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SkiStar Interim / Quarterly Report 2026
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Interim / Quarterly Report
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SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
STRONG PERFORMANCE IN THE QUARTER DRIVEN BY GOOD DEMAND FOR MOUNTAIN HOLIDAYS
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
SUMMARY, SEK MILLION
| 3 MONTHS | 6 MONTHS | FULL YEAR | |||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep-28 Feb | 1 Sep - 31 Aug | |||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/25 | |
| Net sales | 2,986 | 2,760 | 3,222 | 2,973 | 4,574 |
| Operating income | 2,987 | 2,773 | 3,227 | 2,988 | 4,596 |
| Operating profit | 1,277 | 1,200 | 799 | 718 | 785 |
| Profit/loss after tax | 979 | 928 | 584 | 515 | 552 |
| Basic and diluted earnings per share, SEK | 12.48 | 11.84 | 7.45 | 6.58 | 7.05 |
| Cash flow from operating activities | 1,513 | 1,417 | 1,767 | 1,684 | 1,063 |
| Operating margin, % | 43 | 43 | 25 | 24 | 17 |
| Equity/assets ratio, % | 46 | 45 | 46 | 45 | 45 |
| Equity/assets ratio, excluding IFRS 16, % | 59 | 60 | 59 | 60 | 59 |
| Net interest-bearing debt excluding IFRS 16 | 625 | 704 | 625 | 704 | 1,711 |
SECOND QUARTER
- Net sales for the second quarter increased by SEK 226 million, 8 percent, to SEK 2,986 million (2,760).
- Operating profit for the second quarter increased by SEK 77 million, 6 percent, to SEK 1,277 million (1,200).
- Operating profit for the second quarter, adjusted for capital gains from exploitation assets, increased by SEK 93 million, 8 percent, to SEK 1,277 million (1,183).
- Capital gains from exploitation assets were included with SEK 0 million (16).
- Cash flow from operating activities increased by SEK 97 million to SEK 1,513 million (1,417).
- Basic and diluted earnings per share amounted to SEK 12.48 (11.84), an increase of 5 percent.
FIRST HALF-YEAR
- Net sales for the first half-year increased by SEK 249 million, 8 percent, to SEK 3,222 million (2,973).
- Operating profit for the first half-year increased by SEK 81 million, 11 percent, to SEK 799 million (718).
- Operating profit for the first half-year, adjusted for capital gains from exploitation assets, increased by SEK 97 million, 14 percent, to SEK 799 million (702).
- Capital gains from exploitation assets were included with SEK 0 million (16).
- Cash flow from operating activities increased by SEK 83 million to SEK 1,767 million (1,684).
- Basic and diluted earnings per share amounted to SEK 7.45 (6.58), an increase of 13 percent.
SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD
- Effective 2 January 2026, SkiStar's class B share was transferred to Nasdaq Stockholm, in the Large Cap segment.
- Booking volumes for the winter season 2025/26, measured as the number of overnight stays booked through SkiStar's mediated accommodation, are down 2,7 percent compared with the same time of the previous year.
- Booking volumes for the coming winter season 2026/27 were at the same level as at the same time of the previous year.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
Further information is available from:
Stefan Sjöstrand, CEO tel +46 (0)280 841 60
Sara Jinnerot Uggelberg, CFO tel +46 (0)280 841 60
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
COMMENTS FROM THE CEO
STRONG PERFORMANCE IN THE QUARTER DRIVEN BY GOOD DEMAND FOR MOUNTAIN HOLIDAYS
As we look back on the first part of the winter season and SkiStar's second quarter of the 2025/2026 financial year, we can sum up the period as having been characterised by continued good demand for mountain holidays and a strong performance in our operations. Net sales for the quarter amounted to SEK 2,986 million, an increase of 8 percent on the same period in the previous year. Operating profit in the second quarter also improved, increasing by 6 percent to SEK 1,277 million. Operating profit for the second quarter, adjusted for capital gains from exploitation assets, increased by 8 percent
The second quarter is our most important quarter and I am proud to report our results. We are also pleased to have been able to improve both customer satisfaction and our other key metric, number of skier days sold, in this key quarter. Many people contribute towards making this happen and I would like to thank all our employees for their incredible efforts in achieving these results.
Increased interest
Despite continued macroeconomic uncertainty, demand for mountain holidays remains strong, and we are seeing growing interest in holiday with SkiStar. We welcomed more guests than ever, and such a high number of visitors enabled us to achieve a record number of skier days sold, a total of 4.7 million, an increase by 2 percent. Thanks to the volume of guests all our revenue streams have increased, such as SkiPass, accommodation and sporting goods stores. It is particularly gratifying that our investments in sporting goods stores bear fruit, reporting a 19 percent increase in sales.
Longer stays
Our guests are increasingly choosing complete packages including accommodation, ski rental, activities and ski school, and they are
staying longer at our destinations. At the same time, we can see a clear trend as customer booking patterns continue to be characterised by later bookings and a higher proportion of digital and flexible options. Our data-driven approach and an optimised offering, capacity and pricing are key factors to enable us to quickly adapt our offers.
Investments in the operations
During the quarter, we continued to focus on and adapt to what our guests need and demand, at our destinations. Thanks to efficient, modern snowmaking systems with a high capacity, we have been able to offer high-quality skiing at our destinations. This confirms the strength of our integrated business model. As more customers choose our customised offerings, both sales and profitability improve. This, in turn, lays the foundation for long-term investment in operations, ensuring that we can continue to develop sustainable and attractive destinations.
Overall, following a strong quarter of growth, more guests and a continuing increase in interest from international guests, we are well placed to live up to our vision: to create memorable mountain experiences while also delivering sustainable, profitable growth.
I personally and all of our employees now look forward to welcoming all of you, our guests, to some wonderful springtime skiing as the days grow longer in March and April.
See you on the slopes!
Stefan Sjöstrand, CEO
> The second quarter is our most important quarter and I am proud to report our results. We are also pleased to have been able to improve both customer satisfaction and our other key metric, number of skier days sold, in this key quarter.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
REVENUE AND EARNINGS IN THE SECOND QUARTER
THE GROUP'S PERFORMANCE
DECEMBER 2025 – FEBRUARY 2026
Revenue in the second quarter amounted to SEK 2,987 million (2,773). Net sales increased by SEK 226 million to SEK 2,986 million (2,760), an increase of 8 percent on the same period in the previous year. SkiPass revenue in the period amounted to SEK 1,360 million (1,277), an increase of SEK 83 million, or 8 percent, which was partly due to a favourable calendar. Accommodation revenue also increased by 8 percent to SEK 832 million (770). Sales in sporting goods stores increased to SEK 245 million (205) in the period, an increase of 19 percent. Changes in the NOK/SEK exchange rate had a negative effect of SEK -45 million (-20), or -2 percent, on net sales, while the effect of acquisitions had a positive effect on sales of SEK 66 million (0), or 2 percent. Organic growth, excluding exchange rate effects and acquisitions, was positive in the quarter and amounted to SEK 205 million (249), which corresponds to 7 percent (10). Of the increase in revenue in the second quarter, SEK 52 million was attributable to the acquisition of the operations at Sälens Höggjällshotell. Operating profit improved by SEK 77 million to SEK 1,277 million (1,200), corresponding to 6 percent. Merchandise costs increased by 12 percent, primarily as a result of strong volume growth from accommodation and sporting goods stores. Other external expenses amounted to SEK -439 million (-427), an increase of 3 percent, primarily as a result of rising energy costs and selling expenses related to our online sales of sporting goods. Personnel costs rose by 6 percent. No property transactions took place in the quarter; this had a negative effect of SEK -16 million compared with the corresponding period in the previous year (16). Changes in the NOK/SEK exchange rate had a negative effect of SEK -20 million (-11) on operating profit. Share of profit of associates and joint ventures impacted profit by SEK 9 million (13). Depreciation/amortisation amounted to SEK -146 million (-139).
Net financial items in the quarter amounted to SEK -38 million (-15), a decline of SEK -23 million, Net interest expense amounted to SEK -17 million (-22), including lease-related interest of SEK -11 million (-11) under IFRS 16. Changes in the value of interest rate derivatives amounted to SEK -18 million (11). Exchange losses amounted to SEK -17 million (-25) and exchange gains amounted to SEK 14 million (21). The Group's profit after tax amounted to SEK 979 million (927), an increase of SEK 51 million or 5 percent.
