Net sales rose by 2.9 percent to SEK 4,546 million (4,419). Organic growth increased by 3.8 percent, positively impacted by calendar effects.
Average occupancy rate increased to 55.1 percent (51.9).
Average revenue per available room (RevPAR) rose to SEK 655 (619).
Operating profit totaled SEK 194 million (126).
Adjusted EBITDA1) was SEK 101 million (33). Adjusted EBITDA, excluding non-recurring items, was SEK 59 million (27).
Excluding IFRS 16, earnings per share were SEK -0.58 (-1.10).
Free cash flow was SEK -680 million (-733).
Interest-bearing net debt/adjusted EBITDA amounted to 0.4x on a rolling 12-month basis.
Scandic's share buyback program of approximately SEK 300 million was concluded, and as at the reporting date, the holding of treasury shares was 4,030,622. The total number of shares in Scandic, including treasury shares, was 219,157,922, and the number of outstanding shares, excluding treasury shares, was 215,127,300.
Scandic entered into an agreement regarding a new hotel in Berlin with 214 rooms.

• There were no significant events after the reporting date.

	Jan-Mar	Jan-Mar		Jan-Dec	Apr-Mar
million SEK	2025	2024	Δ%	2024	24/25
Financial key ratios, reported
Net sales	4,546	4,419	2.9%	21,959	22,086
Operating profit/loss	194	126		2,836	2,904
Net profit/loss for the period	-217	-327		652	762
Earnings per share, SEK	-0.99	-1.73		3.19	3.61
Alternative performance measures
Adjusted EBITDA	101	33		2,495	2,563
Adjusted EBITDA margin, %	2.2	0.7		11.4	11.6
Net profit/loss for the period excl. IFRS 16	-128	-206		1,098	1,177
Earnings per share, SEK, excl. IFRS 16	-0.58	-1.10		5.23	5.51
Net debt	998	2,302		128	-
Net debt/adjusted EBITDA, LTM	0.4	0.9		0.1	-
Hotel-related key ratios
RevPAR (revenue per available room), SEK	655	619	5.8%	799	808
ARR (average room rate), SEK	1,188	1,193	-0.4%	1,294	1,291
OCC (occupancy), %	55.1	51.9	6.2%	61.8	62.6
Total number of rooms on reporting date	55,603	55,657	-0.1%	55,319	55,603

¹⁾ Earnings before pre-opening costs, items affecting comparability, depreciation and amortization, financial items and taxes, adjusted for the effects of IFRS 16.

"Scandic delivers a solid start to the year, and based on the booking situation, we expect a good second quarter. Despite geopolitical uncertainty, the assessment here and now is that spring and summer will be characterized by good demand, driven by stable levels of travel, tourism and a good event calendar."

Scandic delivers a quarter characterized by a solid performance and a good booking situation. As the first quarter is the smallest from a seasonal standpoint, it is particularly pleasing that April has started off stable and that bookings for the second quarter are good, even better than at the same time last year.

Net sales increased by 3 percent to SEK 4.5 billion, and adjusted EBITDA improved to SEK 101 million (33), corresponding to a margin of 2.2 percent (0.7). Adjusted EBITDA included SEK 43 million in reversed provisions related to state aid for the pandemic in Denmark. Excluding one-off items, the operating margin improved to 1.3 percent (0.6). The positive development was driven by an overall stable market and operational efficiency, combined with calendar effects, as Easter this year falls in April, unlike last year when it occurred in March. Growth was negatively impacted by the comparison period including an extra day (leap day). Organic growth amounted to 4 percent, and 3.5 percent for comparable units.

In Sweden, the development was stable but affected by a weaker event calendar in Stockholm in February compared with last year. Norway delivered its best first quarter ever, driven by a continued good market development and high operational efficiency. In Finland, the market remains cautious but has shown a positive trend compared to the same time last year, albeit from low levels.

Cash flow improved compared to last year, we are investing in line with our plan, and I am pleased with how we are gradually developing and strengthening the hotel portfolio. During the quarter, we signed an agreement for a new hotel in Berlin with 214 rooms, scheduled to open in the second half of 2026. At the end of the quarter, we had 12 hotels and 2,700 rooms in our pipeline, corresponding to roughly 5 percent of the total number of rooms in operation. We have three planned hotel openings in 2025, which will add more than 600 rooms in total.

We will shortly launch our new website and app, two important milestones in our efforts to improve and strengthen the customer and guest experience. At the same time, our strategic partnership with SAS continues to develop according to plan. In the second quarter, we will introduce a longed-awaited feature that allows status matching between the two loyalty programs. This feature is a significant step in tying together the joint offerings for the companies' customers. We see major potential in our cooperation and plan to launch additional value-creating initiatives with the ambition to create a more personalized and seamless travel and hotel experience.

In preparation for the coming peak period, our operational planning is intensified and focuses on ensuring that the increased demand can be met with high customer satisfaction and efficiency. In the longer term, we are striving to realize the plan presented on the capital markets day in February.

Despite geopolitical uncertainty, we believe spring and summer will be characterized by good demand, driven by stable levels of travel, tourism and a good event calendar. Based on our current bookings, we have a positive outlook and expect a good second quarter with slightly higher occupancy and average room rates than in the same period last year. At the same time, we remain mindful of the challenges and uncertainties in the world around us and how they may impact the economic development in our markets. With low debt levels, Scandic is well positioned for the future, and I look forward to an eventful year as we continue to strengthen Scandic's market-leading position in the Nordics.

JENS MATHIESEN President & CEO

Demand in the Nordic hotel market was stable, with a higher occupancy rate in all markets compared with the previous year. As Easter falls in April instead of March as last year, calendar effects positively impacted demand during the quarter. The occupancy rate increased most in Norway, where it grew to 56.8 percent (52.7). In Finland, occupancy rose to 54.1 percent (51.5), and in Denmark, it rose to 56.2 percent (55.3). In Sweden, occupancy increased to 52.6 percent (52.1).

Occupancy was highest in March and lowest in January. In January, average occupancy rates in the Nordic markets ranged from 46.5 to 50.8 percent. In February, average occupancy rates were between 54.5 and 57.4 percent, and in March, they were between 55.6 and 62.3 percent.

Compared with the previous year's first quarter, occupancy increased to 54.9 percent (52.9).

The price trend in the Nordic hotel market was positive, and compared with the first quarter of last year, the average room rate grew by 1.5 percent.

Prices rose most in Norway, where they went up by 4.2 percent, and in Sweden, where they went up by 0.7 percent. In Denmark and Finland, prices fell by 1.3 and 0.7 percent, respectively.

Compared with the previous year's first quarter, RevPAR increased by 5.5 percent.

Source: Benchmark Alliance Source: Benchmark Alliance

Scandic operates according to a model with long-term leases and is fully responsible for the brand, hotel operations, and distribution. This is the dominant model in the Nordic markets and Germany. In many other countries, the franchise model is more common, where the hotel company controls only the brand while operations are run by a specialized management company or the property owner. Some hotel companies have a fully integrated model where the property owner is responsible for operations as well as the offering and brand.

The lease model provides full control over the Scandic customer experience, while also allowing Scandic to benefit from economies of scale in both operations and distribution.

Scandic operates hotels with long-term leases that are usually variable based on hotel revenues. This creates shared incentives for both parties since higher sales mean higher rents and greater property value for landlords. Variable rents ensure a relatively flexible cost structure, which helps stabilize margins. Over time, Scandic aims to increase the share of variable leases and achieve more balanced conditions. The distribution of responsibilities for investments is clearly regulated in Scandic's leases. In general, Scandic is responsible for finishes, furniture, fixtures and equipment, while the property owner is responsible for the building, technical installations and bathrooms.

