Good day, and thank you for standing by. Welcome to the SkiStar Year-End Report, 1st of September 2024 to 31st of August 2025, webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press *1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speakers today: Stefan Sjöstrand, CEO; Sara Jinnerot Uggelberg, CFO; and Henrik Lundmark, Real Estate Director. Please go ahead. Thank you so much, and good morning, everyone, on this call. I'm really happy to be able to present our fourth quarter today, but also give some highlights around that. I will also talk a little bit about our outlook, about our going-forward strategy with our marketing activities. There will also be a deep dive around our real estate development, and that's why I'm really happy to have Henrik Lundmark, our Real Estate Director, here with us today, who will continue after Sara's and my presentation. First, a slight introduction of today's presentation. We are really happy to celebrate our 50-year anniversary this year. This morning, we opened up Nasdaq Stockholm stock market, and it has been a great journey for us to celebrate this 50-year love story as a company working within this area of tourism. We have strengthened our position the last couple of years, and I'm really proud to see that we have increased our sales. We have also made this transformation to a company who not only works on the winter season, but also the transformation to a year-round business going in the right direction. I'm really happy to see how happy our customers are with our staff and the way our staff take care of the hospitality at our resorts, as well as the digitalization transformation which has happened the last couple of years. SkiStar has a strong position, if you look into the worldwide map, and sometimes not everyone is aware about the position of, for example, a destination as Sälen and the way Sälen is presented globally on the number of ski resorts. I'm really proud of that. If we zoom into the Scandinavian market, we are strengthening our position this year. We are increasing our market shares slightly, and even though we have a strong position, we strengthen it even more going forward. We have a strategic framework which we are working with as a company, and for you who are a little bit observant, you could see that we have made a slight update on this strategic framework. The update is connected to our strategic framework, and even though it's maybe a small slide here, we have updated the five strategies, or the five strategic initiatives to reach our financial targets. The first one is really to focus to enhance the guest experience, and that we do by investing in much more guest experiences all over. We are looking into a profitable and more sustainable growth, and that's why I'm really proud also to see the increase we have of foreign guests, as an example, that we have made a transformation from 20% of our total international guests to this year coming up to around 40%. This transformation is very important for our profitability going forward. We are very strong within the community, and that's why we will continue to be a community builder and also work very strongly connected with the municipalities where we are located. The property development and the infrastructure, we are a large owner, not only of properties, also about infrastructure. Henrik will go through that a little bit deeper later on, but we are really proud of what we are doing within the field of property and also how much infrastructure we are working with around our destinations. Lastly, but not least, is our financial strength. Today we have a financial position stronger than we have ever had before, and I would like to also let Sara give you a slight presentation of our initiatives we have to reach our financial targets. So, Sara. Thank you, Stefan. We have several prioritized initiatives that should support us to reach our financial targets. Those have been divided into three different categories, which are guest experience, efficient cost allocation, and property development and exploitation. Those together should enable us to reach our financial targets, i.e., improve our operating margins. Those initiatives should also guide us internally to prioritize our own work. If you continue with the financial targets and the outcome for the fiscal year 2024 and 2025, if we start with organic growth, no, we did not reach our ambition of 6% this year, and that was due to the circumstances around Easter that were late this year and also very warm. That impacted our revenue streams and the third quarter in particular. The revenue growth was zero this year. If we continue with operating margin, that has increased and it amounts to 16.9%, which is very good and satisfactory. If we continue with the debt situation, net debt/EBITDA amounted to 1.5, which is a fairly low number, and we have a quite significant headroom to the financial target of 2.5. The dividend policy, we have suggested a dividend per share this year of SEK 3 per share, and that is an increase in comparison with last year and even in comparison with the previous year. The dividend of SEK 3 equals 43%. I will continue, and Sara will come back later on to talk a little bit more about the financials. I will just continue with the strategic framework. If you look into the strategic framework, which we have presented earlier, it's around mounting operations and within the property development. Since we are now working much more around the mounting operations segment and the property development segment, we will also, as from Q1, this fiscal year 2025/2026, actually present our businesses within these two instead of the three segments as we have today. That will be much better for us internally as we are focusing around the mounting operations as well as how we will focus on the property development. If I look into the mounting operations, we are working with SkiStar's integrated business model. This integrated business model is our strength. This is how we are structured and also how we actually will secure that our customers will continue to visit skistar.com. This is our distribution model. When the customers come into skistar.com and start the journey within this wheel, so to say, everything happens here. We are really proud that we also increased our digital presence this year. Lastly, within this area of introduction, how we are organized. We are organized