Kvartalsrapport Q1 2025

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===== SIDA 1 =====

WINTER SEASON SHOWS GROWTH 
DESPITE CHALLENGING WEATHER 
CONDITIONS – POSITIVE OUTLOOK FOR 
THE 2025/26 WINTER SEASON
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025

===== SIDA 2 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
THIRD QUARTER
• Net sales for the third quarter decreased by SEK 85 million, -6 percent, to SEK 1,405 million (1,490). 
• Operating profit for the third quarter decreased by SEK 41 million, -10 percent, to SEK 377 million (418). 
• Capital gains from exploitation operations were included with SEK 31 million ( -4). 
• Cash flow from operating activities decreased by SEK 180 million to SEK -448 million (-268).
• Basic and diluted earnings per share amounted to SEK 3.82 (3.99), a decrease of - 4 percent.
FIRST NINE MONTHS
• Net sales for the nine-month period increased by SEK 65 million, 2 percent, to SEK 4,405 million (4,340). 
• Operating profit/loss for the nine -month period increased by SEK 76 million, 7 percent, to SEK 1,095 million (1,019). 
• Capital gains from exploitation operations were included with SEK 50 million ( -10). 
• Cash flow from operating activities decreased by SEK 60 million to SEK 1,258 million (1,318).
• Basic and diluted earnings per share amounted to SEK 10.39 (9.52).
SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD
• Booking volumes for the coming winter season 2025/26, measured as the number of overnight stays booked through SkiStar ´s mediated accomodation, are 1 percent up compared with the same time of the previous year and 
approximately 30 percent of the expected accommodation volume has been booked, which is according to plan.
• A refinancing agreement was concluded with DNB, Handelsbanken and Nordea, resulting in improved commercial terms and conditio ns and increased credit of SEK 700 million, as well as total loans and credit facilities of SEK 
2,800 million. All loans and credit facilities are also linked to sustainability performance.
Further information is available from:
Stefan Sjöstrand, CEO tel +46 (0)280 841 60
Sara Jinnerot Uggelberg, CFO tel +46 (0)280 841 602
SUMMARY, SEK MILLION 3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep – 31 Aug
2024/25 2023/24 2024/25 2023/24 2023/24
Net sales 1,405 1,490 4,405 4,340 4,679
Operating income 1,408 1,493 4,423 4,353 4,693
Operating profit 377 418 1,095 1,019 740
Profit/loss after tax 299 313 814 746 473
Basic and diluted earnings per share, SEK 3.82 3.99 10.40 9.53 6.04
Cash flow from operating activities -448 -268 1,258 1,318 1,084
Operating margin, % 27 28 25 23 16
Equity/assets ratio, % 49 45 49 45 42
Equity/assets ratio, excluding IFRS 16, % 64 60 64 60 56
Interest-bearing net debt excluding IFRS 16 1,328 1,678 1,328 1,678 1,914

===== SIDA 3 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
To summarise the third quarter, revenue declined by six percent, or SEK  
-85 million, primarily due to reduced revenue from SkiPass and 
Accommodation, resulting in an operating profit of SEK 377 million, down 
by SEK 41 million compared with the corresponding quarter in the 
previous year. Operating profit in the quarter was adversely affected by 
the late Easter and very mild weather, which created challenges for all our 
destinations. Our personnel made extra efforts, especially during the 
Easter weekend and the last week of the winter season, to be able to offer 
our guests the best conditions possible. Regardless of that, the snow 
guarantee was activated week 17 at three of our destinations, but the 
financial impact during the quarter due to that was limited. In the quarter, 
we improved our commercial terms and conditions and increased our 
credit with our banks, which, as our debt was already low, strengthened 
our financial position. These loans and credit facilities are also linked to 
sustainability performance.
The first nine months  of the year shows a winter  season  with growth
For the first nine months of the financial year we continued our growth. 
We recorded a strong start over the Christmas and New Year holidays, and 
this performance continued and resulted in a very strong second quarter. 
The late Easter holiday and the warm weather had a negative impact on 
performance in the last weeks of the winter season. We reported an 
increase in revenue of two percent (SEK +70 million), and an improved 
operating profit (SEK +76 million). Despite the weak end to the third 
quarter, we reported our second best ever accumulated operating profit of 
SEK 1,095 million (SEK 1,018 million).
The number of international guests in the winter season was higher than 
ever and the number of skier days amounted to just over 6 million ( -1.6%), 
which was the second highest number in the history of the company, after 
a record number of skier days in the previous year. This proves that skiing 
is as popular as ever and that private households are choosing to prioritise 
their mountain holiday, despite challenging financial situation. Demand 
for ski school lesson remains high, with 107,000 (+7%) participants, of 
whom 75 percent were children and young people. This bodes well for our 
growth and future skiers at our destinations. Our Sporting goods stores 
continued to show accumulated growth (+6%) and recorded sales of SEK 
658 million in a challenging market, with our own brand EQPE recording 
growth of around +33 percent.
The property market is and has been cautious in the financial year, but we 
see an upturn ahead of the coming year, with new projects that will result 
in more accommodation for our guests, and increased capital gains.
We are pleased that our guests appreciate our employees. According to 
our guest surveys, 9 out of 10 guests think that the way they are treated 
and the service provided by e.g. skiing instructors, lift hosts and workers 
at the ski equipment hire services is very good. Just as many, 9 out of 10 
guests, also think that our digital solutions for check -in, prebooking of ski 
hire and SkiPass are smooth and easy to use. Additionally, I would 
personally like to pay tribute to everyone for their work during the season.
Summer season builds volume for the future
The transformation into a year-round company continues and, on 6 June, 
our destinations changed appearance from winter to spring/summer 
destinations. After the Midsummer weekend, we will open additional new 
services to enable us to offer guests active relaxation in the Scandinavian 
mountain world. Our long-term intention is to build volume in the coming 
years with a focus on providing an increased programme of activities on 
site for our guests, involving a large range of experiences. We have also 
concluded an agreement with the two largest operators on the market to 
launch a football cup in Sälen next summer, which will attract more 
guests to spend time at our destinations.
Continued investments result in reduced emissions
Our sustainability work continues at a high pace. In the third quarter, we 
entered into an agreement on strategic collaboration with the train 
operators SJ and Snälltåget giving our guests the opportunity to book their 
train ticket earlier, and with the intention of reducing the carbon footprint 
associated with guests travelling to our destinations. We are also very 
proud to have taken the initiative to form the Global Sustainability 
Alliance, in which we and seven other global operators in our industry 
sector will work on sustainability initiatives focusing on our suppliers. A 
particular focus area is travel by our guests, because this accounts for the 
largest proportion of our climate impact. We are, therefore, pleased that 
our accumulated emissions so far in the financial year of 2024/25 have fell 
by -12 percent. Currently, 30 percent of our guests arrive at our 
destinations in an electric or hybrid car. 
Stable demand for the 2025/26 winter season
SkiStar is continuing to celebrate its 50th anniversary in 2025 and is 
continuing to invest in the mountain resorts of the future. Ahead of the 
2025/26 winter season, we are maintaining a high pace of investment, 
with projects involving a new gondola lift in Trysil, a new ski area in 
Vemdalen and a new lift with lightning in Åre/ Björnen. All these projects 
will be completed by Christmas 2025. We are also making the mountains 
accessible to many more people through the introduction of reduced 
prices at two ski areas. 
We are seeing increased demand from more international markets, with 
EasyJet launching two new flight routes, from London and Manchester, to 
the airport in Sälen, which is partially owned by us. TUI continues to 
focus on Scandinavia and two new services from Germany and Belgium 
will be added to their existing Dutch market. We are also seeing continued 
strong demand from Denmark. Overall, demand shows that many people 
still prioritise a mountain holiday and value alpine skiing highly, even in 
more challenging times. Ahead of the coming winter season approximately 
30 percent of the expected accommodation volume has been booked, 
which is according to plan. Booking volumes, measured as the number of 
overnight stays booked through SkiStar's mediated accommodation, are 
up by 1 percent compared with the same period in the previous year. I 
am, therefore, looking forward with confidence to the future of SkiStar as 
a mountain tourism company that creates memorable mountain 
experiences all year round.
Stefan Sjöstrand, CEO
COMMENTS FROM THE CEO
WINTER SEASON SHOWS GROWTH DESPITE CHALLENGING WEATHER CONDITIONS – POSITIVE OUTLOOK FOR THE 2025/26 WINTER SEASON
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20253
Even though the late Easter holiday and 
mild weather affected the quarter adversely, 
we can summarize the winter season with 
growth and a strong result. 
”

