Slide 1: Pandox Earnings Call
Pandox Earnings Call 23rd October 2025 Aoife Roche I Regional Vice President, Sales – EMEA aroche@str.com © 2025 CoStar Group 1
Slide 2: It's a matter of perspective.
It’s a matter of perspective. Global Market Performance is lacklustre Results are not equally distributed Events are a crutch International traffic fills any void The future is uncertain, yet positive © 2025 CoStar Group 2
Slide 3: But first, the Global Perspective
But first, the Global Perspective © 2025 CoStar Group 3
Slide 4: Global supply growth moderates and stays below the long-term average.
Global supply growth moderates and stays below the long-term average. Global supply, % chg. YoY, Jan 2023 – Aug 2025 3% 2% 1% 1% 0% Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 © 2025 CoStar Group 4
Slide 5: Global demand growth slows but remains positive.
Global demand growth slows but remains positive. Global demand, % chg. YoY, Jan 2023 – Aug 2025 30% 25% 20% 15% 10% 5% 1% 0% -5% Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 © 2025 CoStar Group 5
Slide 6: Exclude the U.S. and China and there is more positive news.
Exclude the U.S. and China and there is more positive news. Global demand, % chg. YoY, Jan 2024 – Aug 2025 Global demand Global demand excl. US and China 8% 7% 6% 5% 4% 3% 2% 2% 1% 1% 0% -1% -2% Jan-24 Jul-24 Jan-25 Jul-25 © 2025 CoStar Group 6
Slide 7: Positive demand drives some occupancy growth.
Positive demand drives some occupancy growth. Occupancy, YTD Aug 2025 Europe North America Mainland China 70% 64% 1% 63% -1% Middle East -3% Northern Africa Central America Asia (excl. Mainland China) 63% 69% 69% 62% 7% 4% 1% -1% Australia & Oceania 60% 71% 57% 4% 2% South America 0% Southern Africa
Slide 8: Which in turn, provides a platform for ADR.
Which in turn, provides a platform for ADR. ADR, USD & CC, YTD Aug 2025 Europe North America Mainland China 159 160 2% 53 2% Middle East -2% Northern Africa Central America Asia (excl. Mainland China) 128 174 129 181 16% 4% 6% 2% Australia & Oceania 110 154 148 12% 2% South America 11% Southern Afri
Slide 9: Performance varies significantly by market.
Performance varies significantly by market. © 2025 CoStar Group 9
Slide 10: Europe demand YoY % change, January 2023 – Aug 2025
10% 20% 30% 40% 60% 0% 50% Jan-23 © 2025 CoStar Group Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Europe Demand YoY % change, January 2023 – Aug 2025 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-2
Slide 11: Demand is sluggish and growth is led by countries yet to fully recover.
Demand is sluggish and growth is led by countries yet to fully recover. Occupancy, actual and % chg. YoY, Aug YTD 2025 Occ % chg Occ 5% 90 4% 79% 77% 80 75% 72% 69% 70% 68% 69% 68% 70 3% 66% 66% 66% 65% 60 2% 50 1% 40 30 0% 20 -1% 10 -2% 0 Nordics Switzerland CEE Portugal Benelux Italy Spain Austria
Slide 12: Decoupling Occ. and ADR – growth in one doesn't guarantee the other.
Decoupling Occ. and ADR – growth in one doesn’t guarantee the other. KPI % chg. YoY, Aug YTD 2025 8% Occ % chg. ADR % chg. RevPAR % chg. 6% 4% 2% 0% -2% -4% -6% Nordics Spain CEE Switzerland Portugal Greece Ireland Italy Austria Benelux United Germany France Kingdom Nordics = Denmark, Finland, Icela
Slide 13: Country-level differences persist, but the North-South divide is blurring..
Country-level differences persist, but the North-South divide is blurring.. ADR (EUR, CC) % chg. YoY, Aug YTD 2025 6.1% 3.6% 3.2% 2.9% 2.3% 1.3% 1.0% 1.0% 1.0% 0.3% -1.1% -2.8% -3.6% Spain CEE Greece Portugal Nordics Ireland Switzerland Italy Austria United Benelux France Germany Kingdom Nordics = D
Slide 14: June and July comps were always going to be brutal.
June and July comps were always going to be brutal. Europe, R7 occ and ADR (EUR, CC) % chg. YoY, YTD 2025 Occ ADR 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 © 2025 CoStar Group 14
Slide 15: Q3 has brought a much-needed (rate-driven) uptick.
