SkiStar AB Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alice Beer - ABG Sundal Collier - Analyst : Hi, good morning. So looking at accommodation growth was down for the quarter and volumes down 4% for the year, as you talked about. Do you know if accommodation volumes are down for the whole market? Or are people to a greater extent booking accommodation with other actors?

Question: Alice Beer - ABG Sundal Collier - Analyst : Alright. Perfect. Thank you for that. And just on the quarter then, OpEx was down in absolute terms, but higher as a percentage of sales. Could you just walk us through what's happening on the cost side?

Question: Alice Beer - ABG Sundal Collier - Analyst : Yes, in absolute terms. But then we -- as a percent in relative terms, it was up. So could you just talk about the cost side a bit?

Question: Alice Beer - ABG Sundal Collier - Analyst : Alright. Thank you so much. Moving on then. You talked about a lot of projects within property development for 2026. And maybe this is a question for Henrik. But margins in the segment can differ quite a lot. Could you just walk us through what affects margins in the segment? And what kind of margin profile the 2026 projects will have?

Question: Alice Beer - ABG Sundal Collier - Analyst : Yes, of course. And then just one final question before I go. You saw that CapEx will increase next year. It was about 10% of sales this year, 8% last year, but has been in the high teens historically. How should we think about CapEx in relative terms going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 01, 2025 / 8:00AM, SKISb.ST - Q4 2025 SkiStar AB Earnings Call

Question: Alice Beer - ABG Sundal Collier - Analyst : Alright. Thank you. And just one follow up question --

Question: Alice Beer - ABG Sundal Collier - Analyst : Understood. And sorry, just one more thing before I go. You talked about international guests increasing, and that's an important strategic thing for you. Do you have any concerns that international guests will decrease when the CX strengthens?

Question: Alice Beer - ABG Sundal Collier - Analyst : Do you have any concerns that the number of international guests will decrease now that the Swedish krona is strengthening?

Question: Alice Beer - ABG Sundal Collier - Analyst : Okay, great. Thank you so much. That was all from me. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 01, 2025 / 8:00AM, SKISb.ST - Q4 2025 SkiStar AB Earnings Call

Question: Stefan Stjernholm - Handelsbanken - Analyst : Hi. Stefan, can you hear me?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Good. Additional question on international guest. I know that it's primarily from Denmark, but what's the second largest nationality?

Question: Stefan Stjernholm - Handelsbanken - Analyst : That's good with British.

Question: Stefan Stjernholm - Handelsbanken - Analyst : Good. And another topic, the Easter is obviously early this year -- the coming season. Is it fair to assume that you closed the destination a bit earlier and that the more cost-efficient season this year, is that to be too optimistic?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Sounds good. And my last question, sports shops, if I'm -- the calculation right, it's sort of around 10% of sales. Can you say anything about profitability and how that developed?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Regarding sports shop, your sport shops it was turned over 450 or so last year, 10% of total sales. How is the profitability within that segment?

Question: Stefan Stjernholm - Handelsbanken - Analyst : I see. But it's fair to assume giving EQPE is quite large for a good gross margin?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Okay. Thank you. Those were my questions for now.

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Yes, good morning, Stefan and Sara. Just a couple of follow-ups for me. Looking at the booking situation again. If you try to split minus 2% for the whole winter season up in what you see from, say, domestic bookings and international bookings? How would those percentages look?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Sounds very appropriate. And if I interpret that right, then I guess the international part year-over-year should be up a couple of percent and maybe still the Swedish part of it is lagging 1 or 2 more percentage points than the minus 2 is suggesting?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. Excellent. And when we look at how you adjusted the SkiPass prices during this year, I know there's a big mix component in that, depending on what people buy and how you are doing, say, the real-time adjustment to the people coming for day tickets and these kind of things. Do you see the same kind of opportunity to manage prices in the coming season as you had in the former one?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. And sorry, just to be -- understand the CapEx outlook for this year. Are we talking about in absolute terms, something like SEK650 million to SEK700 million in CapEx as a forecast of '25, '26?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Yeah. No, rather than talking percentage of sales, if you look at the absolute budget for CapEx for this year is SEK650 million to SEK700 million a good kind of estimate?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. Thank you very much, and all the best out there.

Question: Stefan Stjernholm - Handelsbanken - Analyst : Hi, Stefan again. You asked a question then on demand. Have you seen any signs that interest in investing in the homes has improved lately?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Have you seen any pickup in demand interest in investing in new winter hubs?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Yes.

Question: Stefan Stjernholm - Handelsbanken - Analyst : Sorry, I lost a bit but thanks for the explanation. And I guess then that you have some let me say, larger projects that you have started now?

Question: Stefan Stjernholm - Handelsbanken - Analyst : Say where?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Yes, Henrik. Just picking up on the comments about the mid segment picking up and you see -- if I understood it right, when that picks up, it's good to get the pipeline going, so you can deliver towards it in two years' time. Was that the way we should interpret it?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Sounds very interesting. And when you look at that, I guess, you mentioned a couple of projects that are for delivery in the short term, but then converting the 400 BTA -- 400,000 BTA into how much would you feel fit that segment for that kind of opportunity? Then I understand that the timing is quite different in the total pipeline, so. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 01, 2025 / 8:00AM, SKISb.ST - Q4 2025 SkiStar AB Earnings Call

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. And when we look at the Skiab investment properties as they stand for the moment, the SEK1.8 billion in market value you highlight, is that mainly the lodges and the hotels in the -- that is managed by SkiStar at this stage?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. Lots of moving parts as we hope realize. And Henrik, just to pick your mind on one other thing. So looking at the real estate agents' inventory of units for sale at the Swedish resort, it's obviously at record high levels. Would you say that most of those are in the mid- to low quality segment in that respect? So it doesn't maybe impact you in your kind of decision for what kind of investment you would go for to a larger degree that as you are then coming in, maybe upper to mid-segment in with your kind of proposals to market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 01, 2025 / 8:00AM, SKISb.ST - Q4 2025 SkiStar AB Earnings Call

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : And when we look at those state agents may be offering the already existing in units at say, 55,000, 60,000 per square meter -- 6,000 square meter. Is that like those kind of price levels, allowing you to have a profitable development operation, if you could take me in with your units at similar levels?

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Exactly. But I think the question, I guess, is what's going to happen in two years' time if you see the market coming back.

Question: Karl-Johan Bonnevier - DNB Markets - Analyst : Excellent. No, thank you for the extra color and all the best.

Question: Alice Beer - ABG Sundal Collier - Analyst : Thank you for great presentation and the statements of my previous question was answered. But just a quick check in. You have previously guided for between SEK70 million to SEK100 million in operating income from this segment and just checking with this deep dive the previous communications stand? Or do you expect further rebates contribution from properties in the upcoming years?

Question: Alice Beer - ABG Sundal Collier - Analyst : Yeah. alright. Thank you.

Question: Alice Beer - ABG Sundal Collier - Analyst : That's sound perfect. Thank you so much for the color. I think we all appreciate it a lot. That was my only question.