===== SIDA 4 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20254
THE GROUP’S PERFORMANCE
MARCH 2025 – MAY 2025
Revenue in the third quarter amounted to SEK 1,408 million 
(1,493). Net sales fell by SEK 84 million to SEK 1,405 million 
(1,490), a decrease of 6 percent compared with the same period 
in the previous year. The decline in sales affected all major 
sources of revenue, other than revenue from restaurants and 
property exploitation. The Group acquired the company Topeja
AB on 1 May, resulting in that SkiStar has taken over the running 
of hotel operations at Högfjällshotellet in Sälen. Changes in the 
NOK/SEK exchange rate had a negative effect on sales of SEK -26 
million (4) corresponding to -2 percent. Organic growth, 
excluding exchange rate effects and acquisitions, was negative 
during the quarter and amounted to SEK -60 million (66), which 
corresponded to -4 percent (5). Operating profit fell by SEK 41 
million to SEK 377 million (418), corresponding to a decrease of   
-10 percent. The decline in operating profit was due to a fall in 
sales, caused by factors such as warm weather and the late Easter 
holiday. At week 17, the snow guarantee in Sälen, Trysil and 
Vemdalen was activated, but the impact of the guarantee on the 
result was limited. Costs for merchandises declined by 1 percent 
and other external expenses declined by 12 percent, while 
personnel costs increased by 5 percent. Changes in the NOK/SEK 
exchange rate had a negative effect of SEK -7 million (-1) on 
operating profit. Operating profit was affected by profits from 
associates/joint ventures of SEK 3 million (5) and 
depreciation/amortisation of SEK -144 million (-139). 
Net financial items in the quarter amounted to SEK -22 million    
(-23), an improvement of SEK 1 million. The items with the 
greatest impact on net financial items were as follows. Interest 
income amounted to SEK 1 million (2) and interest expenses were 
SEK -21 million (-26), including lease-related interest of SEK -12 
million (-11) under IFRS 16. Changes in the value of interest rate 
derivatives amounted to SEK -2 million (-3). Exchange losses 
amounted to SEK -19 million (-17) and exchange gains amounted 
to SEK 18 million (21). Exchange rate fluctuations were primarily 
attributable to the remeasurement of intra-Group balances. The 
Group’s profit after tax amounted to SEK 299 million (313), a 
decrease of SEK 14 million or -4 
percent.
Operation of Mountain Resorts
Revenue was SEK 1,203 million (1,302). Net sales amounted to 
SEK 1,200 million (1,299), a decrease of SEK -99 million, or -8 
percent, on the same period in the previous year. Operating profit 
fell by SEK 71 million to SEK 328 million (399), corresponding to 
a decrease of -18 percent. During the quarter, the largest revenue 
category was sales of SkiPasses and sales amounted to SEK 634 
million (692), a decrease of SEK 58 million, or -8 percent. Sales in 
Sporting goods stores, including online sales and ski hire, 
amounted to SEK 159 million (166), a decrease of 5 percent. 
Accommodation revenue amounted to SEK 271 million (312), a 
decrease of SEK -41 million. External expenses declined during 
the quarter by SEK 35 million and amounted to SEK -759 million 
(-794), a decrease of 4 percent. In particular, repair and 
maintenance costs and vehicle costs decreased. Depreciation 
amounted to SEK -103 million (-96), an increase of SEK 7 million, 
as a result of the higher rate of investment in recent years. 
Property Development and Exploitation
Revenue was SEK 52 million (42) and net sales amounted to SEK 
39 million (30). The increase was due to a rise in revenue from 
property exploitation compared with the corresponding period in 
the previous year. External expenses amounted to SEK -15 million 
(-11). Property transactions was carried out in the quarter 
resulting in capital gains of SEK 31 million (-4), which contributed 
to the improvement in operating profit. Operating profit 
amounted to SEK 31 million (-9), up by SEK 40 million.
Operation of Hotels
Revenue amounted to SEK 166 million (162), corresponding to 
net sales, which increased by SEK 2 million compared with the 
same period last year. Operating profit decreased by SEK 10 
million to SEK 19 million (29), a decline of 35 percent. 
Accommodation revenue decreased by SEK 5 million as a result of 
lower volumes, while sales from restaurants increased by SEK 7 
million in the quarter, primarily as a result of the new restaurants 
in Sälen. External operating expenses increased by SEK 8 million 
to SEK -113 million (-105). The increase was due to a rise in 
direct expenses as a result of the increase in net sales. 
Seasonal effects 
SkiStar’s operations are subject to significant seasonal variations. 
Most revenue and earnings are generated in the second and third 
quarters. The number of days off during Christmas and New Year, 
and whether Easter falls early or late, also cause variations in 
earnings. More than half of the revenue is paid in advance.
REVENUE AND EARNINGS IN THE THIRD QUARTER 
QUARTERLY VALUES, SEK MILLION
2024/25 2023/24 2022/23 2021/22
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Net sales 1,405 2,787 212 339 1,490 2,630 220 345 1,409 2,350 177 224
Operating profit/loss 377 1,200 -482 -279 418 1,066 -464 -239 373 932 -451 -265

===== SIDA 5 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
THE GROUP’S PERFORMANCE
SEPTEMBER 2024 – MAY 2025
Revenue was SEK 4,423 million (4,353). Net sales amounted to 
SEK 4,405 million (4,340), an increase of SEK 65 million, or 2 
percent, on the same period in the previous year. Changes in the 
NOK/SEK exchange rate had a negative effect of SEK -49 million 
(-51), or -1 percent, on net sales. Organic growth, excluding 
exchange rate effects and acquisitions, was positive during the 
period and amounted to SEK 112 million (425), which 
corresponds to 3 percent (11). The increase in sales in the nine-
month period was due to several revenue streams but the main 
increase came from SkiPass, thanks to an increased proportion of 
international guests and improved pricing and product mix.
Operating profit increased by SEK 76 million, or 7 percent, to 
SEK 1,095 million (1,019). The operating margin was 25 percent 
(23) in the period. Changes in the NOK/SEK exchange rate had a 
negative effect of SEK -14 million (-13), or -1 percent (-1), on 
operating profit. Operating profit included profit/loss from 
associates/joint ventures of SEK 10 million (4) and profit/loss 
from plot and land sales, as well as sales of shares in tenant-
owner associations and Vacation Club of SEK 50 million (-10), in 
addition to depreciation/amortisation of SEK -416 million (-399). 
The improved operating profit was attributable primarily to the 
increase in revenue.
During the period, net financial items amounted to SEK -73 
million (-87), an improvement of SEK 14 million. The 
improvement in net financial items was mainly attributable to 
the following items. Changes in the value of interest rate 
derivatives amounted to SEK 4 million (-20). Interest expenses 
amounted to SEK -77 million (-91), including lease-related 
interest of SEK -34 million (-31) under IFRS 16. Exchange losses 
amounted to SEK -44 million (-27) and exchange gains amounted 
to SEK 39 million (35). Net financial items also include an 
accounting capital gain of SEK 15 million on the gradual 
acquisition of Trysilguidene AS. The Group’s profit after tax 
amounted to SEK 814 million (746), an increase of SEK 68 
million or 9 percent.
Operation of Mountain Resorts
Revenue was SEK 3,831 million (3,738). Net sales amounted to 
SEK 3,812 million (3,725), an increase of SEK 87 million, or 2 
percent, on the same period in the previous year. Most of the 
increase in sales was in the second quarter and stemmed 
primarily from SkiPass (up SEK 63 million) and the Sporting 
goods stores (up SEK 19 million). Operating profit was 
unchanged compared with the previous year and amounted to 
SEK 991 million (991).
Property Development and Exploitation
Revenue was SEK 118 million (176) and net sales amounted to 
SEK 81 million (141). The decrease in net sales was due to lower 
revenue from property exploitation transactions in the current 
financial year. However, capital gains from these transactions 
have increased and amounted to SEK 50 million (-10). Operating 
profit/loss increased by a total of SEK 77 million to SEK 45 
million (-32). 
Operation of Hotels
Revenue amounted to SEK 512 million (475), corresponding to 
net sales, which increased by SEK 38 million, an increase of 8 
percent compared with the corresponding period in the previous 
year. The increase primarily comprised restaurant revenue. 
Operating profit decreased by SEK 1 million to SEK 59 million 
(60). The decrease was mostly due to increased purchasing costs 
and personnel costs.
REVENUE AND EARNINGS IN THE FIRST NINE MONTHS
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20255

