Welcome everyone for this quarter and full year presentation and we will start to take you through this today and we have an agenda where we will talk about first of all the quarter, then the full year performance. Sarah will give you a full update about the financial and the numbers and I will end with an outlook and a summary. So if we just start like an introduction, Skeetar is the market leader for Scandinavian mountain tourism and we had this 50 years anniversary last year and we are really passionate about the mountains and how we can continue to develop all the experiences within the mountains and we have an extensive land and property holdings which could which will enable us to and also continue the organic growth within all our destinations and we can also see that we have a strong growth opportunity through our year-round operation and we can also see that the last couple of years and also in the future we can continue to build new businesses since we build new businesses it will also be connected to our business model we will also show you later wrong. We also have a very strong and also a growing interest from international guests which has been proven the last couple of years. And also something we sometimes forget to talk about that SkiStar is the fourth largest player within this area. So the number one is Vail Resort which is listed on the Nasdaq New York. And the second one is Altera, which is owned by Private Equity. Then we have Compagnia Alps, which is listed on the French stock market. And then we have Skistar as number four. And just as a comparison, the fifth largest player within Scandinavia is a bit smaller than we are. So we have a strong position and Zelen which is the largest destination within our portfolio is also the 13th largest ski resort in the world. If we then go into look into our Q4 and our full year performance I'm really happy and also really glad to present a strong report after a very intensive year and we can really clearly see that our company is growing as a result of all the efforts we have done together. So if you look into the last quarter Q4 and the summary of that one it's our fifth summer season and we can really show now that this all year around strategy starts to be proven in the beginning five years ago we invested a lot within summer activities we invested in climbing parts in biking roads we invested in different type of summer activities but now we have learned how to create bundling of all these activities together and also launch an activity pass which has been very appreciated among all our guests during the summer. And when we also have a lot of guests which I've had during the quarter we can also see that our business model deliver and all our revenue streams actually growing within the quarter so that resulted in a strong growth 29 percent and also an increased profitability of 12 percent and we can also see that another additional thing we have started with is to provide different type of events that could be training events it could be running events marathons etc within the mountains and very luckily all those ones have been sold out and that also again when the guest is coming to us they stay at our uh booking they book a stay at our hotel or lunch or at the cabin or they have their own then they start to buy up they buy an activity pass they buy lunch since we're also providing a lot of restaurants, they buy things in our sports shops etc etc. So again our year-round strategy really starts to be proven and the management also believe that we have cracked the code how to run the summer business. If we then look into the full year we're also really proud of our results and how we have performed this year. So our strategy is confirmed by work with skistar.com and also add different type of revenue streams. Since we have done that we have growth in all revenue streams and we can see that we continue the growth. We can also see that there is a strong demand for mountain vacations and all year active all year round activities so that is also helping us that we are filling up our destinations and we do it very successfully and we can see that we have an increased number of international guests we ended up last year with 40 international guests and even though that the swedish guest has been slower the last couple of years we can see that they are now returning back to our destinations. And we also continue to invest. We continue to invest very specific. We are very coordinated of how we are doing our investments and we're doing them all the time to increase our guest experiences. And we can clearly see that all the investments we last year has increased our MPS value with guest experiences. So 8% increase in net sales, two points above our financial targets. We deliver a very strong operating profit of 872 million and 11% increase. However, we didn't do any exploitation gains last year which creates this result even stronger and we actually increase with 18% and also deliver an operating margin with 17.5 and starts to become closely to our goal of 18%. And again we have 6.4 million ski and activity days which is a slightly increase from the year before but again we had an increase just like an update about our business model because we really believe that this business model is so important and we own our distribution channel we own the distribution channel for skistar.com our equip brand equipstore.com and also skistarshop.com where we're also providing other brands so this is very important and we don't need to pay any booking fees like if you are connected to booking.com, etc. So skistar.com, we own our own distribution channel. And of course, the last couple of years, we have been very successful of developing new revenue stream and they are very diversified. And that, of course, helping us to continue the growth. And what we're also showing on this slide is that in the in the bottom of it we are showing all the different parts of them of the revenue streams and how the customer buying up before they arrive to our destinations and when they arrive they come with a full wallet and continue to spend and we also using our dynamic pricing model which has also been very successful the last couple of years. And also with this multiple point of guest interaction it's also helping us to continue the growth and also all this customer data we are collecting enable us to also