Kvartalsrapport Q1 2026

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STABLE DEVELOPMENT IN UNCERTAIN TIMES
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026

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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
THIRD QUARTER
• Net sales amounted to SEK 1,441 million (1,375), an increase of SEK 66 million, 5 percent.
• Operating profit amounted to SEK 347 million (377), a decrease of SEK 30 million, 8 percent.
• Operating profit adjusted for capital gains from exploitation assets amounted to SEK 346 million (347), a decrease of SEK 1 m illion, 0 percent.
• Capital gains from exploitation assets were included with SEK 1 million (30). 
• Cash flow from operating activities amounted to SEK -368 million (-460), an increase of SEK 92 million.
• Basic and diluted earnings per share amounted to SEK 3.43 (3.82), a decrease of 10 percent.
FIRST NINE MONTHS
• Net sales amounted to SEK 4,663 million (4,348), an increase of SEK 315 million, 7 percent.
• Operating profit amounted to SEK 1,146 million (1,095), an increase of SEK 51 million, 5 percent.
• Operating profit, adjusted for capital gains from exploitation assets, amounted to SEK 1,145 million (1,049), an increase of SEK 96 million, 9 percent.
• Capital gains from exploitation assets were included with SEK 1 million (46). 
• Cash flow from operating activities amounted to SEK 1,399 million (1,224), an increase of SEK 175 million
• Basic and diluted earnings per share amounted to SEK 10.88 (10.40), an increase of 5 percent.
SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD
• Booking volumes for the winter season 2026/27, measured as the number of overnight stays booked through SkiStar´s mediated accomodation, are up 3 percent compared with the same time of the previous year. 
• Ahead of the 2026/27 winter season the eagerly awaited Tusenmetersliften (the Thousand-Metre Lift) in Åre will be rebuilt. The design will be updated and parts of the lift route will be new.
• Ahead of the 2026/27 winter season significant investments in snow production are planned, including 489 new snow cannons at our destinations. This is expected to have a significant impact on snow reliability and enable 
extended opening times.
Further information is available from:
Stefan Sjöstrand, CEO tel +46 (0)280 841 60
Sara Jinnerot Uggelberg, CFO tel +46 (0)280 841 60
SUMMARY, SEK MILLION 3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep- 31 May 1 Sep – 31 Aug
2025/26 2024/25 2025/26 2024/25 2024/25
Net sales 1,441 1,375 4,663 4,348 4,574
Operating income 1,456 1,378 4,683 4,366 4,596
Operating profit 347 377 1,146 1,095 785
Operating profit, adjusted for capital gain 
from exploitation assets
346 347 1,145 1,049 739
Profit/loss after tax 269 299 852 814 552
Basic and diluted earnings per share, SEK 3.43 3.82 10.88 10.40 7.05
Cash flow from operating activities -368 -460 1,399 1,224 1,063
Operating margin, % 24 27 24 25 17
Equity/assets ratio, % 52 49 52 49 45
Equity/assets ratio, excluding IFRS 16, % 67 64 67 64 59
Net interest-bearing debt excluding IFRS 16 1,112 1,328 1,112 1,328 1,711
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
We note that the winter season once again delivered a solid 
performance, with an increase in the number of skier days 
sold. The strength of our destinations, bolstered by our 
investments in snow reliability and the development of 
attractive holiday experiences, enables our core operation to 
remain strong and mountain holidays remain popular.
COMMENTS FROM THE CEO
STABLE DEVELOPMENT IN UNCERTAIN TIMES
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
”
Net sales for the quarter amounted to SEK 1,441 million, an 
increase of 5 percent on the same period in the previous year. 
However, the results for the quarter were adversely affected by 
the continued geopolitical uncertainty, which contributed to 
weaker than expected performance. Operating profit amounted 
to SEK 347 million, a decrease of 8 percent. The decline was 
primarily due to increased costs as a result of higher prices for 
HVO diesel and energy, as well as the impact of cautious Easter 
bookings among guests, something we tried to counteract by 
increasing our targeted marketing efforts. The absence of capital 
gains in the period also adversely affected operating profit. 
However, adjusted for capital gains from development and 
exploitation assets, operating profit was unchanged compared to 
the same period in the previous year. 
Operating profit for the nine-month period amounted to SEK 
1,146 million, an increase of 5 percent on the same period in the 
previous year. Adjusted for capitals gains from development and 
exploitation assets in the previous year, operating profit 
increased by SEK 96 million, or 9 percent.
The property market has remained subdued this financial year. 
We, therefore, did not report any capital gains on property 
transactions in the first nine months, compared with capital 
gains of around SEK 46 million in the corresponding period in 
the previous financial year. At the same time, we continue to 
develop our project portfolio and see good opportunities for long-
term value creation in our property and destination development 
projects. Looking back on the 2025/26 winter season, it is clear 
that SkiStar once again delivered a stable season. The number of 
skier days sold increased by 0.5 percent to 5,446,000, despite 
weather challenges during parts of the winter. This shows the 
strength of our offerings and the importance of our investments 
in snow reliability, as well as our long-term efforts to develop 
attractive holiday experiences. Our core operation is strong and 
interest in mountain holidays remains high. By continuously 
investing in the guest experience, digitalisation and the 
attractiveness of our destinations, we strengthen our 
competitiveness and lay the foundation for long-term growth.
We are now focusing on the summer season. Interest in active 
holiday experiences in the mountains remains, and we see a 
positive development in booking volume for the summer; 
measured as the number of overnight stays in SkiStar’s mediated 
accommodation, this is up 3 percent year-on-year. In recent 
years, we have focused consciously on developing our year-round 
offer, with a wider range of activities and more experiences for 
families, couples and groups. Our holiday packages at Åre, Sälen 
and Trysil, which offer guests a simple and attractive way of 
combining accommodation, activities and experiences, are a key 
part of this work. This initiative strengthens both the availability 
and value of our offering and helps to attract more guests outside 
the winter season. By continuing to develop our sites as leading 
destinations all year round, we strengthen SkiStar’s position and 
create new opportunities for growth.
Looking ahead to the coming winter season, we can see an 
increase in booking volume, measured as the number of 
overnight stays in SkiStar’s mediated accommodation; bookings 
are up 3 percent on the corresponding period in the previous 
year. During the snowless season, we look forward to working on 
the investments that we have mentioned, that is, snow 
production and the eagerly awaited Thousand-Metre Lift in Åre. 
These investments will further improve the skiing experience of 
our guests, who will also be able to enjoy our extended snow 
guarantee – the best and most extensive in Scandinavia. 
Following the successful launch of affordable destination passes 
last year, we will now be launching additional discounted SkiPass
options for Duved and Tegefjäll in Åre. 
I would like to end by extending my warmest thanks to our 
employees, guests, partners and shareholders for your continued 
commitment and trust. Together, we now have another stable 
winter season behind us and look forward with confidence to the 
summer and the coming winter.
Stefan Sjöstrand, CEO
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
THE GROUP’S PERFORMANCE
MARCH 2026 – MAY 2026
Revenue in the third quarter amounted to SEK 1,456 million (1,378). 
Net sales increased by SEK 66 million to SEK 1,441 million (1,375), an 
increase of 5 percent on the same period in the previous year. SkiPass
revenue in the period amounted to SEK 648 million (634), an increase 
of SEK 14 million or 2 percent. Several price promotions were carried 
out before Easter to increase sales which attributed negatively to the 
margin. Accommodation revenue also increased by 1 percent to SEK 
372 million (369).  Sales in sporting goods stores increased to SEK 96 
million (89) in the period, an increase of 7 percent. Changes in the 
NOK/SEK exchange rate had a positive effect of SEK 26 million (-26), or 
2 percent, on net sales. The positive exchange difference was due to a 
stronger Norwegian krone in the third quarter compared with the 
accumulated situation over the financial year. Of sales in the third 
quarter, SEK 50 million (3) was attributable to acquisitions, most of 
