First quarter presentation of 2025 and 2026, and really happy to be here today with our CFO, Sara Jinnerot Uggelberg?] , and also our retail responsible, Anders Aspgård?]

, as we will today have a little bit of a deep dive in our retail segment. We will have a short introduction, we will go through our financials, and we will have an outlook, of course, and a short repetition of where we are in our strategy, and then also talk a bit about the upcoming winter and about the booking situation, which I understand is a very important part of this quarter since the quarter is not so big from a financial perspective.

Let's spend some time on that to bring some clarity for all of us. Short introduction, for you who haven't been with us, we are the leading holiday operator for Scandinavia, and really glad to have a high satisfaction from our guests.

80% of our guests are highly satisfied with our hospitality. We are really glad to have satisfied employees, and also our digital improvement the last couple of years has been significant, and I will soon take you through that as well.

Really glad to see that Sälen has stepped up from place number 15 to place number 13 on the list of the world largest ski resorts from ski days sold, and many of us maybe doesn't recognize Sälen as one of the largest or biggest ski resorts, but that is a fact, and it's really happy to see our improvement, and also to have Åre on the top list, as well as Trysil, which has bumped up a couple of steps up on this list. We are working on some strategic initiatives to reach our financial targets.

You can read about them in our annual report, but they are, of course, our guideline, and we work with them, and to help us every day we work with our integrated business model. Of course, the integrated business model build on digitalization and our close to 40 million visits.

We have decided to also show you, for the first time maybe, a breakdown of our integrated business model to really show the strength of this business model and how we work with it, and both from a booking situation when the customers book the accommodation, and then the second part is how we work with the guest pre-arrival. Then we are all the time in interaction with our guest from a CRM perspective, and then when the guests arrive, we also work with the guest with the point of sales.

This picture illustrates the different revenue streams and the split with the different revenue streams and the importance of work with our different revenue streams and also develop our revenue streams, and that's why really glad to have Anders here today talking about the revenue stream retail later on in this section. We changed our strategic direction 5 years ago, and it has been a very important change for us since we focus really both on this picture, the top line, as well as this one where we show the EBIT situation.

The EBIT have a significant improvement from an operational perspective, which is very important for us to talk about and get less importance out of our sales of land or property development, to say. Here we guide the market with 70 to 100 million per year, and last year it was a little bit lower, but we are proud to improve our EBIT in the operating part of our business.

Sara, shall we talk a little bit about our financials?

Yes. Thank you, Stefan.

I will start to show you this picture that has been presented before, but it it is to point out that we do put our efforts on the guest experience, obviously, together with cost optimization and exploitation opportunities. I do believe that those together will improve our profitability, increase revenue, and improve our operating margin.

The goal is or the target is set at 18%. The financial targets, the quarter itself, the first quarter, we do have limited business, but the revenue growth in last 12-month perspective has increased from 3.3% to 4.2%.

The operating margin is on par with last year, 17.1%. The debt structure, net debt to EBITDA is still at a very satisfactory level.

We have we do have a low net debt at 1.6, and the headroom to the target of 2.1 is quite high, and that enable us to invest further invest in mountain operations. The dividend at the AGM last last week, it was a decision to pay a dividend on 3 SEK per share.

To summarize the quarter, sorry. I would like to inform you that we have made a reclassification when it comes to property exploitation that used to be included in net sales.

As from the 1st of September, property exploitation will be recognized as a net amount in the profit in the profit and losses statement. That will impact revenue growth and operating margin.

I would like to because I will get back to the net sales and operating profit later on, but I would like to address that the equity asset ratio is at a very high level, it's 50% when excluding IFRS 16. The net debt, as I said, is fairly low, and that is, of course, during this quarter due to quite high amount of customer advance payment.

Net sales is stable. We do have a stable growth during the quarter, corresponding to 12%, primarily driven by retail and SkiStar all year.

