Q4 2026 SkiStar AB Earnings Call

September 30, 2026

Operator: Good day, and thank you for standing by. Welcome to the SkiStar Year End Report Q4, 1 September 2025 to 31 August 2026 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speakers today, Stefan Sjöstrand, CEO, and Sara Jinnerot Uggelberg, CFO. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the SkiStar Year-End Report Q4, 1 September 2025 to 31 August 2026 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speakers today, Stefan Sjöstrand, CEO, and Sara Uggelberg, CFO. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the SkiStar Year-End Report Q4, for the period 1st September 2025 to 31st August 2026, webcast and conference call at this time.

Speaker #1: All participants are in listen-only mode. After this speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone.

Speaker #1: You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1 and then 1 again. Please be advised that today's conference is being recorded.

Speaker #1: I would now like to hand the conference over to your speakers today: Stefan Östrand, CEO, and Zara Uggelberg, CFO. Please go ahead.

Speaker #2: Thank you so much. And welcome, everyone, for this quarter and full year presentation. And we will start to take you through this today, and we have an agenda where we will talk about, first of all, the quarter, then the full year performance.

Stefan Sjöstrand: Thank you so much, and welcome everyone for this quarter and full-year presentation. We will start to take you through this today, and we have an agenda where we will talk about first of all, the quarter, then the full year performance. Sara will give you a full update about the financial and the numbers, and I will end with an outlook and a summary. So if we just start like an introduction. SkiStar is the market leader for Scandinavian mountain tourism, and we had this 50 years anniversary last year and we are really passionate about the mountains and how we can continue to develop all the experiences within the mountains. We have an extensive land and property holdings which will enable us to, and also continue the organic growth within all our destinations.

Stefan Sjöstrand: Thank you so much, and welcome everyone for this quarter and full-year presentation. We will start to take you through this today, and we have an agenda where we will talk about first of all, the quarter, then the full-year performance. Sara will give you a full update about the financial and the numbers, and I will end with an outlook and a summary. So if we just start like an introduction. SkiStar is the market leader for Scandinavian mountain tourism, and we had this 50 years anniversary last year and we are really passionate about the mountains and how we can continue to develop all the experiences within the mountains. We have an extensive land and property holdings which will enable us to, and also continue the organic growth within all our destinations.

Speaker #2: Sara will give you full updates about the financials and the numbers, and I will end with an outlook and a summary. So if we just start, like an introduction—SkiStar is the market leader for Scandinavian mountain tourism, and we had our 50-year anniversary last year. We are really passionate about the mountains.

Speaker #2: And how we can continue to develop all the experiences within the mountains. And we have an extensive land and property holdings, which could which will enable us to, and also continue the organic growth within all our destinations.

Speaker #2: And we can also see that we have a strong growth opportunity through our year-round operation, and we can also see that, over the last couple of years, and also in the future, we can continue to build new businesses.

Stefan Sjöstrand: We can also see that we have strong growth opportunities through our year-round operation. We can also see that the last couple of years and also in the future, we can continue to build new businesses. Since we build new businesses, it will also be connected to our business model we will also show you later on. We also have a very strong and also a growing interest from international guests, which has been proven the last couple of years. Also something we sometimes forget to talk about, that SkiStar is the fourth largest player within this area. The number one is Vail Resorts, which is listed on the Nasdaq New York. The second one is Alterra Mountain Company, which is owned by private equity. Then we have Compagnie des Alpes, which is listed on the French stock market. Then we have SkiStar as number four.

Stefan Sjöstrand: We can also see that we have strong growth opportunities through our year-round operation. We can also see that the last couple of years and also in the future, we can continue to build new businesses. Since we build new businesses, it will also be connected to our business model we will also show you later on. We also have a very strong and also a growing interest from international guests, which has been proven the last couple of years. Also something we sometimes forget to talk about, that SkiStar is the fourth-largest player within this area. The number one is Vail Resorts, which is listed on the Nasdaq New York. The second one is Alterra, which is owned by private equity. Then we have Compagnie des Alpes, which is listed on the French stock market. Then we have SkiStar as number four.

Speaker #2: Since we build new businesses, it will also be connected to our business model. We will also show you later on. We also have a very strong and growing interest from international guests, which has been proven.

Speaker #2: The last couple of years, and also something we sometimes forget to talk about, is that SkiStar is the fourth largest player within this area. So, number one is Vail Resorts, which is listed on the NASDAQ in New York, and the second one is Alterra.

Speaker #2: Which is owned by private equity. Then we have Compagnie des Alpes, which is listed on the French stock market. And then we have SkiStar as number four.

Speaker #2: And just as a comparison, the fifth-largest player within Scandinavia is a little bit smaller than we are. So we have a strong position, and Sälen, which is the largest destination within our portfolio, is also the 13th-largest ski resort in the world.

Stefan Sjöstrand: Just as a comparison, the fifth largest player within Scandinavia is a bit smaller than we are. So we have a strong position, and Sälen, which is the largest destination within our portfolio, is also the 13th largest ski resort in the world. If we then go in to look into our Q4 and our full year performance, I am really happy and also really glad to present the strong report after a very intensive year. We can really clearly see that our company is growing as a result of all the efforts we have done together. So if you look into the last quarter, Q4, and the summary of that one, it is our fifth summer season. We can really show now that this all year around strategy starts to be proven. In the beginning, 5 years ago, we invested a lot within summer activities.

Speaker #2: If we then go in to look at our Q4 and our full-year performance, I'm really happy and also really glad to present the strong report after a very intensive year.

Speaker #2: And we can really clearly see that our company is growing as a result of all the efforts we have done together. So if we look into the last quarter, Q4, and the summary of that one, it's our fifth summer season.

Speaker #2: And we can really show now that this all-year-round strategy is starting to be proven. In the beginning, five years ago, we invested a lot. Within summer activities, we invested in climbing parks, in biking roads, and in different types of summer activities.

Stefan Sjöstrand: We invested in climbing parks, in biking roads. We invested in different type of summer activities. Now we have learned how to create bundling of all these activities together and also launch an activity pass, which has been very appreciated among all our guests during the summer. When we also have a lot of guests, which I have had during the quarter, we can also see that our business model deliver. All our revenue streams actually growing within the quarter. That resulted in a strong growth, 29%, and also an increased profitability of 12%. We can also see that another additional thing we have started with is to provide different type of events. That could be training events, it could be running events, marathons, et cetera, within the mountains. Very luckily, all those ones have been sold out.

Speaker #2: But now we have learned how to bundle all these activities together, and also launch an activity pass, which has been very appreciated among all our guests during the summer.

Speaker #2: And when we also have a lot of guests, which we have had during the quarter, we can also see that our business model delivers. And all our revenue streams are actually growing within the quarter.

Speaker #2: So that resulted in a strong growth, 29%, and also an increased profitability of 12%. And we can also see that another additional thing we have started with is to provide different type of events that could be training events, it could be running events, marathons, etc., within the mountains.

Speaker #2: And very luckily, all those ones have been sold out. And also, again, when the guest is coming to us, they stay at our booking — they book a stay at our hotel or lodge, or at the cabin, or they have their own — then they start to buy up.

Stefan Sjöstrand: That also, again, when the guest is coming to us, they book a stay at our hotel or a lodge, or at the cabin, or they have their own. Then they start to buy up. They buy an activity pass, they buy lunch, since we are also providing a lot of restaurants. They buy things in our sports shops, et cetera. Again, our year-round strategy really starts to be proven, and the management also believe that we have cracked the code how to run the summer business. If we then look into the full year, we are also really proud of our results and how we have performed this year. Our strategy is confirmed by work with skistar.com and also add different type of revenue streams. Since we have done that, we have growth in all revenue streams, and we can see that we continue the growth.

Speaker #2: They buy an activity pass, they buy lunch, since we are also providing a lot of restaurants. They buy things in our sports shops, etc., etc.

Speaker #2: So again, our year-round strategy is really starting to be proven, and management also believes that we have cracked the code on how to run the summer business.

Speaker #2: If we then look into the full year, we are also really proud of our results and how we have performed this year. So our strategy is confirmed by work with SkiStar.com, and we also add different types of revenue streams.

Speaker #2: Since we have done that, we have growth in all revenue streams, and we can see that we continue the growth. We can also see that there is strong demand for mountain vacations, and all-year active, all-year-round activities.

Stefan Sjöstrand: We can also see that there is a strong demand for mountain vacations and all year-round activities. That is also helping us that we are filling up our destinations, and we do it very successfully. We can see that we have an increased number of international guests. We ended up last year with 40% international guests, and even though that the Swedish guest has been slower the last couple of years, we can see that they are now returning back to our destinations. We also continue to invest. We continue to invest very specific. We are very coordinated of how we are doing our investment, and we are doing them all the time to increase our guest experiences. We can clearly see that all the investment we made last year has increased our NPS value with guest experiences.

Speaker #2: So that is also helping us; we are filling up our destinations, and we do it very successfully. We can see that we have an increased number of international guests.

Speaker #2: We ended up last year with 40% international guests, and even though the Swedish guest has been slower the last couple of years, we can see that they are now returning to our destinations.

Speaker #2: And we also continue to invest. We continue to invest very specifically. We are very coordinated in how we are doing our investments, and we are doing them all the time to increase our guest experiences.

Speaker #2: And we can clearly see that all the investment we made last year has increased our MPS value with guest experiences. So, 8% increase in net sales, 2 points above our financial targets.

Stefan Sjöstrand: So, 8% increase in net sales, 2 points above our financial targets. We deliver a very strong operating profit of SEK 872 million and 11% increase. However, we didn't do any exploitation gains last year, which creates this result even stronger, and we actually increase with 18%. Also deliver an operating margin with 17.5% and starts to become closely to our goal of 18%. Again, we have 6.4 million ski and activity days, which is a slightly increase from the year before. Again, we had an increase. Just like an update about our business model, because we really believe that this business model is so important and we own our distribution channel. We own the distribution channel for skistar.com. Our EQPE brand, eqpestore.com, and also skistarshop.com, where we are also providing other brands. This is very important.

Speaker #2: We deliver a very strong operating profit of 872 million and an 11% increase; however, we didn't do any exploitation gains last year, which makes this result even stronger, and we actually increased by 18%.

Speaker #2: And also deliver an operating margin of 17.5%, which is getting closer to our goal of 18%. Again, we had 6.4 million ski and activity days, which is a slight increase from the year before. We saw an increase again.

Speaker #2: Just a quick update about our business model, because we really believe that this business model is so important. We own our distribution channel; we own the distribution channel for SkiStar.com, our Equip brand, Equipstore.com, and also SkiStarShop.com, where we also provide other brands.

Speaker #2: So this is very important. We don't need to pay any booking fees, like if you are connected to Booking.com, etc. With SkiStar.com, we own our own distribution channel.

Stefan Sjöstrand: We don't need to pay any booking fees like if you are connected to Booking.com, et cetera. skistar.com, we own our own distribution channel. Of course, the last couple of years, we have been very successful of developing new revenue stream, and they are very diversified, and that's of course helping us to continue the growth. What we're also showing on this slide is that in the bottom of it, we are showing all the different parts of the revenue streams and how the customer buying up before they arrive to our destinations. When they arrive, they come with a full wallet and continue to spend. We're also using our dynamic pricing model, which has also been very successful the last couple of years.

Speaker #2: And of course, the last couple of years we have been very successful in developing new revenue streams, and they are very diversified. That, of course, is helping us to continue the growth.

Speaker #2: And what we are also showing on this slide is that, at the bottom of it, we are showing all the different parts of the revenue streams and how the customer is buying up before they arrive at our destinations. And when they arrive, they come with a full wallet and continue to spend.

