Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — DNB Carnegie Real Estate Conference 2025
22 slides from Pandox Ab Class B's conference presentation, Sep 18, 2025
Slide 1: A hotel property specialist
A hotel property specialist Liia Nõu, CEO 18 September 2025
Slide 2: Pandox at a glance
Pandox at a glance A hotel property specialist Group Leases Own Ops 163 141 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 3: Investment highlights
Strategic position Investment highlights 1 Active in the world’s largest hotel market We are active in Europe – the world’s largest hotel and tourism market – with strong 2 Hotel properties only We invest exclusively in hotel properties and create value through active and engaged ownership. 3 Attrac
Slide 4: 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 management development optimisation Active, engaged and sustainable ownership based on deep hotel expertise 4
Slide 5: Own, improve and lease hotel properties under long-term revenue-based leases
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 6: Our value framework
Solid growth platform Our value framework Maximise the value of Create attractive products each property and properties based on the uniqueness of each individual property Continuous value growth Transform properties Maximum optionality is a through Own Operations key value driver 6
Slide 7: Growth map
Hotel market (2016-2025) Growth map Market RevPAR CAGR Pandox market value* 2016-2025** UK 17,757 3.2% NOK 864 Germany 17,334 1.5% Sweden 16,218 1.5% EUR 65 Belgium 6,082 4.2% Denmark 4,448 1.5% Norway 4,155 4.9% SEK 764 Finland 4,398 1.1% Austria 1,596 3.5% GBP 94 DKK 691 Ireland 1,678 3.9% Netherl
Slide 8: A stable market with regional variations
Hotel market development (vs 2024) A stable market with regional variations 10% ADR June 2025 YTD Oslo 12% Norway Regional 9% Hannover* 8% Copenhagen 8% UK Regional* 0% Edinburgh* 1% Germany* 4% Sweden Regional 4% 0% -2% -1% 0% 1% 2% 3% 4% 5% 6% Manchester* -1% Frankfurt* 3% Occupancy Brussels* -2%
Slide 9: A selection of yield spreads
Value creation A selection of yield spreads Assumptions Average yield on investment, excl. 2020 11.7% 780 bps Period: 2015-2025 YTD Investments (1): Acquisitions – Divestments + Capex Incremental NOI (2): Sum of yearly change Average yield on investment, incl. 2020 7.4% 350 bps Average yield: (1) di
Slide 10: Leonardo Royal Hotel Baden-Baden
Project investments Leonardo Royal Hotel Baden-Baden Leases 121 rooms New spa area Renovation of rooms and public areas Completed Q1 2025 10
Slide 11: Leonardo Royal Frankfurt
Capex investments Leonardo Royal Frankfurt Leases 449 rooms Renovation of rooms, bathrooms and tech Completed Q1-Q2 2025 11
Slide 12: Vildmarkshotellet
Capex investments Vildmarkshotellet Leases 213 rooms New spa area on two floors Heat pump installations Completed Q1 2025 12
Slide 13: The Hotel Brussels
Capex investments The Hotel Brussels Own Operations 421 rooms New ’mini’ spa area on top floor Renovation of rooms and public areas Five new rooms Completed Q1-Q2 2025 13
Slide 14: Leonardo Hotel Galway
Capex investments Leonardo Hotel Galway Leases | 130 rooms | Full service | City Center Target Outcome ― RevPAR +13% +27% ― ROI +12% +22% ― Investment MEUR 3.9 (60/40) MEUR 4.2 (64/36) Before After Actions ― Full renovation of all guest rooms, bathrooms, public spaces and change of brand ― C
Slide 15: Scandic Park Stockholm
Capex investments Scandic Park Stockholm Leases | 213 rooms | Full service | City Center Target Outcome ― RevPAR +5% +23% Before After ― ROI +17% +42% ― Investment MSEK 34 (50/50) MSEK 38 (53/47) Before After Actions ― Conversion of existing spaces to 9 new hotel rooms, a new meeting and F&B
Slide 16: Profitable acquisitions drive growth
Q2 in brief Profitable acquisitions drive growth Q2 2025 Growth in revenue and NOI driven by acquisitions Total revenue growth ― Leases: stable earnings development +2% | -1% LFL* ― Own Operations: stable demand but lower average daily rates Total NOI growth Tough comparable quarter +3% | -1% LFL* ―
Slide 17: Solid yield gap and growing EPRA NRV
7 8 1 2 3 4 5 6 0 19'Q4 5.41 6.41 20'Q1 20'Q2 20'Q3 20'Q4 Leases 21'Q1 21'Q2 21'Q3 21'Q4 Property portfolio 22'Q1 Own Operations 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 Average yield, % 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 6.09 6.88 7 8 1 2 3 4 5 6 0 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4
Slide 18: Stable outlook
Outlook Stable outlook Currently in seasonally strong period for the hotel market Initial concerns over tariffs seem to have died down We expect resilient demand and gradually less challenging comparison figures ― Stable business-on-the-books in Own Operations Event-filled calendar in H2 Our financi
Slide 19: Offer for Dalata Hotel Group plc
Offer for Dalata Hotel Group plc 15 July Pandox, together with Eiendomsspar, announces firm intention to make a recommended cash offer for Dalata Hotel Group plc. Framework agreement with Scandic to be an operating partner for the existing Dalata portfolio 24 July Acquisition of shares in Dalata Hot
Slide 20: What is the end game?
Hotel property map Ireland / UK What is the end game? Inverness (1) • 63 hotel properties • 13,754 rooms in total Edinburgh (2) • 221 rooms per hotel Glasgow (2) • UK 20% and Ireland 12% of total rooms Londonderry (1) Belfast (4) Middlesbrough (1) Sligo (1) Leeds (3) Bradford (1) Manchester (3) Shef
Slide 21: Q&A
Q&A 21
Slide 22: Pandox AB 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