Operation of Mountain Resorts
Revenue amounted to SEK 2,598 million (2,452). Net sales amounted to SEK 2,596 million (2,439), an increase of SEK 157 million, or 6 percent, on the same period in the previous year. Operating profit improved by SEK 77 million to SEK 1,141 million (1,064), corresponding to 7 percent. SkiPass revenue was the largest revenue stream in the quarter with sales amounting to SEK 1,360 million (1,277), an increase of 7 percent. Accommodation revenue increased by 6 percent in the period to SEK 622 million (585). The revenue category sales from sporting goods stores, including online sales, showed the strongest growth and increased by SEK 40 million to SEK 245 million (205), corresponding to 19 percent. External expenses increased by 4 percent and amounted to SEK -1,328 million (-1,274). The increase in costs of merchandise and selling expenses was primarily due to a change in revenue mix. Depreciation/amortisation amounted to SEK -99 million (-97).
Property Development and Exploitation
Revenue amounted to SEK 39 million (31) while net sales declined to SEK 6 million (12). Revenue from other segments amounted to SEK 33 million (19). The changes in revenue were partly due to the fact that SkiStar took over the operation of new business units (Sälens Höggjällshotell) and restaurants, which meant that revenues were brought in-house, and partly to changes in the distribution of revenue over periods of time. No property transactions were carried out in the quarter, while property transactions resulting in a capital gain of SEK 16 million took place in the same period in the previous year. Share of profit of joint ventures and associates decreased by SEK 4 million to SEK 9 million (13), primarily as a result of the holding in Scandinavian Mountains Airport. Depreciation/amortisation increased to SEK -10 million (-9) million. Operating profit fell to SEK 18 million in the quarter (36).
Operation of Hotels
Revenue in the quarter amounted to SEK 383 million (309), up by SEK 74 million, of which SEK 52 million was due to the acquisition of the operations at Sälens Höggjällshotell (Topeja AB). Operating profit improved by SEK 17 million to SEK 117 million (100). Accommodation revenue increased by SEK 24 million, while sales from restaurants increased by SEK 42 million to SEK 128 million (86) in the quarter. Other revenue increased to SEK 40 million (34). External operating expenses increased by SEK 53 million to SEK -226 million (-173), of which SEK 47 million was attributable to Sälens Höggjällshotell. Housekeeping and property costs also increased.
Seasonal effects
SkiStar's operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters. The number of days off during Christmas and New Year, and whether Easter falls early or late, also cause variations in earnings. Over half of the revenue is paid in advance.
QUARTERLY VALUES, SEK MILLION
| 2025/26 | 2024/25 | 2023/24 | 2022/23 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
| Net sales | 2,986 | 236 | 226 | 1,375 | 2,760 | 212 | 225 | 1,467 | 2,531 | 220 | 236 | 1,410 |
| Operating profit/loss | 1,277 | -478 | -310 | 377 | 1,200 | -482 | -279 | 418 | 1,066 | -464 | -239 | 373 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
Insiderinfo
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
REVENUE AND EARNINGS IN THE FIRST HALF-YEAR
THE GROUP'S PERFORMANCE
SEPTEMBER 2025–FEBRUARY 2026
Revenue amounted to SEK 3,227 million (2,988). Net sales increased by SEK 249 million to SEK 3,222 million (2,973), an increase of 8 percent compared with the same period in the previous year. Changes in the NOK/SEK exchange rate had a negative effect of SEK -47 million (-22), or -2 percent, on net sales. Acquisitions had a positive effect of SEK 72 million (0), or 2 percent, on net sales compared with the same period in the previous year. Organic growth, excluding exchange rate effects and acquisitions, was positive and amounted to SEK 224 million (243), corresponding to 8 percent. Of the increase in revenue in the first six months, SEK 58 million was attributable to the acquisition of Sälens Högfjällshotell. The underlying increase in sales in the period related to all main revenue streams except rental income, as an effect of our integrated business model. SkiPass revenue amounted to SEK 1,382 million (1,294), corresponding to an increase of 7 percent, while accommodation revenue rose by SEK 62 million to SEK 855 million (792). Revenue from sporting goods stores increased by 15 percent to SEK 364 million (316) in the first half of the year.
Operating profit increased by SEK 81 million, or 11 percent, to SEK 799 million (718), while the operating margin was 25 percent (24) during the six-month period. Changes in the NOK/SEK exchange rate had a negative effect of SEK -15 million (-7), or -2 percent, on operating profit. Operating profit was affected by share of profit from associates/joint ventures of SEK 5 million (7). No property transactions took place in the period; this had a negative effect of SEK -16 million compared with the corresponding period in the previous year (16). Depreciation/amortisation amounted to SEK -285 million (-272).
Net financial items in the period amounted to SEK -58 million (-51), a decline of SEK 7 million. The decline in net financial items was primarily due to a change in the value of interest rate derivatives, which amounted to SEK -13 million (7). Interest expenses amounted to SEK -42 million (-54), including lease-related interest of SEK -21 million (-22) under IFRS 16. Exchange losses amounted to SEK -19 million (-26) and exchange gains amounted to SEK 15 million (21). The Group's profit after tax amounted to SEK 584 million (515), an improvement of SEK 68 million, or 13 percent.
Operation of Mountain Resorts
Revenue amounted to SEK 2,795 million (2,628). Net sales amounted to SEK 2,790 million (2,612), an increase of SEK 177 million, or 7 percent, on the same period in the previous year. The increase in sales occurred mainly in the second quarter and stemmed mainly from SkiPass (up SEK 88 million), sporting goods stores (up SEK 48 million) and accommodation (up SEK 36 million). Operating profit improved by SEK 86 million to SEK 749 million (663), corresponding to 13 percent.
Property Development and Exploitation
Revenue amounted to SEK 51 million (39) and net sales to SEK 9 million (14). Revenue from other segments increased to SEK 42 million (25), which was partly due to acquisitions and new operations but also to the distribution of revenue over periods of time. Operating profit decreased by SEK 13 million to SEK 2 million (15) as a result of the fact that no property transactions were carried out in the first half of the year, and this had a negative effect of SEK -16 million compared with the same period in the previous year.
Operation of Hotels
Revenue, which corresponded to net sales, amounted to SEK 423 million (346), an increase of SEK 77 million, or 22 percent, on the same period in the previous year. Of the increase, SEK 58 million was attributable to the acquired operations at Sälens Högfjällshotell. The remaining increase stemmed from accommodation and restaurant revenue in the second quarter. Operating profit increased by SEK 8 million to SEK 48 million (40).
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC.
Cash flow
Cash flow from operating activities after changes in working capital was SEK 1,767 million (1,684) for the period, an increase of SEK 83 million compared with the corresponding period in the previous year. The Group carried out significant investments at the beginning of the financial year and cash flow from investing activities in the first half of the year amounted to SEK -340 million (-186). In the previous year, the Group reported a land sale that had a positive effect on cash flow of SEK 27 million, but there were no such transactions in the first half of the current financial year. Cash flow from financing activities amounted to SEK -1,040 million (-1,499).
Liquidity and financing
The Group's cash and cash equivalents amounted to SEK 406 million (23) at the end of February, and as at that date neither the overdraft facility nor the revolving credit facility (RCF) were used. Unused credit facilities amounted to a total of SEK 1,800 million (877). The Group's total available liquidity at the end of the period was SEK 2,206 million (900). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,031 million (727), an increase of SEK 304 million. Interest-bearing liabilities including IFRS 16 amounted to SEK 3,009 million (2,760), an increase of SEK 249 million on the previous year. Total interest-bearing liabilities included lease liabilities in accordance with IFRS 16 of SEK 1,977 million (2,033), of which SEK 1,280 million (1,342) comprised lease liabilities to the partly owned joint venture holding Skiab Invest. The average interest rate during the period, including interest rate swaps but excluding IFRS 16, was 3.44 percent (4.18). Net interest-bearing debt, excluding IFRS 16, relative to EBITDA for the most recent twelve-month period was 0.5 (0.6). The equity/assets ratio increased to 46 percent (45). The equity/assets ratio excluding IFRS 16 was 59 percent (60).
