Slide 1: Increased result and clear business focus
Interim report Q1 2025 presentation Increased result and clear business focus Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 29 April 2025
Slide 2: A smaller but stable quarter
Quarter in brief A smaller but stable quarter Q1 2025 Continued earnings growth Total revenue growth ― Leases: revenue and NOI up 6 percent respectively, adjusted for +1% | +4% adjusted* | -1% LFL** one-time items in the comparable quarter ― Own Operations: affected by demand and renovations Total N
Slide 3: Sustained RevPAR development (LFL)
Business segment Leases RevPAR Sustained RevPAR development (LFL) 1200 1000 800 600 400 200 0 jan feb mar apr maj jun jul aug sep okt nov dec 2024 2025 3
Slide 4: A more mixed hotel market
Hotel market development (vs 2024) A more mixed hotel market 10% ADR March 2025 YTD Hannover 9% Norway Regional 13% Oslo 16% Sweden Regional 3% Stockholm 0% Germany 2% London -3% UK Regional 0% Finland Regional 3% Copenhagen 5% Edinburgh -1% 0% -4% -2% 0% 2% 4% 6% 8% 10% 12% Frankfurt 1% Manchester
Slide 5: A strong and well-diversified business portfolio
Strategic position A strong and well-diversified business portfolio Pandox Leases Own Operations Group 162 139 23 Hotel properties Leased properties Operated properties 35,941 30,245 5,696 Rooms Rooms Rooms SEK 73,960bn SEK 58,755bn SEK 15,205bn Property market value Property market value Property m
Slide 6: Recent acquisitions
Strategic position Recent acquisitions Radisson Blu Hotel Tromsø DoubleTree by Hilton Edinburgh City Centre Elite Hotel Frost Kiruna City center properties Total MSEK 5,500 Well-performing hotels with strong brands and distribution Three Residence Inn by Marriott London Pullman Cologne Hotel 6
Slide 7: Acquisition of Hotel Pullman Cologne
Strategic position Acquisition of Hotel Pullman Cologne Well-positioned hotel property with improvement potential City center Transaction price MEUR 66 Short-term fixed lease Initial yield 6.5 percent with clear upside 1 April 2025 9/10 Booking.com location rating Hotel Pullman Cologne 275 rooms 7
Slide 8: Acquisition of Elite Hotel Frost Kiruna
Strategic position Acquisition of Elite Hotel Frost Kiruna Newly built hotel property in attractive market City center Transaction price MSEK 347 Revenue-based lease with min guaranteed rent Stabilised yield 7 percent Closing expected in June 2025 New building Elite Hotel Frost Kiruna 154 rooms 8
Slide 9: Our value framework
Solid growth platform Our value framework Maximise the value of Create attractive products each property and properties based on the uniqueness of each individual property Transform properties Maximum optionality is a through Own Operations key value driver 9
Slide 10: Our value framework: Continuous value growth
Solid growth platform Our value framework Continuous value growth 10
Slide 11: Leonardo Royal Hotel Baden-Baden
Project investments Leonardo Royal Hotel Baden-Baden Leases 121 rooms New spa area Renovation of rooms and public areas Completed Q1 2025 11
Slide 12: Leonardo Royal Frankfurt
Project investments Leonardo Royal Frankfurt Leases 449 rooms Renovation of rooms, bathrooms and tech Completed Q1-Q2 2025 12
Slide 13: Vildmarkshotellet
Project investments Vildmarkshotellet Leases 213 rooms New spa area on two floors Heat pump installations Completed Q1 2025 13
Slide 14: The Hotel Brussels
Project investments The Hotel Brussels Own Operations 421 rooms New ’mini’ spa area on top floor Renovation of rooms and public areas Five new rooms Completed Q1-Q2 2025 14
Slide 15: Continued growth
Financial summary Continued growth The seasonally smallest quarter of the year Revenue and result (MSEK) 25Q1 24Q1 YoY% LFL%1) Pandox Group revenue 1,518 1,501 1 -1 Growth in total NOI Pandox Group NOI 827 785 5 -1 ― NOI Group +5 percent Leases revenue 854 845 1 1 ― NOI Leases +7 percent Leases NOI
Slide 16: Negative value effect from appreciation of SEK
Property portfolio Negative value effect from appreciation of SEK MSEK Comment: A smaller quarter with limited read-through for the rest of year Appreciation of SEK had a negative effect on property market values of MSEK 3,369 Minor unrealised changes in value Total unrealised changes in value 100 p
Slide 17: Solid yield gap and growing EPRA NRV
6 1 2 3 4 7 0 5 8 19'Q4 5.41 6.41 20'Q1 20'Q2 20'Q3 20'Q4 Leases 21'Q1 21'Q2 21'Q3 21'Q4 Property portfolio 22'Q1 Own Operations 22'Q2 22'Q3 22'Q4 23'Q1 Average yield, % 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 6.13 6.89 1 4 7 0 2 5 6 8 19'Q4 3 2.6 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21
Slide 18: Low LTV, resilient ICR and solid cash position
55 50 60 30 40 45 35 19'Q4 46.0 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 Key financial metrics 22'Q4 23'Q1 Loan-to-value, % 23'Q2 (Policy interval 45-60%) 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 45.7 1 2 4 0 3 5 19'Q4 4.1 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'
Slide 19: Solid financial position
Financial summary Solid financial position Refinancings of approximately MSEK 428 in the Key metrics (at end of period) 25Q1 24Q1 YoY quarter, and MSEK 17,893 LTM Net interest-bearing debt, MSEK 33,806 33,256 +2% MSEK 14,970 is sustainability linked, representing EPRA NRV, MSEK 40,390 41,953 -4%(*)
Slide 20: Resilient hotel market
Summary Resilient hotel market Resilient hotel market with strong structural growth drivers Hotel market demand is dependent on economic activity Business on the books looks stable Shift in international travel (US/EU) on balance net positive? Positive contribution from acquisitions and repositionin
Slide 21: Q&A
Q&A 21
Slide 22: Pandox AB (publ) contact and forward-looking statements
Pandox AB (publ) Box 15 Tel: +46 8 506 205 50 Forward-looking statements. This presentation contains forward-looking statements. Such statements are subject SE-101 20 Stockholm www.pandox.se to risks and uncertainties as various factors, many of which are beyond the control of Pandox AB (publ), may