SkiStar's Improved Full-Year Results Enable Continued Development of Mountain Destinations for the Future

For SkiStar, the 2025-26 financial year has been one of continued good demand for mountain holidays and positive development in the core operation. Year-round activities have also begun contributing to growth and profitability. The full-year results reaffirm the strength of the business model that enables SkiStar to continue developing attractive mountain destinations for the future.

Fourth quarter – More guests during the summer

As the year’s final quarter, the summer season has continued to develop positively, with a growing interest in active holidays in the mountains. Net sales in the fourth quarter amounted to SEK 292 (226) million, an increase of 29 percent compared with the previous year, and the operating loss decreased to SEK -274 million (-310). SkiStar did not carry out any major property transactions in the quarter.

Consequently, SkiStar’s fifth summer season since the launch of year-round activities can be summed up as one of continued growth and improved profitability. The investment in summer package holidays in Åre, Sälen and Trysil was well received by guests, and many large events attracted a record number of participants.

Full year – Growth across the board

Demand for mountain holidays was good during the year. Net sales amounted to SEK 4,954 million (4,574), up by 8 percent on the previous year, and all of the Group’s revenue streams showed positive development. For example, SkiStarshop posted growth of 10 percent and SkiStar’s own brand EQPE grew by 25 percent. The winter season got off to a good start thanks to a favourable calendar over Christmas and New Year, and SkiStar’s important second quarter saw an increase in both the number of guests and the number of skier days sold. International guests represented around 40 percent (37) of guest nights during the winter season. A key factor in this development was SkiStar’s holding in Scandinavian Mountains Airport, which is strategically located between Sälen and Trysil and offers direct flights from nine European destinations.

Operating profit for the full year amounted to SEK 872 million (785), an improvement of 11 percent. Adjusted for impact on profit of capital gains from property transactions, profit was up 18 percent, or SEK 131 million, clearly demonstrating a strong underlying core operation.

The major investments carried out during the year were successful. The lift in the new ski area Hovde Syd in Vemdalen became the second most used lift in Vemdalen in its first year after launch, and the new gondola in Trysil offers easy access to large parts of the skiing area, a move that was welcomed by guests. Other popular investments were the lighting and new lift in Åre Björnen, which meant that opening hours could be extended. The launch of destination passes, for instance in Klövsjö and Storhogna in Vemdalen, was well received as an alternative to the regular SkiPass. These passes give guests greater freedom of choice and are a less expensive option for skiing in certain parts of the destinations’ skiing systems, which has improved guest satisfaction. Development of our year-round offering continued during the year, based on the Group’s strong position in alpine skiing and the infrastructure already in place at the destinations. Although revenue and profits for the fourth quarter are as yet making only a minor contribution to the full-year results, the investment in year-round operations is essential if the destinations and their attractiveness are to develop over time.

In the final quarter of the financial year, SkiStar introduced a new segment structure that better reflects the operations and the way SkiStar governs and monitors the Group. The new structure provides more clarity on how the different business activities contribute to the Group’s performance and profits.

The property market remained cautious during the year, but thanks to SkiStar’s work on detailed development plans, the Group is in a good position to act when the market recovers. SkiStar’s extensive land and property assets also enable the Group to influence and shape development in the long term. Together with relevant municipalities, landowners, local businesses and other stakeholders, SkiStar’s property development activities lay the foundation for a sustainable, profitable evolution that will enhance the attractiveness of the mountain destinations over time.

Cash flow from operating activities increased by SEK 160 million in the year and amounted to SEK 1,223 million (1,063). The increase was primarily due to an improved operating profit that also had an impact on financial preparedness, net debt and liquidity.

Stronger position ahead of the winter

During the summer, SkiStar continued to invest for the coming winter, which serves to boost competitiveness. The launch of the best snow guarantee in Scandinavia was made possible by the investments in increased snow production capability. The investments also strengthen SkiStar’s resilience with regard to variable weather conditions. As far as lifts are concerned, the most hotly anticipated news for the winter is the return of Tusenmetersliften (the Thousand-Metre Lift) in Åre. Following the launch of destination passes in Sälen and Vemdalen, the offering will now be expanded to Duved and Tegefjäll, to provide a more affordable alternative to SkiPasses for the entire Åre skiing system.

Ahead of the coming winter season, SkiStar reports a stable booking volume which, measured as the number of overnight stays in SkiStar’s mediated accommodation, is up 3 percent year-on-year. Demand among Swedish guests is growing. Around 60 percent of the anticipated accommodation capacity for the winter has now been booked, which is according to plan.

SkiStar’s ambition is to be a long-term powerful player in the mountains by continuing to develop attractive mountain destinations and strengthen SkiStar’s position as the leading operator in mountain tourism in Scandinavia. The strong full-year results for the financial year, together with the Group’s attractive destinations, dedicated employees and a growing year-round operation, mean that SkiStar is well equipped for continued growth and long-term value creation.

I look forward with confidence to the year ahead.

Stefan Sjöstrand, CEO