Tax
Tax expense for the period amounted to SEK -157 million (-152) and was largely attributable to current tax. The effective tax rate was 21.2 percent (22.7).
Investments
Investments for the first six months of the year amounted to SEK 353 million (216) gross and SEK 340 million (186) net. The difference between gross and net is disposals. The increase in investments compared with the corresponding period in the previous year was primarily due to the large investments carried out in the first quarter of the year, ahead of the start to the season. Depreciation and amortisation for the same period amounted to SEK 285 million (272).
Personnel
The average number of employees was 1,945 (1,870), an increase of 75 compared with the previous year. Personnel costs amounted to SEK 633 million (598).
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 at 28 February 2026, is also the main owner of Peab, with which SkiStar has a business relationship. In the first half of the financial year, purchases from Peab amounted to SEK 3 million (10). Outstanding liabilities to Peab totalled SEK 0 million (5). Sales to Peab amounted to SEK 0 million (0) and outstanding receivables were SEK 0 million (0). Purchases from associates in the first half-year amounted to SEK 96 million (84) and outstanding liabilities to associates amounted to SEK 26 million (26). Sales to associates amounted to SEK 5 million (5) and receivables from associates amounted to SEK 21 million (22), SEK 19 million (20) of which related to loans to associates. Current lease liabilities to associates under IFRS 16 amounted to SEK 1,280 million (1,342), and right-of-use assets amounted to SEK 1,197 million (1,267). In addition to the Group's related-party transactions, the Parent Company carries out transactions with subsidiaries. Disclosures of related-party transactions and a description of their nature can be found in Note 35 of the 2024/25 Annual Report.
Parent Company
The Parent Company generated net sales of SEK 2,133 million (2,069) and operating profit of SEK 441 million (431) in the first six months of the year. Net investments amounted to SEK 170 million (92).
Outlook for 2025/26
The winter season of 2025/26 has enabled us to achieve a record number of skier days sold at Skistar's destinations, with very good snow conditions and high customer satisfaction. With an occupancy rate by approximately 75 percent for the coming Easter weekend, we look forward with confidence to a good last part of the winter season.
A strengthened focus on the summer season is being made for the summer of 2026, and the booking situation for the summer is 14 percent higher than at the same time last year.
Looking ahead of the 2026/27 winter season
Booking volumes for the forthcoming winter season are at the same level as at the same time of the previous year, and approximately 20 percent of the season's volumes have already been booked. Customer booking patterns continues to be characterised by later bookings and we are actively striving to optimise the periods which we believe offers the greatest potential for a further increase in occupancy. Looking ahead of the 2026/27 winter season, further investments are planned, reinvestments as well as new investments, in, among other things, snow production and increased capacity in the form of lifts investments and development of the ski slopes.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
SUSTAINABILITY
News during the period
Climate (E1)
Emissions from own operations amounted to 499 tonnes of CO₂e in the first six months of the year, an increase on the corresponding period in the previous year, when emissions amounted to 429 tonnes of CO₂e. The increase was primarily due to SkiStar's new hotel operations at Sälens Högfjällshotell. Within scope 3, a reduction in emissions linked to guest travel per ski day of 13.1 kg CO₂e (18.9) is noted. The development is primarily driven by an increased proportion of guests travelling to/from destinations by electric car, approximately 25 percent, and a slightly increased use of HVO100 linked to targeted guest campaigns.
Own workforce (S1)
In the period, 211 accidents involving personal injury were reported, of which four were deemed serious and 207 were deemed minor accidents. In addition, 253 non-conformities and near misses were recorded, an increase on the same period in the previous year. We are seeing a positive trend in reporting with a larger proportion of reports involving near misses rather than serious accidents. At the same time, we have noted a rise in reported incidents involving guests acting in a threatening or unpleasant manner. These are followed up as part of our ongoing work on health, safety and the work environment.
Our leadership index stood at 4.2, an improvement compared with the previous year and above SkiStar's target of 4.0. The employee satisfaction index, which in our most recent measurement was 68, also improved compared with the previous year and we are actively working to achieve our target of 70.
Affected communities (S3)
To encourage more people to be active, SkiStar offers free season passes for all young people up to and including 17 years of age, as well as seniors aged 70 and above who are resident in one of our home municipalities. The number of free passes provided to young people and seniors amounted to 3,472 (3,373) in the first half of the year.
Public health (S4)
In the first half of the year, the number of skier and activity days sold amounted to 4,734,439 (4,637,964), an increase of 2 percent on the same period in the previous year.
Guest safety is a key part of SkiStar's operations. SkiStar is continuously seeking to reduce the risk of accidents through greater presence of staff, clearer information on the rules of conduct on the slopes, and proactive measures by the ski patrols. In the first half of the year, the ski patrols dealt with 3,530 near misses and accidents, down from 3,666 in the corresponding period in the previous year. The number of incidents per run amounted to 0.01 percent.
Other activities during the quarter
The Global Sustainability Ski Alliance network has approved a new member: the US ski resort TAOS Ski Valley.
SkiStar was awarded an A- rating in CDP's Supplier Engagement Assessment (SEA) 2025.
About the sustainability section of this interim report
This is a quarterly follow-up of SkiStar's sustainability work and has not been prepared in accordance with Chapter 6, Section 1, of the Annual Accounts Act. An overview of the sustainability initiatives is published annually in the sustainability report. Read more at: https://investor.skistar.com/en/esg/esg.
OTHER INFORMATION
SkiStar Share
The number of shareholders was 62,173 on 28 February 2026, which is an increase of 1,772 (2.9 percent) since 31 August 2025. SkiStar's class B share is listed on Nasdaq Stockholm, in the Large Cap segment. The number of shares was 78,376,056, of which 3,648,000 are class A shares and 74,728,056 are class B shares. The closing price of the SkiStar share was SEK 175.30 on 27 February 2026 which was the last day of trading during the period.
Regulatory press releases during the quarter and after the end of the period
- 2026-03-12 Invitation to conference call with web presentation of SkiStar AB's Half-Year Report for 2025/26
- 2025-12-18 SkiStar AB Interim Report September 2025-November 2025
- 2025-12-13 Bulletin from Annual General Meeting in SkiStar AB
The press releases are available in full at https://investor.skistar.com/en/nyheter/pressmeddelanden.
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 risk paragraph on page 34 and note 32 in the Annual and sustainability report for 2024/25.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed consolidated statement of comprehensive income
| SEK MILLION | Note | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|---|
| 1 Dec -28 Feb | 1 Sep - 28 Feb | |||||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 1 Sep - 31 Aug | ||
| Operating income | ||||||
| Net sales | 3 | 2,986 | 2,760 | 3,222 | 2,973 | 4,574 |
| Other income | 1 | 13 | 5 | 15 | 22 | |
| Total operating income | 2,987 | 2,773 | 3,227 | 2,988 | 4,596 | |
| Operating expenses | ||||||
| Merchandise | -692 | -622 | -802 | -724 | -1,134 | |
| Other external expenses | -439 | -427 | -713 | -700 | -1,107 | |
| Personnel costs | -442 | -415 | -633 | -598 | -1,062 | |
| Capital gains from exploitation assets | - | 16 | - | 16 | 46 | |
| Share of profit/loss of joint ventures/associates | 9 | 13 | 5 | 7 | 6 | |
| Depreciation and amortisation of assets | -146 | -139 | -285 | -272 | -559 | |
| Operating profit/loss | 1,277 | 1,200 | 799 | 718 | 785 | |
| Net financial items | -38 | -15 | -58 | -51 | -101 | |
| Profit/loss before tax | 1,239 | 1,185 | 740 | 667 | 684 | |
| Tax | -260 | -257 | -157 | -152 | -132 | |
| Profit/loss for the period | 979 | 928 | 584 | 515 | 552 |
As a result of a reclassification in the income statement, the following items have changed with effect from 1 September 2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the line Capital gains from exploitation assets. They were previously reported as a gross amount under Net sales and Costs of sold interests in accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised on the line Merchandise rather than under Other external expenses. Costs of sold interests in accommodation/SkiStar Vacation Club are now recognised on the line Merchandise rather than under Costs of sold interests in accommodation/exploitation assets.
