Q1 2025/26 webcast

We create memorable mountain experiences

The leading holiday organiser for Scandinavia. Operates Mountain Resorts, Hotels as well as Property Development & Exploitation.

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Market Cap
13.60B
SEK

Why invest?

1/5

Leading market position in Scandinavia

SkiStar is the leading holiday organizer for Scandinavia with an offer and an efficient organization, which in the long term provides continuous growth with stable profitability.

Skiers skiing together over freshly plowed snow with perfectly prepared skis
2/5

Positive market trend

Thanks to an increased demand for active leisure and sustainable activities at home, SkiStar is expected to strengthen its position in the Scandinavian market.

A mountain biker travels along a winding trail through a dense forest patch
3/5

Competitive advantage thanks to our web presence

To meet the increased demand for simplicity and clarity among customers, sales have been gathered on skistar.com and in the SkiStar app, where guest engagement is gathered, and we are continuously working on continued digitalization development. This means that SkiStar gets a direct relationship with the guest, which creates a competitive advantage.

Three skiers ride together in a lift chair at a SkiStar ski resort during a sunny winter day
4/5

Our assets

SkiStar has large real estate assets in the various destinations, and is actively working to identify new interesting land areas for further development. Through work on real estate development and exploitation, the company generates capital gains, while strategically important projects contribute to expanding the number of beds in the destinations, which is a key part of the effort to enable guests in the core business.

Ski lodge during summer, surrounded by green vegetation and sunny natural environment
5/5

SkiStar offers special benefits to its shareholders

Shareholders with at least 200 SkiStar shares receive a discount on all SkiStar destinations. The discount applies, among other things, to Ski and BikePasses, ski and bike rentals as well as to SkiStarShop.

Three skiers in a snow-covered landscape, surrounded by white, pristine snow surfaces

We are SkiStar

As the leading holiday organiser in Scandinavia, SkiStar aims to create memorable mountain experiences — with a focus on alpine skiing in the winter and active holidays in the summer. Our operations are divided into three segments: Operation of Mountain Resorts, Operation of Hotels and Property Development and Exploitation.
Sustainable Mountain Experiences
We want to protect both nature and humans in the short and long term so that more people can enjoy memorable and sustainable mountain experiences in the future. Our sustainability strategy is based on Agenda 2030 and the UN’s 17 Sustainable Development Goals.
Activity & Recreation
We work to promote an active lifestyle that contributes to greater wellbeing. We can reach more guests and contribute to active holiday experiences in nature all year round through collaborations and initiatives
Ecosystem & Impact
SkiStar aims to protect nature, just as nature protects us. We work to minimise our impact through ambitious climate targets and more circular systems. We make it possible for our guests to make more sustainable choices.
Dialogue & Interaction
By collaborating, we can accelerate sustainable development. We take responsibility in the areas in which we operate and throughout the entire value chain by focusing on dialogue and interaction. Together with our stakeholders, we enable long-term and sustainable solutions that contribute to positive trends in business and the wider community.

About Skistar

SkiStar's offering

The basis of SkiStar’s offer is to generate sales before the guest arrives at the destination. 73% of SkiStar’s sales take place onskistar.com, which is the largest sales channel and the most vital component of the business model.

Skistar.com

36,7 million visits annually
73% of SkiStar’s sales takes place on skistar.com
Book your entire mountain experience seamlessly in one place
Screenshot of SkiStar's website, showing the home page with information about ski resorts, bookings and current winter offers

Services

Ski pass/activity pass
Guides
Services
Skistarshop.com
Stores
Rental
Accomodation
A couple with family swim together in SkiStar's indoor pool during the winter season, surrounded by snowy views outside the windows
Skistar.com
1.8 miljoner
Medlemmar i SkiStar member
33 miljoner
Besök på skistar.com årligen
Skipass / aktivitetspass
Guides
Service
Skistarshop.com
Boende
Butiker
Tjänster
Hyra
Three skiers with full equipment stand outside SkiStar's residential building at the ski resort