tailor the sales and also becoming very successful of how to be more specific in and where we want the customer to look after different type of offers. If we then look into the international guests they has been very important for us the last couple of years when we have seen a weaker domestic market the international guests have supported us to drive revenue and growth now we can see that we are also increasing the domestic guests again and that means that we can have a higher leverage of the base so international guests will continue to be here and also they will help us to to drive even more growth because they also book full package in advance they stay longer they also spend more and also their their peak weeks have a different different week than the Swedish holidays which is of course very good from a say filling perspective or booking pattern perspective Sarah will also show you that we have now a new segment reporting and that also shows ski store shop in another dimension than we have showed it previously. And here we can proudly present a CAGR growth of 12% over a very long period of time, but also very strong growth both this last year where we grow 10% within SkiStar shop. Even when we can see that this market in general have had tough times. We continue to grow both physical stores and online. And also very glad to see that Equip, our own brand, is increasing with 25%. And lastly, from my side, before we go into the financials, we have been very successful in our investment. And we are doing investments in a very specific way. and very clear to all the time increased guest experience. Just as an example, this project we put up last year in Åre Björnen, where we provided with more lighting in the slopes, we put up a new lift, and by that we could open up the lift two hours earlier and the ski area two hours earlier and closing two hours later, which means that we could give a completely different offer to our guests. Another example, when we open up a new ski area in Hovdesid in Vemdalen, where we had a lot of traffic during peak weeks, all of a sudden we open up completely and we actually managed to open up without this queuing. But maybe one of the most investments we are doing, and which is something we have done very heavily during this off-winter peak, so to say, is the investment in snow production. We will or we launched in the end of the winter season last year and we have spoken about the whole summer period and will be actually our main marketing message that we will provide the best snow guarantee in Scandinavia. And of course with these snow investments that will be a strong competitive advantage going forward. So by that, Sarah, I hand over to you and let's look at the financials in detail.
Thank you, Stefan. And first of all, I would like to begin with the change in segment reporting that has been made during the fourth quarter, 2025 to 2026. And the reporting or the change has also had a retrospective effect and now we report into two segments which are mountain resource and ski star shop. The change has been made to better effect the internal steering and internal reporting and governance and we will also publish restated numbers for the quarter 1, quarter 2 and quarter 3 last year and that will be published on our website for you to better compare the segment for the full year last year and that will be published within a week or so. Then if we continue with the development in net sales and as you can see in the graph we ended up with a net sales 4.9 or more or less 5 billion and SEKs and that was a revenue growth of 8.3 percent excluding exploitation revenue that is no longer included in net sales. If we adjust for acquisition and currency the growth was 5.4 percent and the reason for the revenue increase is as Stefan mentioned first of all of course our integrated business model that drives volume and growth. We do have a pricing power and we have the ability and we continue to increase our price as related to ski parts and accommodation etc. The growing international share is also helping us to improve our margins and the growth. We have a lot of diversified revenue stream as Stefan mentioned, which of course is very much appreciated by our guests because they all of them straightened the guest experience. We have, as Stefan also mentioned, we have made significant investments last year. For example the Gondola entry seal, the new ski area in Hovdesby, Vemdalen and also lightening and sealift in Björnen Åre. Just to mention a few of the investments that were made last year and we will continue to invest in the guest experience going forward. And if we continue with the operating income, this is not net sales, this is operating income which is more or less the same as net sales by category. And if we start with CPAS, the price or the total effect of revenue growth was 6% of which price and mix stands for 5.7 and the volume growth was 0.3%. The accommodation growth 6.3% and that was also related to the major effect was related to price and mix 5.9% and volume growth 0.4% and also the acquisition of Herg Fjälp Hotelet that was 1.6% of the growth. If we continue with sports shops, which is part of the new segment Skinstar shop, we we improved the retail sales by 13.2% and that was driven by the increase in equipment that stands for 25% of the growth. We increased the growth related to restaurants and the majority of that was driven by the acquisition of And then we had, including in other income, we had a compensation, a claim compensation or an insurance compensation of 11%. As we mentioned I think in the previous quarter last year, we had got a claim compensation related to a bridge that was demolished last year in Wendalen. So all in all the revenue growth was 8 percent for the year. If we continue with the operating margin, the operating margin was 17.5 percent, which is a quite significant increase in comparison to last year, 1.4 point unit. And the reason for the growth was, of course, the revenue growth 8.3 percent and that we have continued to improve both the guest experience that increased the volume and then of course we have improved the resource allocation or the cost control that has enabled us to have a rather solid increase in costs and we've also had increased profit from our joint ventures now in the fourth quarter and that relates to FIAB and also the associated company Lima Transrand and