At the end of the period, Scandic had 55,603 hotel rooms in operation at 264 hotels, of which 244 had leases. Over the quarter, the number of rooms in operation rose by 284, mainly because of the opening of Scandic Wallin in Sweden, which was previously closed for renovations.

	Jan-Mar
Portfolio changes (number of rooms)	2025
Opening balance
Lease agreements	52,693
Franchise, management & other	2,626
Total	55,319

Total change lease agreements	270
Change in other operating models	14
Total change	284
Closing balance
Lease agreements	52,963
Franchise, management & other	2,640
Total	55,603

In operation as at 31 Mar, 2025

		Hotels of which lease agreements		Rooms of which lease agreements
Sweden	88	82	18,912	18,106
Norway	81	67	16,035	14,201
Finland	59	59	12,311	12,311
Denmark	27	27	5,577	5,577
Other Europe	9	9	2,768	2,768
Total	264	244	55,603	52,963
Change during the quarter	1	1	284	270

Scandic constantly evaluates investments in new and existing hotels to determine which hotels, if any, should be divested to optimize returns, capital efficiency and guest satisfaction. Scandic's pipeline includes only hotels with signed leases. At the end of the period, Scandic had 14 new planned hotels with 2,910 rooms. A total of 178 rooms have been approved for expansion of existing hotels. Investments in the hotels in the pipeline are expected to total about SEK 844 million. To date, investments of about SEK 121 million have been made.

In pipeline as at 31 Mar, 2025

		Planned			Planned
	New hotels	exits	Total	New rooms	exits	Total
Sweden	4		4	616		616
Norway	2	-1	1	525	-176	349
Finland	5		5	979		979
Denmark	1		1	402		402
Other Europe	2		2	388		388
Total	14	-1	13	2,910	-176	2,734
Change during the quarter	-	-1	-1	-62	-176	-238

IFRS 16 Leases has a significant impact on Scandic's income statement and balance sheet, as Scandic has a business model with long-term leases. To help investors gain a good understanding of the Company's position, Scandic presents the Company's financial performance and key ratios, including and excluding the effects of IFRS 16.

Scandic's financial targets for profitability, capital structure and dividends exclude the effects of IFRS 16. The performance of each segment (i.e., country or group of countries) is presented excluding the effects of IFRS 16, in accordance with the way Scandic's Executive Committee and Board of Directors follow up on the Company's performance. For more information on IFRS 16 and its effects on Scandic's financial reporting, see pages 29–32.

Net sales rose by 2.9 percent to SEK 4,546 million (4,419). Primarily because Easter falls in April this year and not in March like last year, calendar effects positively impacted the revenue growth for comparable units.

Currency effects affected net sales negatively by SEK -41 million. The number of available rooms at the end of the quarter was 0.1 percent lower compared with the previous year.

Organic growth, excluding exchange rate effects and acquisitions, was 3.8 percent. Sales for comparable units grew by 3.4 percent.

Average revenue per available room (RevPAR) rose by 5.8 percent to SEK 655 compared with SEK 619 in the previous year. RevPAR improved in all markets compared with the corresponding quarter of last year. Average room rates decreased by -0.4 percent to SEK 1,188 compared with the first quarter of 2024.

Restaurant and conference revenue were consistent with the comparative period. The share of net sales was 30.1 percent (31.0).

Operating profit was SEK 194 million (126). Pre-opening costs of SEK -28 million (-2) for new hotels were included in the operating profit for the quarter. No items affecting comparability impacted profit or loss during the period (0). Depreciation and amortization totaled SEK -966 million (-955). This increase was impacted by additional depreciation and amortization of SEK 77 million (30) due to IFRS 16.

The Group's net financial expense was SEK -454 million (-504).

Loss before tax was SEK -260 million (-378). Reported tax amounted to SEK 43 million (51). Net loss was SEK -217 million (-327).

Costs for central functions increased to SEK -142 million (-115), mainly due to the high level of activity within digital development and measures to strengthen IT and commercial initiatives.

Earnings per share after dilution totaled SEK -0.99 per share (1.73). The calculation of earnings per share includes no dilutive effect, due to the period's loss attributable to the Parent Company's shareholders. When calculating earnings per share, treasury shares were excluded from the total average number of shares.

Rental costs increased somewhat to SEK -1,433 million (-1,393). Rental costs relative to net sales were consistent with the comparative period at 31.5 percent (31.5). Depreciation and amortization totaled SEK -199 million (-196).

Adjusted EBITDA was SEK 101 million (33), and adjusted EBITDA excluding non-recurring items totaled SEK 59 million (27), corresponding to a margin of 1.3 percent (0.6). During the quarter, non-recurring items amounted to SEK 43 million (6). Non-recurring items referred to the reversal of a reserve in Denmark for uncertainty related to state aid received from 2020 to 2021. The final assessment by the authority resulted in a positive effect of SEK 43 million. Exchange rate effects had a negative impact of SEK -4 million on adjusted EBITDA.

The Group's net financial expense was SEK -22 million (-62). Interest expenses totaled SEK -26 million (-77) and were positively impacted by lower indebtedness, including the conversion of the convertible loan and lower interest margins in new external financing. Loss before tax was SEK -149 million (-227), and the net loss was SEK -128 million (-206). Earnings per share after dilution totaled SEK -0.58 SEK (-1.10) per share.

Scandic operates in a sector affected by seasonal variations. The first quarter and other periods with low levels of business travel, such as Easter and Christmas/New Year's, are generally the weakest periods. Easter falls either in the first or second quarter, which should be considered when making comparisons between years. In 2025, the Easter holiday falls in the second quarter, whereas in 2024, it fell in the first quarter.

	Jan-Mar	Jan-Mar
	2025	2024	Δ%
Net sales (million SEK)	4,546	4,419	2.9%
Currency effects	-41		-0.0%
Organic growth	168		3.8%
New hotels	41		0.9%
Temporarily closed hotels	-11		-0.2%
Exits	-11		-0.3%
LFL	149		3.4%
Operating profit/loss	194	126
margin, %	4.3%	2.9%
Adjusted EBITDA	101	33
margin, %	2.2%	0.7%
RevPAR (SEK)	655	619	5.8%
Currency effects	-6		-0.9%
New hotels/Temporarily closed/Exits	4		0.6%
LFL	37		6.1%
ARR (SEK)	1,188	1,193	-0.4%
OCC %	55.1%	51.9%

Quarter Jan-Mar	Net sales		Adjusted EBITDA		Adjusted EBITDA margin, %
million SEK	2025	2024	2025	2024	2025	2024
Sweden	1,343	1,325	59	66	4.4%	5.0%
Norway	1,340	1,248	141	92	10.5%	7.4%
Finland	1,037	1,061	22	16	2.2%	1.5%
Other Europe	826	785	21	-26	2.5%	-3.4%
Central functions	-	-	-142	-115	-	-
Total Group	4,546	4,419	101	33	2.2%	0.7%

The operating cash flow statement below is based on adjusted EBITDA and excludes the effects of IFRS 16. The table below shows how interest-bearing net liabilities changed in each period. Excluding IFRS 16, operating cash flows for January to March were SEK -420 million (-470). The cash flow contribution from the change in working capital was SEK -394 million (-435). The working capital development was seasonally weak in the first quarter and was negatively affected by the repayment of approximately SEK 140 million (220) in liabilities related to variable rent for 2024.

Taxes paid amounted to SEK -119 million (-54) and referred to the payment of taxes for the previous year, primarily in Norway, and withholding tax in Sweden.

Net investments paid amounted to SEK -259 million (-263). They chiefly related to increased investments in ongoing hotel renovations of SEK -183 million (-150), including in Stockholm, Oslo, Tromsø and Gothenburg. IT investments amounted to SEK -26 (-19). Investments in new hotels and increased room capacity totaled SEK -51 million (-94). The free cash flow totaled SEK -683 million (-733).