within four business areas. I think that is very important for all of you guys to understand how we are working with lodging and within the area of lodging. We have put in everything around our lodging hotels, all around accommodation and services like cleaning, etc. That's a very important part of the business. The next part is the operations. In operations, we are running our resorts, and there we're talking both how we're taking care of our guests, but also how we are taking care of everything around our slopes and how we are operating the destinations. We have also our SkiStar shop and retail business, which have had significant growth within the company. Those three will then be part of what we are calling in the circle mounting operations. The real estate will be part of the property development. This is the four business areas with our support, which are supported then by some global functions. If I then try to summarize Q4, I would like to hand over to Sara, who will give you an update of how Q4 and the year of fiscal year 2024/2025 has ended. Thank you. If we start with the fourth quarter and net sales, we did not have any property transactions during the quarter, and that has, of course, impacted both net sales and operating profit. If we take a look at the underlying operation, that was solid, and the performance was solid, and we actually had a revenue growth together with improved profitability. The summer season actually showed increased sales related to ski passes. That was up 12%. Accommodation or lodging was up 4%. We do have a strong balance sheet with an equity ratio of 59% if we exclude IFRS 16. As I said before, we have a fairly low net debt, and the net debt/EBITDA amounts to 1.5. That is due to lower investments and strong operating cash flow. I think it's important to not forget in this time what's happening and going on in the world. We are still focusing a lot around sustainability, and that's why we are really proud to have 99% of our suppliers have signed our code of conduct. Unfortunately, we had lowered the ski days to 6.2 million, and still, that's a fairly high number, but everything is related to the Easter, which actually made us up to before Easter, we had actually a growth of ski days. Unfortunately, the warm weather did not support that. However, we continue to reduce or make some reductions within our operations, and that's why I'm really glad that we have decreased with 10% within our operation of reduction. If we look into the digital engagement, I just mentioned that in the beginning, you can see we have a significant increase in traffic on all digital platforms, and it also indicates a very high interest in both retail and travel for us. As you can see in the bottom, we reach almost 35 million sessions, and that's an increase of 7% of digital visits. Unfortunately, we made a lower conversion rate this year, and the main reason for the lowering conversion rate was, again, the Easter, which made a hit to us. If I then again look into the totality, we are fairly happy, actually, with this digital engagement, which we can see, and especially that we also continue to increase the number of My SkiStar members, which are very important for us, also with the communication directly with those members. We have spoken about the importance of international customers, and we really would like to highlight this again. We have made a transformation the last couple of years, like I said. In five years, we went from 20% of our customer base from 20% to 40% international guests. As you can see on this graph, the international guests are spending almost 1.5 versus a Swedish or Norwegian guest. That's why those ones are very important for us as a company to make the transformation, not only serving Swedish guests, also serving international guests. A very important picture for bringing with us also for the upcoming season where the international guests are increasing even more. Another area we would like to highlight, maybe the headline is difficult to understand. What I really would like to highlight here is that this is both a new and also a business focus. This new business, with our sport shops, is not super new, but the way we have focused on these now has been very successful. If you look into the growth we have had the last year, we grew 5%, but it was also very impacted by the warm weather. If you compare to the industry within this segment, we are growing tremendously strong and taking market shares. If you're then looking into our own brand, Equip, we continue to grow 33% year on year. We are very satisfied, and we can also see a continuous growth within this both business area as well as this segment. Sara, will you talk a little bit about the sales development? Yes, thank you. The year commenced with a very strong second quarter with a positive calendar effect, but that was followed, as you know, by a weak third quarter due to late Easter and poor weather conditions. The summer season has been fairly solid, with revenue growth related to ski passes and accommodation, etc., but the net sales development has been impacted by acquired businesses at Hundfjellet, restaurants at Hundfjellet, and Högfjällshotellet. We have also made a few property transactions in comparison with last year, and that has had a significant impact on revenue growth. If we adjust our revenue and take a look at the underlying business, the revenue growth was actually up by 4.1%. If we talk about volume and ski passes, that was down by 1.8% in comparison with last year. Next year, if we take a look at going forward, we have a very positive calendar effect during Christmas and New Year and also Easter next year. We continue, as Stefan mentioned, to be an attractive choice for international guests. We have invested quite a lot in new and exciting investments and in guest experiences at our destinations. That will improve net sales development going forward. This is a picture of the net sales development per category. I would like to point out that in all revenue streams, more or less, except for property transactions, we've had revenue growth. As I mentioned, the underlying operations or the underlying business was actually up by 4.1%. If we continue with operating profit development, we have had a growth in our underlying operations, which is, of course, good. Even though the revenue growth was the underlying growth was 4.1%, we