===== SIDA 6 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Cash flow
Cash flow from operating activities after changes in working capital was SEK 
1,258 million (1,318) for the period, a decrease of SEK 60 million compared 
with the corresponding period in the previous year. The difference was 
primarily due to the repayment of a large current loan receivable in the 
previous year, which had a positive impact on working capital last year.
Cash flow from investing activities amounted to SEK -295 million (-433). The 
change was due mainly to lower investments during the period. Cash flow from 
financing activities amounted to SEK -963 million (-889). The change was 
primarily due to a higher rate of repayment of loans in the current financial 
year, linked to the agreed refinancing package, and a higher dividend payout 
this financial year compared with the previous year, SEK      -219 million (-
204). 
Liquidity and financing
The Group’s cash and cash equivalents amounted to SEK 24 million (26) at the 
end of May. Unused credit facilities amounted to SEK 246 million (463). The 
Group's total available liquidity at the end of the period was SEK 271 million 
(490). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,352 
million (1,704), a decrease of SEK 352 million. At the start of the financial 
year, corresponding liabilities amounted to SEK 1,938 million, a decrease of 
SEK 586 million. Interest-bearing liabilities including IFRS 16 amounted to 
SEK 3,394 million (3,852), a decrease of SEK 458 million on the previous year. 
Total interest-bearing liabilities include liabilities recognised in accordance 
with IFRS 16 of SEK 2,042 million (2,148), of which lease liabilities of SEK 
1,329 million (1,438) to the partly owned joint venture holding Skiab Invest. 
The average interest rate during the period, including interest rate swaps but 
excluding IFRS 16, was 3.90 percent (4.34). Interest-bearing net debt relative 
to EBITDA, excluding IFRS 16, for the most recent twelve-month period was 
1.1 times (1.5). The equity/assets ratio increased to 49 percent (45). The 
equity/assets ratio excluding IFRS 16 was 64 percent (60).
A refinancing agreement was concluded with DNB, Handelsbanken and Nordea, 
resulting in improved commercial terms and conditions and increased credit of 
SEK 700 million, as well as total loans and credit facilities of SEK 2,800 million. 
All loans and credit facilities are also linked to sustainability performance.
Tax
Tax expense for the period amounted to SEK -208 million (-186) and was 
largely attributable to current tax. 
Investments
Investments for the period amounted to SEK 373 million (553) gross and SEK 
295 million (433) net. The difference between gross and net is disposals. 
Depreciation and amortisation for the same period amounted to SEK -416 
million (-399). The increase is mainly explained by the higher rate of 
investment in previous years. 
Personnel
The average number of employees was 1,909 (1,818), an increase of 91 
compared with the previous year. Personnel costs amounted to SEK 912 million 
(842). The increases are primarily attributable to annual contractual increases, 
along with additional capacity in the form of new businesses and increased 
production volumes.
Related-party transactions 
Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 percent of 
the votes and 24 percent of the capital as of 31 May 2025, is also the main 
owner of Peab with which SkiStar has a business relationship. During the 
period, purchases were made from Peab amounting to SEK 12 million (30). 
Outstanding liabilities to Peab totalled SEK 1 million (0). Sales to Peab
amounted to SEK 1 million (0) and the outstanding receivable was SEK 1 
million (0). Purchases from associates during the period totalled SEK 131 
million (143), while the outstanding liability to associates amounted to SEK 18 
million (19). Sales to associates amounted to SEK 39 million (6) and 
receivables from associates amounted to SEK 23 million (20), SEK 20 million 
(20) of which related to loans to associates. Current lease liabilities to 
associates under IFRS 16 amounted to SEK 1,329 million (1,438), and right-of-
use assets amounted to SEK 1,252 million (1,369). In addition to the Group’s 
related-party transactions, the Parent Company carries out transactions with 
subsidiaries. Disclosures of related-party transactions and a description of their 
nature can be found in note 35 of the 2023/24 Annual Report.
Parent Company 
The Parent Company’s net sales amounted to SEK 3,007 million (2,885) and 
operating profit was SEK 619 million (584) in the period. Net investments 
amounted to SEK 100 million (262). 
Outlook for 2024/25 
We are continuing to invest in year-round operations, which means offering our 
guests updated and improved experiences at our destinations over the summer 
season, for example, an expanded programme of events and experiences that 
give different customer segments more reasons to travel. We have initiated 
year-round collaborations with the international agents that currently sell ski 
trips to our destinations. 
Ahead of the 2025/26 winter season
In the coming winter season, we will benefit from an advantageous calendar, 
with the Christmas/New Year holidays and the Epiphany weekend resulting in 
around three weeks of days off. Next year, Easter will be earlier, in week 14, 
while week 15 is a school holiday week, and we expect to see an increase in the 
number of guests compared to Easter in the current financial year. According to 
external experts the economic situation is also likely to improve and 
consequently we will also see an increase in disposable income. The Swedish 
krona has strengthened in the year, but we see a continued high demand from 
our international guests. In addition to the Swedish krona, the continued 
international growth is related to an increased number of flight routes and 
increased collaboration with international tour operators. Ahead of the 2025/26 
winter season, we have invested in a new gondola in Trysil, new lighting and 
lifts in Björnen in Åre and a new ski area in Vemdalen that will result in 
increased volumes, as well as more satisfied guests. An interesting new offering 
is that we have created destination-specific SkiPasses in Klövsjö, Vemdalen and 
Högfjället, Sälen. The purpose of this is partly to be able to offer a cheaper 
introductory product to new customers and partly to attract a category of 
guests who are happy to ski in a smaller ski area. Our booking volume, 
measured as the number of overnight stays booked through SkiStar's mediated 
accommodation, is up by 1 percent compared with the same period in the 
previous year and approximately 30 percent of the expected accommodation 
volume has been booked, which is according to plan.
FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC.
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20256

===== SIDA 7 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SUSTAINABILITY
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
News during the Period 
Activity & Recreation
• Being able to offer primary and secondary school children a field day at 
Hammarbybacken free of charge is important, as it lowers the barriers to entry and 
gives all children a chance to try skiing, regardless of previous experience. During 
the period, we welcomed 720 children, who tried skiing both on snow and grass.  
• In the quarter, we carried out our newly launched activity Valles Kompislopp, 
which is intended to motivate our youngest visitors aged 0–6 years to keep active. 
Over one weekend, Valle visited four different cities to join children in a fun run. 
The races attracted nearly 600 participants, who were able to experience the joy of 
movement. 
Ecosystem  & Impact
• During the quarter, we had a strong focus on collaborations aimed at changing our 
value chain and reducing emissions, with particular emphasis on travel to 
destinations and the supply chain. SkiStar was part of initiating the Global 
Sustainability Ski Alliance, which comprises eight leading ski resorts – including 
Compagnie des Alpes, LAAX and Kitzbühel. Together we will drive development in 
a traditional industry and guide suppliers in a more sustainable direction.
• We also increased our collaboration with the train operator SJ and carried out 
several activities aimed at making it easier for our guests to travel to our 
destinations by train. For example, this year train tickets will be made available in 
June, earlier than ever before.
• In addition, we are launching a new collaboration with the fuel company OKQ8 to 
reduce emissions from car journeys. A targeted campaign aimed at guests who 
travel to our destinations in diesel-powered cars is intended to encourage our 
guests to use the fossil-free fuel HVO100. 
• Our collaboration with the Keep Sweden Tidy and Keep Norway Tidy campaigns 
continued in the quarter just ended. All SkiStar employees held a joint clean-up 
day at all destinations and collected just over 6.8 tonnes of rubbish, down by 20 
percent on the previous year. Several initiatives related to this theme were carried 
out during the season, for example, clearer communication with guests. 
Dialogue  & Interaction
• SkiStar is continuing its long-term work on diversity and inclusion through 
initiatives aimed at young people living in disadvantaged parts of metropolitan 
areas, with the aim of providing an opening to the labour market and increase 
interest in seasonal work in the mountains. In May, more than 250 young people 
took part in recruitment events and job fairs in Stockholm and Hammarbybacken.
• An SAO (Study Motivating Work-Life Orientation) project was launched in the 
quarter, where Year 8 students (14/15 year olds) from disadvantaged areas are 
offered the opportunity to undertake traineeships and work placements for one 
year. SkiStar is in active partner in the pilot project, which began in March.
About the sustainability section of this Interim Report
This is a quarterly follow-up of SkiStar’s sustainability work. The starting point is 
SkiStar’s annual sustainability report. The sustainability section  has not been prepared 
in accordance with the provisions of Chapter 6, Section 1, of the Annual Accounts Act 
or the GRI guidelines and does not therefore address all issues. An overview of the 
sustainability initiatives is published annually in the sustainability report. Read more 
at: https://investor.skistar.com/en/esg/esg
. This is the first financial year SkiStar is 
covered by the EU's Corporate Sustainability Reporting Directive (CSRD). The annual 
and sustainability report for the financial year 2024/25 will be prepared in accordance 
with the directive. 
Sustainability and responsible entrepreneurship are an integral part of SkiStar’s strategy, business model, 
governance and culture. SkiStar’s strategic framework is built on three foundations: safe & secure, 
sustainability and employees & culture. These foundations permeate everything we do and are a 
cornerstone of our business. SkiStar’s sustainability focus areas are Activity & Recreation, Ecosystem & 
Impact and Dialogue & Interaction.
SKISTARS FOCUS AREAS
7