which comprised Sälens Högfjällshotell (Topeja AB). Organic growth, 
excluding exchange rate effects and acquisitions, was negative in the 
quarter and amounted to SEK -11 million (-68), corresponding to -1 
percent (-5). Other income during the third quarter has been positively 
affected by an insurance compensation of SEK 11 million from a 
demolished ski bridge in Vemdalen.
Operating profit fell by SEK 30 million to SEK 347 million (377), 
corresponding to a decrease of -8 percent. Adjusted for capitals gains in 
the previous year, operating profit decreased by SEK 1 million. 
Merchandise costs were on a par with the previous year, with volume-
related increases in accommodation and sporting goods stores offset by 
the positive effect of reversed impairments of approximately SEK 21 
million of the value of rental equipment. Other external expenses 
amounted to SEK -310 million (-240), an increase of 29 percent. The 
quarter was impacted by increased energy and fuel costs. Selling 
expenses related to online sales of sporting goods and marketing costs 
related to price promotions were also higher.
Personnel costs rose by 3 percent. Changes in the NOK/SEK exchange 
rate had a positive effect of SEK 9 million (-7) on operating profit. 
Share of profit of associates and joint ventures impacted profit by SEK 
8 million (3). Depreciation/amortisation amounted to SEK -152 million 
(-144).  
Net financial items in the quarter amounted to SEK -11 million (-22), 
an improvement of SEK 11 million. Net financial items primarily 
comprised a change in the value of interest rate derivatives, which 
amounted to SEK 12 million (-2), and interest expense amounting to 
SEK -27 million (-21), including lease-related interest of SEK -16 
million (-12) under IFRS 16. Exchange losses amounted to SEK -11 
million (-9) and exchange gains amounted to SEK 13 million (18). The 
Group’s profit after tax amounted to SEK 269 million (299), a decrease 
of SEK 30 million or -10 percent. 
Operation of Mountain Resorts
Revenue amounted to SEK 1,235 million (1,203). Net sales amounted to 
SEK 1,221 million (1,200), an increase of SEK 21 million, or 2 percent, 
on the same period in the previous year. During the quarter, the largest 
revenue category was SkiPass revenue, which amounted to SEK 648 
million (634), an increase of SEK 14 million, or 2 percent. 
Accommodation revenue declined by SEK 4 million to SEK 267 million 
(271). The largest revenue category was sales in sporting goods stores, 
including online sales, which posted growth of 7 percent and increased 
by SEK 7 million to SEK 95 million (89). External expenses increased 
by 5 percent and amounted to SEK -794 million (-759). The increase in 
costs of merchandise and selling expenses was primarily due to a 
change in revenue mix. Depreciation/amortisation amounted to SEK     
-101 million (-103). 
Property Development and Exploitation
Revenue amounted to SEK 23 million (21), while net sales declined to 
SEK 5 million (9). Revenue from other segments amounted to SEK 18 
million (13). The changes in revenue were to some extent due to the 
fact that SkiStar took over the operation of new business units (Sälens
Högfjällshotell) and restaurants, which meant that revenues were 
brought in-house. Share of profit of associates and joint ventures 
increased by SEK 5 million to SEK 8 million (3), primarily linked to the 
holding in Skiab Invest. Depreciation/amortisation increased to SEK -15 
million (-7). Operating profit fell to SEK 1 million in the quarter (31). 
No material property transactions were carried out in the quarter, 
while property transactions resulting in a capital gain of SEK 30 million 
took place in the same period in the previous year. 
Operation of Hotels
Revenue in the quarter amounted to SEK 215 million (166), up by SEK 
49 million, of which SEK 46 million was due to the acquisition of the 
operations at Sälens Högfjällshotell (Topeja AB). Operating profit 
improved by SEK 1 million to SEK 20 million (19). Accommodation 
revenue increased by SEK 7 million, while sales from restaurants 
increased by SEK 22 million to SEK 72 million (50) in the quarter. 
Other revenue increased to SEK 34 million (14). External operating 
expenses increased by SEK 45 million to SEK -158 million (-113), of 
which SEK 27 million was attributable to Sälens Högfjällshotell. 
Housekeeping and property costs also increased. 
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. Over half of 
the revenue is paid in advance.
REVENUE AND EARNINGS IN THE THIRD QUARTER 
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
QUARTERLY VALUES, SEK MILLION
2025/26 2024/25 2023/24 2022/23
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Net sales 1,441 2,986 236 226 1,375 2,760 212 225 1,467 2,531 220 236
Operating profit/loss 347 1,277 -478 -310 377 1,200 -482 -279 418 1,066 -464 -239
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
THE GROUP’S PERFORMANCE
SEPTEMBER 2025 – MAY 2026
Revenue amounted to SEK 4,683 million (4,366). Net sales increased 
by SEK 315 million to SEK 4,663 million (4,348), an increase of           
7 percent compared with the same period in the previous year. 
Changes in the NOK/SEK exchange rate had a negative effect of SEK -
20 million (-49) on net sales. Of the increase in sales in the first nine 
months of the financial year, SEK 122 million (3) was attributable to 
acquisitions, most of which comprised Sälens Högfjällshotell (Topeja
AB). Organic growth, excluding exchange rate effects and acquisitions, 
was positive and amounted to SEK 213 million (175), corresponding to 
5 percent (4). The underlying increase in sales in the period related to 
all main revenue streams except rental income, as an effect of our 
integrated business model. SkiPass revenue amounted to SEK 2,029 
million (1,928), corresponding to an increase of 5 percent, while 
accommodation revenue rose by SEK 65 million to SEK 1,227 million 
(1,162). Revenue from sporting goods stores increased by 13 percent 
to SEK 459 million (405) in the first nine months of the financial year.
Operating profit increased by SEK 51 million, or 5 percent, to SEK 
1,146 million (1,095). The operating margin was 24 percent (25) in 
the period. Adjusted for capitals gains in the previous year, operating 
profit increased by SEK 96 million, corresponding to 9 percent. 
Changes in the NOK/SEK exchange rate had a negative effect of SEK    
-6 million (-14) on operating profit. Operating profit was impacted by 
share of profit from associates and joint ventures of SEK 13 million 
(10). No material property transactions took place in the period, and 
this entails a negative effect of SEK -45 million compared with the 
corresponding period in the previous year. Depreciation/amortisation 
amounted to SEK -437 million (-416 ).  
During the period, net financial items amounted to SEK -70 million    
(-73), an improvement of SEK 3 million. Net financial items primarily 
comprised a change in the value of interest rate derivatives, which 
amounted to SEK -1 million (4), and interest expense amounting to 
SEK -70 million (-77), including lease-related interest of SEK -37 
million (-34) under IFRS 16. Exchange losses amounted to SEK -29 
million (-44) and exchange gains amounted to SEK 28 million (39). 
The Group’s profit after tax amounted to SEK 852 million (814), an 
improvement of SEK 38 million, or 5 percent. 
Operation of Mountain Resorts
Revenue amounted to SEK 4,030 million (3,831). Net sales amounted 
to SEK 4,010 million (3,812), an increase of SEK 198 million, or 5 
percent, on the same period in the previous year. The increase in sales 
primarily occurred in the second quarter and stemmed mainly from 
SkiPass (up SEK 101 million), sporting goods stores (up SEK 54 
million) and accommodation (up SEK 33 million). Operating profit 
improved by SEK 81 million to SEK 1,072 million (991), 
corresponding to 8 percent. 
Property Development and Exploitation
Revenue amounted to SEK 74 million (60) and net sales to SEK 14 
million (23). Revenue from other segments increased to SEK 61 
million (37), which was partly due to acquisitions and new operations 
but also to the distribution of revenue over periods of time. Operating 
profit decreased by SEK 39 million to SEK 6 million (45) as a result of 
the fact that no material property transactions were carried out in the 
first nine months of the year, and this had a negative effect of SEK -45 
million compared with the same period in the previous year. 
Operation of Hotels
Revenue, which corresponded to net sales, amounted to SEK 639 
million (512), an increase of SEK 127 million, or 25 percent, on the 
same period in the previous year. Of the increase, SEK 105 million, or 
20 percent, was attributable to the acquired operations at Sälens
Högfjällshotell. The remaining increase stemmed from 
accommodation and restaurant revenue. Operating profit increased by 
SEK 9 million to SEK 68 million (59). 
REVENUE AND EARNINGS IN THE FIRST NINE MONTHS
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 20265