that stands for 18 million during the fourth quarter, the improved profit in joint ventures. And as we have mentioned before we have only had minor property transactions during the year or expectation gains. There were three million last year in comparison with 46 in the year before. Of course the underlying improvement in operating margin was 18% when we reflect that we did not have any property transaction. And we also had, I mean if we take a look at the statement, the underlying profit or operating profit was 870 and that is actually the best underlying profit in East of history which is of course very satisfactory. In this I would just like to mention that in our third quarter we did mention that we've had underlying one-off items that impacted the operating margin and those were related to the insurance compensation as I mentioned but also that we made a reversed impairment of the rental equipment that affected the operating profit with 21 billion. If you take a look at the operating profit development by segment, of course it's more or less the same as I already mentioned, but just a brief description. If we start with mounting resource, the operating profit improved by 9% and it is due to or related to a strong revenue growth due to price. The majority is of course price and also a product mix that has been favorable. We also were able to improve our operating margin despite cost inflation that we mentioned in the third quarter and volume related cost increases. We did not have any property transaction during the quarter but we've had improved profits related to are a joint venture and associates. In the segment skistar shop we did improve our operating profit by 10% and it's a combination of strong growth in both online sales, physical stores and not the least rental business. The margin was improved by two points up to 13% and in the full year the currency effect was minor. It was just 1 million as the case. However, it was a bigger effect or a larger effect during the fourth quarter but not on the full year. It was just a minor effect related to currency. So cash flow. We have quite significant improvement in cash flow from our operating activity and that is due to the improvement in operating profit. We have also made an increase in capex during the year and that is more or less related to the increase in snow production and that will be an effect even if we take a look at the future next year that will also be impacted by increase in snow production. So the capex ratio was 12.7% last year and our cash position is very strong. So the financial preparedness as of the 31st of August amounted to more or less 1.3 billion in increasing comparison with last year and that is of course related to improved profits. The increase in interest-bearing liabilities was 1.6 billion, a decrease of more or less 7% in comparison with previous years. Total interest-bearing liabilities recognized in accordance with IFRS 16 was 1.9 billion, a decrease in comparison with last year, and the majority relates to leases to our joint venture holding Skiab, and the rest is more or less related to land leases or the opportunity for us or the opportunity for us to actually rent for very long time ski slopes. The interest being depth or the net depth or the APTS structure was buying point three which is a very low number and even any decrease it compares it with last year. So we have a really strong cash position. We have an ambitious agenda when it comes to sustainability. This page is just an example of a lot of initiatives that are related to sustainability that took place last year. The first one is related to activity and recreation. The long-term goal is to achieve 7 million skier and activity days by the end of 2030 and during 2025 to 26 we recorded 6.3 of skier days and activity days. That was an increase in comparison with previous years. The ecosystem of course we continue to reduce greenhouse gas emission and we have actually had it quite an interesting project last year together with Skiab. We have built a new accommodation in Sjölen which is called Vasa Sjölen and it's a good example where we actually have been able to reduce climate impact as the production of this accommodation has been made with cement with a lower carbon footprint and recycled copper and aluminium. The third one is related to dialogue and interaction and we have the possibility for our guests, they actually have the possibility to travel to our destinations to all our destinations fossil free and we launched a new partnership in the fourth quarter with Snell Target to further improve the possibility for our guests to travel for site-free to our destinations in Norway. We have also made a quite significant engagement with 30 of our top suppliers. With support from them we have the ambition to reduce emissions from purchased goods and services together with capital goods. So that is a very important engagement with all of those 30 suppliers. So a summary of our financial targets and all of them, I mean the development have been stable and the development in total of course enabled us to further revenue growth and improve margin. The revenue growth in total was 8.3% and the financial target was 6%. Operating margin 17.5% and I would like to note again that this 17.5% excludes gains interpretation or property transactions. So this is just related to our underlying business. The net debt position in relation to EBITDA was very good or low 1.3 and we have a quite significant headroom to our long target of 2.5. We have suggested a dividend of 3.5 SEK per share to the AGM, which is an increase in comparison with last year, and that will be 44% of the net profit. and this is the final slide and this has been shown before but this one is used internally and I think it's quite good illustration of what kind of initiative that we should focus on and all of those will enable us to actually climb further climb in our value chain and they are divided into the guest experience that is of course our number one priority followed by that we of course need to and want to use our resources efficiently and of course the property development and the possibility for us to use our land that is a significant number and that will also enable us to grow organically in the future. So this is an illustration of the journey to have the ability to reach our financial target of the margin of 18 percent.
