SkiStar

Quarterly Report • Dec 19, 2023

EARLY WINTER AND A GREAT INTEREST IN SKI HOLIDAYS IN SCANDINAVIA

SUMMARY, SEK MILLION	3 MAN	HFI ÅR
		1 sep-30 nov
	2023/24	2022/23	2022/23
Net sales	220	177	4.281
Operating income	226	181	4.304
Operating profit	- 464	- 451	604
Profit/loss after tax	- 384	- 390	402
Earnings per share, SEK	- 4,89	- 4,98	5.13
Cash flow from operating activities	221	165	669
Operating margın, %	neg	neg	14
Equity/assets ratio, %	34	36	40
Equity/assets ratio, % excluding IFRS 16	44	47	ટર
Net Irabılıtıes excluding IFRS 16	2,207	1.679	2,120

FIRST QUARTER

• · Net sales for the first quarter increased by SEK 43 million, 24 percent, to SEK 220 million (177).
• · Operating profit for the first quarter amounted to SEK -464 million (-451), a decline of SBK 13 million, -3 percent.
• · Capital gains from exploitation operations included SEK () million (1).
• · Earnings per share, basic and diluted, amounted to SEK -4.89 (-4.98).

SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD

• Strong cemand for nountain holders alson with a booking ate, nessured in the minter of overight stays in SkiStar smediated assommodation, of +9 percent compared with the same period of the previous year.
• · The early start to the season with all destinations open for skiing in Norember resulted in both increased income and costs during the quarter.
• · On 12 October, Skifter organised a capital matte the announcement of the Group's new financial trages and dividend policy. The rew financial transist trans on growth, operating margin and debt.
• · During the quarter, SkiStar acquired Trysilguidene AS, with ski school operations in Trysil, as well as Klörsjö Sportshop Pastighet AB.
• · At the AGM in Salen on 9 December, the decision was taken to pay a dividend of SEK 2.60 per share.

Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Martin Almgren, CFO tel +46 (0)280 841 60

COMMENT FROM THE CEO Early winter and a great interest in ski holidays in Scandinavia.

Winter arrived earlier than ever before with both cold weather and natural snow at all our mountain destinations from the beginning of November, which brought good conditions for snow production and has meant an early snowy start to the season with a snow depth of between 40-80 cm. We will have fantastic conditions at all our destinations for the Christmas and New Year holidays and, above all, this will ensure a long winter season.

Operating profit declined by SEK 13 million in the period, equivalent to 3 percent. The most significant reason is the unusually favourable weather conditions for snow production and other work carried out in order to prepare the slopes during the pre-season. This has resulted in higher costs, mainly related to earlier snow-making, but has also meant an early start to the season, increased revenues and great interest from our guests.

Bookings, measured as the number of overnight stays booked through SkiStar's mediated accommodation, are 9 percent higher than previous year, meaning that more than 80 percent of the season's estimated accommodation sales are already booked. A strong Christmas and New Year period with high occupancy awaits us. Despite the weaker economy, many continue to choose to invest in a mountain holiday. The favourable value of the Swedish and Norwegian krona has also affected the foreign market, where we can see increased growth in the number of guests, notably from Denmark, but also from Germany, England and the Netherlands.

Prior to the season, large investments and additional acquisitions were made in our core operations. With two new express lifts, improved snow production and the development of existing ski areas and ski school operations at all destinations, our guests can have a fantastic winter experience, as well as access to ski products at all our destinations.

Retail operations continued to develop positively, despite a declining industry, and sales during the period have increased, both online at skistarshop.com (59 percent) and in our physical stores (32 percent). This resulted in an overall sales increase of 54 percent during the quarter.

Our climate targets were approved by Science Based Targets (SBT) during the previous financial year. We are currently taking the next step by clarifying our sustainability commitments within the areas of climate change. We are now focused on preserving white winters and reducing greenhouse gas emissions by 2030. By engaging with employees, guests, partners and interested members of the public, we want to create a driving force to help address climate change. We therefore invite everyone to participate in our sustainability efforts in order to make more informed choices and contribute to reducing greenhouse gas emissions. By working together, we can preserve white winters and ensue that snowy experiences remain part of our future.

We look forward with confidence to another great winter season at all our six destinations and I hope to see you on the slopes.

Stefan Sjöstrand, CEO

REVENUE AND FARNINGS

THE GROUP'S DEVELOPMENT

SEPTEMBER - NOVEMBER 2023

Revenues amounted to SEK 226 million (181) and net sales increased by SEK 43 million to SEK 220 million (177), an increase of 24 percent compared with the same period of the previous year. Changes in the NOK/SEK exchange rate negatively affected net sales by SEK -4 million (1), which corresponds to -5 percent. Organic growth, excluding exchange rate effects and acquisitions, amounted to SEK 47 million, which corresponds to 26 percent. The increase in sales during the quarter came from sport stores and SkiPass.

Operating profit decreased by SEK 13 million to SEK -464 million (-451), which corresponds to -3 percent, and the operating margin was negative for the quarter. Changes in the NOK/SEK currency exchange rate affected operating profit positively, corresponding to SEK 7 million (-2). Operating profit has been affected by the earnings from associates/joint ventures of SEK -5 million (-7), as well as the earnings from plot and land sales and the sale of shares of tenant-owner associations and Vacation Club of SEK 0 (1). The lower operating profit is mainly impacted by costs linked to the early start to the season and increased depreciation.

Net financial items in the quarter amounted to SEK -31 million (-24), a decline of SEK 7 million. Changes in the value of interest rate derivatives amounted to SEK -15 million (-7). Interest expenses amounted to SEK -36 million (-22), including lease-related interest of SEK -11 million (-10) under IFRS 16. Exchange losses amounted to SEK -5 million (-4) and exchange gains amounted to SEK 10 million (10). The quarter's net financial items include a capital gain from the sale of associate shares of SEK 15 million step-by-step acquisition of Trysilguidene AS. Consolidated profit after tax amounted to SEK -384 million (-390), an increase of SEK 7 million, or 2 percent.