===== SIDA 8 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SkiStar Share
The number of shareholders was 60,016 on 31 May 2025, which 
is a decrease of 764 (1.3 percent) since 31 August 2024. 
SkiStar’s class B shares are listed on the Nasdaq Stockholm, Mid 
Cap. The number of shares was 78,376,056, of which 74,728,056 
are class B shares. The closing price of the SkiStar share was SEK 
170.10 on 30 May 2025 which was the last day of trading during 
the period.
Regulatory press releases during the quarter and after 
the end of the period
• 12/6/2025 Invitation to conference call with web 
presentation of SkiStar AB's Interim Report for the third 
quarter 2024/25
• 19/3/2025 SkiStar AB Half-Year Report September 2024 -
February 2025
• 12/03/2025 Invitation to conference call with web 
presentation of SkiStar AB's Half-Year Report for 2024/25
The press releases are available in full at 
https://investor.skistar.com/en/nyheter/pressmeddelanden.
Risks and uncertainties
The risks and uncertainties described below apply to both the 
parent company and group. Like all companies and business 
operations, SkiStar is exposed to various risks related to the 
business. For SkiStar, it is important to identify the risks that 
may prevent the company from achieving defined targets and to 
determine whether the risks are in line with risk propensity. 
Where necessary, measures are taken to avoid, minimise or 
monitor identified risks. The purpose of risk management is to 
continuously assess and manage the risks that arise in the 
operations and to ensure that it forms the basis for successful 
sustainability work. SkiStar’s risk process, ownership, 
governance and management are discussed and evaluated in the 
company’s audit committee and board of directors. The most 
relevant risk factors and how they are managed are described in 
the annual and sustainability report and are grouped within 
sustainability risks, operational risks and financial risks. For a 
further description of risks and uncertainties, please refer to the 
risk paragraph on page 83 and note 32 in the Annual and 
sustainability report for 2023/24.
OTHER INFORMATION
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20258

===== SIDA 9 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed consolidated statement of comprehensive
income
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 20259
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep – 31 Aug
SEK THOUSAND                      Note 2024/25 2023/24 2024/25 2023/24 2023/24
Operating income
Net sales                                              3                       1,405,476 1,489,855 4,405,360 4,340,255 4,679,385
Other income 2,773 2,989 18,007 12,849 13,899
Total operating income 1,408,249 1,492,844 4,423,367 4,353,103 4,693,284
Operating expenses
Merchandise -325,853 -329,746 -1,036,491 -989,779 -1,070,178
Other external expenses -247,350 -282,522 -957,951 -970,003 -1,165,129
Personnel costs -314,576 -299,364 -912,363 -842,268 -990,898
Cost of sold interests in 
accommodation/exploitation*
-2,086 -29,693 -15,530 -136,916 -178,639
Share of profit/loss of joint 
ventures/associates
2,919 5,159 10,110 3,743 -19,958
Depreciation and amortisation of 
assets
-144,366 -138,525 -416,080 -398,981 -528,215
Operating profit/loss 376,937 418,153 1,095,062 1,018,899 740,267
Net financial items -21,860 -22,728 -73,087 -86,869 -143,330
Profit/loss before  tax 355,077 395,425 1,021,975 932,030 596,936
Tax -56,043 -82,428 -207,623 -185,720 -124,049
Profit/loss for the period 299,034 312,998 814,351 746,310 472,887
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep – 31 Aug
SEK THOUSAND 2024/25 2023/24 2024/25 2023/24 2023/24
Other comprehensive income
Items that may be reclassified to profit or loss
Change in fair value of cash flow hedges for the 
period/year
5,781 11,055 5,308 -4,742 -11,249 
Deferred tax on cash flow hedges -1,191 -2,277 -1,093 977 2,317 
Exchange differences on translation of foreign 
operations for the period/year
-16,642 34,570 -43,091 -18,508 -56,518
Other comprehensive income for the 
period/year
-12,052 43,347 -38,877 -22,273 -65,450
Total comprehensive income for the period/year 286,983 356,345 775,475 724,037 407,437
Profit/loss for the period attributable to:
Shareholders of the Parent 299,135 313,100 814,848 746,610 473,250
Non-controlling interests -101 -102 -496 -300 -363
Profit/loss for the period 299,034 312,998 814,351 746,310 472,887
Comprehensive income for the period attributable 
to:
Shareholders of the Parent 287,100 356,409 776,008 724,370 407,845
Non-controlling interests -118 -64 -534 -333 -408
Total comprehensive income for the period 286,983 356,345 775,475 724,037 407,437
Basic and diluted earnings per share, SEK 3.82 3.99 10.40 9.53 6.04
Number of shares outstandig at the end of the 
period 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056
Average number of shares outstanding 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056

===== SIDA 10 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed consolidated statement of financial position
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202510
ASSETS, SEK THOUSAND                             Note 31 May 2025 31 May 2024 31 Aug 2024
Non-current assets
Intangible assets                                      260,249 239,802 237,370
Property, plant and equipment 4,806,775 4,847,547 4,787,331
Right-of-use assets 1,944,552 2,062,239 2,012,040
Investments in joint ventures/associates                  5 775,341 806,746 773,923
Other investments and securities held as non-
current assets
41,137 42,550 42,530
Long term derivatives                                                 4 18,728 42,279 12,522
Deferred tax receivables* 20,577 19,015 21,089
Other non-current receivables* 38,486 39,338 38,529
Total non -current  assets 7,905,846 8,099,515 7,925,334
Current assets
Inventories 412,355 387,416 415,024
412,355 387,416 415,024
Short-term derivatives                                                4 748 - -
Trade receivables 43,166 46,954 35,186
Tax receivables - 16,518 65,198
Other current receivables* 79,151 74,166 75,410
Prepaid expenses and accrued income 152,934 149,457 141,107
275,998 287,094 316,900
Cash and cash equivalents 24,059 26,307 24,634
Total current  assets 712,411 700,818 756,558
TOTAL ASSETS 8,618,257 8,800,333 8,681,892
EQUITY AND LIABILITIES, SEK THOUSAND                Note 31 May 2025 31 May 2024 31 Aug 2024
Equity
Share capital 19,594 19,594 19,594
Other contributed capital 397,573 397,573 397,573
Reserves -174,155 -92,152 -135,317
Retained earnings, including profit/loss for the period 3,969,316 3,647,403 3,373,921
Equity attributable to shareholders of the Parent 4,212,328 3,972,418 3,655,772
Non-controlling interests 497 1,106 1,031
Total equity                                                                      5 4,212,825 3,973,524 3,656,803
Non-current liabilities
Liabilities to credit institutions 155,503 902,850 973,883
Long-term leasing liabilities 1,852,556 1,956,413 1,909,683
Provisions for pensions 19,708 18,908 19,115
Long-term Derivatives                                                               4 4,129 8,489 12,223
Deferred tax liabilities 217,836 217,326 224,198
Total non -current  liabilities 2,249,732 3,103,986 3,139,103
Current liabilities
Liabilities to credit institutions 1,176,645 782,612 945,544
Short-term lease liabilities 189,526 191,470 191,440
Short-term derivaties                                                                 4 5,270 - -
Trade payables 153,291 121,812 176,996
Tax liabilities 130,554 117,978 89,264
Other current liabilities 235,421 255,399 278,876
Accrued expenses and deferred income 264,993 253,552 203,866
Total current  liabilities 2,155,700 1,722,823 1,885,987
Total liabilities 4,405,432 4,826,809 5,025,090
TOTAL EQUITY AND LIABILITIES 8,618,257 8,800,333 8,681,892
*In the comparable periods 31 May 2024 and 31Aug 2024 the following posts have been reclassified to Deferred tax receivables. 31 May 2024; SEK 18,038 thousand from Other current receivables and SEK 977 thousand from Other non-current receivables. 31 August
2024; SEK 18,772 thousand from Other current receivables and SEK 2,317 thousand from Other non-current receivables.

===== SIDA 11 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed consolidated statement of changes in equity
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202511
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
GROUP, SEK THOUSAND Share capital
Other Contributed  
capital
Translation  
reserves Hedging  reserves
Retained earnings 
and profit/loss for 
the year Total
Non-controlling  
interests Totalt equity
Opening equity, 1 Sep 2023* 19,594 397,573 -69,912 3,108,729 3,455,984 1,439 3,457,423
Profit/loss for the period 746,610 746,610 -300 746,310
Other comprehensive income for the period -18,475 -3,765 -22,240 -33 -22,273
Comprehensive income for the period -18,475 -3,765 746,610 724,370 -333 724,037
Reclassification -4,159 -4,159 -4,159
Dividends -203,778 -203,778 -203,778
Closing equity, 31 May 2024* 19,594 397,573 -88,387 -3,765 3,647,403 3,972,418 1,106 3,973,524
Opening equity, 1 Sep 2024 19,594 397,573 -126,386 -8,931 3,373,921 3,655,772 1,031 3,656,803
Profit/loss for the period 814,848 814,848 -496 814,351
Other comprehensive income for the period -43,054 4,214 -38,839 -37 -38,877
Comprehensive income for the period -43,054 4,214 814,848 776,008 -534 775,475
Dividends -219,453 -219,453 -219,453
Closing equity, 31 May 2025 19,594 397,573 -169,440 -4,717 3,969,316 4,212,328 497 4,212,825
*Opening and closing equity for the year ended 31 August 2024 have been restated according to the adjustment in interests in the joint venture Skiab Invest. For further explanation see note 1 och note 5.

