Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q1 2026 Earnings Presentation
62 slides from Pandox Ab Class B's earnings presentation, Apr 29, 2026
Slide 1: STR Data Insights
STR Data Insights April 29th 2026 Aoife Roche I Regional Vice President, EMEA © 2026 CoStar Group 1
Slide 2: Global demand growth slowed a little in March
Global demand growth slowed a little in March. Global demand, % chg. YoY, Jan 2023 – Mar 2026 8% 7% 6% 5% 4% 1,4% 3% 2% 1% 0% -1% -2% 2024 2025 2026 © 2026 CoStar Group 2
Slide 3: Occupancy still growing in most regions
Occupancy still growing in most regions. Occupancy, YTD March 2026 Europe North America Mainland China 62% 59% 1% 59% 1% Middle East 1% Northern Africa Central America Asia (excl. Mainland China) 59% 65% 70% 71% 6% -11% 1% 12% Australia & Oceania 59% 74% 57% 1% 3% South America 1% Southern Africa ©
Slide 4: Which in turn, provides a platform for ADR to expand
Which in turn, provides a platform for ADR to expand. ADR, YTD March 2026 Europe North America Mainland China 153 163 3% 56 2% Middle East 4% Northern Africa Central America Asia (excl. Mainland China) 156 209 144 196 16% 5% 7% 1% Australia & Oceania 132 185 179 3% 5% South America 7% Southern Afric
Slide 5: Although, most gateway markets see positive occupancy growth
Although, most gateway markets see positive occupancy growth. Occupancy % chg. YoY, YTD March 2026 Edinburgh 1.7 Copenhagen 7.1 Dublin 1.9 Amsterdam 2.5 1.6 Berlin 2 Warsaw London -0.2 -0.6 Brussels Prague 7.4 Paris -0.1 Vienna 3 Zurich 4 Budapest 2.1 Milan 4.6 -1.6 Bucharest Belgrade 17.4 Barcelona
Slide 6: It tends to be reserved for recovery markets
It tends to be reserved for recovery markets. Occupancy, actual and % chg. YoY, YTD March 2026 Occ % chg Occ 4% 80 70% 69% 70 68% 3% 63% 60% 60% 62% 59% 60 57% 57% 58% 50 2% 40 1% 30 20 0% 10 -1% 0 Austria Nordics Germany CEE Ireland Italy Benelux France Switzerland United Spain Kingdom Nordics = De
Slide 7: YTD, most gateway markets grow rate further
YTD, most gateway markets grow rate further. ADR (Local currency) % chg. YoY, YTD March 2026 Edinburgh 3.6 Copenhagen 5.7 Dublin 0.8 Amsterdam -2.1 0.2 Berlin 2.8 Warsaw London -0.4 -2.8 Brussels Prague 6 Paris 6.2 Vienna 0.4 Zurich -4.1 Budapest -1.6 Milan 57.9 Belgrade 17.3 -0.2 Bucharest Barcelon
Slide 8: Positive occupancy performance in first quarter 'dashed' by early Easter
Positive occupancy performance in first quarter ‘dashed’ by early Easter. Europe, R7 occ % chg. YoY, Mar – Apr 2026 Eastern Europe Northern Europe Southern Europe Western Europe Good Friday 15% 2025 10% Good Friday 2026 5% 0% -5% -10% -15% -20% -25% 1-Mar 8-Mar 15-Mar 22-Mar 29-Mar 5-Apr 12-Apr 19-A
Slide 9: The regional (ADR) divide returns with a vengeance
The regional (ADR) divide returns with a vengeance. Europe, R7 ADR (EUR) % chg. YoY, Mar – Apr 2026 Eastern Europe Northern Europe Southern Europe Western Europe 15% Easter 2026 Easter 2025 10% 5% 0% -5% -10% -15% -20% -25% 1-Mar 8-Mar 15-Mar 22-Mar 29-Mar 5-Apr 12-Apr 19-Apr © 2026 CoStar Group 9
Slide 10: Evidently, Easter is not good for business
Evidently, Easter is not good for business. Europe, occ and ADR (EUR, CC) % chg. YoY, Easter week and the week prior, 2024-2026 Week prior Easter week Occ ADR Occ ADR 6% 0% 4% -2% 2% -4% 0% -6% -2% -8% -4% -10% -6% -12% 2024 (30 Mar) 2025 (19 Apr) 2026 (4 Apr) 2024 (6 Apr) 2025 (26 Apr) 2026 (11 Apr
Slide 11: And an early Easter curtails growth
And an early Easter curtails growth. Europe, occ and ADR (EUR, CC) % chg. to previous Easters % chg. to Easter 2024 % chg. to Easter 2025 Occ ADR Occ ADR 8% 0% 7% -1% 6% 5% -2% 4% 3% -3% 2% -4% 1% 0% -5% Week prior Easter week Week prior Easter week © 2026 CoStar Group 11
Slide 12: The theoretical 'hot spots' were at room temperature
The theoretical ‘hot spots’ were at room temperature. KPIs (local currency) % chg. YoY, Easter weekend (Thu – Sun) 2026 vs. 2025 Occ ADR RevPAR 10% RevPAR growth RevPAR decline 5% 0% -5% -10% -15% -20% Rome Florence Dublin Madrid Balearic Barcelona London Lisbon Budapest Athens Amsterdam Islands © 2
Slide 13: United Kingdom
United Kingdom STR CS Costar
Slide 14: Easter staycations show some promise for the U.K.