have been able to improve our operating profit, and the margin was 16.9%, which is an increase in comparison with last year. That also means the operating profit improved or increased, even though we did not make many property transactions. The operating profit per segment has also improved. If we check the operating profit, the percent improvement was actually up by 6%. The underlying improvement was actually 9% for the year. The cash flow and the CapEx situation, if we start with the cash flow, the operating cash flow has actually improved in comparison with last year. That is due to, of course, improved operating profit. The CapEx amounted to SEK 528 million, which was a bit lower than the previous year. CapEx is most likely it will increase in this year due to the many investments in guest experiences that we have made and continue to do. That will have an impact on CapEx going forward, or at least this fiscal year, which is 2025 to 2026. If I continue with the debt situation, net debt in relation to EBITDA, as I mentioned before, it is at a fairly low and satisfactory level. It's 1.5, and it has improved due to operating cash flow. Of course, that has improved, together with the improved operating profit or EBITDA. We also made, as I mentioned in the last quarter, a refinancing agreement with our banks that has increased our financial facilities, and that has improved our financial position, which is, of course, good for the future. Thank you, Sara, for all these financial numbers from the year, fiscal year 2024/2025. If I then go into how it looks for the upcoming winter season and also this fiscal year, I'm really happy to talk about several things, actually. I will talk about the calendar, some flights or international guests, our investments going forward, and also about our shift in marketing, which has helped us to strengthen our position in the second quarter. If I start with the calendar, this calendar is a very important picture for us to work with as a company, which is focusing on when others are off, so to say. We know that if you have a calendar like this, by taking, for example, five days of vacation, it can give you 18 days of actually continuous time off. This will have a very solid, important impact on our business. Last year, we could see that we had an increase of 22% of guests in this period of time. Now we also already can show that we have plus 3% on top of what we had last year. The calendar is very important for us, and we are working very hard with this calendar and the positive impact the calendar has. The other part, which is important for us as a company working with guest experiences, is that I show you some pictures here. The first up to left is about Vemdalen Hovdesyd, a completely new ski area of 24 hectares, new ski area, which is very important for us to give Vemdalen a new facelift and even more ski area. The middle picture of the gondola in Trysil, which will open up in December. We are ahead of time due to the really good summer season. Up to right, Söderåsen, we are widening the slopes in Sälen, the same we are doing in Hemsedal as well, which is giving a much better guest experience in the new way of skiing. The three pictures in the bottom show Åre development. There is a red arrow there, and it's showing actually Getvalsliften, which really is actually binding Såden together with the rest of Åre, meaning that all days, even if the wind will come, the connection from Björnen and Såden will be very important and will be there every day open. The middle picture is showing also how we will invest in lighting, meaning also that all this area can open up early in the morning and close late in the evenings, meaning also that Såden and Björnen will be connected fully with Åre as a side. Lastly but not least, of course, that area needs a new restaurant as well. A lot of guest investments and improvement in this area. Of course, we will introduce the lowest price on ski passes in the mountain. That will be in two areas, one in Klöverstorhångna and the other one in Högfjället. We hope that this will actually give us some opportunities for new customer groups to come and visit us who maybe cannot afford a full week at one of our larger destinations or are satisfied with a small area of skiing. We hope that this will also help us to recruit new skiers to our company. I spoke a little bit about the calendar, but also the shift in marketing we have done because we have seen that international guests are working very far ahead. That's why we start with early campaigns in the summer to, for example, get the Danish ones to book early. That has been very successful. We improve our booking with international guests. We have also seen that the Swedish guests are booking much later than before. That's why we have made a shift in marketing due to this later booking behavior. We have just decided that we will box in the second quarter as much as possible because if we are successful in the second quarter, it will give us a very good start of the season, more or less. That's why we have done this shift. It's fully planned to have 60% booked for the season, which is actually in line with where we normally have our booking pattern for this period of time. We are minus 2% of the whole season, but I really, again, would like to highlight that the first period of time, around the Christmas holidays, says that we have plus 3%. That is coming from an already very high level the year before. The other period between week three and six, we have plus 4%. The breaks, we are plus minus zero. That's okay. That's always a full period. For us, we are super happy, and we are fully trusted with that this will be a fantastic start of the season. We are not worried at all about the other part of the season because, like I've said this morning in some interviews, we have had very warm weather. I don't think so many have been thinking about where they should celebrate Easter holiday. We will start to remind them of that after the Christmas period when we have got fully number of beds in our destinations. Last slide from my side before I open up for questions is, of course, our strategic collaborations and partnerships we have. We continue with this International Ski Alliance, and that will be a very strong collaboration and cooperation not only in sustainability projects, also in purchasing projects. The other part is around the collaboration