===== SIDA 12 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed consolidated statement of cash flows
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202512
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
SEK THOUSAND Note 2024/25 2023/24 2024/25 2023/24 2023/24
Operating activities
Profit/loss after financial items 355,077 395,425 1,021,975 932,030 596,936 
Adjustments for non-cash items 112,737 156,868 362,966 450,473 552,662 
467,814 552,293 1,384,941 1,382,503 1,149,598  
Tax paid -53,434 -41,856 -106,986 -97,176 -106,028 
Changes in working capital -862,097 -778,433 -20,362 32,256 40,162 
Cash flow from operating activities -447,717 -267,996 1,257,593 1,317,582 1,083,732
Investing activities
Acquisition of businesses, net cash effect 6 -19,589 - -19,589 -56,481 -56,706 
Acquisition of intangiable assets -11,667 -11,571 -18,000 -22,035 -24,215 
Acquisition of property, plant and 
equipment -125,233 -116,245 -333,982 -474,187 -519,251 
Sale of property, plant and equipment 45,429 24,634 75,024 119,207 225,790
Acquisition of financial assets - - -1,020 - -1,525 
Sale of financial assets 2,122 - 2,622 - 907 
Cash flow from investing activities -108,938 -103,182 -294,945 -433,496 -375,000 
Financing activities
Borrowings 630,088 408,332 810,357 630,337 918,321 
Repayment of loans -12,241 -63,533 -1,397,636 -1,171,696 -1,236,705 
Repayment of lease liability -59,755 -52,395 -155,919 -143,379 -192,196 
Dividend paid - - -219,453 -203,778 -203,778 
Cash flow from financing activities 558,092 292,404 -962,651 -888,516 - 714,358 
Cash flow for the period 1,437 -78,774 -3 -4,430 -5,626 
Cash and cash equivalents at start of period 22,873 104,337 24,634 31,071 31,071 
Exchange differences -251 744 -572 -335 -811 
Cash & cash equivalents at end of period 24,059 26,307 24,059 26,307 24,634

===== SIDA 13 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
The Group’s operating segments
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202513
3 MONTHS                                        
1 Mar 2025 – 31 May 2025
Operation of 
mountain  
resorts
Property 
development  and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK THOUSAND
Net sales exploitation 32,922 32,922
Other net sales 1,200,012 6,308 166,235 1,372,554
Total net sales 1,200,012 39,230 166,235 1,405,476
Capital gains 13 13
Other income 2,760 2,760
Income from other segments 270 12,514 -12,784
Total operating income 1,203,055 51,744 166,235 -12,784 1,408,249
External operating expenses -759,266 -14,789 -113,035 -887,090
Costs of sold exploitation assets
-2,086 -2,086
Capital losses -368 -321 -689
Share in profit/loss of joint 
ventures/associates -217 3,135 2,919
Depreciation -103,015 -7,497 -33,855 -144,366
Costs from other segments -12,396 -388 12,784
Total operating costs -875,262 -21,236 -147,598 12,784 -1,031,312
Operating profit/loss 327,793 30,508 18,636 376,937
Intangible assets 194,654 65,595 260,249
Property plant and equipment 3,460,480 804,360 541,935 4,806,775
Right-of-use assets 682,101 514 1,261,937 1,944,552
3 MONTHS                                                                   
1 Mar 2024 - 31 May 2024
Operation of 
mountain  
resorts
Property 
development  
and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK THOUSAND
Net sales exploitation 26,169 26,169
Other net sales 1,298,524 3,492 161,670 1,463,686
Total net sales 1,298,524 29,661 161,670 1,489,855
Capital gains -777 -777
Other income 3,766 3,766
Income from other segments 540 11,990 306 -12,836
Total operating income 1,302,053 41,651 161,976 -12,836 1,492,844
External operating expenses -794,269 -10,984 -105,303 -910,556
Costs of sold exploitation assets -29,693 -29,693
Capital losses -869 -206 -1,076
Share in profit/loss of joint 
ventures/associates -417 -1,707 7,284 5,159
Depreciation -95,556 -8,291 -34,678 -138,525
Costs from other segments -12,382 86 -540 12,836
Total operating costs -903,493 -50,796 -133,237 12,836 -1,074,690
Operating profit/loss 398,560 -9,144 28,738 418,153
Intangible assets 237,989 1,812 239,802
Property plant and equipment 3,528,898 785,580 533,068 4,847,547
Right-of-use assets 682,569 835 1,378,835 2,062,239

===== SIDA 14 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
The Group’s operating segments, continued
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202514
9 MONTHS                                        
1 Sep 2024 – 31 May 2025
Operation of 
mountain  
resorts
Property 
development  and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK THOUSAND
Net sales exploitation 65,266 65,266
Other net sales 3,812,225 15,378 512,490 4,340,094
Total net sales 3,812,225 80,644 512,490 4,405,360
Capital gains 867 867
Other income 17,091 49 17,140
Income from other segments 810 37,385 -38,195
Total operating income 3,830,993 118,029 512,539 -38,195 4,423,367
External operating expenses
-2,513,083 -39,350 -351,380 -2,903,812
Costs of sold exploitation assets
-15,530 -15,530
Capital losses -568 -1,844 -581 -2,993
Share in profit/loss of joint 
ventures/associates 2,109 8,002 10,110
Depreciation -291,081 -24,279 -100,720 -416,080
Costs from other segments -37,267 -928 38,195
Total operating costs -2,839,891 -73,001 -453,608 38,195 -3,328,305
Operating profit/loss 991,102 45,029 58,931 1,095,062
Intangible assets 194,654 65,595 260,249
Property plant and equipment 3,460,480 804,360 541,935 4,806,775
Right-of-use assets 682,101 514 1,261,937 1,944,552
9 MONTHS                                                                   
1 Sep 2023 – 31 May 2024
Operation of 
mountain  
resorts
Property 
development  
and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK THOUSAND
Net sales exploitation 127,368 127,368
Other net sales 3,724,749 13,310 474,827 4,212,886
Total net sales 3,724,749 140,679 474,827 4,340,255
Capital gains 592 592
Other income 12,257 12,257
Income from other segments 810 35,365 934 -37,109
Total operating income 3,738,407 176,044 475,761 -37,109 4,353,103
External operating expenses -2,428,505 -38,009 -329,482 -2,795,995
Costs of sold exploitation assets -136,916 -136,916
Capital losses
-5,273 -264 -518 -6,055
Share in profit/loss of joint 
ventures/associates -609 -9,063 13,416 3,743
Depreciation -276,829 -23,741 -98,412 -398,981
Costs from other segments -36,299 -810 37,109
Total operating costs -2,747,515 -207,993 -415,805 37,109 -3,334,204
Operating profit/loss 990,893 -31,950 59,956 1,018,899
Intangible assets 237 989 1 812 239 802
Property plant and equipment 3 528 898 785 580 533 068 4 847 547
Right-of-use assets 682 569 835 1 378 835 2 062 239

===== SIDA 15 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
The Group’s operating segments, continued
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202515
FULL YEAR                                      
1 Sep 2023 – 31 Aug 2024
Operation of 
mountain  resorts
Property 
development  
and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK THOUSAND
Net sales exploitation 245,372 245,372
Other net sales 3,901,647 15,064 517,303 4,434,013
Total net sales 3,901,647 260,435 517,303 4,679,385
Capital gains 533 533
Other income 13,367 13,367
Income from other segments 1,088 41,419 1,104 -43,610
Total operating income 3,916,633 301,854 518,406 -43,610 4,693,284
External operating expenses -2,786,164 -47,568 -386,418 -3,220,150
Costs of sold exploitation assets -178,639 -178,639
Capital losses -5,273 -264 -518 -6,055
Share in profit/loss of joint 
ventures/associates -474 -16,945 -2,539 -19,958
Depreciation -362,286 -33,523 -132,406 -528,215
Costs from other segments -42,522 -1,088 43,610
Total operating costs -3,196,719 -276,939 -522,969 43,610 -3,953,017
Operating profit/loss 719,914 24,915 -4,563 740,267
Intangible assets 235,857 1,512 237,370
Property plant and equipment 3,470,660 781,994 534,678 4,787,331
Right-of-use assets 680,380 949 1,330,712 2,012,040

===== SIDA 16 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed income statement - parent company
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202516
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
SEK THOUSAND 2024/25 2023/24 2024/25 2023/24 2023/24
Operating income
Net sales 911,382 972,751 3,007,064 2,885,129 3,101,291
Other income 1,047 5,887 9,842 10,238 8,410
Total operating income 912,429 978,638 3,016,906 2,895,367 3,109,700
Operating expenses
Merchandise -215,838 -223,111 -702,580 -679,495 -731,605
Other external expenses -251,393 -248,053 -919,913 -900,319 -1,090,311
Personnel costs -199,584 -194,452 -594,169 -544,469 -642,392
Cost of sold interests in 
accommodation/exploitation
123 -26,617 -10,798 -26,745 -45,472
Depreciation and amortisation of assets -58,132 -55,064 -170,811 -159,917 -214,663
Operating profit/loss 187,604 231,340 618,635 584,421 385,258
Net financial items -8,362 -5,798 -21,543 -39,501 -68,843
Profit/loss after financial items 179,242 225,542 597,092 544,920 316,415
Appropriations - - - - -30,467
Profit/loss before  tax 179,242 225,542 597,092 544,920 285,948
Tax -33,095 -41,731 -123,196 -108,250 -56,967
Profit/loss for the period 146,147 183,811 473,896 436,670 228,980