Q3 has brought a much-needed (rate-driven) uptick. Europe, KPI (EUR, CC) % change YoY, Jan – Sep 2025 (prelim.) 6% 5% 5% 4% 4% 4% 4% 3% 3% 2% 2% 2% 1% 1% 0% 0% -1% -2% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 © 2025 CoStar Group 15
Slide 16: High-End Hotels and Summer Demand Lift European Performance.
High-End Hotels and Summer Demand Lift European Performance. Luxury & Upper Upscale classes, KPI (EUR) % chg. YoY, YTD Aug 2025 Occ ADR RevPAR 8% 6% 4% 2% 0% -2% -4% Spain France Portugal Italy Greece Cyprus Turkey © 2025 CoStar Group 16
Slide 17: Summer Strength Pulls European Hotels Out of the Danger Zone.
Summer Strength Pulls European Hotels Out of the Danger Zone. Europe, % of submarkets growing monthly RevPAR (local currency), % chg. YoY, 2008 and 2025 2008 2025 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Note: Sep MTD excludes France due to sample mismatch ©
Slide 18: Events have been the crutch.
Events have been the crutch. © 2025 CoStar Group 18
Slide 19: The age-old supply and demand dynamics.
The age-old supply and demand dynamics. Occ and ADR (GBP), event dates Occ ADR £330 £184 £159 97% 92% 88% Birmingham Cardiff Manchester Back to the Beginning, 5 Jul Oasis Live ‘25, 4-5 Jul Oasis Live ‘25, 11-12, 16, 19-20 Jul © 2025 CoStar Group 19
Slide 20: For the UK, this was desperately needed.
For the UK, this was desperately needed. U.K., KPI (GBP) % chg. YoY, Q3 2025 Occ ADR RevPAR 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2025 CoStar Group 20
Slide 21: Events make-or-break German markets.
Events make-or-break German markets. Weekly occ and ADR (EUR) % chg. YoY, week ending 4 Oct 2025 120% 100% 80% 60% spillover 40% 20% 0% -20% Cologne Frankfurt Centre Dusseldorf Munich Stuttgart Hamburg Berlin © 2025 CoStar Group 21
Slide 22: Like events, groups are driving rate.
Like events, groups are driving rate. Lux, Upper Ups, and Upscale classes, ADR (EUR) % chg. YoY, Jul YTD 2025 Transient ADR Group ADR 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% © 2025 CoStar Group 22
Slide 23: International Inbound traffic is the other.
International Inbound traffic is the other.
Slide 24: Across Europe, the lower classes were most affected by consumer caution.
Across Europe, the lower classes were most affected by consumer caution. Europe, KPI (EUR, CC) % chg. YoY, YTD Aug 2025 Occ ADR RevPAR 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2025 CoStar Group 24
Slide 25: Luckily, transatlantic routes from the US report a record seat volume.
Luckily, transatlantic routes from the US report a record seat volume. Air passenger volume is not yet a concern % of 2019 level 120% 100% 80% 60% 40% 20% 0% Mar 20 May 20 Jul 20 Jan 21 Mar 21 May 21 Jul 21 Jan 22 Mar 22 May 22 Jul 22 Jan 23 Mar 23 May 23 Jul 23 Jan 24 May 24 Jul 24 Jan 25 May 25 Ju
Slide 26: Despite Europe being a more expensive choice for the American traveller.
Despite Europe being a more expensive choice for the American traveller. ADR (Europe in Euros) % chg. YoY, YTD Aug 2025 ADR (local currency) ADR (USD) 11% 9% 8% 6% 5% 6% 6% 4% 3% 3% 1% 1% 1% 1% 0.3% 0% -3% -4% Europe Spain Greece Portugal Italy Ireland UK France Germany © 2025 CoStar Group 26
Slide 27: Americans travelling to Europe remains strong.
Americans travelling to Europe remains strong. U.S. citizen departures to Europe, 2019, 2024 and 2025 2019 2024 2025 U.S. 3,500,000 outbound 3,000,000 to Europe +5% 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 January February March April May June July August September October November December
Slide 28: Trading is stable
Trading is stable Source: STR. © 2025 CoStar Group 29
Slide 29: Supply growth is diluted by delays, cancellations and closures.
Supply growth is diluted by delays, cancellations and closures. Europe, supply % chg. YoY, Aug 2022 – Jul 2025 Luxury & Upper Upscale Classes Upscale & Upper Mid Classes Midscale & Economy Classes 4% 3% 2% 1% 0% Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 © 2025 CoStar Group 30
Slide 30: Active pipeline holds steady, but Final Planning phase declines by 28%.
Active pipeline holds steady, but Final Planning phase declines by 28%. Europe, active pipeline rooms, past 18 months Planning Final Planning In Construction Jul 25 181,486 73,678 171,885 Jan 25 171,845 82,839 171,541 Jul 24 163,661 89,759 164,066 Jan 24 161,055 100,004 171,874 0 50,000 100,000 150,
Slide 31: Further compounded by closures.
