK MILLION 2025/26 2024/25 2025/26 2024/25 Other comprehensive income Items that may be reclassified to profit or loss Change in fair value of cash flow hedges for the period/year 12 6 22 11 Deferred tax on cash flow hedges -2 -1 -5 -2 Exchange differences on translation of foreign operations for the period/year 37 8 141 -35 Other comprehensive income for the period/year 47 13 159 -26 Total comprehensive income for the period/year -178 -249 786 526 Profit/loss for the period attributable to: Shareholders of the Parent -225 -262 627 553 Non-controlling interests 0 0 0 0 Profit/loss for the period -225 -262 628 552 Comprehensive income for the period attributable to: Shareholders of the Parent -178 -249 786 526 Non-controlling interests 0 0 0 0 Total comprehensive income for the period -178 -249 786 526 Basic and diluted earnings per share, SEK -2.87 -3.35 8.01 7.05 Number of shares outstanding at the end of the period 78,376,056 78,376,056 78,376,056 78,376,056 Average number of shares outstanding 78,376,056 78,376,056 78,376,056 78,376,056 As a result of a reclassification in the income statement, the following items have changed with effect from 1 September 2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the line Capital gains from exploitation assets. They were previously reported as a gross amount under Net sales and Costs of sold interests in accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised on the line Merchandise rather than under Other external expenses. Costs of sold interests in accommodation/SkiStar Vacation Club are now recognised on the line Merchandise rather than under Costs of sold interests in accommodation/exploitation assets. The comparative figures have been adjusted in accordance with the reclassifications, and the effects of the changes are shown in the tables in Note 6. 8
Page 9
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of financial position SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 ASSETS, SEK MILLION Note 31 Aug 2026 31 Aug 2025 Non-current assets Intangible assets 275 253 Property, plant and equipment 5,239 4,884 Right-of-use assets 1,836 1,922 Investments in joint ventures/associates 824 775 Other investments and securities held as non-current assets 31 41 Long term derivatives 4 25 15 Deferred tax receivables 22 21 Other non-current receivables 40 39 Total non -current assets 8,292 7,952 Current assets Inventories 495 480 495 480 Short-term derivatives 4 23 3 Trade receivables 33 36 Tax receivables 4 24 Other current receivables 106 94 Prepaid expenses and accrued income 122 154 288 310 Cash and cash equivalents 58 20 Total current assets 841 811 TOTAL ASSETS 9,132 8,762 EQUITY AND LIABILITIES, SEK MILLION Note 31 Aug 2026 31 Aug 2025 Equity Share capital 20 20 Other contributed capital 398 398 Reserves -3 -162 Retained earnings, including profit/loss for the period 4,099 3,707 Equity attributable to shareholders of the Parent 4,513 3,963 Non-controlling interests 0 0 Total equity 4,514 3,963 Non-current liabilities Liabilities to credit institutions 1,143 1,387 Long-term leasing liabilities 1,730 1,829 Provisions for pensions 21 20 Long-term derivatives 4 0 3 Deferred tax liabilities 224 220 Total non -current liabilities 3,119 3,458 Current liabilities Liabilities to credit institutions 446 324 Short-term lease liabilities 210 195 Short-term derivaties 4 3 3 Trade payables 204 243 Tax liabilities 71 63 Other current liabilities 326 310 Accrued expenses and deferred income 239 205 Total current liabilities 1,500 1,341 Total liabilities 4,618 4,799 TOTAL EQUITY AND LIABILITIES 9,132 8,762 9
Page 10
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of changes in equity SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT GROUP, SEK MILLION Share capital Other Contributed capital Translation reserves Hedging reserves Retained earnings and profit/loss for the year Total Non-controlling interests Totalt equity Opening equity, 1 Sep 2024 20 398 -126 -9 3,374 3,656 1 3,657 Profit/loss for the period 553 553 -1 552 Other comprehensive income for the period -35 9 -26 0 -26 Comprehensive income for the period -35 9 553 526 -1 526 Dividends -219 -219 -219 Closing equity, 31 Aug 2025 20 398 -162 0 3,707 3,963 0 3,963 Opening equity, 1 Sep 2025 20 398 -162 0 3,707 3,963 0 3,963 Profit/loss for the period 627 627 0 628 Other comprehensive income for the period 141 18 158 0 159 Comprehensive income for the period 141 18 627 786 0 786 Dividends -235 -235 -235 Closing equity, 31 Aug 2026 20 398 -21 18 4,099 4,513 0 4,514 10
Page 11
