SkiStar's operations
Operation of mountain resorts
Strategic product areas
Lift-assisted operations
Alpine skiing is SkiStar's core business. The predominant portion of the profit comes from the sale of SkiPass. The marginal revenue for each additional SkiPass sold is high. Sales of SkiPass during the 2024/25 financial year amounted to SEK 1,963 million (1,897).
SkiStar's market share of SkiPass sales during the financial year in Sweden was 50 per cent (49) and in Norway 32 per cent (31). In Scandinavia, the market share was 42 per cent (41). The number of ski days amounted to 5,963,738 (6,063,691).
During the summer season, Bike and TrailPass are an important part of the revenue as well as, for example, the SälenPass, which includes several of the new summer activities, something that is also available for Trysil, Åre and Stockholm Hammarbybacken. Sales in the summer of 2025 amounted to SEK 55 million (51), the increase is due to new sales products. During the summer season, the number of activity days amounted to 284,268 (299,735).
SkiStar's market share of SkiPass sales during the financial year in Sweden was 50 per cent (49) and in Norway 32 per cent (31). In Scandinavia, the market share was 42 per cent (41). The number of ski days amounted to 5,963,738 (6,063,691).
During the summer season, Bike and TrailPass are an important part of the revenue as well as, for example, the SälenPass, which includes several of the new summer activities, something that is also available for Trysil, Åre and Stockholm Hammarbybacken. Sales in the summer of 2025 amounted to SEK 55 million (51), the increase is due to new sales products. During the summer season, the number of activity days amounted to 284,268 (299,735).
Mediated accommodation
To ensure that we have as high guest volumes as possible, we also need to be in control of the fact that we have a high number of beds for rent in all SkiStar destinations. In this way, we can optimize the coating and, in the event of weak sales, we can correct early through offensive marketing measures.
The occupancy rate in own and brokered cottages and apartments during the winter season 2024/25 amounted to 75 per cent (81). The number of transferred beds has been 37,235 (36,112) during the year. During the summer season, the occupancy rate was 22 per cent (21).
The occupancy rate in own and brokered cottages and apartments during the winter season 2024/25 amounted to 75 per cent (81). The number of transferred beds has been 37,235 (36,112) during the year. During the summer season, the occupancy rate was 22 per cent (21).
Ski school
The ski school business is strategically important for SkiStar because a lifelong interest in skiing is built up and long-term contacts are established between the destination, the ski teacher and the guest. Children and young people, who learn to skate early in life, often develop an interest in the sport that they carry with them throughout their lives and which they in turn pass on to their children.
We have a unique brand of ski school — Valles Ski School — for children aged 3-9 years. Ski school turnover during the financial year amounted to SEK 95 (96) million. The number of pupils in SkiStar's wholly owned ski schools was 107,000 (108,000).
We have a unique brand of ski school — Valles Ski School — for children aged 3-9 years. Ski school turnover during the financial year amounted to SEK 95 (96) million. The number of pupils in SkiStar's wholly owned ski schools was 107,000 (108,000).
Ski and bike rentals
The equipment from our ski rentals should always be freshly sanded, freshly raked and have the right attitude. There should also always be products for all levels, including summer time for trail- as well as downhill cycling. To ensure that there is always equipment for hire with the right quality, the business is a strategically important area for SkiStar.
In total, we operated 239 746 ski rentals during the financial year, 79 434 in Sälen, 44 110 in Åre, 32 587 in Vemdalen, 26 759 in Hemsedal, 56 153 in Trysil and 703 in Stockholm Hammarbybacken. Turnover amounted to SEK 239 million (228).
Bike rental has been offered during the financial year through SkiStarShops at all destinations. Turnover for the total bicycle rental amounted to SEK 12 million (15).
In total, we operated 239 746 ski rentals during the financial year, 79 434 in Sälen, 44 110 in Åre, 32 587 in Vemdalen, 26 759 in Hemsedal, 56 153 in Trysil and 703 in Stockholm Hammarbybacken. Turnover amounted to SEK 239 million (228).
Bike rental has been offered during the financial year through SkiStarShops at all destinations. Turnover for the total bicycle rental amounted to SEK 12 million (15).