Operation of Mountain Resorts

Revenues amounted to SEK 185 million (137) and net sales amounted to SEK 179 million (134), an increase of SEK 45 million (34 percent) compared with the same period of the previous year. Operating profit decreased SEK 19 million to SEK -385 million (-366), or by 5 percent. The increase in sales is mainly due to sales in our sport stores being strong and during the quarter amounted to SEK 125 million, an increase of SEK 44 million, or 54 percent. The main increase comes from internet sales, which increased by 59 percent, but sales in physical stores also increased by 32 percent, partly driven by the early start to the season. The proportion of sold products from our own brand, EQPE, continues to increase, which improved the margin for the quarter. The early start to the season at our destinations has also contributed to the sales of SkiPass increasing by SEK 10 million and amounted to SEK 14 million (4). As a result of the early cold weather, snow production started one month earlier this season, which meant that energy and fuel costs increased during the quarter by a total of SEK 20 million, costs that in previous years were charged to the second quarter. During the quarter, the newly acquired business from Trysilguidena was integrated into SkiStar's organisation in Trysil, which increased personnel costs by SEK 3 million for the quarter. Depreciation amounted to SEK 86 million (73), an increase of SEK 13 million, which is a result of the higher rate of investment in recent years.

Property Development and Exploitation

Revenue amounted to SEK 11 million (12) and net sales amounted to SEK 5 million (5). Operating profit decreased by SEK 1 million to SEK -19 million (-18), a decline of 8 percent. The sales market within the Property Development and Exploitation segment is quiet and sales amounted to SEK 1 million (1) with a capital gain of SEK 0 million (1).

Operation of Hotels

Revenues amounted to SEK 36 million (39) and net sales decreased by SEK 3 million to SEK 36 million (39), a decline of 7 percent compared with the same period of the previous year. Operating profit increased by SEK 7 million to SEK -60 million (-67), or 10 percent. The reduced sales come from accommodation and restaurants. At the beginning of the quarter, the number of accommodation guests were lower than the previous year but the quarter ended positively with some recovery in November. During the quarter, renovation of a number of restaurants took place, especially in Sälen. The closed restaurants are the reason for the low sales in the quarter. The renovation is now complete and the restaurants will be opened for the Christmas and New Year holidays. Ongoing efficiencies in the business and the adaption of costs to the lower sales are the reason for the reduced operating loss for the quarter.

Seasonal effects

SkiStar's operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters. The timing of the big holiday weeks is dependent on the calendar. 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.

QUARTERI Y VALLIES SEK MILLION

	2023/24	2022/23			2021/22				2020/21
		Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Net Sales	220	1845
Operating profit/loss		- 464

FINANCIAL OVERVIEW

Cash flow

Cash flow from operating activities after changes in working capital was SEK 221 million (165) for the period. The improvement is mainly linked to the higher booking rate which resulted in increased advance payments from guests associated with their bookings. The early start to the season has also meant that a larger number of guests have visited our destinations as early as November and have thus purchased their SkiPass earlier than usual. The advance payments are reflected in the increased interim debt. Revenues from SkiPass SkiStar All Winter accrued over the coming winter season up to and including the month of April.

Cash flow from investing activities amounted to SEK -260 million (-249), with the increased outflow compared with the previous year mainly linked to the acquisition of Trysilguidene AS and Klövsjö Sportshop Fastighet AB and a continued high rate of investment. Acquisitions of subsidiaries generated a cash flow item of SEK -50 million (-2). Cash flow from financing activities amounted to SEK 26 million (89).

Liquidity and financing

The Group's cash and cash equivalents amounted to SEK 17 million (29) at 30 November. Unused credit facilities amounted to SEK 238 million (571). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 2,327 million (1,759), an increase of SEK 595 million. At the start of the financial year, corresponding liabilities amounted to SEK 2,256 million. Interest-bearing liabilities including IFRS 16 amounted to SEK 4,312 million (3,691), an increase of SEK 621 million from the previous year. Of the total interest-bearing liabilities in accordance with IFRS 16 of SEK 1,985 million (1,932), SEK 1,368 million refers to lease liabilities to the partly owned joint venture holding Skiab Invest AB. The average interest rate during the period was 4.70 percent (3.00). Net financial liabilities excluding IFRS 16 amounted to SEK 2,208 million (1,679) at the end of November, an increase of SEK 529 million compared with the previous year. Net financial debt including IFRS 16 amounted to SEK 4,193 million (3,611), an increase of SEK 582 million. The equity/assets ratio decreased to 34 percent (36). The equity/assets ratio excluding IFRS 16 was 44 percent (47).

Tax

Tax expense for the period amounted to SEK 112 million (85) and was largely attributable to utilisation of tax values in the quarter's loss carryforwards.

Investments

Investments for the period amounted to SEK 261 million (249) gross and

SEK 260 million (247) net. The difference between gross and net is the divestment of financial assets and property, plant and equipment. Depreciation and amortisation for the same period amounted to SEK -125 million (-111). The increased depreciation is mainly explained by the higher rate of investment in the previous year.

Personnel

The average number of employees was 996 (908), an increase of 88 from the previous year. Personnel costs amounted to SEK 175 million (SEK 171 million). The increases were due to the acquisition of Trysilguidene and the early start to the season.

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 30 November 2023, is also the main owner of Peab with which SkiStar has a business relationship. During the three-month period, purchases were made from Peab amounting to SEK 13 million (17). The outstanding liability to Peab was SEK 5 million (4). Sales to Peab totalled SEK 0 (0) million and the outstanding claim was SEK 0 million (0). Purchases from associates during the quarter amounted to SEK 39 million (43) and the outstanding liability to associates amounted to SEK 29 million (14). Sales to associates totalled SEK 1 million (1) and net receivables from associates totalled SEK 74 million (20), SEK 74 (20) of which related to loans to associates. Current lease liability to associates under IFRS 16 amounts to SEK 1,368 million, and right-of-use assets amounted to SEK 1,330 million. 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 2022/23 Annual Report.

Parent Company

Net sales for the Parent Company totalled SEK 192 million (155) and operating profit amounted to SEK -324 million (-305) during the first quarter. Net investments amounted to SEK 157 million (132).

Looking ahead to 2023/24

The staycation trend continues in all markets in Scandinavia and the favourable value of the Swedish and Norwegian krona has also affected our foreign markets, resulting in increased growth in the number of guests, primarily from Denmark but also Germany, England and the Netherlands. Bookings, measured as the number of overnight stays booked through SkiStar's mediated accommodation, are 9 percent better than the previous year, meaning that more than 80 percent of the season's estimated

accommodation sales are already booked. The early and snowy start to the season provides us with a nice foundation for good conditions at our destinations when the season really kicks off for the Christmas and New Year holidays. During December, two new express lifts were opened, one in Hemsedal and one in Lindvallen. Prior to the winter season, snow production was improved and the development of our ski areas at all our destinations continues, all of which will contribute to a sustainable mountain holiday for our guests.

