Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q2 2025 Earnings Presentation
61 slides from Pandox Ab Class B's earnings presentation, Jul 11, 2025
Slide 1: Pandox Earnings
Pandox Earnings 11th July, 2025 STR, a CoStar Group Company Alex Robinson I Regional Director, Central Europe, STR © 2025 CoStar Group 1
Slide 2: Top 5 Themes for '25
Top 5 Themes for ‘25. The performance divide. Luxury leads. Can we count on the Americans? The Summer of ‘24. Looking Forward. © 2025 CoStar Group 2
Slide 3: Global demand trend remains positive, albeit more muted in 2025
Global demand trend remains positive, albeit more muted in 2025. Global Demand % chg. year over year, January 2023 – May 2025 30% 25% 20% 15% 10% 5% 2% 0% -5% Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Apr 2025 © 2025 CoStar Group 3
Slide 4: Positive demand drives occupancy growth
Positive demand drives occupancy growth. Occupancy, YTD May 2025 Europe North America Mainland China 66% 61% 1% 62% 0% Middle East -2% Northern Africa Central America Asia (excl. Mainland China) 61% 72% 68% 64% 9% 4% 1% -2% Australia & Oceania 59% 71% 56% 5% 2% South America -1% Southern Africa © 20
Slide 5: Which in turn, provides a platform for ADR to expand
Which in turn, provides a platform for ADR to expand. ADR, USD & CC, YTD May 2025 Europe North America Mainland China 144 159 3% 58 2% Middle East -2% Northern Africa Central America Asia (excl. Mainland China) 126 194 122 196 20% 6% 6% 3% Australia & Oceania 113 155 153 13% 1% South America 11% Sou
Slide 6: In summary
In summary. RevPAR R3, % chg. YoY, June 2024 – May 2025 China Europe United States 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 © 2025 CoStar Group 6
Slide 7: The Performance Divide
The Performance Divide. © 2025 CoStar Group 7
Slide 8: Led by The Med.
Led by The Med. Occupancy, indexed to YTD 2019, YTD May 2025 UK & I Southern Europe Rest of Europe 101 101 100 100 100 100 97 97 97 96 95 93 92 Ireland Spain United Greece Italy Portugal Switzerland CEE Nordics Benelux France Germany Austria Kingdom YoY % Chg. 1% 0% -1% 1% 1% 2% 3% 4% -1% 5% 5% 2% 2
Slide 9: Leading markets see moderate occupancy gains
Leading markets see moderate occupancy gains. European markets, Occupancy, YoY % change, YTD May 2025 +12 +5 +17 +0 +10 +6 +2 +2 +1 +6 -1 0 +2 +40 +3 +3 +2 +8 +2 +3 -11 +4 -1 0 +1 +1 +1 +2 © 2025 CoStar Group 9
Slide 10: The Med. continues to experience strong ADR growth
The Med. continues to experience strong ADR growth. ADR, indexed to YTD 2019, YTD May 2025 Southern Europe Rest of Europe 175 146 142 139 137 131 129 126 125 120 118 115 110 Greece Italy Spain Portugal France CEE Ireland Austria United Benelux Nordics Switzerland Germany Kingdom YoY % Chg. 16% 4% 9%
Slide 11: Compounding that north-south ADR divide
Compounding that north-south ADR divide. European markets, ADR (LC), YoY % change, YTD May 2025 © 2025 CoStar Group 11
Slide 12: Luxury Leads
Luxury Leads © 2025 CoStar Group 12
Slide 13: Luxury's lead on the pack is gaining in 2025
Luxury’s lead on the pack is gaining in 2025. Global Occupancy & ADR (USD, CC), FY 2024 % change to 2019, and May YTD 2025 % chg. YoY 2024 % chg. to 2019 2025 YTD % chg. YoY 35% 5% 30% 4% 25% 3% 20% 15% 2% 10% 1% 5% 0% 0% -1% -5% -10% -2% Luxury Upper Upscale Upper Midscale Economy Luxury Upper Upsc
Slide 14: Europe's bumper performance is underpinned by the upper-tier classes
Europe's bumper performance is underpinned by the upper-tier classes. Europe, KPI (EUR, CC) % chg. YoY, YTD May 2025 Occ ADR RevPAR 8% 6% 4% 2% 0% -2% -4% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2025 CoStar Group 14
Slide 15: Stark contrast in class performance for the U.K.