The comparative figures have been adjusted in accordance with the reclassifications, and the effects of the changes are shown in the tables in Note 6.
| SEK MILLION | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|
| 1 Dec -28 Feb | 1 Sep - 28 Feb | ||||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 1 Sep - 31 Aug | |
| Other comprehensive income | |||||
| Items that may be reclassified to profit or loss | |||||
| Change in fair value of cash flow hedges for the period/year | 4 | -2 | 3 | - | 11 |
| Deferred tax on cash flow hedges | -1 | - | -1 | - | -2 |
| Exchange differences on translation of foreign operations for the period/year | 32 | -41 | 17 | -26 | -35 |
| Other comprehensive income for the period/year | 36 | -42 | 19 | -27 | -26 |
| Total comprehensive income for the period/year | 1,014 | 885 | 603 | 488 | 526 |
| Profit/loss for the period attributable to: | |||||
| Shareholders of the Parent | 978 | 928 | 584 | 515 | 553 |
| Non-controlling interests | - | - | - | - | -1 |
| Profit/loss for the period | 979 | 928 | 584 | 515 | 552 |
| Comprehensive income for the period attributable to: | |||||
| Shareholders of the Parent | 1,014 | 885 | 603 | 489 | 526 |
| Non-controlling interests | - | - | - | - | -1 |
| Total comprehensive income for the period | 1,014 | 885 | 603 | 488 | 526 |
| Basic and diluted earnings per share, SEK | 12.48 | 11.84 | 7.45 | 6.58 | 7.05 |
| Number of shares outstanding at the end of the period | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 |
| Average number of shares outstanding | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed consolidated statement of financial position
| ASSETS, SEK MILLION | Note | 28 Feb 2026 | 28 Feb 2025 | 31 Aug 2025 |
|---|---|---|---|---|
| Non-current assets | ||||
| Intangible assets | 256 | 230 | 253 | |
| Property, plant and equipment | 5,056 | 4,782 | 4,884 | |
| Right-of-use assets | 1,871 | 1,937 | 1,922 | |
| Investments in joint ventures/associates | 778 | 776 | 775 | |
| Other investments and securities held as non-current assets | 42 | 43 | 41 | |
| Long term derivatives | 4 | 9 | 20 | 15 |
| Deferred tax receivables | 22 | 23 | 21 | |
| Other non-current receivables | 30 | 38 | 39 | |
| Total non-current assets | 8,065 | 7,849 | 7,952 | |
| Current assets | ||||
| Inventories | 478 | 468 | 480 | |
| 478 | 468 | 480 | ||
| Short-term derivatives | 4 | 4 | 1 | 3 |
| Trade receivables | 123 | 90 | 36 | |
| Tax receivables | - | - | 24 | |
| Other current receivables | 173 | 91 | 94 | |
| Prepaid expenses and accrued income | 174 | 159 | 154 | |
| 474 | 341 | 310 | ||
| Cash and cash equivalents | 406 | 23 | 20 | |
| Total current assets | 1,357 | 831 | 811 | |
| TOTAL ASSETS | 9,422 | 8,680 | 8,762 | |
| EQUITY AND LIABILITIES, SEK MILLION | Note | 28 Feb 2026 | 28 Feb 2025 | 31 Aug 2025 |
| --- | --- | --- | --- | --- |
| Equity | ||||
| Share capital | 20 | 20 | 20 | |
| Other contributed capital | 398 | 398 | 398 | |
| Reserves | -142 | -162 | -162 | |
| Retained earnings, including profit/loss for the period | 4,055 | 3,670 | 3,707 | |
| Equity attributable to shareholders of the Parent | 4,330 | 3,925 | 3,963 | |
| Non-controlling interests | - | 1 | - | |
| Total equity | 4,330 | 3,926 | 3,963 | |
| Non-current liabilities | ||||
| Liabilities to credit institutions | 993 | 483 | 1,387 | |
| Long-term leasing liabilities | 1,781 | 1,844 | 1,829 | |
| Provisions for pensions | 20 | 19 | 20 | |
| Long-term Derivatives | 4 | 9 | 3 | 3 |
| Deferred tax liabilities | 217 | 224 | 220 | |
| Total non-current liabilities | 3,020 | 2,574 | 3,458 | |
| Current liabilities | ||||
| Liabilities to credit institutions | 18 | 224 | 324 | |
| Short-term lease liabilities | 196 | 189 | 195 | |
| Short-term derivaties | 4 | - | 11 | 3 |
| Trade payables | 383 | 339 | 243 | |
| Tax liabilities | 138 | 123 | 63 | |
| Other current liabilities | 800 | 780 | 310 | |
| Accrued expenses and deferred income | 535 | 513 | 205 | |
| Total current liabilities | 2,072 | 2,180 | 1,341 | |
| Total liabilities | 5,093 | 4,754 | 4,799 | |
| TOTAL EQUITY AND LIABILITIES | 9,422 | 8,680 | 8,762 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed consolidated statement of changes in equity
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
| GROUP, SEK MILLION | Share capital | Other Contributed capital | Translation reserves | Hedging reserves and profit/loss for the year | Retained earnings | Total | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| Opening equity, 1 Sep 2024 | 20 | 398 | -126 | -9 | 3,374 | 3,656 | 1 | 3,657 |
| Profit/loss for the period | 516 | 516 | - | 515 | ||||
| Other comprehensive income for the period | -26 | - | - | -27 | - | -27 | ||
| Comprehensive income for the period | -26 | - | 516 | 489 | - | 489 | ||
| Dividends | -219 | -219 | -219 | |||||
| Closing equity, 28 Feb 2025 | 20 | 398 | -153 | -9 | 3,670 | 3,925 | 1 | 3,926 |
| Opening equity, 1 Sep 2025 | 20 | 398 | -162 | - | 3,707 | 3,963 | - | 3,963 |
| Profit/loss for the period | 584 | 584 | - | 584 | ||||
| Other comprehensive income for the period | 16 | 3 | 19 | - | 19 | |||
| Comprehensive income for the period | 16 | 3 | 584 | 602 | - | 602 | ||
| Dividends | -235 | -235 | -235 | |||||
| Closing equity, 28 Feb 2026 | 20 | 398 | -145 | 3 | 4,055 | 4,330 | - | 4,330 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed consolidated statement of cash flows
| SEK MILLION | Note | 3 MONTHS
1 Dec - 28 Feb | | 6 MONTHS
1 Sep - 28 Feb | | FULL YEAR
1 Sep - 31 Aug
2024/25 |
| --- | --- | --- | --- | --- | --- | --- |
| | | 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Operating activities | | | | | | |
| Profit/loss after financial items | | 1,239 | 1,185 | 740 | 667 | 684 |
| Adjustments for non-cash items | | 169 | 90 | 303 | 229 | 501 |
| | | 1,408 | 1,274 | 1,043 | 895 | 1,185 |
| Tax paid | | -55 | -55 | -63 | -54 | -122 |
| Changes in working capital | | 160 | 197 | 787 | 842 | - |
| Cash flow from operating activities | | 1,513 | 1,417 | 1,767 | 1,684 | 1,063 |
| Investing activities | | | | | | |
| Acquisition of businesses, net cash effect | 5 | - | - | -3 | - | -20 |
| Acquisition of intangible assets | | -7 | -3 | -9 | -6 | -19 |
| Acquisition of property, plant and equipment | | -69 | -72 | -341 | -209 | -509 |
| Sale of property, plant and equipment | | - | 29 | 4 | 30 | 73 |
| Changes in financial assets | | 9 | -1 | 8 | -1 | 2 |
| Cash flow from investing activities | | -66 | -47 | -340 | -186 | -474 |
| Financing activities | | | | | | |
| Borrowings | | - | 30 | 178 | 180 | 2,107 |
| Repayment of loans | | -785 | -1,134 | -898 | -1,385 | -2,316 |
| Repayment of lease liability | | -45 | -43 | -85 | -75 | -165 |
| Dividend paid | | -235 | -219 | -235 | -219 | -219 |
| Cash flow from financing activities | | -1,065 | -1,366 | -1,040 | -1,499 | -1,593 |
| Cash flow for the period | | 382 | 4 | 386 | -1 | -4 |
| Cash and cash equivalents at start of period | | 25 | 20 | 20 | 25 | 25 |
| Exchange differences | | - | - | - | - | -1 |
| Cash & cash equivalents at end of period | | 406 | 23 | 406 | 23 | 20 |