SkiStar's main business areas

Mountain icon, a graphic symbol representing mountains, nature or landscape
Operation of mountain resorts
In addition to the operation of the facilities themselves, this part also includes the sale of all products and services such as SkiPass, accommodation, activities and articles in SkiStarShops and SkiStarShop Concept Stores.
86% of SkiStar's turnover 2024/25
Hotel icon, a graphic symbol representing accommodation or overnight stay
Operation of hotels
Includes activities related to hotels operated under the SkiStar brand and under SkiStar's auspices. SkiStar manages the operation of the business as a tenant in the hotel properties in question.
12% of SkiStar's turnover 2024/25
Property icon, a graphic symbol that represents property or accommodation
Property development & exploitation
Includes management of assets that can be exploited or used in its own segment or leased to the Operation of mountain resorts segment.
2% of SkiStar's turnover 2024/25
Learn more

Our resorts

Map of Sweden showing SkiStar ski resorts, with clearly marked locations for Sä
Double-exposure image of SkiStar ski resort showing the same location during winter snow covered landscape and summer green surroundings
Sälen logo
2023/24 key figures
1 749 378
Ski days
85 489
Activity days
1 514 724
Water use, m3
107
Lifts
105
Number of slopes
28 628
Electricity consumption, MWh
Map of Sweden showing SkiStar ski resorts, with clearly marked locations for Sä
Vemdalen resort in summer and winter
vemdalen-resort-logo
2023/24 key figures
878 546
Ski days
7 961
Activity days
815 738
Water use, m3
43
Lifts
58
Number of slopes
9 626
Electricity consumption, MWh
Map of Sweden showing SkiStar ski resorts, with clearly marked locations for Sä
Comparative picture of SkiStar ski resort showing the same location during winter snow covered landscape and summer green surroundings
Åre logotyp
2023/24 key figures
1 414 122
Ski days
84 540
Activity days
1 336 278
Water use, m3
48
Lifts
89
Number of slopes
18 823
Electricity consumption, MWh
Map of Sweden showing SkiStar ski resorts, with clearly marked locations for Sä
Hemsedal logo
2023/24 key figures
706 614
Ski days
20 732
Activity days
441 668
Water use, m3nvändning, m3
23
Lifts
52
Number of slopes
7 682
Electricity consumption, MWh
Map of Sweden showing SkiStar ski resorts, with clearly marked locations for Sä
Dubbelexponerad bild av SkiStars skidanläggning som visar samma plats under vinterns snötäckta landskap och sommarens gröna omgivningar
trysil-logo
2023/24 key figures
1 197 378
Ski days
65 806
Activity days
885 883
Water use, m3
42
Lifts
68
Number of slopes
20 283
Electricity consumption, MWh
Sweden map showing where the resorts are
skistar-hammarbybacken resort
skistar-stockholm-logo
2023/24 key figures
17 700
Ski days
19 740
Activity days
2
Lifts
3
Number of slopes

Our guests

Our guests is the engine of our growth and development. Providing memorable mountain experiences is the promise we make to our customers. In addition to offering accommodation, activities, products and services of the highest quality all year round for our guests, our aim is to constantly improve and develop together with our guests and in step with changes to our operating environment.

Our guests in 2024:

84%
TRAVELLED BY CAR
35%
OF ALL CAR TRAVELLERS TRAVELLED BY HYBRID OR ELECTRIC CAR
54%
VISITED US FOR SIX OR MORE DAYS
97%
WENT ALPINE SKIING (WINTER)

Our story

1975
Brothers Erik and Mats Paulsson buy the ski resort Lindvallen in Sälen
1994
Lindvallen i Sälen AB is listed on the Stockholm Stock Exchange
1997
Aquisition of Tandådalen and Hundfjället
1999
Aquisition of Åre and Vemdalen
2000
Aquisition of Hemsedal
2001
The Group adopts the name SkiStar
2005
Aquisition of Trysil
2021
Launch of SkiStar Sports & Adventures
2022
New Stockholm Hammarbybacken opens
2025
SkiStar celebrates its 50th Anniversary

SkiStar's growth strategy

Further develop core operations

To strengthen our position as the leading holiday organiser for Scandinavia, alpine skiing will remain SkiStar’s main focus when creating memorable mountain experiences. During the financial year, we continued to invest even more in the summer and autumn seasons, thus creating new sources of revenue.

To increase the number of skier and activity days and thus boost revenues, the key is to attract more guests to our destinations who are more satisfied with their experience and more guests who return year after year. It is also important to strengthen the destinations’ competitiveness, with key factors being the product range, development of ski systems, summer activities and offering accommodation that meets the guest's expectations. As people’s lifestyles and holiday habits are shifting, with them moving in recent years towards more active holidays spread over different periods of the year, work is under way to review how we can meet demand for adapted opening times, lift-assisted summer activities and guaranteed snow. At the same time, we are continuing to make investments in our mountain resorts, such as new lifts and skiing areas with plans to implement several new lifts to weatherproof and windproof Åre.