We will get back to the retail part later on in this presentation. Net sales by category, and the revenue growth is related to ski pass and and rental income together with sport shops.

Even if we have a limited operation during the quarter, retail is an operation that is going on every day and during the hour as well, especially online and at our physical sport shops. That has led to a net sales development during the quarter of 11%.

The operating profit development is, as I said, on par when it in terms of last 12-month, 17.1%. I would say that the underlying operation is very solid during the quarter.

Looking ahead, or even during this quarter, but we do have diversified revenue streams, and we have increased our share from international guests. The calendar going forward is very favorable, and we also have not just during Christmas and New Year, but also during for the Easter, which is earlier this year in comparison with last year.

Operating profit per segment, in total, the operating profit has improved by 1%, and the the profit has been improved by operating from the operation of mountain resorts together with property development. The impact or the negative impact within hotels is due to the the acquisition of Tapeja, which is Högfjällshotellet, the operation from Högfjällshotellet.

We have had a positive impact when it comes to sales, but in total, the operating profit from the acquisition is negative during the quarter. That will improve quite significant later on from we'll start from the second and the third quarter.

Cash flow and CapEx, if we start with cash flow situation, we have a fairly high cash flow from operating activities, and that has continue during this quarter. The the last 12-month situation is high, more than 1 billion SEK in operating cash flow, which is good.

The CapEx has increased, and that has been mentioned before, and that is due to significant investments ahead of the winter season that has been paid to during the the first quarter. The CapEx during the quarter amounted to 274, which is an increase in in comparison with with the corresponding quarter last year.

The net debt structure is is satisfactory, and we do have a financial preparedness which has increased quite significantly in comparison with last year. The financial preparedness amounts to 1 more more than 1 billion SEK, and the increase is due to the refinancing that was agreed in June.

The net debt to EBITDA was 1.6 or 1.55 to be exact, and that is give us a huge or quite significant headroom to the target, which is good, of course. That enable us to put even further focus and invest even further in our mountain operation, which is, of course, both important and and important for us to be able to do that.

Stefan, the outlook.

Yes, thank you, Sara, and just sort of an update of where we are with our business plan, and what do we continue to focus on to deliver on our target. I will give you some brief update about that.

Of course, like I said before, this integrated business model is the core of everything we do, and also how we improve in each of the revenue streams and really put focus on each of the revenue streams to deliver according to our strategy. Sara mentioned our financial stability, and we have a fantastic, stable financial situation, which also allow us to continue to invest.

We will continue to invest in snow, and we will continue to invest in water, and in the bottom of this picture, you see a picture of something called Kalvdansdammen and why should we invest in water? Because water is an important source for us to produce snow.

That's why we will invest in a large water reservoir, and we will continue to invest in our hotels, in our rooms, in our lifts, and in our EQPE platform, etc. That's why it's important to deliver to our guests.

We also see that decision we took a couple of years ago to go even more with international guests is helping us to drive the average spend and also drive top line, as the international guests, they spend much more than Swedish and Norwegian guests. The average spend for SkiStar is 20,000 per booking, but the international guests like British, German, Netherlands people, they spend more than 30,000, which means 50% more than guests from Sweden or Norway.

We also have made decisions to continue our ESG initiatives, and that's quite important for us since we have signed up for the Science Based Targets, and we don't give up anything around ESG initiatives. I would say that we increase and also speed up, as well as focus on our ESG initiatives.

For this quarter, I'm really glad, for example, that we have launched a huge partnership with OKQ8, which is an chain which is working with both that you can charge your cars, of course, but you could also fuel up. If you fuel up with HVO100, we support our guests with 1 Swedish krona, and OKQ8 supports with 1 Swedish krona, meaning that price for normal diesel and HVO100 will be the same.

That's, of course, an important part since the impact from our guests on the environment is quite high, so that's why one initiative we take to reduce that part. I'm also very glad that we continue to drive new revenue by focusing on those streams, and Anders will take you through the retail part, which is shown on this one, where EQPE, of course, stands for the largest impact on this growth pattern.

