Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q1 2025 Earnings Presentation
59 slides from Pandox Ab Class B's earnings presentation, Apr 29, 2025
Slide 1: European Hotel Performance Update
European Hotel Performance Update Pandox Earnings Call April 29th, 2025 Alex Robinson I Director, STR
Slide 2: Global Overview
Global Overview Source: STR. © 2025 CoStar Group 2
Slide 3: Global demand has long paced ahead of pre-pandemic levels
Global demand has long paced ahead of pre-pandemic levels Global Demand indexed to 2019, Jan 2022 – Mar 2025 120% 105 100% 80% 60% 40% 20% 0% Jan-2022 Jan-2023 Jan-2024 Jan-2025
Slide 4: Demand continues to grow, but at a slower pace
Demand continues to grow, but at a slower pace Global Demand % chg. Year over year, Jan 2023 – Mar 2025 35% 30% 25% 20% 15% 10% 5% 3% 0% -5% Jan-2023 Jul-2023 Jan-2024 Jul-2024 Jan-2025
Slide 5: GDP has been a leading indicator of where demand is headed
GDP has been a leading indicator of where demand is headed UK Real GDP and UK total hotel demand (room nights), 2000 – 2025, indexed to 2000 0 160 Real GDP indexed Demand 140 120 100 80 60 40 20 Source: STR. © 2025 CoStar Group 5
Slide 6: As demand rises, so does occupancy
As demand rises, so does occupancy Occupancy, YTD March 2025 Europe Europe North America North America Mainland China Mainland China 60% 156 60% 156 56% 158 56% 158 143 2% 143 2% 57% 69 57% 69 151 1% 151 1% -3% 57 Middle EastMiddle East -3% 57 Northern Africa Northern Africa Central America Central
Slide 7: Which in turn, provides a platform for ADR
Which in turn, provides a platform for ADR ADR, USD & CC, YTD March 2025 Europe Europe North America North America Mainland China Mainland China 137 156 137 156 171 158 171 158 143 3% 143 3% 54 69 54 69 151 4% 151 4% -2% 57 Middle EastMiddle East -2% 57 Northern Africa Northern Africa Central Americ
Slide 8: North, East, South and West: The European Regional Divide
North, East, South and West The European Regional Divide
Slide 9: UK, Ireland and Mediterranean hotels match pre-pandemic levels
UK, Ireland and Mediterranean hotels match pre-pandemic levels Occupancy, indexed to 2019, R12 March 2025 UK & I Southern Europe Rest of Europe 101 100 99 99 99 98 97 97 96 95 94 94 93 Ireland United Italy Spain Greece Portugal Switzerland CEE Nordics Benelux France Germany Austria Kingdom YoY % Chg
Slide 10: Compression nights signals that market wide sell outs are back
Compression nights signals that market wide sell outs are back European markets, % of rooms nights with compression occupancy levels, Apr 2024 – Mar 2025 70% 60% 50% 40% 30% 20% 10% 0% Edinburgh Dublin London Barcelona Madrid Athens Amsterdam Lisbon Rome Milan Florence Mestre & Venice Select Compres
Slide 11: Though YTD growth is steady but unspectacular
Though YTD growth is steady but unspectacular European markets, Occupancy, YoY % change, YTD March 2025
Slide 12: CEE markets were initially slower to recover, now pushing Europe
CEE markets were initially slower to recover, now pushing Europe CEE markets, Occ, YoY % change, YTD March 2025 Tallinn +1 Riga +25 Vilnius +6 Tri-city +6 +6 Warsaw +10 Krakow Prague -1 +46 Kyiv Bratislava -5 Vienna +0 +11 Budapest +5 Bucharest Belgrade -8 +8 Sofia Tbilisi +0 -5 Baku
Slide 13: Demand (and availability) fuels occupancy growth in Eastern Europe
Demand (and availability) fuels occupancy growth in Eastern Europe Europe, quarterly occ % chg. YoY, Full Year 2024 and Q1 2025 2024, Q1 2024, Q2 2024, Q3 2024, Q4 2025, Q1 6% 5% 4% 3% 2% 1% 0% Eastern Europe Northern Europe Southern Europe Western Europe