Thank you Sarah and I will now give a short outlook and this last slide you show is of course the result of this year is how we have been working with this model in a very significant way the last couple of years where we also see it pays off now. If you look in for the outlook we can see that we are showing a very strong demand for the winter holidays and it's still and it is a priorities prioritized activity among families and we are up with the winter bookings with 3% and that's a very strong booking number and we could also see that drivers of this booking has been that the launch of this most extensive snow guarantee within Scandinavia has been very successful. The investments we are doing within snow production is really paying off and we will continue to invest in snow production. We also have a very strong Christmas and New Year this year. We have an extra week, so to say, week 53 is there. And that will, of course, be very beneficial for us. We have an early Easter week this year. It's week 12 to 13. That means that we will have a tail in the end and we will now work much more intense. If you look into the graph Sarah showed before, how to really schedule both our staff but also secure we have the right opening times at the right place to secure a good end of the winter season where we failed last year a bit. So here we have a potential as well for the upcoming winter season. From a pricing point of view we have said that we will continue to have quite low price or not any significant price increases in the lodging segment since we ask or we want our visitors to really make sure that they book a stay at our destinations and when they come and stay at our destinations they will buy up and we will continue to increase the prices not only on ski passes also on ski school etc but ski pass increase will be on a leverage between four and five percent depending on what week you book And again, we will not slow off from having the lowest price as well. So we will continue to have the lowest price on ski paths within the mountain, ski mountains. So you could go and ski to a resort like Klövsjö Storhogna, where we provide, for example, 22 slopes, 16 lifts, area which is as big as many ski areas within Sweden for a very low price of skiing. But we also will have an additional one for the upcoming winter where we add in Åre Duved and Tegrefjäll into these resort passes as well after the last year's success. So we will continue to grow both in all the destinations we have, but also to launch these passes at the other ski areas, so to say. We haven't had, as Sarah mentioned and I also mentioned it, any property gains during this last year. And I must say I'm really proud that we can present a result without property gains. However, we are developing those detailed plans and we are also sitting on very strong land bank, which is enabling us to continue both growth within ski areas as well as grow in these property accommodations areas. So stay tuned and we will present when we are ready and we will also, we are not selling any land for low price, we are selling land for the right price and that's why we are waiting and we have time to wait. That's an important signal from us to you guys. And my last slide is also outlook and really proud of the development of our organization and our destinations since it's really enabled us to improve our margin as well our continuing growth. We have had a very intense year behind us where we also met some challenges in the end of the season where we also came together and also strengthening our organization to go together as a common organization towards this goal. And that's also why we present a very strong result. And that would also help us to come into this new year, 26-27, in a good manner, so to say. We also have now this year-round strategy to be proven. And I must say, management are also very confident now that we have cracked the code for the summer. And we can also see that we have an increased profit during the Q2 to Q4. Q1 is still, of course, a very tough quarter to increase revenues. But Q2 to Q4 will be very important that we will continue to do that. Sarah has mentioned it, but I think sometimes we talk a lot about slopes, we talk a lot about investments, we talk about lifts, etc. But sometimes we really forget to talk about our cash flow. We have a very strong cash flow. We have a 1.2 billion in free cash flow of this year. We have an improved cash flow of 160 million sec this year. And that makes us, of course, in a very strong financial position which will help us and enable us to continue to invest in strengthening our guest experiences. And lastly but not least, we will launch the best and most extensive Snow Guarantee and it will continue at our destinations. And of course what I could have add in this outlook also is that, of course, we increase the dividend. Sarah said that we increase the dividend with 16 percent. The result is plus 11. The dividend is proposed to increase with 16 percent. So, of course, that also is a good message to the market that we will continue to invest, but also we give a dividend to the shareholders.