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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 1,399 million (1,224) for the period, an increase of SEK 175 million 
compared with the corresponding period in the previous year.The 
Group carried out significant investments at the beginning of the 
financial year and cash flow from investing activities in the first nine 
months of the year amounted to SEK -407 million (-295). In the 
previous year, the Group reported two major land sales that had a 
positive effect on cash flow of SEK 57 million, but there were no such 
transactions in the first nine months of the current financial year. Cash 
flow from financing activities amounted to SEK -954 million (-929).
Liquidity and financing
The Group’s cash and cash equivalents amounted to SEK 59 million 
(24) at the end of May. Unused credit facilities, including overdraft 
facilities and an RCF, amounted to SEK 1,660 million (246).The 
Group’s total available liquidity at the end of the period was SEK 1,719 
million (271). Interest-bearing liabilities excluding IFRS 16 amounted 
to SEK 1,171 million (1,352), a decrease of SEK 181 million.Interest-
bearing liabilities including IFRS 16 amounted to SEK 3,115 million 
(3,394), a decrease of SEK 279 million on the previous year. Total 
interest-bearing liabilities included lease liabilities in accordance with 
IFRS 16 of SEK 1,944 million (2,042), of which SEK 1,215 million 
(1,329) comprised lease liabilities 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 3.59 percent 
(3.90). Net interest-bearing debt, excluding IFRS 16, relative to EBITDA 
for the last twelve months was 0.9 (1.1). The equity/assets ratio 
increased to 52 percent (49). The equity/assets ratio excluding IFRS 16 
was 67 percent (64).
Tax
Tax expense for the period amounted to SEK -224 million (-208) and 
was largely attributable to current tax. The effective tax rate was 20.8 
percent (20.4).
Investments
Investments in the first nine months amounted to SEK 430 million 
(373) gross and SEK 407 million (295) net. The difference between 
gross and net is disposals. The increase in investments compared with 
the corresponding period in the previous year was primarily due to the 
large investments carried out in the first quarter of the year, ahead of 
the start to the season. Depreciation and amortisation for the same 
period amounted to SEK 437 million (416).Investments in the current 
financial year are expected to amount to around SEK 650 million.
Personnel
The average number of employees was 1,914 (1,909), an increase of 5 
employees on the previous year. Personnel costs amounted to SEK 956 
million (912).
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 at 31 May 2026, is 
also the main owner of Peab, with which SkiStar has a business 
relationship. In the first nine months of the financial year, purchases 
from Peab amounted to SEK 4 million (12). Outstanding liabilities to 
Peab totalled SEK 1 million (1). Sales to Peab amounted to SEK 0 
million (1) and outstanding receivables were SEK 0 million (1). 
Purchases from associates during the first nine months amounted to 
SEK 142 million (131) and outstanding liabilities to associates totalled 
SEK 19 million (18). Sales to associates amounted to SEK 7 million (39) 
and receivables from associates amounted to SEK 20 million (23), SEK 
19 million (20) of which related to loans to associates. Current lease 
liabilities to associates under IFRS 16 amounted to SEK 1,215 million 
(1,329), and right-of-use assets amounted to SEK 1,129 million (1,252). 
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 2024/25 Annual Report.
Parent Company 
The Parent Company’s net sales amounted to SEK 3,025 million (2,980) 
and operating profit was SEK 621 million (619) in the first nine 
months. Net investments amounted to SEK 222 million (100).
Outlook for summer 2025/26
Our focus on year-round operations is continuing and, so that we can 
step up a gear and add value for our guests, we have launched new 
offerings ahead of the summer in Åre, Sälen and Trysil with new 
summer experience packages comprising accommodation, activities 
and, in some cases, also travel, all of which can be booked together in 
one workflow. The focus is on complete solutions that are smooth, 
sustainable and affordable.
Looking ahead of the 2026/27 winter season
Ahead of the coming winter season, our booking volume was 3 percent 
higher year-on-year and fully 30 percent of the expected 
accommodation volume has been booked, which is according to plan. 
Ahead of the winter season a number of investments are being planned, 
one of the largest of which is an investment in snow 
production, including 489 new snow cannons at our destinations. This 
is a strategic investment that is expected to have a significant effect on 
snow reliability at our destinations throughout the entire season and 
will facilitate extended opening times. On the strength of this, we are 
also launching the best and most extensive snow guarantee in 
Scandinavia. In Åre, the popular and eagerly awaited Tusenmetersliften
(Thousand-Metre Lift) will be rebuilt. The design will be updated, and 
parts of the lift route will be new, providing better links between the 
upper slopes. Following the successful launch in the previous year of 
affordable destination passes for Högfjället in Sälen and Klövsjö and 
Storhogna in Vemdalen, we will now be launching additional discounted 
SkiPass options for Duved and Tegefjäll in Åre. The destination passes 
can now also be purchased for longer periods; they were previously 
limited to day passes. 
FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC.
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SUSTAINABILITY
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
OTHER INFORMATION
SkiStar Share
The number of shareholders was 61,339 on 31 May 
2026, which is an increase of 940 (1.6 percent) since 
31 August 2025. SkiStar’s class B shares are listed on 
the Nasdaq Stockholm, Large 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 150.30 on 29 May 2026 which was the last day of 
trading during the period.
Regulatory press releases during the quarter 
and after the end of the period
• 11/06/2026 Invitation to conference call with 
web presentation of SkiStar AB’s interim