Slide 14: ADR growth for all, but the Mediterranean is the stand out
ADR growth for all, but no doubt The Mediterranean is the stand out ADR, indexed to 2019, R12 Mar 2025 Southern Europe Rest of Europe 173 155 145 143 143 136 134 131 130 122 122 119 118 Greece Italy Spain France Portugal Austria CEE Ireland UK Benelux Nordics Switzerland Germany YoY% Chg. 14% 4% 2%
Slide 15: More on ADR – the class divide
a STR Ot CoStar” More on ADR -— the class divide
Slide 16: The higher the class the higher the RevPAR
The higher the class the higher the RevPAR Europe, KPI (EUR, CC) % chg. YoY, R12 March 2025 Occ ADR RevPAR 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class
Slide 17: Though not to forget, in 2023, Economy was in pole position
Though not to forget, in 2023, Economy was in pole position RevPAR YoY % change, Full Year 2023 Global Europe 25% 20% 15% 10% 5% 0% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy
Slide 18: In 2024, the class divide flipped and widened
In 2024, the class divide flipped and widened RevPAR YoY % change, Full Year 2024 Global Europe 8% 6% 4% 2% 0% -2% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy
Slide 19: This divergence is consistent - every day of the week
This divergence is consistent - every day of the week Europe, Occupancy, ADR % change, FY 2024 Occ ADR Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 12% 10% 8% 6% 4% 2% 0% -2%
Slide 20: Pre-pandemic, ADR was the driver; Post-pandemic, ADR is the driver
Pre-pandemic, ADR was the driver Post-pandemic, ADR is the driver… Europe class, occ and ADR (EUR, CC) 2015-2019 CAGR and 2024 % chg. YoY 2015-2019 2024 3,0% 6% 2,5% 5% 4% 2,0% 3% 1,5% 2% 1,0% 1% 0,5% 0% 0,0% -1% Luxury Upper Upscale Upper Midscale Economy Luxury Upper Upscale Upper Midscale Economy
Slide 21: Group's slow and volatile recovery remains a potential tailwind for 2025
Group’s slow and volatile recovery remains a potential tailwind for 2025 Europe, Luxury & Upper Upscale classes, ADR (EUR) % chg. YoY, 2024-2025 Transient ADR % chg. Group ADR % chg. 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 De
Slide 22: Looking ahead in 2025 it's hard not to mention…
But looking ahead in 2025 it’s hard not to mention…
Slide 23: US outbound travel to Europe is at risk
US outbound travel to Europe is at risk Air passenger volume as a leading indicator According to IATA Chief, Willie Walsh: YTD (April), most transatlantic markets (except Canada-US) are growing. Airlines are operating at record seat factors of 85% and air fares are expected to remain broadly flat. B
Slide 24: Market uncertainty could influence the US traveller
Market uncertainty could influence the US traveller © 2025 CoStar Group 24
Slide 25: Coupled with a softening dollar
Coupled with a softening dollar Source: https://markets.ft.com/data/currencies/tearsheet/summary?s=USDGBP (Accessed, April 20th, 2025) © 2025 CoStar Group 25
Slide 26: Weaker consumer sentiment will likely lower the intent to travel
Weaker consumer sentiment will likely lower the intent to travel Negative Sentiment towards ‘America First’ © 2025 CoStar Group 26
Slide 27: However, implications are yet to be fully quantified
However, implications are yet to be fully quanitified Europe markets*, KPI % chg. YoY, 2025F-2029F 3% 2% 1% 0% 2025 2026 2027 2028 2029 Occ ADR RevPAR *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Brussels, Budapest, Cologne, Dublin, Dusseldorf, Edinburgh, Frankfurt,
Slide 28: Thank you!