- In the previous year, interest paid on lease liabilities was recognised on the line Repayment of lease liability. The comparative figures have now been corrected so that interest expense is instead included in Cash flow from operating activities. The adjustment amounts total SEK -5 million for the second quarter and SEK -21 million for the six months and SEK -45 million for the full year 2024/25.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
The Group's operating segments
| 3 MONTHS
1 Dec 2025 – 28 Feb 2026 | Operation of mountain resorts | Property development and exploitation | Operation of hotels | Group eliminations | Group total |
| --- | --- | --- | --- | --- | --- |
| SEK MILLION | | | | | |
| Net sales | 2,596 | 6 | 383 | - | 2,986 |
| Other income | 1 | - | - | - | 1 |
| Income from other segments | - | 33 | - | -33 | - |
| Total operating income | 2,598 | 39 | 383 | -33 | 2,987 |
| External operating expenses | -1,328 | -16 | -226 | - | -1,570 |
| Capital losses | - | -3 | - | - | -3 |
| Capital gains from exploitation assets | - | - | - | - | - |
| Share of profit/loss of joint ventures/associates | - | 9 | - | - | 9 |
| Depreciation and amortisation | -99 | -10 | -37 | - | -146 |
| Costs from other segments | -29 | - | -3 | 33 | - |
| Total operating costs | -1,457 | -21 | -266 | 33 | -1,710 |
| Operating profit/loss | 1,141 | 18 | 117 | - | 1,277 |
| Intangible assets | 193 | - | 63 | - | 256 |
| Property plant and equipment | 3,718 | 783 | 554 | - | 5,056 |
| Right-of-use assets | 670 | 1 | 1,200 | - | 1,871 |
| 3 MONTHS
1 Dec 2024- 28 Feb 2025 | Operation of mountain resorts | Property development and exploitation | Operation of hotels | Group eliminations | Group total |
| --- | --- | --- | --- | --- | --- |
| SEK MILLION | | | | | |
| Net sales | 2,439 | 12 | 309 | - | 2,760 |
| Other income | 13 | - | - | - | 13 |
| Income from other segments | - | 19 | - | -19 | - |
| Total operating income | 2,452 | 31 | 309 | -19 | 2,773 |
| External operating expenses | -1,274 | -14 | -173 | - | -1,461 |
| Capital losses | - | -2 | - | - | -2 |
| Capital gains from exploitation assets | - | 16 | - | - | 16 |
| Share of profit/loss of joint ventures/associates | 1 | 13 | -2 | - | 13 |
| Depreciation and amortisation | -97 | -9 | -34 | - | -139 |
| Costs from other segments | -19 | - | - | 19 | - |
| Total operating costs | -1,388 | 5 | -209 | 19 | -1,573 |
| Operating profit/loss | 1,064 | 36 | 100 | - | 1,200 |
| Intangible assets | 229 | - | 1 | - | 230 |
| Property plant and equipment | 3,453 | 797 | 532 | - | 4,782 |
| Right-of-use assets | 662 | 1 | 1,274 | - | 1,937 |
As a result of a reclassification in the income statement, the following items have changed with effect from 1 September 2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the line Capital gains from exploitation assets. They were previously reported as a gross amount under Net sales and Costs of sold interests in accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised on the line Merchandise rather than under Other external expenses. Costs of sold interests in accommodation/SkiStar Vacation Club are now recognised on the line Merchandise rather than under Costs of sold interests in accommodation/exploitation assets.
The comparative figures have been adjusted in accordance with the reclassifications.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
The Group's operating segments
| 6 MONTHS
1 Sep 2025 – 28 Feb 2026 | Operation of mountain resorts | Property development and exploitation | Operation of hotels | Group eliminations | Group total |
| --- | --- | --- | --- | --- | --- |
| SEK MILLION | | | | | |
| Net sales | 2,790 | 9 | 423 | - | 3,222 |
| Other income | 5 | - | - | - | 5 |
| Income from other segments | - | 42 | - | -42 | - |
| Total operating income | 2,795 | 51 | 423 | -42 | 3,227 |
| External operating expenses | -1,815 | -28 | -302 | - | -2,144 |
| Capital losses | - | -3 | - | - | -4 |
| Capital gains from exploitation assets | - | - | - | - | - |
| Share of profit/loss of joint ventures/associates | 1 | 4 | - | - | 5 |
| Depreciation and amortisation | -193 | -22 | -70 | - | -285 |
| Costs from other segments | -39 | - | -3 | 42 | - |
| Total operating costs | -2,046 | -49 | -376 | 42 | -2,428 |
| Operating profit/loss | 749 | 2 | 48 | - | 799 |
| Intangible assets | 193 | - | 63 | - | 256 |
| Property plant and equipment | 3,718 | 783 | 554 | - | 5,056 |
| Right-of-use assets | 670 | 1 | 1,200 | - | 1,871 |
| 6 MONTHS
1 Sep 2024- 28 Feb 2025 | Operation of mountain resorts | Property development and exploitation | Operation of hotels | Group eliminations | Group total |
| --- | --- | --- | --- | --- | --- |
| SEK MILLION | | | | | |
| Net sales | 2,612 | 14 | 346 | - | 2,973 |
| Other income | 15 | - | - | - | 15 |
| Income from other segments | 1 | 25 | - | -25 | - |
| Total operating income | 2,628 | 39 | 346 | -25 | 2,988 |
| External operating expenses | -1,754 | -27 | -238 | - | -2,019 |
| Capital losses | - | -2 | - | - | -2 |
| Capital gains from exploitation assets | - | 16 | - | - | 16 |
| Share of profit/loss of joint ventures/associates | 2 | 5 | - | - | 7 |
| Depreciation and amortisation | -188 | -17 | -67 | - | -272 |
| Costs from other segments | -25 | - | -1 | 25 | - |
| Total operating costs | -1,965 | -24 | -306 | 25 | -2,270 |
| Operating profit/loss | 663 | 15 | 40 | - | 718 |
| Intangible assets | 229 | - | 1 | - | 230 |
| Property plant and equipment | 3,453 | 797 | 532 | - | 4,782 |
| Right-of-use assets | 662 | 1 | 1,274 | - | 1,937 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
The Group's operating segments, continued
| FULL YEAR
1 Sep 2024 - 31 Aug 2025 | Operation of
mountain resorts | Property
development
and
exploitation | Operation of
hotels | Group
eliminations | Group total |
| --- | --- | --- | --- | --- | --- |
| SEK MILLION | | | | | |
| Net sales | 3,995 | 24 | 555 | - | 4,574 |
| Other income | 22 | - | - | | 22 |
| Income from other segments | 1 | 44 | - | -45 | - |
| Total operating income | 4,018 | 69 | 555 | -45 | 4,596 |
| External operating expenses | -2,836 | -51 | -414 | - | -3,301 |
| Capital losses | -1 | -2 | -1 | - | -3 |
| Capital gains from exploitation
assets | - | 46 | - | - | 46 |
| Share of profit/loss of joint
ventures/associates | 1 | 5 | - | - | 6 |
| Depreciation and amortisation | -391 | -33 | -136 | - | -559 |
| Costs from other segments | -44 | - | -1 | 45 | - |
| Total operating costs | -3,271 | -34 | -551 | 45 | -3,811 |
| Operating profit/loss | 747 | 35 | 3 | - | 785 |
| Intangible assets | 189 | - | 64 | - | 253 |
| Property plant and equipment | 3,519 | 818 | 547 | - | 4,884 |
| Right-of-use assets | 683 | - | 1,239 | - | 1,922 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed income statement - parent company
| SEK MILLION | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep - 31 Aug | |||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/25 | |
| Operating income | |||||
| Net sales | 1,940 | 1,875 | 2,133 | 2,069 | 3,188 |
| Other income | 1 | 8 | 5 | 9 | 13 |
| Total operating income | 1,941 | 1,883 | 2,137 | 2,077 | 3,201 |
