Kvartalsrapport Q3 2025

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EARLY OPENING UNDERLINES THE STRENGTH 
OF OUR RESORTS
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 2025

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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-NOVEMBER 2025
FIRST QUARTER
• Net sales for the first quarter increased by SEK 24 million, 11 percent, to SEK 236 million (212). 
• Operating profit for the first quarter increased by SEK 4 million, 1 percent, to SEK -478 million (-482). 
• Capital gains from exploitation assets were included with SEK 0 million (0). 
• Cash flow from operating activities decreased by SEK 13 million to SEK 254 million (267).
• Basic and diluted earnings per share amounted to SEK -5.04 (-5.26), an increase of 4 percent.
SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD
• At the AGM in Sälen on 13 December, the decision was taken to pay a dividend of SEK 3.00 per share.
• Demand for mountain holidays is stable ahead of the winter season and the booking volume, measured as the number of overnight stays booked through SkiStar’s mediated accommodation, amounted to - 2 percent compared 
with the same period in the previous year. 
• Effective 2 January 2026, SkiStar’s class B share will be transferred to Nasdaq Stockholm, in the Large Cap segment.
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 FULL YEAR
1 Sep – 30 Nov 1 Sep – 30 Nov
2025/26 2024/25 2024/25
Net sales 236 212 4,574
Operating income 240 215 4,596
Operating profit -478 -482 785
Profit/loss after tax -395 -413 552
Basic and diluted earnings per share, SEK -5.04 -5.26 7.05
Cash flow from operating activities 254 267 1,063
Operating margin, % neg neg 17
Equity/assets ratio, % 39 36 45
Equity/assets ratio, excluding IFRS 16, % 50 48 59
Net interest-bearing debt excluding IFRS 16 1,771 1,817 1,711

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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
Ahead of the winter season, we have made 
several significant investments to improve 
and refine the guest experience.
COMMENTS FROM THE CEO
EARLY OPENING UNDERLINES THE STRENGTH OF OUR RESORTS
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 20253
”
We enter the winter season with a strong sense of optimism and 
confidence in the future. The cold weather at our destinations 
was positive for snow production, enabling us to open the 
Vemdalen, Sälen and Trysil resorts a whole week earlier than 
planned. All five of our winter destinations have been open since 
the first weekend in December, which has been a positive start to 
the season for our business, our employees and our guests. The 
early opening underlines the strength of our resorts, our business 
and our operations.
We made several significant investments ahead of the winter 
season in order to improve and refine the guest experience. In 
Trysil and Åre, we expanded both lift capacity and lighting, 
facilitating better flows, an improved skiing experience and even 
better conditions for skiing in the evenings. We also added a 
brandnew skiing area in Vemdalen. In our children’s areas, we 
have expanded and modernised parks and experience zones to 
provide even safer, more playful skiing for our youngest visitors. 
We have continued to strengthen snow production capacity at 
several destinations, which not only improves operational 
reliability but also reduces our dependence on natural snow. On 
the digital side, we have improved our app functions, including a 
visual interface for queueing times at the main lifts – an 
important step in our efforts to reduce waiting times and 
increase guest satisfaction. 
The quarter saw stable growth. Operating income increased by 
12 percent, primarily driven by sales in our sportshops and from 
sales of the subscription SkiStar All Year, which continue to grow 
as our guests increasingly seek mountain experiences outside the 
winter season. Our summer and autumn activities, together with 
a stronger and broader retail offering, are contributing to a more 
balanced distribution of revenue over the financial year. At the 
same time, we are maintaining good cost control, with slightly 
improved margins, enabling us to reduce our loss compared with 
the previous year. This shows the strength of our efforts on 
efficiency and scalability in our operations. A continued strong 
cash flow and low debt show our stability over time.
The calendar works in our favour in the coming season, with 
many public holidays falling on weekdays over Christmas and 
New Year, boding well for a strong start. Booking volume is 
stable, with around 80 percent of our beds already booked and 
overall, we are around 2 percent down on the previous year. The 
period up to and including the winter sports holiday is slightly 
better with booking volume up 2 percent. We are seeing a 
tendency for guests to book later and we are actively striving to 
optimise the period encompassing week 11 to 18, which we 
believe offers the greatest potential for a further increase in 
occupancy. We have also noted continued interest from 
international guests, especially from Northern Europe, where 
SkiStar’s model of attractive accommodation, family-friendly 
destinations are having a positive effect on demand.
During the quarter, we took several important steps in our 
sustainability work, including the Miljøfyrtårn certifications of 
our destinations in Norway.
Transport to and from the mountains accounts for the majority 
of the carbon footprint in mountain tourism. Ahead of the winter 
season, we have started working with OKQ8 to reduce our guests’ 
carbon footprint by making it cheaper for mountain tourists to 
fill up with renewable diesel on their way to the mountains. As a 
result, our customers now enjoy a discount of SEK 2 per litre of 
renewable diesel (HVO100), thus reducing emissions by up to 90 
percent. 
Thanks to the early start to the season, the investments we have 
made and continued strong demand, we go into the winter 
season full of confidence. I would like to extend my warmest 
thanks to all our employees for their impressive work ahead of 
the opening of the season, and I look forward to a winter full of 
great experiences for our guests at all our destinations.
Stefan Sjöstrand, CEO