Thank you! Alexander Robinson I Director, Industry Partners – STR arobinson@str.com
Slide 29: Nordic Hotel Market Data
Nordic Hotel Market Data Market data and trends from the Nordic Hotel Industry Rasmus Kjellman - 2025-04-29
Slide 30: We measure the hotel industry
Who are we? We measure the hotel industry • Largest supplier of Hotel Market Data and daily benchmarking for hotels in the Nordics • Our goal – highest possible coverage in all markets • Founded 2010 in Stockholm • We offer benchmarking for hotels, conference venues, spas and campings
Slide 31: Nordics
BENCHMARK|NG ALL|ANCE Hotel Market Data Nordics
Slide 32: Nordics and Baltics RevPAR development
+0,4% Nordics and Baltics RevPAR development +3,4% 2024 vs LY (Jan – Dec) +8,5% +4,5% +1,8% +4,4% +4,5% +4,7%
Slide 33: Nordics and Baltics RevPAR development
+0,4% +0,8% Nordics and Baltics RevPAR development +3,4% 2024 vs LY (Jan – Dec) +2,6% Q1 2025 vs LY (Jan – Mar) +8,5% +13,7% +4,5% +1,8% -0,7% +1,9% +4,4% +20,7% +4,5% +4,7% +3,3% +6,4%
Slide 34: Nordic capitals RevPAR development
+1,2% +% Nordic capitals RevPAR development 2024 vs LY (Jan – Dec) Q1 2025 vs LY (Jan – Mar) +7,2% +6,0% +7,1% +0,8% +4,4% +16,9% +0,4% +1,7% +4,4% +22,7% +6,0% +3,9% +5,6% +%
Slide 35: Available rooms development Nordic capitals
20 22 100 105 110 115 120 125 90 95 -0 1- 20 01 22 -0 3- 20 01 22 -0 5- 20 01 22 -0 7- 20 01 22 -0 9- 20 01 22 -1 1- 20 01 23 -0 1- Copenhagen 20 01 23 -0 3- 20 01 23 -0 5- 20 01 Helsinki 23 -0 7- 20 01 23 -0 9- 20 01 23 -1 1- Reykjavik 20 01 24 -0 1- 20 01 24 -0 3- 20 01 24 -0 5- Stockholm 20 01 Av
Slide 36: Capitals development 2025 Q1
Capitals development 2025 Q1
Slide 37: Capitals development 2025 Q1
Capitals development 2025 Q1
Slide 38: Stockholm segments 2025 Q1
Stockholm segments 2025 Q1 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% — __ || Bjo Lux STO UPSCALE Av. rooms #Sold rooms Occ. STO MIDSCALE =ADR m#RevPAR = STO BUDGET
Slide 39: Oslo segments 2025 Q1
Oslo segments 2025 Q1 20,0% 15,0% 10,0% _ [| I. 0,0% OSL x OSL a OSL debate Sg uDGET -5,0% -10,0% Av.rooms mSoldrooms sOcc. sADR mRevPAR
Slide 40: Copenhagen segments 2025 Q1
Copenhagen segments 2025 Q1 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% -20,0% Ges Lux CPH UPS@ALE Av. rooms mSold rooms Occ. CPH MIDSCALE sADR m#RevPAR Cc || BUDGHa
Slide 41: Helsinki segments 2024 (Jan – Dec)
Helsinki segments 2024 (Jan – Dec)
Slide 42: Sweden
BENCHMARK|NG ALL|ANCE Hotel Market Data Sweden
Slide 43: Swedish cities 2024 (Jan – Dec)
Swedish cities 2024 (Jan – Dec)
Slide 44: Swedish cities RevPAR Diff 2025 Q1 vs LY
Swedish cities RevPAR Diff 2025 Q1 vs LY Västervik Uppsala Gävle Linköping Karlskrona Nyköping Skövde Östersund Luleå Kalmar Helsingborg Vänersborg-Trollhättan Borås Falun-Borlänge Piteå Norrköping Malmö Lund Västerås Umeå Lidingö Kristianstad Stockholm Sundsvall Eskilstuna Visby Örebro Göteborg Hal
