Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Investor Presentation (December 2025)
29 slides from Pandox Ab Class B's investor presentation, Dec 10, 2025
Slide 1: The leading European hotel property owner
Analyst presentation The leading European hotel property owner Liia Nõu, CEO Anneli Lindblom, CFO Jonas Törner, CCO 10 December 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 Continuous value growth 3
Slide 4: 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 5: Well-filled pipeline
Ongoing projects Well-filled pipeline DoubleTree by Hilton Brussels City Clayton Hotel Edinburgh Clayton Hotel Cardiff Lane (Dublin) Extension 150 rooms Conversion from offices Extension of 115 rooms 2027-2028 | Own Operations 2026-2027 | Leases 2027 | Leases Home Hotel Bastion, Oslo Radisson Blu Gl
Slide 6: Many upgraded products in 2025
Completed projects Many upgraded products in 2025 Leonardo Hotel Hannover Leonardo Royal Düsseldorf Scandic Malmen Leonardo Royal Frankfurt Leonardo Royal Baden Baden Scandic Alvik Leonardo Dublin Christchurch The Hotel, Brussels Vildmarkshotellet, Kolmården 6
Slide 7: Foundation laid for significant earnings growth
Business performance Foundation laid for significant earnings growth Q3 2025 Q3 with improved earnings growth Total revenue growth ― Leases: stable earnings development and improved NOI +5% | 1% LFL* ― Own Operations: positive contribution from acquisitions Total NOI growth ― Strong development in t
Slide 8: Rebound in the Nordics
Hotel market development (vs 2024) Rebound in the Nordics October 2025 YTD 10.0% Copenhagen 12% ADR Oslo 12% 6.0% Norway Regional 8% Edinburgh 2% UK Regional 1% 2.0% Sweden Regional 5% Manchester 1% London 0% Stockholm 1% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% Brussels 0% -2.0% Occupancy Hannover -3% Germa
Slide 9: 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 10: Several strong reasons for the acquisition
Acquisition of Dalata Hotel Group plc Several strong reasons for the acquisition 31 high-quality hotels in the upper price segment with very strong guest reviews Net initial yield of 6.95 percent Strong locations and market positions Complement to our existing portfolio well in terms of demand and s
Slide 11: 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 12: 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 12
Slide 13: Dalata's hotel portfolio
Acquisition of Dalata Hotel Group plc Dalata’s hotel portfolio 31 hotel properties + 1 Edinburgh pipeline 6,626 rooms in total Edinburgh pipeline (1) Dalata hotel properties added 214 rooms per hotel Well-established hotels with leading commercial positions in their markets Londonderry (1) Belfast (
Slide 14: 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 + 1) 218 rooms per hotel UK 20% and Ireland 12% of total rooms in Pandox’s portfolio Londonderry (1) Belfast (4) Middlesbroug
Slide 15: Growth map
Hotel market (2016-2025) Growth map Market RevPAR CAGR Pandox market value* 2016-2025** UK 17,359 3.3% All data on map*** NOK 897 Germany 17,178 1.2% Sweden 16,549 1.7% EUR 65 Belgium 6,061 4.2% Denmark 4,427 2.0% Finland 4,369 1.1% SEK 782 Norway 4,215 5.3% Austria 1,590 3.4% DKK 727 Ireland 1,671
Slide 16: Key facts about the Irish hotel market
Acquisition of Dalata Hotel Group plc Key facts about the Irish hotel market Total inventory approximately 76,000 rooms and 1,200 properties ― Dublin accounts for 40 percent of the market ― Cork, Galway and Limerick main regional markets R12m supply growth approximately 670 rooms ― 1,260 room to be
Slide 17: 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 297rooms 137 rooms 17
Slide 18: Key facts about the London hotel market
Acquisition of Dalata Hotel Group plc Key facts about the London hotel market Leading global center for business and tourism – continues to be a strong market with high RevPAR Total inventory approximately 160,000 rooms and approximately 5,000 properties ― 5,200 room to be added in 2026 (+3.3%) 185m
Slide 19: Five properties added in London
Acquisition of Dalata Hotel Group plc Five properties added in London 227 rooms 212 rooms 191 rooms 19
Slide 20: 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 20
Slide 21: 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 22: Financial reporting and financing
Acquisition of Dalata Hotel Group plc Financial reporting and financing The expected annual rental income is estimated to amount to approximately MSEK 1,200, this will be reported from the 7 of November 2025 in the business segment Leases with an estimated profitability in line with already existing
Slide 23: Improved earnings growth
Financial summary, Q3 2025 Improved earnings growth Profitable acquisitions and demand improvement Revenue and result (MSEK) 25Q3 24Q3 YoY% LFL%1) Pandox Group revenue 1,972 1,873 5 1 ― Sweden, Norway and Denmark “strong” Pandox Group NOI 1,257 1,159 8 2 NOI Group +8 percent Leases revenue 1,089 1,0
Slide 24: Solid yield gap
7 8 1 2 3 4 5 6 0 19'Q4 5.41 20'Q1 6.41 20'Q2 20'Q3 20'Q4 Leases 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 Property portfolio 22'Q2 Own Operations 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 Average yield, % 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 Solid yield gap 25'Q1 25'Q2 25'Q3 6.09 6.84 7 8 1 2 3 4 5 6 0 20'Q2 20'Q3 20'Q4 21'Q1 21
Slide 25: Key ratios affected by ongoing acquisition
Key financial metrics Key ratios affected by ongoing 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 3 2.7 50.2 50 4,000 45 2 3,000 LTV of 46.4% adjusted for ongoing acquisi
Slide 26: Positive outlook
Outlook as per Q3 2025 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 wil
Slide 27: Save the date Capital Markets Day May 2026
Save the date Capital Markets Day 5 May 2026 27
Slide 28: Q&A
Q&A 28
Slide 29: 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