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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-NOVEMBER 20254
THE GROUP’S PERFORMANCE
SEPTEMBER 2025 – NOVEMBER 2025
Revenue in the first quarter amounted to SEK 240 million (215). 
Net sales rose SEK 23 million to SEK 236 million (212), an 
increase of 11 percent on the same period in the previous year. 
The increase in sales is primarily due to increased sales in our 
sportshops and increased property revenue, driven from increased 
rental income. Revenue from sportshops amounted to SEK 119 
million (111), an increase of SEK 8 million. The rental income 
amounted to SEK 26 million (16) of which SEK 7 million is an 
effect of changes in accruals. SkiPass revenue also increased in 
the first quarter to SEK 22 million (16), an increase of 31 percent. 
Changes in the NOK/SEK exchange rate had a negative effect of 
SEK -2 million (-2), or -1 percent, on net sales. Organic growth, 
excluding exchange rate effects and acquisitions, was positive 
during the quarter and amounted to SEK 19 million (-5), which 
corresponds to 9 percent (-2). Operating profit/loss improved by 
SEK 4 million to SEK -478 million (-482), corresponding to           
1 percent. Costs for merchandise increased by 7 percent while 
other external expenses were on a par with the previous year. 
Personnel costs rose by 5 percent. There were no property 
transactions affecting operating profit/loss in the quarter, nor in 
the corresponding period in the previous year. Changes in the 
NOK/SEK exchange rate had a positive effect of SEK 5 million (4) 
on operating profit/loss. Operating profit/loss was affected by 
profit/loss from associates/joint ventures of SEK -4 million (-6). 
Depreciation/amortisation amounted to SEK -139 million (-133). 
Net financial items in the quarter amounted to SEK -21 million    
(-36), an improvement of SEK 16 million. Interest expenses 
amounted to SEK -25 million (-32), including lease-related 
interest of SEK -11 million (-11) under IFRS 16. Changes in the 
value of interest rate derivatives amounted to SEK 5 million (-5). 
Exchange losses amounted to SEK -2 million (-1) and exchange 
gains amounted to SEK 0 million (0). The Group’s profit/loss after 
tax amounted to SEK -395 million (-413), an improvement of   
SEK 18 million, or 4 percent.
Operation of Mountain Resorts
Revenue amounted to SEK 197 million (176). Net sales amounted 
to SEK 193 million (173), an increase of SEK 20 million, or        
12 percent, on the same period in the previous year. Operating 
profit/loss improved by SEK 8 million to SEK -392 million (-400), 
corresponding to 2 percent. During the quarter, the largest 
revenue category was sales in sportshops, including online sales, 
and sales amounted to SEK 119 million (111), an increase of     
SEK 8 million, or 7 percent. Rental income increased by          
SEK 9 million to SEK 21 million (12), of which SEK 6 million is 
attributable to a change in accruals. SkiPass revenue amounted to 
SEK 22 million (16), up by 31 percent. The increase is related to 
sales of the SkiStar All Year pass. Accommodation revenue 
amounted to SEK 10 million (11), a decrease of SEK 1 million. 
External expenses increased by SEK 7 million in the first quarter 
and amounted to SEK -487 million (-480), an increase of              
1 percent. The increase is primarily due to a rise in the costs of 
merchandise. Depreciation/amortisation amounted to SEK -94 
million (-92). 
Property Development and Exploitation
Revenue amounted to SEK 12 million (8) and net sales to SEK 2 
million (2). The increase in revenue from other segments to SEK 
10 million (6) is primarily attributable to a change in accruals.
External expenses decreased by SEK 1 million compared with the 
same period in the previous year and amounted to SEK -12 
million (-13).  No property transactions took place in the quarter, 
nor in the corresponding period in the previous year. Profit/loss 
from associates/joint ventures improved by SEK 3 million to SEK  
-5 million (-8), the improvement being attributable to the holding 
in Skiab Invest. Depreciation and amortisation increased to SEK   
-12 million (-8) as a result of the higher rate of investment in 
recent years. Operating profit/loss amounted to SEK -16 million   
(-21), an improvement of SEK 5 million. 
Operation of Hotels
Revenue amounted to SEK 40 million (37), an increase of SEK 3 
million, or 9 percent. Net sales increased by SEK 3 million to SEK 
40 million (37). The operating loss increased by SEK 10 million to 
SEK -70 million (-60). Accommodation revenue increased by SEK 
1 million despite slightly lower volumes, while sales from 
restaurants decreased by SEK 1 million to SEK 14 million (15) in 
the quarter. Other revenue increased to SEK 9 million (7). 
External expenses increased by SEK 11 million to SEK -76 million 
(-65). This is partly due to the acquisition of Topeja AB (operation 
of Högfjällshotellet) on 1 May, but also to increased property and 
maintenance expenses. 
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 FIRST QUARTER 
QUARTERLY VALUES, SEK MILLION
2025/26 2024/25 2023/24 2022/23
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Net sales 236 226 1,375 2,760 212 225 1,467 1,531 220 236 1,410 2,245
Operating profit/loss -478 -310 377 1,200 -482 -279 418 1,066 -464 -239 373 932