Operator
So, thank you so much and looking forward for some questions thank you to ask a question you will need to press star one and one on your telephone and wait for your name to be announced to withdraw your question please press star one and one again thank you we will now go to our first question one moment please and the first question today comes from the line of alice beer from abg sundal colia please go ahead Good morning, Stefan and Sara.
Just starting off with Norway. So the Norwegian Mountain Resort sales rose to 94 million, but FX only contributed about 28 million group-wide. So what's the price-volume split in Norway like?
Oh, Sara, should you... Can you please repeat? of course what's the price volume split like in Norway since FX contributed I mean a lot but not the whole way to the Norwegian segment normally we actually don't show the split between the market price volume actually we show it in and in total since we really want to we don't share that information so to say so it's a good question but we give a pass on that one actually yeah okay fair enough um and then i mean since the ski star shops segment uh is new could you just walk us through the profitability profile in this segment i mean what's the most volatile cost drivers and how scalable is it i can start to give a like a flying in perspective on that business and then I really would like Sarah to elaborate on your question because five years ago when we decided for a new strategy we could see that there was a hole in the market so to say on both physical shops at our destinations. So we made some small vertical acquisitions in Trysil and also we made a small acquisition in Klöfö etc to really strengthening our presence from a physical store perspective. At the same time works also accelerated our e-commerce site where we wanted to make sure we could deliver a strong offer to our customers on the SkiStar shop site and thirdly we decided also to continue and accelerate the development of Skistar's own brand Equip and that's where we also launched the EquipStore.com so from a historical perspective we decided to do that and then and now when we start to become quite big in this segment we wanted to create a more highlight on that segment as well. So an important part of course showing highlights on that segment. And Sara could you elaborate on the scalability on that one?
And just to mention that in previous reporting we divided our net sales into rental and sports shops and those two are now included in the new segment Seastar Shop. The Seastar Shop segment comprises of three different areas so to speak. It's physical stores, online sales and rental business. If you take a look at the margin between those three areas, obviously the online sales has the lowest margin followed by physical stores and then rental and so of course there is a sort of different type of margin between those areas and I'm not sure if that was the answer to your question Alice.
That's fine but just just to follow up then I mean the loss in that segment increased this year from 17 million to 25 million despite growth of 13%. Could you just talk a bit about that? Was it bad timing or did you have to do a lot of marketing?
It's a combination, I would say, three different sort of aspects or items. First of all, it's a timing effect because the segment has been impacted by increasing merchandise related to rental equipment, and that is more or less a timing effect and then also during the summer by the end of the summer season and we made an inventory and it related to the rental equipment that actually it was evident that we needed to make a write-off related to bikes of five million SDKs and the third explanation is related to marketing spend and during the year not just the fourth quarter but during the year last year we actually increased the marketing efforts to improve our online sales. We actually spend more marketing money and that is also related to the fourth quarter. The combination of those three, of which I would say two of them, the write-off of bikes and the timing of the purchase of rental equipment is more a timing effect.
Okay, perfect, thank you. Moving on then, personnel cost for the full year grew 6%, but the average headcount fell a bit. What's the wage inflation we should assume for next year?
In average, and it's a difference between Norway and Sweden, so in Sweden it's lower. I would say it's 3.2% related to Sweden, and then in Norway, the 4.5%, 4.7% next year, and it's more or less the same this year, or 2025 to 26.
