Pandox AB (publ) (PNDX_B) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much. Welcome everyone to this presentation of Pandox Interim Report for the second quarter and first half year 2025. I'm here together with Liano, our CEO, and Anneli Lindblom, our CFO. And today we also have the pleasure of having both Alex Robinson, Director at STR, and Henrik Karlsson, Business Development Manager at Benchmarking Alliance with us. and Alex and Henrik will provide a hotel market update on Europe and Nordics respectively. As you know, STR and Benchmarking Alliance are both leading independent research firms dedicated to the hotel market, and the views they express are completely separate from Pandox. And we offer these presentations as a service to Pandox stakeholders. And as always, Alex and Hendrik's presentations will be held after we have completed our formal earnings presentation, including the Q&A. So we start with Leah and Anneli's business update and financial highlights for the second quarter 2025, followed by the Q&A session. Yes, and with that, I hand over to Leah. Thank you, Anders, and good morning and welcome everyone. The second quarter was all in all stable with growth in both business segments supported by acquisitions. Total revenues increased by 2%, net operating income increased by 3%, and cash earnings increased by 5%. Cash earnings per share decreased by 1%. Generally, demand remained stable while average daily rate declined slightly. The business segment leases had a stable performance with revenues, net operating income and profitability in line with last year. Acquisitions contributed positively, including Pullman Cologne Hotel, which was taking over on April 1st, as well as the new lease for Numa Brussels Royal Galleries. Like for like, revenues and net operating income was unchanged. In the business segment...