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of cash flows SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep - 31 Aug SEK MILLION Note 2025/26 2024/25 2025/26 2024/25 Operating activities Profit/loss after financial items -293 -338 783 684 Adjustments for non-cash items 115 172 556 501 -178 -166 1,339 1,185 Tax paid -21 -15 -139 -122 Changes in working capital 23 20 24 0 Cash flow from operating activities* -176 -161 1,223 1,063 Investing activities Acquisition of businesses, net cash effect 5 - - -3 -20 Acquisition of intangible assets -13 -1 -32 -19 Acquisition of property, plant and equipment -188 -178 -596 -509 Sale of property, plant and equipment - - 8 73 Acquisition of financial assets - - -2 -1 Sale of financial assets** -9 - 9 3 Cash flow from investing activities -209 -179 -616 -474 Financing activities Borrowings 510 1 297 826 2,107 Repayment of loans -82 -919 -990 -2,316 Repayment of lease liability* -43 -43 -171 -165 Dividend paid - - -235 -219 Cash flow from financing activities 384 336 -570 -593 Cash flow for the period -1 -4 37 -4 Cash and cash equivalents at start of period 59 24 20 25 Exchange differences 0 0 1 -1 Cash & cash equivalents at end of period 58 20 58 20 * In the previous year, interest paid on lease liabilities was recognised on the line Repayment of lease liability. The comparative figures have now been corrected so that interest expense is instead included in Cash flow from operating activities. The adjustment amounts total SEK -11 million for the fourth quarter and SEK -45 million for the full year 2024/25. ** In the fourth quarter 2025/26 SEK -9 million has been reclassified from a long-term receivable to a short-term receivable. The adjustment has not had any effect on the total cashflow of the Group. 11
Page 12
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF The Group’s operating segments SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 3 MONTHS 1 Jun 2026 – 31 Aug 2026 Mountain Resorts SkiStarshop Group eliminations Group total SEK MILLION Net sales 216 76 292 Other income 4 0 4 Income from other segments 2 - -2 - Total operating income 222 76 -2 295 Merchandise -58 -47 -105 Other external expenses -140 -19 -159 Personnel costs -151 -21 -172 Capital gains from exploitation assets 2 - 2 Share of profit/loss of joint ventures/associates 14 - 14 Depreciation and amortisation of assets -137 -12 -149 Costs from other segments - -2 2 - Operating profit/loss -249 -25 - -274 Operating margin, % neg neg neg 3 MONTHS 1 Jun 2025 - 31 Aug 2025 Mountain Resorts SkiStarshop Group eliminations Group total SEK MILLION Net sales 159 67 226 Other income 4 0 4 Income from other segments 1 - -1 - Total operating income 164 67 -1 230 Merchandise -40 -37 -76 Other external expenses -150 -16 -166 Personnel costs -130 -20 -150 Capital gains from exploitation assets 0 - 0 Share of profit/loss of joint ventures/associates -4 - -4 Depreciation and amortisation of assets -132 -11 -143 Costs from other segments - -1 1 - Operating profit/loss -293 -17 0 -310 Operating margin, % neg neg neg With retroactive effect from 1 September 2025, operations are reported in the segments Mountain Resorts and SkiStarshop. Previously, operations were reported in the segments Operation of Mountain Resorts, Property Development and Exploitation and Operation of Hotels. For more information about what the different segments comprise, see Note 3 on page 18.The change has been made to better reflect the Group’s internal reporting and governance. Comparative figures have been restated. As a result of a reclassification in the income statement, the following items have changed with effect from 1 September 2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the line Capital gains from exploitation assets. They were previously reported as a gross amount under Net sales and Costs of sold interests in accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised on the line Merchandise rather than under Other external expenses. Costs of sold interests in accommodation/SkiStar Vacation Club are now recognised on the line Merchandise rather than under Costs of sold interests in accommodation/exploitation assets. The comparative figures have been adjusted in accordance with the reclassifications. 12
Page 13