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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 254 million (267) for the period, a decrease of SEK 13 million 
compared with the corresponding period in the previous year. The 
Group carried out significant investments in the first quarter and cash 
flow from investing activities amounted to SEK -274 million (-139). 
Cash flow from financing activities amounted to SEK 25 million (-133). 
Liquidity and financing
The Group’s cash and cash equivalents amounted to SEK 25 million 
(20) at the end of November. Unused credit facilities, including 
overdraft facilities and the Revolving Credit Facility (RCF), amounted 
to SEK 1,038 million (420). The Group's total available liquidity at the 
end of the period was SEK 1,063 million (440). The large increase 
compared with the previous year was due to an increase in credit as a 
result of refinancing agreed in the previous year. Interest-bearing 
liabilities excluding IFRS 16 amounted to SEK 1,796 million (1,837), a 
decrease of SEK 41 million. Interest-bearing liabilities including IFRS 
16 amounted to SEK 3,772 million (3,929), a decrease of SEK 157 
million on the previous year. Total interest-bearing liabilities recognised 
in accordance with IFRS 16 amounted to SEK 1,976 million (2,093), of 
which SEK 1,283 million (1,374) 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 3.17 percent (4.32). Net interest-bearing debt, excluding IFRS 16, 
relative to EBITDA for the most recent twelve-month period was 1.6 
(1.7). The equity/assets ratio increased to 39 percent (36). The 
equity/assets ratio excluding IFRS 16 was 50 percent (48).
Tax
Tax income for the period amounted to SEK 104 million (105) and was 
largely attributable to utilisation of tax values linked to the quarter’s loss 
carryforwards. The effective tax rate amounted to 20.8 percent (20.3).
Investments
Investments for the period amounted to SEK 278 million (140) (gross) 
and SEK 274 million (139) (net). The difference between gross and net 
is disposals. Depreciation and amortisation for the same period 
amounted to SEK 139 million (133). The reasons for the significant 
increase in investments in the current financial year compared with the 
corresponding period in the previous year include this season’s new 
developments, such as the construction of the gondola in Trysil, 
increased lift capacity and new lighting in Åre, and the creation of the 
new skiing area in Vemdalen.
Personnel
The average number of employees was 1,039 (1,017), an increase of 22 
compared with the previous year. Personnel costs amounted to SEK 
191 million (183). 
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 30 November 
2025, is also the main owner of Peab, with which SkiStar has a business 
relationship. In the quarter, purchases were made from Peab
amounting to SEK 3 million (5). Outstanding liabilities to Peab totalled 
SEK 1 million (2). Sales to Peab amounted to SEK 0 million (0) and the 
outstanding receivable was SEK 0 million (0). Purchases from 
associates during the quarter amounted to SEK 23 million (34) and the 
outstanding liability to associates amounted to SEK 11 million (25). 
Sales to associates amounted to SEK 2 million (2) and receivables from 
associates amounted to SEK 20 million (20), SEK 19 million (20) of 
which related to loans to associates. Current lease liabilities to 
associates under IFRS 16 amounted to SEK 1,283 million (1,374), and 
right-of-use assets amounted to SEK 1,202 million (1,300). 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 for the period amounted to SEK 193 
million (193) and operating profit/loss was SEK -322 million (-335). Net 
investments for the same period amounted to SEK 125 million (82). 
Looking ahead of the 2025/26 winter season
The calendar works in our favour in the coming season, with many 
public holidays falling on weekdays over Christmas and New Year, 
boding well for a strong start. We are seeing a trend of guests making 
later bookings, and we are actively striving to optimise the periods 
where we see the greatest potential for a further increase in occupancy. 
Several new investments have come in operation ahead of the start to 
the season, and we believe this will contribute to an enhanced guest 
experience. Overall, we look forward to the coming season with 
confidence.
FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC.
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 20255