Other product areas
SkiStarshop and skistar.com
SkiStar sells mountain sports products in-store and online. The physical stores SkiStarShop Concept Store are located in five of SkiStar's six destinations with 3 stores in Åre, 2 in Sälen, 2 in Vemdalen, one in Hemsedal and three in Trysil.
In our ski rentals SkiStarShop we also sell sports products related to alpine skiing (mainly the EQPE brand) and cycling in the summer. SkiStarShop.com is an online store with the market's strongest brands in mountain sports.
The e-commerce store, which was transferred to a new modern platform during the year, is fully integrated into the booking flow of other products and services on skistar.com, which means that the customer can buy a ski jacket at the same time as the SkiPass is loaded. The customer can choose between having the goods sent home or picking them up at any SkiStarShop Concept Store.
In the financial year 2024/25, the Group's sports shop business had a turnover of SEK 456 million (435). Online sales continued to grow during the year with sales of SEK 243 million (223). During the year, a relocation of warehouses was made to increase efficiency.
In our ski rentals SkiStarShop we also sell sports products related to alpine skiing (mainly the EQPE brand) and cycling in the summer. SkiStarShop.com is an online store with the market's strongest brands in mountain sports.
The e-commerce store, which was transferred to a new modern platform during the year, is fully integrated into the booking flow of other products and services on skistar.com, which means that the customer can buy a ski jacket at the same time as the SkiPass is loaded. The customer can choose between having the goods sent home or picking them up at any SkiStarShop Concept Store.
In the financial year 2024/25, the Group's sports shop business had a turnover of SEK 456 million (435). Online sales continued to grow during the year with sales of SEK 243 million (223). During the year, a relocation of warehouses was made to increase efficiency.
Property services
In the product area of property services, property managers, carpenters, electricians, premises carpenters and other service personnel work. Revenues in real estate services consist of rental income for business premises and reimbursement for cottage service and cleaning.
Revenues during the financial year were SEK 132 million (133).
Revenues during the financial year were SEK 132 million (133).
SkiStar active recreation all year round
For the summer of 2021, a new concept, “Active relaxation” (formerly SkiStar Sports & Adventures), was launched, starting in Sälen, Åre and Trysil, in order to attract more guests to the destinations also during the summer and autumn.
During the financial year, the concept has been further developed in Vemdalen, Sälen, Trysil and Stockholm Hammarbybacken. During the barground period and summer time, you can climb in climbing parks, ski on artificial turf “SummerSki”, go toboggan in our Mountain Coaster and ride rings in our Mountain Tubes.
During the financial year, the concept has been further developed in Vemdalen, Sälen, Trysil and Stockholm Hammarbybacken. During the barground period and summer time, you can climb in climbing parks, ski on artificial turf “SummerSki”, go toboggan in our Mountain Coaster and ride rings in our Mountain Tubes.
Other
Other sales include partner collaborations, Group & Conference and insurance. Other income is recognized from events, advertising sales, kiosks, sales of Ski*Direct cards (the plastic card for electronic SkiPass) and contributions received.
Operation of Hotels
Further investment in and development of our hotel operation
In the business area of our hotel business, the investment and development journey in hotel operations continues with underlying facilities such as restaurants, spas, baths, bowling, conferences, meetings and events.
At SkiStar, we are driven by development and set an ambitious goal: We offer hotel experiences that create memories. A destination in the destination.
The demand for simultaneously active and relaxing holiday experiences all year round has increased greatly in Scandinavia in recent years, where good accommodation in attractive locations with high comfort and easy access to on-site experiences is becoming increasingly important.
Since 1 July 2021, SkiStar operates eight hotels in Norway and Sweden's top mountain destinations. By operating the hotels on our own, we have the opportunity to offer accommodation with experiences and at the same time package complete solutions and sales of SkiStar's entire product portfolio year round in line with our business strategies.
At SkiStar, we are driven by development and set an ambitious goal: We offer hotel experiences that create memories. A destination in the destination.