we have with OKQ8 where we will give 1 SEK from SkiStar, 1 SEK from OKQ8 for all those customers who fuel up with HVO. That will lower the impact on the customers' travel to our destinations. Our collaboration with SJ, but also Snälltåget, is a fantastic collaboration. We met Snälltåget the other day, and we have increased the number of travel, almost double actually. They are such a great company who are so flexible. We can see that 66% of the travels from Malmö actually consist of Danish travelers who travel from Malmö to Åre, for example, which is very interesting to continue to follow. By that, we open up for questions before we let Henrik in and talk about the property side. Thank you. To ask a question, you will need to press *1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press *1 and 1 again. We will now go to our first question. One moment, please. Your first question today comes from the line of Alice Beer from ABG Sundal Collier. Please go ahead. Hi, good morning. Looking at accommodation growth, it was down for the quarter, and volumes down 4% for the year, as you talked about. Do you know if accommodation volumes are down for the whole market, or are people to a greater extent booking accommodation with other actors? I think that's a very good question, Alice. First of all, I think what everyone needs to be aware of is that there is a change in the accountant, so to say, of how we need to tell the tax authorities about the revenues people get by renting out. That's why we have seen an increase of channels like Facebook and Friends to Friends, etc. That's why we can see that there is a new market opening up for rent accommodation just as a starting point, so to say. We see a stable development in our accommodation. The reason why it was down was actually related to the Eastern, actually fully, because if we looked into our second quarter, we had a significant growth actually within this segment. The third quarter destroyed a bit of our growth and our great numbers, so to say. Maybe it was a long answer on your question, but just more to get an understanding of how it works now in this market that is called the DAC 7 accountants or the way we need to send in to the tax authorities about the rental income. That can open up for more free riders, so to say, like Facebook, etc. For us, it doesn't import or not so important if people book with us or with Facebook or any other channels, actually. The most important is that customers visit SkiStar and our destinations. That we can see have increased. All right. Perfect. Thank you for that. Just on the quarter then, OpEx was down in absolute terms, but higher as a percentage of sales. Could you just walk us through what's happening on the cost side? Can you repeat? OpEx was down? Yes, in absolute terms. When you look at it as a% in relative terms, it was up. Could you just talk about the cost side a bit? Yeah. First, I would like to say that, of course, if you compare it with net sales, you have to reduce or adjust for the property transactions that did not occur this year in comparison with last year. With that said, our cost base has, I mean, personnel cost has increased, and that is due to the union agreements that we have. The cost base, for example, maintenance and repair and cost for vehicles, which is a fairly huge number, has gone down. It is a combination. We have increased our costs related to retail and marketing, and that has been a strategic choice for us to actually boost the sales related to retail. In the cost base or in OpEx, if you include depreciation, that has also gone up, and that is due to quite high investment ratios in the previous years. It is a combination. Of course, the revenue streams, we have costs related to restaurants and lodging, etc., with different margins, if I could say that. Ski passes obviously have a quite high margin in comparison with restaurants, etc. We do work a lot, and that is also described in the picture that I showed you related to initiatives to reach our financial targets. Cost control is a very, very important topic that we actually discuss on a daily basis internally, and we have a lot of measures to improve our cost base going forward. All right. Thank you so much. Moving on, you've talked about a lot of projects within property development for 2026. Maybe this is a question for Henrik, but margins in the segment can differ quite a lot. Could you just walk us through what affects margins in the segment and what kind of margin profile the 2026 projects will have? I think, Alice, that's a very good question. Let us take that when Henrik has walked us through our property development because there we will talk about the different segments within the property development, what the different margins would relate to. Is that okay? Okay. Yes, of course. Just one final question before I go. You said that CapEx will increase next year. It was about 10% of sales this year, 8% last year, but has been in the high teens historically. How should we think about CapEx in relative terms going forward? I would say that it will be in the ratio of, still 10%, but up to 15%. This year, 2025 to 2026, as we have a lot of new investments, that will actually start for, for example, the gondola in Trysil. That will be paid now in the period up to Christmas. That is in combination with Hovdesyd, for example, in Vemdalen, etc., etc. All those new investments in guest experience that we've made will be fully paid now in the future, in the coming, say, four months. That will impact CapEx in this year. All right. Thank you. Just one more question. This year will be 10 to 50, which is a fairly huge ratio. This year, it will be maybe 15%, up to 15%. Understood. Sorry, just one more thing before I go. You talked about international guests increasing, and that's an important strategic thing for you. Do you have any concerns that international guests will decrease when the SEK strengthens? Sorry, Alice, can you repeat that? Do you have any concerns that the number of international guests will decrease now that the Swedish krona is strengthening? No, I mean, absolutely not. I think the guests are not coming to us because of the Swedish krona. They are coming to us because we have snow security. We have better slopes for those customers. They don't want to go to the Alps on the 3,000-meter level. They want to come and learn skiing in different areas. They