Slide 1: Stable earnings development
Interim report Q2 2025 presentation Stable earnings development Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 11 July 2025
Slide 2: Profitable acquisitions drive growth
Quarter in brief Profitable acquisitions drive growth Q2 2025 Growth in revenue and NOI driven by acquisitions Total revenue growth ― Leases: stable earnings development +2% | -1% LFL* ― Own Operations: stable demand but lower average daily rates Total NOI growth Tough comparable quarter +3% | -1% L
Slide 3: Business model
Business model To own, improve and lease hotel properties to strong hotel operators under long-term revenue-based leases Leases Own operations Tenant lease models Operating models 1. Revenue-based 1. We do it ourselves 2. Revenue based with minimum guaranteed levels 2. Management agreement 3. Fixed
Slide 4: Growth map
Hotel market (2016-2025) Growth map Market RevPAR CAGR Pandox market value* 2016-2025** UK 17,757 3.2% NOK 864 Germany 17,334 1.5% Sweden 16,218 1.5% EUR 65 Belgium 6,082 4.2% Denmark 4,448 1.5% Norway 4,155 4.9% SEK 764 Finland 4,398 1.1% Austria 1,596 3.5% GBP 94 DKK 691 Ireland 1,678 3.9% Netherl
Slide 5: A selection of yield spreads
Value creation A selection of yield spreads Assumptions Average yield on investment, excl. 2020 11.7% 780 bps Period: 2015-2025 YTD Investments (1): Acquisitions – Divestments + Capex Incremental NOI (2): Sum of yearly change Average yield on investment, incl. 2020 7.4% 350 bps Average yield: (1) di
Slide 6: Leonardo Hotel Galway
Capex investments Leonardo Hotel Galway Leases | 130 rooms | Full service | City Center Target → Outcome ― RevPAR +13% → +27% ― ROI +12% → +22% ― Investment MEUR 3.9 (60/40) → MEUR 4.2 (64/36) Before After Actions ― Full renovation of all guest rooms, bathrooms, public spaces and change of brand ― C
Slide 7: Scandic Park Stockholm
Capex investments Scandic Park Stockholm Leases | 213 rooms | Full service | City Center Target → Outcome ― RevPAR +5% → +23% Before After ― ROI +17% → +42% ― Investment MSEK 34 (50/50) → MSEK 38 (53/47) Before After Actions ― Conversion of existing spaces to 9 new hotel rooms, a new meeting and F&B
Slide 8: A stable market with regional variations
Hotel market development (vs 2024) A stable market with regional variations 10% ADR June 2025 YTD Oslo 12% Norway Regional 9% Hannover* 8% Copenhagen 8% UK Regional* 0% Edinburgh* 1% Germany* 4% Sweden Regional 4% 0% -2% -1% 0% 1% 2% 3% 4% 5% 6% Manchester* -1% Frankfurt* 3% Occupancy Brussels* -2%
Slide 9: A strong and well-diversified business portfolio
Strategic position A strong and well-diversified business portfolio Pandox Leases Own Operations Group 163 141 22 Hotel properties Leased properties Operated properties 36,339 30,643 5,696 Rooms Rooms Rooms SEK 76,2bn SEK 61,2bn SEK 15,0bn Property market value Property market value Property market
Slide 10: Stable earnings development
Financial summary Stable earnings development Profitable acquisitions drive growth Revenue and result (MSEK) 25Q2 24Q2 YoY% LFL%1) Pandox Group revenue 1,903 1,866 2 -1 Growth in total NOI despite tough comparable quarter Pandox Group NOI 1,162 1,125 3 -1 Leases revenue 1,007 1,009 0 0 ― NOI Group +
Slide 11: Negative value effect from appreciation of SEK
Property portfolio Negative value effect from appreciation of SEK MSEK Comment: Positive changes in value, mainly driven by lower yield requirements. Appreciation of SEK had a negative effect on property market values of MSEK -2,334 100 percent of the property value externally Total unrealised value
Slide 12: Solid yield gap and growing EPRA NRV
6 1 2 3 4 7 0 5 8 19'Q4 20'Q1 5.41 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 Average yield, % 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 6.09 6.88 1 3 4 7 0 2 5 6 8 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4
Slide 13: Large financial flexibility
55 50 60 30 40 45 35 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 Key financial metrics 23'Q1 23'Q2 Loan-to-value, % 23'Q3 (Policy interval 45-60%) 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 46.7 1 4 0 2 3 5 20'Q1 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 Large financial fl
Slide 14: Solid financial position
Financial summary Solid financial position Refinancings of approximately MSEK 3,893 in the Key metrics (at end of period) 25Q2 24Q2 YoY quarter, and MSEK 19,688 LTM Net interest-bearing debt, MSEK 35,579 32,705 +9% MSEK 17,368 is sustainability linked, representing EPRA NRV, MSEK 40,832 38,187 +6.9%
Slide 15: Stable outlook
Outlook Stable outlook Currently in seasonally strong period for the hotel market Initial concerns over tariffs seem to have died down We expect resilient demand and gradually less challenging comparison figures ― Stable business-on-the-books in Own Operations Event-filled calendar in H2 Our financi
Slide 16: Q&A
Q&A 16
Slide 17: 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