Slide 45: Norway
BENCHMARK|NG ALL|ANCE Hotel Market Data Norway
Slide 46: Norwegian cities 2024 (Jan – Dec)
Norwegian cities 2024 (Jan – Dec)
Slide 47: Norwegian cities RevPAR Diff 2025 Q1 vs LY
Norwegian cities RevPAR Diff 2025 Q1 vs LY Trondheim Tromsø Oslo Stavanger Ålesund Kristiansand Gardermoen Bergen Kristiansund Harstad-Narvik Lillehammer Haugesund Bodø -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0%
Slide 48: Denmark
BENCHMARK|NG ALL|ANCE Hotel Market Data Denmark
Slide 49: Danish cities 2024 (Jan – Dec)
Danish cities 2024 (Jan – Dec)
Slide 50: Danish cities RevPAR Diff 2025 Q1 vs LY
Danish cities RevPAR Diff 2025 Q1 vs LY Aalborg Copenhagen Aarhus Vejle Odense Torshavn Kolding -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 15,0%
Slide 51: Finland
BENCHMARK|NG ALL|ANCE Hotel Market Data Finland
Slide 52: Finnish cities 2024 (Jan – Dec)
Finnish cities 2024 (Jan – Dec)
Slide 53: Finnish cities RevPAR Diff 2025 Q1 vs LY
Finnish cities RevPAR Diff 2025 Q1 vs LY Espoo Lahti Helsinki Rovaniemi Kuopio Tampere Vaasa Turku Oulu Joensuu Jyväskylä Pori Vantaa -20,0% -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 20,0%
Slide 54: Future bookings
BENCHMARK|NG ALL|ANCE On The Books Future bookings
Slide 55: On the Books – Stockholm
On the Books – Stockholm 1st of April vs LY 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% +0,8% 1 1 1 1 1 1 1 1 1 1 1 1 4-0 5-0 6-0 7-0 8-0 9-0 0-0 1-0 2-0 1-0 2-0 3-0 -0 -0 -0 -0 -0 -0 -1 -1 -1 -0 -0 -0 025 025 025 025 025 025 025 025 025 026 026 026 2 2 2 2 2 2 2 2 2 2 2 2 OTB LY
Slide 56: On the Books – Oslo
On the Books – Oslo 1st of April vs LY 100% 90% 80% 70% 60% 50% 40% 30% 20% +16,4% 10% 0% 01 01 01 01 01 01 01 01 01 01 01 01 04- 05- 06- 07- 08- 09- 10- 11- 12- 01- 02- 03- - - - - - - - - - - - - 25 25 25 25 25 25 25 25 25 26 26 26 20 20 20 20 20 20 20 20 20 20 20 20 OTB LY
Slide 57: On the Books – Copenhagen
20 25 -0 100% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0% 4- 01 20 25 -0 5- 01 20 25 -0 6- 01 20 25 -0 1st of April vs LY 7- 01 20 25 -0 8- 01 20 25 -0 9- 01 On the Books – Copenhagen 20 25 OTB -1 0- 01 LY 20 25 -1 1- 01 20 25 -1 2- 01 20 26 -0 1- 01 20 26 -0 2- 01 20 26 -0 3- 01 -1,6%
Slide 58: On the Books – Helsinki
20 25 -0 100% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0% 4- 01 20 25 -0 5- 01 20 25 -0 6- 01 20 25 -0 1st of April vs LY 7- 01 20 25 -0 8- 01 On the Books – Helsinki 20 25 -0 9- 01 20 25 OTB -1 0- 01 LY 20 25 -1 1- 01 20 25 -1 2- 01 20 26 -0 1- 01 20 26 -0 2- 01 20 26 -0 3- 01 -0,5%
Slide 59: Thank you!
Thank you! benchmarkingalliance.com rasmus.kjellman@benchmarkingalliance.com