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF The Group’s operating segments SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 FULL YEAR 1 Sep 2025 – 31 August 2026 Mountain Resorts SkiStarshop Group eliminations Group total SEK MILLION Net sales 4,161 794 4,954 Other income 24 - 24 Income from other segments 5 - -5 - Total operating income 4,189 794 -5 4,978 Merchandise -906 -334 -1,240 Other external expenses -1,031 -151 -1,182 Personnel costs -972 -156 -1,128 Capital gains from exploitation assets 3 - 3 Share of profit/loss of joint ventures/associates 27 - 27 Depreciation and amortisation of assets -540 -46 -585 Costs from other segments - -5 5 - Operating profit/loss 770 102 - 872 Operating margin, % 18 13 18 FULL YEAR 1 Sep 2024 - 31 August 2025 Mountain Resorts SkiStarshop Group eliminations Group total SEK MILLION Net sales 3,854 720 4,574 Other income 22 1 22 Income from other segments 3 - -3 - Total operating income 3,879 720 -3 4,596 Merchandise -814 -320 -1,134 Other external expenses -984 -123 -1,107 Personnel costs -913 -150 -1,062 Capital gains from exploitation assets 46 - 46 Share of profit/loss of joint ventures/associates 6 - 6 Depreciation and amortisation of assets -515 -44 -559 Costs from other segments - -3 3 - Operating profit/loss 705 80 0 785 Operating margin, % 18 11 17 13
Page 14
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed income statement - parent company SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep - 31 Aug SEK MILLION 2025/26 2024/25 2025/26 2024/25 Operating income Net sales 274 208 3,299 3,188 Other income 3 3 22 13 Total operating income 277 211 3,322 3,201 Operating expenses Merchandise -62 -60 -805 -773 Other external expenses -165 -179 -1,032 -1,089 Personnel costs -110 -99 -746 -694 Capital gains from exploitation assets - 1 1 17 Depreciation and amortisation of assets -61 -59 -240 -230 Operating profit/loss -121 -186 499 433 Net financial items 3 -12 -21 -33 Profit/loss after financial items -119 -197 478 400 Appropriations -1 -11 -1 -11 Profit/loss before tax -120 -209 477 388 Tax 24 47 -99 -77 Profit/loss for the period -96 -162 378 311 14
Page 15
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed balance sheet – parent company SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 ASSETS, SEK MILLION 31 Aug 2026 31 Aug 2025 Non-current assets Intangible assets 117 107 Property, plant and equipment 2,653 2,523 Investments in Group companies 334 328 Investments in associates and joint ventures 2 3 Other investments and securities held as non-current assets 13 23 Derivatives 23 10 Other non-current receivables 25 25 Receivables from Group companies 663 663 Total non -current assets 3,831 3,681 Current assets -Inventories Inventories 339 329 339 329 Current receivables Trade receivables 15 19 Receivables from Group companies 550 395 Tax receivable - 19 Other current receivables 39 47 Prepaid expenses and accrued income 95 122 699 603 Cash & cash equivalents Cash and cash equivalents 5 1 Total current assets 1,043 933 TOTAL ASSETS 4,874 4,613 EQUITY AND LIABILITIES, SEK MILLION 31 Aug 2026 31 Aug 2025 Equity Restricted equity Share capital 20 20 Statutory reserve 26 26 46 46 Non-restricted equity Share premium reserve 4 4 Retained earnings 1,202 1,080 Profit/loss for the year 378 311 1,585 1,396 Total equity 1,630 1,441 Non-current liabilities Liabilities to credit institutions 1,132 1,387 Provisions for pensions 21 20 Long-term derivatives - 3 Deferred tax liabilities 186 178 Total non -current liabilities 1,339 1,588 Current liabilities Liabilities to credit institutions 446 324 Liabilities to Group companies 947 747 Trade payables 151 192 Tax liabilities 4 - Other current liabilities 186 184 Accrued expenses and deferred income 171 137 Total current liabilities 1,905 1,584 Total liabilities 3,244 3,172 TOTAL EQUITY AND LIABILITIES 4,874 4,613 15
Page 16
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF GROUP KEY PERFORMANCE INDICATORS AND DATA PER SHARE SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Definitions and explanations of Alternative Performance Measures (APM) see page 21. 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep – 31 Aug KEY PERFORMANCE INDICATORS 2025/26 2024/25 2025/26 2024/25 Revenue and profit Net sales, MSEK 292 226 4,954 4,574 Operating income, MSEK 295 230 4,978 4,596 Operating profit, MSEK -274 -310 872 785 Operating profit, adjusted for capital gain from exploitation assets (MSEK) -276 -310 870 739 EBITDA excluding IFRS16, MSEK -185 -220 1,227 1,135 Organic growth, % 15 1 5 4 Cash flow Cash flow from operating activities, MSEK 1,223 1,063 1,223 1,063 Profitability Operating margin, % neg Neg 18 17 Return on capital employed, 12M % 12 11 12 11 Financial position Net interest-bearing debt, MSEK 3,493 3,734 3,493 3,734 Net interest-bearing debt excluding IFRS 16, MSEK 1,553 1,711 1,553 1,711 Net interest-bearing debt/EBITDA excluding IFRS16, 12M, times 1.27 1.51 1.27 1.51 Equity/assets ratio, % 49 45 49 45 Equity/assets ratio, excluding IFRS16, % 63 59 63 59 3 MONTHS FULL YEAR 1 Jun– 31 Aug 1 Sep – 31 Aug DATA PER SHARE 2025/26 2024/25 2025/26 2024/25 Share price, SEK 162.40 157.00 162.40 157.00 Average number of shares 78,376,056 78,376,056 78,376,056 78,376,056 Basic and diluted earnings per share, SEK -2.87 -3.35 8.01 7.05 Cash flow from operating activities, 12 M, SEK 15.61 13.56 15.61 13.56 Share price/cash flow, 12 M, times 10 12 10 12 Equity, SEK 58 51 58 51 Share price/equity, % 282 310 282 310 16
