===== SIDA 1 ===== EARLY OPENING UNDERLINES THE STRENGTH OF OUR RESORTS SKISTAR INTERIM REPORT SEPTEMBER 2025-NOVEMBER 2025 ===== SIDA 2 ===== 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 ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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 ===== SIDA 5 ===== 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 ===== SIDA 6 ===== 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. ===== SIDA 7 ===== 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 ===== SIDA 8 ===== 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. ===== 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-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 ===== SIDA 22 ===== 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 ===== SIDA 23 ===== 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 ===== SIDA 24 ===== SKISTAR AB (PUBL) SE-780 91SÄLEN Org.nr:556093-6949 Tel: +46 280 880 50 E-post:info@skistar.com www.skistar.com