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	2025	2024	2024	24/25
Adjusted EBITDA	101	33	2,495	2,563
Pre-opening costs	-28	-2	-28	-55
Items affecting comparability	-	-	-18	-18
Adjustments for non-cash items	37	22	88	103
Paid tax	-119	-54	-126	-191
Change in working capital	-394	-435	-293	-252
Interest paid	-17	-34	-152	-135
Cash flow from operations	-420	-470	1,966	2,015
Paid investments in hotel renovations	-183	-150	-737	-770
Paid investments in IT	-26	-19	-106	-113
Free cash flow before investments in expansions	-629	-639	1,123	1,132
Paid investments in new capacity	-51	-94	-213	-170
Free cash flow	-680	-733	910	962
Accrued interest, convertible loan	-	-31	-70	-39
Conversion, convertible loan	-	-	1,179	1,179
Repurchase of own shares	-239	-	-52	-291
Dividends to shareholders	-	-	-544	-544
Other items in financing activities	-	-	-22	-22
Transaction costs	-3	-3	5	5
Exchange difference in net debt	52	-32	-31	53
Change in net debt	-870	-799	1,375	1,303

The balance sheet total on March 31, 2025, was SEK 51,882 million, compared with SEK 53,842 million on December 31, 2024. Excluding IFRS 16, the balance sheet total was SEK 12,706 million, compared with SEK 13,591 million on December 31, 2024.

On March 31, 2025, interest-bearing net liabilities totaled SEK 998 million, an increase of SEK 870 million compared with December 31, 2024. Liabilities to credit institutions totaled SEK 1,133 million compared with SEK 974 million at the end of 2024. Cash and cash equivalents amounted to SEK 135 million (846). Interest-bearing net liabilities in relation to adjusted EBITDA for the most recent 12 months were 0.4x, which is higher than at the end of 2024 (0.1x) but lower than at the end of the first quarter of 2024 (0.9).

On October 1, 2024, Scandic signed an agreement for new sustainability-linked long-term bank financing with a total credit facility of SEK 3,250 million and a term of three years (with the option to extend by two years). Total available liquidity at the end of the period was approximately SEK 2,150 million.

In December 2024, Scandic launched a share buyback program of approximately SEK 300 million in total. On March 31, 2025, 4,030,622 shares had been repurchased. Hence, shares with an aggregated value of SEK 300 million had been repurchased, and the program was concluded. Of the repurchased shares, SEK 239 million had been settled from a liquidity standpoint as of March 31, 2025.

Scandic is one of Sweden's best-known brands. The Company has a market-leading position, operating 88 hotels and more than 18,900 hotel rooms in the country.

Net sales rose by 1.4 percent to SEK 1,343 million (1,325). For comparable units, net sales fell by 0.5 percent.

Changes in the hotel portfolio contributed SEK 24 million net. Scandic Södra Kajen, which reopened in June 2024, and Scandic Go Sankt Eriksplan, which opened in October 2024, had the most significant positive impact.

The average revenue per available room (RevPAR) was SEK 607, which was 0.4 percent higher than in the corresponding quarter of the previous year. Adjusted EBITDA was SEK 59 million (66). Rental costs rose by SEK 17 million to SEK 429 million.

	Jan-Mar	Jan-Mar
	2025	2024	Δ%
Net sales (million SEK)	1,343	1,325	1.4%
Organic growth	18		1.4%
New hotels	9		0.7%
Temporarily closed hotels	15		1.1%
Exits	-0		-0.0%
LFL	-6		-0.5%
Adjusted EBITDA	59	66
margin, %	4.4%	5.0%
RevPAR (SEK)	607	605	0.4%
Currency effects	-		-
New hotels/Temporarily closed/Exits	-7		-1.2%
LFL	9		1.6%
ARR (SEK)	1,141	1,135	0.6%
OCC %	53.2%	53.3%

With a nationwide network of 81 hotels offering more than 16,000 rooms, Scandic is Norway's second-largest hotel company.

Net sales rose by 7.4 percent to SEK 1,340 million (1,248). Changes in the hotel portfolio contributed SEK -22 million net. The most negative impact was from Scandic Gardemoen, which closed for renovations in July 2024.

The average revenue per available room (RevPAR) was SEK 709, which was 13.4 percent higher than in the corresponding quarter of the previous year.

Adjusted EBITDA was SEK 141 million (92). Rental costs rose by SEK 28 million to SEK 374 million. The corresponding quarter in the previous year was positively impacted by SEK 6 million in operations related to unused hotel rooms used to house refugees.

	Jan-Mar	Jan-Mar
	2025	2024	Δ%
Net sales (million SEK)	1,340	1,248	7.4%
Currency effects	-33		-2.7%
Organic growth	126		10.1%
New hotels	-		-
Temporarily closed hotels	-19		-1.5%
Exits	-3		-0.2%
LFL	148		11.9%
Adjusted EBITDA	141	92
margin, %	10.5%	7.4%
RevPAR (SEK)	709	622	13.4%
Currency effects	-18		-2.9%
New hotels/Temporarily closed/Exits	-4		-0.6%
LFL	102		16.9%
ARR (SEK)	1,227	1,204	1.9%
OCC %	57.8%	51.6%

Scandic is the largest hotel chain in Finland, with 59 hotels in operation and more than 12,300 rooms.

Scandic also operates hotels under the Hilton, Crowne Plaza and Holiday Inn brands.

Net sales declined by 2.3 percent to SEK 1,037 million (1,061). For comparable units, net sales fell by 0.2 percent. Net sales were affected by increased market capacity in Helsinki and Vanda.

Changes in the hotel portfolio contributed SEK -17 million net. The most significant negative impact was from Holiday Inn City Centre, which is closed for renovations since August 2024.

The average revenue per available room (RevPAR) was SEK 618, which was 0.7 percent higher than the corresponding quarter of the previous year.

Adjusted EBITDA was SEK 22 million (16). Rental costs fell by SEK 8 million to SEK 367 million.

	Jan-Mar	Jan-Mar
	2025	2024	Δ%
Net sales (million SEK)	1,037	1,061	-2.3%
Currency effects	-4		-0.4%
Organic growth	-20		-1.9%
New hotels	-		0.0%
Temporarily closed hotels	-18		-1.7%
Exits	1		0.1%
LFL	-3		-0.2%
Adjusted EBITDA	22	16
margin, %	2.2%	1.5%
RevPAR (SEK)	618	603	0.7%
Currency effects	-3		-0.4%
New hotels/Temporarily closed/Exits	18		3.0%
LFL	8		1.4%
ARR (SEK)	1,163	1,236	-5.9%
OCC %	53.1%	48.8%

The Other Europe segment includes Scandic's hotel operations in Denmark, Germany and Poland. In Denmark, Scandic has a market-leading position with 27 hotels and more than 5,500 hotel rooms. Outside the Nordic region, the Company operates nine hotels with more than 2,700 hotel rooms.

Net sales rose by 5.2 percent to SEK 826 million (785). For comparable units, net sales increased by 1.2 percent.

Changes in the hotel portfolio contributed SEK 35 million net. Scandic Nürnberg Central, which opened at the beginning of 2024, had the greatest positive impact. Scandic Nørreport also had a positive impact of 12 MSEK, since the hotel opened again in May 2024 after being temporarily closed. Scandic The Reef, which was divested in the second quarter of 2024, had the most significant negative impact.