The demand for simultaneously active and relaxing holiday experiences all year round has increased greatly in Scandinavia in recent years, where good accommodation in attractive locations with high comfort and easy access to on-site experiences is becoming increasingly important.
Since 1 July 2021, SkiStar operates eight hotels in Norway and Sweden's top mountain destinations. By operating the hotels on our own, we have the opportunity to offer accommodation with experiences and at the same time package complete solutions and sales of SkiStar's entire product portfolio year round in line with our business strategies.
Our hotels
The hotels offer hotel rooms, apartments, restaurants, bars, conference rooms, as well as baths and spa facilities. We operate five lodges; SkiStar Lodge Hemsedal, SkiStar Lodge Trysil, SkiStar Lodge Lindvallen, SkiStar Lodge Hundfjället and SkiStar Lodge Vemdalen. In addition, we operate Radisson Blu Resort in Trysil and own and operate Hovde Hotell in Vemdalen. From 1 May 2025, the operation of the historic Högfjällshotellet in Sälen was taken over.
In addition to the best possible location in relation to the activities we offer all year round, all our hotels are guided by the keywords active relaxation, comfort and freedom of choice. We do our utmost to precede, accommodate and exceed the wishes of our guests. With high personal service, good food and experiences, the guest will find everything for the ultimate hotel experience in the mountains under one roof.
During the previous season, two new restaurant units were established in Sälen at Hundfjället Ski Lodge under its own auspices. Bistro H is an international bistro with a broad target audience and pricing designed to cater to all visitors. Restaurant Forest is a Nordic à la carte restaurant with a special focus on high quality and elements of locally produced ingredients. The combined offer of food and drink has contributed to a significant influx of guests over the past season.
For the upcoming period, the overall focus is to further develop the concept of restaurants with emphasis on quality, breadth of offerings and a strengthened focus on sustainability. Active cooperation and continuous contract negotiations with suppliers also create the conditions for a long-term strengthened profitability in the F&B area.
In addition to the best possible location in relation to the activities we offer all year round, all our hotels are guided by the keywords active relaxation, comfort and freedom of choice. We do our utmost to precede, accommodate and exceed the wishes of our guests. With high personal service, good food and experiences, the guest will find everything for the ultimate hotel experience in the mountains under one roof.
During the previous season, two new restaurant units were established in Sälen at Hundfjället Ski Lodge under its own auspices. Bistro H is an international bistro with a broad target audience and pricing designed to cater to all visitors. Restaurant Forest is a Nordic à la carte restaurant with a special focus on high quality and elements of locally produced ingredients. The combined offer of food and drink has contributed to a significant influx of guests over the past season.
For the upcoming period, the overall focus is to further develop the concept of restaurants with emphasis on quality, breadth of offerings and a strengthened focus on sustainability. Active cooperation and continuous contract negotiations with suppliers also create the conditions for a long-term strengthened profitability in the F&B area.
Vision
In line with SkiStar's overall vision, we create memorable mountain experiences and provide much needed active relaxation. SkiStar Lodge & Hotell will enhance and develop the mountain stay with exciting experiences, much-needed recovery, good food in a rustic and convivial atmosphere.
SkiStar Lodge & Hotell should be a safe and comfortable choice, regardless of destination. With us, our guests can expect a thoughtful and heartfelt hotel experience, offering something regardless of company and needs.
SkiStar Lodge & Hotell should be a safe and comfortable choice, regardless of destination. With us, our guests can expect a thoughtful and heartfelt hotel experience, offering something regardless of company and needs.
Property Development and Exploitation
The strategy for our Property Development and Exploitation segment is to create value by producing long-term development plans for future investments at SkiStar’s destinations.
By identifying interesting land areas for either exploitation or descents, the value of the land assets SkiStar has at its disposal is constantly evolving. This value development usually takes place within SkiStar's own land areas and in some cases in the form of joint ventures with other developers. We also continuously review opportunities to acquire land areas that contribute to the continued development and attractiveness of destinations. In all cases, the goal is to get detailed plans ready.
When SkiStar is involved in real estate development and exploitation, we also want to ensure that it is sustainable and that the lift and piste system is developed at the same time to achieve a balance between the development of, for example, winter skiing and summer activities together with real estate development. Our goal is to build properties that are sustainable and that are also year-round based as far as possible. It is also a requirement that all SkiStar's new buildings must be environmentally certified.
