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Kvartalsrapport Q1 2025
===== 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