SUSTAINABILITY

Sustainability and responsible entrepreneurship are an integral part of SkiStar's strategy, business model, governance and culture. SkiStar's strategic framework is built on three foundations: safe & secure, sustainability and employees & culture. These foundations permeate everything we do and are a cornerstone of our business. SkiStar's sustainability focus areas are Activity & Recreation, Ecosystem & Impact and Dialogue & Interaction.

News during the Quarter and the Full Year

Activity & Recreation

· During the quarter, the winter season and snow arrived at all of our destinations, which gave us the opportunity to open our destinations early for skiing. During the quarter, over 82,300 (39 479) skier and activity days were logged, an increase of 109 percent compared with the same period of the previous year.

· During the autumn holiday, Valle encouraged more than 2,000 children to participate in various physical activities such as climbing, disco dancing and new adventures.

Ecosystem & Impact

· During the quarter, SkiStar launched its new initiative Together for white winters: a way of engaging guests, partners and interested members of the public to create a driving force to help address climate change. SkiStar invites everyone to participate in our sustainability efforts in order to make more informed choices and help to reduce greenhouse gas emissions. By working together, we can preserve white winters and ensure that snowy experiences remain part of our future.

· SkiStar's electrification journey continues. During the quarter, we have decided to continue using the Prinoth E-Motion Husky (electric snow groomer) and, in conjunction with Xelom, decided to start testing their new electric snow groomer too. Both groomers are track machines. SkiStar is also expanding its vehicle fleet with Volvo CE electric wheeled loaders (L25 Electric). In addition, twelve new electric snowmobiles have been added to the snowmobile fleet. Replacing the fossil fuels that we use continues on an ongoing basis as well.

Dialogue & Interaction

· SkiStar contributes to thriving rural communities and job opportunities. During the quarter, SkiStar has filled 2,400 (2,200) posts spread over 80 different positions in their Swedish and Norwegian mountain destinations for the coming winter season.

· During the quarter, SkiStar introduced a new leadership index, which will support the business and help SkiStar's leaders. The index is a way to measure the success of the organisation's leadership, its strengths and our opportunities.

About the sustainability section of this Interim Report

This is a quarterly follow-up of SkiStar's sustainability work. The starting point is SkiStar's annual sustainability report. The sustainability section as not been prepared in accordance with the provisions of Chapter 6, Section 1, of the Annual Accounts Act or the GRI guidelines and does not therefore address all issues. An overview of the sustainability initiatives is published annually in the sustainability report. Read more at: https://www.skistar.com/en/corporate/sustainability/.

OTHER INFORMATION

SkiStar-aktien

The number of shareholders was 61,277 on 30 November 2023, which is an increase of 917 (1.5 percent) since 31 August 2023. SkiStar's class B shares are listed on the Nasdaq Stockholm, Mid 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 112.40 on 30 November 2023.

Regulatory press releases during the quarter and after the end of the period

·09/12/2023 Bulletin from Annual General Meeting in SkiStar AB

• · 15/11/2023 SkiStar publishes Annual and Sustainability Report for 2022/23
• ·01/11/2023 Notice to Annual General Meeting in SkiStar AB (publ)

· 12/10/2023 SkiStar's Capital Markets Day 2023: the year-round mountain experience holiday organiser

·12/10/2023 SkiStar updates its financial targets and dividend policy

. 10/10/2023 Carina Äkerström nominated as new Board Member in SkiStar

·03/10/2023 SkiStar Year-End Report September 2022-August 2023

· 26/09/2023 Invitation to conference call with web presentation of SkiStar AB's Year-End Report för 2022/23

·08/09/2023 Welcome to SkiStar's Capital Markets Day 2023

The press releases are available in full at www.skistar.com/en/corporate.

Annual General Meeting and Inagural Board Meeting

At SkiStar's annual general meeting, held in Sälen on 9 December 2023, 207 shareholders participated in person, by proxy or by postal voting, representing 74 percent of the votes in the Company. The following decisions were made at the AGM. ·A dividend of SEK 2.60 per share.

•Anders Sundström, Lena Apler, Fredrik Paulsson, Gunilla Rudebjer Anders Svensson and Vegard Søraunet were re-elected and Carina Åkerström was elected to the board. · Anders Sundström was re-elected chairman of the board.

· Deloitte AB was re-elected as auditor for a period of one year. Kent Åkerlund remains chief auditor.

The following decisions were made at the inaugural board meeting

· Lena Apler, Fredrik Paulsson and Gunilla Rudebjer were re-elected and Carina Åkerström was elected as members of the Audit Committee, with Lena Apler as Chairman. Fredrik Paulsson has refrain from remuneration for his committee work.

· Anders Sundström, Anders Svensson and Vegard Søraunet were re-elected as members of the Remuneration Committee. Anders Sundström was re-elected as Chairman.

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 sustainability risks, operational risks and financial risks. For a further description of risks and uncertainties, please refer to the administration report and note 32 in the Annual and sustainability report for 2022/23.

Updated financial targets

Prior to SkiStar's capital markets day on 12 October 2023, the company adopted the following financial targets in the medium term:

· Growth: Operating income is to grow by an average of six percent annually. This target refers to organic growth, adjusted for

acquisitions and foreign currency effects. 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.

· Margin: The operating margin is to average 18 percent.

· Debt: The net interest-bearing debt to EBITDA ratio should be less than 2.5, excl. IFRS 16 effects. Temporary deviations may occur, but the ratio should not exceed 2.5 over the reporting period.