When SkiStar is involved in real estate development and exploitation, we also want to ensure that it is sustainable and that the lift and piste system is developed at the same time to achieve a balance between the development of, for example, winter skiing and summer activities together with real estate development. Our goal is to build properties that are sustainable and that are also year-round based as far as possible. It is also a requirement that all SkiStar's new buildings must be environmentally certified.
Land assets
SkiStar's development land assets and unsold plots amount to 5.2 million square metres (5.2). A large proportion of the assets have been acquired far back in time and therefore have a low cost.
No market valuation of the assets has been carried out on the basis that it is difficult to make a reasonable assessment of the potential rate of exploitation of the land assets. Based on our own assumptions and experience, about 50 percent of the land can be built-up, which means 2.6 million square meters. If the land is sold as lots, this would mean 2,600 plots at a size of 1,000 square metres per plot.
No market valuation of the assets has been carried out on the basis that it is difficult to make a reasonable assessment of the potential rate of exploitation of the land assets. Based on our own assumptions and experience, about 50 percent of the land can be built-up, which means 2.6 million square meters. If the land is sold as lots, this would mean 2,600 plots at a size of 1,000 square metres per plot.
SkiStar Vacation Club
SkiStar Vacation Club is a way to own your mountain accommodation in the form of cooperative weeks at SkiStar's destinations; Sälen, Vemdalen or Åre. This form of accommodation shall be affordable, simple and safe for the owner of the unit. SkiStar Vacation Club's accommodation is directly connected to the mountain's skiing and a wide range of activities throughout the year.
When you arrive at your SkiStar Vacation accommodation, it is always checked with bunk beds and ready for a long-awaited mountain holiday. After departure, we take care of cleaning and other services.
Through SkiStar Vacation Club, the co-owner receives a variety of benefits and discounts on SkiPass, ski rental, ski school and other activities. As a shareholder, you also have the opportunity to become a member of the international exchange and brokerage organization RCI.
When you arrive at your SkiStar Vacation accommodation, it is always checked with bunk beds and ready for a long-awaited mountain holiday. After departure, we take care of cleaning and other services.
Through SkiStar Vacation Club, the co-owner receives a variety of benefits and discounts on SkiPass, ski rental, ski school and other activities. As a shareholder, you also have the opportunity to become a member of the international exchange and brokerage organization RCI.
Investments
Due to a pending real estate market due to higher interest rates and inflation in previous years, no new major real estate projects were started during the financial year. At the end of the financial year, SkiStar had only 11 unsold apartments for the Fjellnest project in Hemsedal. These are rented out at a good income while waiting for the market to stabilize.
The important work of converting land areas into fully developed detailed plans has resulted in the transformation of approximately 8,000 sqm of BTA. The detailed plan for Söderåsen has been adopted and covers approximately 20,000 sqm BTA. The area is described as very attractive and, in addition to housing, also contains restaurants and shops. In addition, planning work continues at all destinations.
The Wasakölen project in Sälen has been started and the accommodation will be ready by season 26/27. Wasakölen comprises about 100 apartments and about 600 beds, the production is focused on cheaper mountain accommodation for rent.
Furthermore, a standard increase in self-owned accommodation in both Röda and Bruna villages in Sälen and the areas Brunkulla and Björnen in Åre follows.
The important work of converting land areas into fully developed detailed plans has resulted in the transformation of approximately 8,000 sqm of BTA. The detailed plan for Söderåsen has been adopted and covers approximately 20,000 sqm BTA. The area is described as very attractive and, in addition to housing, also contains restaurants and shops. In addition, planning work continues at all destinations.
The Wasakölen project in Sälen has been started and the accommodation will be ready by season 26/27. Wasakölen comprises about 100 apartments and about 600 beds, the production is focused on cheaper mountain accommodation for rent.
Furthermore, a standard increase in self-owned accommodation in both Röda and Bruna villages in Sälen and the areas Brunkulla and Björnen in Åre follows.
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