Speaker #2: And we also using our dynamic pricing model, which has also been very successful the last couple of years. And also with this multiple point of guest interaction, it's also helping us to continue the growth and also all these customer data we are collecting enable us to also tailor the sales and also becoming very successful of how to be more specific in and where we want the customer to look after different type of offers.

Stefan Sjöstrand: Also with this multiple point of guest interaction, it's also helping us to continue the growth. All this customer data we are collecting enable us to also tailor the sales and also becoming very successful of how to be more specific in and where we want the customer to look after different type of offers. If we then look into the international guests, they have been very important for us the last couple of years. When we have seen a weaker domestic market, the international guests have supported us to drive revenue and growth. Now we can see that we are also increasing the domestic guests again, and that means that we can have a higher leverage of the base. So international guests will continue to be here, and also they will help us to drive even more growth because they also book full package in advance.

Stefan Sjöstrand: All this customer data we are collecting enable us to also tailor the sales and also becoming very successful of how to be more specific in and where we want the customer to look after different type of offers. If we then look into the international guests, they have been very important for us the last couple of years. When we have seen a weaker domestic market, the international guests have supported us to drive revenue and growth. Now we can see that we are also increasing the domestic guests again, and that means that we can have a higher leverage of the base. So international guests will continue to be here, and also they will help us to drive even more growth because they also book full package in advance. They stay longer, they also spend more.

Speaker #2: If we then look into the international guests, they have been very important for us over the last couple of years. When we have seen a weaker domestic market, the international guests have supported us, helping to drive revenue and growth.

Speaker #2: Now we can see that we are also increasing the domestic guest again, and that means we can have a higher leverage of the base.

Speaker #2: So, international guests will continue to be here, and also, they will help us to drive even more growth because they also book full packages in advance.

Stefan Sjöstrand: They stay longer, they also spend more. Also their peak weeks have a different week than the Swedish holidays, which is, of course, very good from a, say, filling perspective or booking pattern perspective. Sara will also show you that we have now a new segment reporting. That also shows SkiStarshop in another dimension than we have showed it previously. Here we can be proudly present a CAGR growth of 12% over a very long period of time, but also very strong growth both this last year where we grow 10% within SkiStarshop. Even when we can see that this market in general have had tough times, we continue to grow both physical stores and online. Also very glad to see that EQPE, our own brand, is increasing with 25%.

Speaker #2: They stay longer, they also spend more, and also their peak weeks are different from the Swedish holidays, which is, of course, very good from a filling perspective or booking pattern perspective.

Stefan Sjöstrand: Also their peak weeks have a different week than the Swedish holidays, which is, of course, very good from a, say, filling perspective or booking pattern perspective. Sara will also show you that we have now a new segment reporting. That also shows SkiStarshop in another dimension than we have showed it previously. Here we can be proudly present a CAGR growth of 12% over a very long period of time, but also very strong growth both this last year where we grow 10% within SkiStarshop. Even when we can see that this market in general have had tough times, we continue to grow both physical stores and online. Also very glad to see that EQPE, our own brand, is increasing with 25%. Lastly, from my side, before we go into the financials, we have been very successful in our investments.

Speaker #2: Sarah will also show you that we now have a new segment reporting. And that also shows SkiStar Shop in another dimension than we have shown it previously.

Speaker #2: And here we can proudly present Kaggle growth of 12% over a very long period of time, but also very strong growth this last year, where we grew 10% within SkiStar Shop, even when we can see that this market in general has had tough times.

Speaker #2: We continue to grow both physical stores and online. Also, very glad to see that Equip, our own brand, is increasing by 25%. And lastly from my side, before we go into the financials, we have been very successful in our investments. We are making investments in a very specific way, and it's very clear all the time that we aim to increase the guest experience.

Stefan Sjöstrand: Lastly, from my side, before we go into the financials, we have been very successful in our investments. We are doing investments in a very specific way and very clear to all the time increase the guest experience. Just as an example, this project we put up last year in Åre Björnen, where we provided with more lighting in the slopes. We put up a new lift, and by that, we could open up the ski area 2 hours earlier and closing 2 hours later, which means that we could give a completely different offer to our guests. Another example, when we open up a new ski area in Hovde Syd in Vemdalen where we had a lot of traffic during peak weeks. All of a sudden, we open up completely, and we actually managed to open up without this queuing.

Stefan Sjöstrand: We are doing investments in a very specific way and very clear to all the time increase the guest experience. Just as an example, this project we put up last year in Åre Björnen, where we provided with more lighting in the slopes. We put up a new lift, and by that, we could open up the ski area 2 hours earlier and closing 2 hours later, which means that we could give a completely different offer to our guests. Another example, when we open up a new ski area in Hovde Syd in Vemdalen where we had a lot of traffic during peak weeks. All of a sudden, we open up completely, and we actually managed to open up without this queuing.

Speaker #2: Just as an example, this project we put up last year in Åre Björnen, where we provided with more lighting in the slopes, we put up a new lift and by that we could open up the lifts to our earlier and the ski area two hours earlier and closing two hours later, which means that we could give a completely different offer to our guests.

Speaker #2: Another example: when we opened up a new ski area in Hovde Syd in Vemdalen, where we had a lot of traffic during peak weeks, all of a sudden we opened up completely, and we actually managed to open up without these queues.

Speaker #2: But maybe one of the most important investments we are making, and which is something we have done very heavily during this off-winter peak, so to say, is the investment in snow production.

Stefan Sjöstrand: But maybe one of the most investments we are doing, which is something we have done very heavily during this off-winter peak, so to say, is the investment in snow production. We launched in the end of the winter season last year, and we have spoken about the whole summer period and will be actually our main marketing message that we will provide the best snow guarantee in Scandinavia. Of course, with this snow investment, that will be a strong competitive advantage going forward. With that, Sara, I hand over to you, and let's look at the financials in detail.

Speaker #2: We will or we launched in the end of the winter season last year, and we have spoken about the whole summer period, and we'll be actually our main marketing message that we will provide the best snow guarantee in Scandinavia.

Speaker #2: And of course, with these snow investments, that will be a strong competitive advantage going forward. So, with that, Sarah, I hand over to you, and let's look at the financials in detail.

Speaker #1: Thank you, Stefan. First of all, I would like to begin with the change in segment reporting that has been made during the fourth quarter, from 2025 to 2026.

Sara Jinnerot Uggelberg: Thank you, Stefan. First of all, I would like to begin with the change in segment reporting that has been made during Q4 2025 to 2026. The reporting or the change has also had a retrospective effect. Now we report into two segments, which are Mountain Resorts and SkiStarshop. The change has been made to better reflect the internal steering and the internal reporting and governance. We will also publish restated numbers for Q1, Q2, and Q3 last year, and that will be published on our website for you to better compare the segments for the full year last year. That will be published within a week or so. Then if we continue with the development in net sales.

Sara Uggelberg: Thank you, Stefan. First of all, I would like to begin with the change in segment reporting that has been made during Q4 2025 to 2026. The reporting or the change has also had a retrospective effect. Now we report into two segments, which are Mountain Resorts and SkiStarshop. The change has been made to better reflect the internal steering and the internal reporting and governance. We will also publish restated numbers for Q1, Q2, and Q3 last year, and that will be published on our website for you to better compare the segments for the full year last year. That will be published within a week or so. Then if we continue with the development in net sales. As you can see in the graph, we ended up with a net sales 4.9 or more or less 5 billion SEK, and that was a revenue growth of 8.3%.

Speaker #1: And the reporting, or the change, has also had a retrospective effect. And now we report into two segments, which are Mountain Resort and SkiStar Shop.

Speaker #1: And the change has been made to better reflect the internal steering and the internal reporting and governance. And we will also publish restated numbers for the quarter quarter one, quarter two, and quarter three last year, and that will be published on our website.

Speaker #1: For you to better compare the segments for the full year last year. And that will be published within a week or so. If we continue with the development in net sales, as you can see in the graph, we ended up with net sales of SEK 4.9 billion, or more or less SEK 5 billion.

Sara Jinnerot Uggelberg: As you can see in the graph, we ended up with a net sales 4.9 or more or less 5 billion SEK, and that was a revenue growth of 8.3%. Excluding exportation revenue that is no longer included in net sales. If we adjust for acquisition and currency, the growth was 5.4%. The reason for the revenue increase is, as Stefan mentioned, first of all, of course, our integrated business model that drives volume and growth. We do have a pricing power, and we have the ability, and we continue to increase our price related to ski pass and accommodation, et cetera. The growing international share is also helping us to improve our margins and the growth. We have a lot of diversified revenue stream, as Stefan mentioned, which of course is very much appreciated by our guests because all of them strengthen the guest experience.

Speaker #1: And that was a revenue growth of 8.3%. Excluding exploitation revenue, which is no longer included in net sales, the growth was 5.4% when adjusted for acquisition and currency.

Sara Uggelberg: Excluding exportation revenue that is no longer included in net sales. If we adjust for acquisition and currency, the growth was 5.4%. The reason for the revenue increase is, as Stefan mentioned, first of all, of course, our integrated business model that drives volume and growth. We do have a pricing power, and we have the ability, and we continue to increase our price related to ski pass and accommodation, et cetera. The growing international share is also helping us to improve our margins and the growth. We have a lot of diversified revenue stream, as Stefan mentioned, which of course is very much appreciated by our guests because all of them strengthen the guest experience.

Speaker #1: And the reason for the revenue increase is, as Stefan mentioned, first of all, of course, our integrated business model that drives volume and growth.

Speaker #1: We do have pricing power, and we have the ability—and will continue—to increase our prices related to ski passes and accommodation, etc.

Speaker #1: And the growing international share is also helping us to improve our margins and our growth. We have a lot of diversified revenue streams, as Stefan mentioned, which of course is very much appreciated by our guests because all of them strengthen the guest experience.

Speaker #1: As Stefan also mentioned, we have made significant investments last year. For example, the Gondoline in Trysil, the new ski area in Hovde Syd, Vemdalen, and also lighting and ski lift in Björnen, Åre.

Sara Jinnerot Uggelberg: We have, as Stefan also mentioned, we have made significant investments last year, for example, the gondola in Trysil, the new ski area in Hovde Syd, Vemdalen, and also lighting and ski lift in Åre Björnen, just to mention a few of the investments that were made last year. We will continue to invest in the guest experience going forward. If we continue with the operating income, this is not net sales, this is operating income, which is more or less the same as net sales by category. If we start with ski pass, the total effect of revenue growth was 6%, of which price and mix stands for 5.7% and the volume growth was 0.3%. The accommodation growth, 6.3%, and the major effect was related to price and mix, 5.9%, and volume growth, 0.4%. Also the acquisition of Sälens Högfjällshotell was 1.6% of the growth.

Sara Uggelberg: We have, as Stefan also mentioned, we have made significant investments last year, for example, the gondola in Trysil, the new ski area in Hovde Syd, Vemdalen, and also lighting and ski lift in Åre Björnen, just to mention a few of the investments that were made last year. We will continue to invest in the guest experience going forward. If we continue with the operating income, this is not net sales, this is operating income, which is more or less the same as net sales by category. If we start with ski pass, the total effect of revenue growth was 6%, of which price and mix stands for 5.7% and the volume growth was 0.3%. The accommodation growth, 6.3%, and the major effect was related to price and mix, 5.9%, and volume growth, 0.4%. Also the acquisition of Sälens Högfjällshotell was 1.6% of the growth.

Speaker #1: Just to mention a few of the investments that were made last year, and we will continue to invest in the guest experience going forward.