Stark contrast in class performance for the U.K., with muted growth. U.K., KPI (GBP) % chg. YoY, YTD May 2025 Occ ADR RevPAR 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2025 CoStar Group 15
Slide 16: Can we count on the Americans?
Can we count on the Americans? © 2025 CoStar Group 16
Slide 17: For now, they are still arriving in Europe
For now, they are still arriving in Europe. U.S. citizen departures to Europe, % chg. YoY, May monthly and May YTD 2025 YTD May 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Europe France Germany Italy Spain Portugal UK Ireland Source: I-92/APIS, © 2025 CoStar Group The International Trade Administration, U.S.
Slide 18: Transatlantic routes are operating at a record seat volume
Transatlantic routes are operating at a record seat volume US Air Passenger Volume, % of 2019 level 120% 100% 80% 60% 40% 20% 0% Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 © 2025 CoStar Source: TSAGroup 18
Slide 19: However, the dollar is depreciating
However, the dollar is depreciating. ADR % chg. YoY, May YTD 2025 ADR (local currency) ADR (USD) 8.6% 7.0% 4.4% 4.5% 3.7% 3.3% 2.9% 2.9% 2.2% 2.5% 1.9% 1.6% 0.8% 0.9% -0.1% -0.4% Europe Spain Portugal Germany Italy Ireland U.K. France © 2025 CoStar Group 19
Slide 20: U.S. travel to London edged down in May but still ahead YTD
U.S. travel to London edged down in May but still ahead YTD. U.S. citizen departures to London, 2019, 2024 and 2025 2019 2024 2025 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 January February March April May June July August September October November December Source: I-92/APIS, © 2025
Slide 21: Looking Forward
Looking Forward © 2025 CoStar Group 21
Slide 22: This summer has a lot to live up to
This summer has a lot to live up to. Key European markets, % of YTD May 2025 rooms nights with high compression occupancy levels 35% 30% 25% 20% 15% 10% 5% 0% Edinburgh Dublin London Barcelona Warsaw Krakow Athens Lisbon Rome Milan Copenhagen Select Compression (85% Occ) Compression (90% Occ) Full C
Slide 23: Coupled with a lighter calendar this summer, European growth is limited
Coupled with a lighter calendar this summer, European growth is limited. Europe markets*, KPI % chg. YoY, Q1 2025 – Q3 2026F 4% 3% 2% 1% 0% -1% -2% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Occ ADR RevPAR *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Bru
Slide 24: Business on the books broadly flat with a few outliers
Business on the books broadly flat with a few outliers Occupancy on the books, percentage point change for next 90 days vs. STLY as of 30 Jun 2025 Edinburgh -2 Copenhagen +4 Dublin -1 Amsterdam -1 -2 Berlin -1 Warsaw London -0 -2 Brussels Prague +2 Paris +1 Vienna -5 Zurich -1 Budapest +2 Milan -0 +
Slide 25: Although demand growth has been spectacular for most over the last decade
Although demand growth has been spectacular for most over the last decade. Rooms Demand, change R12 from May 2014 to May 2025 2014 2024 50 +15% Miljontal 45 40 35 30 +2% 25 +12% 5% 20 +25% 15 +36% +22% +32% 10 +31% 5 0 London GBR Paris FRA Barcelona ESP Berlin DEU Madrid ESP Amsterdam Milan ITA Dubl