report for the third quarter 2025/26
• 18/03/2026 SkiStar AB half-year report 
September 2025-February 2026
• 12/03/2026 Invitation to conference call with 
web presentation of SkiStar AB’s half-year 
report for 2025/26
The press releases are available in full at 
https://investor.skistar.com/en/nyheter/pressmeddelan
den.
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 34 and note 32 in the Annual and sustainability 
report for 2024/25.
News during the period
Ecosystem & Impact (E1)
During the period, we carried out joint clean -up days 
at all of SkiStar’s destinations in collaboration with 
Keep Sweden Tidy and Keep Norway Tidy. The 
initiative brought together employees and children and 
students from local schools and helped to improve 
both the guest experience and the local natural 
environment.
During the clean-up day, SkiStar’s employees collected 
more than 6.5 tonnes of rubbish, compared with 8 
tonnes in the previous year. The initiative is part of 
SkiStar’s efforts to reduce negative impact and 
increase engagement in sustainable destination 
development.
All Swedish destinations participate in the 
collaboration with the WWF and SLAO in the Make 
Skiing More Wild initiative, the aim of which is to 
increase biodiversity in and around ski areas. In 
connection with the start of the summer season, the 
initiative now covers all Swedish destinations. Sälen 
joined during the period, the last destination to do so. 
The initiative includes measures to promote 
pollinators and create more varied habitats, thus 
contributing to mountain environments that are more 
sustainable long term.
Dialogue & Engagement (S3)
Through the collaboration with the recycling initiative 
Pantamera, nearly SEK 900,000 was raised in the 
period and donated to the organisation Friends. The 
initiative provides a link between recycling by guests 
and tangible benefit to the community.
The initiative is in line with SkiStar’s ambition to 
contribute to safe and inclusive environments, both at 
and beyond our destinations. At a time when social 
challenges, such as bullying, are increasing, 
particularly in digital environments, this work is an 
important part of the Company’s long-term social 
responsibility.
Public health (S4)
SkiStar is striving to improve access to skiing and thus 
contribute to an active and healthy lifestyle. During 
the period, more than 109,000 (108,000) children and 
adults participated in SkiStar’s ski school training, an 
increase of 1 percent on the previous season. A solid 
foundational training contributes to a safer and more 
secure experience on the slopes
.
Awards and recognition
During the period, SkiStar’s climate initiatives were 
recognised in Europe’s Climate Leaders 2026. For the 
first time, SkiStar was included on the 
list ‘Europe’s Climate Leaders 2026’, produced 
by Statista in association with the Financial Times. 
The ranking highlights European companies which 
have made significant progress in their climate efforts, 
while also developing their operations and achieving 
growth.
About the sustainability section of this interim 
report
This is a quarterly follow-up of SkiStar’s sustainability 
work and has not been prepared in accordance with 
Chapter 6, Section 1, of the Annual Accounts Act. An 
overview of the sustainability initiatives is published 
annually in the sustainability report. Read more at: 
https://investor.skistar.com/en/esg/esg
. 
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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 2025-MAY 2026
3 MONTHS 9 MONTHS FULL YEAR
1  Mar -31 May 1 Sep – 31 May 1 Sep – 31 Aug
SEK MILLION                           Note 2025/26 2024/25 2025/26 2024/25 2024/25
Operating income
Net sales                                               3                       1,441 1,375 4,663 4,348 4,574 
Other income 15 3 20 18 22 
Total operating income 1,456 1,378 4,683 4,366 4,596
Operating expenses
Merchandise -333 -334 -1 135 -1,058 -1,134
Other external expenses -310 -240 -1,023 -941 -1,107
Personnel costs -323 -315 -956 -912 -1,062 
Capital gains from exploitation assets 1 30 1 46 46
Share of profit/loss of joint 
ventures/associates
8 3 13 10 6
Depreciation and amortisation of 
assets
-152 -144 -437 -416 -559 
Operating profit/loss 347 377 1,146 1,095 785
Net financial items -11 -22 -70 -73 -101 
Profit/loss before tax 336 355 1,076 1,022 684
Tax -67 -56 -224 -208 -132
Profit/loss for the period 269 299 852 814 552
3 MONTHS 9 MONTHS FULL YEAR
1  Mar – 31 May 1 Sep – 31 May 1 Sep – 31 Aug
SEK MILLION 2025/26 2024/25 2025/26 2024/25 2024/25
Other comprehensive income
Items that may be reclassified to profit or loss
Change in fair value of cash flow hedges for the 
period/year
7 6 10 5 11
Deferred tax on cash flow hedges -1 -1 -2 -1 -2
Exchange differences on translation of foreign 
operations for the period/year
87 -17 104 -43 -35
Other comprehensive income for the period/year 92 -12 112 -39 -26
Total comprehensive income for the period/year 361 287 964 775 526
Profit/loss for the period attributable to:
Shareholders of the Parent 269 299 853 815 553
Non-controlling interests - - - - -1
Profit/loss for the period 269 299 853 815 552
Comprehensive income for the period attributable 
to:
Shareholders of the Parent 361 287 964 776 526
Non-controlling interests - - - -1 -1
Total comprehensive income for the period 361 287 964 775 526
Basic and diluted earnings per share, SEK 3.43 3.82 10.88 10.40 7.05
Number of shares outstanding 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
As a result of a reclassification in the income statement, the following items have changed with effect from 1 September 
2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the line Capital gains 
from exploitation assets. They were previously reported as a gross amount under Net sales and Costs of sold interests in 
accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised on the line Merchandise rather 
than under Other external expenses. Costs of sold interests in accommodation/SkiStar Vacation Club are now 
recognised on the line Merchandise rather than under Costs of sold interests in accommodation/exploitation assets.
The comparative figures have been adjusted in accordance with the reclassifications, and the effects of the changes are 
shown in the tables in Note 6. 
8

