Slide 1: Profitable growth and raised dividend
Year-end report 2024 presentation Profitable growth and raised dividend Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 6 February 2025
Slide 2: Investment highlights
Strategic position Investment highlights 1 Active in the world’s largest hotel market We are active in Europe – the world’s largest hotel and tourism market – with strong 2 Hotel properties only We invest exclusively in hotel properties and create value through active and engaged ownership. 3 Attrac
Slide 3: Our business model
Strategic position Our business model To own, improve and lease hotel properties to strong hotel operators under long-term revenue-based leases Property Property Portfolio Management development optimisation Active, engaged and sustainable ownership based on deep hotel expertise 3
Slide 4: Acquisitions in 2024
Strategic position Acquisitions in 2024 DoubleTree by Radisson Blu Hotel Hilton Tromsø Edinburgh City Centre Residence Inn by Marriott, London 5 city center properties Total MSEK 4,500 Stabilised yield of ~7-9 percent Well-performing hotels with strong brands and distribution Average 8.7/10 Booking.
Slide 5: Acquisition of Radisson Blu Hotel Tromsø
Strategic position Acquisition of Radisson Blu Hotel Tromsø Well-performing hotel in one of the strongest hotel markets in Norway City center | Leases | Revenue-based agreement with minimum guaranteed rent| Transaction price MNOK 750 | Stabilised yield ~8 percent | 1 January 2025 | 9.5/10 Booking.co
Slide 6: A strong and well-diversified business portfolio
Strategic position A strong and well-diversified business portfolio Pandox Leases Own Operations Group 161 138 23 Hotel properties Leased properties Operated properties 35,672 29,976 5,696 Rooms Rooms Rooms SEK 76,334bn SEK 60,291bn SEK 16,044bn Property market value Property market value Property m
Slide 7: Solid end to a strong year
Quarter in brief Solid end to a strong year Q4 2024 Full year 2004 We deliver on our strategy Total revenue growth Total revenue growth ― Acquisitions of MSEK 4,500 in 2024 3% (2% LFL*) 4% (4% LFL*) ― Investments of more than MSEK 1,000 in 2024 Total NOI growth Total NOI growth Positive earnings dev
Slide 8: Solid RevPAR development (LFL)
Business segment Leases RevPAR Solid RevPAR development (LFL) 1200 1000 899 884 800 653 600 400 200 0 jan feb mar apr maj jun jul aug sep okt nov dec 2023 2024 8
Slide 9: A positive hotel market
Hotel market development (vs 2023) A positive hotel market Edinburgh 13% Dec 2024 YTD ADR Norway Regional 10% Stockholm 6% Frankfurt 10% Germany 7% 5% Hamburg 5% UK Regional 2% Oslo 6% Finland Regional 2% Copenhagen 6% Hannover 0% London 1% -6% -4% -2% 0% 2% 4% 6% Manchester -2% Brussels 1% Helsinki
Slide 10: 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 10
Slide 11: Our value framework: Continuous value growth
Solid growth platform Our value framework Continuous value growth 11
Slide 12: Investing for value growth
High quality project pipeline – A selection of projects Investing for value growth On track to MSEK +300 in NOI per year by 2026 Recently completed projects Business Type of Business Type of Property Location Completed Property Location Completed segment investment segment investment The Hotel, Brus
Slide 13: Profitable growth
Financial summary Profitable growth A seasonally smaller quarter Revenue and result (MSEK) 24Q4 23Q4 YoY% LFL%1) Pandox Group revenue 1,896 1,838 3 2 Positive earnings development Pandox Group NOI 1,070 989 8 0 ― NOI Group +8 percent Leases revenue 942 928 2 1 ― NOI Leases +4 percent Leases NOI 801
Slide 14: Positive unrealised changes in value
Property portfolio Positive unrealised changes in value MSEK Comment: A mix of changes in cash flow and yields, reflecting value creation from acquisition and repositioning of several properties 100 percent of the property value externally valued Total unrealised in the past 12 months changes in val
Slide 15: 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 6.13 6.89 1 0 2 4 5 7 6 8 19'Q4 3 2.6 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22
Slide 16: Low LTV, resilient ICR and solid cash position
Key financial metrics Low LTV, resilient ICR and solid cash position Loan-to-value, % Interest-cover-ratio, times Cash and unutilised (Policy interval 45-60%) (Rolling twelve month basis) credit facilities, MSEK 60 5 6 000 4.1 55 5 000 4 4,069 50 4 000 46.0 3 2.7 45.2 45 3 000 2 Unencumbered assets
Slide 17: Solid financial position
Financial summary Solid financial position Refinancings of approximately MSEK 5,628 in the Key metrics (at end of period) 24Q4 23Q4 YoY quarter, totalling MSEK 17,999 in 2024 Net interest-bearing debt, MSEK 34,486 32,190 +7.1% MSEK 15,458 is now sustainability linked, EPRA NRV, MSEK 41,952 36,976 +1
Slide 18: Positive view on the hotel market
Market outlook Positive view on the hotel market For 2025 we expect: For Q1 2025 we expect: ― RevPAR growth in the hotel market ― Seasonally weaker demand in the hotel ― Positive contribution from acquisitions and market repositioning investments ― Slight positive Easter effect (in Q2 in 2025 vs Q1
Slide 19: Q&A
Q&A 19
Slide 20: 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