Slide 1: Profitable growth and strong cash flow
Q2 2024 presentation Profitable growth and strong cash flow Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 12 July 2024
Slide 2: Investment highlights
Strategic position Investment highlights 1 A global & growing market We are active in travel and tourism – a global and dynamic industry with strong structural 2 Hotel properties only We invest exclusively in hotel properties and create value through active and engaged ownership. 3 Revenue-based lea
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 Sustainability Management development optimisation Active and engaged ownership based on deep hotel expertise Q2 2024 presentati
Slide 4: A strong and well-diversified business portfolio
Strategic position A strong and well-diversified business portfolio Pandox Leases Own Operations Group 157 138 19 Hotel properties Leased properties Operated properties 35,018 29,963 5,055 Rooms Rooms Rooms SEK 70,815bn SEK 59,271bn SEK 11,544bn Property market value Property market value Property m
Slide 5: Profitable growth and strong cash flow
Quarter in brief Profitable growth and strong cash flow A positive and seasonally strong hotel market Well-filled event calendar, active leisure travel and stable business demand Good operational performance ― Group revenue +6 percent LFL ― Group NOI +6 percent LFL Growth in cash earnings of 10 perc
Slide 6: RevPAR YTD trending above 2023 (LFL)
Business segment Leases RevPAR RevPAR YTD trending above 2023 (LFL) 1 200 1 056 940 1 000 815 749 800 666 577 600 400 200 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 Q2 2024 presentation 12 July 2024 6
Slide 7: A positive hotel market
Hotel market development (vs 2023) A positive hotel market 10% 10% March 2024 YTD ADR Edinburgh 14% June 2024 YTD ADR Edinburgh 12% Stockholm 7% Finland Regional 5% Hamburg 10% Norway Regional 5% Norway Regional 9% 5% UK Regional 3% 5% Hamburg 6% Stockholm 2% Frankfurt 5% Hannover 5% Frankfurt 6% Co
Slide 8: Investing for growth
High quality project pipeline Investing for growth On track to MSEK +300 in NOI per year by 2026… …and we are adding to the project pipeline Business Type of Property Location Completed segment investment Nuremberg, The Hotel, Brussels Hotel Pomander Leases Total renovation Germany Room upgrades Bru
Slide 9: Profitable growth in an active quarter
Financial summary Profitable growth in an active quarter Seasonally strong quarter and many events Revenue and result (MSEK) 24Q2 23Q2 YoY% LFL%1) Pandox Group revenue 1,866 1,774 5 6 Good performance in both business segments Pandox Group NOI 1,125 1,025 10 6 ― NOI Group +6 percent percent LFL Leas
Slide 10: Positive unrealised changes in value
Property portfolio Positive unrealised changes in value MSEK Comment: Slight increase in yields, stronger cash flow Approximately 98 percent of the properties externally valued in the past 12 months, based on value Total unrealised Divestments: changes in value DoubleTree by Montreal (closed 15 Apri
Slide 11: Positive yield gap and growing EPRA NRV
6 1 2 3 4 5 0 8 19'Q4 7 6.41 5.41 20'Q1 20'Q2 20'Q3 Leases 20'Q4 21'Q1 21'Q2 21'Q3 Property portfolio 21'Q4 Own Operations 22'Q1 22'Q2 22'Q3 22'Q4 Average yield, % 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 6.13 6.90 1 2 4 7 0 5 6 8 Q2 2024 presentation 19'Q4 3 2.6 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3
Slide 12: Stable LTV, resilient ICR and solid cash position
Key financial metrics Stable 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 4,137 50 4 000 46.0 46.2 3 2.6 45 3 000 2 Unencumbered asse
Slide 13: Solid financial position
Financial summary Solid financial position Refinancings of approximately MSEK 3,500 in the Key metrics (at end of period) 24Q1 23Q1 YoY% quarter Net interest-bearing debt, MSEK 32,705 33,718 -3 Some MSEK 5,400 is now sustainability linked EPRA NRV, MSEK 38,187 36,976 +3(*) MSEK 7,397 of debt maturin
Slide 14: Our outlook remains positive
Market outlook Our outlook remains positive We are currently in a seasonally strong period Well-filled event calendar with active domestic and regional leisure travel Increased international inbound travel to Europe Good hotel demand expected for the third quarter Some RevPAR growth expected in the
Slide 15: Q&A
Q&A Q2 2024 presentation 12 July 2024 15
Slide 16: 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