However, we also have other revenue streams, like we are running now 30 restaurants, so that means also it's a new revenue stream for us, which is both supporting top line as well as the guest experience as well as the EBIT. Many of you which have followed us for a while have seen this type of picture, and also how we work with property development.

2 years ago, we invested in a ski lift. This is an area of Söderåsen in Lindvallen, Sälen, and the area in the bottom here close to the ski lift are showing a way of how we would like to develop the area going forward.

We are now in the middle of exactly how that should happen, and also in what pace we will develop the area, because we see an possibility to do everything in a very short period of time, and that's why also how we have taking deeply discussions right now with our partnership with Skiab, for example, of how we will develop this area. We will also develop new lodging and concepts around beds, and this is a picture from Åre.

This is a land spots we have just next to the ski lift VM8:an, and we're really happy to now having a detail plan sent out to the neighbors at this area. Very happy to launch a new ski area in Vemdalen this year, Hovde Syd, which opened up 2 weeks ago, and we have the possibility to open up the next step next year.

Before we do both of this areas, we have said let's see how the customer flow or guest flow will look like in Vemdalen before we do that second part. The right side of this picture show that we have bought a huge part of land from Holmen, which is now on the detail plan level together with the municipality.

SkiStar have an enormous strength. One of our enormous strength is that we have running the 5 largest ski resorts in Scandinavia.

How can we take advantage of that? We can take a large advantage both by SkiStar all that you can buy a ski pass meaning that you could visit all our resorts, but if you just want to, for example, visit two of them, you could go to Sälen and buy a ski pass, and if you buy a weekly ski pass, we give you the opportunity to visit Trysil in the same ski pass for two days of visit, as an example.

The other part is that we also have decided to launch the lowest price ski pass in the ski mountains, here we could give the opportunity for more people to try to ski in our areas or our ski destinations. That was a bit of update of how we are focusing on the business plan.

If I then take a deep dive on the winter '25/'26, which is stand for the upcoming winter, which I think many of you are curious about, I must say we are really proud that we have a very solid situation, both with bookings as well as snow conditions at all SkiStar destinations. Then something which have a big impact on us is, of course, the calendar effect.

This holidays period, which starts from actually Saturday now, we have a lot of guests coming in this Saturday, the 18th of December, the 20th of December, and then the early Easter will, of course, help us very much this year. This calendar effect drives both volume and profitability.

What we mean with this is that, of course, we have three full weeks as a starting point, that week two gives an extra opportunity, and I will take a deep dive in that further on, but that's a very important week for us to show extra growth, as well as the early Easter will help us to secure a good conditions for the guest, but also that we could close down our resorts, some of our resorts and areas within the resorts earlier, which means that we could have a better cost control as well, which we haven't last year when we had a very late Easter where the Easter went to week 16 and 17. Then we can see a very changed behavior in the customer booking pattern, and that means that we have made some adaptation change in our marketing.

We are much more aggressive, to say, in the areas where we see that we need to focus on. When we do that focus, and also when we produce snow, we can see that we have a much higher digital engagement.

For example, when we put in some pressure or push on marketing, we can see, for example, in quarter one, we have increased our digital engagement with 21%, and we also increased the number of individual users with 6%. The digital engagement is very important for us, even though we see a small change in the conversion rate from 2.2 to 2, we see that we still have a high conversion rate.

This is very much connected to that you are a little bit more hesitant, should I book or should I not book? You are out looking, you are out searching, and that's, of course, important for us that customers are doing that.

We will this winter have our strongest news launch ever ever ever, and it's a very important part, of course, how we will drive this launch for this season. Also, we have a very favorable calendar, as I said, not only Christmas, also early Easter.

What I think is important, which I missed in the first slide, which I will then talk a little bit more about on this picture where I truly believe that there is a lot of interesting, is that we have booked 80% of our beds for the season. 90% of our bookable beds are booked actually up to week 10, meaning that we have a very strong booking situation.

