Slide 1: Q1 2023 presentation: Stable earnings development
Q1 2023 presentation Stable earnings development Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 26 April 2023
Slide 2: Continued earnings recovery
Quarter in brief Continued earnings recovery Stable and positive quarter ― Resilient hotel market considering economic headwinds Good earnings development ― Solid growth and continued earnings recovery Seasonality and catch-up effects ― Q1 is historically the weakest of the year with lower demand fo
Slide 3: A well-diversified portfolio
Strategic position A well-diversified portfolio Pandox Property Operator Group Management Activities 158 138 20 Hotel properties Leased properties Operated properties 35,586 29,938 5,648 Rooms Rooms Rooms SEK 69.7 bn 83% 17% Property market value Property market value Property market value Interim r
Slide 4: A strong network of partners and brands
Strategic position A strong network of partners and brands Pandox cooperates with more than 30 business partners and brands Interim report Q1 2023 26 April 2023 4
Slide 5: Solid growth numbers
Quarter in brief Solid growth numbers +15% +45% +21% 46.2% Return on equity 1) LFL growth in NOI LFL growth in NOI Loan-to-value, net total 2) Property management 3) R12M Jan-Mar 2023 Jan-Mar 2023 Per 31 March 2023 1) Measured as growth in EPRA NRV, including dividend and excluding proceeds from dir
Slide 6: RevPAR is now tracking 2019
Pandox Property Management RevPAR RevPAR is now tracking 2019 1200 1000 800 746 643 600 585 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 Interim report Q1 2023 26 April 2023 6
Slide 7: ADR drives RevPAR recovery
Hotel market development (YTD vs 2019) ADR drives RevPAR recovery 35% Norway Regional RevPAR 25% ADR Oslo RevPAR 2% London RevPAR 14% Edinburgh RevPAR 27% 25% Brussels RevPAR 3% UK Regional RevPAR 22% Finland Regional RevPAR 14% 15% Germany RevPAR -9% Manchester RevPAR 18% Copenhagen RevPAR -15% Sto
Slide 8: Two strong additions to the portfolio
Acquisitions Two strong additions to the portfolio The Queens Hotel Leeds Best Western Hotel Fridhemsplan, Stockholm Operator Activities | 232 rooms | City center | MGBP 53 Property Management | 221 rooms | City center | MSEK 400 Interim report Q1 2023 26 April 2023 8
Slide 9: A stable quarter
Financial summary A stable quarter Continued earnings recovery and strong Revenue and result (MSEK) 23Q1 22Q1 YoY LFL1) LFL growth Pandox Group revenue 1,353 974 67% 54% Seasonally weak quarter Pandox Group NOI 714 568 55% 44% Property Management revenue 780 648 23% 21% Total revenue-based rents of
Slide 10: Slight decline in values on higher yields
Property portfolio Slight decline in values on higher yields MSEK Total property value of MSEK 69,695 (69,231) end-of-period Changes in value Investment Properties Average valuation yield Investment Properties 5.62 (5.58) percent and Operating Properties 6.59 (6.50) percent end-of-period Negative (u
Slide 11: Well-proven financing strategy
Financial summary Well-proven financing strategy Well-proven financing strategy built on long-term Capital structure, per 31 March 2023 relationships with banks and shareholders Equity and mortgage-backed bank loans are Pandox’s sources of financing Net debt, MSEK 32,188 No market financing in the f
Slide 12: Refinancings in progress
Financial summary Refinancings in progress Approximately MSEK 5,200 refinanced in 23Q1 FY Key metrics (at end of period) 23Q1 22Q1 YoY 2022 MSEK 11,021 of debt maturing within one year, Net interest-bearing debt, MSEK 32,188 31,345 3% 32,119 of which approximately MSEK 3,500 in 23Q2 and EPRA NRV, MS
Slide 13: We remain cautiously optimistic
Market outlook We remain cautiously optimistic We are a company driven to succeed and we are financially strong Variable revenues offer protection against both inflation and higher interest rates Recovery potential in business and international travel Stronger trade fair and exhibition calendars tha
Slide 14: Q&A
Q&A Interim report Q1 2023 26 April 2023 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