would like to stay within the type of households we offer to our customers. If you look into the value, 1.45, 1.47 is still half the price for a Danish guest if you look into the currency effect. We don't see that at all. I must say the opposite. The international guests are increasing, and they are increasing a lot. They are booking everything. They are booking ski passes, ski school, ski rental, and they're also buying stuff from our sport shop. They are very good customers to us. Okay, great. Thank you so much. That was all for me. Thanks. Thank you. Your next question today comes from the line of Stefan Stjernholm from Handelsbanken. Please go ahead. Hi, Stefan. Can you hear me? Yes. Good. Additional question on international guests. I know that it's primarily from Denmark, but what's the second largest nationality? The second largest nationality are Dutch people who are coming, and it's British people. The British people are increasing fairly a lot since we are then increasing with these EasyJet flights coming in directly. We also see an increase now coming in from Germany and Belgium, which is new customer bases as well. As you said, the third largest, I think, is a combination of British and Dutch guests. That's good with British. I saw that. I think also we need maybe, I think those customers are clustered. Maybe we should be clear of how much they consist of. I think the Dutch, British, the German, and the Belgian customers start to increase, all of them at a good pace right now due to the collaboration we had both with TUI and EasyJet. Also, not to forget about SAS as well from London. Good. Another topic, the Easter is obviously early this year in the coming season. Is it fair to assume that you will close the destination a bit earlier and that you get the more cost-efficient season this year? Is that to be too optimistic? No, it's absolutely correct, Stefan. Thank you for highlighting that. I tried to be clear about that in an interview this morning. Since Easter was very late last year, 2016/2017, and normally we close in week 16, and that we will do this year as well. We will celebrate Easter 14/15, and then we will have some weeks open after that. We will close two weeks earlier than we did last year. Of course, that has a cost impact as well. Sounds good. My last question, sport shops, if I'm doing the calculation right, it's around 10% of sales. Can you say anything about profitability and how that has helped? The profitability, can you take the question again, Stefan? Regarding sport shops, your sport shops, yes, it was a turnover of SEK 450 million or so last year, 10% of total sales. How is the profitability within that segment? We are not showing the profitability within our segments since we are clustering them together, actually. We are satisfied with actually the development. Of course, we have profitability, but again, we don't talk about profitability within the segments, Stefan. I see. It's fair to assume giving Equip is quite a lot of parts of the good gross. Yeah, I mean, if you look into the gross margin of Equip, it's around 70%, of course, and that helps us. That is the strongest margin contributor, of course. That's why we continue also to focus on the Equip development, but also the combination of other brands, of course, made a very strong offer compared to many other competitors. I think also the way we have strengthened our position at our destinations from the physical sport shops, meaning that we both have the rental accommodation where we rent out skis, but there we are strengthening the presence of the Equip brand within the, so to say, rental part. Within our concept stores, we also have a very strong position. Now we also make some acquisitions in Trysil of Juul's sport shop, meaning that our presence at all our destinations physically will be even stronger going forward. We continue to develop the online sales as well. Okay. Thank you. Those were my questions for now. Thanks. Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone keypad. We will now go to the next question. Your next question comes from the line of Karl-Johan Bonnevier from DNB Carnegie. Please go ahead. Yes, good morning, Stefan. I'm sorry. Just a couple of follow-ups from me. Looking at the booking situation again, if you try to split this minus 2% for the whole winter season up in what you see from, say, domestic bookings and international bookings, how would those percentages look? It will mean that it is around 60/40 Swedish versus international. It is almost like we believe that the season will continue to be. We see still bookings from international guests, and we see a lot from Swedish guests continue. We have the split right now where we think we will end. We have seen a slightly slower behavior from Swedish guests in the beginning. In the summer, it was almost 50/50, actually. The Swedish guests have picked up fairly fast the last couple of weeks. That's also very much related to exactly how we have put in our marketing focus, so to say. We believe that we will have a very strong opening on the second quarter. As you remember, that was the largest quarter ever last year, and it will be the largest quarter ever this year as well. We have full trust in that the calendar, the international guests, and the news will help us to support all this. Sounds very appropriate. If I interpret that right, then I guess the international part year over year should be up a couple of percent, and maybe still the Swedish part of it is lagging one or two more percentage points than the minus 2% is suggesting. Correct. That's why, again, I believe that last year we had, I think, around 37%, 35%, 37% international guests, and they will go up then to 40% plus now. That's how we see it. Again, the revenue of the international guests will be above 50%. They are, again, very important for us. Excellent. Excellent. When we look at how you adjusted the ski pass prices during this year, I know there's a big mixed component in that depending on what people buy and how you have been doing, say, the real-time adjustment to the people coming for day tickets and these kind of things. Do you see the same kind of opportunity to manage prices in the coming season as you had in the former one? Absolutely. That's, again, I think it's very good you asked these questions because, again, the second quarter is our most important for several reasons. First of