That means we are +2% from week 52 up to week 10, which means that probably the most important part of our season, as you can see on the pattern here. It also shows that the three first weeks will be very important for us, and we are actually very satisfied with the booking situation at this three weeks.

We're also very satisfied with the breaks, the February breaks, which also including the week 7, 8, 9, which has a very strong situation. We are also increasing the number of international guests, we're increasing the international guests with 6%, that meaning that we are going from last year 39% up to 41%.

The increase is coming from Denmark with +5, Netherlands 13, Germany 14, and the British one with 12. Of course, this is very important for us, and the Belgium one is a new line with TUI, and we can see that our collaboration with the easyJet and TUI has been very important for our airport, and Scandinavian Mountains Airport in Sälen will increase the number of passengers this year from 25,000 to 50,000 passengers, a very important number then.

I will stop my part of the presentation here and hand over to Anders, who will take the deep dive in SkiStar retail, and then we will take the Q&As after that. Welcome, Anders.

Thank you, Stefan. I'm going to take you through our retail business.

There we go. Our retail business goes under the name SkiStarshop.

We're going to kick off with showing the same picture as Stefan showed you earlier, and tell you how we are integrated within SkiStar's business model. Looking on the pre-arrival part of our business model, we target our customer database and the customer during the customer journey with pre-bookings of rental business, but also digital retail.

This stands for about 55% of our total revenue in the business area. During the stay in the point of sales period, we target customer with drop-in rental business, but also with our physical sport retail stores on the destination, which stands then for the rest of the 45% of our total turnover.

Looking at our concept, we have a DNA that says we are mountain sports, and we divide the business area within three different segments. The first one is our rental and service business, which consists of 33 units.

These are mainly ski and bike rentals, but we also do have point of sales of sporting goods in these stores. Here we have weather-related products that has a high margin.

We also work with a long-life product range to to reduce risk in in stock. It's also a self self-service assortment.

Looking on the next next segment, which is our concept stores, consists of 12 units. These are fully scaled sport retail stores with a curated selection of leading brands, including EQPE, which is our private own brand.

We want shopping to be a part of the mountain experience, and we also believe in high expertise in our staff in these stores, and we also work with demo equipment with which is quite unique compared to to other retailers that are our customers can try out before they buy. Then we have our growth engine, the digital retail, which is has two storefronts, skistarshop.com, which is available in three different markets, Sweden, Norway, and Denmark, and then we have eqpestore.com, which is available in 14 European countries.

We cover in total 15 markets with our digital retail. We have a wide range of well-known brands, and of course, eqpestore.com with a full focus on EQPE as a brand.

Looking at our revenue, we have had a stable growth over the last years, with a total turnover of 724 million SEK in '24/'25. If we take this down to each segment, our rental business, which then includes both pre-booking and drop-in rental, stands for 251 million, and has had had a CAGR at 6% over the last 6 years.

Looking at physical retail, we have a turnover of 240 million SEK, with a CAGR of 10%, and then our digital retail, with a CAGR of 32% over the 6 last years with 242 million SEK in turnover, and this is our growth engine. Looking forward, we believe that we have a strong setup to continue growth.

We have a business model with a really strong omni retail and rental offering, combined with circular business models as SkiStarshop Pre-Used, which been a success of reselling old skis, and also we see opportunities in new categories within rental. Assortment and our own brands are a key to continue growth, and we want to significantly increase the share of sales from our own brands, and combine this with a reduced and refined external assortment to drive growth and profitability.

We see that we can continue to expand our distribution with the continued fast growth within digital retail, but we also see further potential to establish or acquire additional physical stores. SkiStar's customer database and marketing is key to continue growth, and we have quite a unique opportunity and situation in the market, cause we know when the customer are going skiing, where they are going, with whom they are going, and for how long.