The average revenue per available room (RevPAR) was SEK 724, which was 7.9 percent higher than in the corresponding quarter of the previous year. Adjusted EBITDA was SEK 21 million (-26). Rental costs rose by SEK 2 million to SEK 262 million. Non-recurring items referred to the reversal of a reserve in Denmark for uncertainty related to state aid received from 2020 to 2021. The final assessment by the authority resulted in a positive effect of SEK 43 million.

	Jan-Mar	Jan-Mar
	2025	2024	Δ%
Net sales (million SEK)	826	785	5.2%
Currency effects	-3		-0.4%
Organic growth	44		5.6%
New hotels	32		4.1%
Temporarily closed hotels	12		1.5%
Exits	-9		-1.2%
LFL	9		1.2%
Adjusted EBITDA	21	-26
margin, %	2.5%	-3.4%
RevPAR (SEK)	724	666	7.9%
Currency effects	-1		-0.5%
New hotels/Temporarily closed/Exits	27		4.5%
LFL	28		4.7%
ARR (SEK)	1,251	1,233	0.7%
OCC %	57.9%	54.0%

Scandic's share buyback program of approximately SEK 300 million was concluded, and as at the reporting date, the holding of treasury shares was 4,030,622. The total number of shares in Scandic, including treasury shares, was 219,157,922, and the number of outstanding shares, excluding treasury shares, was 215,127,300. Scandic entered into an agreement regarding a new hotel in Berlin with 214 rooms.

There were no significant events after the reporting date.

Based on our current bookings, we have a positive outlook on future developments and expect a good second quarter with slightly higher occupancy and average room rates than in the same period last year.

A live-streamed presentation will take place on April 15, 2025, at 9:00 am CET. Scandic's President & CEO, Jens Mathiesen, will present the report together with CFO Pär Christiansen in a live stream and phone conference. The interim report, presentation and live stream will be available on scandichotelsgroup.com.

May 6, 2025	2025 Annual General Meeting
July 15, 2025	Interim Report Q2 2025
October 29, 2025	Interim Report Q3 2025
February 18, 2026	2025 Year-End Report

The number of shareholders totaled 51,388 on March 31, 2025. The number of shares was 219,157,922. The closing price on March 31, 2025, was SEK 74.15. On March 31, 2025, the Company had 4,030,622 treasury shares.

	Number of shares	Holding, %	Votes, %
Eiendomsspar	32,263,233	14.72	14.72
AMF Pension & Fonder	29,905,159	13.65	13.65
Stena Sessan	29,016,865	13.24	13.24
Handelsbanken Fonder	13,962,536	6.37	6.37
Norges Bank Investment
Management	7,981,125	3.64	3.64
Vanguard	5,802,639	2.65	2.65
Svolder	4,871,471	2.22	2.22
Scandic Hotels Group AB	4,030,622	1.84	1.84
Dimensional Fund Advisors	3,425,784	1.56	1.56
Carnegie Fonder	2,706,833	1.24	1.24
Total top ten largest owners	133,966,267	61.1	61.1
Others	85,191,655	38.9	38.9
Total	219,157,922	100	100

The operations of the Parent Company, Scandic Hotels Group AB, include management services for the rest of the Group. Revenues for the quarter were SEK 21 million (25). Operating loss for the quarter was SEK 3 million (0).

Net financial income for the quarter was SEK 81 million (expense: 11). Profit before tax for the quarter was SEK 78 million (loss: 12).

The Board of Directors proposes a dividend of SEK 2.60 per share. The dividend will be distributed in two payments in 2025, with SEK 1.30 per share to be paid on May 13 and SEK 1.30 per share to be paid on November 10. Scandic's Annual General Meeting will be held on May 6, 2025, at Vasateatern in Stockholm, Sweden.

Pär Christiansen

CFO +46 761 802 663 [email protected]

Rasmus Blomqvist

Investor Relations +46 702 335 367 [email protected]

This information is information that Scandic Hotels Group 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 on April 15, 2025, at 7:30 am CET.

Scandic has a long history of spearheading sustainability initiatives in the hospitality industry and began reporting sustainability data as early as 1996. As the largest hotel company in the Nordic region, Scandic has the power to drive transformation and inspire change on a large scale for a better, more sustainable tomorrow.

Sustainability is the basis of Scandic's business. The Company has a strategic, long-term perspective for driving development in the industry to contribute to a more sustainable planet. Scandic's vision is to deliver worldclass Nordic hotel experiences at hotels that are also the most sustainable places to meet, eat and sleep away from home.

The sustainable business strategy has three focus areas:

MEET – Health, diversity and inclusion

EAT – Food & beverage

SLEEP – Rooms and interiors

A prerequisite for achieving the goals within each focus area is constantly improving the way Scandic operates hotels (Sustainable hotel operations) and being a responsible partner in society.

Scandic praised by consumers – best in the industry

During the first quarter of 2025, Swedish consumers named Scandic the hotel chain they perceive as the most sustainable in the annual Sustainable Brand Index survey. This marks the 15th consecutive year that Scandic has taken the top spot as the most sustainable brand in the hotel category.

Read more about Scandic's sustainability initiatives here

		Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	Note	2025	2024	2024	24/25
Net sales		4,546	4,419	21,959	22,086
Other revenue		-	-	-	-
TOTAL OPERATING INCOME	2, 3	4,546	4,419	21,959	22,086
Raw materials and consumables		-356	-349	-1,634	-1,641
Other external expenses		-1,007	-1,030	-4,454	-4,431
Employee benefits expenses	4	-1,650	-1,614	-6,948	-6,984
Rental costs	5	-346	-343	-2,157	-2,161
Pre-opening costs		-28	-2	-28	-55
Items affecting comparability		-	-	-18	-18
Depreciation, amortization and impairment losses		-966	-955	-3,884	-3,895
TOTAL OPERATING COSTS		-4,352	-4,293	-19,123	-19,182
Operating profit/loss		194	126	2,836	- 2,904
					-
Net financial items	6	-454	-504	-1,975	-1,925
Profit/loss before taxes		-260	-378	861	- 978
Taxes		ff 43	51	-209	-217
Net profit/loss for the period		-217	-327	652	762
Profit/loss for period relating to:
Parent Company shareholders		-215	-331	643	759
Non-controlling interest		-2	4	9	3
Net profit/loss for the period		-217	-327	652	762

Average number of outstanding shares before dilution		216,586,524	191,304,116	203,614,417	206,174,701
Average number of outstanding shares after dilution		216,586,524	191,304,116	219,157,928	218,609,288
Earnings per share before dilution, SEK		-0.99	-1.73	3.43	3.83
Earnings per share after dilution, SEK

million SEK	Jan-Mar 2025	Jan-Mar 2024	Jan-Dec 2024	Apr-Mar 24/25
Net profit/loss for the period	-217	-327	652	762

Items that may be reclassified to the income statement	-164	-30	-89	-223
Items that may not be reclassified to the income statement	-2	17	37	18
Other comprehensive income	-166	-13	-52	-205
Total comprehensive income for period	-383	-340	600	557
Relating to:
Parent Company shareholders	-380	-344	591	554
Non-controlling interest	-3	4	9	3

