Executive Summary

The Scandinavian mountain tourism sector faced considerable challenges this year: an unusually warm winter and a late Easter holiday resulted in a decrease in ski days. Nevertheless, SkiStar reported ongoing growth, rising profitability, investment optimization, and solid progress on sustainability targets. A close look at the Q3 2025 report and the cumulative financial results for the first nine months of the fiscal year paints a picture of a stable industry leader in Nordic mountain tourism, with strong prospects for global expansion.

Financial Performance: Key Data and Underlying Trends

Q3 2025 revenues totaled SEK 1.405 billion, a 6% decrease year-over-year, mainly due to a drop in SkiPass sales and accommodation services, reflecting the impact of the warm weather and the timing of Easter. Operating profit fell by 10% to SEK 377 million.
However, looking at the first nine months of the fiscal year:

Total revenue: SEK 4.405 billion (up 2%)

Operating profit: SEK 1.095 billion (up 7%)

Net profit for the period: SEK 814 million (up 9%)

Earnings per share: SEK 10.40 vs. 9.53 last year

Growth is mainly attributed to continued strong international demand. The total number of ski days exceeded 6 million—slightly down from the all-time high, but still among the best ever. Forward bookings for the 2025/26 season are up 1% year-over-year, with about 30% of annual booking volume already secured at the time of reporting.

Seasonality, Risk Management and Strategic Adjustments

SkiStar emphasized that winter 2024/25 presented climate challenges but responded quickly with operational adjustments at all its resorts. The company activated its “Snow Guarantee” at three sites, which limited financial damage.

SkiStar is expanding its all-year-round offering—broadening summer activities and forming partnerships with train operators and international travel agencies. Notably, new direct flights from EasyJet and TUI are attracting European tourists to Scandinavia.

Environmental Innovation and Social Responsibility

SkiStar reported a 12% reduction in carbon emissions since the start of the financial year. About 30% of guests arrived in electric or hybrid vehicles, and efforts to promote sustainable travel via public transport were strengthened through cooperation with railway companies.

On the business side, SkiStar signed a new refinancing agreement with three leading banks (DNB, Handelsbanken, Nordea), increasing its credit facilities by SEK 700 million, with financing tied to environmental targets—a growing trend in European capital markets.

Socially, SkiStar is running educational projects for children and youth from underserved areas in partnership with local authorities and the education system, making mountain tourism more accessible and fostering sports engagement across demographics.

Macroeconomic View and Forward-Looking Guidance

SkiStar maintains very low leverage: net debt/EBITDA (excluding IFRS16) stands at 1.1, with equity-to-assets at 49% (64% excluding IFRS16).
Operating cash flow in the first nine months was SEK 1.26 billion, a slight decrease, mainly due to higher loan repayments this year. The company continues focused capital investment (SEK 295 million net), prioritizing upgrades to existing infrastructure and guest experience enhancements.

On the capital markets front, SkiStar is a mid-cap listed on the Stockholm exchange with a market capitalization of over SEK 13 billion and a strong dividend yield for shareholders. The board and CEO, Stefan Sjöstrand, express confidence in further expansion, even amid global tourism industry challenges.

Sector-by-Sector Review

Mountain Resort Operations:
Revenue from this segment was SEK 3.8 billion in the first nine months (+2%), with operating profit flat at SEK 991 million. Growth is linked to product mix improvements (SkiPass, equipment rental, retail).

Real Estate and Asset Development:
Segment revenue fell (SEK 81 million vs. 141 million YoY), but capital gains rose sharply (SEK 50 million profit this year vs. a loss last year).

Hotels and Hospitality:
Segment revenue rose 8% to SEK 512 million, largely due to stronger food & beverage operations. Operating profit held steady at SEK 59 million, despite higher staff and food costs.

Growth Anchors for the Coming Years

For 2025/26, the company is investing in major projects:

New ski runs (Vemdalen, Åre/Björnen, Trysil)

New lifts and innovative lighting systems

Lower SkiPass prices at two sites to improve accessibility

International arrivals are on the rise, and ongoing collaborations with travel agencies, direct flights, and targeted digital campaigns are supporting growth.

Conclusion and Outlook

Despite a challenging winter, SkiStar has managed to maintain growth, improve profitability, and deliver value to shareholders. A combination of prudent risk management, low leverage, focused investments, and environmental leadership cements its position as the leading mountain tourism company in Scandinavia and a global model for sustainable ski tourism and leisure services.