Page 17
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Note 1 Accounting principles This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company’s accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board’s RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements, except for the following two changes. Reclassification in the income statement of capital gains from exploitation assets, costs for re-invoicing and costs of sold interests in accommodation/SkiStar Vacation Club. In the Condensed consolidated cashflow statement the interest paid on leasing liability is reclassified to cash flow from operating activities. The comparative figures have been restated in accordance with the new classifications and the effects of these are reported in note 6. The 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. Previously, operations were reported in the segments Operation of Mountain Resorts, Property Development and Exploitation and Operation of Hotels. For more information about what the different segments comprise, see Note 3 on page 18. The change has been made to better reflect the Group’s internal reporting and governance. Comparative figures have been restated. Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are forward - looking and reflect the current assessments of the Company and Board of Directors as regards future circumstances. None of the new IFRS standards, amended standards and interpretations applicable from first of September 2025 have had a material impact on the financial reporting of the Group or the Parent Company. No new or changed standards have been applied prematurely. PLEDGED ASSETS, SEK MILLION 2026-08-31 2025-08-31 Group 3,563 3,291 Parent Company 679 673 CONTINGENT LIABILITIES, SEK MILLION Group* 540 531 Parent Company* 475 459 Note 2 Pledged assets and contingent liabilities 17 *Contingent liabilities as at 31 August 2025 has been adjusted to the correct amount. The amount stated in the prior year was incorrect.
Page 18
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES, CONTINUED SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Not 3 Segment reporting Operations are monitored and presented by SkiStar in the segments Mountain Resorts and SkiStarshop. The Mountain Resorts segment comprises all operations related to ski areas, lifts and accommodation. Activities included in the segment are: operation of ski resorts, sales of all services both prior to guests’ arrival and during their stay, activities related to skiing and activities outside the ski season, as well as all operations related to visitor accommodation offered either directly by SkiStar or through mediated accommodation. In addition, the segment includes revenue from restaurants and other goods and services provided in connection with accommodation. Mountain Resorts also includes management and development of assets suitable for exploitation, or for utilisation by the Group itself. The SkiStarshop segment comprises retail and rental through physical stores, online sales, SkiStarshop Concept Stores, ski and bike rental, and our own brand EQPE. SkiStarshop is an important part of SkiStar’s overall offering and strengthens the Group’s position as the leading holiday organiser for Scandinavia. Overall, the segment serves to help provide a smoother guest experience, increase the service level at the destinations, and create additional revenue opportunities before, during and after the guest’s stay. The Group’s shared revenues and expenses from central functions are allocated between the segments based on the estimated level of use of each function. Revenue is attributed to individual countries based on the country where the Group company in which the transaction takes place has its registered office. NET SALES PER SEGMENT 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep-31 Aug SEK MILLION 2025/26 2024/25 2025/26 2024/25 MOUNTAIN RESORTS SkiPass 54 36 2,084 1,963 Accomodation 64 50 1,291 1,212 Ski school /Activities 13 16 116 113 Property services 28 11 154 152 Restaurants 21 17 256 190 Other 35 29 260 223 Total Mountain Resorts 216 159 4,161 3,854 SKISTARSHOP Rental 15 12 266 251 Sporting goods stores 56 51 516 455 Other 5 5 12 13 Total SkiStarshop 76 67 794 720 Total Group 292 226 4,954 4,574 NET SALES PER SEGMENT AND COUNTRY 3 MONTHS FULL YEAR 1 Jun – 31 Aug 1 Sep-31 Aug SEK MILLION 2025/26 2024/25 2025/26 2024/25 Sweden Mountain Resorts 122 109 2,628 2,479 SkiStarshop 56 52 612 558 Norway Mountain Resorts 94 50 1,533 1,376 SkiStarshop 20 15 181 161 Total Group 292 226 4,954 4,574 18
Page 19