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

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 2025-MAY 2026
ASSETS, SEK MILLION                                  Note 31 May 2026 31 May 2025 31 Aug 2025
Non-current assets
Intangible assets                                      268 260 253  
Property, plant and equipment 5,081 4,807 4,884  
Right-of-use assets 1,841 1,945 1,922 
Investments in joint ventures/associates                                     801 775 775 
Other investments and securities held as non-
current assets
32 41 41 
Long term derivatives                                                4              16 19 15 
Deferred tax receivables 22 21 21 
Other non-current receivables 33 38 39
Total non -current  assets 8,093 7,906 7,952 
Current assets
Inventories 439 412 480 
439 412 480  
Short-term derivatives                                               4                                       10 1 3 
Trade receivables 62 43 36 
Tax receivables - - 24 
Other current receivables 117 79 94 
Prepaid expenses and accrued income 165 153 154 
354 276 310  
Cash and cash equivalents 59 24 20 
Total current  assets 852 712 811 
TOTAL ASSETS 8,945 8,618 8,762
EQUITY AND LIABILITIES, SEK MILLION                     Note 31 May 2026 31 May 2025 31 Aug 2025
Equity
Share capital 20 20 20
Other contributed capital 398 398 398 
Reserves -50 -174 -162 
Retained earnings, including profit/loss for the period 4,325 3,969 3,707  
Equity attributable to shareholders of the Parent 4,692 4,212 3,963
Non-controlling interests - - - 
Total equity                                                                                       4,692 4,213 3,963  
Non-current liabilities
Liabilities to credit institutions 985 156 1,387 
Long-term leasing liabilities 1,734 1,853 1,829 
Provisions for pensions 23 20 20  
Long-term Derivatives                                                               4                             3 4 3 
Deferred tax liabilities 222 218 220 
Total non -current  liabilities 2,966 2,250 3,458  
Current liabilities
Liabilities to credit institutions 163 1 177 324 
Short-term lease liabilities 210 190 195 
Short-term derivaties                                                                 4                        1 5 3 
Trade payables 184 153 243 
Tax liabilities 149 131 63 
Other current liabilities 250 235 310 
Accrued expenses and deferred income 329 265 205 
Total current  liabilities 1,287 2,156 1,341  
Total liabilities 4,253 4,405 4,799 
TOTAL EQUITY AND LIABILITIES 8,945 8,618 8,762 
9

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

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 2025-MAY 2026
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
GROUP, SEK MILLION 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 2024 20 398 -126 -9 3,374 3,656 1 3,657
Profit/loss for the period 815 815 - 814
Other comprehensive income for the period -43 4 -39 - -39
Comprehensive income for the period -43 4 815 776 -1 775
Dividends -219 -219 -219
Closing equity, 31 May 2025 20 398 -169 -5 3,969 4,212 - 4,213
Opening equity, 1 Sep 2025 20 398 -162 - 3,707 3,963 - 3,963
Profit/loss for the period 853 853 - 852
Other comprehensive income for the period 103 8 111 - 111
Comprehensive income for the period 103 8 853 964 - 964
Dividends -235 -235 -235
Closing equity, 31 May 2026 20 398 -59 8 4,325 4,692 - 4,692
10

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

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 2025-MAY 2026
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep - 31 Aug
SEK MILLION Note 2025/26 2024/25 2025/26 2024/25 2024/25
Operating activities
Profit/loss after financial items 336 355 1,076 1,022 684
Adjustments for non-cash items 137 101 440 329 501
473 456 1,517 1,351 1,185
Tax paid -55 -53 -119 -107 -122
Changes in working capital -786 -862 1 -20 -
Cash flow from operating activities* -368 -460 1,399 1,224 1,063
Investing activities
Acquisition of businesses, net cash effect 5 - -20 -3 -20 -20
Acquisition of intangible assets -10 -12 -19 -18 -19
Acquisition of property, plant and equipment -67 -125 -408 -334 -509
Sale of property, plant and equipment 3 45 7 75 73
Changes in financial assets 7 2 16 2 2
Cash flow from investing activities -66 -109 -407 -295 -474
Financing activities
Borrowings 139 630 317 810 2,107
Repayment of loans -10 -12 -908 -1,398 -2,316
Repayment of lease liability* -43 -48 -127 -122 -165
Dividend paid - - -235 -219 -219
Cash flow from financing activities 86 570 -954 -929 -¨593
Cash flow for the period -348 1 38 - -4
Cash and cash equivalents at start of period 406 23 20 25 25
Exchange differences - - - -1 -1
Cash & cash equivalents at end of period 59 24 59 24 20
* In the previous year, interest paid on lease liabilities was recognised on the line Repayment of lease liability. The comparative figures have 
now been corrected so that interest expense is instead included in Cash flow from operating activities. The adjustment amounts total SEK -12 
million for the third quarter and SEK -34 million for the nine months and SEK -45 million for the full year 2024/25.
11