Slide 26: So too has supply growth
So too has supply growth. Rooms Supply Change R12 from May 2015 to May 2025 2014 2024 +17% 60 Miljontal 50 40 +7% +7% 30 +7% +7% +38% 20 +7% +28% 10 +26% 0 London GBR Paris FRA Barcelona ESP Berlin DEU Madrid ESP Amsterdam Milan ITA Dublin IRL Edinburgh GBR NLD © 2025 CoStar Group 26
Slide 27: The active pipeline across Europe is…active
The active pipeline across Europe is…active. European countries, Rooms in the active pipeline, May 2025 120,000 100,000 80,000 60,000 40,000 20,000 0 U.K. Germany Spain Turkey Poland France Ireland Italy Portugal Georgia Austria Greece Romania Israel © 2025 CoStar Group 27
Slide 28: Yet normalising – a good sign for occupancy growth
Yet normalising – a good sign for occupancy growth. Europe, New Openings & Pipeline (Completion & Delay Rates Applied), 2011-2026 Forecast c.75K rooms p.a. c. 65K rooms p.a. 120,000 100,000 80,000 60,000 40,000 20,000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 29: RevPAR growth expectations wane a little
RevPAR growth expectations wane a little. European key cities 2025 Forecast RevPAR (local currency), % change YoY, May 2025 forecast release 10% 8% 6% 4% 2% 0% -2% -4% *Luxury & Upper Upscale classes © 2025 CoStar Group 29
Slide 30: In conclusion
In conclusion. The divide in European performance remains, led by The Med. Luxury continues to set the pace as the lower end feels macro environment Americans are still heading to Europe for summer 2025 Less openings are hopefully a tailwind Occupancy on the books is flat to last year, but summer ra
Slide 31: Thank you!
Thank you! Alex Robinson I Director, STR arobinson2@str.com © 2025 CoStar Group 31
Slide 32: Nordic Hotel Market Data
Nordic Hotel Market Data Market data and trends from the nordic hotel industry 2025-07-11
Slide 33: Who are we? We measure the hotel industry
Who are we? We measure the hotel industry • Largest supplier of Hotel Market Data and daily benchmarking for hotels in the Nordics • Our goal – highest possible coverage in all markets • Started in 2010 in Stockholm • We offer benchmarking for hotels, conference venues, spa and camping
Slide 34: Hotel Market Data Nordics
BENCHMARK|NG ALL|ANCE Hotel Market Data Nordics
Slide 35: Nordics and Baltics RevPAR development
+0,4% +6,3% Nordics and Baltics RevPAR development +3,4% 2024 vs LY (Jan – Dec) +1,9% Q2 YTD 2025 vs LY (Jan – Jun) +8,5% +5,6% +4,5% +1,8% +7,3% +1,2% +4,4% +18,2% +4,5% +4,7% +2,1% +7,4%
Slide 36: Nordic and Baltic capitals RevPAR development
+1,2% +4,2% Nordic and Baltic capitals RevPAR development 2024 vs LY (Jan – Dec) Q2 YTD 2025 vs LY (Jan – Jun) +7,2% +6,0% +7,1% +7,2% +4,4% +13,5% -2,3% +5,8% +4,4% +9,1% +6,0% +3,9% +4,8% +5,0%
Slide 37: Available rooms development Nordic capitals
20 22 100 105 110 115 120 125 90 95 -0 1- 20 01 22 -0 3- 20 01 22 -0 5- 20 01 22 -0 7- 20 01 22 -0 9- 20 01 22 -1 1- 20 01 23 -0 1- Copenhagen 20 01 23 -0 3- 20 01 23 -0 5- 20 01 Helsinki 23 -0 7- 20 01 23 -0 9- 20 01 23 -1 1- Reykjavik 20 01 24 -0 1- 20 01 24 -0 3- 20 01 24 -0 5- Stockholm 20 01 Av
Slide 38: Capitals development 2025 Q2 YTD