Easter staycations show some promise for the U.K. UK, KPI (GBP) % chg., 3-4 Apr 2026 vs. 18-19 Apr 2025 (Good Friday and Saturday) Occ ADR RevPAR 25% 20% 15% 10% 5% 0% -5% -10% -15% © 2026 CoStar Group 14
Slide 15: No 'downturn' so far but that doesn't mean we're out of the woods
No ‘downturn’ so far but that doesn’t mean we’re out of the woods. UK, % of submarkets growing monthly RevPAR (GBP), % chg. YoY, 2008, 2025 and 2026 2008 2025 2026 90% 80% 70% 60% 52,1% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2026 CoStar Group 15
Slide 16: Demand for midscale and economy is negative
Demand for midscale and economy is negative. U.K., KPI (GBP) % chg. YoY, YTD March 2026 Occ ADR RevPAR 5% 4% 3% 2% 1% 0% -1% -2% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2026 CoStar Group 16
Slide 17: A little growth or flat is the 'name of the game' for most in Q1
A little growth or flat is the “name of the game” for most in Q1. Occupancy year over year % chg, YTD March 2026 -2 Aberdeen 2 Edinburgh Glasgow 8 -4 Newcastle United Belfast 3 Kingdom: 0 York Manchester 2 Liverpool -1 0.1% -1 Nottingham 1 Birmingham 3 Oxford Cardiff 4 0 Bristol 3 London 0 Southampt
Slide 18: Events are driving ADR growth especially in Glasgow
Events are driving ADR growth especially in Glasgow. ADR year over year % chg (GBP), YTD March 2026 -1 Aberdeen 4 Edinburgh Glasgow 5 4 Newcastle United Belfast -3 Kingdom: 0 York Manchester 2 Liverpool 2 1% 4 Nottingham 3 Birmingham 3 Oxford Cardiff 6 Bristol 0 0 London Plymouth -3 -1 Southampton ©
Slide 19: A mixed start to the year but ADR is still the lead key indicator
A mixed start to the year but ADR is still the lead key indicator. Ireland submarkets, KPI (EUR) % chg. YoY, YTD March 2026 v YTD March 2025 Occ % chg. ADR % chg. RevPAR % chg. 15% Occ % chg. ADR % chg. RevPAR % chg. 4% 10% 5% 3% 0% 2% -5% -10% 1% 0% Ireland Provincial Dublin © 2025 CoStar Group 19
Slide 20: © 2026 CoStar Group
a r 329 COST OF Living T 339° BILLS ??? _ v 349 Boe
Slide 21: March felt the full impact of the war
March felt the full impact of the war. GCC, KPI (local currency) % chg. YoY, March 2026 20% 10% 0% -10% -20% -30% -40% Occ -50% ADR -60% RevPAR -70% Kuwait Saudi Arabia Qatar Oman Bahrain United Arab Emirates © 2026 CoStar Group 21
Slide 22: The region is less than half full – with Saudi the exception
The region is less than half full – with Saudi the exception. GCC, occupancy, Jan – Mar 2026 (prelim) January February March 90% 80% 70% 60% 57% 50% 47% 40% 36% 35% 30% 23% 20% 17% 10% 0% Saudi Arabia Qatar United Arab Emirates Oman Kuwait Bahrain © 2026 CoStar Group 22
Slide 23: Domestic and intra-regional travel compresses rates across GCC
$100 $150 $200 $250 $300 $50 $0 © 2026 CoStar Group Manama Dubai Ras Al-Khaimah Abu Dhabi Kuwait Riyadh Jeddah Muscat 2025 Medina $178 Ajman Salalah Area Qatar Makkah Fujairah Al Khobar Sharjah Dammam $100 $150 $200 $250 $0 $300 $50 Kuwait Jeddah Riyadh GCC markets, ADR (USD), week ending 11 Apr 202
Slide 24: The Middle East, a small region with global impact
The Middle East, a small region with global impact. Select countries, origin nights (% of total) by region, 2025 100% 4% 4% 6% 6% 17% MEA Americas 75% Asia Europe 50% 25% 0% Turkey India France Thailand Malaysia © 2026 CoStar Group 24
Slide 25: Europe faces the least risk of all world regions
Europe faces the least risk of all world regions. © 2026 CoStar Group 25
Slide 26: But what if access is constrained?