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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-NOVEMBER 20256
Sustainability and responsible entrepreneurship are an integral part of SkiStar’s strategy, business model, governance and culture. SkiStar’s strategic framework 
is built on four foundations: employees, sustainability, safety and security, and digitalisation These foundations permeate everything we do and are a cornerstone 
of our business. SkiStar’s sustainability focus areas are Ecosystem & Impact, Activity & Recreation and Own workforce.
NEWS DURING THE PERIOD
Ecosystem & Impact (E1, E3, E4) 
During the period, both Hemsedal and Trysil were certified under Eco -
Lighthouse (Miljøfyrtårn), one of Norway’s leading and most widely 
recognised environmental certification schemes. This marks an important 
step in SkiStar’s long-term sustainability work and strengthens the 
competitiveness of our Norwegian destinations, particularly among 
international guests, who are increasingly looking for sustainability 
initiatives certified by third parties. Eco- Lighthouse certification is, 
therefore, a key part of SkiStar’s offering, helping both to retain existing 
guests and attract new ones.
SkiStar is very proud to have been awarded a B score in this year’s CDP 
reporting. This score shows that not only are we mapping our climate 
impact, but we are also taking concrete steps to reduce emissions and 
approach climate issues in a structured manner in line with international 
standards. This underlines the transparency of our climate work and 
shows that our initiatives have measurable effects. Additionally, we 
received an A rating in several categories, including impacts, risks and 
opportunities, processes, governance and targets, and this further 
validates our ambitious sustainability efforts.
During the quarter, Malung-Sälen municipality was chosen as one of five 
transition labs that will jointly be awarded a total of SEK 120 million over 
five years. The transition lab will be known as Lab Sälen. The project is 
financed by Formas through the ShiftSweden programme. SkiStar is an 
active participant in the lab, which will test and develop solutions for 
sustainable societal transition, climate- smart transport and circular 
business models. The initiative strengthens Sälenfjällen’s position as an 
international model for sustainable mountain tourism.
Activity & Recreation (S3, S4)
The core of our business is getting people moving. The number of skiing 
and activity days amounted to 520,000 in the quarter. This shows there is 
continued demand for our destinations and is also a significant step 
towards SkiStar’s long-term target of seven million skiing and activity 
days a year by 2030. Our aim is to help more people discover the joy of an 
active and healthy life.
As part of this work, in the quarter we launched new music videos 
featuring Valle the Snowman, aiming to inspire more children and young 
people to get moving in a fun and engaging way. We have also made new 
instruction films in which Valle shows how to prepare for a ski holiday. 
The films are both playful and educational, and cover topics such as 
appropriate clothing, how to put on ski boots and why helmets are 
important for safety. The material is intended to offer reassurance about 
the trip and make it easier for children and parents alike to have a 
positive experience on the slopes.
Own workforce (S1)
In the quarter, SkiStar participated in the Great Career Day (Stora 
Karriärdagen), where we presented our work on recruitment and were 
also named Career Company of the Year for the second year running. We 
also received the Employer Branding Company 2025 award, thus further 
confirming the strength of our employer brand.
• Our work on recruitment ahead of the 2025/26 season is progressing 
well, with several clear indications of our attractiveness as an 
employer:
• Around 60 percent of our employees for the 2025/26 season are 
returners.
• We received a total of 7,775 applications for the 2025/26 winter 
season
• We received applications from candidates resident in 38 different 
countries, pointing to a continued strong international reach.
• A total of 44 percent of applicants said they had applied to SkiStar on 
the recommendation of a friend or acquaintance.
To further strengthen our work on diversity and inclusion, in the autumn 
we entered into a new collaboration with the AllBright Foundation.
Other activities during the quarter 
• The Global Sustainability Ski Alliance network met in Oberstdorf, 
Germany. 
• SkiStar participated in a debate in the Swedish Parliament on the 
proposed tourist tax.
• SkiStar entered into cooperation with ETOUR at the Mid Sweden 
University in Östersund, on a project aimed at analysing the 
economic and social benefits to the community of a tourist 
destination. 
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.