===== SIDA 17 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Condensed balance sheet – parent company
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202517
ASSETS, SEK THOUSAND 31 May 2025 31 May 2024 31 Aug 2024
Non-current assets
Intangible assets 112,951 113,933 108,332
Property, plant and equipment 2,465,352 2,529,088 2,530,185
Investments in Group companies 327,882 290,325 290,325
Investments in associates and joint ventures 2,770 2,770 2,770
Other investments and securities held as non-current 
assets
23,202 24,702 24,702
Derivativess 11,053 21,555 955
Other non-current receivables 24,387 24,243 24,410
Receivables from Group companies - 171,750 -
Total non -current  assets 2,967,597 3,178,366 2,981,679
Current assets -Inventories
Goods for resale 259,131 234,393 266,983 
259,131 234,393 266,983 
Current receivables
Trade receivables 26,463 29,647 18,773
Receivables from Group companies 546,790 472,729 627,899
Tax receivable - - 63,694
Other current receivables 60,538 36,626 36,870
Prepaid expenses and accrued income 112,136 112,702 110,938
745,927 651,703 858,174
Cash & cash equivalents
Cash and cash equivalents 818 799 799
Total current  assets 1,005,875 886,896 1,125,956
TOTAL ASSETS 3,973,473 4,065,262 4,107,635
EQUITY AND LIABILITIES, SEK THOUSAND 31 May 2025 31 May 2024 31 Aug 2024
Equity
Restricted equity
Share capital 19,594 19,594 19,594
Statutory reserve 25,750 25,750 25,750
45,344 45,344 45,344
Non-restricted equity
Share premium reserve 4,242 4,242 4,242
Retained earnings 1,080,122 1,070,595 1,070,595
Profit/loss for the year 473,896 436,670 228,980
1,558,259 1,511,506 1,303,817
Total equity 1,603,603 1,556,850 1,349,161
Non-current liabilities
Non-current interest-bearing liabilities
Liabilities to credit institutions - 287,735 287,735
Provisions
Provisions for pensions 19,708 18,908 19,115
Long-term Derivatives 1,796 - -
Non-current non-interest-bearing liabilities
Deferred tax liabilities 179,253 177,173 175,774
Total non -current  liabilities 200,757 483,815 482,625
Current liabilities
Liabilities to credit institutions 811,273 505,892 774,809
Liabilities to Group companies 879,806 1,105,599 1,047,132
Trade payables 113,465 99,793 142,160
Other current liabilities 173,379 134,178 172,288
Accrued expenses and deferred income 191,190 179,134 139,460
Total current  liabilities 2,169,111 2,024,596 2,275,849
Total liabilities 2,369,868 2,508,411 2,758,473
TOTAL EQUITY AND LIABILITIES 3,973,473 4,065,262 4,107,635

===== SIDA 18 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Group Key Performance Indicators and data per share
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202518
Definitions and explanations of Alternative Perforamance Measures (APM) see page 23. 
3 MONTHS 9 MONTHS FULL YEAR
1 Mar -31 May 1 Sep-31 May 1 Sep-31 Aug
KEY PERFORMANCE INDICATORS 2024/25 2023/24 2024/25 2023/24 2023/24
Revenue and profit
Net sales, TSEK 1,405,476 1,489,855 4,405,360 4,340,255 4,679,385
Operating income, TSEK 1,408,249 1,492,844 4,423,367 4,353,103 4,693,284
Operating profit, TSEK 376,937 418,153 1,095,062 1,018,899 740,267
EBITDA excluding IFRS16, TSEK 461,549 504,283 1,355,223 1,274,502 1,076,285
Organic growth, % -4 5 3 11 10
Cash flow
Cash flow from operating activities, TSEK -447,717 -267,996 1,257,593 1,317,582 1,083,732
Profitability
Operating margin, % 27 28 25 23 16
Return on capital employed, 12M % 14 13 14 13 12
Financial position
Interest-bearing net debt, TSEK 3,369,879 3,825,945 3,369,879 3,825,945 4,015,031
Interest-bearing net debt excluding IFRS 16, TSEK 1,327,797 1,678,062 1,327,797 1,678,062 1,913,908
Interest-bearing net debt/EBITDA excluding IFRS16, 12M, times 1.15 1.49 1.15 1.49 1.78
Equity/assets ratio, % 49 45 49 45 42
Equity/assets ratio, excluding IFRS16, % 64 60 64 60 56
3 MONTHS 9 MONTHS FULL YEAR
1 Mar -31 May 1 Sep-31 May 1 Sep-31 Aug
DATA PER SHARE 2024/25 2023/24 2024/25 2023/24 2023/24
Share price, SEK 170.10 161.20 170.10 161.20 162.90
Average number of shares 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056
Basic and diluted earnings per share, SEK 3.82 3.99 10.40 9.53 6.04
Cash flow from operating activities, SEK -5.71 -3.42 16.05 16.81 13.83
Share price/cash flow, times -30 -47 11 10 12
Equity, SEK 54 51 54 51 47
Share price/equity, % 316 318 316 318 349

===== SIDA 19 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
Note 1 Accounting principles
This Year-End Report has been prepared in accordance with IAS 34 Interim Financial 
Reporting. The consolidated financial statements were prepared in accordance with 
International Financial Reporting Standards (IFRS) as adopted by the EU and the 
Swedish Annual Accounts Act. The Parent Company’s accounts were prepared in 
accordance with the Annual Accounts Act and the Swedish Financial Reporting Board’s 
RFR 2 Accounting for Legal Entities. The accounting policies and methods of 
calculation applied for the Group and Parent Company are the same as those applied 
in preparing the most recent annual accounts and consolidated financial statements.
Preparation of financial statements in compliance with IFRS requires Company 
management to make accounting estimates and judgements, as well as to make 
assumptions that affect the application of the accounting policies and the carrying 
amounts of assets, liabilities, income and expense. The actual outcome may differ from 
these estimates and assumptions. Certain statements contained in this report are 
forward-looking and reflect the current assessments of the Company and Board 
of Directors as regards future circumstances. None of the new IFRS standards, 
amended standards and interpretations applicable from first of September 2023 have  
had a material impact on the financial reporting of the Group or the Parent Company. 
No new or changed standards have been applied prematurely.
In connection with the annual accounts, the Group has reviewed its accounting for 
equity interests with regards to the interest in the joint venture Skiab Invest AB, for 
which the equity method is used. IAS 28 requires an entity to apply the same 
accounting policies for similar transactions that it applies when recognising its interest 
in a joint venture. Based on this, adjustments may need to be made to the financial 
statements of the joint venture in which the interest is being held and which are used 
for reporting purposes. In the SkiStar Group, the owned properties are classified as 
owner-occupied properties, which means that they are reported at cost less 
accumulated depreciation and any impairment. Since the properties in Skiab Invest 
are used by the SkiStar Group for its own operations, the assessment has been made, 
in order to meet the requirements of IAS 28, that these properties should also be 
reported as owner-occupied properties. As Skiab Invest recognises its properties at fair 
value, SkiStar has decided to make the required adjustments in applying the equity 
method for this holding as at 31 August 2024. In accordance with IAS 8 and the error 
correction approach described therein, the comparative amounts and opening 
balances have been restated, see note 5 for details and amounts. The entire effect on 
the profit/loss due to the restatement is accounted for in the profit/loss in the fourth 
quarter of 2023/24. For further details see the Annual Report for the year ended 31 
August 2024.
PLEDGED ASSETS, SEK 
THOUSAND 2025-05-31 2024-05-31 2024-08-31
Group 2,931,183 3,302,802 3,191,908
Parent Company 567,446 566,775 566,983
CONTINGENT LIABILITIES, SEK THOUSAND
Group* 527,198 482,949 468,032
Parent Company 905,525 1,249,798 1,234,350
19
Note 2 Pledged assets and contingent liabilities
*Group Contingent liabilities  as at 31 May 2024 has been adjusted to the correct 
amount. The amount stated in the prior year was incorrect.