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

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 2025-MAY 2026
3 MONTHS                                        
1 Mar 2025 – 31 May 2026
Operation of 
mountain  
resorts
Property 
development  and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 1,221 5 215 - 1,441
Other income 15 - - - 15
Income from other segments - 18 - -18 -
Total operating income 1,235 23 215 -18 1,456
External operating expenses -794 -13 -158 - -965
Capital losses 3 -3 - - -
Capital gains from exploitation 
assets - 1 - - 1
Share of profit/loss of joint 
ventures/associates - 8 - - 8
Depreciation and amortisation -101 -15 -36 - -152
Costs from other segments -17 - -2 18 -
Total operating costs -909 -23 -196 18 -1,109
Operating profit/loss 326 1 20 - 347
Intangible assets 203 - 65 268
Property plant and equipment 3,756 779 547 5,081
Right-of-use assets 703 - 1,137 1,841
3 MONTHS                                                                   
1 Mar 2024 - 31 May 2025
Operation of 
mountain  
resorts
Property 
development  
and exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 1,200 9 166 1,375
Other income 3 - - 3
Income from other segments - 13 - -13 -
Total operating income 1,203 21 166 -13 1,378
External operating expenses -759 -16 -113 -889
Capital losses - - - -
Capital gains from exploitation 
assets 30 30
Share of profit/loss of joint 
ventures/associates - 3 - 3
Depreciation and amortisation -103 -7 -34 -144
Costs from other segments -12 - - 13 -
Total operating costs -875 10 -148 13 -1,000
Operating profit/loss 328 31 19 - 377
Intangible assets 195 - 66 260
Property plant and equipment 3,460 804 542 4,807
Right-of-use assets 682 1 1,262 1,945
As a result of a reclassification in the income statement, the following items have changed with effect from 1 
September 2025: Revenue and costs relating to property exploitation are now recognised as a net amount on the 
line Capital gains from exploitation assets. They were previously reported as a gross amount under Net sales and 
Costs of sold interests in accommodation/exploitation assets. Direct costs that are re-invoiced are now recognised 
on the line Merchandise rather than under Other external expenses. Costs of sold interests in accommodation/SkiStar 
Vacation Club are now recognised on the line Merchandise rather than under Costs of sold interests in 
accommodation/exploitation assets.
The comparative figures have been adjusted in accordance with the reclassifications.
12

===== 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 2025-MAY 2026
9 MONTHS                                        
1 Sep 2025 – 31 May 2026
Operation of 
mountain  
resorts
Property 
development  and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 4,010 14 639 4,663
Other income 20 - - 20
Income from other segments - 61 - -61 -
Total operating income 4,030 74 639 -61 4,683
External operating expenses -2,609 -41 -460 -3,109
Capital losses -1 -3 - -4
Capital gains from exploitation 
assets - 1 - 1
Share of profit/loss of joint 
ventures/associates 1 12 - 13
Depreciation and amortisation -294 -36 -106 -437
Costs from other segments -56 - -5 61 -
Total operating costs -2,958 -68 -571 61 -3,537
Operating profit/loss 1,072 6 68 - 1,146
Intangible assets 203 - 65 268
Property plant and equipment 3,756 779 547 5,081
Right-of-use assets 703 - 1,137 1,841
9 MONTHS                                                                   
1 Sep 2024 - 31 May 2025
Operation of 
mountain  resorts
Property 
development  
and exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 3,812 23 512 4,348
Other income 18 - - 18
Income from other segments 1 37 - -38 -
Total operating income 3,831 60 513 -38 4,366
External operating expenses -2,513 -43 -351 -2,908
Capital losses -1 -2 -1 -3
Capital gains from exploitation 
assets 46 46
Share of profit/loss of joint 
ventures/associates
2 8 - 10
Depreciation and amortisation -291 -24 -101 -416
Costs from other segments -37 - -1 38 -
Total operating costs -2,840 -15 -454 38 -3,271
Operating profit/loss 991 45 59 - 1,095
Intangible assets 195 - 66 260
Property plant and equipment 3,460 804 542 4,807
Right-of-use assets 682 1 1,262 1,945
13

===== 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 2025-MAY 2026
FULL YEAR                                      
1 Sep 2024 – 31 Aug 2025
Operation of 
mountain  resorts
Property 
development  
and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 3,995 24 555 - 4,574
Other income 22 - - 22
Income from other segments 1 44 - -45 -
Total operating income 4,018 69 555 -45 4,596
External operating expenses -2,836 -51 -414 - -3,301
Capital losses -1 -2 -1 - -3
Capital gains from exploitation 
assets
- 46 - - 46
Share of profit/loss of joint 
ventures/associates
1 5 - -
6
Depreciation and amortisation -391 -33 -136 - -559
Costs from other segments -44 - -1 45 -
Total operating costs -3,271 -34 -551 45 -3,811
Operating profit/loss 747 35 3 - 785
Intangible assets 189 - 64 - 253
Property plant and equipment 3,519 818 547 - 4,884
Right-of-use assets 683 - 1,239 - 1,922
14

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

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 2025-MAY 2026
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep - 31 Aug
SEK MILLION 2025/26 2024/25 2025/26 2024/25 2024/25
Operating income
Net sales 892 911 3,025 2,980 3,188  
Other income 15 1 20 10 13 
Total operating income 907 912 3,045 2,990 3,201 
Operating expenses
Merchandise -206 -221 -743 -713 -773 
Other external expenses -256 -246 -867 -910 -1,089 
Personnel costs -204 -200 -636 -594 -694 
Capital gains from exploitation assets 1 - 1 16 17
Depreciation and amortisation of assets -61 -58 -179 -171 -230 
Operating profit/loss 180 188 621 619 433
Net financial items 4 -8 -24 -22 -33 
Profit/loss after financial items 184 179 597 597 400 
Appropriations - - - - -11 
Profit/loss before tax 184 179 597 597 388  
Tax -38 -33 -123 -123 -77 
Profit/loss for the period 146 146 474 474 311 
15