This is quite unique data for a retailer to have. Looking at our organization, we have secured the right skill sets to continue to grow, and we also enhanced processes and system support related to purchase and analysis.

As Stefan mentioned, we also updated and invested in a new platform, now we have one platform that's very modern, with store different two different storefronts for one for skistarshop.com and one for eqpestore.com. Then we have EQPE, which is our private own brand.

EQPE was launched in 2019 and has been a success story since then. EQPE is created based on customer data and known needs of the SkiStar customer for a wide range of skiers.

Last year, EQPE represented 28% of our total revenue within retail, and takes a bigger share for every year. The organization is driven by an EQPE-first mentality, which means that we prioritize to sell EQPE first, and we front EQPE in our stores at the best spots.

External brands are purposefully chosen to enhance and complement EQPE. We see a strength in placing EQPE side-by-side with well-established brands in our stores.

Thank you. Thank you, Anders, for that deep dive, and I think as we get a lot of questions around our retail operation, I was very glad to have this presentation from you, Anders.

Now we will hand over for some Q&As to the audience.

Hi, morning. Just about why did you open the resorts last year, and cuz you said that you opened the resorts earlier than you have, but bookings for the pre-season was down by 17%, could you just clarify that please?

Thank you, Alice, for that question. This 17% down is a very limited amount since those numbers are very low, to say.

It's that they doesn't stand for any big amount of beds during that period of time, as you probably can see on our graph. They are very limited from a bed perspective.

Those weeks are mainly used by locals and also gives the opportunity to sell SkiStar All Year or ski pass for the seasonal ski pass, to say. That's why the importance of open up early is good for us to both have the good snow conditions at our slopes, but also get rumors out in the market that we are open up, actually.

That's why it's a very important from a marketing perspective that we open up 1 week earlier, sorry.

All right, great. Just to follow up that, Trysil, I guess the question is, is Norway experiencing [unclear] on December weather now?

Has this affected you? Just to get clear, did you open the slopes earlier or later than you did last year?

We'd open up 1 week earlier in Trysil this year than we did last year. Hemsedal, I think it is roughly the same, to be honest.

I am not 100% sure. Hemsedal is probably the resort we have the most and best snow conditions at the moment, actually.

We have got more snow, natural snow, and cold degrees so far this year than we had the whole last year, actually. Hemsedal looks fairly strong at this moment.

Trysil, a little bit warmer, but in the same way as we were last year at this time.

Great. Then moving on, last spring was, of course, terrible in terms of weather for skiing.

I guess this is contributing to less booking later. However, do you think that there is a risk of a falloff with going on ski trips later in the season at all due to previous negative experience?

You should always be worried, of course, but we are not in this case, and we have decided to also use some marketing activities to secure that we will have a very strong bookings between week 11 and 18. We are not worried in this building.

We are very calm and think this is a very solid situation. We will continue to do what we have planned, and we are not in any worries at all.

Actually the opposite, we see this as a great potential for us to actually improve where we ended last year.

Great. What would you say would be your biggest challenges in Q2 regarding keeping costs away?

Are you doing anything differently this year?

In the second quarter, we are working much more with our cost situation from a staffing perspective. We are working with our new AI developed scheduling tool, which is now happening within the organization.

We are putting a lot of effort to secure that we keep our costs on a good level. Then I don't know, Sara, would you like to say something of our cost control?

Yes, sure. We have several initiatives that relate to cost optimization, I would say.

The staff scheduling, of course, is key in terms of securing that the resource scheduling is optimized. Then, of course, together with combined duties, the investment and purchase process has been improved, both in terms of process, systems, and capabilities.

We are working heavily with ensuring that our destinations, we do have economies of scale that we need to take advantage of. Then inventory spare parts, of course, it's quite huge costs, and we see a potential to further improve that one.

That is processes or initiatives that already are taking place, but important ones, of course. We do quite a lot of initiatives to improve or focus on cost optimization.

