Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — ABG Real Estate Seminar 2025
21 slides from Pandox Ab Class B's conference presentation, Nov 26, 2025
Slide 1: The leading European hotel property owner
ABG Real Estate Seminar The leading European hotel property owner Liia Nõu, CEO 26 November 2025
Slide 2: 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 2
Slide 3: 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 Transform properties Maximum optionality is a through Own Operations key value driver 3
Slide 4: Continuous value growth
Solid growth platform Our value framework Continuous value growth 4
Slide 5: Tangible and positive yield spreads
Value creation Tangible and positive yield spreads Assumptions Average yield on investment, excl. 2020 11.5% 780 bps Period: 2015-2025 YTD Investments (1): Acquisitions – Divestments + Capex Incremental NOI (2): Sum of yearly change Average yield on investment, incl. 2020 7.5% 350 bps Average yield:
Slide 6: Foundation laid for significant earnings growth
Business performance Foundation laid for significant earnings growth Q3 2025 Acquisition of Dalata will add substantial growth Total revenue growth ― 31 Investment Properties in Ireland and the UK +5% | 1% LFL* ― MSEK 16,700 in value with a net initial yield of 6.95 percent Total NOI growth ― MSEK 1
Slide 7: Rebound in the Nordics
Hotel market development (vs 2024) Rebound in the Nordics September 2025 YTD ADR Copenhagen 12% 8% Norway Regional 8% Oslo 12% 4% Edinburgh 1% UK Regional 1% Sweden Regional 5% Manchester -1% Hannover 0% 0% -4% -2% 0% 2% 4% 6% Stockholm 0% Occupancy 8% London -1% Finland Regional 1% Brussels -2% -4%
Slide 8: The leading European hotel property owner
Pandox including Dalata (proforma) The leading European Group Leases Own Ops hotel property owner 193 Hotel properties 171 Leased properties 22 Operated properties • Active in the world’s largest hotel market SEK 93bn SEK 78bn SEK 15bn • Hotel properties only Property mkt value Property mkt value Pr
Slide 9: Several strong reasons for the acquisition
Acquisition of Dalata Hotel Group plc Several strong reasons for the acquisition We add 31 high-quality hotels in the upper price segment with very strong guest reviews The hotel properties contribute immediately and positively to earnings and net asset value The hotel property portfolio has a net i
Slide 10: Substantially earnings accretive 2026
Acquisition of Dalata Hotel Group plc Substantially earnings accretive 2026 Line item 1 Dalata 2 Group R12M Dalata + Group R12M Approx. increase 1(1 vs 2)2 Note Rental income, MSEK 1,200 7,289 8,489 16% ** * Net operating income, MSEK 1,170 4,316 5,486 27% * ** Number of properties 31 162 193 19% **
Slide 11: Value creation framework
Acquisition of Dalata Hotel Group plc Value creation framework Market value properties Rental income MSEK 1,200 MSEK 16,700 Tentative value uplift approximately MSEK 3,000 Net initial yield 6.95% Implied yield 8.40% Note: for illustration purposes only 11
Slide 12: Dalata's hotel portfolio
Acquisition of Dalata Hotel Group plc Dalata’s hotel portfolio 31 hotel properties 6,626 rooms in total Dalata hotel properties added 214 rooms per hotel Well-established hotels with leading commercial positions in their markets Londonderry (1) Belfast (2) Sligo (1) Leeds (1) Galway (2) Dublin (11)
Slide 13: Consolidated hotel portfolio
Acquisition of Dalata Hotel Group plc Consolidated hotel portfolio 63 hotel properties Inverness (1) 13,754 rooms in total Dalata and Pandox combined Glasgow (2) Edinburgh (2) 218 rooms per hotel UK 20% and Ireland 12% of total rooms in Pandox’s portfolio Londonderry (1) Belfast (4) Middlesbrough (1
Slide 14: Number of rooms in % of total
Acquisition of Dalata Hotel Group plc Number of rooms in % of total Scandic Revenue based leases Regional demand International demand in % of total with minimum rent in % of total in % of total in % of total +6pp +10pp 67% 61% -6pp 41% 44% +7pp 31% 38% 15% 22% Before After Before After Before After
Slide 15: Eleven properties added in Dublin
Acquisition of Dalata Hotel Group plc Eleven properties added in Dublin 12 PROPERTIES WITH A TOTAL OF 3,247 ROOMS 608 rooms 357 rooms 351 rooms 157 rooms 89 rooms 334 rooms 304 rooms 297 rooms 15
Slide 16: Five properties added in London
Acquisition of Dalata Hotel Group plc Five properties added in London 227 rooms 212 rooms 191 rooms 16
Slide 17: Five properties added in London
Acquisition of Dalata Hotel Group plc Five properties added in London 11 PROPERTIES WITH A TOTAL OF 2,381 ROOMS 157 rooms 89 rooms 17
Slide 18: Financial reporting
Acquisition of Dalata Hotel Group plc Financial reporting Until the divestment to Scandic can be completed, the hotel operations is reported as "Profit from discontinued operations" with no effect on Own Operations No significant effect on earnings for Pandox is expected to be reported under "Profit
Slide 19: Positive outlook
Outlook Positive outlook The hotel market remains resilient We expect stable demand in Q4 and a normal seasonal pattern For Dalata we will recognise both revenue and cost part of Q4 ― Negative earnings impact due to one off costs related to the acquisition In 2026, the acquisition will contribute su
Slide 20: Q&A
Q&A 20
Slide 21: Pandox AB (publ) 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