More flexible dividend policy

Skistar has also, prior to said capital markets day, decided to update the dividend policy. The target is for 40-60 percent of the year's profit after tax to be distributed to shareholders. The actual dividend payout ratio proposed by the board is to be adjusted each year in line with the company's strategy, financial position, risk level and need for investment

Condensed consolidated statement of comprehensive income

		3 MONTHS		FULL YEAR
		1 sep-30 nov		1 sep-31 aug		3 MONTHS 1 sep-30 nov
EK THOUSAND		2023/24	2022/23	2022/2023	SEK THOUSAND	2023/24	2022/23	2022/23
	Net sales	220,171	177,151	4,281,497	Other comprehensive income
Operating income					Items that may be reclassified to profit or loss
	Other income	5,372	4,019	22,091	Change in fair value of cash flow hedges for the period	-7,581		-79
	Total operating income	225,543	181.170	4,303,589	Deferred tax on cash flow hedges	1,562		-
					Exchange differences on translation of foreign operations for the period	-36,441	-16,715	-41,943
	Merchandise	-96,469	-78,226	-1,025,960	Other comprehensive income for the period	-42,460	-16,715	-42,022
	Other external expenses	-287,502	-264,119	-1,131,465	Total comprehensive income for the period
Operating expenses	Personnel costs	-174,682	-171,232	-921,477			-406.921	359,759
	Cost of sold interests in accommodation/exploitation assets	-952	-365	-148,373
	Share of profit/loss of joint ventures/associates	-5,133	-7,006	2,356	Profit/loss for the period attributable to:
					Shareholders of the Parent	-383,619	-389,945	402,366
	Depreciation and amortisation of assets	-125,212	-111,036	-474,827	Non-controlling interests	-229	-261	-285
	Operating profit/loss	-464,407	-450,815	603,843	Profit/loss for the period	-383,848	-390,206	401,781
	Net financial items	-30,965	-23,971	-83,673
	Profit/loss before tax	-495,372	-474,786	520,170	Comprehensive income for the period attributable to:
			84,580		Shareholders of the Parent	-426,008	-406,608	360,450
	Tax	111,525		-118,388	Non-controlling interests	-300	-313	-690
	Profit/loss for the period	-383,848	-390,206	401,781	Total comprehensive income for the period	-426,308	-406,921	359,759
					Earnings per share before and after dilution, SEK	4,89	4,98	5,13
					Number of shares outstandig at the end of the period	78,376,056 78,376,056		78,376,056

Average number of shares outstanding

78,376,056 78,376,056

78,376,056

Condensed consolidated statement of financial position

ASSETS, SEK THOUSAND		30 Nov 2023 30 Nov 2022 31 Aug 2023 EQUITY AND LIABILITIES, SEK THOUSAND				2023-11-30	2022-11-30	2023-08-31
Non-current assets	Intangible assets	221,914	190,292	213,295	Equity	Share capital		19,594	19,594
	Property, plant and equipment	4,932,202	4,398,854	4,741,784		Other contributed capital	397,573	397,573	397,573
	Right-of-use assets	1,903,093	1,865,473	1,985,122		Reserves	-112,301	-44,658	-69,912
	Investments in joint ventures/associates	816,174	846,421	847,582		Retained earnings and profit/loss for the period	2,742,630	2,578,060	3,135,242
	Other investments and securities held as non- current assets	43,216	40,962	42,572		Equity attributable to shareholders of the Parent Company	3,047,495	2,950,569	3,482,497
						Non-controlling interests	1, 139	1, 815	1,439
	Derivatives	44,049	50,789	58,998		Total equity	3,048,636	2,952,384	3,483,937
	Other non-current receivables	41,001	49,987	39,236
	Total non-current assets	8.001.647	7,442,778	7,928,588
						Non-current liabilities Liabilities to credit institutions	924.627	1,292,453	1, 120,378
						Provisions for pensions	18,563	17,719	18.404
Current assets	Inventories	527,214	428.874	390,986		Non-current lease liabilities	1,813,942	1,808,663	1,890,281
		527.214	428,874	390,986		Derivatives	7,581
						Deferred tax liabilities	76,765	195,009	195.028
	Trade receivables	61.902	49,451	38,798		Total non-current liabilities	2,841,479	3,313,844	3,224,090
	Tax receivables		96,844	84,115	Current liabilities
	Other current receivables	148,978	78,557	140,026		Liabilities to credit institutions	1,384,253	448,524	1,117,433
	Prepaid expenses and accrued income	164,138	130,525	147,407		Trade payables	333,859	333,905	188.041
						Tax liabilities	11,961	48,189	119,330
		375,018	355,377	410,346		Current lease liabilities	170,796	123,449	173,903
						Other current liabilities	787,053	723,993	285.193
	Cash and cash equivalents	16,700	29,328	31,071		Accrued expenses and deferred income	342,543	312,069	169,067
	Total current assets	918,932	813,579	832,404		Total current liabilities	3,030,465	1,990,128	2,052,966
	TOTAL ASSETS	8.920.580	8,256,357	8,760,992		Total liabilities	5,871,944	5,303,973	5,277,057
						TOTAL EQUITY AND LIABILITIES	8,920,580	8,256,357	8,760,992

Condensed consolidated statement of changes in equity

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT

GROUP, SEK THOUSAND	Share capital	Other contributed capital	Translation reserves	Hedging reserves	Reatained earnings and profit/loss for the year	Total	Non-controlling interests	Totalt equity
Opening equity, 1 Sep 2022	19,594	397,573	-28,074	79	2,968,005	3,357,177	2,128	3,359,306
Profit/loss for the period					-389.945	-389.945	-261	-390.205
Other comprehensive income for the period			-16.663			-16.663	-52	-16.715
Comprehensive income for the period			-16,663		-389,945	-406,608	-313	-406,920
Closing equity, 30 Nov 2022	19,594	397,573	-44.737	79	2,578,060	2,950,569	1,815	2,952,384
Opening equity. 1 Sep 2023	19.594	397.573	-69.912		3.135,242	3.482.497	1.439	3.483.937
Profit/loss for the period					-383,619	-383,619	-229	-383,848
Other comprehensive income for the period			-36,370	-6,019		-42,389	-71	-42.460
Comprehensive income for the period			-36,370	-6,019	-383,619	-426,008	-300	-426,308
Reclasssification associated company					-8,993	-8.993		-8.993
Closing equity, 30 Nov 2023	19,594	397,573	-106,282	-6,019	2,742,630	3,047,496	1,139	3,048,636