Speaker #1: And if we continue with the operating income—this is not net sales; this is operating income, which is more or less the same as net sales.

Speaker #1: By category, and if we start with ski pass, the price or the total effect, the revenue growth was 6%, of which price and mix stands for 5.7%, and the volume growth was 0.3%.

Speaker #1: Accommodation growth was 6.3%, and that was mainly related to the major effects of price and mix, which accounted for 5.9%, and volume growth of 0.4%. Also, the acquisition of Högfjällshotellet contributed 1.6% to the growth.

Speaker #1: If we continue with sports shops, which are part of the new segment SkiStar Shop, we improved the retail sales by 13.2%, and that was driven by the increase in equipment, which accounts for 25% of the work of the growth.

Sara Jinnerot Uggelberg: If we continue with SkiStar Shop, which is part of the new segment, SkiStar Shop, we improved the retail sales by 13.2%, and that was driven by the increase in EQPE that stands for 25% of the growth. We increased the growth related to restaurants. The majority of that was driven by the acquisition of Sälens Högfjällshotell. Then included in other income, we had a claim compensation or an insurance compensation of 11%. As we mentioned, I think in the previous quarter last year, we had got a claim compensation related to a bridge that cost the last year in Vemdalen. All in all, the revenue growth was 8% for the year. If we continue with the operating margin, the operating margin was 17.5%, which is a quite significant increase in comparison with last year, 1.4 percentage point.

Sara Uggelberg: If we continue with SkiStar Shop, which is part of the new segment, SkiStar Shop, we improved the retail sales by 13.2%, and that was driven by the increase in EQPE that stands for 25% of the growth. We increased the growth related to restaurants. The majority of that was driven by the acquisition of Sälens Högfjällshotell. Then included in other income, we had a claim compensation or an insurance compensation of 11%. As we mentioned, I think in the previous quarter last year, we had got a claim compensation related to a bridge that cost the last year in Vemdalen. All in all, the revenue growth was 8% for the year. If we continue with the operating margin, the operating margin was 17.5%, which is a quite significant increase in comparison with last year, 1.4 percentage point.

Speaker #1: We increased the growth related to restaurants, and the majority of that was driven by the acquisition of Högfjällshotellet. And then we had included in in other income, we had a compensation a claim compensation or an insurance compensation of 11% as we mentioned, I think, in the previous quarter last year, we had got a claim compensation related to a bridge that was the last year in Vemdalen.

Speaker #1: So, all in all, the revenue growth was 8% for the year. If we continue with the operating margin, the operating margin was 17.5%, which is a quite significant increase in comparison with last year—an increase of 1.4 percentage points.

Speaker #1: And the reason for the growth was, of course, the revenue growth—8.3%—and that we have continued to improve both the guest experience, which increased the volume. Then, of course, we have improved the resource allocation or the cost control, which has enabled us to have a rather solid increase in costs.

Sara Jinnerot Uggelberg: The reason for the growth was, of course, the revenue growth, 8.3%, and that we have continued to improve both the guest experience that increased the volume. Then, of course, we have improved the resource allocation or the cost control that has enabled us to have a rather solid increase in costs. We have also had increased profit from our joint ventures now in Q4, and that relates to Skiab Invest AB and also the associated company Lima Transtrand. That stands for SEK 18 million during Q4, the improved profit in joint ventures. As I have mentioned before, we have only had minor property transactions during the year or expectation gains. They were SEK 3 million last year in comparison with SEK 46 million in the year before.

Sara Uggelberg: The reason for the growth was, of course, the revenue growth, 8.3%, and that we have continued to improve both the guest experience that increased the volume. Then, of course, we have improved the resource allocation or the cost control that has enabled us to have a rather solid increase in costs. We have also had increased profit from our joint ventures now in Q4, and that relates to Skiab Invest AB and also the associated company Lima Transtrand. That stands for SEK 18 million during Q4, the improved profit in joint ventures. As I have mentioned before, we have only had minor property transactions during the year or expectation gains. They were SEK 3 million last year in comparison with SEK 46 million in the year before. Of course, the underlying improvement in operating margin was 18% when we reflect that we did not have any property transaction.

Speaker #1: And we have also had increased profit from our joint ventures now in the fourth quarter, and that relates to Skiab and also the associated company Lima Transtrand.

Speaker #1: And that stands for 18%, 18 million during the fourth quarter. The improved profit in joint ventures. And as we have mentioned before, we have only had minor property transactions during the year, or exploitation gains. They were 3 million last year in comparison with 46 million the year before.

Speaker #1: And, of course, the underlying improvement in operating margin was 18% when we reflect that we did not have any property transaction. And we also had—I mean, if we take a look at the staple—the underlying profit, or operating profit, was 870, and that is actually the best underlying profit in SkiStar's history, which is, of course, very satisfactory.

Sara Jinnerot Uggelberg: Of course, the underlying improvement in operating margin was 18% when we reflect that we did not have any property transaction. If we take a look at the statement, the underlying profit or operating profit was SEK 870 million. That is actually the best underlying profit in SkiStar's history, which is, of course, very satisfactory. I would just like to mention that in our Q3, we did mention that we had underlying one-off items that impacted the operating margin. Those were related to the insurance compensation, as I mentioned, but also that we made a reversed impairment of the rental equipment that affected the operating profit with SEK 21 million. If you take a look at the operating profit development by segment, of course, it is more or less the same as I already mentioned, but just a brief description.

Sara Uggelberg: If we take a look at the statement, the underlying profit or operating profit was SEK 870 million. That is actually the best underlying profit in SkiStar's history, which is, of course, very satisfactory. I would just like to mention that in our Q3, we did mention that we had underlying one-off items that impacted the operating margin. Those were related to the insurance compensation, as I mentioned, but also that we made a reversed impairment of the rental equipment that affected the operating profit with SEK 21 million. If you take a look at the operating profit development by segment, of course, it is more or less the same as I already mentioned, but just a brief description. If we start with Mountain Resorts, the operating profit improved by 9%, and it is related to a strong revenue growth due to price.

Speaker #1: In the I would just like to mention that in our third quarter, we did mention that we've had underlying one of or sorry, one of items that impacted the the operating margin, and those were related to the insurance compensation, as I mentioned, but also that we made a reversed impairment of rental equipment that affected the operating profit with 21 billion.

Speaker #1: If we take a look at the operating profit development by segment, of course, it's more or less the same as I already mentioned. But just a brief description.

Speaker #1: If we start with mountain resource, the the operating profit improved by 9%, and it is due to or related to a strong revenue growth due to price the majority is of course price and also a product mix that has been favorable.

Sara Jinnerot Uggelberg: If we start with Mountain Resorts, the operating profit improved by 9%, and it is related to a strong revenue growth due to price. The majority is, of course, price and also product mix that has been favorable. We also were able to improve our operating margin despite cost inflation that we mentioned in Q3 and volume-related cost increases. We did not have any property transaction during the quarter, but we have had improved profits related to our joint venture and associates. In the segment SkiStar Shop, we did improve our operating profit by 10%. It is a combination of strong growth in both online sales, physical stores, and not the least rental business. The margin was improved by 2 percentage points up to 13%. In the full year, the effect for the currency effect was minor. It was just SEK 1 million.

Sara Uggelberg: The majority is, of course, price and also product mix that has been favorable. We also were able to improve our operating margin despite cost inflation that we mentioned in Q3 and volume-related cost increases. We did not have any property transaction during the quarter, but we have had improved profits related to our joint venture and associates. In the segment SkiStar Shop, we did improve our operating profit by 10%. It is a combination of strong growth in both online sales, physical stores, and not the least rental business. The margin was improved by 2 percentage points up to 13%. In the full year, the effect for the currency effect was minor. It was just SEK 1 million. However, it was a bigger effect or a larger effect during Q4, but not on the full year. It was just a minor effect related to currency.

Speaker #1: We were also able to improve our operating margin despite the cost inflation that we mentioned in the third quarter, as well as volume-related cost increases. We did not have any property transactions during the quarter, but we have had improved profits related to our joint ventures and associates. In the segment SkiStar Shop, we improved our operating profit by 10%, which is a combination of strong growth in both online sales, physical stores, and not least the rentals business.

Speaker #1: And the margin was improved by 2 2 points up to 13%. And in the full year, the effects or the currency effect was minor it was just 1 million SEKs.

Speaker #1: However, it was a bigger effect during the course of the fourth quarter, but not on the full year. It was just a minor effect related to currency.

Sara Jinnerot Uggelberg: However, it was a bigger effect or a larger effect during Q4, but not on the full year. It was just a minor effect related to currency. Cash flow, we have quite significant improvement in cash flow from our operating activities, and that is due to the improvement in operating profit. We have also made increase in CapEx during the year, and that is more or less related to the increase in snow production. That will be an effect even if we take a look at the future this next year, that will also be impacted by increase in snow production. The CapEx ratio was 12.7% last year. Our cash position is very strong. The financial preparedness as of 31 August amounted to more or less SEK 1.3 billion in increase in comparison with last year.

Speaker #1: So, cash flow. We have a quite significant improvement in cash flow from our operating activities, and that is due to the improvement in operating profit.

Sara Uggelberg: Cash flow, we have quite significant improvement in cash flow from our operating activities, and that is due to the improvement in operating profit. We have also made increase in CapEx during the year, and that is more or less related to the increase in snow production. That will be an effect even if we take a look at the future this next year, that will also be impacted by increase in snow production. The CapEx ratio was 12.7% last year. Our cash position is very strong. The financial preparedness as of 31 August amounted to more or less SEK 1.3 billion in increase in comparison with last year. That is, of course, related to improved profit. The increase in interest-bearing liabilities was SEK 1.6 billion, a decrease of more or less 7% in comparison with previous year.

Speaker #1: And we have also made an increase in capex during the year, and that is more or less related to the increase in snow production.

Speaker #1: And that will be an effect even if we take a look at the future. This next year will also be impacted by the increase in snow production.

Speaker #1: So the capex ratio was 12.7% last year. And yeah, and our cast position is very strong. So the financial preparedness as of the 31st of August amounted to more or less 1.3 billion, an increase in comparison with last year, and that is of course related to improved profit profit.

Sara Jinnerot Uggelberg: That is, of course, related to improved profit. The increase in interest-bearing liabilities was SEK 1.6 billion, a decrease of more or less 7% in comparison with previous year. Total interest-bearing liabilities recognized in accordance with IFRS 16 was SEK 1.9 billion, a decrease in comparison with last year. The majority relates to leases to our joint venture holding, Skiab Invest AB, and the rest is more or less related to land leases or the opportunity for us to actually rent for very long time in slopes. The interest-bearing debt or the net debt or the EBITDA structure was 1.3, which is a very low number and even a decrease in comparison with last year. We have a really strong cash position. Sustainability, we have an ambitious agenda when it comes to sustainability. This page is just example of a lot of initiatives that are related to sustainability that took place last year.

Speaker #1: The increase in interest-bearing liabilities was SEK 1.6 billion, a decrease of more or less 7% in comparison with the previous year. Total interest-bearing liabilities recognized in accordance with IFRS 16 was SEK 1.9 billion, a decrease in comparison with last year. The majority relates to leases to our joint venture holding Skiab, and the rest is more or less related to land leases.

Sara Uggelberg: Total interest-bearing liabilities recognized in accordance with IFRS 16 was SEK 1.9 billion, a decrease in comparison with last year. The majority relates to leases to our joint venture holding, Skiab Invest AB, and the rest is more or less related to land leases or the opportunity for us to actually rent for very long time in slopes. The interest-bearing debt or the net debt or the EBITDA structure was 1.3, which is a very low number and even a decrease in comparison with last year. We have a really strong cash position. Sustainability, we have an ambitious agenda when it comes to sustainability. This page is just example of a lot of initiatives that are related to sustainability that took place last year.