Further compounded by closures. Europe, average annual new rooms opened, YTD July Rooms opened Rooms closed Closure-Opening Ratio 60,000 40.0% 37% 36% 35% 35.0% 50,000 30.0% 40,000 25.0% 30,000 21% 20.0% 15.0% 20,000 10.0% 10,000 5.0% 0 0.0% 2000-2019 2020-2023 2024 2025 © 2025 CoStar Group 32
Slide 32: Below average historical pipeline is however a good sign for occupancy growth.
Below average historical pipeline is however a good sign for occupancy growth. Europe, New Openings & Pipeline (Completion & Delay Rates Applied), 2011-2026 Forecast c.75K rooms p.a. c. 65K rooms p.a. 120,000 100,000 80,000 60,000 40,000 20,000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 33: Event offsets made for a challenging Q3, but performance set to improve.
Event offsets made for a challenging Q3, but performance set to improve. Europe markets*, KPI % chg. YoY, Q1 2025 – Q4 2026F Occ ADR RevPAR 4% 3% 2% 1% 0% -1% -2% -3% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Bir
Slide 34: Future bookings are looking positive.
Future bookings are looking positive. Occupancy on the books, percentage point change for next 90 days vs. STLY as of 6 Oct 2025 Edinburgh +5 Copenhagen +6 Dublin +1 Amsterdam -0 -0 Berlin +2 Warsaw London -0 +1 Brussels +3 Prague Paris +2 Vienna +4 Zurich +6 Budapest +7 Milan +1 +2 Bucharest Belgra
Slide 35: 2025: The economy is the headwind, but comps are also a challenge.
2025:The economy is the headwind, but comps are also a challenge. Europe markets, RevPAR (local currency) % chg. YoY, 2025F Occ ADR 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% © 2025 CoStar Group 36
Slide 36: 2026: Intra-regional tourism to support rate rebound.
2026: Intra-regional tourism to support rate rebound. Europe markets, RevPAR (local currency) % chg. YoY, 2026F Occ ADR 8% Event offsets Event offsets VAT increase New supply New supply New supply New supply New supply 6% 4% 2% 0% -2% -4% -6% -8% © 2025 CoStar Group 37
Slide 37: Muted growth in the near term, stabilising in the medium term.
Muted growth in the near term, stabilising in the medium term. Europe markets*, KPI % chg. YoY, 2025F-2029F Occ ADR RevPAR 5% 4% 3% 2% 1% 0% 2025 2026 2027 2028 2029 *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Brussels, Budapest, Cologne, Dublin, Dusseldorf, Edinbur
Slide 38: Takeaways
Takeaways Global growth is slowing, but remains positive Hotel market performance remains on two speeds Groups and Events are a welcome base. International demand is a necessary driver of rate premium Uncertainty remains, yet trading is stable © 2025 CoStar Group 39
Slide 39: Thank you!
Thank you! Aoife Roche I Regional Vice President, Sales – EMEA aroche@str.com © 2025 CoStar Group 40
Slide 40: We can predict occupancy trends, simply by looking back.
We can predict occupancy trends, simply by looking back. Europe, Occupancy week over week percentage point difference, 2014 and 2025 2014 2025 Update available? 15% 10% 5% 0% -5% -10% -15% -20% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2025 CoStar Group 41
Slide 41: Country-level differences persist, but the North-South divide is blurring.