Condensed consolidated statement of cash flows

		3 MONTHS		FULL YEAR
		1 sep-30 nov		1 sep-31 aug
SEK THOUSAND		2023/24	2022/23	2022/23
Operating activities	Profit/loss after financial items	- 495,372	- 474,786	520,170
	Adjustments for non-cash items	144,263	152,397	421,772
		- 351,109	- 322,389	941 ,942
	Tax paid	- 29,992	- 21,129	- 137,001
	Cash flow from changes in working capital	601.636	508,523	- 135,577
	Changes in working capital	220,535	165,005	669,364
Investing activities	Acquisition of property, plant and equipment	- 208,293	- 238,407	- 767,320
	Sale of property, plant and equipment	583	987	7,418
	Acquisition of subsidiaries, net cash effect	- 50,253	- 2,147	- 28,907
	Acquisition of financial assets	- 2,409		-22,836
	Disposal of financial assets		- 9,035	- 41,069
	Cash flow from investing activities	- 260,372	- 248,602	- 852,715
Financing activities	Borrowings	196,641	209,546	1,036,599
	Repayment of loans	- 125,572	- 82,651	- 448,054
	Repayment of lease liability	- 45,305	- 38,050	- 162,547
	Dividend paid			- 235,128
	Cash flow from financing activities	25,764	88,845	190,870
	Cash flow for the year	- 14,073	5,247	7,519
	Cash and cash equivalents at beginning of year	31.071	24,610	24,610
	Exchange differences	- 298	- 531	- 1,058
	Cash and cash equivalents at end of year	16,700	29,328	31,071

The Group's operating segments

	3 MONTHS	FUI I YFAR
	1 sep-30 nov		1 sep-31 aug
SEK THOUSAND	2023/24	2022/23	2022/23
OPERATION OF MOUNTAIN RESORTS
Other net sales	179,457	133.885	3,537,312
Total net sales	179.457	133,885	3,537,312
Capital gains	1,129	721	5,195
Other income	4.242	2.179	18,208
Income from other segment
Total operating income	184,828	136,785	3,558,715
External operating expenses	-477,944	-422,285	-2,589,984
Capital losses	-4		-2.482
Share in profit/loss of joint ventures/associates	-292	-1.956	24,314
Depreciation	-85,796	-72,847	-314,239
Costs from other segments	-5,802	-5.845	-38,986
Total operating costs	-569,839	-502.933	-2,921,377
Operating profit/loss	-385,011	-366,148	637,338
Intangible assets	221,156	189,666	212,566
Property plant and equipment	3,779,706	3,280,592	3,633,783
Right-of-use assets	589,173	572,350	609,060
Financial assets	109,912	110,290	113,451
Operating loans	1,783,245	1,228,705	1,728.355
	3 MONTHS	FULL YEAR
	1 sep-30 nov		1 sep-31 aug
SEK THOUSAND	2023/24	2022/23	2022/23
PROPERTY DEVELOPMENT & EXPLOITATION
Net sales exploitation	976	1,320	221.973
Other net sales	4,112	3,492	25,227
Total net sales	5,088	4,812	247,200
Capital gains		960
Other income
Income from other segment	5.644	5.937	39,650
Total operating income	10,732	11,709	286,850
External operating expenses	-14,144	-16.966	-89,359
Costs of sold exploitation assets	-952	-365	-147,329
Capital losses		-498	-946
Share in profit/loss of joint ventures/associates	-7,213	-5,051	-21,883
Depreciation	-7,686	-6,745	-28,382
Costs from other segments	-86	-34	-537
Total operating costs	30,081	-29.659	-288,436
Operating profit/loss	-19,349	-17,950	-1,586
Property plant and equipment	905,465	908,537	870,508
Right-of-use assets
Financial assets	520 790,479	506 827,099	538 815,933

	3 MONTHS	FULL YEAR
	1 sep-30 nov	1 sep-31 aug
SEK THOUSAND	2023/24	2022/23	2022/23
OPERATION OF HOTELS
Net sales exploitation			1.045
Other net sales	35.626	38.454	495.940
Total net sales	35.626	38.454	496.985
Capital gains Other income		159
	244	158	-265 953
Income from other segment Total operating income
	35,869	38,771	497,673
External operating expenses	-66.560	-73.087	-394.270
Costs of sold exploitation assets			-1.045
Capital losses			-900
Share in profit/loss of joint ventures/associates	2.373
Depreciation	-31.730	-32.186 -216	-132,287
Costs from other segments Total operating costs	-95,917	-105.489	-1.080 -529,582
Operating profit/loss	-60.048	-66,718	-31,909
Intangible assets	758	897	729
Property plant and equipment	247.031	208.983	237.494
Right-of-use assets	1,330,609	1,292,617	1,375,524
Internal revenue	5.888	6.095	40.603
Internal costs	-5.888	-6.095	-40,603
Consolidated operating income	225,543	181,176	4,303,589
Consolidated costs	-689.950	-631,991	-3.723.462
Consolidated operating profit/loss	-464,407	-450,815	603,843
Consolidated intangible assets	221,914	190,292	213,295
Consolidated property plant and equipment	4.932.202	4.398.854	4,741,785
Consolidated right-of-use assets	1,903,093	1,865,473	1,985,122
Consolidated financial assets	900,391	938.172	949,152
Consolidated operating loans	2.308.880	1,740,977	2,237,811

The principle for the accounting of the Group's operating segments has changed from the first quarter of 2023/24 to follow the same principles as applied to the consolidated accounting and the internal follow-up. This means that IFRS 16 Leasing has been included, resulting in external operating costs decreasing and depreciation increasing. The change means that the segment's overal operating profit has improved by SEK 5,578 thousand for the first quarter of 2022/2023 and by SEK 23,716 thousand for the 2022/2023 financial year. In addition, the principle for eliminating within each segment has changed, resulting in internal revenues and osts being adjusted without any impact on operating profit.

The comparative figures have been recalculated according to the new principles.

Condensed income statement - parent company

		3 MONTHS	FULL YEAR
		1 sep-30 nov	1 sep-31 aug
SEK THOUSAND		2023/24	2022/23	2022/2023
Operating income	Net sales	191,513	154,679	2.897.718
	Other income	1,729	2,128	8,742
	Total operating income	193,241	156,807	2,906,460
Operating expenses	Merchandise	77,984	61,265	707,624
	Other external expenses	275,475	246,646	1,041,525
	Personnel costs	112,496	110,256	605,760
	Cost of sold interests in accommodation/exploitation assets	7		474
	Depreciation and amortisation of assets	50,914	43,508	186,179
	Operating profit/loss	- 323,635	304,867	364,898
	Net financial items	18,493	2,307	9,294
	Profit/loss after net financial items	- 342,130	307,174 -	355,604
	Appropriations			19,496
	Profit/loss before tax	- 342,130	307,174	336,108
	ax	71,682	63,861	83,238
	Profit/loss for the period	- 270.448	243,313 -	252,870