Speaker #1: Or the opportunity for us, or the opportunity for us to actually rent for a very long time ski slopes. And the interest-bearing debt was—or the sort of the net debt or the EBITDA structure was 1.3, which is a very low number, and even a decrease in comparison with last year.

Speaker #1: So the strong we have a very really strong cast cash position. So sustainability, we have an ambitious agenda or when it comes to sustainability, and the this page it's it's just example of a lot of initiatives that are related to sustainability that that took place last year.

Speaker #1: And the first one is related to activity and recreation, and the long-term goal is to achieve 7 million activity days per year by the end of 2030. During 2025 to 2026, we recorded 6.3 million ski days and activity days.

Sara Jinnerot Uggelberg: The first one is related to activity and recreation, and the long-term goal is to achieve 7 million ski and activity days by the end of 2030. During 2025 to 2026, we recorded 6.3 of ski days and activity days. That was an increase in comparison with previous year. The ecosystem, of course, we continue to reduce greenhouse gas emissions, and we have actually had a quite, I think, interesting project last year together with Skiab Invest AB. We have built a new accommodation in Sälen, which is called Vafasölen. It is a good example where we actually have been able to reduce climate impact as the production of this accommodation has been made with cement with a lower carbon footprint and recycled copper and aluminum. The third one is related to dialogue and interaction.

Sara Uggelberg: The first one is related to activity and recreation, and the long-term goal is to achieve 7 million ski and activity days by the end of 2030. During 2025 to 2026, we recorded 6.3 of ski days and activity days. That was an increase in comparison with previous year. The ecosystem, of course, we continue to reduce greenhouse gas emissions, and we have actually had a quite, I think, interesting project last year together with Skiab Invest AB. We have built a new accommodation in Sälen, which is called Vafasölen. It is a good example where we actually have been able to reduce climate impact as the production of this accommodation has been made with cement with a lower carbon footprint and recycled copper and aluminum. The third one is related to dialogue and interaction.

Speaker #1: That was an increase in comparison with previous year. The ecosystem of course we continue to to reduce greenhouse gas emission, and we have actually had a quite I think interest interesting project last year, together with Skiab, we have built a new accommodation in Salem, which is called Vasa Sjölen.

Speaker #1: And it's a good example where we actually have been able to reduce climate impact, as the production of this accommodation has been made with cement with a lower carbon footprint, and recycled copper and aluminium.

Speaker #1: The third one is related to dialogue and interaction. And we have I mean the possibility for our guests, they actually have the possibility to travel to our destinations to all our destinations fossil free.

Sara Jinnerot Uggelberg: The possibility for our guests, they actually have the possibility to travel to our destinations, to all our destinations fossil-free. We launched a new partnership in Q4 with Snälltåget to further improve the possibility for our guests to travel fossil-free to our destinations in Norway. We have also made a quite significant engagement with 30 of our top suppliers. With support from them, we have the ambition to reduce emissions from purchased goods and services together with capital goods. That is a very important engagement with all of those 30 suppliers. A summary of our financial targets. All of them, the development have been stable, and the development in total, of course, enable us to further revenue growth and improve margin. The revenue growth in total was 8.3%, and the financial target was 6%.

Sara Uggelberg: The possibility for our guests, they actually have the possibility to travel to our destinations, to all our destinations fossil-free. We launched a new partnership in Q4 with Snälltåget to further improve the possibility for our guests to travel fossil-free to our destinations in Norway. We have also made a quite significant engagement with 30 of our top suppliers. With support from them, we have the ambition to reduce emissions from purchased goods and services together with capital goods. That is a very important engagement with all of those 30 suppliers. A summary of our financial targets. All of them, the development have been stable, and the development in total, of course, enable us to further revenue growth and improve margin. The revenue growth in total was 8.3%, and the financial target was 6%.

Speaker #1: And we have a new we launched a new partnership in the fourth quarter with Snälltåget, to improve further improve the possibility for our guests to travel fossil free to our destinations in Norway.

Speaker #1: We have also made quite significant engagement with 30 of our top suppliers. With support from them, we have the ambition to reduce emissions from purchased goods and services together with capital goods.

Speaker #1: So that is a very important engagement with all of those 30 suppliers. So, a summary of our financial targets: All of them, I mean, the development has been stable, and the development in total, of course, enabled us to further revenue growth and improve margin.

Speaker #1: And the revenue growth in total was 8.3%, and the financial target was 6%. Operating margin was 17.5%, and I would like to note again that this 17.5% excludes gains from expectation or property transactions.

Sara Jinnerot Uggelberg: Operating margin 17.5%, and I would like to note again that this 17.5 excludes gains from expectations or property transactions. This is just related to our underlying business. The cash position or the net debt position in relation to EBITDA was very good or low, 1.3. And we have a quite significant headroom to our long-term target of 2.5. We have suggested a dividend of 3.5 SEK per share to the AGM, which is an increase in comparison with last year. And that will be 44% of the net profit. And this is the final slide. And this has been showed before, but this one is used internally. And I think it is quite good illustration of what kind of initiative that we should focus on, and all of those will enable us to actually further climb in our value chain. And they are divided into the guest experience.

Sara Uggelberg: Operating margin 17.5%, and I would like to note again that this 17.5 excludes gains from expectations or property transactions. This is just related to our underlying business. The cash position or the net debt position in relation to EBITDA was very good or low, 1.3. And we have a quite significant headroom to our long-term target of 2.5. We have suggested a dividend of 3.5 SEK per share to the AGM, which is an increase in comparison with last year. And that will be 44% of the net profit. And this is the final slide. And this has been showed before, but this one is used internally. And I think it is quite good illustration of what kind of initiative that we should focus on, and all of those will enable us to actually further climb in our value chain. And they are divided into the guest experience.

Speaker #1: So this is just related to our underlying business. The the cast position or the the net debt position in relate in relation to EBITDA was very good or low 1.3, and we have a quite significant headroom to our target long-term term target of 2.5.

Speaker #1: We have suggested a dividend of 3.5 SEK per share to the AGM, which is an increase compared to last year. This will be 44% of the net profit.

Speaker #1: And this is the final slide, and this has been showed before, but this is more this one is used internally, and I think it's quite good illustration of what kind of initiative that we should focus on, and all of those will enable us to actually climb further climb in our value chain.

Speaker #1: And they are divided into the guest experience that is of course our number one priority, followed by that we of course need to and want to use our resources efficient and of course the property development and the possibility for us to use our land that is significant number, and that will also enable us to grow organic organically in the future.

Sara Jinnerot Uggelberg: That is, of course, our number one priority, followed by that we, of course, need to and want to use our resources efficient. And of course, the property development and the possibility for us to use our land that is a significant number, and that will also enable us to grow organically in the future. So this is an illustration of the journey to, of course, have the ability to reach our financial target of the margin of 18%.

Sara Uggelberg: That is, of course, our number one priority, followed by that we, of course, need to and want to use our resources efficient. And of course, the property development and the possibility for us to use our land that is a significant number, and that will also enable us to grow organically in the future. So this is an illustration of the journey to, of course, have the ability to reach our financial target of the margin of 18%.

Speaker #1: So, this is an illustration of the journey to, of course, further have the ability to reach our financial target of a margin of 18%.

Speaker #2: Thank you Sarah, and I will now give a short outlook and and this last slide you shown is of course a result of our the result of of this year's how we have been working with this model in in in a very significant way the last couple of years, where you also see it pays off now.

Stefan Sjöstrand: Thank you, Sara. And I will now give a short outlook. And this last slide you showed is, of course, the result of this here is how we have been working with this model in a very significant way the last couple of years, where we also see it pays off now. If we look into the outlook, we can see that we are showing a very strong demand for the winter holidays, and it is a prioritized activity among families. And we are up with the winter bookings with 3%, and that is a very strong booking number. And we could also see that drivers of this booking has been that the launch of this most extensive snow guarantee within Scandinavia has been very successful. The investments we are doing within snow production is really paying off, and we will continue to invest in snow production.

Speaker #2: If you look in for the outlook, we can see that we are showing very strong demand for the winter holidays, and it is still a prioritized activity among families.

Speaker #2: And we are up with the winter bookings by 3%, and that's a very strong booking number. We could also see that the driver of this booking increase has been the launch of the most extensive snow guarantee within Scandinavia, which has been very successful.

Speaker #2: The investments we are making in snow production are really paying off, and we will continue to invest in snow production. We also had a very strong Christmas and New Year this year.

Stefan Sjöstrand: We also have a very strong Christmas and New Year this year. We have an extra week, so to say, week 53 is there, and that will, of course, be very beneficial for us. We have an early Easter week this year. It is week 12 to 13. That means that we will have a tail in the end, and we will now work much more intense. If you look into the graph Sara showed before, how to really schedule both our staff, but also secure we have the right opening times at the right place to secure a good end of the winter season where we failed last year a bit. So here we have a potential as well for the upcoming winter season.

Speaker #2: We have an extra week, so to say—week 53 is there—and that will, of course, be very beneficial for us. We have an early Easter week this year.

Speaker #2: It's week 12 to 13. That means we will have a tail at the end, and we will now work much more intensely. If you look at the graph Sarah showed before, it's about how to really schedule both our staff and also ensure we have the right opening times at the right places to secure a good end to the winter season—where we failed a bit last year. So, here we have potential as well for the upcoming winter season.

Speaker #2: From a pricing point of view, we have said that we will continue to have quite low prices, or not any significant price increases in the lodging segment, since we ask, or we want our visitors to really make sure that they book a stay at our destinations.

Stefan Sjöstrand: From a pricing point of view, we have said that we will continue to have quite low price or not any significant price increases in the lodging segment since we want our visitors to really make sure that they book a stay at our destinations. When they come and stay at our destinations, they will buy up, and we will continue to increase the prices not only on ski passes, also on ski school, et cetera. But ski pass increase will be on a leverage between 4% and 5%, depending on what week you book. Again, we will not slow off from having the lowest price as well. So we will continue to have the lowest price on ski pass within the ski mountain.

Speaker #2: And when they come and stay at our destinations, they will buy up, and we will continue to increase the prices, not only on ski passes, but also on ski school, etc. The ski pass increase will be at a leverage between 4% and 5%, depending on what week you book.

Speaker #2: And again, we will not slow off from having the lowest price as well. So we will continue to have the lowest price on ski passes within the ski mountains.

Speaker #2: So you could go and ski to a resort like Klövsjö Storhågna, where we provide, for example, 22 slopes, 16 lifts, and an area that is as big as many ski areas within Sweden.

Stefan Sjöstrand: So you could go and ski to a resort like Klövsjö/Storhogna, where we provide, for example, 22 slopes, 16 lifts, an area which is as big as many ski areas within Sweden for a very low price of skiing. But we also will have an additional one for the upcoming winter where we add in Åre Duved and Tegefjäll into these resort passes as well after the last year's success. So we will continue to grow both in all the destinations we have, but also to launch these passes at the other ski areas. We haven't had, as Sara mentioned, and I also mentioned it, any property gains during this last year. I must say, I'm really proud that we can present a result without property gains.

Speaker #2: For a very low price of skiing. But we will also have an additional option for the upcoming winter, where we add Åre Duved and Tegelfjäll to the resort passes as well, after last year's success.

Speaker #2: So we will continue to grow, both in all the destinations we have, but also to launch these passes at the other ski areas, so to say.

