Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q1 2026 Earnings Presentation
15 slides from Pandox Ab Class B's earnings presentation, Apr 29, 2026
Slide 1: A promising start to the year
Interim report 2026 presentation A promising start to the year Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 29 April 2026
Slide 2: Quarter in brief: A promising start
Quarter in brief A promising start Strong growth supported by acquisitions and a positive market Q1 2026 ― Leases: driven by acquisitions and positive like-for-like demand Total revenue growth ― Own Operations: NOI uplift from positive business mix and higher productivity, despite two hotels fewer a
Slide 3: Pandox at a glance
Pandox at a glance A leading hotel property Group Leases Own Ops owner 192 Hotel properties 171 Leased properties 21 Operated properties • Active in the world’s largest hotel market SEK 93bn SEK 78.5bn SEK 14.5bn • Hotel properties only Property mkt value Property mkt value Property mkt value • Attr
Slide 4: Continued positive trend in the Nordic
Hotel market development Q1 (2026 vs 2025) Continued positive trend in the Nordic 10,0% ADR 8,0% ADR Copenhagen 14% 6,0% Edinburgh 5% 4,0% Finland Regional 6% Norway Regional 0% UK Regional 2% Manchester 4% Sweden Regional 7% 2,0% Oslo 2% Ireland 4% Stockholm 2% Dublin 3% Helsinki 5% 0,0% -4,0% -2,0
Slide 5: More projects than ever
Ongoing projects More projects than ever 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 Scandic Grand Marina Radisson Blu Gla
Slide 6: A good start to the year
Financial summary A good start to the year Positive development in most markets Revenue and result (MSEK) 26Q1 25Q1 YoY% LFL%1) ― Sweden, Denmark and UK particularly positive Pandox Group revenue 1,685 1,518 11 2 ― Negative currency of MSEK -75 on total revenues Pandox Group NOI 1,036 827 25 3 Lease
Slide 7: Only minor changes to property valuations
Property portfolio Only minor changes to property valuations MSEK Value change total portfolio, YTD 2026 Comment: Higher market value after Dalata acquisition Lower yield requirements a positive MSEK 51 Cash flow a negative MSEK -104 Changes in currency a positive MSEK 1,179 Total unrealised 100 per
Slide 8: Solid yield gap
5 0 2 6 8 1 3 4 20'Q3 20'Q4 7 6.38 5.42 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 24'Q1 Average yield, % 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 Solid yield gap 25'Q3 25'Q4 26'Q1 6.78 6.29 1 3 4 7 0 2 5 6 8 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21
Slide 9: Financial position reflects acquisition
Key financial metrics Financial position 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 5 000 52.3 3 2.5 50 4 000 3,151 45 2 3 000 40 2 000 1 35 1 000 Including dividend
Slide 10: Stable financial position
Financial summary Stable financial position Active quarter with new financing and refinancing of approximately MSEK 11,944 Key metrics (at end of period) 26Q1 25Q1 YoY ― Average repayment period extended to 2.2 (1.9) years Net interest-bearing debt, MSEK 48,651 33,806 +44% ― Lower credit margins red
Slide 11: Middle East: A fluid and complex situation
Middle East A fluid and complex situation >80 percent of hotel demand Europe is a safe Hotel demand RevPAR driven Solid event generated by and attractive is structurally by occupancy calendar for domestic and destination healthy and rate Q2-Q3 intra-regional travel Fuel Transit Conflict supply restr
Slide 12: A fundamentally strong hotel market
Outlook A fundamentally strong hotel market The hotel market’s good trend continued in Q1 2026, and it is fundamentally strong No clear impact from the conflict in the Middle East in the quarter The effects from the conflict are difficult to assess and depends on many factors Demand effects expected
Slide 13: Capital Markets Day May 2026 London
Capital Markets Day 5 May 2026 London Link to webcast! 13
Slide 14: Q&A
Q&A 14
Slide 15: 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