During the quarter, Scandic also signed agreements for two new Scandic Go hotels and opened its second Scandic Go. The company also signed an agreement for a new hotel in Stuttgart. After the quarter ended, it also announced that Scandic would open a new 214-room hotel in Berlin that is expected to open during the second half-year 2026.
Highlights
Q4 in summary, October 1 – December 31, 2024
- Net sales rose by 1.4 percent to 5,487 million SEK (5,410). Organic growth increased by 1.5 percent.
- Average occupancy rate increased to 59.6 percent (57.9).
- RevPAR went up to 762 SEK (734).
- Operating profit totaled 626 million SEK (502).
- Adjusted EBITDA was 544 million SEK (451).
- Excluding IFRS 16, earnings per share equaled 1.08 SEK (0.78).
- Free cash flow was 521 million SEK (549).
- Interest-bearing net debt/adjusted EBITDA amounted to 0.1x on a rolling 12-month basis.
January 1 – December 31, 2024
- Net sales rose by 0.1 percent to 21,959 million SEK (21,935). Organic growth increased by 0.9 percent.
- Average occupancy rate increased to 61.8 percent (61.4).
- Average revenue per available room (RevPAR) went up to 799 SEK (782).
- Operating profit totaled 2,836 million SEK (2,785).
- Adjusted EBITDA was 2,495 million SEK (2,566).
- Excluding IFRS 16, earnings per share equaled 5.23 SEK (5.09).
- Free cash flow was 910 million SEK (1,754).
- For 2024, the Board proposes that the AGM resolve on a dividend of 2.60 SEK per share.
- Net sales declined by 0.3 percent to 16,472 million SEK (16,525). Organic growth increased by 0.7 percent.
Jens Mathiesen, President & CEO, comments: "Scandic delivered a record fourth quarter with significantly improved results. Bookings are stable, and we have a positive view of market development going forward. Given the good performance, the Board has proposed a dividend of 2.60 SEK per share and intends to launch a new share buyback program of about 500 million SEK during 2025.
Bookings are stable, and for the first quarter we expect somewhat higher occupancy at higher room rates compared with last year. In conclusion, I’d like to thank our guests and team members for yet another successful year." / red
Further details on the results for the fourth quarter and the full year 2024 can be found under this link or in the attached PDF.