Find more sources of revenue

SkiStar wants to be at the cutting edge and further develop operations with a focus on increasing the number of guests and activity days at our destinations and driving sustained profitable growth. Sales of our SkiPass are at the heart of our revenue. Based on this successful product, we have since developed new sources of revenue in the form of ski rentals through SkiStarshop, our snowman Valle and Valle's Ski School, the SkiStar Living accommodation concept and much more.

Another important part of finding new sources of revenue is to even more efficiently base our actions on guests’ behaviours, purchasing patterns, satisfaction and preferences through the customer data we have from skistar.com, guest surveys, but also through memberships in SkiStar Member, using an updated strategy and development programme. By linking our sustainability target of seven million skier and activity days to the new SkiStar Member (as each skier day or activity day will give entitlement to a bonus), we are linking our guests and members closer to our sustainability targets within ‘activity and recreation’.

Guests also receive all the benefits of being both loyal guests and members over time, such as bonus points on all purchases in the SkiStarshop, be it in physical stores or online, as well as on bookings and rentals via skistar.com. To put it simply – it should pay to be active.

Sustainable property transactions

For SkiStar, it is important for all land exploitation and property development in the Scandinavian mountain world to be sustainable. An important goal for us is to see a positive performance in the value of our exploitable land. This is achieved by active detailed development plans, which lead to new projects being launched more quickly.

Another vital aspect of the strategy is to ensure a strong performance in the value of the property portfolio by developing and enhancing the efficiency of properties owned by SkiStar, not least in terms of energy efficiency and systematic maintenance.

Digitalization: Meet customers where customers want to be

For SkiStar, digitalisation means developing our destinations and digital platforms based on customer insight and data analysis with the concepts of simplicity, satisfaction, accessibility and the safety of our guests serving as a guide.

Over the past year, SkiStar has continued to develop a number of products and services – everything from the SkiStar app to digital check-in and check-out at our accommodation. The Valle app is being developed into a ‘digiphysical’ tool as part of our efforts to give more children a sense of adventure and a love of the great outdoors.

Digital business development will continue over the coming years with a focus on further guest-centric adjustments. It is a question of being at the forefront of digital interaction with guests, to create a memorable and carefree alpine experience before, during and after their trip.

Create future business

Based on our brand and existing assets, we identify, analyse and generate future business through ongoing business development, thus reinforcing and intensifying our pace of innovation.

The pace of development was high during the year, particularly relating to the all-year-round initiative, with more attractions being developed over a three-year period, including climbing parks, Mountain Coasters and adventure arenas.

Three friends sit together in a ski lift, laughing and obviously amused during a sunny winter's day

Financial goals

The overall goal is for the value of shareholders’ capital to increase sustainably over the long term.

SkiStar’s Board of Directors decided to revise the financial targets for the medium term in the first quarter 2023/24 to the following:

6% organic growth
Organic growth: Operating income is to grow by an average of 6 percent annually. This target refers to organic growth, adjusted for acquisitions and foreign currency effects.
Outcome 2023/24: 10%
Outcome 2024/25: 0%
18% operating margin
The operating margin is to average 18%.
Outcome 2023/24: 16%
Outcome 2024/25: 17%
Interest-bearing debt to EBITDA ratio to be less than 2.5x
Debt: The net interest-bearing debt to EBITDA ratio to be lessthan 2.5, excl. IFRS 16 effects.
Outcome 2023/24: 1.78
Outcome 2024/25: 1.51

Financial overview

Income statement

Board & management

SkiStar's Board of Directors is headed by Chairman Anders Sundström.

The above data on shareholdings and assignments in other companies are last updated as of 30 November 2025 unless otherwise specified. The holding relates to own and related natural or legal person's holding of shares and other financial instruments in SkiStar AB.

SkiStar's Group Management is led by CEO Stefan Sjöstrand.

The above data on shareholdings and assignments in other companies are last updated as of 30 November 2025 unless otherwise specified. The holding relates to own and related natural or legal person's holding of shares and other financial instruments in SkiStar AB.