===== SIDA 20 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
Not 3 Segment reporting
Operations are monitored and presented by SkiStar in the segments 
Operation of Mountain Resorts, Property Development and Exploitation 
and Operation of Hotels. 
Operation of Mountain Resorts comprises the operation of mountain 
resorts and the sale of all products and services in this area, such as 
SkiPass, accommodation, activities, articles in sporting goods stores etc. 
The focus is on sales and efficient operation. Earnings are charged with 
the segment’s own costs as well as internal rents, mainly for guest 
accommodation rented from Property Development and Exploitation. The 
segment’s non-current assets are mainly property, plant and equipment 
used directly in the operations, such as pistes and lifts, or used or rented 
out for activities that complement the segment, such as sporting goods 
stores, equipment hire and restaurants. 
Property Development and Exploitation comprises the management of 
assets that can be exploited or used in the segment or leased to the 
Operation of Mountain Resorts segment. Segment revenue consists of the 
sale of land and other properties, the sale of weekly shares in Vacation 
Club, and the renting of accommodation, both through the segment and 
associated companies, to guests in the Operation of Mountain Resorts 
segment. The segment’s assets consist of land and other properties, as well 
as shares in tenant-owner associations and associated companies focusing 
on hotels and the renting of cabins and apartments close to the Group’s 
skiing areas. 
Operation of Hotels includes activities related to hotels conducted 
under the SkiStar brand and under SkiStar’s management. SkiStar’s
operation of hotels is conducted as a tenant of the hotel properties in 
question. Operation of Hotels includes revenue from accommodation, 
restaurants and other goods and services provided in connection with the 
hotels. The hotels included in the segment are SkiStarLodge Experium 
Lindvallen, Sälen, SkiStar 
Lodge Hundfjället, Sälen, Sälens Högfjällshotell, 
Sälen, (since 1 May 2025) Ski Lodge Skalspasset, Vemdalen, Hovde Hotell, 
Vemdalen, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, 
Hemsedal, Radisson Blu Resort, Trysil and SkiStar Lodge Trysil, Trysil.
The revenues and costs shared within the Group are distributed between 
the segments based on the total revenue in respective segment. Assets 
shared within the Group are distributed based on the corresponding asset 
in the respective segment.
The revenues are attributed to the seperate countries based on which 
country the Group Companies are based.
20
NET SALES PER SEGMENT, SEK MILLION
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
2024/25 2023/24 2024/25 2023/24 2023/24
OPERATION OF 
MOUNTAIN 
RESORTS
SkiPass 634 692 1,928 1,865 1,897 
Accomodation 271 312 867 875 909 
Ski rental 70 74 239 231 243 
Ski school
/Activities
28 33 95 92 96 
Sportshops 89 92 405 386 434 
Property services 42 42 119 119 133 
Restaurants 10 12 22 23 25
Other 54 41 138 133 165
Total Operation of 
Mountain  Resorts
1,200 1,299 3,812 3,725 3,902
PROPERTY 
DEVELOPMENT 
AND 
EXPLOITATION
Total Property 
Development  and 
Exploitation
39 30 81 141 260
OPERATION OF 
HOTELS
Accomodation 98 103 295 291 305 
Property 4 7 12 13 16
Restaurants 50 43 151 119 134
Other 14 8 54 52 62
Total Operation of 
Hotels
166 162 512 475 517 
Total Group 1,405 1,490 4,405 4,340 4,679
NET SALES PER SEGMENT AND COUNTRY, SEK 
MILLION
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
NET SALES PER 
COUNTRY 2024/25 2023/24 2024/25 2023/24 2023/24
Sweden
Operation of Mountain 
Resorts
840 875 2,667 2,574 2,697
Property Development 
and Exploitation
37 28 73 36 142
Operation of Hotels 63 57 192 165 184
Norway
Operation of Mountain 
Resorts
360 424 1,146 1,151 1,205
Property Development 
and Exploitation
2 2 7 105 119
Operation of Hotels 104 105 320 310 333
Total Group 1,405 1,490 4,405 4,340 4,679

===== SIDA 21 =====

SAMMANDRAG VD HAR ORDET FINANSIELL ÖVERSIKT HÅLLBARHET ÖVRIG INFORMATION FINANSIELL RAPPORTERING NOTER DEFINITIONER KORT OM SKISTAR
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202521
Not 4 Financial instruments at fair value
Derivatives measured at fair value refer to electricity futures and interest rate swaps. The fair 
value of electricity futures is based on current futures prices on the electricity market for the 
corresponding maturities. The fair value of interest rate swaps is calculated as the value of future
cash flows discounted at current market rates. The Company’s existing derivative assets and 
liabilities are all within Level 2 of the fair value hierarchy. For other financial assets and 
liabilities, the carrying amount is considered a reasonable approximation of fair value.
Note 5 Adjustment of prior year comparables after restatement of investment in joint 
venture company Skiab-Invest
The 2023/24 comparative year has been restated according to note 1 with regards to the adjustments in the 
interests in the joint venture Skiab Invest. As a result opening balances as at 1 September 2023 and closing 
balances at 31 May 2024 have been adjusted by SEK -26,512 thousand. The adjusted amounts regarding the 
closing balances are shown in the table below. For further information, see the Annaul Report for the year ended 
31 August 2024.
Disclosure  of fair value 
per class, SEK million
2025-05-31 2024-05-31 2024-08-31
Financial assets (short - and 
long term)
Interest rate swaps 18 38 12
Electricity futures 2 4 1
Financial liabilities (short - 
and long term)
Interest rate swaps 2
Electricity futures 7 8 12
Closing balances
after adjustments Adjustments Closing  balances  
before  adjustments
ASSETS, SEK THOUSAND 2024-05-31 2024-05-31
Investments in joint ventures/associates 806,746 -26 512 833,258
TOTAL EQUITY 8,800,333 -26 512 8,826,845
EQUITY AND LIABILITIES, SEK THOUSAND 2024-05-31 2024-05-31
Retained earnings, including profit/loss 
for the period
3,647,403 -26 512 3,673,915
Equity attributable to shareholders of the 
Parent
3,972,418 -26 512 3,998,930
Non-controlling interest 1,106 1,106
Total Equity 3,973,524 -26 512 4,000,036
Total liabilities 4,826,809 - 4,826,809
TOTAL EQUITY AND LIABILITIES 8,800,333 -26 512 8,826,845

===== SIDA 22 =====

SAMMANDRAG VD HAR ORDET FINANSIELL ÖVERSIKT HÅLLBARHET ÖVRIG INFORMATION FINANSIELL RAPPORTERING NOTER DEFINITIONER KORT OM SKISTAR
NOTES, CONTINUED.
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 202522
Not 6 Acquisition of businesses
1 May 2025 SkiStar AB acquired 100 percent of the shares in Topeja AB for SEK 37.7 
million, paid in cash. Topeja AB is a limited company based in Malung-Sälen, Sweden. 
The company conducts the operation of Högfjällshotellet in Sälen. The management 
believes that the acquisition will have a positive effect on futures profits based on 
synergies with the existing operations. The ownership in shares is equal to the voting 
rights. The acquired company has from the time of acquisition contributed to the Group’s 
income and operating profit before tax of  SEK 2,519 thousand and SEK 42 thousand, 
respectively. Should the acqusition have taken place at the beginning of the financial 
year 2024/25 the contribution to the Group’s income and operating profits before tax for 
the nine months period would have been SEK 96,603 thousand and SEK 3,231 thousand 
respectively. The amounts below are preliminary and may change.
NET ASSETS OF THE ACQUIRED COMPANY AT THE TIME 
OF AQUISITION
Fair value recognised  at acquisition
GROUP, SEK THOUSAND
Property, plant and equipment 9,741
Other non-current assets 125
Inventories 6,215
Trade receivables and other receivables 6,793
Cash and cash equivalents 18,068
Other liabilities -25,402
Net identified  assets and liabilities at fair value 15,541
Non-controlling interest at fair value -
Goodwill 22,116
Purchase  price 37,657
Cash 37,657
Cash and cash equivalents in acquired company -18,068 
Net effect on the Group’s  cash and cash 
equivalent 19,589

