Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q3 2026 Earnings Presentation
14 slides from Pandox Ab Class B's earnings presentation, Oct 22, 2026
Slide 1: Interim report Q3 2026 presentation: A strong quarter
Interim report Q3 2026 presentation A strong quarter Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 22 October 2026
Slide 2: A strong quarter
Quarter in brief A strong quarter Summary Q3 2026 Strong like-for-like growth in the Leases business segment, driven by Sweden Total revenue growth Significant positive contribution from Dalata which continues to perform well +23% | 4% LFL Strong growth in cash earnings and EPRA NRV per share Total
Slide 3: A leading hotel property owner
Pandox at a glance A leading hotel property Group Leases Own Ops owner 191 Hotel properties 171 Leased properties 20* Operated properties • Active in the world’s largest hotel market SEK 96.8bn SEK 81.7bn SEK 15.2bn • Hotel properties only Property mkt value Property mkt value Property mkt value • A
Slide 4: Dalata continues to perform well
On Dalata Dalata continues to perform well Substantial earnings contribution ― Rent of MSEK 357 in Q3 and MSEK 880 YTD ― Strong profitability Rent is growing y/y ― Q3: +4% in the UK and +1% in Ireland (estimated) ― YTD: +3% in the UK and +1% in Ireland (estimated) Legal separation and expected dives
Slide 5: Strong RevPAR-growth in Sweden and Denmark
Hotel market development YTD (2026 vs 2025) Strong RevPAR-growth in Sweden and Denmark ADR 7% Denmark 8% Europe 6% Sweden 8% 5% USA 6% UK 3% Norway 2% 3% Ireland 3% Switzerland 1% 1% Finland 2% Austria 2% Occupancy -3% -1% 1% 3% -1% Germany 2% Belgium -1% -3% -5% Note: Percentage in boxes = RevPAR S
Slide 6: Property investments
Active ownership Property investments Estimated investment volume and yield Of which invested, Estimated stabilised Year Investment, MSEK MSEK NOI, MSEK Yield on cost, % Larger projects Scandic Grand Marina, Clayton Edinburgh, Hotel Mayfair 2026 1,720 1,090 160 9.3 Copenhagen, Scandic Solli, Quality
Slide 7: Strong performance in Leases
Financial summary Strong performance in Leases Leases: Accelerated growth Revenue and result (MSEK) 26Q3 25Q3 YoY% LFL%1) ― LFL, strong performance in Sweden Pandox Group revenue 2,429 1,972 23 4 ― Significant contribution from Dalata (MSEK 357) Pandox Group NOI 1,619 1,257 29 4 Own Operations: Mixe
Slide 8: Slightly negative changes in value
Property portfolio Slightly negative changes in value MSEK Changes in value for the total portfolio, YTD 2026 Comment: 100 000 Yields had a positive effect of MSEK +176 1 346 6 4 362 -232 176 96 883 Cash flow had a negative effect of MSEK -518 -518 95 000 Changes in currency a positive MSEK 4,362 91
Slide 9: Healthy yield gap
0 2 5 7 6 8 1 3 4 20'Q3 21'Q1 21'Q3 22'Q1 Leases 22'Q3 23'Q1 23'Q3 Property portfolio Own Operations 24'Q1 Average yield, % 24'Q3 25'Q1 25'Q3 26'Q1 26'Q3 6.32 6.78 Healthy yield gap 0 6 7 1 5 8 2 3 4 20'Q3 21'Q1 21'Q3 22'Q1 22'Q3 23'Q1 23'Q3 24'Q1 end of period, % 24'Q3 25'Q1 Average interest on deb
Slide 10: Financial position still reflecting acquisition
Key financial metrics Financial position still reflecting 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 52.2 5 000 3 50 3,474 2.4 4 000 45 2 3 000 40 2 000 1 35 1 000 Excluding
Slide 11: Stable financial position
Financial summary Stable financial position New financing and refinancing of MSEK 16,445 Key metrics (at end of period) 26Q3 25Q3 YoY ― Average repayment period 1.9 (2.4) years Net interest-bearing debt, MSEK 50,581 38,139 +33% ― MSEK 15,122 of debt maturing within one year Sustainability-linked fin
Slide 12: Resilient business, tough underlying comps
Outlook Resilient business, tough underlying comps Resilient world economy and hotel market The outlook for the hotel market in Europe is positive Inflation and rising interest rates the main concern ― Variable leases offer protection by direct exposure to underlying hotel pricing ― 58 percent of ne
Slide 13: Q&A
Q&A Interim report Q2 2026
Slide 14: 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