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES, CONTINUED SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Not 4 Financial instruments at fair value Derivatives measured at fair value refer to electricity futures and interest rate swaps. The fair value of electricity futures is based on current futures prices on the electricity market for the corresponding maturities. The fair value of interest rate swaps is calculated as the value of future cash flows discounted at current market rates. The Company’s existing derivative assets and liabilities are all within Level 2 of the fair value hierarchy. For other financial assets and liabilities, the carrying amount is considered a reasonable approximation of fair value. Disclosure of fair value per class, SEK million 2026-08-31 2025-08-31 Financial assets (short - and long term) Interest rate swaps 23 15 Electricity futures 25 3 Financial liabilities (short - and long term) Interest rate swaps - 3 Electricity futures 3 3 Not 5 Acquisition of businesses 1 September 2025 SkiStar Norge AS acquired 100 percent of the shares in Juls Sportshop AS for SEK 2.7 million, paid in cash. The ownership in shares is equal to the voting rights. Directly after the aquisition Juls Sportshop AS was merged into the parent company SkiStar Norge AS. At the time of acquisition, Juls Sportshop AS was operating the sportshop Juls Sportshop in an attractive location close by the Trysil tourist center. No further information is provided as the amounts linked to the acquisition have not had any major impact on the Group's results and financial position. No changes has been made since the last quarter. 19
Page 20
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES, CONTINUED SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Not 6 Effects of reclassification in the income statement As a result of a reclassification in the income statement, the following items specified below have changed with effect from 1 September 2025 and the comparative figures for 2024/25 have been adjusted accordingly. The table below shows the effects of the reclassifications, stating amounts and a reference to the relevant Profit and Loss line item i n the Group’s income statement. GROUP 3 Months 1 Jun 2025 -31 Aug 2025, SEK MILLION Current Adjustments Previous Net Sales 226 - 226 Income from sold interests in accomodation/Vacation Club 1 - 1 Income from sold exploitation assets - - - Merchandise -76 -5 -71 Costs of sold interests in accomodation/Vacation Club - - - Costs of re-invoicing -5 -5 - Other external expenses -166 5 -172 Costs of re-invoicing - 5 -5 Costs of sold interests in accomodation/ exploitation assets - - - Costs of sold interests in accomodation/Vacation Club - - - Costs of sold interests in exploitation assets - - - Capital gains from exploitation assets - - - Operating profit/loss -310 - -310 GROUP 12 Months 1 Sep 2024 – 31 Aug 2025, SEK MILLION Current Adjustments Previous Net Sales 4,574 -58 4,631 Income from sold interests in accomodation/Vacation Club 9 - 9 Income from sold exploitation assets - -58 58 Merchandise -1,134 -27 -1,107 Costs of sold interests in accomodation/Vacation Club -4 -4 - Costs of re-invoicing -23 -23 - Other external expenses -1,107 23 -1,130 Costs of re-invoicing - 23 -23 Costs of sold interests in accomodation /exploitation assets - 16 -16 Costs of sold interests in accomodation/Vacation Club - 4 -4 Costs of sold interests in exploitation assets - 11 -11 Capital gains from exploitation assets 46 46 - Operating profit/loss 785 - 785 20
Page 21
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF DEFINITIONS SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 FINANCIAL DEFINITIONS Financial measures defined in accordance with IFRS Basic and diluted earnings per share Profit/loss for the period attributable to Parent Company shareholders divided by the number of shares. The measure shows how much profit per share the Group generates for its shareholders. The measure is identical before and after dilution as the Company does not currently have any convertibles. Financial measures not defined in accordance with IFRS The Company presents certain financial measures in this interim report that are not defined in accordance with IFRS. The company considers these measures to be valuable complementary information for investors and the Company’s management. Since not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these financial measures should not be seen as a substitute for measures defined in accordance with IFRS. For comparison and reconciliation of the measurements: https://investor.skistar.com/eng/finansiellt/ Average interest rate Interest expenses, including interest rate swaps and excluding IFRS 16-related interest expenses, divided by average