===== SIDA 23 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
DEFINITIONS
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
The Company presents certain financial measures in this interim report that are not defined in accordance with IFRS. The comp any considers these measures to be valuable complementary information 
for investors and the Company’s management. Since not all companies calculate financial measures in the same way, they are no t always comparable with measures used by other companies. 
Consequently, these financial measures should not be seen as a substitute for measures defined in accordance with IFRS. For m ore on the calculation of these key figures see: 
https://investor.skistar.com/en/finansiellt/
FINANCIAL DEFINITIONS
Average interest rate
Interest expenses, including interest rate swaps and excluding IFRS 16-related interest 
expenses, divided by average interest-bearing liabilities. The measure is used to show 
the interest rate paid by the Group on its interest-bearing liabilities. 
Capital employed 
Total assets less non-interest-bearing liabilities. The measure shows how much of the 
Company’s assets have been lent by its owners or by lenders. 
Cash flow per share
Cash flow from operating activities divided by the average number of shares. The 
measure is used to make it easy for investors to analyse the amount of surplus from 
operating activities generated per share that can be used to finance new investments, 
repayments and dividends, and to assess the need for new external financing. 
Diluted earnings per share
Profit/loss after tax for the period attributable to Parent Company shareholders 
adjusted for interest expenses on convertible debt, divided by the number of shares 
after full conversion of convertibles subscribed for. The measure shows how much 
profit per share the Group generates for its shareholders after full conversion of 
convertibles subscribed for. 
Earnings per share
Profit/loss after tax for the period attributable to Parent Company shareholders divided 
by the average number of shares. The measure shows how much profit per share the 
Group generates for its shareholders. 
EBITDA excluding IFRS16 
Operating profit plus depreciation/amotisation and adjusted for the effect of IFRS16 
Leasing.
Equity/assets ratio 
Equity as a percentage of total assets. This measure is used to analyse financial risk and 
shows the proportion of assets financed with equity. 
Equity/assets ratio excluding IFRS16
Equity as a percentage of total assets, adjusted for the effect of IFRS16 Leasing. This 
measure is used to analyse financial risk and shows the proportion of assets financed 
with equity less the effect of  IFRS16.
Equity per share 
Equity divided by the average number of shares for the reporting period. The measure 
shows how much equity is attributable to each share and is presented to facilitate 
investors’ analyses and decisions. 
Gross investments 
New investments and replacement investments in non-current assets. The measure is 
relevant in showing the overall size of the investments made to maintain existing 
capacity and create growth. 
Interest-bearing liabilities 
Current and non-current liabilities to credit institutions, provisions for pensions, lease 
liabilities and items in other current liabilities that are interest-bearing. 
Interest-bearing net debt
Interest-bearing liabilities less cash and cash equivalents.
Interest-bearing net debt excluding IFRS16
Interest-bearing liabilities less cash and cash equivalents adjusted for IFRS16 leasing 
debt.
Interest-bearing net debt/EBITDA, excluding IFRS16, 12 M
Interest-bearing net debt in relation to EBITDA, last twelve months, exclusive the effect 
of IFRS16 leasing debt. The measure gives an estimation of the Companys’ ability to 
reduce its debt. It represents the number of years it would take to repay the debt if the 
net debt and EBITDA remain constant, without regard to cashflow in respect of interest 
rates, tax and invetments. This measure is one of the Companys’ financial goals and 
should over a period not exceed 2.5 times.
Net investments 
New investments and replacement investments in non-current assets less sales of these 
investments. The measure is relevant in showing the total amount from the Group’s 
investing activities. 
Operating margin
Operating profit/loss after depreciation/ amortisation as a percentage of revenue. The 
measure is used to show the profitability of operating activities by indicating the 
percentage of revenue that remains to cover interest and tax and to provide profit, after 
the Company's ongoing costs have been paid. 
Operating profit/loss (EBIT)
Revenue less merchandise costs, personnel costs, other operating expenses, 
depreciation and amortisation, plus profit/loss from joint ventures/associates. The 
measure is used to analyse the profitability generated by operating activities. 
Organic growth 
Revenue adjusted for acquisitions and currency effects compared with the same period 
in the previous year. An acquired company is classified as an acquisition in the twelve 
months from the date of acquisition. Only after this period is the company included in 
the measurement of organic growth. The measure is used to show underlying revenue 
growth. 
Return on capital employed, 12 M
Profit before tax plus net financial costs, last twelve months, as a percentage of average 
capital employed in comparable period (sum of capital employed at the opening and 
the closing of the period, divided by two). The measure shows the Group’s profitability 
in relation to externally financed capital and equity. 
Share price/cash flow 
Share price at the reporting date divided by cash flow from operating activities. The 
measure shows the value of the share compared with the value the Group has 
generated in cash flow from operating activities. 
Share price/equity ratio 
Share price at the reporting date divided by equity per share. The measure shows the 
value of the share compared with the value recognised by the Group in its statement of 
financial position. 
OTHER DEFINITIONS 
Activity day 
One day of activities with an Activity pass. 
Activity pass 
Card providing access to summer activities. 
ALF 
Norwegian Ski Lift Association. 
Booking volume 
The number of overnight stays booked through SkiStar’s mediated accommodation 
CO2e 
Amount of a specific greenhouse gas, expressed as the amount of CO2 that has the 
same greenhouse gas effect. 
Global Reporting Initiative (GRI) Standards 
GRI Sustainability Reporting Standards are the first and most widely used global 
standards for sustainability reporting. GRI is an independent international organisation 
that has been developing methods for sustainability reporting since 1997. 
Overnight stay 
One booked night in a cabin, apartment or hotel room. 
Skier day 
One day’s skiing with a SkiPass. 
SkiPass 
Card providing access to ski lifts. 
SLAO 
Svenska Skidanläggningars Organisation 
FINANCIAL YEAR 
SkiStar’s financial year covers the period 1 September – 31 August. 
First quarter (Q1) September–November 
Second quarter (Q2) December–February 
Third quarter (Q3) March–May 
Fourth quarter (Q4) June–August
23

===== SIDA 24 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
Presentation of the report
SkiStar will present this report via webcast on 19 June 2025,
10:00 a.m. CET. Find the dial-in information and link to the webcast
On https://investor.skistar.com.
Financial information
Financial year 2024/25
The year-end report for the financial year and the Annual and 
sustainability report will be published as follows;
• Year-End Report, Q4, 1 September 2024-31 August 2025,
1 October 2025, at 07.00 a.m. CET
• Annual and sustainability report, 1 September 2024- 31 August 2025, 
week 47
Financial year 2025/26
The interim and year-end report for the financial year will be published as 
follows;
• Interim Report, Q1, 1 September 2024- 30 November 2024,
18 December 2025, at 07.00 a.m. CET.
• Half-Year Report, Q2, 1 September 2024- 28 February 2025,
18 March 2026, at 07.00 a.m. CET.
• Interim Report Q3, 1 September 2024- 31 May 2025,
18 June 2026, at 07.00 a.m. CET.
• Year-End Report, Q4, 1 September 2024-31 August 2025,
30 September 2026, at 07.00 a.m. CET
Annual General Meeting
Annual general meeting will be held on 13 December 2025, at 2.00 p.m. 
CET in Sälen.
Nomination Committee prior to SkiStar’s AGM
The Nomination Committee prior to the 2025 Annual General Meeting has 
the following composition:
• Per Gullstrand, appointed by Ekhaga Utveckling AB.
• Peder Strand, appointed by Nordic Ski & Mountains AB.
• Niklas Johansson, appointed by Handelsbanken Fonder.
• Sara Karlsson, appointed by Erik Paulsson with family and 
company.
The Nomination Committee has appointed Per Gullstrand chairman of the 
committee. Sharehoders wishing to provide the Nomination Committe
with proposals can reach the Committee in writing at 
valberedning@skistar.com
, or SkiStar AB, Att: Valberedningen, 780 91 
Sälen.
24
The CEO assure that this Interim Report provides a true and fair view of the parent company’s and the group’s operations, 
financial position and performance, and describes the material risks and uncertainties faced by the parent company and the other
group companies.
Sälen, 19 June 2025
Stefan Sjöstrand
CEO
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. 
The information was submitted for publication, through the agency of the contact person set out above, 
at 19 June 2025, 07.00 a.m. CET
AUDITORS REPORT
SkiStar AB (publ), 556093-6949
Introduction
We have reviewed the condensed interim financial information (interim report) of Skistar AB (publ) as of 31 May 2025 and the 
nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the 
interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a 
conclusion on this interim report based on our review.
Scope of Review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim 
Report, performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted 
auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become 
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion
Conclusion
Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not 
prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and 
with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, date as of electronic signing 
Kent Åkerlund 
Authorized Public Accountant

===== SIDA 25 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2024-MAY 2025
The mountain tourism company SkiStar AB (publ) is listed on the Mid Cap list of the Nasdaq Stockholm 
exchange. The Group owns and operates alpine ski resorts in Sälen, Vemdalen, Åre and Stockholm 
(Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Our vision is to create memorable 
mountain experiences with a focus on alpine skiing in the winter and active holidays in the summer. 
Sustainability and responsible entrepreneurship are an integral part of SkiStar’s strategy, business model, 
governance and culture. For more information, see https://investor.skistar.com/en.
Business concept
As the leading tour operator for Scandinavia, 
SkiStar’s business concept is to create memorable 
mountain experiences, develop sustainable 
destinations and offer accommodation, activities, 
Products and services of the highest quality with 
our guests in focus.
Business model
Our operations are divided into three segments: 
Operation of Mountain Resorts, Property 
Development & Exploitation and Operation of 
Hotels, as well as a number of central functions.
Shareholder benefits
Shareholders owning at least 200 shares in 
SkiStar receive a 15-percent discount on 
SkiStar’s offering at all destinations and on 
their online purchases at skistar.com and 
skistarshop.com. Read more about booking with 
a shareholder discount and the full terms and 
conditions at
https://investor.skistar.com/en/dokument/aktiag
arrabatt
25

===== SIDA 26 =====

SKISTAR AB (PUBL)  
SE-780 91SÄLEN
Org.nr:556093-6949
Tel: +46 280 880 50
E-post:info@skistar.com 
www.skistar.com