Okay, perfect. And then the outlook on 3% growth in winter bookings, could you just remind us, is that on an unchanged base of beds, or how is the development split between increased occupancy and increased number of beds?
Yeah, we have lost some beds in Trysil. We have gained some beds in Sweden. So I think it is more or less the same, some hundreds, maybe 200 beds plus or something like that, but almost similar as the year before.
Okay, great. And then just how should we think about capital allocation? I mean, you spoke a bit about CapEx and the cash flow, The dividend was raised, but the payout ratio sits a bit below 50% and leverage is down. Is it wrong to assume that this indicates a fairly heavy capex year ahead, or what's the investment pipeline like?
I would say that the capex for this year, or 2026 to 2027, will be a bit higher than the previous year, and that's due to the increase in snow production. but it will be around 12 or 13 percent, I would say, 13 percent ratio to revenue. So a bit higher, but not enormous higher. It's still a bit higher than the previous year.
Okay, great. And then just a final question for me. I mean, the full year operating margin was but 17.6 and that's awfully close to the the targeted 18. What's your view on the margin in the upcoming year and I mean is an 18 percent margin contingent on a favorable calendar or is that reasonable long term?
I believe that we are in a strong position Alice we have worked with I think the slide saw showed with the three different parts of how we are working internally is that we both invest in developing different types of concepts which you are showing now in this growth which is giving us this 8% growth this last year and the margin which is improved comes from these better allocations and how we are working with better scheduling much better cost control so we really believe that we are the track for delivering the 18% without any property gains actually. So we are in a strong position and also to build a little bit on Sarah's answer on the investments. We will be much more precise on where we invest and let's say half of the investment is connected to reinvestment, so to say, and half of the investments will be in new investments. And in the new investments, it will be very much focused on snow production, again, to show that we take leadership in snow production within Scandinavia without any competition at all in that sense, to be honest.
Okay, great. Thank you. That was all for me.
Operator
Thank you. Your next question today comes from the line of Carl-Johan Bonnevere from D&B Carnegie. Please go ahead.
Yes, good morning, Stefan. I'm sorry I'll maybe try to dig in a little deeper, if I can, to a couple of the questions, Alice, you already put to you. Looking at Norway in the just finished year, it seems like you had a great success. And what is the main driver there? Is it the international returning? even more or the locals coming back more or what is the main driver?
Hey Koli-Juan, I think the main driver in Norway has been that the international guests have had a higher share within Norway, in general in Hemsedal actually, but in Trysil also we could see that the airport, we are in Särland Airport, Scandinavian Mountains Airport, has been very successful delivering guests to especially Trysil also. And the Danish guests are coming by ferry to Oslo, from Copenhagen to Oslo, and then they take the car up to Hemsedal also. So we have seen a stronger international guest, but also that the investments we made in Trysil was very strong last year with this Trysil gondola, which created a lot of interest, actually.
And also looking at Q4, even adjusting for the currency effect, it seems like maybe the Norwegian summer product is going slightly better than the Swedish. Is it just that the Norwegian product is the head of the Swedish one, looking at maturity, or how do you see it?
It's a very good question. I think we decided to go back to focus on the three resorts during summer, and that has been a strategical right decision. Both that we could take out some costs where we didn't get any growth. And then we can see that Åre is a resort where we have a very, I would say, a lot of visitors. However, we don't offer all the revenue streams in Åre as we can provide in the same manner as we do in Trysil and Sälen. So that's why Trysil is a little bit ahead. And also, to come to Trysil, it's also two hours from Oslo, which I think is also very important if you look into, for example, in Europe, Southern Europe, we can see that a lot of success in the summer business in the European resorts are connected to that they have a lot of people living quite close by. And Trisill is quite easy access versus Åre or Særen, for example, from the big areas where people live. So one of the main reasons why also Trisill gets a lot of people. And then also Trisill is the largest resort in Norway, of course, and which have also the best biking development within Norway, actually. and also the long-term tradition of outdoor activities in Norway.
You mentioned majority, and I would say that that is one of the reasons as well.