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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SkiStar Share
The number of shareholders was 61,807 on 30 November 2025, which is 
an increase of 1,407 (2.3 percent) since 31 August 2025. As of the date of 
this interim report, SkiStar’s class B share is listed on Nasdaq Stockholm, 
in the Mid Cap segment. Effective 2 January 2026, the class B share will 
be transferred to Nasdaq Stockholm, in the Large Cap segment. 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 171.60 on 28 November 
2025 which was the last day of trading during the period.
Regulatory press releases during the quarter and after the end of 
the period
• 2025-12-13 Bulletin from Annual General Meeting in SkiStar AB
• 2025-12-11 Invitation to conference call with web presentation of 
SkiStar AB's Interim Report for the First Quarter 2025/26
• 2025-11-19 SkiStar publishes Annual and Sustainability Report 
for 2024/25
• 2025-11-05 Notice to Annual General Meeting in SkiStar AB 
(publ)
• 2025-10-01 SkiStar Year-End Report September 2024-August 
2025
• 2025-09-25 Invitation to conference call with web presentation of 
SkiStar AB’s Year-End Report for 2024/25
The press releases are available in full at 
https://investor.skistar.com/en/nyheter/pressmeddelanden .
Annual General Meeting
At SkiStar’s annual general meeting, held in Sälen on 13 December 2025, 
280 shareholders participated in person, by proxy or by postal voting, 
representing 74 percent of the votes in the Company. The following 
decisions were made at the AGM.
• A dividend of SEK 3.00 per share.
• Anders Sundström, Lena Apler, Bent Oustad, Fredrik Paulsson, 
Gunilla Rudebjer, Anders Svensson and Carina Åkerström were 
re-elected.
• Anders Sundström was re-elected chairman of the board.
• Deloitte AB was re-elected as auditor for a period of one year. 
Kent Åkerlund remains chief auditor.
The following decisions were made at the inaugural board meeting.
• Lena Apler, Gunilla Rudebjer and Carina Åkerström were re-
elected as members of the Audit Committee, with Lena Apler as 
Chairman. 
• Anders Sundström, Bent Oustad, and Anders Svensson were re-
elected as members of the Remuneration Committee. Anders 
Sundström was re-elected as Chairman.
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.
OTHER INFORMATION
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 20257

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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-NOVEMBER 20258
3 MONTHS FULL YEAR
1  Sep – 30 Nov 1 Sep – 31 Aug
SEK MILLION                                                  Note 2025/26 2024/25 2024/25
Operating income
Net sales                                                                         3                       236 212 4,574
Other income 4 2 22
Total operating income 240 215 4,596
Operating expenses
Merchandise -110 -103 -1,134
Other external expenses -274 -273 -1,107
Personnel costs -191 -183 -1,062
Capital gains from exploitation assets - - 46
Share of profit/loss of joint ventures/associates -4 -6 6
Depreciation and amortisation of assets -139 -133 -559
Operating profit/loss -478 -482 785
Net financial items -21 -36 -101
Profit/loss before tax -499 -518 684
Tax 104 105 -132
Profit/loss for the period -395 -413 552
3 MONTHS FULL YEAR
1 Sep – 30 Nov 1 Sep – 31 Aug
SEK MILLION 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 -1 1 11
Deferred tax on cash flow hedges - - -2
Exchange differences on translation of foreign operations for the 
period/year
-16 15 -35
Other comprehensive income for the period/year -16 16 -26
Total comprehensive income for the period/year -411 -397 526
Profit/loss for the period attributable to:
Shareholders of the Parent -395 -413 553
Non-controlling interests - - -1
Profit/loss for the period -395 -413 552
Comprehensive income for the period attributable to:
Shareholders of the Parent -411 -397 526
Non-controlling interests - - -1
Total comprehensive income for the period -411 -397 526
Basic and diluted earnings per share, SEK -5.04 -5.26 7.05
Number of shares outstandig at the end of the period 78,376,056 78,376,056 78,376,056
Average number of shares outstanding 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.