interest-bearing liabilities. The measure is used to show the interest rate paid by the Group on its interest-bearing liabilities. Capital employed Total assets less non-interest-bearing liabilities. The measure shows how much of the Company’s assets have been lent by its owners or by lenders. Cash flow per share, 12 M Cash flow from operating activities, last twelve months, divided by the average number of shares. The measure is used to make it easy for investors to analyse the amount of surplus from operating activities generated per share that can be used to finance new investments, repayments and dividends, and to assess the need for new external financing. Earnings per share Profit/loss after tax for the period attributable to Parent Company shareholders divided by the average number of shares. The measure shows how much profit per share the Group generates for its shareholders. EBITDA excluding IFRS16 Operating profit plus depreciation/amotisation and adjusted for the effect of IFRS16 Leasing. Equity/assets ratio Equity as a percentage of total assets. This measure is used to analyse financial risk and shows the proportion of assets financed with equity. Equity/assets ratio excluding IFRS16 Equity as a percentage of total assets, adjusted for the effect of IFRS16 Leasing. This measure is used to analyse financial risk and shows the proportion of assets financed with equity less the effect of IFRS16. Equity per share Equity divided by the average number of shares for the reporting period. The measure shows how much equity is attributable to each share and is presented to facilitate investors’ analyses and decisions. Gross investments New investments and replacement investments in non-current assets. The measure is relevant in showing the overall size of the investments made to maintain existing capacity and create growth. Interest-bearing liabilities Current and non-current liabilities to credit institutions, provisions for pensions, lease liabilities and items in other current liabilities that are interest-bearing. Net interest-bearing debt Interest-bearing liabilities less cash and cash equivalents. Net interest-bearing debt excluding IFRS16 Interest-bearing liabilities less cash and cash equivalents adjusted for IFRS16 leasing debt. Net interest-bearing debt/EBITDA, excluding IFRS16, 12 M Net interest-bearing debt in relation to EBITDA, last twelve months, exclusive the effect of IFRS16 leasing debt. The measure gives an estimation of the Companys’ ability to reduce its debt. It represents the number of years it would take to repay the debt if the net debt and EBITDA remain constant, without regard to cashflow in respect of interest rates, tax and invetments. This measure is one of the Companys’ financial goals and should over a period not exceed 2.5 times. Net investments New investments and replacement investments in non-current assets less sales of these investments. The measure is relevant in showing the total amount from the Group’s investing activities. Operating margin Operating profit/loss after depreciation/ amortisation as a percentage of revenue. The measure is used to show the profitability of operating activities by indicating the percentage of revenue that remains to cover interest and tax and to provide profit, after the Company's ongoing costs have been paid. Operating profit/loss (EBIT) Revenue less merchandise costs, personnel costs, other operating expenses, depreciation and amortisation, plus profit/loss from joint ventures/associates. The measure is used to analyse the profitability generated by operating activities. Operating profit, adjusted for capital gain from exploitation assets Operating profit less capital gain from exploitation asset. The measure is used to show a comparable operating profit between periods, without the capital gain that occurs irregularly. Organic growth Revenue adjusted for acquisitions and currency effects compared with the same period in the previous year. An acquired company is classified as an acquisition in the twelve months from the date of acquisition. Only after this period is the company included in the measurement of organic growth. The measure is used to show underlying revenue growth. Return on capital employed, 12 M Profit before tax plus net financial costs, last twelve months, as a percentage of average capital employed in comparable period (sum of capital employed at the opening and the closing of the period, divided by two). The measure shows the Group’s profitability in relation to externally financed capital and equity. Share price/cash flow Share price at the reporting date divided by cash flow from operating activities. The measure shows the value of the share compared with the value the Group has