Excellent. Thanks for the extra color. Looking at, summing up the high season of 25-26, what kind of growth did you see in new guests that you didn't have in your databases before? And maybe also, why do you end up on my SkiStar membership towards the end of you? I couldn't find that KPI somewhere.
We continue. I mean, the international guests, they ended up to be 40% during the winter season. And most of the new guests, they came from these air companies to ECF and so on. So there we got a lot of help from the airport, so to say, to get more and new international guests. You can also see that the Danes started to come and then they have a very easy access by, for example, with Snell Target. They go on to the train in southern part of Sweden, and then they travel the whole way, which has been very successful as well. And then the last question, what did you ask? You asked about my ski store. Yes, so we have continued to grow my ski store. And I don't have the exact numbers here and now, but I see that we need to provide that information with the exact number of my SkiStar members. But we continue to grow that database.
You mentioned the Scandinavian Mountain Airport a couple of times and seeing as a good demand driver for Trisil and Säle. And what kind of growth did you see in the capacity coming into the airport during the last season? and do you have any indications for what kind of capacity growth we might see for the coming season?
I mean, we are only a part owner of the airport, so we don't have, of course, all the numbers. But we know that the lines from TUI, they have taken out one flight, but they have added in another. So it will be quite the same. EZS will continue, Lillebeck Air will continue. So quite the same actually as last year. Last year there was 44 000 packs coming in so we believe that it will be slightly the same but we also believe that the additional train opportunities will add some extra guests actually and also an increased work with the Danish agencies will also help us with some additional Danes coming in to us as well.
Excellent. Looking at the pre-bookings up 3% at this stage, I remember last year you also gave an indication about how the early part of the season would go as there was this kind of strange shift in the base. How do you see that for the coming season?
Is it still Christmas, New Year that is driving the pre-bookings at this stage and there's still a huge gap to to say basically cater coming up to easter in the later part of the season uh very good question i'm really glad that we could elaborate a little bit on that so the weeks between 51 to week one so to say we have a very strong booking situation at this moment right now, actually. And that's all over the destinations, more or less, so to say. And we could also, since this week 53, give us an additional week, more or less, which is, of course, extremely strong. We could also see that the winter break period between week and 10 is also quite well booked so to say and we are a little bit slower right now in the period of week two to six at the same time for us where we make the best profit so to say is between week 51 and one and week seven to ten so from a financial point of view we are extremely satisfied with the bookings at the moment how they look like and do you take any learnings with you from from say the last season looking at how to to drive say in season demand if you put it like that to get those weaker weeks and maybe the end of the the year up to to the level where you want it to be yes we have learned how to be much better in how we operate our destination so So as an example, the week 51-1, which will be extremely busy, we will have extra people and so on to make sure we have the right people on the right place. At the same time, we will have more slopes open since we have invested so much in the snow guarantee. And the snow guarantee also drives booking. So that's something which is really good. Then if you look into the end of the season, which I tried to describe in the call also about the tail, so to say, the end of the season, we will be much better in how we operate our end of the season within opening times. and also we will not have all destinations fully open as we have had previously we will be much smarter of how closing down part of the destination compared to how it has been previously because that is how we will also save cost compared to how it has been in the past so I think we have learned to be much more better in operation excellence based upon the past seasons actually.
Perfect. And one final, you mentioned also a couple of times that the Swedish guests have been much more switched on to do early bookings.
Does that simplify this idea of filling up maybe also the slower weeks to say or is that just exaggerating the pattern you just talked about about the strong wigs i think the swedes have been very successful using this week two to six for example valet winter vecka as we say they are extremely popular among families with children so they are a big contributor to that part of the year so we are really glad to see that the Swedish customer is coming back and and we also see that the investment we have made like I said in snow production but also for example in activities around the slopes for we are building an ice rink we are building like this snowman where you can play in the in the in the snow We also have an extended F&B where we also add a full package, which is also something which our guests want, especially the international guests. So we have a lot of good things and I'm really comfortable about where we are at the moment. And we have a momentum within SkiStar at this time for now.
One final number question as well before I pass back. Looking at the SkiStar shop retail operation, what is the split between physical and online at this stage?