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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 financial position
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 20259
ASSETS, SEK MILLION                                  Note 30 Nov 2025 30 Nov 2024 31 Aug 2025
Non-current assets
Intangible assets                                      250 235 253  
Property, plant and equipment 5,056 4,854 4,884  
Right-of-use assets 1,871 2,000 1,922 
Investments in joint ventures/associates                                     764 772 775 
Other investments and securities held as non-
current assets
43 43 41 
Long term derivatives                                                4              18 15 15 
Deferred tax receivables 22 31 21 
Other non-current receivables 38 38 39
Total non -current  assets 8,063 7,988 7,952 
Current assets
Inventories 581 545 480 
581 545 480  
Short-term derivatives                                               4                                       2 - 3 
Trade receivables 52 43 36 
Tax receivables 101 112 24 
Other current receivables 156 104 94 
Prepaid expenses and accrued income 167 158 154 
478 417 310  
Cash and cash equivalents 25 20 20 
Total current  assets 1,084 982 811 
TOTAL ASSETS 9,147 8,970 8,762
EQUITY AND LIABILITIES, SEK MILLION                     Note 30 Nov 2025 30 Nov 2024 31 Aug 2025
Equity
Share capital 20 20 20
Other contributed capital 398 398 398 
Reserves -178 -120 -162 
Retained earnings, including profit/loss for the period 3,312 2,962 3,707  
Equity attributable to shareholders of the Parent 3,551 3,259 3,963
Non-controlling interests - 1 - 
Total equity                                                                                       3,551 3,260 3,963  
Non-current liabilities
Liabilities to credit institutions 1,384 972 1,387 
Long-term leasing liabilities 1,783 1,900 1,829 
Provisions for pensions 20 19 20  
Long-term Derivatives                                                                4                             - 18 3 
Deferred tax liabilities 219 232 220 
Total non -current  liabilities 3,406 3,142 3,458  
Current liabilities
Liabilities to credit institutions 392 845 324 
Short-term lease liabilities 192 193 195 
Short-term derivaties                                                                  4                        4 - 3 
Trade payables 360 331 243 
Tax liabilities 29 33 63 
Other current liabilities 890 829 310 
Accrued expenses and deferred income 322 336 205 
Total current  liabilities 2,190 2,568 1,341  
Total liabilities 5,597 5,710 4,799 
TOTAL EQUITY AND LIABILITIES 9,147 8,970 8,762

===== 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-NOVEMBER 202510
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 -412 -412 - -413
Other comprehensive income for the period 14 1 - 16 - 16
Comprehensive income for the period 14 1 -412 -397 - -397
Closing equity, 30 Nov 2024 20 398 -112 -8 2,962 3,259 1 3,260
Opening equity, 1 Sep 2025 20 398 -162 - 3,707 3,963 - 3,963
Profit/loss for the period -395 -395 - -395
Other comprehensive income for the period -16 -1 -16 - -16
Comprehensive income for the period -16 -1 -395 -411 - -412
Closing equity, 30 Nov 2025 20 398 -177 -1 3,312 3,551 - 3,551

===== 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-NOVEMBER 202511
3 MONTHS FULL YEAR
1 Sep-30 Nov 1 Sep-31 Aug
SEK MILLION Note 2025/26 2024/25 2024/25
Operating activities
Profit/loss after financial items -499 -518 684
Adjustments for non-cash items 134 139 501
-365 -379 1,185
Tax paid -9 1 -122
Changes in working capital 627 645 -
Cash flow from operating activities* 254 267 1,063
Investing activities
Acquisition of businesses, net cash effect 5 -3 - -20
Acquisition of intangible assets -2 -3 -19
Acquisition of property, plant and equipment -272 -137 -509
Sale of property, plant and equipment 4 1 73
Changes in financial assets -1 1 2
Cash flow from investing activities -274 -139 -474
Financing activities
Borrowings 178 150 2,107
Repayment of loans -113 -252 -2,316
Repayment of lease liability* -40 -32 -165
Dividend paid - - -219
Cash flow from financing activities 25 -133 -¨593
Cash flow for the period 5 -5 -4
Cash and cash equivalents at start of period 20 25 25
Exchange differences - - -1
Cash & cash equivalents at end of period 25 20 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 -17 million for the first 
quarter and SEK -45 million for the full year 2024/25.

===== 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-NOVEMBER 202512
3 MONTHS                                        
1 Sep 2025 – 30 Nov 2025
Operation of 
mountain  
resorts
Property 
development  and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 193 2 40 - 236
Other income 4 - - 4
Income from other segments - 10 - -10 -
Total operating income 197 12 40 -10 240
External operating expenses -487 -12 -76 - -575
Capital losses - - - - -
Capital gains from exploitation 
assets - - - - -
Share of profit/loss of joint 
ventures/associates 1 -5 - -
-4
Depreciation and amortisation -94 -12 -34 - -139
Costs from other segments -10 - - 10 -
Total operating costs -589 -29 -110 10 -718
Operating profit/loss -392 -16 -70 - -478
Intangible assets 188 - 62 - 250
Property plant and equipment 3,718 779 559 - 5,056
Right-of-use assets 665 - 1,206 - 1,871
3 MONTHS                                                                   
1 Sep 2024 – 30 Nov 2024
Operation of 
mountain  
resorts
Property 
development  
and 
exploitation
Operation of 
hotels
Group 
eliminations
Group total
SEK MILLION
Net sales 173 2 37 - 212
Other income 2 - - - 2
Income from other segments - 6 - -6 -
Total operating income 176 8 37 -6 215
External operating expenses -480 -13 -65 - -558
Capital losses - - - - -
Capital gains from exploitation 
assets - - -
- -
Share of profit/loss of joint 
ventures/associates 1 -8 2
- -6
Depreciation and amortisation -92 -8 -33 - -133
Costs from other segments -6 - - 6 -
Total operating costs -576 -29 -97 6 -697
Operating profit/loss -400 -21 -60 - -482
Intangible assets 234 - 1 - 235
Property plant and equipment 3,527 788 540 - 4,854
Right-of-use assets 691 1 1,308 - 2,000
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.