Speaker #2: We haven't had, as Sarah mentioned—and I also mentioned it—any property gains during this last year. And I must say, I'm really proud that we can present a result without property gains.

Speaker #2: However, we are developing those detailed plans, and we are also sitting on a very strong land bank, which is enabling us to continue both growth within ski areas as well as grow in this property accommodations area.

Stefan Sjöstrand: However, we are developing those detailed plans, and we are also sitting on very strong land bank, which is enabling us to continue both growth within ski areas as well as grow in this property accommodations area. So stay tuned and we will present when we are ready. We are not selling any land for low price. We are selling land for the right price, and that's why we are waiting. We have time to wait. That's an important signal from us to you guys. My last slide is also outlook. Really proud of the development of our organization and our destinations since it's really enabled us to improve our margin as well our continuing growth.

Speaker #2: So stay tuned, and we will present when we are ready. We are also not selling any land for a low price; we are selling land for the right price, and that's why we are waiting. We have the time to wait.

Speaker #2: That's an important signal from us to you guys. And my last slide is also an outlook, and I'm really proud of the development of our organization and our destinations.

Speaker #2: Since it has really enabled us to improve our margin as well as our continuing growth, we have had a very intense year behind us, where we also met some challenges at the end of the season. We came together, strengthening our organization to move forward as a common organization toward this goal, and that's also why we present a very strong result.

Stefan Sjöstrand: We have had a very intense year behind us, where we also met some challenges in the end of the season, where we also came together and also strengthening our organization to go together as a common organization towards these goals, and that's also why we present the very strong result. That will also help us to come into this new year, 2026/27, in a good manner. We also have now this year-round strategy to be proven. I must say, management are also very confident now that we have cracked the code for the summer, and we can also see that we have an increased profit during the Q2 to Q4. Q1 is still, of course, a very tough quarter to increase revenues. But Q2 to Q4 will be very important that we will continue to do that.

Speaker #2: And that with also help us to come into this new year 27 26 27 in a good manner, so to say. We also have now this year round strategy to be proven and I must say management are also very confident now that we are cracked the code for the summer and we can also see that we have an increased profit during the Q2 to Q4.

Speaker #2: Q1 is still, of course, a very tough quarter to increase revenues, but Q2 to Q4 will be very important, and we will continue to do that.

Speaker #2: Sarah has mentioned it, but I think sometimes we talk a lot about slopes, we talk a lot about investments, we talk about lifts, etc.

Stefan Sjöstrand: Sara has mentioned it, but I think sometimes we talk a lot about slopes, we talk a lot about investments, we talk about lifts, et cetera. Sometimes we really forget to talk about our cash flow. We have a very strong cash flow. We have SEK 1.2 billion in free cash flow of this year. We have an improved cash flow of SEK 160 million this year, and that makes us, of course, in a very strong financial position, which will help us and then enable us to continue to invest and strengthening our guest experiences. Lastly but not least, we will launch the best and most extensive snow guarantee, and it will continue at our destinations. Of course, what I could have added in this outlook also is that, of course, we increased the dividend. Sara said that we increased the dividends with 16%.

Speaker #2: But sometimes we really forget to talk about our cash flow. We have a very strong cash flow. We have $1.2 billion in free cash flow this year.

Speaker #2: We have an improved cash flow of SEK 160 million this year, and that puts us, of course, in a very strong financial position, which will help us and enable us to continue to invest in and strengthen our guest experiences.

Speaker #2: And last but not least, we will launch the best and most expensive snow guarantee, and it will continue at our destinations. And, of course, what I could have added in this outlook also is that we will increase the dividend. Sarah said that we increased the dividend by 16%.

Stefan Sjöstrand: Of course, what I could have added in this outlook also is that, of course, we increased the dividend. Sara said that we increased the dividends with 16%. The result is +11, the dividend is proposed to increase with 16%. Of course, that also is a good message to the market that we will continue to invest, but also we give a dividend to the shareholders. Thank you so much, and looking forward for some questions.

Speaker #2: The result is plus 11. The dividend is proposed to increase by 16%. So, of course, that is also a good message to the market that we will continue to invest, but also that we give a dividend to the shareholders.

Stefan Sjöstrand: The result is +11, the dividend is proposed to increase with 16%. Of course, that also is a good message to the market that we will continue to invest, but also we give a dividend to the shareholders. Thank you so much, and looking forward for some questions.

Speaker #2: So, thank you so much, and I'm looking forward to some questions.

Speaker #1: Thank you. So ask a question. You will need to press star one and one on your telephone, and wait for your name to be announced to withdraw your question.

Operator: Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. We will now go to our first question. One moment, please. The first question today comes from the line of Alice Beer from ABG Sundal Collier. Please go ahead.

Speaker #1: Please press star one, and then one again. Thank you. We will now go to our first question. One moment, please. And the first question today comes from the line of Alice Beer from ABG Sundal Collier.

Speaker #1: Please go ahead.

Speaker #3: Good morning. It's Theofan and Sarah. Just starting off with Norway. The Norwegian mountain resort sales rose to 94 million, but FX only contributed about 28 million of group-wide.

Alice Beer: Good morning, Stefan and Sara. Just starting off with Norway. The Norwegian Mountain Resort sales rose to SEK 94 million. FX only contributed about SEK 28 million group wide. What is the price volume split in Norway like?

Speaker #3: So, what's the price-volume split in Norway like?

Speaker #2: Oh, wow. Sarah, could you please repeat?

Stefan Sjöstrand: Sara, should you-

Stefan Sjöstrand: Sara, should you—

Sara Jinnerot Uggelberg: Alice, can you please repeat?

Sara Uggelberg: Alice, can you please repeat?

Speaker #3: Of course. What's the price-volume split like in Norway, since FX contributed—I mean, a lot, but not the whole way—to the Norwegian segment?

Alice Beer: Of course. What is the price volume split like in Norway, since FX contributed a lot, but not the whole way to the Norwegian segment?

Speaker #2: We normally, we actually don't show the split between the markets, price, and volume. Actually, we show it in total, since we really want to— we don't share that information, so to say.

Stefan Sjöstrand: Normally we actually don't show the split between the markets price volume, actually. We show it in-

Stefan Sjöstrand: Normally we actually don't show the split between the markets price volume, actually. We show it in—

Sara Jinnerot Uggelberg: In total,

Sara Uggelberg: In total.

Stefan Sjöstrand: in total, since we do not share that information. It is a good question, but we give a pass on that one, actually.

Stefan Sjöstrand: —in total, since we do not share that information. It is a good question, but we give a pass on that one, actually.

Speaker #2: That's a good question, but we'll actually give a pass on that one.

Speaker #3: Yeah, okay. Fair enough. And then, I mean, since the SkiStar Shops segment is new, could you just walk us through the profitability profile in this segment?

Alice Beer: Okay. Fair enough. Since the SkiStarshop segment is new, could you just walk us through the profitability profile in this segment? What are the most volatile cost drivers and how scalable is it?

Speaker #3: I mean, what are the most volatile cost drivers, and how scalable is it?

Speaker #2: I can I can start to give a like a flying in perspective on that on that business, and then I really would like Sarah to to elaborate on on your question because five years ago when we decided for a new strategy, we could see that there was a hole in the market, so to say, on both physical shops at our destinations.

Stefan Sjöstrand: I can start to give a flying in perspective on that business, and then I really would like Sara to elaborate on your question because five years ago, when we decided on a new strategy, we could see that there was a hole in the market, so to say, on both physical shops at our destinations. We made some small vertical acquisitions in Trysil and also we made a small acquisition in Klövsjö to really strengthen our presence from a physical store perspective. At the same time, we also accelerated our e-commerce site where we wanted to make sure we could deliver a strong offer to our customers on the SkiStarshop site. Thirdly, we decided also to continue and accelerate the development of SkiStar's own brand, EQPE. That is where we also launched eqpestore.com. From a historical perspective, we decided to do that.

Speaker #2: So, we made some small vertical acquisitions in Trysil, and we also made a small acquisition in Kløv, etc., to really strengthen our presence from a physical store perspective.

Speaker #2: At the same time, we also accelerated our e-commerce site, where we wanted to make sure we could deliver a strong offer to our customers on the SkiStar Shop site.

Speaker #2: And thirdly, we decided also to continue and accelerate the development of SkiStar's own brand, Equip. And that's where we also launched equipstore.com.

Stefan Sjöstrand: That is where we also launched eqpestore.com. From a historical perspective, we decided to do that. Now when we start to become quite big in this segment, we wanted to create a more highlight on that segment as well. So, an important part, of course, showing highlights on that segment. Sara, could you elaborate on the scalability on that one?

Speaker #2: So, from a historical perspective, we decided to do that. And now, when we start to become quite big in this segment, we wanted to create more highlight on that segment as well.

Stefan Sjöstrand: Now when we start to become quite big in this segment, we wanted to create a more highlight on that segment as well. So, an important part, of course, showing highlights on that segment. Sara, could you elaborate on the scalability on that one?

Speaker #2: So, an important part of the course is showing, yeah, highlighting that segment. And Sarah, could you elaborate on the scalability of that one?

Sara Jinnerot Uggelberg: Sure. Just to mention that in previous reporting, we divided our net sales into rented and sport shops, and those two are now included in the new segment, SkiStarshop. SkiStarshop segment comprises of three different areas, so to speak, and it is physical stores, online sales, and rental business. If you take a look at the margin between those three areas, obviously the online sales has the lowest margin, followed by physical stores and then rentals. So of course, there is a sort of different type of margin between those areas. I am not sure if that was the answer to your question, Alice.

Sara Uggelberg: Sure. Just to mention that in previous reporting, we divided our net sales into rented and sport shops, and those two are now included in the new segment, SkiStarshop. SkiStarshop segment comprises of three different areas, so to speak, and it is physical stores, online sales, and rental business. If you take a look at the margin between those three areas, obviously the online sales has the lowest margin, followed by physical stores and then rentals. So of course, there is a sort of different type of margin between those areas. I am not sure if that was the answer to your question, Alice.

Speaker #3: And just to mention, in previous reporting we divided our net sales into rental and sport shops, and those two are now included in the new segment SkiStar Shops.

Speaker #3: And SkiStar shop segment comprises. Of three different areas, so to speak, and it's physical stores, online sales, and rental business. And if you take a look at of the margin between those three areas, obviously the online sales is has the lowest margin followed by physical stores and then rentals.

Speaker #3: So, of course, there is a sort of different type of margin between those areas. And I'm not sure if that was the answer to your question, Alice.

Alice Beer: That is fine. Just to follow up then, the loss in that segment increased this year from 17 million to 25 million, despite the growth of 13%. Could you just talk a bit about that? Was it bad timing or did you have to do a lot of marketing?

Speaker #3: That's fine. But just to follow up, then—the loss in that segment increased this year from SEK 17 million to SEK 25 million, despite sales growth of 13%.

Speaker #3: Could you just talk a bit about that? Was it bad timing, or did you have to do a lot of marketing?

Sara Jinnerot Uggelberg: It is a combination, I would say, of three different aspects or items. First of all, it is a timing effect because the segment has been impacted by increasing merchandise related to rental equipment, and that is more or less a timing effect. Also during the summer, by the end of the summer season, we made an inventory related to the rental equipment that actually, it was evident that we needed to make a write-off related to bikes of 5 million SEK. The third explanation is related to marketing spend. During the year, not just the Q4, but during the year last year, we actually increased the marketing efforts to improve our online sales, I would say. We have actually spent more marketing money, and that is also related to the Q4.

