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Scandic Hotels Group website

Financial overview

With the exception of the pandemic years 2020 and 2021, Scandic has more than doubled sales
and generated a stable adjusted EBITDA margin since 2013. During the year, Scandic reported growth, profitability and indebtedness in line with its financial targets.


  • 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 2017-2022


In 2022, organic sales amounted to 90.7 percent.

Target & outcome 2017-2022


In 2022, the adjusted EBITDA margin was 13.2 percent compared with 0.1 percent in 2021. Excluding state aid and other non-recurring items, the adjusted EBITDA margin was 11.1 percent.

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 2017-2022

TARGET: 2-3x

At year-end 2022, net debt was 1,425 million SEK1) while adjusted EBITDA amounted to 2,536 million SEK, resulting in net debt in relation to adjusted EBITDA of 0.6x

* neg., ** nmf.

1) Excluding the convertible loan of 1,484 million SEK. Including the convertible loan, net debt in relation to adjusted EBITDA was 1.1x.

Target & outcome 2017-2022

TARGET: ≥ 50%

Scandic’s Board of Directors has proposed that no dividend be paid for 2022.


Financial key ratios – income statement     
Net sales19,23010,0867,47018,94518,007
Net sales growth, %90,735,6-60,65,223,5
Net sales growth, LFL %74,633,8-57,41,51,2
Adjusted EBITDA2,5366-1,5032,0461,957
Adjusted EBITDA margin, %13,2%0,1%-20,1%10,8%10,9%
EBIT (operating profit/loss)2,457-440-4,8002,144983
Operating margin (EBIT), %12,8%-4,4%-64,3%11,3%5,5%
Profit/loss for year attributable to Parent Company394-1,681-5,949722674
Profit/loss excl. effect of finance leases866-1,098-5,739942700
Financial key ratios – financial position    
Balance sheet total50,94844,75538,28343,50917,737
Working capital-3,157-2,624-1,573-1,972-1,575
Interest-bearing net liabilities1,4253,0534,7143,4973,837
nterest-bearing net liabilities/adjusted EBITDA0,6508,8neg1,72,0
Cash flows from operating activities6,4323,7011,1515,0671,723
Free cash flow2,202185-2,939777263
Key ratios per share     
Average number of shares after dilution191,304,116191,250,686148,645,691103,036,484103,075,976
Earnings per share, SEK2,21-8,79-40,027,016,54
Earnings per share, SEK, excl. effect of finance leases4,10-5,75-38,629,156,80
Equity/share, SEK11,96,010,864,175,4
Hotel-related key ratios    
RevPAR (Revenue Per Available Room), SEK683364271707683
ARR (Average Room Rate), SEK1,1839579451,0711,045
OCC (Occupancy), %57,738,028,766,065,3
Total number of rooms at year-end55,83154,26553,00352,75551,693