Great. Just if I was referring on the reclassification of the property exploitation items, could you comment or do you know by heart, to say, how much that would affect in terms of comps, how much was the net sales last year?

I didn't hear your question, Alice. I'm sorry.

The line is a bit poor, Alice. Sorry, I'll repeat.

On the reclassification of the property exploitation, Yeah. In terms of comps, how much of that was in net sales last year?

Property exploitation, how much was included in net sales last year? Oh, sorry.

I need to check that, cause I don't have the number at hand, but I can get it to you. The capital gain was 50 51 last year, but I can get back to you on the revenue side.

That is now excluded in net sales, and we have also restated previous year number, of course, to make an even fairly comparison. I can get back to you.

Perfect. Thank you very much.

That was all for me.

Thank you.

Hi, Stefan here. Can you hear me?

Yes, we hear you, Stefan.

Yeah. I hope my line is better.

I start off with a question for Anders and EQPE. How do you see the potential to expanding to new categories?

Thank you for the question. We look into new categories all the time, and we've been growing the assortment into new categories and wider product lines for each year during this growth period.

What's the last category you entered?

We added on more cross-country skiing this year, some more soft goods for the cabin time during the visit. We expanded into the new categories within skiing clothes as well.

We added on cross-country, a new cross-country line with Charlotte Kalla for this year, looking into the new categories all the time.

A lot going on, obviously.

Then, yeah, good. Regarding the property segment, no transaction this quarter.

Can you give me an update on the pipeline, what's ongoing, or if you are about to start up any new projects?

I think it's a fairly good question, Stefan, because we have said that we are not in hurry with our project. For us, it's more important to make them right.

The Söderåsen project is starting to become quite big. That's why we have decided not to stress that project.

That is the one first in pipeline together with some other areas in Sälen, where we see some important pipeline. We are in the ballpark of the 70 to 100 for sure this year, and we have no idea to change that direction at this moment of time.

We keep what we have said in the guidance of the 70 to 100 this year as well.

Yes. Short term, it's focus on Sälen.

Is that due to problem with permission on other destinations, or is it just the

No, no, no, absolutely not. No, absolutely not, because we are really digging into where do we need more beds.

For example, in Sälen, we have a huge need for beds because it's the largest destinations right now, and we also see that that is the destination for where the international guests are looking at connected to the airport, together with Trysil. Trysil, we now have the agreement with Utmarkslaget, and that's where we will start to build the first beds close to the gondola lift, and then we have the second part with the camping part, but that will be a little bit further ahead then and closer in time, it will be Sälen.

Åre, there is a huge project with this new lodge, but that will probably also take a little bit more of time before we have get that detail plan from the municipalities. We could also start to build in Hemsedal, but we have said that Sälen is for now the most important part.

Okay. Thank you for that update.

A last question from my side, about 90% of beds booked up until week 10. How far can you get?

Is it fair to assume 90% 95%, or I think you are targeting 100, but I think that's a tricky one.

No, yeah, exactly. 90% is a very good situation, of course, up to week 10.

What I think is quite interesting to see already this week, we can see that week 52 and 1 is also still booking quite the last beds we have there, actually, which is quite interesting. I think that the week 7, 8, 9 will come up to 100.

This 52, 1, 2 will come up to 100, and then week 3 4 3 2 I could see when I looked into week 3 and 4 deep dive, I could see that we were roughly around 80%. We will continue to book as we normally do, maybe 95.

Now I'm taking a wild guess, but I'm very happy to see that we continue to have a strong booking situation on those weeks, actually. It looks good for us quarter two here, since we had a very strong quarter two last year, and since this quarter looks even better, both from a booking perspective as well as from an international guest perspective.

Since we know that international guests are spending more, we are very confident about the second quarter. Then about the third quarter, like I said to Alice previously, is that we see a huge potential for us to improve how we ended last year in the third quarter, where we lost a lot during Easter due to the weather conditions.