| Operating expenses | |||||
| Merchandise | -448 | -410 | -536 | -492 | -773 |
| Other external expenses | -368 | -391 | -611 | -664 | -1,089 |
| Personnel costs | -302 | -274 | -432 | -395 | -694 |
| Capital gains from exploitation assets | - | 16 | - | 16 | 17 |
| Depreciation and amortisation of assets | -60 | -58 | -118 | -113 | -230 |
| Operating profit/loss | 763 | 766 | 441 | 431 | 433 |
| Net financial items | -23 | 3 | -27 | -13 | -33 |
| Profit/loss after financial items | 740 | 769 | 413 | 418 | 400 |
| Appropriations | - | - | - | - | -11 |
| Profit/loss before tax | 740 | 769 | 413 | 418 | 388 |
| Tax | -153 | -160 | -86 | -90 | -77 |
| Profit/loss for the period | 587 | 608 | 328 | 328 | 311 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Condensed balance sheet – parent company
| ASSETS, SEK MILLION | 28 Feb 2026 | 28 Feb 2025 | 31 Aug 2025 |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 106 | 103 | 107 |
| Property, plant and equipment | 2,579 | 2,475 | 2,523 |
| Investments in Group companies | 334 | 290 | 328 |
| Investments in associates and joint ventures | 2 | 3 | 3 |
| Other investments and securities held as non-current assets | 24 | 25 | 23 |
| Derivatives | 8 | 12 | 10 |
| Other non-current receivables | 16 | 24 | 25 |
| Receivables from Group companies | 663 | - | 663 |
| Total non-current assets | 3,733 | 2,932 | 3,681 |
| Current assets -Inventories | |||
| Inventories | 309 | 306 | 329 |
| 309 | 306 | 329 | |
| Current receivables | |||
| Trade receivables | 40 | 43 | 19 |
| Receivables from Group companies | 406 | 705 | 395 |
| Tax receivable | - | - | 19 |
| Other current receivables | 110 | 64 | 47 |
| Prepaid expenses and accrued income | 138 | 118 | 122 |
| 693 | 930 | 603 | |
| Cash & cash equivalents | |||
| Cash and cash equivalents | 362 | 1 | 1 |
| Total current assets | 1,364 | 1,237 | 933 |
| TOTAL ASSETS | 5,096 | 4,169 | 4,613 |
| EQUITY AND LIABILITIES, SEK MILLION | 28 Feb 2026 | 28 Feb 2025 | 31 Aug 2025 |
| --- | --- | --- | --- |
| Equity | |||
| Restricted equity | |||
| Share capital | 20 | 20 | 20 |
| Statutory reserve | 26 | 26 | 26 |
| 46 | 46 | 45 | |
| Non-restricted equity | |||
| Share premium reserve | 4 | 4 | 4 |
| Retained earnings | 1,156 | 1,080 | 1,080 |
| Profit/loss for the year | 328 | 328 | 311 |
| 1,488 | 1,412 | 1,396 | |
| Total equity | 1,534 | 1,458 | 1,441 |
| Non-current liabilities | |||
| Liabilities to credit institutions | 988 | - | 1,387 |
| Provisions for pensions | 20 | 19 | 20 |
| Long-term derivatives | 9 | 1 | 3 |
| Deferred tax liabilities | 176 | 178 | 178 |
| Total non-current liabilities | 1,192 | 199 | 1,588 |
| Current liabilities | |||
| Liabilities to credit institutions | 18 | 181 | 324 |
| Liabilities to Group companies | 1,252 | 1,284 | 747 |
| Trade payables | 219 | 197 | 192 |
| Other current liabilities | 505 | 507 | 184 |
| Accrued expenses and deferred income | 376 | 343 | 137 |
| Total current liabilities | 2,369 | 2,513 | 1,584 |
| Total liabilities | 3,562 | 2,711 | 3,172 |
| TOTAL EQUITY AND LIABILITIES | 5,096 | 4,169 | 4,613 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
GROUP KEY PERFORMANCE INDICATORS AND DATA PER SHARE
Definitions and explanations of Alternative Performance Measures (APM) see page 23.
| KEY PERFORMANCE INDICATORS | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | |||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/25 | |
| Revenue and profit | |||||
| Net sales, MSEK | 2,986 | 2,760 | 3,222 | 2,973 | 4,574 |
| Operating income, MSEK | 2,987 | 2,773 | 3,227 | 2,988 | 4,596 |
| Operating profit, MSEK | 1,277 | 1,200 | 799 | 78 | 785 |
| EBITDA excluding IFRS16, MSEK | 1,368 | 1,291 | 978 | 894 | 1,135 |
| Organic growth, % | 7 | 10 | 8 | 9 | 4 |
| Cash flow | |||||
| Cash flow from operating activities, MSEK | 1,513 | 1,417 | 1,767 | 1,684 | 1,063 |
| Profitability | |||||
| Operating margin, % | 43 | 43 | 25 | 24 | 17 |
| Return on capital employed, 12M % | 13 | 13 | 13 | 13 | 11 |
| Financial position | |||||
| Net interest-bearing debt, MSEK | 2,602 | 2,737 | 2,602 | 2,737 | 3,734 |
| Net interest-bearing debt excluding IFRS 16, MSEK | 625 | 704 | 625 | 704 | 1,711 |
| Net interest-bearing debt/EBITDA excluding IFRS16, 12M, times | 0,51 | 0,59 | 0,51 | 0,59 | 1,51 |
| Equity/assets ratio, % | 46 | 45 | 46 | 45 | 45 |
| Equity/assets ratio, excluding IFRS16, % | 59 | 60 | 59 | 60 | 59 |
| 3 MONTHS | 6 MONTHS | FULL YEAR | |||
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | |||
| DATA PER SHARE | 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/2025 |
| Share price, SEK | 175.30 | 169.00 | 175.30 | 169.00 | 157.00 |
| Average number of shares | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 | 78,376,056 |
| Basic and diluted earnings per share, SEK | 12.48 | 11.84 | 7.45 | 6.58 | 7.05 |
| Cash flow from operating activities, 12 M, SEK | 19.31 | 18.07 | 22.55 | 21.48 | 13.56 |
| Share price/cash flow, 12 M, times | 9 | 9 | 8 | 8 | 12 |
| Equity, SEK | 55 | 50 | 55 | 50 | 51 |
| Share price/equity, % | 317 | 337 | 317 | 337 | 310 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
NOTES
Note 1 Accounting principles
This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company's accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements, except for the following two changes. Reclassification in the income statement of capital gains from exploitation assets, costs for re-invoicing and costs of sold interests in accommodation/SkiStar Vacation Club. In the Condensed consolidated cashflow statement the interest paid on leasing liability is reclassified to cash flow from operating activities. The comparative figures have been restated in accordance with the new classifications and the effects of these are reported in note 6 and respective footnote on page 11.
Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are forward-looking and reflect the current assessments of the Company and Board of Directors as regards future circumstances. None of the new IFRS standards, amended standards and interpretations applicable from first of September 2025 have had a material impact on the financial reporting of the Group or the Parent Company. No new or changed standards have been applied prematurely.
Note 2 Pledged assets and contingent liabilities
| PLEDGED ASSETS, SEK MILLION | 2026-02-28 | 2025-02-28 | 2025-08-31 |
|---|---|---|---|
| Group | 3,452 | 2,936 | 3,291 |
| Parent Company | 677 | 567 | 673 |
| CONTINGENT LIABILITIES, SEK MILLION | |||
| Group | 998 | 975 | 514 |
| Parent Company | 711 | 1,226 | 443 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
NOTES, CONTINUED
Not 3 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 sporting goods stores 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 sporting goods stores, 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 segment are SkiStarLodge Experium Lindvallen, Silen, SkiStar Lodge Handfjallet, Silen, Silens Högfjällsbotell, Silen, (since 1 May 2025) Ski Lodge Skalspasset, Vemdalen, Hovde Hotell, Vemdalen, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil and SkiStar Lodge Trysil, Trysil.
