SkiStar AB – Financial Review and Outlook
Fiscal Year 2025/26 (1 Sep 2025–31 Aug 2026)
SkiStar’s net sales and profitability developed positively during the fiscal year. Growth was supported particularly by the company’s ski resort operations as well as the development of tourism services and ancillary businesses.
Financial Performance
- Net sales were SEK 4,954 million (+8%).
- Operating profit (EBIT) was SEK 872 million (+11%).
- Adjusted operating profit excluding capital gains from property sales was SEK 870 million (+18%).
- Operating margin was 18%.
- Net profit for the fiscal year was SEK 627 million.
- Earnings per share were SEK 8.01.
- Cash flow from operating activities was SEK 1,223 million.
Profitability growth outpaced net sales growth, indicating improved operational efficiency. The strong growth in adjusted operating profit shows that earnings performance was not driven by capital gains from property sales.
Business Areas
- Mountain Resorts: net sales of SEK 4,161 million and operating profit of SEK 770 million. The segment accounted for approximately 84% of the Group’s net sales.
- SkiStarshop: net sales of SEK 794 million and operating profit of SEK 102 million. The segment accounted for approximately 16% of the Group’s net sales.
Financing and Dividends
- Net debt excluding IFRS 16 lease liabilities was SEK 1,553 million.
- Net debt to EBITDA was 1.3x.
- Equity ratio was 49%.
- Capital expenditures totaled SEK 633 million.
- The Board of Directors proposed a dividend of SEK 3.50 per share (SEK 3.00 in the previous fiscal year).
The company’s leverage is moderate relative to its target, and strong operational cash flow supports the financing of investments.
Outlook and Growth Drivers
SkiStar enters the 2026/27 winter season from a stable position. At the end of September, lodging bookings for the upcoming winter were 3% higher than the previous year, with approximately 60% of expected winter lodging capacity booked. According to the company, booking trends progressed according to plan.
Key growth drivers include:
- Demand for winter tourism and SkiStar’s strong position in Scandinavian mountain tourism.
- Development of summer and year-round tourism, increasing destination occupancy rates and smoothing business seasonality.
- Investments in lifts, slopes, and snowmaking systems, which improve service levels and snow reliability.
- An increasing share of international travelers.
- Growth of SkiStarshop and the proprietary EQPE brand.
- Property development, which offers long-term opportunities for expanding lodging capacity and destinations.
The company has invested in snowmaking capacity and new lift infrastructure to bolster competitiveness and mitigate weather-related risks. Meanwhile, summer tourism has grown, though its financial impact remains smaller than that of the winter season. Caution in the real estate market currently constrains property development opportunities.
Financial Targets
SkiStar’s long-term financial targets are:
- Average organic operating profit growth of 6% per year.
- Average operating margin of 18%.
- Net debt to EBITDA ratio below 2.5x (excluding IFRS 16 impact).
- Dividend payout ratio of 40–60% of net profit for the fiscal year.
The achieved 18% operating margin and 1.3x net debt to EBITDA ratio for fiscal year 2025/26 are aligned with the company’s financial targets.
Key Risks
SkiStar’s business is subject to significant seasonality, with earnings dependent on winter weather and snow conditions, travel demand, and consumer purchasing power. In addition, high capital expenditure requirements, property market trends, and currency and macroeconomic risks related to international travel affect business performance.
Summary
SkiStar delivered a strong fiscal year 2025/26: net sales grew, operating profitability improved, and cash flow strengthened. The company’s financial position allows it to continue investing without incurring high leverage. Preserving its strong position in winter tourism while expanding summer and year-round tourism will be essential for future growth. Property development provides additional long-term potential.
Overall, SkiStar is well-positioned to maintain growth, but its performance remains heavily dependent on a successful winter season.
Share Price and Analyst Consensus (2 Nov 2026)
The share price has performed positively in 2026, rising approximately 12% year-to-date. At a share price of around SEK 188, the consensus analyst target price is approximately SEK 193, with target prices ranging from SEK 180 to SEK 205. The company holds four Buy recommendations from analysts, reflecting confidence in its earnings trajectory.
However, relative to the current share price, the upside projected by analysts is relatively modest.
The company will pay its dividend in mid-December, representing a dividend yield of 1.61% at the current share price.