It is still 50-50 actually. So we continue to have a really strong growth in the physical stores. And again, when we have all these events during summer, what's really interesting to see how all revenue streams delivers. Because, again, when we have an activity, like, for example, just before, and also the collaboration we have with Vasa Loppet and also the biking Vasa, all numbers are handing out in our concept, Skistar Shop Store, where all the biking participants come to our facilities. They train before Cykelvarsan, we hand out the numbers, and when they are there in the store, of course, they start to shop as well. So we can see that all these events we create also support all our revenue streams as well. So that's why I really would like to highlight the importance of the physical store development we have at our destinations, actually.
Yeah, no, very good to see how healthy the operating margin looks for that operation on the full year perspective as well. So good extra disclosure, I must say, and good luck and all the best out there. Thank you so much.
Operator
Thank you. As a reminder, if you wish to ask a question, please press star one and one on your telephone. We will now go to the next question. And the next question today comes from the line of Linus Alenten from Nordea. Please go ahead.
Hi, and good morning, Stefan and Sara. Just a couple of questions from me here. Starting off with the past year, perhaps, skier and activity days were roughly flat, and ski pass revenue was up 6%, or 5.7, I think, was the exact number. I'm just wondering if we could have sort of a split here between price and mix also with regards that you're guiding for 45% price hikes here.
We can check it out. I'm not sure if we can give you that number. It's sort of a total evaluation that it's been made internally.
So, I mean, if you look into, for example, the weeks between 51 and 1, we have, of course, a high price increase on the lodging since there is a high demand, since we have this pricing tool, so to say. The same with ski pass. And that's also depending when you are buying the ski pass. If you are buying the ski pass the same day, you have a 10% increase. So it's all depending on, so it's too difficult to guide on that actually. So that's why we say in general, like we are saying right now, four to five percent.
But the majority is related to price. Yes, yes, that's true.
But we still see that we will have a volume increase this year.
Yeah, all right. And I think you mentioned that Salen here has a pretty good situation on the bookings. Is there any other resource that stands out in in any way up and down?
We decided to give a flavor on that booking and maybe it gave a wrong signal two months ago when we did that but the idea was to really show that our investments we made in this snow guarantee really pays off, I must say. So Salen is the locomotive, so to say, with very high bookings and the other ones is on a good level and we can see that there is still high demand on mountain vacation. So we are really looking forward actually for the winter seasons now since we see that we probably taking some market shares this year with all these efforts we are doing, especially in the investments we are doing.
Yeah, that sounds great. And just a question on those investments here and on the snow guarantee perhaps. I'm just wondering, have you done any scenarios of potential cost exposure if we happen to have a mild winter here with little natural snow?
No, we haven't done that since. We build our, I mean, if you look into historical forecasts, how it will look like from the weather predictions, et cetera, we will have minus degrees. And what we are doing is that that's why we invest in so many snow guns. I mean, I think Lindvallen last year was a brilliant example that we could open up Lindvallen and full secure delivering our snow guarantee and compare to the competitors in the surrounding state. I'm still, yeah, I shouldn't talk about them, but we open up in a very good secured way and by the investments we have done for this year, we can open up with even more slopes. We are fully confident in that. I just want to elaborate a bit on that as well, because I think what is very important is that I got excited when I traveled to Zealand and see a pump house close to the river. And how can you be excited by seeing a pump house close to the river? And that's because we are doubling the water capacity. And doubling the water capacity means that we could push more water which is getting snow when it is minus two degrees. So we don't need so much coal actually to be able to produce snow and I think that's something which is unique in what we have invested in right now. We have invested in pump capacity, we have invested in snow gas, we have invested in pipes and that will help us to fill the slopes with snow faster than we ever have done earlier and we will continue to invest in pump house in water and snow guns next year to even increase our snap snow guarantee even more going forward and we are super proud of that understood uh all right thank you very much for taking my questions here i'll get in line thank you thank you thank you there are currently no further questions i will hand the call back to stefan for closing remarks thank you so much for taking uh that time with us today it was more than an hour call but we are also very proud of the results we have delivered and also trust that you have got the answer on the questions you have asked to us and now we looking forward for the upcoming winter season and I hope that many of you will come and visit us during the winter. So thank you so much.