all, it's the peak season over Christmas holidays. That's also where we can benefit of different price situations, so to say. The same with the breaks in February. We are working extremely tight with the price component. We will continue to have the price component as a very important part of how we will manage our revenues. Thank you for asking that question because that could help us to be clear about why we have put so much effort into the second quarter. We, of course, want to fill our beds. The second is that we can work with the price component as well. Very important for us to continue our growth, so to say. Excellent. Sorry, just to understand the CapEx outlook for this year, are we talking about, in absolute terms, something like SEK 650 million - 700 million in CapEx as a forecast for 2025/2026? Sorry, can you please repeat? Yeah, rather than talking% of sales, if you look at the absolute budget for CapEx for this year, is SEK 650 million - 700 million a good kind of estimate? Yeah, that would be a fairly good estimate. Excellent. Thank you very much, and all the best out there. Thank you. Thank you. Thank you. There are currently no further questions. I will hand the call back to you. Thank you so much. Like we have announced, we will have a deep dive from Henrik here. Time is now 10:00 too, so we will probably continue a bit over 11:00. We hope all of you will stay tuned because we believe this is a very important part for all of you to see a deep dive in the property and real estate segment we have, actually. I hand over to Henrik Lundmark. Thank you, Stefan. Let's go for a deep dive into the business of real estate within SkiStar and SkiUp, our joint venture with PEAB. Let's start with SkiStar. We have broadened our real estate scope. We are, of course, still focusing on supporting SkiStar customer-related businesses, but we also focus on land, infrastructure, and building as assets of their own. We have a quite diversified portfolio of assets, and different assets need different attention. We create value by developing building and ski areas. We create values when we take it a step further and engage in project development. We create value by our property transactions. We mainly preserve value when we focus on our land assets with exchange value, mostly for sustainability reasons within detailed planning. We have a possibility to create values within our large amount of infrastructure, as you see, airport, power grid, district heating, and roads, etc. Today, it's fairly new to see the potential in these facilities. Today, we mainly focus on preserving value. At last but not least, the investment properties. We have approximately over 1,000 buildings within our management today, supporting our core business. We manage this as assets and technical management with in-house resources. As part of the new focus, we have three strategic initiatives. It's important to, I would like to stress out that all these three support growth: asset values, scalability, and professionalizing and streamlining our processes in a much more further onlooking perspective. By doing that, we create the best conditions for, for example, financing, managing production resources. We're not in the big cities, as you know, but also managing the production prices. We create the best conditions for our SkiStar integrated business models. This is very important that we have the right beds in the right location, in the right timing for our growth on ski passes, etc. Let's focus more on the creating value side of the real estate business. It begins, and it always begins with land owned by SkiStar. In total, we have 5.2 million square meters, 520 hectares of land today. In round numbers, half of it is forward potential. The other half is either developed or impediment or not in the right location in this timing. It is also important to stress that no land except forest and land with exchange value leaves SkiStar without at least a complete development plan with building rights and a total programming from our side. When we have that, we have three ways to conduct businesses. The first one, of course, is selling building rights. That is the easiest way, and the timing is crucial. The capital gain, as you see, is SEK 5,000 to SEK 20,000 per BTA. The second way we can create value is engaged in project development, tenant cooperations in Sweden, condominiums in Norway. We are targeting a project profit around 20%. The last way is investment properties for long-term ownership. This is the way that is most affecting our equity, of course. In the long term, it creates a lot of value within net operating income and market value and net initial yields around 5% to 7%. It is also very important to stress that all beds that are produced in either way, and particularly the warm beds, contribute to growth in our integrated business model. To keep it simple, one bed, one guest, multiple purchases. Our sustainability targets, of course, support SkiStar's sustainability strategy. They are four. It is mainly focused on reduction of energy consumption and biodiversity during development. That is, as I mentioned, we have a lot of land with exchange value. This is part of this strategy to preserve biodiversity in other areas than we focus on developing. Of course, all new developments are certified. We have several strategies to do that. We choose the best certification for each project. We also have a target that says 800 electrical vehicle charging points by 2027. I would like to note this up that this is a moving target because this is countable to how the electrical vehicle fleet within our customer groups develop. Let's move on to SkiUp, our joint venture with PEAB. It is kind of a simple explanation in the picture, 50% ownership. The real estate portfolio is intended to comprise both hotel properties and development land. Maybe that is something we have to look into further on, but as it is for now. SkiUp in numbers, 2025 initial yield 6.53%. We have 12 properties, investment properties to a value of SEK 1.8 billion, but also building rights that are possible more or less to start when the market is ready for SEK 0.5 billion. I would like to conclude by looking into the future with a forward strategy. SkiStar, and I would like to say that the challenge is to create value both in SkiStar and SkiUp in the best way. In SkiStar, we have a large land bank. If we develop prioritized