Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q3 2025 Earnings Presentation
21 slides from Pandox Ab Class B's earnings presentation, Oct 23, 2025
Slide 1: The foundation laid for significant earnings growth
Interim report Q3 2025 presentation The foundation laid for significant earnings growth Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 23 October 2025
Slide 2: Quarter in brief: Strong platform for growth
Quarter in brief Strong platform for growth Q3 2025 Increased earnings explained by both acquired and Total revenue growth organic growth +5% | 1% LFL* ― Leases: stable earnings development and improved NOI Total NOI growth ― Own Operations: positive contribution from acquisitions Strong development
Slide 3: Pandox at a glance
Pandox at a glance A hotel property specialist Group Leases Own Ops 162 140 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 76bn SEK 61bn SEK 15bn • High yielding properties
Slide 4: Business model
Business model To own, improve and lease hotel properties to strong hotel operators under long-term revenue-based leases Leases Own Operations Tenant lease models Operating models 1. Revenue-based 1. We do it ourselves 2. Revenue based with minimum guaranteed levels 2. Management agreement 3. Fixed
Slide 5: Growth map
Hotel market (2016-2025) Growth map Market RevPAR CAGR Pandox market value* 2016-2025** UK 17,359 3.3% All data on map*** NOK 897 Germany 17,178 1.2% Sweden 16,549 1.7% EUR 65 Belgium 6,061 4.2% Denmark 4,427 2.0% Finland 4,369 1.1% SEK 782 Norway 4,215 5.3% Austria 1,590 3.4% DKK 727 Ireland 1,671
Slide 6: A selection of yield spreads
Value creation A selection of yield spreads Assumptions Average yield on investment, excl. 2020 11.5% 780 bps Period: 2015-2025 YTD Investments (1): Acquisitions – Divestments + Capex Incremental NOI (2): Sum of yearly change Average yield on investment, incl. 2020 7.5% 350 bps Average yield: (1) di
Slide 7: Capital allocation
Value creation Capital allocation Portfolio optimisation is important for value creation We strive to allocate our capital to properties and projects with the highest potential return We continously evaluate the portfolio and each hotel property’s return potential Acquisitions are the foundation for
Slide 8: Positive Nordic markets
Hotel market development (vs 2024) Positive Nordic markets September 2025 YTD ADR Copenhagen 12% 8% Norway Regional 8% Oslo 12% 4% Edinburgh 1% UK Regional 1% Sweden Regional 5% Manchester -1% Hannover 0% 0% -4% -2% 0% Stockholm 0% 2% 4% 6% Occupancy 8% London -1% Finland Regional 1% Brussels -2% -4
Slide 9: Financial effects
Offer for Dalata Hotel Group plc Financial effects 31 Investment Properties with an estimated market value of MSEK 16,700 will be added to business segment Leases. Net initial yield is estimated to 6.95 percent Rent is estimated to MSEK 1,200 (per year) with a profitability in line with Pandox exist
Slide 10: Value creation framework
Offer for Dalata Hotel Group plc Value creation framework Market value properties Rental income MSEK 1,200 MSEK 16,700 Tentative value uplift approximately MSEK 3,000 Net initial yield 6.95% Implied yield 8.40% Note: for illustration purposes only 10
Slide 11: Tentative timeline
Offer for Dalata Hotel Group plc Tentative timeline 15 July Pandox, together with Eiendomsspar, announces firm intention to make a recommended cash offer for Dalata Framework agreement with Scandic to be an operating partner for the existing Dalata portfolio 24 July Acquisition of shares in Dalata H
Slide 12: Dalata's hotel portfolio
Offer for Dalata Hotel Group plc Dalata’s hotel portfolio 31 hotel properties 6,626 rooms in total Dalata hotel properties added 214 rooms per hotel Well-established hotels with leading commercial positions in their markets Londonderry (1) Belfast (2) Sligo (1) Leeds (1) Galway (2) Dublin (11) Manch
Slide 13: Consolidated hotel portfolio
Offer for Dalata Hotel Group plc Consolidated hotel portfolio 63 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 Pandox’s portfolio Londonderry (1) Belfast (4) Middlesbrough (1) Sligo (1) Leeds (3) Bradford (
Slide 14: Improved earnings growth
Financial summary Improved earnings growth Profitable acquisitions and demand improvement Revenue and result (MSEK) 25Q3 24Q3 YoY% LFL%1) Pandox Group revenue 1,972 1,873 5 1 ― Sweden, Norway and Denmark “strong” Pandox Group NOI 1,257 1,159 8 2 NOI Group +8 percent Leases revenue 1,089 1,069 2 2 ―
Slide 15: Negative value effect from appreciation of SEK
Property portfolio Negative value effect from appreciation of SEK MSEK Comment: Lower yield requirements a positive MSEK 570 Cash flow a negative MSEK 282 Additional positive value effect for Numa Brussels Royal Galleries of MSEK 97 in shareholders’ equity Total unrealised changes in value Changes i
Slide 16: Solid yield gap
6 1 2 3 4 7 0 5 8 19'Q4 20'Q1 5.41 6.41 20'Q2 20'Q3 20'Q4 Leases 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 Property portfolio 22'Q2 Own Operations 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 Average yield, % 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 Solid yield gap 25'Q1 25'Q2 25'Q3 6.09 6.84 1 3 4 7 0 2 5 6 8 20'Q2 20'Q3 20'Q4 21'Q1 21
Slide 17: Key ratios affected by ongoing acquisition
Key financial metrics Key ratios affected by ongoing 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 5,000 3 2.7 50.2 50 4,000 45 2 3,000 LTV of 46.4% adjusted for ongoing acquisi
Slide 18: Some effects from ongoing acquisition
Financial summary Some effects from ongoing acquisition Refinancings of approximately MSEK 2,866 in the Key metrics (at end of period) 25Q3 24Q3 YoY quarter, and MSEK 7,160 YTD Net interest-bearing debt, MSEK 38,139 33,515 +14% MSEK 21,133 is sustainability-related*, representing EPRA NRV, MSEK 40,9
Slide 19: Positive outlook
Outlook Positive outlook The hotel market remains resilient We expect stable demand in Q4 and a normal seasonal pattern Subject to completion of the acquisition of Dalata, early November, we will recognise both revenue and cost part of Q4 ― Negative earnings impact due to one off costs related to th
Slide 20: Q&A
Q&A 20
Slide 21: 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