But what if access is constrained? Modified from original photo, used via Flightradar24 © 2026 CoStar Group 26
Slide 27: Outlook is soft, but booking leads are short
Outlook is soft, but booking leads are short Occupancy on the books, percentage point change for next 90 days vs. STLY as of 13 April 2026 Edinburgh +2 Copenhagen +3 Dublin -2 Amsterdam -2 -1 Berlin +1 Warsaw London -2 +1 Brussels -6 Prague Paris +3 Vienna 0 Zurich +1 Budapest 0 Milan -2 +8 Buchares
Slide 28: Trends persist with Southern and Eastern Europe 'du jour'
Trends persist with Southern and Eastern Europe ‘du jour’. Occupancy on the books difference to 2025 for the next 90 days as of 6 April 2026 15% 10% 5% 0% -5% -10% -15% -20% -25% © 2026 CoStar Group 28
Slide 29: Impact still an unknown…
Impact still an unknown… 2026 Forecast RevPAR (local currency), % change YoY, (February 27th release) 10% 8% 6% 4% 2% 0% -2% -4% -6% © 2026 CoStar Group 29
Slide 30: Summary of Findings
Summary of Findings Travel remains resilient, but the risk to travel is real Traveller confidence has been knocked, but intent remains Jet fuel, weaker economy and rising inflation are a concern Seat capacity and cost is in the news Conflict length and factor lag influences the outcome © 2025 CoStar
Slide 31: Thank You!
Thank You! Aoife Roche I Regional Vice President, Sales – EMEA aroche@str.com © 2026 CoStar Group 31
Slide 32: Nordic Hotel Market Data
Nordic Hotel Market Data Market data and trends from the nordic hotel industry 2026-04-29
Slide 33: We measure the hotel industry
Who are we? We measure the hotel industry • Largest supplier of Hotel Market Data and daily benchmarking for hotels in the Nordics since 2010 • Our goal – highest possible coverage in all markets • We offer benchmarking for hotels, conference venues, spa and camping with over 2500 reporting venues
Slide 34: Nordics
BENCHMARK|NG ALL|ANCE Hotel Market Data Nordics
Slide 35: Nordics and Baltics RevPAR development
+ 3,5% - 4,3% Nordics and Baltics RevPAR development + 1,3% 2025 vs LY (Jan – Dec) + 5,4% Q1 YTD 2026 vs LY (Jan – Mar) + 8,0% + 0,6% + 5,7% + 3,6% + 2,6% + 5,1 % + 16,8% + 1,5% + 8,9% + 9,9% + 11,7 % + 6,4%
Slide 36: Nordic and Baltic capitals RevPAR development
+1,9% -5,6% Nordic and Baltic capitals RevPAR development 2025 vs LY (Jan – Dec) Q1 YTD 2026 vs LY (Jan – Mar) +4,0% +10,4% +2,1% +5,9% +7,4% +0,7% +1,9% +2,8% +17,5% +1,2% +12,0% +9,8% +14,5% +4,4%
Slide 37: Capitals development 2026 Q1
Capitals development 2026 Q1
Slide 38: Capitals development 2026 Q1
Capitals development 2026 Q1
Slide 39: Scandinavian Capitals by Segment
Hotel Market Data Scandinavian Capitals by Segment
Slide 40: Stockholm segments 2026 Q1
Stockholm segments 2026 Q1 15,0% 10,0% 5,0% 0,0% -5,0% STO LUX Av. rooms STO UPSCALE = Sold rooms Occ. STO MIDSCALE =ADR = RevPAR STO BU 7
Slide 41: Oslo segments 2026 Q1
Oslo segments 2026 Q1 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% OSL a Bp escaill Av. rooms #Sold rooms Occ. OSL MIDSCALE =ADR #RevPAR OSL BUDGET
Slide 42: Copenhagen segments 2026 Q1