		31 Mar	31 Mar	31 Dec
million SEK	Note	2025	2024	2024
Assets
Intangible assets		6,848	7,062	7,101
Buildings and land		69	74	71
Right-of-use assets		38,625	41,421	39,707
Equipment, fixtures and fittings		4,100	4,102	4,142
Financial assets		767	825	751
Total non-current assets	7	50,409	53,484	51,772
Current assets	10	1,338	2,032	1,224
Cash and cash equivalents	9	135	534	846
Total current assets		1,473	2,566	2,070
Total assets ff		51,882	56,050	53,842
Equity and liabilities
Equity attributable to Parent Company shareholders		2,643	1,718	3,265
Non-controlling interest		104	110	107
Total equity		2,747	1,828	3,372
Liabilities to credit institutions	9	1,133	982	974
Lease liabilities		40,627	43,154	41,757
Other long-term liabilities	9	1,050	1,206	1,028
Total non-current liabilities		42,810	45,342	43,759
Convertible loan	8	-	1,140	0
Current liabilities for leases		2,643	2,591	2,654
Derivative instruments		57	44	48
Other current liabilities	10	3,624	5,105	4,009
Total current liabilities		6,325	8,880	6,711
Total equity and liabilities		51,882	56,050	53,842
Equity per share, SEK		12.3	9.0	15.0
Total number of shares outstanding, end of period		215,127,300	191,304,116	218,257,922

million SEK Share capital Other contributed capital Translation reserve Retained earnings Equity attributable to Parent Company shareholders Noncontrolling interest Total equity OPENING BALANCE 2024-01-01 48 9,892 160 -8,041 2,059 107 2,166 Net profit/loss for the period - - - -331 -331 ⁴ -327 Total other comprehensive income, net after tax - - -30 17 -13 - -13 Total comprehensive income for the year - - -30 -314 -345 ⁴ -340 Total transactions with shareholders - - - 2 2 - 2 CLOSING BALANCE 2024-03-31 48 9,892 130 -8,352 1,718 110 1,828 Net profit/loss for the period - - - ⁹⁷⁴ ⁹⁷⁴ ⁵ ⁹⁷⁹ Total other comprehensive income, net after tax - -50 20 -30 -9 -39 Total comprehensive income for the year - - -50 ⁹⁹⁴ ⁹⁴⁴ -4 ⁹⁴⁰ Other adjustments - - ⁷ - ⁷ ⁰ ⁷ Total transactions with shareholders 7 1,169 - -580 596 - 596 CLOSING BALANCE 2024-12-31 55 11,061 87 -7,938 3,265 107 3,372 OPENING BALANCE 2025-01-01 55 11,061 87 -7,938 3,265 107 3,372 Net profit/loss for the period - - - -215 -215 -2 -217 Total other comprehensive income, net after tax - - -163 -2 -165 -1 -166 Total comprehensive income for the year - - -163 -218 -381 -3 -384 Other adjustments - - -7 - -7 - -7 Total transactions with shareholders - -239 - 5 -235 - -235 CLOSING BALANCE 2025-03-31 55 10,822 -83 -8,151 2,643 104 2,747

		Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	Note	2025	2024	2024	24/25
OPERATING ACTIVITIES
Operating profit/loss		194	126	2,836	2,904
Depreciation, amortization and impairment losses		966	955	3,884	3,895
Adjustments for non-cash items		37	22	88	103
Paid tax		-119	-54	-126	-191
Change in working capital		-394	-435	-293	-252
Cash flow from operating activities		683	614	6,389	6,459
INVESTING ACTIVITIES
Paid net investments		-260	-263	-1,056	-1,053
Cash flow from investing activities		-260	-263	-1,056	-1,053
FINANCING ACTIVITIES	6
Interest paid/received		-17	-34	-152	-135
Paid interest, leases		-432	-442	-1,771	-1,761
Financing costs		-	-	-15	-15
Repurchase of own shares		-239	-	-52	-291
Dividends to shareholders		-	-	-544	-544
Share swap agreement, costs		-	-	-7	-7
Net borrowing/amortization		156	-44	-758	-558
Amortization, leases		-655	-609	-2,500	-2,546
Cash flow from financing activities		-1,187	-1,129	-5,799	-5,857
CASH FLOW FOR THE PERIOD		-764	-777	-466	-452

Cash and cash equivalents at the beginning of the period		846	1,344	1,344	534
Translation difference in cash and cash equivalents		56	-33	-32	57
Cash and cash equivalents at the end of the period		135	534	846	135

^*Total transactions with shareholders mainly refers to converting of convertible loan, revaluation of share-based payments, dividends to shareholders, and repurchases of own shares

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK Note	2025	2024	2024	24/25
Net sales	21	25	96	92
Expenses	-24	-25	-102	-101
Operating profit/loss	-3	0	-6	-10

Financial income	125	36	228	317
Financial expenses	-44	-47	-226	-222
Net financial items	81	-11	2	94

Appropriations	-	-	12	12
Profit/loss before taxes	78	-11	8	96
Taxes	-16	-1		-16
Net profit/loss for the period	62	-12	- 8	82

		Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	Note	2025	2024	2024	24/25
Net profit/loss for the period		62	-12	8	82

Items that may be reclassified to the income statement		-	-	-	-

Items that may not be reclassified to the income statement		-	-	-	-
Other comprehensive income		-	-	-	-
Total comprehensive income for period		62	-12	8	82

	31 Mar	31 Mar	31 Dec
million SEK Note	2025	2024	2024
Assets
Investments in subsidiaries	8,415	8,415	8,415
Group company receivables	1,987	1,665	1,986
Other receivables	14	12	14
Total non-current assets	10,416	10,091	10,415
Group company receivables	2,906	8	2,687
Current receivables	5	2	3
Cash and cash equivalents	101	0	708
Total current assets	3,012	10	3,398
Total assets	13,428	10,101	13,813
Equity and liabilities
Equity	8,514	8,070	8,686
Liabilities to Group companies	-	650	-
Other long-term liabilities	1,184	22	1,025
Total non-current liabilities	1,184	671	1,025
Convertible loan	-	1,140	-
Liabilities to Group companies	3,629	48	4,002
Other current liabilities	49	130	46
Accrued expenses and prepaid income	52	42	54
Total current liabilities	3,730	1,360	4,102
Total equity and liabilities	13,428	10,101	13,813

Share premium
---------------	--

million SEK	Share capital	reserve	Retained earnings	Total equity
OPENING BALANCE 2024-01-01	48	3,561	4,468	8,079
Net profit/loss for the period	-	-	-12	-12
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	-	-	-12	-12
Total transactions with shareholders	-	-	2	2
CLOSING BALANCE 2024-03-31	48	3,561	4,458	8,070
Net profit/loss for the period	-		20	20
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	-	-	20	20
Total transactions with shareholders*	7	1,169	-580	596
CLOSING BALANCE 2024-12-31	55	4,730	3,900	8,686
OPENING BALANCE 2025-01-01	55	4,730	3,900	8,686
Net profit/loss for the period	-	-	62	62
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	-	-	62	62
Total transactions with shareholders*	-	-239	5	-235
CLOSING BALANCE 2025-03-31	55	4,491	3,969	8,515

^*Total transactions with shareholders mainly refers to converting of convertible loan, revaluation of share-based payments, dividends to shareholders, and repurchases of own shares

The Group applies International Financial Reporting Standards, IFRS, as adopted by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.

The accounting principles and methods of calculation applied in this report are the same as those used in the preparation of the 2024 Annual Report and consolidated financial statements and are outlined in Note 1, Accounting policies. The IASB has published amendments to standards that became effective on or after January 1, 2024. In January 2027, the new standard IFRS 18 will enter into force, replacing IAS 1 Presentation of Financial Statements. Management is currently evaluating the exact consequences of applying the new standard in its financial statements. Other than IFRS 18, the IASB amendments have not had any material impact on the financial statements.

The Parent Company applies the Swedish Annual Accounts Act and RFR 2, Accounting for legal entities. This means that IFRS are applied with certain exceptions and additions.

This interim report gives a true and fair view of the Parent Company and Group's operations, financial position and results of operations and also describes the significant risks and uncertainties to which the Parent Company and Group companies are exposed. All amounts in this report are expressed in SEK million unless otherwise stated. Rounding differences may occur.

The information about the interim period on pages 1 to 36 is an integral part of these financial statements.