Country-level differences persist, but the North-South divide is blurring. ADR (EUR, CC), Aug YTD 2025 € 350 8.0 € 300 6.1 6.0 € 250 4.0 3.2 3.6 2.9 € 200 2.3 2.0 1.0 1.0 1.3 1.0 € 150 0.3 0.0 -1.1 € 100 -2.0 -2.8 € 50 -3.6 -4.0 €0 -6.0 Greece Switzerland Italy France Ireland Spain Portugal United B
Slide 42: Nordic Hotel Market Data
Nordic Hotel Market Data Market data and trends from the nordic hotel industry 2025-10-23
Slide 43: Who are we? 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 • Started in 2010 in Stockholm • We offer benchmarking for hotels, conference venues, spa and camping 65
Slide 44: Nordics
BENCHMARK|NG ALL|ANCE Hotel Market Data Nordics 66
Slide 45: Nordics and Baltics RevPAR development
+7,7% +6,3% Nordics and Baltics RevPAR development +1,4% Q3 YTD 2025 vs LY (Jan – Sep) +1,9% Q2 YTD 2025 vs LY (Jan – Jun) +9,4% +5,6% +6,5% +2,9% +7,3% +1,2% +20,4% +18,2% +8,9% +8,9% +2,1% +7,4% 67
Slide 46: Nordic and Baltic capitals RevPAR development
+1,2% +4,2% Nordic and Baltic capitals RevPAR development Q3 YTD 2025 vs LY (Jan – Sep) Q2 YTD 2025 vs LY (Jan – Jun) +4,8% +13,2% -0,1% +7,2% +8,5% +13,5% -2,3% +5,8% +21,6% +9,1% +6,0% +8,7% +4,8% +5,0% 68
Slide 47: Capitals development 2025 Q3 YTD
Capitals development 2025 Q3 YTD 69
Slide 48: Capitals development 2025 Q3 YTD
Capitals development 2025 Q3 YTD 70
Slide 49: Stockholm segments 2025 Q3 YTD
Stockholm segments 2025 Q3 YTD 71
Slide 50: Oslo segments 2025 Q3 YTD
Oslo segments 2025 Q3 YTD 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% OSL LUX OSL UPSCALE Av. rooms #Sold rooms Occ. OSL MIDSCALE =ADR #RevPAR Gils upGeT 72
Slide 51: Copenhagen segments 2025 Q3 YTD
Copenhagen segments 2025 Q3 YTD 73
Slide 52: Helsinki segments 2025 Q3 YTD
Helsinki segments 2025 Q3 YTD 74
Slide 53: Sweden
BENCHMARK|NG ALL|ANCE Hotel Market Data Sweden 75
Slide 54: Swedish cities 2025 Q3 YTD
Swedish cities 2025 Q3 YTD 1550 1450 1350 1250 1150 1050 950 a) \Vastervik (961) srberg (974) Visby (747) ‘Stockholm (954) @ stad (728) idingé (638) O Skévde ~® ‘Sédertalje-Nykvarn (533) Helsingborg Skellefteg SARBping (645) Vaxj6 ping (52: 45% 50% 55% 60% 65% 70% 75% 76
Slide 55: Swedish cities RevPAR Diff 2025 Q3 YTD vs LY
Swedish cities RevPAR Diff 2025 Q3 YTD vs LY 77
Slide 56: Norway
BENCHMARK|NG ALL|ANCE Hotel Market Data Norway 78
Slide 57: Norwegian cities 2025 Q3 YTD
Norwegian cities 2025 Q3 YTD 79
Slide 58: Norwegian cities RevPAR Diff 2025 Q3 YTD vs LY
Norwegian cities RevPAR Diff 2025 Q3 YTD vs LY 80
Slide 59: Denmark
BENCHMARK|NG ALL|ANCE Hotel Market Data Denmark 81
Slide 60: Danish cities 2025 Q3 YTD
Danish cities 2025 Q3 YTD 1500 1400 1300 1200 1100 1000 900 800 700 600 50% @- (808) ‘Copenhagen (954) Danmark. “@ e~ (630) Odense (520) @ (517) 6 Aalborg (424) @ e@. (513) 55% 60% 65% 70% 75% 80% 85% 90% 82
Slide 61: Danish cities RevPAR Diff 2025 Q3 YTD vs LY
Danish cities RevPAR Diff 2025 Q3 YTD vs LY 83
Slide 62: Finland
BENCHMARK|NG ALL|ANCE Hotel Market Data malaleclare 84
Slide 63: Finnish cities 2025 Q3 YTD
Finnish cities 2025 Q3 YTD 170,00 160,00 _— Rovaniemi 150,00 140,00 130,00 120,00 Helsinki (72) Kuopio (75) Oulu (78) 110,00 Lahti (49) (78) 100,00 i askyia Pori «@O yensnu (sey Turku (69) 90,00 Espoo (43) 80,00 70,00 60,00 40% 45% 50% 55% 60% 65% 70% 75% 80% 85
Slide 64: Finnish cities RevPAR Diff 2025 Q3 vs LY
Finnish cities RevPAR Diff 2025 Q3 vs LY 86
Slide 65: Future bookings
On The Books Future bookings 87
Slide 66: On the Books – Stockholm 1st of October vs LY
On the Books – Stockholm 1st of October vs LY +20,8% 88
Slide 67: On the Books – Oslo 1st of October vs LY
On the Books – Oslo 1st of October vs LY +9,2% 89
Slide 68: On the Books – Copenhagen 1st of October vs LY
On the Books – Copenhagen 1st of October vs LY +19,6% 90
Slide 69: On the Books – Helsinki 1st of October vs LY
On the Books – Helsinki 1st of October vs LY +13,0 91
Slide 70: Thank you!
Thank you! benchmarkingalliance.com rasmus.kjellman@benchmarkingalliance.com 92