land properties and sell them to SkiUp and then lease back facilities for SkiStar purposes, we can create values within SkiStar in two ways. One is the capital gains when we sell the land with solid margins. The other one is that we keep the control. We keep the control within SkiStar and can access purpose-built facilities. That is giving us large opportunities to, on the one side, our growth, but also to tailor our guest experiences. We have the data. We know what our guests want. On the SkiUp side, it's kind of mirroring acquired developed land holdings from SkiStar and complete with complete building rights and programming and documentation, and then produce both investment and project properties. We think that the project properties will be a significant part of the value creation so the project profits can be invested in SkiUp's growth. Investment properties within SkiUp create net operating income, property management profit, and property values. This is quite unique. They are so stable because SkiStar will be the predominant tenant, not the only tenant, but predominant. We also would like to show you in numbers the potential. We have in round figures 400,000 BTA approved or in progress detailed plans today, which will end with complete building rights. When I say in progress, then we can say that it's not unlikely to assume that in a couple of years we have 400,000 BTA approved building rights completed. We also identified more. This is not the total potential, but we also identified at this date 200,000 more BTA of spaces, land properties that could be developed. Maybe it's not necessary because if we look on the end of this slide, we have a master plan that is coordinated with our ski area master plan, and it stretches to 2039 that covers 300,000 of these 400,000 BTAs. We would say that if we go on with our master plans, we will be home safe according to our business model. That was, in short, the real estate deep dive. Thank you so much, Henrik. There were a lot of numbers in the end of this presentation, of course. We open up for if there are any more questions from the audience regarding, and Alice asked the question, I think she got some answer around how we split the profit within the different types of projects. I don't know if there are any other questions or if Alice would like to ask some more questions around it. Thank you, sir. As a reminder, if you wish to ask a question, please press star one and one on your telephone keypad. We will now go to your first question. One moment, please. The question comes from the line of Stefan Stjernholm from Handelsbanken. Please go ahead. Hi, Stefan again. He asked a question on demand. Have you seen any signs that interest in investing in winter homes has improved lately? Sorry, could you repeat? It was. Have you seen any pickup in demand, interest in investing in new winter homes? Yeah, you refer to tenant-owned apartments and condominiums? Yes. Yes. Yes, we have. The short answer is yes, but it's a little bit more complicated. We are selling apartments. In the segment of luxury apartments, they never stopped buying. It's the middle segment that is now taking up the pace. If we look back 20 years, when this started happening, we have 1.5, 2 years for fully paid. I would still go to work because I would think to help the big clients. Maybe I'm sort of. Was that satisfying as an answer? Sorry, I lost you a bit. Thanks for the explanation. I guess you have some, let's say, larger projects that you have started now. Yes. We have. Say where. No. All right. I'm urging to say where, and I would like to spend the rest of the day explaining that. We have, I can mention projects that we have mentioned before. Vasakölen in Sälen, Lindvallen. A project that is built by SkiStar AB, and we rent back accommodation for renting out apartments to our guests. We also have in Trysil, it's called Trysil Suites. It's a condominium project just beside the gondola, in a triple, quadruple A location. You will wake up within the system. That is two projects that we are having ongoing as we speak. I think just to support Henrik a bit is also that in Åre, for example, we are working on the new lodge there, but that of course takes some time with the municipalities before we have every permission to start building. We have worked very hard to make these detailed plans ready within Sälen, Söderåsen. We hope that we can come back shortly to talk more about those great plans we have worked very hard with the last couple of years. I think to support Henrik also, this is long-term planning. I think the work which has been done the last three years within this field has been a significant improvement. Right now, we are sitting with a lot of ready detailed plans where we could start to build more or less. Trysil and Sälen are some good examples of that. Within these 400,000 of BTA, that is within the scope that I'm coming back and tell you more about those projects. Good. Sounds good. Okay. Thank you. Thank you. Thank you. We will now go to our next question. The question comes from the line of Carl-Johan Bonnevier from DNB Carnegie. Please go ahead. Yes, Henrik. Just picking up on the comments about the mid-segment picking up. You see, if I understood it right, when that picks up, it's good to get the pipeline going so you can deliver towards it in two years' time. Was that the way we should interpret it? Yes. Sounds very interesting. When you look at that, I guess you mentioned a couple of projects that are for delivery in the short term. Converting the 400,000 BTA into, how much would you feel fits that segment with that kind of opportunity? I now understand that the timing is quite different in the total pipeline. Yeah. I wouldn't like to give you a number because in terms of BTA, our investment properties are so much larger, of course. It's hard to give that in terms of%. It is a significant part of those 400,000 BTA are project development properties. Excellent. When we look at the SkiStar investment properties that they stand for the moment, the SEK 1.8 billion in market value you highlight, is that mainly the lodges and the hotels that are managed by SkiStar at this stage? Yeah, that's correct. It's some single tenant restaurants and so on, but the main part is our lodges and hotels run by SkiStar, correct. I think that's a very good question to help and build on your question here. Sorry, to build on