Scandic operates in a sector where demand for hotel nights and conferences is influenced by the underlying domestic development and purchasing power in the geographic markets in which Scandic does business, as well as developments in countries from which there is a significant amount of travel to Scandic's domestic markets. Additionally, profitability in the sector is impacted by changes in room capacity. Increased capacity can initially lower occupancy in the short term, but in the long term, it can help stimulate interest in business and leisure destinations, which in turn can increase the number of hotel nights.

Scandic's business model is based on leases where approximately 90 percent of its hotels (based on number of rooms) have variable revenue-based rents. This results in a lower profit risk, since revenue losses are partly offset by lower rental costs. Scandic's other costs also include a high share of variable costs where, above all, staffing flexibility is essential for the ability to adapt cost levels to variations in demand. Altogether, this means that by having a flexible cost structure, Scandic can lessen the effects of seasonal and economic fluctuations.

On March 31, 2025, Scandic's goodwill and intangible assets amounted to SEK 6,848 million. This figure relates mainly to operations in Sweden, Norway and Finland. A significant downturn in the hotel markets in these countries would affect expected cash flow negatively and, consequently, the value of goodwill and other intangible assets.

Scandic has a cost structure consisting of variable costs, which are affected by changes in volumes, and costs fixed in the short term, which are independent of changes in volume. Costs that are affected by changes in volume largely include sales commissions and other external distribution costs, the cost of goods sold, sales-based rental costs, property-related costs (energy, water, etc.), payroll expenses for hotel employees without guaranteed working hours, and the cost of certain services, such as laundry. Costs not affected by changes in volume largely consist of payroll expenses for hotel employees with guaranteed working hours, fixed and guaranteed rental costs and costs related to country and Group-wide functions, such as sales, marketing, IT and other administrative services.

The operations of Scandic's subsidiaries are mainly local, with revenues and expenses in domestic currencies, and the Group's internal sales are low. Accordingly, currency exposure due to transactions is limited in the operating profit/loss. Exchange rate effects in the Group arise from the translation of foreign subsidiaries' financial statements into SEK.

The fair value of financial instruments is determined by their classification in the fair value hierarchy. The different levels are defined as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable data other than Level 1 for assets or liabilities, either directly or indirectly.

Level 3: Data for assets or liabilities not based on observable market data.

The Group's derivative instruments and loans from credit institutions are classified as Level 2. Liabilities to credit institutions are recognized at fair value.

Segments are reported in accordance with IFRS 8 Operating segments. Segment information is reported in the same way as it is analyzed and studied internally by the executive decision-makers, mainly the CEO, the Executive Committee and the Board of Directors.

Scandic's main markets in which the Group operates are:

Sweden – Swedish hotels operated under the Scandic brand.

Norway – Norwegian hotels operated under the Scandic brand.

Finland – Finnish hotels operated under the Scandic brand as well as hotels operated under the Hilton, Crowne Plaza and Holiday Inn brands.

Other Europe – hotels operated under the Scandic brand in Denmark, Poland and Germany.

Central functions – Costs for finance, business development, IR, communication, technical development, human resources, branding, marketing, sales, IT and purchasing. These functions support all hotels in the Group, including those under leases or management and franchise agreements.

The allocation of revenues between segments is based on the location of the business activities, and segment disclosures are determined after eliminating intra-Group transactions. Revenues derive from many customers in all segments. The segments' performance is based on adjusted EBITDA.

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	2025	2024	2024	24/25
Room revenue	3,068	2,928	15,234	15,373
Restaurant and conference revenue	1,369	1,370	6,143	6,142
Franchise and management fees	6	7	32	31
Other hotel-related revenue	103	114	550	540
Total	4,546	4,419	21,959	22,086

^*) Revenue from bars, restaurants, breakfasts and conferences including rental of premises.

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	2025	2024	2024	24/25
Sweden	1,343	1,325	6,608	6,626
Norway	1,340	1,248	6,128	6,220
Finland	1,037	1,061	4,884	4,859
Denmark	527	522	2,978	2,982
Germany	279	247	1,256	1,288
Poland	20	16	105	109
Total countries	4,546	4,419	21,959	22,086
Other	21	25	96	92
Group adjustments	-21	-25	-96	-92
Group	4,546	4,419	21,959	22,086

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
million SEK	2025	2024	2024	24/25
Lease agreements	4,537	4,391	21,874	22,020
Management agreements	1	2	12	11
Franchise and partner agreements	5	6	32	32
Owned	3	21	40	22
Total	4,546	4,419	21,959	22,086
Other	21	25	96	92
Group adjustments	-21	-25	-96	-92
Group	4,546	4,419	21,959	22,086

										Central
Jan-Mar		Sweden		Norway		Finland	Other Europe			functions*		Group
million SEK	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Room revenue	965	938	874	786	687	700	542	504	-	0	3,068	2,928
Restaurant and conference revenue	358	364	433	424	311	319	267	262	-	-	1,369	1,370
Franchise and management fees	2	2	4	4	-	-	-	0	-0	-	6	7
Other hotel-related revenue	18	21	29	34	39	42	17	18	-	-	103	114
Net sales	1,343	1,325	1,340	1,248	1,037	1,061	826	785	-0	0	4,546	4,419
Internal transactions	-	-	-	-	-	-	-	-	21	25	21	25
Group adjustments	-	-	-	-	-	-	-	-	-21	-25	-21	-25
TOTAL OPERATING INCOME	1,343	1,325	1,340	1,248	1,037	1,061	826	785	-	-	4,546	4,419

Raw materials and consumables	-97	-93	-116	-114	-89	-91	-54	-52	-	-	-356	-349
Other external expenses	-291	-354	-261	-325	-249	-313	-154	-210	-52	173	-1,007	-1,030
Employee benefits expenses	-470	-471	-447	-438	-309	-313	-333	-324	-91	-69	-1,650	-1,614
Rental costs	-429	-412	-374	-345	-367	-375	-262	-261	1,087	1,050	-346	-343
Pre-opening costs	-10	-	-13	-	-0	-	-5	-2	-	-	-28	-2
Depreciation, amortization and				ff
impairment losses	-69	-68	-40	-68	-48	-52	-32	-24	-777	-742	-966	-955
TOTAL OPERATING COSTS	-1,366	-1,398	-1,251	-1,290	-1,062	-1,144	-841	-873	167	412	-4,352	-4,293

Operating profit/loss	-23	-73	89	-42	-25	-83	-15	-88	167	412	194	126
Net financial items	-42	13	-42	14	-45	-17	-37	-2	-289	-511	-454	-504

Profit/loss before taxes	-64	-59	47	-28	-70	-100	-52	-90	-122	-100	-260	-378

^*Central functions here include all effects from group eliminations and IFRS adjustments.

<-- PDF CHUNK SEPARATOR -->

The average number of employees in the Group was 8,910 on March 31, 2025, compared with 10,097 on December 31, 2024.

Rental costs	Jan-Mar 2025	Jan-Mar 2024	Jan-Dec 2024	Apr-Mar 24/25
Fixed and guaranteed rental costs*	-53	-65	-229	-217
Variable rental costs	-293	-278	-1,928	-1,943
Total rental costs	-346	-343	-2,157	-2,161

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
Financial items	2025	2024	2024	24/25
Financial income	4	15	50	39
Financial expenses	-458	-519	-2,025	-1,964
Net financial items	-454	-504	-1,975	-1,925

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
Financial expenses	2025	2024	2024	24/25
Interest expenses, credit institutions	-10	-18	-58	-50
Interest expenses, convertible bond	-	-31	-70	-39
Other interest expenses, net	-11	-17	-103	-97
Other items	-4	-11	-23	-17
Interest expenses, IFRS 16	-432	-442	-1,771	-1,762
Total	-458	-519	-2,025	-1,964

31 Mar		Sweden	Norway			Finland	Other Europe			Central functions	Group
million SEK	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Fixed assets	12,656	13,185	6,977	7,695	17,925	19,839	9,781	10,528	3,069	2,237	50,409	53,484
Investments in fixed assets, excl.
IFRS 16	127	95	66	41	32	7	9	109	26	19	260	271
Investments in fixed assets, incl.
IFRS 16	295	99	66	41	32	7	190	621	26	19	608	787

On April 26, 2021, an extraordinary general meeting approved the Board of Directors' proposal to issue a convertible loan, raising SEK 1,609 million in gross proceeds. After SEK 32 million in issue expenses, net proceeds totaled SEK 1,577 million. Of the net proceeds, SEK 1,231 million was allocated to a convertible loan, and SEK 346 million was allocated to equity.