Now we see a really big upside in that period of time, both on top line as well as to reduce our costs, actually.

Just to answer Alice's question, sorry, the revenue from exploitation property was 66.5 million SEK last year, and the net result, the capital gain was 51, as I mentioned. It's a fairly low number, 66.5.

No further question from my side. Thank you, Stefan.

Hi, and good morning. Just a quick couple of questions here from me.

Just first of all, if bookings after week 11 to 18 don't pick up, at what point would you reduce prices here to gain more demand?

We don't see any reason to reduce prices in that sense. We rather have other plans for our marketing, which I don't want to share in this call, but we have a very aggressive plan, actually, for that period of time, but it could include more than pricing activities, Linus.

Bear with us, trust us in what we are doing to fill up that period of time, but we will for sure launch an attractive Easter package for our guests, actually.

That sounds super. I guess that it's mostly domestic guests at this point during the late season.

Is that correct?

Normally, it is most domestic people, and we will continue, of course, to push the domestic market since we see that there is a potential in the market of that the interest rate is in a low level. We see that also that the net debt of our customers also have the opportunity to invest, the savings are on a good level, we see that holidays are on the top list, and also to do it in the Scandinavian mountains.

We see a push there, but we will also continue to push a little bit in Denmark, actually, since we see a potential for Danish guests and also that the flights will continue from Denmark to Scandinavian Mountains Airport. We will try to push some Danish guests as well, actually.

Okay. Could you give a number on how much the domestic bookings are down?

That was a good question. They are down around 4 4% down, the domestic.

All right. That's much related to the end of the season, as you mentioned, actually, earlier, Linus, about what to do with that period of time, and that is where the domestic market stands for the significant part of that.

Okay. Super.

Another question here on the ski pass sales that increase quite much here by over 30%, much driven by the All Year passes, and I just have a question here. Do you have an ambition here to move more towards a subscription-based model?

I know Vail in the US has built their model around the Epic Pass, and how are your thoughts there?

We see a very good question, Linus, because since we are now also shifting the company into a more year-round business, we could see that this summer, for example, that we have a very high usage of this SkiStar All Year passes from our guests, and that's why we see this is an important part of drive the year-round business. It is also a quite interesting model to have this subscription model for splitting up the cost per 12 months and so on, and that's why we're really glad to launch this pass.

This is now the third year we're going in, and we increase the number of users and prescriptors every year, actually.

Yeah. That's super interesting.

Thanks. Just one last question here on the margin target.

With the new accounting, you will have an artificially higher margin. How are you thinking about the target there?

The financial targets, you mean?

Yeah. Yeah.

Yeah. We have discussed that internally, of course, and the financial targets, they will stay unchanged.

Then, of course, the picture that I presented on the initiatives to reach our financial targets, then we do have an ambition to exceed 18%, and then, of course, we will think about new targets later on, but for the moment, they will stay unchanged.

We also feel comfortable about this year right now, that we're moving in the right direction towards the financial target.

Yeah.

Super. Thanks.

That was all for me. Thanks.

Thank you.

Thanks, Linus.

Yes. Good morning, Stefan, Sara, and Anders.

Just a couple of follow-ups. Just to get a feel, how do you feel about the product that you'll now look to be able to deliver for Christmas and New Year?

Started off very nice with cold weather in November, and you were all already start, but I understand that a lot of rain of late has maybe made the slopes quite restricted in quite a few of the resorts, and given the booking pattern coming up to Christmas with a lot of people joining you, do you feel that you can deliver a good product?

Thank you for the question, Carl Johan, and we will deliver a product almost like we did last Christmas period. You are completely right that it has been mild weather mainly in Sälen and in Trysil.

However, I'm really glad that we have five of the resorts which is less, what should you say, impacted from a weather perspective. Our slopes, I was there by myself on Saturday, 5 days ago, 6 days ago, and they were in a very good shape, and nothing to complain about.