Condensed balance sheet - parent company

ASSETS, SEK THOUSAND		30 Nov 2023 30 Nov 2022 31 Aug 2023			EQUITY AND LIABILITIES, SEK THOUSAND		30 Nov 2023 20 Nov 2022		31 Aug 2023
					Equity
Non-current assets	Intangible assets	98.515	71.836	97.605	Restricted equity	Share capital	19.594	19.594	19.594
	Property, plant and equipment	2,536,043	2,249,660	2,417,642		Statutory reserve	25,750	25,750	25,750
						Development expenditure fund		5,625
Financial assets	Investments in Group companies	290,325	255,278	291,940			45,344	50,969	45,344
	Investments in joint ventures/associates	2,770	2,770	2.770
	Other investments and securities held as non- current assets	24,702	27,261	24,702	Non-restricted equity	Share premium reserve	4,243	4,243	4,243
	Derivatives	23,438	26,202	31,387		Retained earnings	1,278,388	1,239,000	1,010,959
	Other non-current receivables	14,963	26.926	14,834		Profit/loss for the period	- 270,448	- 243,313	252.870
	Receivables from Group companies	1/7,750	189,750	180,750			1,012,183	999,929	1,268,071
	Total non-current assets	3,168,505	2,849,681	3,061,629		l otal equity	1,057,527	1,050,898	1,313,415
Current assets					Non-current liabilities
Inventories	Inventories	361,767	247,845	243,540	Non-current interest-bearing liabilities	Liabilities to credit institutions	287,735	477,485	468,485
		361,767	247,845	243,540	Provisions	Provisions for pensions	18,563	17,719	18,404
					Non-current non-interest- bearing liabilities	Deferred tax liabilities	166,181	153,818	172,081
Current receivables	Trade receivables	25.012	27,610	19.464		Total non-current liabilities	472,480	649.023	658,970
	Receivables from Group companies	491,266	457.411	514.795
	Tax receivables	98,184	78.253		Current liabilities	Liabilities to credit institutions	1,054,766	211,450	784.797
	Other current receivables	108,160	23,942	93,002		Liabilities to Group companies	833,293	923,204	880,503
	Prepaid expenses and accrued income	118,665	110,088	119,909		Trade payables	257,025	264,009	146,010
		841,288	697,303	747,169		Other current liabilities	482,794	517,437	160,105
						Accrued expenses and deterred income	214,458	179,592	109,322
	Cash and cash equivalents Cash and cash equivalents	783	783	784		Total current liabilities	2,842,337	2,095,693	2,080.737
	l otal current assets	1,203,839	945,931	991,492		Total liabilities	3,314,817	2,744,715	2,739,707
	TOTAL ASSETS	4,372,344	3,795,613	4,055,122		TOTAL EQUITY AND LIABILITIES	4,372,344	3,795,613	4,053,122

The Group's key performance indicators and data per share

		3 MONTHS	FULL YEAR
		1 sep-30 nov		1 sep - 31 aug
KEY PERFORMANCE INDICATORS	2023/24	2022/23	2021/22	2020/21	2019/20	2022/23
Net sales. TSEK	220.171	177.157	154.914	153.749	120.935	4.281.497
Total operating income, TSEK	225,543	181,170	157,707	156,074	124,521	4,303,589
Profit/loss before tax, TSEK	- 495,372	- 474,786	- 346,842	- 306,965	- 321,524	520,170
Profit/loss for the year, TSEK	- 383.848	- 390.206	- 314.876	- 250,911	- 244,631	401.781
Cash flow from operating activities, TSEK	220,535	165,005	349.273	90,971	334,459	669,364
Cash flow for the year, TSEK	14,073	5,248	72,056	- 28.289	- 29,001	7.519
- Return on capital employed, %	- 6	- 6	- 6	- 5	- 7	10
- Return on equity, %	- 12	- 12	- 12	- 10	- 10	12
- Return on total assets. %	- 5	- 5	- 5	- 5	- 6	8
Gross margin, %	- 150	- 188	- 148	- 130	- 190	25
Operating margin, %	- 206	- 249	- 212	188	- 262	14
Net margin, %	- 220	- 262	- 220	- 197	- 258	12
Equity/assets ratio, %	34	36	34	38	38	40

	2023/24	2022/23			2021/22
KEY PERFORMANCE INDICATORS	Q1	Q4	03	Q2	Q1	Q4	Q3	Q2
Revenue, SEK thousand	220.171	345.393	1.409.086	2.349.867	177.151	224.048	1.535.645	2.177.645
Operating income, SEK thousand	225.543	345.297	1.410.881	2,366,241	181.170	226.739	1.537.977	2.195.371
Profit before tax, SEK thousand	- 495.372	258.357	327.605	925.708	- 474.786	- 268.684	561.312	919.883
Profit after tax. SEK thousand	383.848	207.346	268.628	730.705	- 390.206	- 211.932	438.942	752.419
Cash flow from operating activities. SEK thousand	220.535	- 247.217	- 236.235	987.811	165.005	- 56.176	- 288.947	1.236.797
Cash flow for the year, SEK thousand	14.073	- 9.334	220.222	231.825	5.247	- 194.428	588.097	706.771
Gross margin, %	neg	neg	34	44	neg	neg	43	47
Operating margin, %	neg	neg	25	39	neg	neg	36	43
Net margin, %	neg	neg	23	39	neg	neg	36	42

			3 MONTHS			HELAR
DATA PER SHARE	2023	2022	2021	2020	2019	2022/2023
Share price, SEK	112.40	114.10	164.00	98.30	123.00	116.80
Average number of shares	78.376.056	78.376.056	78.376.056	78.376.056	78.376.056	78.376.056
Earnings, SEK	- 4,89	- 4,98	- 3.97	- 3.12	- 3.03	- 5.13
Cash flow from operating activities, SEK	2.81	2.11	4.46	1.16	4.27	8.54
Share price/cash flow, times, SEK	40	54	37	85	29	14
Equity, SEK	39	38	31	29	30	44
Price/equity. %. %	289	303	521	335	413	263

	2023/24	2022/23				2021/22
DATA PER SHARE	Q1	Q 4	Q 3	Q2	Q1	Q4	Q3	Q2
Average number of shares	78.376.056 78.376.056 78.376.056 78.376.056 78.376.056 78.376.056 78.376.056							78.376.056
Earnings, SEK	- 4.89	- 2.64	3.43	9.32	- 4.98	- 2.70	5.60	5.61
Cash flow from operating activities. SEK	2.81	- 2.10	- 3.01	12.60	2.11	- 0.72	- 3.73	15.78
Equity, SEK	ਤੁਰੇ	44	46	44	38	43	45	40

