Headline operating profit (EBIT) fell 8 percent to SEK 347 million, but the number that actually matters is different: strip out the SEK 30 million real estate gain that inflated last year’s comparable, and the adjusted result was essentially flat.

Revenue grew 5 percent to SEK 1,441 million.

The detail worth paying attention to is other external costs, up 29 percent year-over-year to SEK 310 million, driven by higher HVO diesel and electricity prices, plus marketing spend tied to Easter price campaigns.

That is the real margin story this quarter, and it is the same energy cost theme that appeared in Q2. Whether it normalizes heading into fiscal 2026/27 is the key variable to watch.

The stock surged 9 percent

What strikes me is that the market looked straight past the headline miss.

The stock surged 9 percent in early trading and I think that reaction is correct.

The nine-month numbers are solid: revenue up 7 percent, adjusted EBIT up 9 percent, operating cash flow up 14 percent, and net debt-to-EBITDA down to 0.93x from 1.51x a year ago.

Ski pass prices increase

Forward bookings for winter 2026/27 are 3 percent ahead of last year. Management confirmed 489 new snow cannons, the rebuilt Tusenmetersliften in Åre, and ski pass price increases of 4-4.5 percent – the most concrete investment pipeline the company has communicated in years.

The year-end report on September 30 is the next catalyst.