Sara Uggelberg: It is a combination, I would say, of three different aspects or items. First of all, it is a timing effect because the segment has been impacted by increasing merchandise related to rental equipment, and that is more or less a timing effect. Also during the summer, by the end of the summer season, we made an inventory related to the rental equipment that actually, it was evident that we needed to make a write-off related to bikes of 5 million SEK. The third explanation is related to marketing spend.

Speaker #2: It's a combination, I would say, of three different aspects or items. First of all, it's a timing effect because the segment has been impacted by an increase in merchandise related to rental equipment, and that is more or less a timing effect.

Speaker #2: And then also during the summer, by the end of the summer season, we made an inventory related to the rental equipment. It was evident that we needed to make a write-off related to bikes of 5 million SEK.

Speaker #2: And the third explanation is related to marketing spend. During the year, not just the fourth quarter, but throughout last year, we actually increased our marketing efforts to improve our online sales, I would say.

Sara Uggelberg: During the year, not just the Q4, but during the year last year, we actually increased the marketing efforts to improve our online sales, I would say. We have actually spent more marketing money, and that is also related to the Q4. The combination of those three, of which I would say two of them, the write-off of bikes and the timing of the purchase of rental equipment is more a timing effect.

Speaker #2: So it's we've actually spent more marketing money, and that is also related to to the fourth quarter. So the combination of those three of which I I would say two of them the the write off of bikes and the the timing of of the purchase of rental equipment is more a timing effect effect.

Sara Jinnerot Uggelberg: The combination of those three, of which I would say two of them, the write-off of bikes and the timing of the purchase of rental equipment is more a timing effect.

Speaker #3: Okay, perfect. Thank you. Moving on, then—personnel cost for the full year grew 6%, but the average headcount fell a bit. What's the wage inflation we should assume for next year?

Alice Beer: Okay, perfect. Thank you. Moving on then. Personnel cost for the full year grew 6%, but the average headcount fell a bit. What is the wage inflation we should assume for next year?

Speaker #2: On average, there's a difference between Norway and Sweden. In Sweden, it's lower—I would say it's 3.2% related to Sweden, and then in Norway, it's 4.5 to 4.7%.

Sara Jinnerot Uggelberg: In average, and it is a difference between Norway and Sweden. In Sweden it is lower, I would say it is 3.2% related to Sweden, and then in Norway it is 4.5%, 4.7% next year. It is more or less the same this year or 2025 to 2026.

Sara Uggelberg: In average, and it is a difference between Norway and Sweden. In Sweden it is lower, I would say it is 3.2% related to Sweden, and then in Norway it is 4.5%, 4.7% next year. It is more or less the same this year or 2025 to 2026.

Speaker #2: Next year. And it's more or less the same this year or 2025 to 2026.

Speaker #3: Okay, perfect. And then, regarding the outlook of 3% growth in winter bookings, could you just remind us—is that based on an unchanged number of beds, or how is the development split between increased occupancy and increased number of beds?

Alice Beer: Okay, perfect. The outlook on 3% growth in winter bookings, could you just remind us, is that on an unchanged base of beds or how is the development split between increased occupancy and increased number of beds?

Speaker #2: Yeah, we have lost some beds in Trysil. We have gained some beds in Sweden. So, I think it is more or less the same.

Stefan Sjöstrand: Yeah. We have lost some beds in Trysil. We have gained some beds in Sweden, so I think it is more or less the same. Some 100, maybe 200 beds plus or something like that, but almost similar as the year before.

Speaker #2: Some hundreds, maybe 200 beds plus, or something like that, but almost similar as the year before.

Speaker #3: Okay, great. And then, how should we think about capital allocation? I mean, you spoke a bit about CapEx and the cash flow, but the dividend was raised, yet the payout ratio sits a bit below 50%, and leverage is down.

Alice Beer: Okay, great. How should we think about capital allocation? You spoke a bit about CapEx and the cash flow, but the dividend was raised, but the payout ratio sits a bit below 50% and leverage is down. Is it wrong to assume that this indicates a fairly heavy CapEx year ahead, or what's the investment pipeline like?

Speaker #3: Is it wrong to assume that this indicates a fairly heavy CapEx year ahead, or what's the investment pipeline like?

Speaker #2: I would say that the CapEx for for for this year or 2026 to 27 will be a bit higher than than the previous year.

Sara Jinnerot Uggelberg: I would say that the CapEx for this year or 2026 to 2027, will be a bit higher than the previous year, and that's due to the increase in snow production. But it will be around 12% or 13%, I would say 13% ratio to revenue. So a bit higher, but not enormously higher. It's still on a bit higher than the previous year.

Sara Uggelberg: I would say that the CapEx for this year or 2026 to 2027, will be a bit higher than the previous year, and that's due to the increase in snow production. But it will be around 12% or 13%, I would say 13% ratio to revenue. So a bit higher, but not enormously higher. It's still on a bit higher than the previous year.

Speaker #2: And that's due to the increase in snow production, but it will be around 12 or 13 percent— I would say 13 percent— ratio to revenue.

Speaker #2: So, a bit higher, but not a normal tier. It's still a bit higher than the previous year.

Speaker #3: Okay, great. And then, just a final question from me. I mean, the full-year operating margin was about 17.6%, and that's awfully close to the targeted 18%.

Alice Beer: Okay, great. A final question from me. The full-year operating margin was about 17.6%, and that's awfully close to the target at 18%.

Alice Beer: Okay, great. A final question from me. The full-year operating margin was about 17.6%, and that's awfully close to the target at 18%. What is your view on the margin in the upcoming year? Is an 18% margin contingent on a favorable calendar, or is that reasonable long-term?

Speaker #3: What's your view on the margin in the upcoming year? And I mean, is an 18% margin contingent on a favorable calendar, or is that reasonable long term?

Alice Beer: What is your view on the margin in the upcoming year? Is an 18% margin contingent on a favorable calendar, or is that reasonable long-term?

Speaker #2: I believe that we are in a strong position, Alice. We have worked with—I think the slide Sarah showed with the three different parts of how we are working internally—is that we both invest and develop different types of concepts, which you are showing now in this growth, which is giving us this 8% growth.

Stefan Sjöstrand: I believe that we are in a strong position, Alice. We have worked with. I think the slide Sara showed with the three different parts of how we are working internally, is that we both invest in developing different type of concepts, which we are showing now in this growth, which is giving us this 8% growth this last year. The margin, which is improved, comes from these better allocations and how we are working with better scheduling, much better cost control. So we really believe that we are on the track for delivering the 18% without any property gains, actually. So we are in a strong position. Also to build a little bit on Sara's answer on the investments, we will be much more precise on where we invest.

Speaker #2: This last year, the margin which has improved comes from better allocations and how we are working with better scheduling, as well as much better cost control.

Speaker #2: So we really believe that we are on the track for delivering the 18% without any property gains actually. So we are in a strong position and and also to build a little bit on your on on Sarah's answer on on the investments we will be much more precise on where we invest.

Speaker #2: And let's say half of the investment is connected to reinvestment, so to say, and half of the investment will be in new investment. And in the new investments, it will be very much focused on snow production, again to show that we take leadership in snow production within Scandinavia.

Stefan Sjöstrand: Let us say half of the investment is connected to reinvestment, so to say, and half of the investment will be new investments. In the new investments, it will be very much focused on snow production, again, to show that we take leadership in snow production within Scandinavia without any competition at all in that sense, to be honest.

Speaker #2: Without any competition at all, in that sense. To be honest.

Speaker #3: Okay, great. Thank you. That was all from me.

Alice Beer: Okay, great. Thank you. That was all for me.

Speaker #2: Thank you, Alice.

Stefan Sjöstrand: Thank you, Alice.

Speaker #3: Thank you, Alice.

Sara Jinnerot Uggelberg: Thank you, Alice.

Sara Uggelberg: Thank you, Alice.

Speaker #1: Thank you. So, the next question today comes from Carl Johan Bonnevier from DNB Carnegie. Please go ahead.

Operator: Thank you. Next question today comes from the line of Karl-Johan Bonnevier from DNB Carnegie. Please go ahead.

Speaker #4: Yes, good morning, Stefan. I'm sorry—I'll maybe try to dig in a little deeper, if I can, to a couple of the questions, Alice.

Karl-Johan Bonnevier: Yes, good morning, Stefan and Sara. Maybe trying to dig in a little deeper, if I can, to a couple of the questions Alice already put to you. Looking at Norway in the just finished year, it seems like you had a great success. What is the main driver there? Is it the internationals returning even more or the locals coming back more, or what is the main driver?

Speaker #4: You're already up to date. Looking at Norway in the just finished year, it seems like you had great success. What is the main driver there?

Speaker #4: Is it the international returnings even more, or the locals coming back more, or what is the main driver?

Speaker #2: Hey, Colliwan. Thank you. I think the the nothing. The main driver in Norway has been that the international guest has been have had a higher share within Norway.

Stefan Sjöstrand: Hey, Karl-Johan. I think the main driver in Norway has been that the international guests have had a higher share within Norway, in general in Hemsedal, actually. In Trysil also, we could see that the airport, Scandinavian Mountains Airport, has been very successful delivering guests to especially Trysil also. The Danish guests are coming by ferry to Oslo from Copenhagen to Oslo, then they take the car up to Hemsedal also. We have seen stronger international guests, but also that the investments we made in Trysil were very strong last year with this Trysilgondolen, which created a lot of interest, actually.

Speaker #2: In general, in Hemsedal, actually. But in Trysil also, we could see that the airport we are in—Sälen Airport, Scandinavian Mountains Airport—has been very successful in delivering guests to especially Trysil also.

Speaker #2: And the Danish guests are coming by ferry to Oslo from Copenhagen to Oslo, and then they take the car up to Hemsedal.

Speaker #2: So, we have seen a stronger international guest presence, but also that the investments we made in Trysil were very strong last year, with the Trysil gondola, which actually created a lot of interest.

Speaker #4: And also, looking at Q4, even adjusting for the currency effect, it seems like, say, maybe the Norwegian summer product is going slightly better than the Swedish.

Karl-Johan Bonnevier: Looking at Q4, even adjusting for the currency effect, it seems like, say maybe the Norwegian summer product is going slightly better than the Swedish. Is it just that the Norwegian product is ahead of the Swedish one, looking at maturity, or how do you see it?

Speaker #4: Is that so? Is it just that the Norwegian product is ahead of the Swedish one, looking at maturity, or how do you see it?

Speaker #2: That's a very good question. We—we, I think, decided to go back to focus on the three resorts during summer, and that has been a strategically right decision.

Stefan Sjöstrand: That is a very good question. I think we decided to go back to focus on the three resorts during summer, and that has been a strategical right decision. Both that we could take out some cost where we did not get any growth. Then we can see that Åre is a resort where we have a very, I would say a lot of visitors. However, we do not offer all the revenue streams in Åre as we can provide in the same manner as we do in Trysil and Sälen. That is why Trysil is a little bit ahead.

Speaker #2: Both that we could take out some costs where we didn't get any growth. And then we can see that Åre is a resort where we have, I would say, a lot of visitors.

Speaker #2: However, we don't offer the full all the revenue streams in Åre as we can provide in the same manner as we do in Trysil and Sälen.

Speaker #2: So that's why Trysil is a little bit ahead and also to come to Trysil is also two hours from Oslo which I think is also a very important if you look into for example in in Europe southern Europe we can see that a lot of success in the in the summer business in the European resorts are connected to that they have a lot of people living quite close by.