Return on total assets

-5%

-6%

Reconciliation of alternative performance measures

SEK THOUSAND	2023/24	2022/23	2021/22	2020/21	2019/20
RETURN ON CAPITAL EMPLOYED	Q 1	Q1	Q 1	Q1	Q 1
Profit after financial items	- 495.372	- 474.786	- 346,842	- 306.965	- 321.524
Finance income	24.348	9,701	13.210	14,147	8,713
Finance costs	55,313	- 33.672	- 26.384	- 27.988	- 4.400
Net financial items	- 30.965	- 23.971	- 13.175	- 13.842	4.313
Profit after financial items, plus finance costs	- 440.059	- 441,114	- 320,458	- 278,976	- 317,123

	2023/24		2022/23		2021/22		2020/21		2019/20
CAPITAL EMPLOYED	Q 1	aug 2023	Q 1	aug 2022	Q1	aug 2021	Q1	aug 2020	Q1	aug 2019
Assets	8.920.580	8,760.993	8,257.020	7,973,524	7,138,252	6,873.998	6,023.435	6,023,251	6,080.256	5.065.776
Non-current non-interest-bearing liabilities	84.346	197.511	195.672	196,266	122.499	142.008	164.880	225,206	140,212	226,546
Current non-interest-bearing liabilities	1,463,455	781,130	1.418.155	792.657	1.486.054	767.365	901.646	562.156	1,199,340	478.637
Total non-interest-bearing liabilities	1,547,801	978.641	1,613,827	988.924	1,608,553	909.373	1.066.526	787.361	1,339,553	705.182
Capital employed	7,372,779	7,782,353	6,643,193	6,984.601	5,529,699	5,964,625	4,956,909	5,235,889	4.740.703	4.360.594
Average capital employed	7,577,566		6,813,896		5,747,162		5.096.399		4,550,649
Return on capital employed	-6%		-6%		-6%		-5%		-7%

RETURN ON EQUITY
Equity	3.048.636	3.483.936	2,952,385	3,359,306	2,465,292	2,774,026	2,296,399	2.560.524	2,336,050	2,602,064
Average equity	3.266.286		3.155.846		2,619,659		2,428,462		2,469,057
Profit after tax	- 383,848		- 390.206		- 314.876		- 250.911		244.631
Return on equity	-12%		-12%		-12%		-10%		-10%
RETURN ON TOTAL ASSETS
Total assets	8,920,580	8,760.993	8,257.020	7,973,524	7,138,252	6,873.998	6,023,435	6.023.251	6,080.256	5.065,776
Average total assets	8,840.787		8,115,272		7,006,125		6,023,343		5,573,016

-5%

Conducting sking requires loge contal investments and stable frances in the entreading he performance indicative spert its manishing of to muniting of the financial hase

-5%

-5%

Reconciliation of alternative performance measures

SEK THOUSAND	3 MONTHS	FUI I YFAR
	1 sep-30 nov	1 sep-31 aug
FINANCING AND INTEREST-BEARING I IABILITIES	2023/24	2022/23	2022/23
Non-current interest-bearing liabilities to credit institutions	924,627	1,292,453	1,155,378
Long-term leasing liabilities	1,813,942	1,808,663	1,890,28
Provisions for pensions	18.563	17.719	18.404
Current interest-bearing liabilities to credit institutions	1,384,253	448.524	1,082,433
Short-term lease liabilities	170,796	123.449	173.903
Interest-bearing liabilities	4,312,181	3.690.808	4,320,399
Other non-current receivables	41,001	49.987	39.236
Non-interest-bearing part of non-current receivables	- 596	- 804	- 670
Interest-bearing current receivables	63.570	1,265	66.770
Cash and cash equivalents	16.700	29.328	31.07
Interest-bearing receivables	120.674	79.776	136.407
Financial net debt (interest-bearing receivables - net inte-rest-bearing liabilities)	4,191,507	3,611,031	4,183,99

	3 MONTHS 1 sep-30 nov		FULL YEAR
			1 sep-31 aug
EQUITY/ASSETS RATIO EXCLUDING IFRS 16	2023/24	2022/23	2022/23
Equity	3.117.073	3.013.092	3.546.394
Total assets	7,117,487	6,390,884	6,711,253
Equity/assets ratio, %	44	47	53

NOTES

PLEDGED ASSETS, SEK THOUSAND		2023-11-30 2022-11-30	2023-08-3
Group	3.263,240	3.087.562	3.185.625
Parent Company	566.412	535.106	566.252

CONTINGENT LIABILITIES, SEK THOUSAND

Group	653.239	690.351	480,375
Parent Company	1,540,546 1,706,336		1,378,117

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.

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 forwardlooking 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 1 September 2023 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.

From the first of September, hedge accounting has been applied in accordance with IFRS 9 Financial instruments regarding the Group's electricity derivatives. This means that currency changes are recognised in other comprehensive income.

DEFINITIONS

3 MONTHS

FUIT YFAR

NOTES, CONT.

Segment reporting

Operations are monitored and presented by SkiStar in the segments Operation of Mountain Resorts, Property Development and Exploitation and Operation of Hotels. Operation of Mountain Resorts comprises the operation of mountain resorts and the sale of all products and services in this area, such as SkiPass, accommodation, activities, articles in ski shops etc. The focus is on sales and efficient operation. Earnings are charged with the segment's own costs as well as internal rents, mainly for guest accommodation rented from Property Development and Exploitation. The segment's non-current assets are mainly property, plant and equipment used directly in the operations, such as pistes and lifts, or used or rented out for activities that complement the segment, such as ski shops, equipment hire and restaurants. Property Development and Exploitation comprises the management of assets that can be exploited or used in the segment or leased to the Operation of Mountain Resorts segment. Segment revenue consists of the sale of land and other properties, the sale of weekly shares in Vacation Club, and the renting of accommodation, both through the segment and associated companies, to guests in the Operation of Mountain Resorts segment. The segment's assets consist of land and other properties, as well as shares in tenant-owner associations and associated companies focusing on hotels and the renting of cabins and apartments close to the Group's skiing areas. Operation of Hotels includes activities related to hotels conducted under the SkiStar brand and under SkiStar's management. SkiStar's operation of hotels is conducted as a tenant of the hotel properties in question. Operation of Hotels includes revenue from accommodation, restaurants and other goods and services provided in connection with the hotels. The hotels included in the new segment are SkiStarLodge Experium Lindvallen, Sälen, SkiStar Lodge Hundfjället, Sälen, Ski Lodge Skalspasset, Vemdalen, Hovde Hotell, Vemdalen, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil and Radisson Blu Mountain Resort & Residences, Trysil.