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

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 2025-MAY 2026
ASSETS, SEK MILLION 31 May 2026 31 May 2025 31 Aug 2025
Non-current assets
Intangible assets 112 113 107
Property, plant and equipment 2,572 2,465 2,523
Investments in Group companies 334 328 328
Investments in associates and joint ventures 2 3 3
Other investments and securities held as non-current assets 14 23 23 
Derivatives 14 11 10
Other non-current receivables 18 24 25
Receivables from Group companies 663 - 663 
Total non -current  assets 3,729 2,968 3,681
Current assets -Inventories
Inventories 276 259 329
276 259 329
Current receivables
Trade receivables 30 26 19
Receivables from Group companies 439 547 395
Tax receivable - - 19
Other current receivables 64 61 47
Prepaid expenses and accrued income 134 112 122 
666 746 603
Cash & cash equivalents
Cash and cash equivalents 5 1 1
Total current  assets 947 1,006 933
TOTAL ASSETS 4,676 3,973 4,613
EQUITY AND LIABILITIES, SEK MILLION 31 May 2026 31 May 2025 31 Aug 2025
Equity
Restricted equity
Share capital 20 20 20
Statutory reserve 26 26 26
46 46 45 
Non-restricted equity
Share premium reserve 4 4 4 
Retained earnings 1,156 1,080 1,080
Profit/loss for the year 474 474 311 
1,634 1,558 1,396
Total equity 1,680 1,604 1,441 
Non-current liabilities
Liabilities to credit institutions 985 - 1,387
Provisions for pensions 23 20 20
Long-term derivatives 3 2 3
Deferred tax liabilities 181 179 178
Total non -current  liabilities 1,191 201 1,588
Current liabilities
Liabilities to credit institutions 157 811 324
Liabilities to Group companies 1,071 880 747
Trade payables 143 113 192
Other current liabilities 184 173 184 
Accrued expenses and deferred income 250 191 137
Total current  liabilities 1,805 2,169 1,584
Total liabilities 2,996 2,370 3,172
TOTAL EQUITY AND LIABILITIES 4,676 3,973 4,613
16

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

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 2025-MAY 2026
Definitions and explanations of Alternative Performance 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 2025/26 2024/25 2025/26 2024/25 2024/25
Revenue and profit
Net sales, MSEK 1,441 1,375 4,663 4,348 4,574
Operating income, MSEK 1,456 1,378 4,683 4,366 4,596
Operating profit, MSEK 347 377 1,146 1,095 785
Operating profit, adjusted for capital gain from exploitation assets (MSEK) 346 347 1,145 1,049 739
EBITDA excluding IFRS16, MSEK 435 462 1,412 1,355 1,135
Organic growth, % -1 -5 5 4 4
Cash flow
Cash flow from operating activities, MSEK -368 -460 1,399 1,224 1,063
Profitability
Operating margin, % 24 27 24 25 17
Return on capital employed, 12M % 11 11 11 11 11
Financial position
Net interest-bearing debt, MSEK 3,056 3,370 3,056 3,370 3,734
Net interest-bearing debt excluding IFRS 16, MSEK 1 112 1,328 1,112 1,328 1,711
Net interest-bearing debt/EBITDA excluding IFRS16, 12M, times 0.93 1.15 0.93 1.15 1.51
Equity/assets ratio, % 52 49 52 49 45
Equity/assets ratio, excluding IFRS16, % 67 64 67 64 59
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
DATA PER SHARE 2025/26 2024/25 2025/26 2024/25 2024/2025
Share price, SEK 150.30 170.10 15.,30 170.10 157.00
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 3.43 3,.82 10.88 10.40 7.05
Cash flow from operating activities, 12 M, SEK -4.70 -5.87 17.85 15.61 13.56
Share price/cash flow, 12 M, times -32 -29 8 11 12
Equity, SEK 60 54 60 54 51
Share price/equity, % 251 316 251 316 310
17

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

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
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, except for the following two changes. 
Reclassification in the income statement of capital gains from exploitation 
assets, costs for re-invoicing and costs of sold interests in 
accommodation/SkiStar Vacation Club. In the Condensed consolidated 
cashflow statement the interest paid on leasing liability is reclassified to 
cash flow from operating activities. The comparative figures have been 
restated in accordance with the new classifications and the effects of 
these are reported in note 6 and respective footnote on page 11.
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 2025 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.
PLEDGED ASSETS, SEK 
MILLION 2026-05-31 2025-05-31 2025-08-31
Group
3,478 2,931 3,291 
Parent Company
680 567 673 
CONTINGENT LIABILITIES, SEK 
MILLION
Group
525 527 514 
Parent Company
456 906 443 
Note 2 Pledged assets and contingent liabilities
18

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

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
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.
NET SALES PER SEGMENT
3 MONTHS 9 MONTHS FULL YEAR
1 Mar– 31 May 1 Sep – 31 May 1 Sep-31 Aug
SEK MILLION 2025/26 2024/25 2025/26 2024/25 2024/25
OPERATION OF 
MOUNTAIN 
RESORTS
SkiPass 648 634 2,029 1,928 1,963 
Accomodation 267 271 899 867 900 
Ski school
/Activities
30 28 101 95 95 
Ski rental 69 70 251 239 251 
Sporting goods 
stores
95 89 459 405 455 
Property services 38 42 109 119 132 
Restaurants 10 10 21 22 23 
Other 64 54 141 138 174 
Total Operation of 
Mountain  Resorts
1,221 1,200 4,010 3,812 3,995 
PROPERTY 
DEVELOPMENT 
AND 
EXPLOITATION
Total Property 
Development  and 
Exploitation
5 9 14 23 24
OPERATION OF 
HOTELS
Accomodation 105 98 328 295 312 
Property 5 4 14 12 11 
Restaurants 72 50 214 151 167 
Other 34 14 83 54 64 
Total Operation of 
Hotels
215 166 639 512 555 
Total Group 1,441 1,375 4,663 4,348 4,574 
NET SALES PER SEGMENT AND COUNTRY
3 MONTHS 9 MONTHS FULL YEAR
1 Mar – 31 May 1 Sep – 31 May 1 Sep-31 Aug
SEK MILLION 2025/26 2024/25 2025/26 2024/25 2024/25
Sweden
Operation of 
Mountain Resorts
806 840 2,746 2,667 2,803
Property 
Development and 
Exploitation
5
7 12 16 18
Operation of Hotels 104 63 305 192 215
Norway
Operation of 
Mountain Resorts
415 360 1,265 1,146
1,192
Property 
Development and 
Exploitation
- 1 1 6
6
Operation of Hotels 111 104 334 320 339
Total Group 1,441 1,375 4,663 4,348 4,574
19