In November 2023, Scandic repurchased convertible bonds for a nominal amount of SEK 590 million.

In 2024, all outstanding convertible bonds were converted, and the outstanding nominal amount of the convertible debt is now SEK 0 million.

NOTE 09. Interest-bearing net liabilities

	31 Mar	31 Mar	31 Dec
Interest-bearing net liabilities	2025	2024	2024
Liabilities to credit institutions	1,133	982	974
Other interest-bearing liabilities	-	714	-
Cash and cash equivalents	-135	-534	-846
Interest-bearing net liabilities, excl. convertible loan	998	1,162	128
Convertible loan	-	1,140	0
Net debt	998	2,302	128

NOTE 10. Working capital

	31 Mar	31 Mar	31 Dec
Working capital	2025	2024	2024
Current assets, excl. cash and bank balances	1,495	2,191	1,372
Current liabilities	-3,479	-4,515	-3,850
Working capital	-1,984	-2,324	-2,478

NOTE 11. Quarterly data

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Financial key ratios, reported
Net sales	4,546	5,487	6,182	5,871	4,419	5,410
Operating profit/loss	194	626	1,155	927	126	502
Net profit/loss for the period	-217	132	536	310	-327	41
Earnings per share, SEK	-0.99	0.60	2.48	1.50	-1.73	0.27
Alternative performance measures
Adjusted EBITDA	101	544	1,077	841	33	451
Adjusted EBITDA margin, %	2.2	9.9	17.4	14.3	0.7	8.3
Net profit/loss for the period excl. IFRS 16	-128	234	646	421	-206	156
Earnings per share, SEK, excl. IFRS 16	-0.58	1.07	2.98	2.00	-1.10	0.78
Net debt excl. convertible loan/adjusted EBITDA, LTM	0.4	0.1	0.0	0.3	0.5	0.2
Net debt/adjusted EBITDA, LTM	0.4	0.1	0.0	0.7	0.9	0.6
Hotel-related key ratios
RevPAR (revenue per available room), SEK	655	762	941	871	619	734
ARR (average room rate), SEK	1,188	1,279	1,317	1,360	1,193	1,268
OCC (occupancy), %	55.1	59.6	71.4	64.0	51.9	57.9

QUARTERLY DATA PER SEGMENT

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Net sales
Sweden	1,343	1,654	1,873	1,755	1,325	1,641
Norway	1,340	1,461	1,783	1,636	1,248	1,469
Finland	1,037	1,265	1,311	1,246	1,061	1,283
Other Europe	826	1,107	1,214	1,234	785	1,017
Total net sales	4,546	5,487	6,181	5,871	4,419	5,410
Adjusted EBITDA
Sweden	59	220	406	288	66	225
Norway	141	176	353	288	92	170
Finland	22	168	223	162	16	130
Other Europe	21	138	215	239	-26	72
Central functions	-142	-158	-120	-136	-115	-146
Total adjusted EBITDA	101	544	1,077	841	33	451
Adjusted EBITDA margin, %	2.2%	9.9%	17.4%	14.3%	0.7%	8.3%

The Braganza AB group is considered a related party based on its ownership and representation on the Board of Directors during the period. Accommodation revenues from related parties totaled SEK 0 million over the period. Costs for purchasing services from related parties amounted to SEK 0 million. The OECD Transfer Pricing Guidelines were applied to transactions with subsidiaries.

	Jan-Mar	Jan-Mar	31 dec
SEK / EUR	2025	2024	2024
Income statement (average)	11.2315	11.2792	11.4322
Balance sheet (at end of period)	10.8490	11.5250	11.4865
SEK / NOK
Income statement (average)	0.9640	0.9881	0.9832
Balance sheet (at end of period)	0.9506	0.9851	0.9697
SEK / DKK
Income statement (average)	1.5056	1.5127	1.5327
Balance sheet (at end of period)	1.4540	1.5453	1.5398

The Group has applied IFRS 16 Leases since January 1, 2019. The accounting policy means that leases with fixed or minimum rent are recognized in the balance sheet as right-of-use assets and lease liabilities. IFRS 16 has a substantial impact on Scandic's income statement and balance sheet. Since the introduction of IFRS 16, reported EBITDA has increased significantly, as rental costs have fallen while depreciation of right-of-use assets and interest expenses for the lease liability have increased. Since Scandic's business model is to lease (rather than own) hotel properties, IFRS 16 will continue to have a significant impact on the Company's accounts. To help investors gain a good understanding of the Company's position, Scandic presents its performance and financial key ratios both including and excluding the effects of IFRS 16. Scandic's financial targets for profitability, capital structure and dividends exclude the effects of IFRS 16.

With the portfolio of leases that existed at the end of 2024, net profit after tax for 2025 is expected to be negatively impacted by approximately SEK -356 million (2024: -446). With an unchanged portfolio of leases and otherwise unchanged assumptions, the negative effect on profits is expected to diminish over time and affect the net profit positively from 2030. This is because interest expenses for the lease liability decrease over time as the liability is repaid regularly.

The definition of adjusted EBITDA excludes the effect of IFRS 16. The tables below show the reconciliation between the reported outcome according to IFRS and the outcome excluding IFRS 16.

		Jan-Mar 2025			Jan-Mar 2024
MSEK	Reported	Effect IFRS 16	Excl. effect IFRS 16	Reported	Effect IFRS 16	Excl. effect IFRS 16
Operating income	4,546	-	4,546	4,419	-	4,419
						-
Raw materials and consumables	-356	-	-356	-349	-	-349
Other external expenses	-1,007	-	-1,007	-1,030	-	-1,030
Employee benefits expenses	-1,650	-	-1,650	-1,614	-	-1,614
Rental costs	-346	-1,087	-1,433	-343	-1,050	-1,393
Pre-opening costs	-28	-	-28	-2	-	-2
Depreciation, amortization and impairment
losses	-966	766	-199	-955	760	-196
TOTAL OPERATING COSTS	-4,352	-320	-4,673	-4,293	-291	-4,584

Operating profit/loss	194	-320	-127	126	-291	-165

Net financial items	-454	432	-22	-504	442	-62
Profit/loss before taxes	-260	112	-149	-378	151	-227
Taxes	43	-22	21	51	-30	21
Net profit/loss for the period	-217	89	-128	-327	121	-206

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
Rental costs	2025	2024	2024	24/25
Rental costs, reported	-346	-343	-2,157	-2,161
Effect IFRS 16	-1,087	-1,050	-4,271	-4,308
Rental costs excl. IFRS 16	-1,433	-1,393	-6,428	-6,468
- of which fixed rental costs	-1,140	-1,115	-4,500	-4,525
- of which variable rental costs	-293	-278	-1,928	-1,943

Fixed and guaranteed rental costs of Net sales	-25.1%	-25.2%	-20.5%	-20.5%
Variable rental costs of Net sales	-6.4%	-6.3%	-8.8%	-8.8%
Total rental costs of Net sales	-31.5%	-31.5%	-29.3%	-29.3%

