July 1 – September 30, 2025
• Net sales increased by 3.1 percent to SEK 6,372 million (6,182). Organic growth increased by 5.3 percent.
• Average occupancy rate increased to 74.2 percent (71.4).
• Average revenue per available room (RevPAR) increased to SEK 966 (941).
• Operating profit amounted to 1,174 (1,155).
• Adjusted EBITDA amounted to SEK 1,088 million (1,077).
• Excluding IFRS 16 adjustments, earnings per share amounted to SEK 3.00 (2.98).
• Free cash flow amounted to SEK 593 million (659).
• Interest-bearing net debt/adjusted EBITDA amounted to 0 times over a rolling 12 months.
1 January – 30 September 2025
• Net sales increased by 1.5 percent to SEK 16,713 million (16,472). Organic growth increased by 3.7 percent.
• Average occupancy rate increased to 65.2 percent (62.5).
• Average revenue per available room (RevPAR) increased to SEK 833 (811).
• Operating profit amounted to 2,184 (2,209).
• Adjusted EBITDA amounted to SEK 1,912 million (1,951).
• Excluding IFRS 16 adjustments, earnings per share amounted to SEK 4.09 (4.14).
• Free cash flow amounted to SEK 621 million (389).
Events during the period
• Scandic entered into an agreement with Pandox AB and Eiendomsspar AS with the intention of acquiring Dalata
Hotel Group Plc's hotel operations.
• On September 11, 2025, Dalata's shareholders approved all proposals at the general meetings regarding Pandox AB and Eiendomsspar AS's intention to acquire Dalata Hotel Group Plc.
• Scandic signed a new franchise agreement for a hotel in Florø (Norway) with 97 rooms.
• Scandic signed a new agreement for a hotel in Hamburg with 430 rooms and planned opening
2030.
• Scandic Go was launched in Norway through the conversion of Scandic Grensen in Oslo. The hotel will have 96 rooms and is scheduled to open in the first half of 2026.
CEO COMMENTS
”"Scandic delivers a quarter with good growth, results and cash flow, driven by an overall positive market development and high operational efficiency. The autumn has started stably and we are entering the end of the year with good conditions and a booking situation on par with last year."”
Scandic delivers a quarter of good growth, results and cash flow. Demand was positive in most of our markets, with increasing travel volumes and tourism as well as a well-filled event calendar, which contributed to a stable increase in revenue per available room.
Scandic Norway is performing strongly and meeting demand with high efficiency. Sales increased by almost 6.5 percent (around 10 percent organically), while we further strengthen our margin compared to
with last year. The Norwegian hotel market developed well, driven by good demand from both private and business travelers and a favorable capacity development. In Sweden, the quarter started somewhat cautiously but improved gradually during the summer. In Gothenburg, the market has normalized after last year's capacity increase, while the development in Stockholm has been stable but with somewhat restrained prices.
Scandic Sweden increased its turnover by 8 percent with good profitability in line with last year. In Denmark, the market developed well and in Copenhagen in particular, demand was strengthened by increased international tourism. Kastrup has consolidated its role as the leading aviation hub in the Nordic region during the year with more routes and record-high passenger numbers, which has contributed to a greater international influx of guests. In Finland, the result was affected by the weak macroeconomic environment and a strong comparison period, which benefited from a large number of events in Helsinki during the same period last year. The effects of a weaker economy are also being felt in Germany. That said, we continue to optimize our operations to be well positioned when the markets turn around. Net turnover increased by just over 3 percent to SEK 6.4 (6.2) billion, which excluding negative currency effects of approximately SEK 138 million corresponds to organic growth of over 5 percent. The adjusted EBITDA result amounted to SEK 1,088 million (1,077), corresponding to a margin of 17.1 percent (17.4). The slightly lower margin compared to last year is mainly explained by currency effects and a higher commercial development pace in the business.
Items affecting comparability amounted to SEK -20 million (-18) and related to transaction-related costs in connection with the Dalata acquisition. These costs are non-recurring and are therefore excluded from adjusted EBITDA. Free cash flow was strong and has increased to SEK 621 million (389) so far this year. Since last quarter, we have signed agreements for two new hotels in Hamburg with planned openings in 2028 and 2030, as well as a franchise agreement for a hotel in Florø, Norway. We also decided to open our first Scandic Go in Oslo through the conversion of Scandic Grensen. The centrally located hotel strengthens our offering in the fast-growing economy segment and is expected to open in the first half of 2026. In October, Scandic's new app was launched, which, together with our new website and loyalty program, constitutes an important investment in strengthening the guest experience.
As previously announced, Scandic has signed an agreement to acquire Dalata's hotel operations from Pandox and Eiendomsspar. Following approval from the EU Commission and Dalata's shareholders, the transaction is expected to be completed in early November.
A process will then be initiated to separate properties from hotel operations, during which Scandic will operate the hotels through a management agreement. Once the carve-out process is complete, we will take over the new hotels on a lease agreement. Once the carve-out process is complete, we will take over the operations on a lease agreement. The acquisition means that Scandic will take over the operation of 56 well-managed hotels with strong brands and high guest satisfaction in Ireland and the UK, two attractive markets with strong fundamentals and higher occupancy and room rates than in the Nordics. The acquisition is expected to be completed at a favorable valuation, contribute positively to earnings per share from the start and provide a platform for continued growth and improved profitability over time.
The market development is stable and based on the current booking situation we expect a fourth quarter with occupancy in line with last year and slightly higher price levels. Travel, hotel stays and experiences are prioritized, and together with our strong position, record low debt and commercial agenda, Scandic is well positioned for the future.
According to the press release.