Stefan Sjöstrand: To come to Trysil, it is also 2 hours from Oslo, which I think is also very important if you look into, for example, in Europe, Southern Europe, we can see that a lot of success in the summer business in the European resorts are connected to that they have a lot of people living quite close by. Trysil is quite easy access versus Åre or Sälen, for example, from the big areas where people live. One of the main reasons why also Trysil gets a lot of people. Then also Trysil is the largest resort in Norway, of course, and which has also the best biking development within Norway, actually.

Speaker #2: And Trysil is quite easy to access versus Åre or Sälen, for example, from the big areas where people live. So one of the main reasons why also Trysil gets a lot of people.

Speaker #2: And then also, Trysil is the largest resort in Norway, of course, and which also has the best biking development within Norway, actually.

Speaker #5: And also the the long term tradition of outdoor activities in Norway. You you mentioned Majority. Majority and I I would say that that is one of the reasons as well.

Sara Jinnerot Uggelberg: And also the long-term tradition of outdoor activities in Norway. You mentioned maturity, and I would say that that is one of the reasons as well.

Sara Uggelberg: And also the long-term tradition of outdoor activities in Norway. You mentioned maturity, and I would say that that is one of the reasons as well.

Speaker #5: Yes.

Stefan Sjöstrand: Yes.

Speaker #2: Yes.

Speaker #4: Excellent. Thanks for the extra color. Looking at summing up the the high season of of 25, 26, what kind of growth did you see in new guests that you didn't have in your your databases before and and maybe also where do you end up on on my skiStar membership towards the end of year?

Karl-Johan Bonnevier: Excellent. Thanks for the extra color. Looking at when summing up the high season of 2025/2026, what kind of growth did you see in new guests that you didn't have in your databases before? And maybe also, where do you end up on MySkiStar membership towards the end of year? I couldn't find that KPI somewhere.

Speaker #4: I couldn't find that KPI anywhere.

Speaker #2: We continue. I mean the the international guests they they ended up to be 40% during the winter season and and most of the new guests they came from this air companies TUI, ECF, and and so on.

Stefan Sjöstrand: We continue. The international guests, they ended up to be 40% during the winter season. And most of the new guests, they came from these air companies, TUI, ECS, and so on. So there we got a lot of help from the airport, so to say, to get more and new international guests. You could also see that the Danes started to come, and then they have a very easy access by, for example, with Snälltåget. They go on to the train in southern part of Sweden, and then they travel the whole way, which has been very successful as well. And then, the last question, what did you ask? You asked about

Speaker #2: So there we got a lot of help from the airport so to say to to get more into more new international guests. We could also see that the Danes started to come and and they have a very easy access by for example with Snälltåget they they go on to the train in southern part of Sweden and then they they travel the whole way which has been very successful as well.

Speaker #2: And then the last question what did you ask you asked about the my my my skiStar. My skiStar. Yes. So we are continue to grow my skiStar.

Karl-Johan Bonnevier: Members.

Stefan Sjöstrand: MySkiStar. Yes. So we have continued to grow MySkiStar. I don't have the exact numbers here and now, Karl-Johan, but I see that we need to provide that information with the exact number of MySkiStar members. But we continue to grow that database.

Stefan Sjöstrand: —MySkiStar. Yes. So we have continued to grow MySkiStar. I don't have the exact numbers here and now, Karl-Johan, but I see that we need to provide that information with the exact number of MySkiStar members. But we continue to grow that database.

Speaker #2: And I don't have the exact numbers here and now, Colliwan, but I see that we need to provide that information, with the exact number of my SkiStar members.

Speaker #2: But we continue to grow that database.

Speaker #4: Excellent. You mentioned the Scandinavian Mountain Airport a couple of times, and see it as a good demand driver for Trysil and Sälen. What kind of growth did you see in the capacity coming into the airport during the last season?

Karl-Johan Bonnevier: Excellent. You mentioned the Scandinavian Mountains Airport a couple of times and seeing as a good demand driver for Trysil and Sälen. What kind of growth did you see in the capacity coming into the airport during the last season? Do you have any indications for what kind of capacity growth we might see for the coming season?

Speaker #4: And do you have any indications for what kind of capacity growth we might see for the coming season?

Speaker #2: I mean, we are only part owner of the airport, so we don't have, of course, all the numbers. But we know that the lines from TUI, they have taken out one flight, but they have added in another.

Stefan Sjöstrand: We are only a part owner of the airport, so we do not have, of course, all the numbers. We know that the lines from TUI, they have taken out one flight, but they have added in another, so it will be quite the same. ECS will continue, Lübeck Air will continue. So quite the same actually as last year. Last year, there was 44,000 packs coming in. So we believe that it will be slightly the same. We also believe that the additional train opportunities will add some extra guests, actually. Also an increased work with Danish agencies will also help us with some additional Danes coming into us as well.

Speaker #2: So, it will be quite the same. ECF will continue, Lübeck Air will continue, so quite the same actually as last year. Last year, there were 44,000 packs coming in.

Speaker #2: So, we believe that it will be slightly the same. But we also believe that the additional train opportunities will actually add some extra guests.

Speaker #2: And also an increased collaboration with the Danish agencies. It would also help us with some additional Danes coming to us as well.

Speaker #4: Excellent. Looking at the pre-bookings—up 3% at this stage. I remember last year, you also gave an indication about how the early part of the season would go, as there was this kind of strange shift in the base. How do you see that for the coming season?

Karl-Johan Bonnevier: Excellent. Looking at the pre-bookings up 3% at this stage, I remember last year, you also gave an indication about how the early part of the season would go as there was this kind of strange shift in the base. How do you see that for the coming season? Is it still Christmas, New Year that is driving the pre-bookings at this stage, and there is still a huge gap to, say, basically cater coming up to Easter and the later part of the season?

Speaker #4: Is it still Christmas and New Year's that is driving the pre-bookings at this stage, and there's still a huge gap to basically cater for the period leading up to Easter and the later part of the season?

Speaker #2: Very good question. I'm really glad that we could elaborate a little bit on that. So, the weeks between week 51 to week 1, so to say, we have a very strong booking situation at this moment, right now actually.

Stefan Sjöstrand: Very good question. I am really glad that we could elaborate a little bit on that. So the weeks between 51 to week 1, so to say, we have a very strong booking situation at this moment right now, actually. That is all over the destinations, more or less, so to say. We could also, since this week 53, give us an additional week, more or less, which is of course extremely strong. We could also see that the winter break period between week and 10 is also quite well-booked, so to say. We are a little bit slower right now in the period of week 2 to 6. At the same time, for us, where we make the best profit, so to say, is between week 51 and 1 and week 7 to 10.

Speaker #2: And that's all over the destinations, more or less, so to say. And we could also, since this week 53 gives us an additional week, more or less, which is of course extremely strong.

Speaker #2: We could also see that the winter break period between week 8 and 10 is also quite well booked, so to say. And we are a little bit slower right now in the period of week 2 to 6.

Stefan Sjöstrand: We could also see that the winter break period between week and 10 is also quite well-booked, so to say. We are a little bit slower right now in the period of week 2 to 6. At the same time, for us, where we make the best profit, so to say, is between week 51 and 1 and week 7 to 10. From a financial point of view, we are extremely satisfied with the bookings at the moment, how they look like.

Speaker #2: At the same time, for us, where we make the best profit, so to say, is between week 51 and week 1 and weeks 7 to 10.

Speaker #2: So, from a financial point of view, we are extremely satisfied with the bookings at the moment, how they look like.

Stefan Sjöstrand: From a financial point of view, we are extremely satisfied with the bookings at the moment, how they look like.

Speaker #4: And do you take any learnings with you from from say the last season looking at how to to drive say in season demand if you put it like that to to get those weaker weeks and maybe the end of the the year up to to the level where you want it to be?

Karl-Johan Bonnevier: Do you take any learnings with you from, say, the last season looking at how to drive, say, in-season demand, if you put it like that, to get those weaker weeks and maybe the end of the year up to the level where you want it to be?

Speaker #2: Yes, we have learned how to be much better in how we operate our destinations. So, as an example, during week 51 and week 1, which will be extremely busy, we will have extra people and so on to make sure we have the right people in the right place.

Stefan Sjöstrand: Yes. We have learned how to be much better in how we operate our destination. As an example, week 51 and 1, which will be extremely busy, we will have extra people and so on to make sure we have the right people on the right place. At the same time, we will have more slopes open since we have invested so much in the snow guarantee. The snow guarantee also drives booking, so that is something which is really good. If you look into the end of the season, which I tried to describe in the call also about the tail, so to say, the end of the season, we will be much better in how we operate our end of the season within opening times. Also, we will not have all destinations fully open as we have had previously.

Speaker #2: At the same time, we will have more slopes open, since we have invested so much in the snow guarantee. And the snow guarantee also drives bookings.

Speaker #2: So, that's something which is really good. Then, if you look into the end of the season—what I tried to describe in the call also—about the tail, so to say, the end of the season, we will be much better in how we operate our end of the season.

Speaker #2: Within opening times, we will not have all destinations fully open as we have had previously. We will be much smarter about how we close destinations compared to how it has been previously.

Stefan Sjöstrand: We will be much smarter of how we are closing down part of the destination compared to how it has been previously, because that is how we will also save costs, compared to how it has been in the past. I think we have learned to be much more better in operation excellence based upon the past seasons, actually.

Speaker #2: Because that is how we will also save costs compared to how it has been in the past. So, I think we have learned to be much better in operational excellence based upon the past seasons, actually.

Speaker #4: Perfect. And one final you mentioned also a couple of times that the Swedish guests have been much more switched on to to do early bookings does that simplify these this idea of of filling up maybe also the the slower weeks so to say or is is that just exaggerating the the pattern you just talked about about the strong weeks?

Karl-Johan Bonnevier: Perfect. One final. You mentioned also a couple of times that the Swedish guest has been much more switched on to do early bookings. Does that simplify this idea of filling up maybe also the slower weeks, so to say? Is that just exaggerating the pattern you just talked about the strong weeks?

Speaker #2: I think the Swedes have been very successful using this, for example, weeks two to six—Valles Vintervecka, as we say. They are extremely popular among families with children.

Stefan Sjöstrand: I think the Swedes have been very successful using this week 2 to 6, for example, Valles familjveckor, as we say. They are extremely popular among families with children. They are a big contributor to that part of the year. We are really glad to see that the Swedish customer is coming back and we also see that the investment we have made, like I said, in snow production, but also, for example, in activities around the slopes, for we are building an ice rink, we are building this snowman, where you can play in the snow. We also have an extended F&B, and where we also add a food package, which is also something which our guests want, especially the international guests. We have a lot of good things, and I am really comfortable about where we are at the moment.

Speaker #2: So they are a big contributor to that part of the year. So we are really glad to see that the Swedish customer is coming back, and we also see that the investments we have made, like I said, in snow production, but also, for example, in activities around the slopes—for example, we are building an ice rink.

Speaker #2: We are building like this snowman where you can play in the in the in the in the snow. We also have an extended F&B and where we also add a full package which is also something which our guest wants especially the international guests.

Stefan Sjöstrand: We also have an extended F&B, and where we also add a food package, which is also something which our guests want, especially the international guests. We have a lot of good things, and I am really comfortable about where we are at the moment. We have a momentum within SkiStar at this time, for now.

Speaker #2: So, we have a lot of good things, and I'm really comfortable with where we are at the moment. We have momentum within SkiStar at this time, for now.

Stefan Sjöstrand: We have a momentum within SkiStar at this time, for now.

Karl-Johan Bonnevier: One final number question as well before I pass back. Looking at the SkiStarshop retail operation, what is the split between physical and online at this stage?