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
	2025	2024	2024	24/25
Operating profit/loss	194	126	2,836	2,904
Pre-opening costs	28	2	28	55
Items affecting comparability	-	-	18	18
Depreciation, amortization and impairment losses	966	955	3,884	3,894
Effect IFRS 16	-1,087	-1,050	-4,271	-4,308
Adjusted EBITDA	101	33	2,495	2,563

	Jan-Mar	Jan-Mar	Jan-Dec	Apr-Mar
Paid/received financial items	2025	2024	2024	24/25
Financial items, reported	-454	-504	-1,975	-1,925
of which interest expenses, IFRS 16	ff -432	-442	-1,771	-1,762
Financial net, excl. IFRS 16	-22	-62	-204	-164
Adjustments to paid financial items
Total adjustments	5	45	29	-11
Paid(-)/received(+) financial items, net	-17	-17	-175	-175

ff million SEK Reported Effect IFRS 16 Excl. effect IFRS 16 Reported Effect IFRS 16 Excl. effect IFRS 16 Assets Intangible assets 6,848 - 6,848 7,062 - 7,062 Buildings and land 69 - 69 ⁷⁴ - 74 Right-of-use assets 38,625 -38,625 - 41,421 -41,421 - Equipment, fixtures and fittings 4,100 - 4,100 4,102 - 4,102 Financial assets 767 -708 59 825 -766 59 Total non-current assets 50,409 -39,333 11,076 53,484 -42,187 11,297 Current assets 1,338 157 1,495 2,032 159 2,191 Cash and cash equivalents ¹³⁵ - 135 ⁵³⁴ - 534 Total current assets 1,473 157 1,630 2,566 159 2,725 Total assets 51,882 -39,177 12,706 56,050 -42,028 14,022 Equity and liabilities Equity attributable to Parent Company shareholders 2,644 3,943 6,587 1,718 3,689 5,407 Non-controlling interest ¹⁰³ - 103 ¹¹⁰ - 110 Total equity 2,747 3,943 6,690 1,828 3,689 5,517 Liabilities to credit institutions 1,133 - 1,133 982 - 982 Lease liabilities 40,627 -40,627 - 43,154 -43,154 - Other long-term liabilities 1,050 296 1,346 1,206 178 1,384 Total non-current liabilities 42,810 -40,331 2,480 45,342 -42,976 2,366 Convertible loan - - - 1,140 - 1,140 Current liabilities for leases 2,643 -2,643 - 2,591 -2,591 - Derivative instruments 57 - 57 44 - 44 Other current liabilities 3,624 -146 3,479 5,105 -150 4,955 Total current liabilities 6,325 -2,789 3,536 8,880 -2,741 6,139 Total equity and liabilities 51,882 -39,177 12,706 56,050 -42,028 14,022 31 Mar 31 Mar 2025 2024

CASH FLOW STATEMENT, REPORTED, EXCLUDING THE EFFECT OF IFRS 16

Jan-Mar Jan-Mar 2025 2024 Excl. effect Excl. effect MSEK Reported Effect IFRS 16 IFRS 16 Reported Effect IFRS 16 IFRS 16 OPERATING ACTIVITIES -127 -291 Operating profit/loss 194 -320 126 -165 Depreciation, amortization and impairment 966 -766 199 955 -760 196 Adjustments for non-cash items 37 37 22 22 Paid tax -119 -119 -54 -54 Change in working capital -394 -394 -435 -435 614 Cash flow from operating activities 683 -1,087 -404 -1,050 -436 INVESTING ACTIVITIES -263 Paid net investments -260 -260 -263 Cash flow from investing activities -260 -260 -263 -263 FINANCING ACTIVITIES Interest paid/received -17 -17 -34 -34 Paid interest, leases -432 432 -442 442 -Repurchase of own shares -239 -239 Net borrowing/amortization 156 156 -44 -44 Amortization, leases -655 655 -609 609 Cash flow from financing activities -1,187 1,087 -100 -1,129 1,050 -78 CASH FLOW FOR THE PERIOD -764 -764 -777 -777 Cash and cash equivalents at the beginning of 846 846 1,344 1,344 the period Translation difference in cash and cash 56 -33 56 -33 equivalents Cash and cash equivalents at the end of the 135 534 135 534

EARNINGS PER SHARE

period

	Jan-Mar 2025	Jan-Mar 2024	Jan-Dec 2024	Apr-Mar 24/25
Earnings per share, SEK	-0.99	-1.73	3.19	3.61
Effect IFRS 16	0.41	0.63	2.04	1.90
Earnings per share, SEK, excl. IFRS 16	-0.58	-1.10	5.23	5.51
Average number of outstanding shares after dilution	216,586,524	191,304,116	219,157,928	218,609,288

The CEO affirms that this interim report gives a true and fair view of the Parent Company and Group's operations, financial position and results of operations and that it also describes the significant risks and uncertainties to which the Parent Company and Group companies are exposed.

Stockholm, April 15, 2025

Jens Mathiesen President & CEO

AUDITOR'S REVIEW

This report has not been the subject of any review by the Company's auditors.

The average room revenue per sold room.

LFL refers to the hotels that were in operation for the entire year and the previous year.

Occupancy or occupancy rate refers to sold rooms in relation to the number of available rooms. Expressed as a percentage.

The Group's organic growth refers to revenue growth excluding business acquisitions, adjusted for exchange rate differences.

The average room revenue per available room.

Costs for contracted and newly opened hotels before opening day.

Earnings before pre-opening costs, items affecting comparability, depreciation and amortization, financial items and taxes, adjusted for the effects of IFRS 16.

Adjusted EBITDA as a percentage of net sales.

Items that are not directly related to the normal operations of the Group, such as costs for transactions, integration, restructuring and capital gains/losses from the sale of operations.

Liabilities to credit institutions, commercial papers, convertible loans and other interest-bearing liabilities, less cash and cash equivalents.

Current assets, excluding derivative instruments and cash and cash equivalents, less current liabilities, excluding derivative instruments and the current portion of lease liabilities, other interest-bearing liabilities and commercial papers.

The profit/loss for the period attributable to the shareholders of the Parent Company divided by the average number of shares.

Equity attributable to the shareholders of the Parent Company divided by the total number of shares at the end of the period.

A more comprehensive list of definitions is available at scandichotelsgroup.com/en/definitions

Scandic has a proud heritage of driving sustainability in the hospitality industry. Sustainability is an integrated part of Scandic's culture, strategy and business model and the Company is constantly developing its operations to reduce its climate impact and contribute positively to society. Scandic's strategy for sustainable business is based on three focus areas: MEET – Health, diversity and inclusion, EAT – Food & beverage, SLEEP – Rooms and interiors. As the largest hotel company in the Nordic region, Scandic has the power to drive transformation and inspire change on a large scale. Scandic aims to remain at the forefront when it comes to guests' expectations in areas such as energy supply and climate-friendly and environmentally friendly restaurant offerings. Since the early 1990s, Scandic has ensured its hotels are environmentally certified and maintained a global approach to sustainability. Today, more than 90 percent of Scandic's hotels are certified by the Nordic Swan Ecolabel, the official environmental certification of the Nordic countries, and Scandic aims for all hotels to be certified.

ff

SCANDIC HOTELS GROUP AB (PUBL.)

CORP. ID. NO. 556703-1702
LOCATION: STOCKHOLM, SWEDEN HEAD OFFICE: SVEAVÄGEN 167
102 33 STOCKHOLM, SWEDEN
PHONE: +46 8 517 350 00

AI Terminal

Scandic Hotels Group

3108_10-q_2025-04-15_17a7635e-386e-4a6d-8c8f-82d73ad34e99.pdf