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

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-NOVEMBER 202513
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

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

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-NOVEMBER 202514
3 MONTHS FULL YEAR
1 Sep – 31 Nov 1 Sep - 31 Aug
SEK MILLION 2025/26 2024/25 2024/25
Operating income
Net sales 193 193 3,188  
Other income 3 1 13 
Total operating income 196 194 3,201 
Operating expenses
Merchandise -89 -82 -773 
Other external expenses -243 -272 -1,089 
Personnel costs -129 -120 -694 
Capital gains from exploitation - - 17
Depreciation and amortisation of assets -57 -55 -230 
Operating profit/loss -322 -335 433
Net financial items -4 -16 -33 
Profit/loss after financial items -326 -351 400 
Appropriations - - -11 
Profit/loss before tax -326 -351 388  
Tax 67 70 -77 
Profit/loss for the period -259 -281 311

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

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-NOVEMBER 202515
ASSETS, SEK MILLION 30 Nov 2025 30 Nov 2024 31 Aug 2025
Non-current assets 101 105 107
Intangible assets 2,596 2,561 2,523
Property, plant and equipment
Investments in Group companies 328 290 328
Investments in associates and joint ventures 3 3 3
Other investments and securities held as non-current 
assets
25 25 23 
Derivativess 13 3 10
Other non-current receivables 24 24 25
Receivables from Group companies 663 - 663 
Total non -current  assets 3,753 3,011 3,681
Current assets -Inventories
Goods for resale 398 369 329
398 369 329
Current receivables
Trade receivables 15 13 19
Receivables from Group companies 381 602 395
Tax receivable 95 97 19
Other current receivables 86 59 47
Prepaid expenses and accrued income 121 115 122 
699 886 603
Cash & cash equivalents
Cash and cash equivalents 5 1 1
Total current  assets 1,102 1,255 933
TOTAL ASSETS 4,855 4,266 4,613
EQUITY AND LIABILITIES, SEK MILLION 30 Nov 2025 30 Nov 2024 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 1,392 1,300 1,080
Profit/loss for the year -259 -281 311 
1,137 1,023 1,396
Total equity 1,182 1,069 1,441 
Non-current liabilities
Liabilities to credit institutions 1,384 288 1,387
Provisions for pensions 20 19 20
Long-term Derivatives - 6 3
Deferred tax liabilities 179 175 178
Total non -current  liabilities 1,583 487 1,588
Current liabilities
Liabilities to credit institutions 391 675 324
Liabilities to Group companies 704 1 038 747
Trade payables 232 259 192
Other current liabilities 542 517 184 
Accrued expenses and deferred income 221 221 137
Total current  liabilities 2,091 2,710 1,584
Total liabilities 3,673 3,198 3,172
TOTAL EQUITY AND LIABILITIES 4,855 4,266 4,613

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

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-NOVEMBER 202516
Definitions and explanations of Alternative Performance Measures (APM) see page 21. 
3 MONTHS FULL YEAR
1 Sep-30Nov 1 Sep-31 Aug
KEY PERFORMANCE INDICATORS 2025/26 2024/25 2024/25
Revenue and profit
Net sales, MSEK 236 212 4,574
Operating income, MSEK 240 215 4,596
Operating profit, MSEK -478 -482 785
EBITDA excluding IFRS16, MSEK -390 -397 1,135
Organic growth, % 9 -2 4
Cash flow
Cash flow from operating activities, MSEK 254 267 1,063
Profitability
Operating margin, % neg neg 17
Return on capital employed, 12M % 11 10 11
Financial position
Net interest-bearing debt, MSEK 3,747 3,910 3,734
Net interest-bearing debt excluding IFRS 16, MSEK 1,771 1,817 1,711
Net interest-bearing debt/EBITDA excluding IFRS16, 12M, times 1.55 1.71 1.51
Equity/assets ratio, % 39 36 45
Equity/assets ratio, excluding IFRS16, % 50 48 59
3 MONTHS FULL YEAR
1 Sep-30 Nov 1 Sep-31 Aug
DATA PER SHARE 2025/26 2024/25 2024/2025
Share price, SEK 171.60 168.00 157.00
Average number of shares 78,376,056 78,376,056 78,376,056
Basic and diluted earnings per share, SEK -5.04 -5.26 7.05
Cash flow from operating activities, 12 M, SEK 3.24 3.41 13.56
Share price/cash flow, 12 M, times 53 49 12
Equity, SEK 45 42 51
Share price/equity, % 379 404 310

