Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q2 2026 Earnings Presentation
15 slides from Pandox Ab Class B's earnings presentation, Jul 15, 2026
Slide 1: Interim report Q2 2026 presentation: Profitable growth
Interim report Q2 2026 presentation Profitable growth Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 15 July 2026
Slide 2: Quarter in brief
Quarter in brief Profitable growth Summary Q2 2026 A growing hotel market with positive booking trends despite geopolitical headwinds Total revenue growth Leases business segment performed well with good performance in Sweden, UK and Germany +15% | 3% LFL Significant positive contribution from Dalat
Slide 3: Pandox at a glance
Pandox at a glance A leading hotel property Group Leases Own Ops owner 191 Hotel properties 171 Leased properties 20 Operated properties • Active in the world’s largest hotel market SEK 94.6bn SEK 79.9bn SEK 14.7bn • Hotel properties only Property mkt value Property mkt value Property mkt value • At
Slide 4: Dalata performs well
On Dalata Dalata performs well Substantial earnings contribution ― MSEK 312 of rent in Q2 ― MSEK 533 of rent in H1 ― Strong profitability Rent is growing y/y ― +4% in UK and +3% in Ireland in Q2 ― +2% in both markets in H1 Legal separation of properties and operations expected to be completed in Q4
Slide 5: Larger projects in the Dalata portfolio
On Dalata Larger projects in the Dalata portfolio Clayton Hotel Cardiff Lane, Dublin Clayton Hotel St Andrew Square, Edinburgh • Large extension, adding an additional 115 • Conversion of an office building into a hotel rooms to the already existing 304 • Highly attractive location in central • Centr
Slide 6: Substantial market growth in Sweden and Denmark
Hotel market development YTD (2026 vs 2025) Substantial market growth in Sweden and Denmark ADR Denmark 9% 7.0% 5.0% Ireland* 6% Sweden 7% Europe* 3% UK* 2% 3.0% Norway 0% USA* 4% Switzerland* 2% 1.0% Occupancy Finland 1% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% -1.0% Austria* -1% Germany* -2% -3.
Slide 7: Property investments
Active ownership Property investments Estimated investment volume and yield Of which invested, Estimated stabilised Year Investment, MSEK MSEK NOI, MSEK Yield on cost, % Larger projects Scandic Grand Marina, Clayton Edinburgh, Hotel Mayfair 2026 1,800 940 170 9.4 Copenhagen, Scandic Solli, Quality L
Slide 8: Financial summary: Profitable growth
Financial summary Profitable growth Overall, a good performance Revenue and result (MSEK) 26Q2 25Q2 YoY% LFL%1) Leases: Solid growth Pandox Group revenue 2,185 1,903 15 3 ― Significant contribution from Dalata Pandox Group NOI 1,457 1,162 25 3 ― Our portfolio in Sweden, UK and Germany outperformed L
Slide 9: Minor changes in value
Property portfolio Minor changes in value MSEK Changes in value for the total portfolio, YTD 2026 Comment: 100 000 Lower yield requirements MSEK +299 Cash flow MSEK -353 807 6 299 94 631 95 000 2 360 -232 -353 Changes in currency a positive MSEK 2,360 91 743 90 000 100 percent of the property value
Slide 10: Solid yield gap
2 5 7 0 6 8 1 3 4 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 Leases 22'Q3 22'Q4 23'Q1 23'Q2 Property portfolio 23'Q3 Own Operations 23'Q4 24'Q1 24'Q2 Average yield, % 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 26'Q1 Solid yield gap 26'Q2 6.29 6.78 0 6 7 1 8 2 3 4 5 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4
Slide 11: Financial position reflects acquisition
Key financial metrics Financial position reflects acquisition Loan-to-value, % Interest-cover-ratio, times Cash and unutilised (Policy interval 45-60%) (Rolling twelve month basis) credit facilities, MSEK 60 4 6 000 55 5 000 52.4 3 50 2.4 4 000 3,122 45 2 3 000 40 2 000 1 35 1 000 Excluding preparat
Slide 12: Stable financial position
Financial summary Stable financial position New financing and refinancing of MSEK 13,611 Key metrics (at end of period) 26Q2 25Q2 YoY ― Average repayment period 2.0 (2.4) years Net interest-bearing debt, MSEK 49,558 35,579 +39% ― MSEK 8,210 of debt maturing within one year Sustainability-linked fina
Slide 13: The hotel market stands strong
Outlook The hotel market stands strong Seasonally strongest period of the year Stable bookings and well-filled event calendar across many of our markets Europe is one of the world’s safest and most attractive regions to travel to and within Limited supply growth, increasing travel demand and Europe’
Slide 14: Q&A
Q&A Interim report Q2 2026
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