generated in cash flow from operating activities. Share price/equity ratio Share price at the reporting date divided by equity per share. The measure shows the value of the share compared with the value recognised by the Group in its statement of financial position. OTHER DEFINITIONS Activity day One day of activities with an Activity pass. Activity pass Card providing access to summer activities. ALF Norwegian Ski Lift Association. Booking volume The number of overnight stays booked through SkiStar’s mediated accommodation CO2e Carbon dioxide equivalents is a metric that converts different greenhouse gases into a single unit based on their climate impact relative to carbon dioxide. Global Reporting Initiative (GRI) Standards GRI Sustainability Reporting Standards are the first and most widely used global standards for sustainability reporting. GRI is an independent international organisation that has been developing methods for sustainability reporting since 1997. Overnight stay One booked night in a cabin, apartment or hotel room. Skier day One day’s skiing with a SkiPass. SkiPass Card providing access to ski lifts. SLAO Svenska Skidanläggningars Organisation FINANCIAL YEAR SkiStar’s financial year covers the period 1 September – 31 August. First quarter (Q1) September–November Second quarter (Q2) December–February Third quarter (Q3) March–May Fourth quarter (Q4) June–August 21
Page 22
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 Presentation of the report SkiStar will present this report via webcast on 30 September 2026, 10:00 a.m. CET. Find the dial-in information and link to the webcast on https://investor.skistar.com. Financial information Financial year 2025/26 The Annual and sustainability report will be published as follows; • Annual and sustainability report, 1 September 2025- 31 August 2026, week 47 Financial year 2026/27 The interim and year-end report for the financial year will be published as follows; • Interim Report, Q1, 1 September 2026- 30 November 2026, 18 December 2026, at 07.00 a.m. CET. • Half-Year Report, Q2, 1 September 2026- 28 February 2027, 17 March 2027, at 07.00 a.m. CET. • Interim Report Q3, 1 September 2026- 31 May 2027, 17 June 2027, at 07.00 a.m. CET. • Year-End Report, Q4, 1 September 2026-31 August 2027, 30 September 2027, at 07.00 a.m. CET This Year-End Report has not been subject to review by the company’s auditor. The Board of Directors and the CEO assure that this Year -End Report provides a true and fair view of the parent company’s and th e group’s operations, financial position and performance, and describes the material risks and uncertainties faced by the parent compan y and the other group companies. Sälen, 30 September 2026 Anders Sundström Stefan Sjöstrand Chairman CEO Lena Apler Carina Åkerström Fredrik Paulsson Board Member Board Member Board Member Gunilla Rudebjer Anders Svensson Bent Oustad Board Member Board Member Board Member Patrik Svärd Employee Representative This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 30 September 2026, 07.00 a.m. CET 22
Page 23
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR IN BRIEF SKISTAR YEAR-END REPORT SEPTEMBER 2025-AUGUST 2026 SkiStar AB (publ) is the leading mountain tourism group in Scandinavia, developing destinations and experiences focused on guests. The Company’s B share is listed on the Large Cap list of the Nasdaq Stockholm exchange. The Group owns and operates mountain resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden, and in Hemsedal and Trysil in Norway. Operations are divided into two segments: Mountain Resorts and SkiStarshop. With alpine skiing as its core activity, SkiStar’s ambition is to be a leading force in mountain tourism, and to continue offering mountain experiences for many generations to come. For more information, go to https://investor.skistar.com/en. Business concept As the leading tour operator for Scandinavia, SkiStar’s business concept is to create memorable mountain experiences, develop sustainable destinations and offer accommodation, activities, Products and services of the highest quality with our guests in focus. Business model Our operations are divided into two segments: Mountain Resorts and SkiStarshop, as well as a number of central functions. Shareholder benefits Shareholders owning at least 200 shares in SkiStar receive a 15-percent discount on SkiStar’s offering at all destinations and on their online purchases at skistar.com and skistarshop.com. Read more about booking with a shareholder discount and the full terms and conditions at https://investor.skistar.com/en/dokument/aktiag arrabatt 23
Page 24
SKISTAR AB (PUBL) SE-780 91SÄLEN Org.nr:556093-6949 Tel: +46 280 880 50 E-post:info@skistar.com www.skistar.com