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

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 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, except for the 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. The comparative figures have been restated in accordance with the 
new classifications and the effects of these are reported in Note 6.
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 2025-11-30 2024-11-30 2025-08-31
Group
3,413 3,282 3,291 
Parent Company
677 567 673 
CONTINGENT LIABILITIES, SEK 
MILLION
Group
804 812 514 
Parent Company
608 1,421 443 
17
Note 2 Pledged assets and contingent liabilities

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

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
NOTES, CONTINUED
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 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.
18
NET SALES PER SEGMENT, SEK MILLION
3 MONTHS FULL YEAR
1 Sep – 30 Nov 1 Sep-31 Aug
2025/26 2024/25 2024/25
OPERATION OF 
MOUNTAIN RESORTS
SkiPass 22 16 1,963 
Accomodation 10 11 900 
Ski rental 3 4 251 
Ski school
/Activities
- - 95 
Sportshops 119 111 455 
Property services 21 12 132 
Restaurants - - 23 
Other 18 18 174 
Total Operation of 
Mountain  Resorts
193 173 3,995 
PROPERTY 
DEVELOPMENT AND 
EXPLOITATION
Total Property 
Development  and 
Exploitation
2 2 24
OPERATION OF HOTELS
Accomodation 13 12 312 
Property 4 3 11 
Restaurants 14 15 167 
Other 9 7 64 
Total Operation of Hotels 40 37 555 
Total Group 236 212 4,574 
NET SALES PER SEGMENT AND COUNTRY, SEK 
MILLION
3 MONTHS FULL YEAR
1 Sep – 30 Nov 1 Sep-31 Aug
NET SALES PER COUNTRY 2024/25 2023/24 2024/25
Sweden
Operation of Mountain Resorts 160 135 2,803
Property Development and 
Exploitation
2 2 18
Operation of Hotels 18 11 215
Norway
Operation of Mountain Resorts 33 38 1,192
Property Development and 
Exploitation
- - 6
Operation of Hotels 23 26 339
Total Group 236 212 4,574

===== 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-NOVEMBER 202519
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
2025-11-30 2024-11-30 2025-08-31
Financial assets (short - and 
long term)
Interest rate swaps 18 13 15
Electricity futures 3 2 3
Financial liabilities (short - 
and long term)
Interest rate swaps - 6 3
Electricity futures 4 12 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.

===== 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-NOVEMBER 202520
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 in the Group’s income statement.
GROUP 3 Months 1 Sep 2024 -30 nov 2024 Current Adjustments Previous
Net Sales 212 - 212
Income from sold interests in accomodation/Vacation Club 2 - 2
Income from sold exploitation assets - - -
Merchandise -103 -6 -97
Costs of sold interests in accomodation/Vacation Club -1 -1 -
Costs of re-invoicing -5 -5 -
Other external  expenses -273 5 -278
Costs of re-invoicing - 5 -5
Costs of sold interests in accomodation/ exploitation  assets - 1 -1
Costs of sold interests in accomodation/Vacation Club - 1 -1
Costs of sold interests in exploitation assets - - -
Capital  gains from exploitation  assets - - -
Operating profit/loss -482 - -482
GROUP Full Year 1 Sep 2024 - 31 Aug 2025 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

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

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
DEFINITIONS
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 2025
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. 
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
21

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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-NOVEMBER 2025
Presentation of the report
SkiStar will present this report via webcast on 18 December 
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 2025/26
The interim and year-end report for the financial year will be 
published as follows;
• Half-Year Report, Q2, 1 September 2025-28 February 2026,
18 March 2026, at 07.00 a.m. CET.
• Interim Report Q3, 1 September 2025-31 May 2026,
18 June 2026, at 07.00 a.m. CET.
• Year-End Report, Q4, 1 September 2025-31 August 2026,
30 September 2026, at 07.00 a.m. CET
The year-end report and annual and sustainability report for the 
financial year will be published as follows;
• Annual and sustainability report, 1 September 2025-31 August 
2026, week 47
22
This Interim Report has not been subject to review by the company’s auditor.
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, 18 December 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 18 December 2025, 07.00 a.m. CET

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SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF
SKISTAR IN BRIEF
SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 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
23

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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