The revenues and costs shared within the Group are distributed between the segments based on the total revenue in respective segment. Assets shared within the Group are distributed based on the corresponding asset in the respective segment.
The revenues are attributed to the separate countries based on which country the Group Companies are based.
NET SALES PER SEGMENT
| SEK MILLION | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|
| 1 Dec- 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | |||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/25 | |
| OPERATION OF MOUNTAIN RESORTS | |||||
| SkiPass | 1,360 | 1,277 | 1,382 | 1,294 | 1,963 |
| Accomodation | 622 | 585 | 632 | 596 | 900 |
| Ski school /Activities | 71 | 67 | 71 | 67 | 95 |
| Ski rental | 179 | 165 | 182 | 169 | 255 |
| Sporting goods stores | 245 | 205 | 364 | 316 | 455 |
| Property services | 50 | 64 | 71 | 76 | 132 |
| Restaurants | 10 | 11 | 11 | 12 | 23 |
| Other | 59 | 65 | 77 | 84 | 174 |
| Total Operation of Mountain Resorts | 2,596 | 2,439 | 2,790 | 2,612 | 3,995 |
| PROPERTY DEVELOPMENT AND EXPLOITATION | |||||
| Total Property Development and Exploitation | 6 | 12 | 9 | 14 | 24 |
| OPERATION OF HOTELS | |||||
| Accomodation | 209 | 185 | 223 | 197 | 312 |
| Property | 6 | 4 | 9 | 8 | 11 |
| Restaurants | 128 | 86 | 142 | 101 | 167 |
| Other | 40 | 34 | 49 | 41 | 64 |
| Total Operation of Hotels | 383 | 309 | 423 | 346 | 555 |
| Total Group | 2,986 | 2,760 | 3,222 | 2,973 | 4,574 |
NET SALES PER SEGMENT AND COUNTRY
| SEK MILLION | 3 MONTHS | 6 MONTHS | FULL YEAR | ||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | |||
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | 2024/25 | |
| Sweden | |||||
| Operation of Mountain Resorts | 1,780 | 1,692 | 1,940 | 1,828 | 2,803 |
| Property Development and Exploitation | 6 | 7 | 8 | 9 | 18 |
| Operation of Hotels | 183 | 118 | 201 | 129 | 215 |
| Norway | |||||
| Operation of Mountain Resorts | 817 | 748 | 850 | 786 | 1,192 |
| Property Development and Exploitation | 1 | 5 | 1 | 5 | 6 |
| Operation of Hotels | 200 | 190 | 223 | 216 | 339 |
| Total Group | 2,986 | 2,760 | 3,222 | 2,973 | 4,574 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
NOTES, CONTINUED
Not 4 Financial instruments at fair value
Derivatives measured at fair value refer to electricity futures and interest rate swaps. The fair value of electricity futures is based on current futures prices on the electricity market for the corresponding maturities. The fair value of interest rate swaps is calculated as the value of future cash flows discounted at current market rates. The Company's existing derivative assets and liabilities are all within Level 2 of the fair value hierarchy. For other financial assets and liabilities, the carrying amount is considered a reasonable approximation of fair value.
| Disclosure of fair value per class, SEK million | 2026-02-28 | 2025-02-28 | 2025-08-31 |
|---|---|---|---|
| Financial assets (short- and long term) | |||
| Interest rate swaps | 8 | 19 | 15 |
| Electricity futures | 4 | 1 | 3 |
| Financial liabilities (short- and long term) | |||
| Interest rate swaps | 9 | 1 | 3 |
| Electricity futures | 1 | 13 | 3 |
Not 5 Acquisition of businesses
1 September 2025 SkiStar Norge AS acquired 100 percent of the shares in Juls Sportshop AS for SEK 2.7 million, paid in cash. The ownership in shares is equal to the voting rights. Directly after the acquisition Juls Sportshop AS was merged into the parent company SkiStar Norge AS. At the time of acquisition, Juls Sportshop AS was operating the sportshop Juls Sportshop in an attractive location close by the Trysil tourist center. No further information is provided as the amounts linked to the acquisition have not had any major impact on the Group's results and financial position. No changes has been made since the last quarter.
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
NOTES, CONTINUED
Not 6 Effects of reclassification in the income statement
As a result of a reclassification in the income statement, the following items specified below have changed with effect from 1 September 2025 and the comparative figures for 2024/25 have been adjusted accordingly. The table below shows the effects of the reclassifications, stating amounts and a reference to the relevant Profit and Loss line item in the Group's income statement.
| GROUP 3 Months 1 Dec 2024-28 Feb 2025, SEK MILLION | Current | Adjustments | Previous |
|---|---|---|---|
| Net Sales | 2,760 | -27 | 2,787 |
| Income from sold interests in accomodation/Vacation Club | 3 | - | 3 |
| Income from sold exploitation assets | - | -27 | 27 |
| Merchandise | -622 | -7 | -613 |
| Costs of sold interests in accomodation/Vacation Club | -2 | -2 | - |
| Costs of re-invoicing | -5 | -5 | - |
| Other external expenses | -427 | 5 | -432 |
| Costs of re-invoicing | - | 5 | -5 |
| Costs of sold interests in accomodation/exploitation assets | - | 13 | -13 |
| Costs of sold interests in accomodation/Vacation Club | - | 2 | -2 |
| Costs of sold interests in exploitation assets | - | 11 | -11 |
| Capital gains from exploitation assets | 16 | 16 | - |
| Operating profit/loss | 1,200 | - | 1,200 |
| GROUP 6 Months 1 Sep 2024 - 28 Feb 2025, SEK MILLION | Current | Adjustments | Previous |
| --- | --- | --- | --- |
| Net Sales | 2,973 | -27 | 3,000 |
| Income from sold interests in accomodation/Vacation Club | 5 | - | 5 |
| Income from sold exploitation assets | - | -27 | 27 |
| Merchandise | -724 | -13 | -711 |
| Costs of sold interests in accomodation/Vacation Club | -3 | -3 | - |
| Costs of re-invoicing | -10 | -10 | - |
| Other external expenses | -700 | 10 | -711 |
| Costs of re-invoicing | - | 10 | -10 |
| Costs of sold interests in accomodation/exploitation assets | - | 13 | -13 |
| Costs of sold interests in accomodation/validation/alc | - | 3 | -3 |
| Costs of sold interests in exploitation assets | - | 11 | -11 |
| Capital gains from exploitation assets | 16 | 16 | - |
| Operating profit/loss | 718 | - | 718 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
NOTES, CONTINUED
Not 6 Effects of reclassification in the income statement, continued
As a result of a reclassification in the income statement, the following items specified below have changed with effect from 1 September 2025 and the comparative figures for 2024/25 have been adjusted accordingly. The table below shows the effects of the reclassifications, stating amounts and a reference to the relevant Profit and Loss line item in the Group's income statement.
| GROUP Full Year 1 Sep 2024 - 31 Aug 2025, SEK MILLION | Current | Adjustments | Previous |
|---|---|---|---|
| Net Sales | 4,574 | -58 | 4,631 |
| Income from sold interests in accomodation/Vacation Club | 9 | - | 9 |
| Income from sold exploitation assets | - | -58 | 58 |
| Merchandise | -1,134 | -27 | -1,107 |
| Costs of sold interests in accomodation/Vacation Club | -4 | -4 | - |
| Costs of re-invoicing | -23 | -23 | - |
| Other external expenses | -1,107 | 23 | -1,130 |
| Costs of re-invoicing | - | 23 | -23 |
| Costs of sold interests in accomodation/exploitation assets | - | 16 | -16 |
| Costs of sold interests in accomodation/Vacation Club | - | 4 | -4 |
| Costs of sold interests in exploitation assets | - | 11 | -11 |
| Capital gains from exploitation assets | 46 | 46 | - |
| Operating profit/loss | 785 | - | 785 |
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
DEFINITIONS
FINANCIAL DEFINITIONS
Financial measures defined in accordance with IFRS
Basic and diluted earnings per share
Profit/loss for the period attributable to Parent Company shareholders divided by the number of shares. The measure shows how much profit per share the Group generates for its shareholders. The measure is identical before and after dilution as the Company does not currently have any convertibles.
