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Financial overview

Since 2013, Scandic has more than doubled its net sales while maintaining a stable adjusted EBITDA margin roughly in line with the company’s financial targets. During 2020 and the first half-year 2021, the Covid-19 pandemic impacted Scandic’s performance significantly, but during 2022, the hotel market has recovered, returning to stable levels.


  • Active on the attractive Nordic hotel market
  • No. 1 brand in the Nordic region with a well-invested portfolio.
  • Commercial and operational leader through a strong focus and efficiency.
  • Attractive business model with variable leases and control of the entire value chain.
  • Growth opportunities from the current portfolio as well as expansion of the hotel network.
  • Industry leader in sustainability


Up until 2019, Scandic had increasing sales and an adjusted EBITDA margin that was close to the target of 11%. In 2020 and the first half of 2021, however, the Covid-19 pandemic had an extremely negative effect on Scandic’s key ratios. From the second half of 2021, Scandic has been profitable again.


The group shall have organic growth, i.e. sales growth excluding acquisitions and adjusted for exchange rate fluctuations of at least 5 percent per year on average over a complete business cycle.


The adjusted EBITDA margin of the Group shall be at least 11 percent on average over a complete business cycle.

Target & outcome 2017-2021


In 2021, organic sales amounted to 36.5 percent after having been significantly negative in 2020.

Target & outcome 2017-2021


The margin was close to zero in 2021 due to very weak  development during the first half of the year. The adjusted EBITDA margin totaled 0.1 percent in 2021.

Capital strucutre

The Group shall have net debt in relation to adjusted EBITDA of 2 to 3x.


The dividend policy is to distribute at least
50 percent of net profit for the year.

Target & outcome 2017-2021


At the end of 2021, Scandic’s net debt was 3,053 MSEK while adjusted EBITDA amounted to 6 MSEK.

* neg., ** nmf.

Target & outcome 2017-2021

TARGET ≥ 50%

As in 2020, Scandic’s Board of Directors proposed that no dividend be paid for 2021.

Five-year summary

Financial key ratios – income statement     
Net sales10,0867,47018,94518,00714,582
Net sales growth, %35.6-
Net sales growth, LFL %33.8-
Adjusted EBITDA6-1,5032,0461,9571,573
Adjusted EBITDA margin, %0.1-20.110.810.910.8
EBIT (operating profit/loss)-440-4,8002,144983925
Operating margin (EBIT), %-4.4%-0.611.35.56.3
Profit/loss for year attributable to Parent Company-1,681-5,949722674707
Profit/loss excl. effect of finance leases-1,098-5,739942700711
Financial key ratios – financial position     
Balance sheet total44,75538,28343,50917,73716,964
Working capital-2,624-1,573-1,972-1,575-1,501
Interest-bearing net liabilities3,0534,7143,4973,8373,629
nterest-bearing net liabilities/adjusted EBITDA508.8neg1.72.02.3
Cash flows from operating activities3,7011,1515,0671,7231,544
Free cash flow185-2,939777263-629
Key ratios per share     
Average number of shares after dilution191,250,686148,645,691103,036,484103,075,976103,003,004
Earnings per share, SEK-8.79-
Earnings per share, SEK, excl. effect of finance leases-5.75-38.629.156.806.86
Equity/share, SEK6.010.864.175.471.4
Hotel-related key ratios     
RevPAR (Revenue Per Available Room), SEK364271707683680
ARR (Average Room Rate), SEK9579451,0711,0451,012
OCC (Occupancy), %38.028.766.065.367.1
Total number of rooms at year-end54,26553,00352,75551,69342,659