Henrik Lundmark's answer. I think the yield we have is 6.5%. It's a fairly good high yield from SkiStar AB, actually. SkiStar is a very good tenant in this case. Just to help you also, where in the balance sheet of SkiStar can we see SkiStar AB then for helping Koji and the rest of the people on the call? It's included as a balance sheet item where we put in the capital share of SkiUp in the balance sheet as an asset. Of course, 50% of the profit is included in our profit and loss statement as a share from joint ventures. You can follow. Yes. You can follow where we have it in both the balance sheet as well as the P&L. Yeah. To add on that, included in SkiStar's balance sheet, we have, it is a fairly significant number, a leasing right. That is more or less related to the leases that we have together with SkiAb. That is, of course, an asset and an equal debt in the balance sheet, a right-to-use asset and a leasing debt more or less related to SkiAb. Excellent. Lots of moving parts as we would realize. Henrik, just to pick your mind on one other thing. Looking at the real estate agents' inventory of units for sale at the Swedish resorts, it's obviously at record high levels. Would you say that most of those are in the mid to low-quality segment in that respect? It doesn't maybe impact you in your kind of decision for what kind of investment you would go for to a larger degree, as you are then coming in in maybe upper to mid segments with your kind of proposals to the market. I think we're aiming for the mid part of the segment. That is according to our customer base. I would say mostly our partners have aimed for the higher segment. That segment is quite easy to make. The deposition rate is lower, and it's a lower span of people that can buy those apartments. I would say to conclude that we don't see any threats to our pace that we are hoping on, that we see now taking form. When we look at those estate agents maybe offering then already existing units at, say, SEK 55,000, SEK 60,000 per square meter, is that, say, those kind of price levels allowing you to have a profitable development operation if you could, say, come in with your units at similar levels? I would say yes, but to answer fairly, it's tougher now than it was three or four years ago, of course. Exactly. I think the question, I guess, is what's going to happen in two years' time if you see the market coming back. Yeah, if we're in the right segment, we see we don't feel threats to our profits within those projects. I think also the location, since we are the land we own, is in the best locations versus many others. If we just take the latest collaboration we have done in Trysil, for example, with the [utmarkslaget] there, they are exactly around the gondola. It is the parking spot where the parking spots are today. They will be exactly around the ski lifts in the top, top, top AAA diamond locations. Åre, the lodge we are looking into, diamond location. I think we have to look into where do we have our land bases. The land bases we have or land we own, they are the best locations versus many others, of course. I think that should not be underestimated in this discussion since our guests want skiing ski out location. Excellent. Now, thank you very much for the extra color and all the best. Thank you. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone keypad. We will now take the next question. Your next question comes from the line of Alice Beer from ABG Sundal Collier. Please go ahead. Thank you for a great presentation, Henrik. As Stefan said, my previous question was answered. Just a quick check-in. You have previously guided for between SEK 70 million -SEK 100 million in operating income from this segment. Just checking with this deep dive, does the previous communication stand or do you expect further EBIT contribution from properties in the upcoming years? I would say it stands. Maybe earlier, we have communicated it year per year, but we need to see it in a longer perspective. It can vary between years, but as an average, it stands. All right. Thank you. That was. I think it was a good question, Alice. I think also Henrik answered. I can see that, for example, now when we launch our yearly report this year, it has differed between quarters. Of course, the comparison between quarters will become more challenging. That is why we will try to split how we show our both top line as well as our result going forward so you could follow us easier. We will show both, of course, and continue with our guidance 70 to 100 per year. Also, with this call, we try to also show what do we have in the land banks. If you take these 400,000 and take it out for 10 years, it's quite significant numbers, actually. That is why we are showing we are not worried about the 70 to 100. Maybe some year it could be like this year, 55, and another year, 150. We will try to guide you. In Q3 this year, we could see that we didn't manage to come up to 70. It looks fairly good if we look into the fiscal year 2025, 2026. To elaborate on that a bit further, in the coming year, from the first quarter 2025, we will not include exploitation revenues in the net sales. That will be a net accounting in the profit and loss statement. It will also be easier to read the report and the financial statement, I would say. Back to your question, Alice, on OpEx in relation to net sales, that it has increased. When you exclude exploitation revenue, it hasn't. That will be, I believe, easier to have a quick view on the performance, on the financial performance going forward. That sounds perfect. Thank you so much for the color. I think we all appreciate it a lot. That was my only question. Okay, thank you. Thanks. 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 the extra time with us today. It was important for us to have a deep dive within this property segment because we believe it's important for us to be clear on our views. We will also take a deep dive next call within the area of retail, which we also believe has had a significant development and could also be interesting to you to follow our strong development we have in that business area as well. Warm thank you. We are really glad to present today's report and also really much looking forward for the upcoming winter season. Warm thanks, everyone. I wish you a pleasant day in the sun. Thank you so much. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.