Financial measures not defined in accordance with IFRS
The Company presents certain financial measures in this interim report that are not defined in accordance with IFRS. The company considers these measures to be valuable complementary information for investors and the Company's management. Since not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these financial measures should not be seen as a substitute for measures defined in accordance with IFRS. For comparison and reconciliation of the measurements: https://investor.skistar.com/eng/finansielft/
Average interest rate
Interest expenses, including interest rate swaps and excluding IFRS 16-related interest expenses, divided by average interest-bearing liabilities. The measure is used to show the interest rate paid by the Group on its interest-bearing liabilities.
Capital employed
Total assets less non-interest-bearing liabilities. The measure shows how much of the Company's assets have been lent by its owners or by lenders.
Cash flow per share, 12 M
Cash flow from operating activities, last twelve months, divided by the average number of shares. The measure is used to make it easy for investors to analyse the amount of surplus from operating activities generated per share that can be used to finance new investments, repayments and dividends, and to assess the need for new external financing.
Earnings per share
Profit/loss after tax for the period attributable to Parent Company shareholders divided by the average number of shares. The measure shows how much profit per share the Group generates for its shareholders.
EBITDA excluding IFRS16
Operating profit plus depreciation/amotisation and adjusted for the effect of IFRS16 Leasing.
Equity/assets ratio
Equity as a percentage of total assets. This measure is used to analyse financial risk and shows the proportion of assets financed with equity.
Equity/assets ratio excluding IFRS16
Equity as a percentage of total assets, adjusted for the effect of IFRS16 Leasing. This measure is used to analyse financial risk and shows the proportion of assets financed with equity less the effect of IFRS16.
Equity per share
Equity divided by the average number of shares for the reporting period. The measure shows how much equity is attributable to each share and is presented to facilitate investors' analyses and decisions.
Gross investments
New investments and replacement investments in non-current assets. The measure is relevant in showing the overall size of the investments made to maintain existing capacity and create growth.
Interest-bearing liabilities
Current and non-current liabilities to credit institutions, provisions for pensions, lease liabilities and items in other current liabilities that are interest-bearing.
Net interest-bearing debt
Interest-bearing liabilities less cash and cash equivalents.
Net interest-bearing debt excluding IFRS16
Interest-bearing liabilities less cash and cash equivalents adjusted for IFRS16 leasing debt.
Net interest-bearing debt/EBITDA, excluding IFRS16, 12 M
Net interest-bearing debt in relation to EBITDA, last twelve months, exclusive the effect of IFRS16 leasing debt. The measure gives an estimation of the Company's ability to reduce its debt. It represents the number of years it would take to repay the debt if the net debt and EBITDA remain constant, without regard to cashflow in respect of interest rates, tax and investments. This measure is one of the Company's financial goals and should over a period not exceed 2.5 times.
Net investments
New investments and replacement investments in non-current assets less sales of these investments. The measure is relevant in showing the total amount from the Group's investing activities.
Operating margin
Operating profit/loss after depreciation/ amortisation as a percentage of revenue. The measure is used to show the profitability of operating activities by indicating the percentage of revenue that remains to cover interest and tax and to provide profit, after the Company's ongoing costs have been paid.
Operating profit/loss (EBIT)
Revenue less merchandise costs, personnel costs, other operating expenses, depreciation and amortisation, plus profit/loss from joint ventures/associates. The measure is used to analyse the profitability generated by operating activities.
Organic growth
Revenue adjusted for acquisitions and currency effects compared with the same period in the previous year. An acquired company is classified as an acquisition in the twelve months from the date of acquisition. Only after this period is the company included in the measurement of organic growth. The measure is used to show underlying revenue growth.
Return on capital employed, 12 M
Profit before tax plus net financial costs, last twelve months, as a percentage of average capital employed in comparable period (sum of capital employed at the opening and the closing of the period, divided by two). The measure shows the Group's profitability in relation to externally financed capital and equity.
Share price/cash flow
Share price at the reporting date divided by cash flow from operating activities. The measure shows the value of the share compared with the value the Group has generated in cash flow from operating activities.
Share price/equity ratio
Share price at the reporting date divided by equity per share. The measure shows the value of the share compared with the value recognised by the Group in its statement of financial position.
OTHER DEFINITIONS
Activity day
One day of activities with an Activity pass.
Activity pass
Card providing access to summer activities.
ALF
Norwegian Ski Lift Association.
Booking volume
The number of overnight stays booked through SkiStar's mediated accommodation CO2e
Carbon dioxide equivalents is a metric that converts different greenhouse gases into a single unit based on their climate impact relative to carbon dioxide.
Global Reporting Initiative (GRI) Standards
GRI Sustainability Reporting Standards are the first and most widely used global standards for sustainability reporting. GRI is an independent international organisation that has been developing methods for sustainability reporting since 1997.
Overnight stay
One booked night in a cabin, apartment or hotel room.
Skier day
One day's skiing with a SkiPass.
SkiPass
Card providing access to ski lifts.
SLAO
Svenska Skidanläggningars Organisation
FINANCIAL YEAR
SkiStar's financial year covers the period 1 September – 31 August.
First quarter (Q1) September–November
Second quarter (Q2) December–February
Third quarter (Q3) March–May
Fourth quarter (Q4) June–August
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
Presentation of the report
SkiStar will present this report via webcast on 18 March 2026, 10:00 a.m. CET. Find the dial-in information and link to the webcast on https://investor.skistar.com.
Financial information
Financial year 2025/26
The interim and year-end report for the financial year will be published as follows;
- Interim Report Q3, 1 September 2025-31 May 2026, 18 June 2026, at 07.00 a.m. CET.
- Year-End Report, Q4, 1 September 2025-31 August 2026, 30 September 2026, at 07.00 a.m. CET
The year-end report and annual and sustainability report for the financial year will be published as follows;
- Annual and sustainability report, 1 September 2025-31 August 2026, week 47
This Half-Year Report has not been subject to review by the company's auditor.
The Board of Directors and the CEO assure that this Half-Year 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 parent company and the other group companies.
| Sälen, 18 March 2026 | ||
|---|---|---|
| Anders Sundström | ||
| Chairman | Stefan Sjöstrand | |
| CEO | ||
| Lena Apler | ||
| Board Member | Carina Åkerström | |
| Board Member | Fredrik Paulsson | |
| Board Member | ||
| Gunilla Rudebjer | ||
| Board Member | Anders Svensson | |
| Board Member | Bent Oustad | |
| Board Member | ||
| Patrik Svärd | ||
| Employee Representative |
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act.
The information was submitted for publication, through the agency of the contact person set out above, at 18 March 2026, 07.00 a.m. CET
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
SUMMARY
COMMENT FROM THE CEO
FINANCIAL OVERVIEW
SUSTAINABILITY
OTHER INFORMATION
FINANCIAL REPORTING
NOTES
DEFINITIONS
SKISTAR IN BRIEF
SKISTAR IN BRIEF
The mountain tourism company SkiStar AB (publ) is listed on the Large Cap list of the Nasdaq Stockholm exchange. The Group owns and operates alpine ski resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. SkiStar's vision is to create memorable mountain experiences with a focus on alpine skiing 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 https://investor.skistar.com/en.
Business concept
As the leading tour operator for Scandinavia, SkiStar's business concept is to create memorable mountain experiences, develop sustainable destinations and offer accommodation, activities, Products and services of the highest quality with our guests in focus.
Business model
Our operations are divided into 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://investor.skistar.com/en/dokument/aktiaag-rrabatt
SKISTAR
Sälen
VEMDALEN
ÅRE
TRYSIL
HEMSEDAL
STOCKHOLM
HAMMARBYBACKEN
SKISTARSHOP.COM®
SKISTARSHOP®
SKISTARSHOP® CONCEPT STORE
SKISTAR
BUSINESS
SKISTAR LODGE
SKISTAR • LIVING
EQPE
SNOWPARKS
MEMBER
SKISTAR HALF-YEAR REPORT SEPTEMBER 2025-FEBRUARY 2026
skistar
SKISTAR AB (PUBL)
SE-780 91 SÄLEN
Org.nr: 556093-6949
Tel +46 280 880 50
E-post: [email protected]
www.skistar.com