Q3 2020 Scandic Hotels Group AB Earnings Call Transcript
Ladies and gentlemen, welcome to Scandic Hotels Group Q3 Report 2020. Today, I'm pleased to present Jens Mathiesen, President and CEO. (Operator Instructions) Please note that this call is being recorded.
Jens, please begin your meeting.
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Thank you very much, operator, and good morning, everyone, and thank you for joining this presentation of Scandic Hotels' third quarter result.
As usual, I'm here in the room together with our CFO, Jan Johansson; and our Head of Investor Relations, Henrik Vikström.
If you please start to turn to Page 2, then I'll start a brief summary of this quarter. Scandic's average occupancy rate was 36% in the third quarter, which is a clear improvement compared to the historically weak second quarter, but it is still less than half of what is normal for a third quarter for us and also below what is needed for a sustainable profitability.
Our adjusted EBITDA improved from a record loss
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