Speaker #4: One final number question as well before I pass back. Looking at the SkiStar shop retail operation, what is the split between physical and online at this stage?

Speaker #2: It is still 50/50, actually. So we continue to have really strong growth in the physical stores. And again, when we have all these events during summer, what's really interesting is to see how all revenue streams deliver.

Stefan Sjöstrand: It is still 50/50, actually. We continue to have a really strong growth in the physical stores. Again, when we have all these events during summer, what is really interesting to see how all revenue streams delivers. Because again, when we have an activity, like for example, just before and also the collaboration we have with the Vasaloppet and also the biking Vasa, all numbers are handing out in our concept, SkiStarshop store, where all the biking participants come to our facilities. They train before Cykelvasan. We hand out the numbers, and when they are there in the store, of course, they start to shop as well. We can see that all these events we create also support all our revenue streams as well. That is why I really would like to highlight the importance of the physical store development we have at our destinations, actually.

Speaker #2: Because again, when we have an activity, like for example just before, and also the collaboration we have with Vasaloppet, and also the biking Vasa.

Speaker #2: All numbers are handed out in our concept SkiStar shop store, where all the biking participants come to our facilities to train before Cykelvasan. There, we hand out the numbers, and when they are in the store, of course, they start to shop as well.

Speaker #2: So we can see that all these events we create also support all our revenue streams as well. That's why I would really like to highlight the importance of the physical store development we have at our destinations.

Speaker #4: Yeah. And it's very good to see how healthy the operating margin looks for that operation from a full-year perspective as well.

Karl-Johan Bonnevier: Yeah, and very good to see how healthy the operating margin looks for that operation on the full year perspective as well. Good extra disclosure, I must say. Good luck and all the best out there.

Speaker #4: So, good extra disclosure, I must say. And good luck and all the best out there.

Speaker #2: Thank you so much.

Stefan Sjöstrand: Thank you so much.

Sara Jinnerot Uggelberg: Thank you.

Sara Uggelberg: Thank you.

Speaker #1: Thank you.

Speaker #3: Thank you. As a reminder, if you wish to ask a question, please press star one and one on your telephone. We will now go to the next question.

Operator: Thank you. As a reminder, if you wish to ask a question, please press star 1 and 1 on your telephone. We will now go to the next question. The next question today comes from the line of Linus Alentun from Nordea. Please go ahead.

Speaker #3: And the next question today comes from the line of Linas Alentan from Nordea. Please go ahead.

Speaker #5: Yes, hi and good morning, Stefan and Sara. Just a couple of questions from me here, starting off with the past year, perhaps. Ski year and activity days were roughly flat, and ski pass revenue was up 6%, or 5.7%—I think was the exact number.

Linus Alentun: Yes. Hi, and good morning, Stefan and Sara. Just a couple of questions from me here. Starting off with the past year, perhaps, skier and activity days were roughly flat, and ski pass revenue was up 6%, or 5.7%, I think was the exact number. I am just wondering if we could have sort of a split here between price and mix. Also with regards that you are guiding for 4% to 5% price hikes here.

Speaker #5: I'm just wondering if we could have sort of a split here between price and mix, also, with regards to the fact that you're guiding for 4–5% price hikes here.

Stefan Sjöstrand: We-

Stefan Sjöstrand: We—

Speaker #1: We take it up. I'm not sure if we can give you that number. It's sort of a total evaluation that has been made internally.

Stefan Sjöstrand: We can pick it up. I am not sure if we can give you.

Sara Uggelberg: We can pick it up. I am not sure if we can give you—

Linus Alentun: We can help.

Linus Alentun: that number. It is sort of a total evaluation that has been made internally.

Linus Alentun: —that number. It is sort of a total evaluation that has been made internally—

Speaker #2: So, I mean, if you look into, for example, the weeks between 51 and 1, we have, of course, a high price increase on the lodging since there is a high demand, since we have this pricing tool, so to say.

Stefan Sjöstrand: If you look into, for example, the weeks between 51 and 1, we have, of course, a high price increase on the lodging since there is a high demand, since we have this pricing tool, so to say. The same with ski pass. That is also depending when you are buying the ski pass. If you are buying the ski pass the same day, you have a 10% increase. So it is all depending on. So it is too difficult to guide on that, actually. That is why we say

Speaker #2: The same with ski pass. And that also depends on when you are buying the ski pass. If you are buying the ski pass on the same day, you have a 10% increase.

Speaker #2: So, so, it's all depending on—it's too difficult to guide on that, actually. So that's why we say in general, like we are saying right now, in 4 to 5%.

Linus Alentun: Okay

Linus Alentun: Okay.

Stefan Sjöstrand: in general, like we are saying right now, is 4% to 5%.

Stefan Sjöstrand: —in general, like we are saying right now, is 4% to 5%.

Speaker #2: So so but.

Sara Jinnerot Uggelberg: The majority is related to price.

Speaker #1: But the majority is related to price.

Sara Uggelberg: The majority is related to price.

Linus Alentun: Yes.

Stefan Sjöstrand: Yes.

Speaker #2: Yes, that's true. Yes, that's true. But we still see that we will have a volume increase this year.

Linus Alentun: That is true.

Sara Uggelberg: That is true.

Stefan Sjöstrand: Yes, that is true.

Stefan Sjöstrand: Yeah.

Sara Uggelberg: Yeah.

Stefan Sjöstrand: But we still see that we will have a volume increase this year.

Speaker #1: Yes yes.

Linus Alentun: Yes.

Sara Uggelberg: Yes.

Linus Alentun: Yeah.

Stefan Sjöstrand: Yeah.

Speaker #2: Yeah.

Speaker #5: Yep, all right. And I think you mentioned that Sälen here has a pretty good situation on the bookings. Is there any other resort that stands out in any way, up or down?

Linus Alentun: Yep. All right. I think you mentioned that Sälen here has a pretty good situation on the bookings. Is there any other resorts that stands out in any way up and down?

Speaker #2: No. We we we decided to to give a flavor on on that booking and maybe it gave a wrong signals in in two months ago when we did that.

Stefan Sjöstrand: Yeah, we decided to give a flavor on that booking and maybe it gave a wrong signal 2 months ago when we did that. But the idea was to really show that our investments we made in this snow guarantee really pays off, I must say. So Sälen is the locomotive, so to say, with very high bookings. The other ones is on a good level, and we can see that there is still high demand on mountain vacations. So we are really looking forward, actually, for the winter seasons now, since we see that we probably taking some market shares this year with all these efforts we are doing, especially in the investments we are doing.

Speaker #2: But the idea was to really show that our investments we made in this snow guarantee really pay off, I must say.

Speaker #2: So, Sälen is the locomotive, so to say, with very high bookings. And the other ones are on a good level. And we can see that there is still high demand for mountain vacations.

Speaker #2: So we are really looking forward, actually, to the winter season now, since we see that we are probably taking some market share this year with all these efforts we are doing, especially in the investments we are making.

Speaker #5: Yep. Yeah, that sounds great. And just a question on those investments here and on the snow guarantee, perhaps. I'm just wondering, have you done any scenarios of potential cost exposure if we happen to have a mild winter here with little natural snow?

Linus Alentun: Yeah, that sounds great. Just a question on those investments here and on the snow guarantee perhaps. I am just wondering, have you done any scenarios of potential cost exposure if we happen to have a mild winter here with little natural snow?

Speaker #2: No, we haven't done that since we build our—I mean, if you look into historical forecasts, how it will look like from the weather predictions, etc.

Stefan Sjöstrand: No, we haven't done that since. If you look into historical forecasts, how it will look like from the weather predictions, et cetera, we will have minus degrees. What we are doing is that that's why we invest in so many snow guns. I think Lindvallen last year was a brilliant example that we could open up Lindvallen and fully secure delivering our snow guarantee. Compared to the competitors in the surroundings, I shouldn't talk about them, but we open up in a very good, secured way. By the investments we have done for this year, we can open up with even more slopes. We are fully confident in that.

Speaker #2: We will have minus degrees. And what we are doing is that—that’s why we invest in so many snow guns. I mean, I think Lindvallen last year was a brilliant example: we could open up Lindvallen and fully secure delivering our snow guarantee, and compare to the competitors in the surroundings.

Speaker #2: They, I'm still... yeah, I should not talk about them. But we open up in a very good, secured way. And with the investments we have done for this year, we can open up with even more slopes.

Speaker #2: We are fully confident in that. Yeah, I just want to elaborate a bit on that as well, because I think what is very important is that I got excited when I traveled to Sälen and saw a pump house close to the river.

Linus Alentun: All right.

Stefan Sjöstrand: I just want to elaborate a bit on that as well, because I think what is very important is that I got excited when I traveled to Sälen and see a pump house close to the river. How can you be excited by seeing a pump house close to the river? That's because we are doubling the water capacity. Doubling the water capacity means that we could push more water, which is getting snow when it is -2 degrees. So we don't need so much cold actually to be able to produce snow. I think that's something which is unique in what we have invested in right now. We have invested in pump capacity, we have invested in snow guns, we have invested in pipes, and that will help us to fill the slopes with snow faster than we ever have done earlier.

Speaker #2: And how can you be excited by seeing a pump house close to the river? That’s because we are doubling the water capacity. Doubling the water capacity means that we can push more water, which is important when we are getting snow and it is minus 2 degrees.

Speaker #2: So, we don't need so much cold, actually, to be able to produce snow. And I think that's something which is unique in what we have invested in right now.

Speaker #2: We have invested in pump capacity. We have invested in snow guns. We have invested in pipes. And that will help us to fill the slopes with snow faster than we ever have done earlier.

Stefan Sjöstrand: We have invested in pump capacity, we have invested in snow guns, we have invested in pipes, and that will help us to fill the slopes with snow faster than we ever have done earlier. We will continue to invest in pump house, in water, in snow guns next year to even increase our snow guarantee even more going forward. We are super proud of that.

Speaker #2: And we will continue to invest in the pump house and in water and snow guns next year to further increase our snow guarantee. Going forward.

Stefan Sjöstrand: We will continue to invest in pump house, in water, in snow guns next year to even increase our snow guarantee even more going forward. We are super proud of that.

Speaker #2: And we are super proud of that.

Linus Alentun: Understood. All right. Thank you very much for taking my questions here. I'll get in line.

Speaker #5: Understood. All right. Thank you very much for taking my questions here. I'll get in line.

Speaker #2: Thank you.

Stefan Sjöstrand: Thank you.

Sara Jinnerot Uggelberg: Thank you.

Sara Uggelberg: Thank you.

Speaker #1: Thank you.

Speaker #3: Thank you. There are currently no further questions. I will hand the call back to Stefan for closing remarks.

Operator: Thank you. There are currently no further questions. I will hand the call back to Stefan for closing remarks.

Speaker #2: Thank you so much for taking the time with us today. It was more than an hour call, but we are also very proud of the result we have delivered and also trust that you have got answers to the questions you have asked us.

Stefan Sjöstrand: Thank you so much for taking the time with us today. It was more than an hour call, but we are also very proud of the results we have delivered and also trust that you have got the answer on the questions you have asked for us. Now we are looking forward for the upcoming winter season, and I hope that many of you will come and visit us during the winter. Thank you so much.

Speaker #2: And now we are looking forward to the upcoming winter season, and I hope that many of you will come and visit us during the winter.

Speaker #2: So thank you so much.

Speaker #1: Thank you.

Sara Jinnerot Uggelberg: Thank you.

Sara Uggelberg: Thank you.

Operator: Thank you. This concludes today's conference call. Thanks for participating. You may now disconnect.

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Q4 2026 SkiStar AB Earnings Call

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