	1 sep-30 nov		1 sep-31 aug
NET SALES PER SEGMENT	2023/24	2022/23	2022/23
DPERATION OF MOUNTAIN RESORTS
Alpine skiing/SkiPass	14	ব	1686
ccommodation	13	13	883
ski rental	4	3	223
ki school/Activities			59
porting goods outlets	104	71	341
Property services	13	16	143
Restaurants	1		24
Other	30	27	178
Total Operation of Mountain Resorts	179	134	3 537
PROPERTY DEVELOPMENT AND EXPLOITATION
Summa Property Development and Exploitation	5	5	247
HOTELS
ccommodation	14	15	284
Property services	2	2	19
Restaurants	12	15	134
Other	8	6	60
Summa Hotels	36	38	497
Total Group	220	177	4 281

	3 MONTHS 1 sep-30 nov		FULL YEAR
			1 sep-31 aug
NET SALES PER COUNTRY	2023/24	2022/23	2022/23
Sweden
Operation of Mountain Resorts	126	91	2 498
Property Development and Exploitation	4	5	66
Hotels	12	13	204
Norway
Operation of Mountain Resorts	ਦੇ ਤੋ	43	1039
Property Development and Exploitation	1	O	181
Hotels	24	25	293
Total Group	220	177	4 281

DEFINITIONS

The financial key figures are used in Swedish The alternative performance measures are used by management to monitor and control operations and by analysts. See pages 16-17 for comparative reconciliation of alternative performance measures.

FINANCIAL DEFINITIONS

Average interest expenses

Interest expenses divided by average interest-bearing liabilities.

Cash flow per share

Cash flow before changes in working capital divided by the average number of shares.

Earnings per share

Profit/loss for the year attributable to shareholders of the Parent divided by the average number of shares.

Equity per share

Equity divided by the average number of shares for the reporting period.

Equity/Assets ratio

Equity as a percentage of total assets.

Equity/Assets ratio excluding IFRS 16 - Leasing

Equity excluding effects of IFRS 16 as a percentage of total assets excluding assets of IFRS 16.

Gross Margin

Operating profit/loss before depreciation/amortisation as a percentage of revenue.

Interest-bearing liabilities

Current and non-current liabilities to credit institutions, provisions for pensions and items in other current liabilities that are interest-bearing.

Net financial debt

Interest-bearing receivables less interest-bearing liabilities.

Net margin

Profit/loss before tax as a percentage of revenue.

Operating margin

Operating profit/loss after depreciation/amortisation as a percentage of revenue.

Operating profitperating profit/loss

Revenue less cost of goods for resale, personnel costs, other operating expenses, depreciation, profit/loss from joint ventures/associates and negative goodwill.

Return on average equity

Profit/loss after tax in relation to average equity.

Return on capital employed

Profit/loss after net financial items plus finance costs as a percentage of average capital employed. Capital employed is defined as assets less noninterest-bearing liabilities.

Return on total assets

Profit/loss after net financial items plus finance costs as a percentage of average total assets.

OTHER DEFINITIONS

ALF

Norske Alpinanlegg og fjelldestinasjoner (Norwegian Ski Lift Association).

Booking volume

A comparison of the number of booked overnight stays between two defined periods.

Financial Year

SkiStar's financial year covers the period 1 September to 31 August. First qua rter (Q 1) September - November Second quarter (Q 2) December - February Third quarter (Q 3) March - May Fourth quarter (Q 4) June - August

Occupancy Rate

Accommodation bookings as a percentage of the beds mediated by SkiStar at 100% capacity in the period beginning the third week in December and ending the third week in April.

Overnight stay

One booked night in a cabin, apartment or hotel room.

Skier Days

One day's skiing with a SkiPass.

SkiPass

Card providing access to ski lifts.

SLAO

Svenska Skidanläggningars Organisation (Swedish Ski Lift Organisation).

Presentation of the report

SkiStar will present this report via webcast on 19 December 2023, 10:00 a.m. CET. Find the dial-in information and link to the webcast on www.skistar.com/en/corporate.

Financial information

Financial year 2023/24 The interim reports and the year-end report for the financial year will be published as follows; · Half-Year Report, Q2, 1 September 2023-29 February 2024, 20 March 2024, at 07.00 a.m. CET. · Interim Report Q3, 1 September 2023-31 May 2024, 20 June 2024, at 07.00 a.m. CET. · Year-End Report, Q4, 1 September 2023-31 August 2024, 1 October 2024, at 07.00 a.m. CET

This Interim Report has not been subject to review by the company's auditor. The CEO assures that this Interim Report provides a true and fair view of the parent company's and the group's operations, financial position and performance, and describes the material risks and uncertainties faced by the other group companies.

Sälen, 19 December 2023

Stefan Sjöstrand CEO

This information is information that SkiStar AB is obliged to make public pursuant to the BU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19 December 2023, 07.00 a.m. CET

SKISTAR IN BRIEF

The mountain tourism company SkiStar AB (publ) is list of the Nasdaq Stockholm exchange. The Group owns and operates alpine ski resorts in Sälen, Vemdalen, Are and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Our vision is to create memorable mountain experiences with a focus on alpine sking in the winter and active holidays in the summer. Sustainability and responsible entrepreneurship are an integral part of SkiStar's strategy, business model, governance and culture. For more information, see www.skistar.com/en/corporate.

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 three segments: Operation of Mountain Resorts, Property Development & Exploitation and Operation of Hotels, 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://www.skistar.com/en/corporate/investors/ shareholder-discount/.

Sälen VEMDALEN* ARE TRYSIL" HEMSEDAL® STOCKHOLM AMMARBYBACKEI

SKISTAR LODGE

SKISTAR * LIVING

EQPE

* SNOWPARKS

* MEMBER

BUSINESS

SKISTARSHOP.COM®

SKISTARSHOP®

SKISTARSHOP

SHETCH

CONCEPT STORE

SkiStar Member is SkiStar's customer club. At the end of the 2022/23 financial year, SkiStar Member had close to 1.8 million registered members.

SKISTAR AB (PUBL) SE-780 91 SÄLEN Reg. No: 556093-6949 Tel: +46 280 880 50 E-MAIL: info@skistar.com www.skistar.com