Copenhagen segments 2026 Q1 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% CPH LOM CPH UPSCALE Av. rooms s#Sold rooms Occ. CPH MIDSCALE sADR s#RevPAR pps
Slide 43: Helsinki segments 2026 Q1
Helsinki segments 2026 Q1 15,0% 10,0% 5,0% 0,0% -5,0% HEL LUXURY HEL UPSCALE HEL MIDSCALE/BUDGET Av. rooms s#Sold rooms Occ. sADR sRevPAR
Slide 44: Weekday/Weekend pattern changes Scandinavian Capitals
Weekday/Weekend pattern changes Scandinavian Capitals RevPAR change% 2026 Q1 vs LY Weekday Weekend
Slide 45: Sweden
BENCHMARK|NG ALL|ANCE Hotel Market Data Sweden
Slide 46: Swedish cities 2026 Q1
Swedish cities 2026 Q1 1350 1300 Lulea (915) O Stockholm (677) 1250 Pitea (441) Lidingé (555) 1200 Vastervik (447) Verbs set re (65%) skavde (72: Kristianstad (5. 1150 Oo Vasteras (847) Falun-Borlange (791) 1100 Sédertalje-Nykvarn (385) Halmstad (427) 1050 Bp Jénkdping (581) 6 Arlanda (695) 1000 Ske
Slide 47: Swedish cities RevPAR Diff 2026 Q1 vs LY
Swedish cities RevPAR Diff 2026 Q1 vs LY
Slide 48: Norway
BENCHMARK|NG ALL|ANCE Hotel Market Data Norway
Slide 49: Norwegian cities 2026 Q1
Norwegian cities 2026 Q1 2900 2700 2500 2300 2100 1900 1700 Norway (773) 1500 Haugesund (595) e@ @ e @ os (856) ill AesundBoestgagges (718 ul HBAS 775 indheim (698) kAMansand (467) Bergen (688 1300 45% 50% 55% 60% 65% 70% Bodg (600) Gardermoen (785) Troms¢ (2 226) 80% 85% 90%
Slide 50: Norwegian cities RevPAR Diff 2026 Q1 vs LY
Norwegian cities RevPAR Diff 2026 Q1 vs LY
Slide 51: Denmark
BENCHMARK|NG ALL|ANCE Hotel Market Data Denmark
Slide 52: Danish cities 2026 Q1
Danish cities 2026 Q1 1000 950 Copenhagen (599) 900 Danmark (521), 850 eo” (258) arhus (503) 800 Odense c ) 750 Vejle (462) 700 e. (410) Aalborg > 650 600 25% 35% 45% 55% 65% 75% 85%
Slide 53: Danish cities RevPAR Diff 2026 Q1 vs LY
Danish cities RevPAR Diff 2026 Q1 vs LY
Slide 54: Finland
BENCHMARK|NG ALL|ANCE Hotel Market Data malaleclare
Slide 55: Finnish cities 2026 Q1
Finnish cities 2026 Q1 325,00 Rovaniemi (237) 300,00 275,00 250,00 225,00 200,00 175,00 150,00 Finland (65) 125,00 Helsinki (56) e Lahti (46) shyla (52) [ } “_ 100,00 Vvaa49) @ joensuu@6b) ; Kuopio (66) @ FP 00 (34) pori (47) Tampere (58) Vantaa (say n° (©s) 75,00 Turku (52) 50,00 40% 45% 50% 55% 60
Slide 56: Finnish cities RevPAR Diff 2026 Q1 vs LY
Finnish cities RevPAR Diff 2026 Q1 vs LY
Slide 57: Future bookings
BENCHMARK|NG ALL|ANCE On The Books Future bookings
Slide 58: On the Books – Stockholm 1st of April 2026 vs LY
On the Books – Stockholm 1st of April 2026 vs LY +11,4% 7 days rolling numbers
Slide 59: On the Books – Oslo 1st of April 2026 vs LY
On the Books – Oslo 1st of April 2026 vs LY -3,6% 7 days rolling numbers
Slide 60: On the Books – Copenhagen 1st of April 2026 vs LY
On the Books – Copenhagen 1st of April 2026 vs LY 7 days rolling numbers +8,5%
Slide 61: On the Books – Helsinki 1st of April 2026 vs LY
On the Books – Helsinki 1st of April 2026 vs LY +11,8 7 days rolling numbers
Slide 62: Thank you!
Thank you! benchmarkingalliance.com Henrik.karlsson@benchmarkingalliance.com