Then, of course, I would love to have even more slopes open, but it's not less or more slopes than we had last year on a total level, so that's why I think it is important to say that. The conditions, like I said previously with Alice, is that Hemsedal, Vemdalen, and Åre are actually in a better shape than we had last year, and it looks fairly good.

Right now, I saw pictures from Hemsedal, it's snowing there. In Trysil and Sälen, right now today, it's a little bit milder.

However, tomorrow it's going to snow there, I'm not so worried about the product we're going to deliver to our guests, actually. Then, of course, I would like to see some white on the trees, etc., and today it's not white on the trees.

Hopefully, after tomorrow, it will be white on the trees there as well.

Sounds lovely. When you look at the importance of, say, a strong Christmas/New Year season for then creating maybe repeat demand to drive Easter and the post-season, to say, is that a big factor in bridging that gap that you have for the moment?

We believe that the most important right now is to open up and show our guests that we have a good product to deliver, and also we will then start to do some, what to say, marketing activities to build upon what we have delivered during Christmas after the Christmas period. Of course, it's an important part for us to have a good product to launch the season with right now, which I'm fairly comfortable with, and it will also give us a good season.

I'm not so loud in my words about the season, what we will deliver, but this year I'm fairly confident in that we will deliver a record season, actually, due to both the conditions we have, the destinations we have, the news we have launched, and not at least the calendar. The calendar will help us to have a very strong year.

I like your confidence. I heard you mention, Stefan, or reiterate the contribution of 70 to 100 from the property and exploitation operation.

How do you see that in current year's perspective? Because I heard also your comments to Stefan's earlier question about how the pipeline looks for the moment.

Is it logical to still believe that this year will be, say, more in line with what we have seen for the last 2 years?

It's a very good question. I'm laughing here a little bit for myself, because everything is connected to the pace we will have and the agreement we will make and when will we make the agreement, to say.

Everything is about timing, Carl Johan here, and I think I need to be honest in that question and say we will stay in the line of 70 to 100 for now. Like you said, the question was if we could see it in the same range as the last 2 years.

Yes, maybe a little bit up, actually, rather than the last 2 years then, so that's what I would say. More in the higher range rather than the lower range.

Good to hear. Sara, you talked about the CapEx levels and what you're going through for the moment.

Is it still a good proxy for this year ending up around 650 million in CapEx?

Yes, I would say that is a fairly good estimate. Yes.

Excellent. Anders, on EQPE, you mentioned how you feature your own products in the store and similar kind of thing.

Could you mention how you try to work with the pricing strategy against, say, the top brands?

Sorry, I didn't hear the last part. Did you ask about the pricing strategy?

Your pricing strategy compared to the top brands that you feature them against, ] (Retail Responsible):

Yeah. We're really picky with the level of quality in the products we produce at EQPE.

What we first look at is the quality level, that we can compare our products with these established brands. Then we work through this direct-to-consumer model, where we distribute EQPE through SkiStar's retail channels, but also then eqpestore.com to new markets, which makes us able to put a much lower price point for the end consumer than compared to the external high quality, high-level brands.

We can deliver good pricing for a very high quality.

Just walking around in Stockholm, I notice a lot of youngsters wearing EQPE gear also in downtown Stockholm, to say. Is that a good kind of entry to get the brand working, to say, to catch the youngster, and then maybe also getting the olders involved that might just use it at the ski resorts?

Absolutely. The youth business comes from the family customer, and that's the SkiStar customer.

We're really happy that we sell a lot to women, a lot to men, a lot to kids, and looking at the kids, we produce the products to work both in the ski slopes and at the schoolyard. When I see EQPE products when I leave my kids at school, then I'm really satisfied.

I can see that. Thank you very much, and good luck with the season, and all the best out there.

Thank you, Carl Johan.

Thank you.

Thank you so much for listening to us, and by that, we would like to wish you happy holidays, and also hope to see you in the slopes, because we are going there. Take care, everyone, and happy holidays.