Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q4 2025 Earnings Presentation
23 slides from Pandox Ab Class B's earnings presentation, Feb 5, 2026
Slide 1: Strong finish to an eventful year
Year-end report 2025 presentation Strong finish to an eventful year Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 5 February 2026
Slide 2: Strong finish to the year
Quarter in brief Strong finish to the year Good growth in comparable portfolio Q4 2025 ― Leases: higher revenues driven by acquisitions and good like-for-like demand Total revenue growth ― Own Operations: stronger NOI driven by business mix and good conversion +9% | 5% LFL* Acquisition of Dalata com
Slide 3: Pandox at a glance
Pandox at a glance A hotel property specialist Group Leases Own Ops 193 171 22 • Active in the world’s largest hotel market Hotel properties Leased properties Operated properties • Hotel properties only • Attractive long-term revenue-based leases SEK 92bn SEK 77bn SEK 15bn • High yielding properties
Slide 4: Positive Nordic markets
Hotel market development (2025 vs 2024) Positive Nordic markets 10.0% Copenhagen 13% ADR Norway Regional 7% Oslo 10% Edinburgh 2% Hannover 3% UK Regional 1% Ireland 3% Stockholm 2% Dublin 2% Manchester 0% Sweden Regional 5% 0.0% Brussels -1% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% London 0% Finland
Slide 5: Well-filled pipeline
Ongoing projects Well-filled pipeline DoubleTree by Hilton Brussels City Clayton Hotel Edinburgh Clayton Hotel Cardiff Lane (Dublin) Extension 150 rooms Conversion from offices Extension of 115 rooms 2027-2028 | Own Operations 2026-2027 | Leases 2027 | Leases Home Hotel Bastion, Oslo Radisson Blu Gl
Slide 6: Many upgraded products in 2025
Completed projects Many upgraded products in 2025 Leonardo Hotel Hannover Leonardo Royal Düsseldorf Scandic Malmen Leonardo Royal Frankfurt Leonardo Royal Baden Baden Scandic Alvik Leonardo Dublin Christchurch The Hotel, Brussels Vildmarkshotellet, Kolmården 6
Slide 7: Acquisition of Dalata Hotel Group plc: Financial effects
Acquisition of Dalata Hotel Group plc Financial effects Balance sheet (BS) Income statement (IS) Acquisition closed 7 November 2025, and transaction reported as fully completed with the following effects on Q4 2025 BS― 31 + 1 Investment Properties with a market value of MSEK 16,900 added IS― Rent an
Slide 8: Value creation framework
Offer for Dalata Hotel Group plc Value creation framework 31 + 1 Investment Properties with high profitability and cash flow generation Market value properties Market value properties MSEK 16,700 MSEK 16,900 Tentative value uplift Acquisition result approximately MSEK 1,598 MSEK 3,000 including MSEK
Slide 9: Dalata’s hotel portfolio
Offer for Dalata Hotel Group plc Dalata’s hotel portfolio 31 +1 hotel properties 6,626 rooms in total Dalata hotel properties added Edinburgh (1 conversion) 214 rooms per hotel Well-established hotels with leading commercial positions in their markets Londonderry (1) Belfast (2) Sligo (1) Leeds (1)
Slide 10: Consolidated hotel portfolio
Offer for Dalata Hotel Group plc Consolidated hotel portfolio 63+1 hotel properties Inverness (1) 13,754 rooms in total Glasgow (2) Edinburgh (2) 218 rooms per hotel UK 20% and Ireland 12% of total rooms in Derry/Londonderry (1) Pandox’s portfolio Belfast (4) Middlesbrough (1) Sligo (1) Leeds (3) Br
Slide 11: Eleven properties added in Dublin
Acquisition of Dalata Hotel Group plc Eleven properties added in Dublin 12 PROPERTIES WITH A TOTAL OF 3,247 ROOMS 608 rooms 357 rooms 351 rooms 157 rooms 89 rooms 334 rooms 304 rooms 297rooms 137 rooms 11
Slide 12: Five properties added in London
Acquisition of Dalata Hotel Group plc Five properties added in London 227 rooms 212 rooms 191 rooms 12
Slide 13: Five properties added in London
Acquisition of Dalata Hotel Group plc Five properties added in London 11 PROPERTIES WITH A TOTAL OF 2,381 ROOMS 157 rooms 89 rooms 13
Slide 14: Pandox portfolio Q4 vs Q3 2025
Impact from acquisition Pandox portfolio Q4 vs Q3 2025 Nr of rooms per demand Brand (nr of rooms) 50% 44% 12000 40% 41% 38% 40% 9000 30% 4176 2221 22% 6000 20% 15% 3000 10% 0 0% Domestic Regional International Q4 Q3 Q4 Q3 Nr of rooms per agreement type Country (no of rooms) 70% 67% 62% 12000 8758 60
Slide 15: Strong like-for-like growth in revenue and NOI
Financial summary Strong like-for-like growth in revenue and NOI Solid development in most markets Revenue and result (MSEK) 25Q4 24Q4 YoY% LFL%1) ― Sweden, Denmark and Germany particularly strong Pandox Group revenue 2,076 1,896 9 5 ― Currency affected negatively with MSEK -96 in Q4 Pandox Group NO
Slide 16: Appreciation of SEK affected values negatively
Property portfolio Appreciation of SEK affected values negatively MSEK Comment: Higher market value after Dalata acquisition Lower yield requirements a positive MSEK 587 Cash flow a negative MSEK -470 Changes in currency a negative MSEK -4,599 Total unrealised 100 percent of the property value exter
Slide 17: Solid yield gap
6 1 0 2 3 4 5 8 20'Q3 5.42 7 6.38 20'Q4 21'Q1 21'Q2 21'Q3 Leases 21'Q4 22'Q1 22'Q2 22'Q3 Property portfolio 22'Q4 Own Operations 23'Q1 23'Q2 23'Q3 23'Q4 Average yield, % 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 Solid yield gap 25'Q2 25'Q3 25'Q4 6.28 6.85 1 3 4 7 0 2 5 6 8 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22
Slide 18: Financial position now reflects acquisition
Key financial metrics Financial position now reflects acquisition Loan-to-value, % Interest-cover-ratio, times Cash and unutilised (Policy interval 45-60%) (Rolling twelve month basis) credit facilities, MSEK 60 4 6,000 55 52.7 5,000 3 2.7 50 4,000 3,220 45 2 3,000 40 2,000 Excluding debt related to
Slide 19: Active financing quarter
Financial summary Active financing quarter Trend with lower credit margins and solid appetite Key metrics (at end of period) 25Q4 24Q4 YoY among banks remained Net interest-bearing debt, MSEK 48,342 34,486 +40% Loan-to-value of 52.7 (45.2) percent, excluding debt Sustainability-linked financing* 21,
Slide 20: Positive outlook
Outlook Positive outlook Gradually strengthened macroeconomic data should support the hotel market We expect hotel demand to increase in 2026, driven by multiple segments More benign supply outlook should support ADR, however, mixed depending on market In Q1, which is the smallest quarter, we expect
Slide 21: Capital Markets Day May 2026
Save the date Capital Markets Day 5 May 2026 21
Slide 22: Q&A
Q&A 22
Slide 23: Pandox AB (publ)
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