Slide 1: Q3 2022 presentation
Q3 2022 presentation Strong result in a strong hotel market Liia Nou, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 27 October 2022 (}&) Pandox
Slide 2: Quarter in brief
Quarter in brief Our strongest quarter so far > Strong growth in a restriction-free quarter — Return to normal seasonal pattern and business mix — Increased revenue-based rent and improvements in own operations > Substantial earnings improvement — Confirms the power of Pandox’s business model > Stro
Slide 3: Strategic position: A well-diversified portfolio
Strategic position A well-diversified portfolio (6) Pandox Pandox Group 157 Hotel properties 35,490 Rooms sek 68.3 pn Property market value Interim report Q3 2022 Property Management 135 Leased properties 29,160 Rooms 81% Property market value Operator Activities 22 Operated properties 19% Property
Slide 4: Strategic position: A strong network of partners and brands
Strategic position A strong network of partners and brands Scandic Rudwn@d = Gavosson — SIRCLE es BURKS GH ass Hilton “tobel-Hober more eng “ENE @eviimon Mercure CROWNE PLAZA tf The Hotel. NOVOTEL sk y | ine A Axiom Holiday Inn BRUSSELS Hospitality i Park -_ 2, Ey Bite: woico =... pulot = {Grape cei
Slide 5: Quarter in brief: High business activity
Quarter in brief High business activity +18% +74% +39% 47.1% Return on equity » LFL growth in NOI LFL growth in NOI Loan-to-value, net total 2) Property Management 3) Ri2M Jul-Sep 2022 Jul-Sep 2022 Per 30 September 2022 Measured as growth in EPRA NRV, including dividend and excluding proceeds from d
Slide 6: Pandox Property Management RevPAR
Pandox Property Management RevPAR RevPAR has fully recovered c 1000 H 932 H 600 568 61 273 ’ aid 16 Jan Feb Mar Apr May Jun Oct Nov Dec oo Soo 2019 2020 (X%6) Pandox Interim report Q3 2022 27 October 2022
Slide 7: Pandox total portfolio: RevPAR per segment
Pandox total portfolio RevPAR per segment indexed vs. 2019 20% 0% -20% -40% ~60% -80% -100% ‘Interstate ‘Resort Airport Suburban ——Regional City ——SmallCity ——Large City eamTotal (© Pandox Interim report Q3 2022 27 October 2022 7
Slide 8: Pandox total portfolio: Occupancy by segment
Pandox total portfolio Occupancy by segment indexed vs. 2019 20% 0% -20% -40% -60%6 -80% -100% ‘Interstate Resort Airport -—Suburban ——RegionalCity ——SmallCity ——Large City smmTotal (© Pandox Interim report Q3 2022 27 October 2022 8
Slide 9: Acquisition: NH Brussels Louise
Acquisition NH Brussels Louise (© Pandox Operator Activities City center 246 rooms Purchase price of MEUR 35 Existing strong local commercial and technical platform in Brussels Pandox currently evaluating the best commercial alternative for the hotel
Slide 10: Acquisition: DoubleTree by Hilton Bath
Acquisition DoubleTree by Hilton Bath > Operator Activities > City center, 176 rooms, well invested > Purchase price of MGBP 40 > Strong, strategic location in central Bath, attracting both leisure and business travelers > Management agreement with Axiom Hospitality > Stabilised yield of approximate
Slide 11: Divestment: InterContinental Montreal
Divestment InterContinental Montreal > Operator Activities > 357 rooms, owned since 2007 > Transaction value MCAD 80 > Right timing, right price > Buyer has a strong local presence in Montreal > Closing is planned for first quarter 2023 6) Pandox
Slide 12: Recent examples: Value-creating investments
Recent examples Value-creating investments Scandic Park, Stockholm © Pandox Q3 2022 Hotel Pomander, Nuremberg 27 October 2022
Slide 13: Financial summary: Strong earnings leverage
Financial summary Strong earnings leverage > Normalised earnings in a normalised hotel market Revenue and result (MSEK) lentes > Strong growth in revenue, NOI and positive BREE SES Veggie 1673 1ex unrealised value changes Pandox Group NOI 1,059 575 84% ©=—-74% > Cash earnings of MSEK 720 (270) EES E
Slide 14: Property Management: variable revenue
Property Management Solid improvement trend in variable revenue Variable revenue in Property Management 400 378 350 ole 258 250 200 150 100 50 oo Property Management Qi 2021 Qi 2022 = Q2 2021 ™Q2 2022 = Q3 2021 ™Q3 2022 ™Q4 2021 © Pandox Interim report Q3 2022 Growing number of leases with minimum c
Slide 15: Property portfolio: Positive changes in value
Property portfolio Positive changes in value Change in value Investment Properties Investment Properties, opening balance (1 Jan, 2022) + Investments in current portfolio - Divestments +/-Unrealised changes in value +/-Realised changes in value +/- Change in currency exchange rates Investment Proper
Slide 16: Property portfolio: Hotel market recovery lifts property values