===== 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 2025-MAY 2026
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.
Disclosure  of fair value 
per class, SEK million
2026-05-31 2025-05-31 2025-08-31
Financial assets (short - and 
long term)
Interest rate swaps 14 18 15
Electricity futures 12 2 3
Financial liabilities (short - 
and long term)
Interest rate swaps 3 2 3
Electricity futures 1 8 3
Not 5 Acquisition of businesses
1 September 2025 SkiStar Norge AS acquired 100 percent of the 
shares in Juls Sportshop AS for SEK 2.7 million, paid in cash. The 
ownership in shares is equal to the voting rights. Directly after the 
aquisition Juls Sportshop AS was merged into the parent company 
SkiStar Norge AS. At the time of acquisition, Juls Sportshop AS was 
operating the sportshop Juls Sportshop in an attractive location close 
by the Trysil tourist center. No further information is provided as the 
amounts linked to the acquisition have not had any major impact on 
the Group's results and financial position. No changes has been made 
since the last quarter.
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
Not 6 Effects of reclassification in the income statement
As a result of a reclassification in the income statement, the following items specified below have changed with effect from 1 September 2025 and the comparative figures for 2024/25 have been adjusted accordingly. The table 
below shows the effects of the reclassifications, stating amounts and a reference to the relevant Profit and Loss line item i n the Group’s income statement.
GROUP 3 Months 1 March 2025-31 May 2025, SEK MILLION Current Adjustments Previous
Net Sales 1 ,375 -30 1,405
Income from sold interests in accomodation/Vacation Club 3 - 3
Income from sold exploitation assets - -30 30
Merchandise -334 -8 -326
Costs of sold interests in accomodation/Vacation Club -2 -2 -
Costs of re-invoicing -7 -7 -
Other external  expenses -240 7 -247
Costs of re-invoicing - 7 -7
Costs of sold interests in accomodation/ exploitation  assets - 2 -2
Costs of sold interests in accomodation/Vacation Club - 2 -2
Costs of sold interests in exploitation assets - 1 -1
Capital  gains from exploitation  assets 30 30 -
Operating profit/loss 377 - 377
GROUP 9 Months 1 Sep 2024 – 31 May 2025, SEK MILLION Current Adjustments Previous
Net Sales 4,348 -58 4,405
Income from sold interests in accomodation/Vacation Club 8 - 8
Income from sold exploitation assets - -58 58
Merchandise -1,058 -21 -1,036
Costs of sold interests in accomodation/Vacation Club -4 -4 -
Costs of re-invoicing -17 -17 -
Other external  expenses -941 17 -958
Costs of re-invoicing - 17 -17
Costs of sold interests in accomodation/ exploitation  assets - 16 -16
Costs of sold interests in accomodation/Vacation Club - 4 -4
Costs of sold interests in exploitation assets - 11 -11
Capital  gains from exploitation  assets 46 46 -
Operating profit/loss 1,095 - 1,095
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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
Not 6 Effects of reclassification in the income statement, continued
As a result of a reclassification in the income statement, the following items specified below have changed 
with effect from 1 September 2025 and the comparative figures for 2024/25 have been adjusted accordingly. 
The table below shows the effects of the reclassifications, stating amounts and a reference to the relevant 
Profit and Loss line item in the Group’s income statement.
GROUP Full Year 1 Sep 2024 - 31 Aug 2025, SEK MILLION Current Adjustments Previous
Net Sales 4,574 -58 4,631
Income from sold interests in accomodation/Vacation Club 9 - 9
Income from sold exploitation assets - -58 58
Merchandise -1,134 -27 -1,107
Costs of sold interests in accomodation/Vacation Club -4 -4 -
Costs of re-invoicing -23 -23 -
Other external  expenses -1,107 23 -1,130
Costs of re-invoicing - 23 -23
Costs of sold interests in accomodation/ exploitation  assets - 16 -16
Costs of sold interests in accomodation/Vacation Club - 4 -4
Costs of sold interests in exploitation assets - 11 -11
Capital  gains from exploitation  assets 46 46 -
Operating profit/loss 785 - 785
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DEFINITIONS
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
FINANCIAL DEFINITIONS
Financial measures defined in accordance with IFRS
Basic and diluted earnings per share
Profit/loss for the period attributable to Parent Company shareholders divided by the 
number of shares. The measure shows how much profit per share the Group generates 
for its shareholders. The measure is identical before and after dilution as the Company 
does not currently have any convertibles.
Financial measures not defined in accordance with IFRS
The Company presents certain financial measures in this interim report that are not 
defined in accordance with IFRS. The company 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 not 
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 comparison and reconciliation of the measurements: 
https://investor.skistar.com/eng/finansiellt/
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, 12 M
Cash flow from operating activities, last twelve months, 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. 
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. 
Net interest-bearing debt
Interest-bearing liabilities less cash and cash equivalents.
Net interest-bearing debt excluding IFRS16
Interest-bearing liabilities less cash and cash equivalents adjusted for IFRS16 leasing 
debt.
Net interest-bearing debt/EBITDA, excluding IFRS16, 12 M
Net interest-bearing 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. 
Operating profit, adjusted for capital gain from exploitation assets
Operating profit less capital gain from exploitation asset. The measure is used to show a 
comparable operating profit between periods, without the capital gain that occurs 
irregularly. 
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 
Carbon dioxide equivalents is a metric that converts different greenhouse gases into a 
single unit based on their climate impact relative to carbon dioxide.
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

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SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
Presentation of the report
SkiStar will present this report via webcast on 18 June 2026, 10:00 a.m. 
CET. Find the dial-in information and link to the webcast
on https://investor.skistar.com.
Financial information
Financial year 2025/26
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 2025-31 August 2026,
30 September 2026, at 07.00 a.m. CET
• Annual and sustainability report, 1 September 2025- 31 August 2026, 
week 47
Financial year 2026/27
The interim and year-end report for the financial year will be published as 
follows;
• Interim Report, Q1, 1 September 2026- 30 November 2026,
18 December 2026, at 07.00 a.m. CET.
• Half-Year Report, Q2, 1 September 2026- 28 February 2027,
17 March 2027, at 07.00 a.m. CET.
• Interim Report Q3, 1 September 2026- 31 May 2027,
17 June 2027, at 07.00 a.m. CET.
• Year-End Report, Q4, 1 September 2026-31 August 2027,
30 September 2027, at 07.00 a.m. CET
Annual General Meeting 
Annual general meeting will be held on 12 December 2026, at 2.00 p.m. 
CET in Sälen. 
Nomination Committee prior to SkiStar’s AGM 
The Nomination Committee prior to the 2026 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 the Sara Karlsson & Svante Paulsson 
family, including companies. 
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, Fjällvägen
25, 780 91 Sälen.
The CEO assure that this Interim Report provides a true and fair view of the parent company’s and the group’s operations, fin ancial position and 
performance, and describes the material risks and uncertainties faced by the parent company and the other group companies.
Sälen, 18 June 2026
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 18 June 2026, 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 2026 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 rep ort 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 Repor t, 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 accor dance 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. Accord ingly, 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 pr epared, in all material 
respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Acc ounts Act, 
regarding the Parent Company.
Stockholm, date as of electronic signing 
Kent Åkerlund 
Authorized Public Accountant
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SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2025-MAY 2026
The mountain tourism company SkiStar AB (publ) is listed on the Large 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. SkiStar’s 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

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