Capitals development 2025 Q2 YTD
Slide 39: Capitals development 2025 Q2 YTD
Capitals development 2025 Q2 YTD
Slide 40: Stockholm segments 2025 Q2 YTD
Stockholm segments 2025 Q2 YTD
Slide 41: Oslo segments 2025 Q2 YTD
Oslo segments 2025 Q2 YTD 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% OSL LUX OSL UPSCALE Av.rooms #Sold rooms Occ. OSL MIDSCALE =ADR #RevPAR dlisupcet
Slide 42: Copenhagen segments 2025 Q2 YTD
Copenhagen segments 2025 Q2 YTD
Slide 43: Helsinki segments 2025 Q2 YTD
Helsinki segments 2025 Q2 YTD
Slide 44: Hotel Market Data Sweden
BENCHMARK|NG ALL|ANCE Hotel Market Data Sweden
Slide 45: Swedish cities 2025 Q2 YTD
Swedish cities 2025 Q2 YTD 2150 1950 1750 1550 1350 1150 950 Visby (1591) Stockholm (1195) @ Vastervik (1 151) Lidingé (660) Halmstad (737) eo (987) Pited (556) skovde (66: Lutes ( ®@ riskrona (816) Kalmar (897) Hels a @ sates as we. Dn e* ‘Sundsvall (510) ‘Sweden (926) Goteborg (900) 45% 50% 55% 60
Slide 46: Swedish cities RevPAR Diff 2025 Q2 YTD vs LY
Swedish cities RevPAR Diff 2025 Q2 YTD vs LY
Slide 47: Hotel Market Data Norway
BENCHMARK|NG ALL|ANCE Hotel Market Data Norway
Slide 48: Norwegian cities 2025 Q2 YTD
Norwegian cities 2025 Q2 YTD 21 00 Troms@ (1 431) 1900 1700 Oslo (1 083) O) Alesund (845) Norway (865) 1500 @ @ (882) a (949) Kristiansand (714) 1300 Stavanger (869) O @ Kristiansund “=@ @ oO oO Haugesund (810) 1100 Lillehammer (637) Gardermoen (762) e Harstad-Narvik (658) Bodg (575) 900 50% 55% 60%
Slide 49: Norwegian cities RevPAR Diff 2025 Q2 YTD vs LY
Norwegian cities RevPAR Diff 2025 Q2 YTD vs LY
Slide 50: Hotel Market Data Denmark
BENCHMARK|NG ALL|ANCE Hotel Market Data Denmark
Slide 51: Danish cities 2025 Q2 YTD
Danish cities 2025 Q2 YTD 1300 1200 e~ (595) 1100 Danmark (655) 1000 ©) 900 Odense (484) irhus (569) ws e Vejle “@, 700 @ Aalborg (387) Kolding (465) 600 ‘Copenhagen (796) 500 50% 55% 60% 65% 70% 75% 80%
Slide 52: Danish cities RevPAR Diff 2025 Q2 YTD vs LY
Danish cities RevPAR Diff 2025 Q2 YTD vs LY
Slide 53: Hotel Market Data Finland
BENCHMARK|NG ALL|ANCE Hotel Market Data malaleclare
Slide 54: Finnish cities 2025 Q2 YTD
Finnish cities 2025 Q2 YTD 185,00 175,00 165,00 155,00 145,00 135,00 125,00 115,00 105,00 95,00 85,00 75,00 40% Lahti (49) Pori (44) a @ 45% Finland (62) Ss ee (71) S ram) @ Kuopio (70) Helsinki (67) Vaasa (50) e@.... (53) e@ Espoo (41) 50% Joensuu (51) 55% Rovaniemi Vantaa (54) 60% Turku (62) 65% 7
Slide 55: Finnish cities RevPAR Diff 2025 Q1 vs LY
Finnish cities RevPAR Diff 2025 Q1 vs LY
Slide 56: Future bookings On The Books
BENCHMARK|NG ALL|ANCE On The Books Future bookings
Slide 57: On the Books – Stockholm 1st of July vs LY
On the Books – Stockholm 1st of July vs LY +16,2%
Slide 58: On the Books – Oslo 1st of July vs LY
On the Books – Oslo 1st of July vs LY +11,0%
Slide 59: On the Books – Copenhagen 1st of July vs LY
On the Books – Copenhagen 1st of July vs LY +15,2%
Slide 60: On the Books – Helsinki 1st of July vs LY
On the Books – Helsinki 1st of July vs LY +25,9
Slide 61: Thank you!
Thank you! benchmarkingalliance.com henrik.karlsson@benchmarkingalliance.com