Property portfolio Hotel market recovery lifts property values 0% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Qi 2021 Q2 2021 Q3 2021 Q4 2021 Qu 2022 Q2 2022 Q3 2022 -1% -296 -39%6 sare Accumulated changes in value measured from start of pandemic “5% -6% w Pandox Interim report Q3 2022 27 October2022 16
Slide 17: Financial summary: Well-proven financing strategy
Financial summary Well-proven financing strategy > Well-proven financing strategy built on long-term relationships with banks and shareholders > Equity and mortgage-backed bank loans are Pandox’s sources of financing > No market financing in the form of bonds/hybrids and no external rating requireme
Slide 18: Financial summary: Positive dialogues with lenders
Financial summary Positive dialogues with lenders > MSEK 12,730 of debt maturing within one year, = ee wes, || : of which MSEK 9,162 during H1’23 hit AG Nee otc ened (AG id Net interest-bearing debt, MSEK 32,119 30,387 696 31,159 > Proactive and positive dialogue with banks on refinan cings EPRA NRV
Slide 19: Financial summary: Key debt metrics
Financial summary Key debt metrics Pe: Loan to value % (Ihs) and interest coverage ratio times (rhs) Times Ss 60 55 50 “Ill Il ll 40 (© Pandox Interim report Q3 2022 6 » % Average interest rate (%), repayment period (yrs) No. of years 5 and fixed rate period (yrs) 5 4 4 8 3 2 2 = 1 a ° ESE FPS AMA A
Slide 20: Hotel market development: A return to normality
Hotel market development A return to normality > First restriction-free quarter since Q4 2019 > RevPAR recovered to pre-pandemic levels > Strong ADR development in all markets, while occupancy is trailing slightly > Normal seasonal pattern and business mix > Biggest relative recovery in larger citie
Slide 21: Hotel market development: Nordic regional
Hotel market development Nordic regional 128% 114% 115% 115% HDS 1000 110% 107% 100! 800 600 400 200 Jan Feb Mar Apr May Jun Jul mmm Occ index vs. 2019 mmm ADR index vs. 2019 Source: Benchmarking Alliance % Pandox Interim report Q3 2022 126% 117% Aug Sep Oct “2019 RevPAR (SEK) Nov Dec 2022 RevPAR (S
Slide 22: Hotel market development: Nordic capitals
Hotel market development Nordic capitals 1200 1000 800 600 Jan Feb Mar Apr mmm Occ index vs. 2019 Source: Benchmarking Alliance 6) Pandox May Jun Jul mmm ADR index vs. 2019 Interim report Q3 2022 Aug Sep Oct =@=2010 RevPAR (SEK) Nov Dec 2022 RevPAR (SEK) 106% YTD Sep 27 October 2022 140% 120% 100% 8
Slide 23: Hotel market development: Germany
Hotel market development Germany 120 140% 100 120% 103% 100% 80 79% ba 80% 60 60% 40 40% ee 20% ° 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Sep @™ Occ index vs. 2019 mmm ADR index vs. 2019 =@=2019 RevPAR (EUR) M2022 RevPAR (EUR) Source: STR Global © Pandox Interim report Q3 2022 23 Octo
Slide 24: Hotel market development: Frankfurt
Hotel market development Frankfurt 120 140% 100 120% 97% — 100% 80 73' 80% 60 60% 40 40% ze 20% ° 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Sep @™ Occ index vs. 2019 MllMADR index vs. 2019 =@=2019 RevPAR (EUR) 2022 RevPAR (EUR) Source: STR Global © Pandox Interim report Q3 2022 27 Octob
Slide 25: Hotel market development: UK regional
Hotel market development UK regional 200 180 160 140 120 100 Jan Source: STR Global 6) Pandox Feb Mar Apr May Jun Jul ™™ Occ index vs.2019 MADR index vs. 2019 Interim report Q3 2022 Aug Sep Oct 2019 RevPAR (GBP) Nov Dec 2022 RevPAR (GBP) 140% 117% 190% YTD Sep 27 October 2022 25
Slide 26: Hotel market development: London
Hotel market development London 200 140% 180 = 116% — 490% 160 140 100% 86; 120 80% 100 80 60% 60 40% 40 20% 20 0 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Sep @™™ Occ index vs. 2019 MADR index vs. 2019 =™=2019 RevPAR (GBP) 2022 RevPAR (GBP) Source: STR Global % Pandox Interim report Q3
Slide 27: Market outlook: Good starting point in more uncertain times
Market outlook Good starting point in more uncertain times > RevPAR at or above 2019 levels in the third quarter > Profitable business model and normalised earnings > Good financial position and strong cash flow > Energy and financial cost will increase in 2023 > Variable revenues offer protection a
Slide 28: Pandox Hotel Market Day
Pandox Hotel Market Day THE FUTURE OF WORK AND WHAT IT MEANS FOR HOTELS a5th November 2022, 13.00-16.30 (CET) ® @ « & / & JUNE KOH ERIC JAFARI RACHELE FOCARDI “Soran wc — = wrawn eo ” @ , hu “on err Oe @ er 8B Join us for insights into how work is changing, how workplaces are being shaped after the
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Slide 30: “~sn~N
“~sn~N 6) Pandox” ‘Pandox AB (publ) ‘Box 15 Tel: +46 8 506 205 50 SE-101 20 Stockholm ‘wwwpandox.se ‘Sweden (Org. Nr. 556030-7885 Forward-looking statements. ‘This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of whi