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Pandox (PNDX) investor relations material
Pandox Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 saw improved hotel market conditions and earnings growth, driven by acquisitions, organic expansion, and strong Nordic performance, with the Dalata Hotel Group acquisition expected to close in early November and contribute significantly in 2026.
Portfolio optimization continued with acquisitions, including Elite Hotel Frost Kiruna, and divestments such as Quality Hotel Winn Gothenburg and Scandic Imatra.
The portfolio comprises 162 hotels across 11 countries, valued at SEK 76 billion, with a blended average yield of 6.24%.
Profit for Q3 2025 was MSEK 637, a turnaround from a loss in Q3 2024.
Financial highlights
Total revenues increased by 5% year-over-year, with net operating income up 8% and cash earnings per share up 1% (7% adjusted for acquisition costs).
EBITDA rose 7% year-over-year; profit before value changes up 4%.
Unrealized property value changes were SEK +284 million YTD, but currency effects reduced property values by SEK -3.1 billion.
EPRA NRV per share at SEK 210.18.
Net interest-bearing debt/EBITDA at 9.3x; average interest rate 3.9%.
Outlook and guidance
Stable hotel market and normal seasonality expected in Q4, with Dalata acquisition to contribute to revenue and NOI, and a full-year impact in 2026.
One-off transaction costs from Dalata will negatively impact Q4 earnings.
2026 expected to see substantial NOI and cash earnings growth from Dalata.
Quantify Dalata's 2026 NOI contribution?
What is the ROI of climate transition program?
What drove Germany's Q3 RevPAR decline?
Dalata acquisition: Q4 earnings impact?
Rationale for 2026 Nordic divestments?
Germany hotel market recovery outlook?
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Frequently asked questions
Pandox AB is a company that owns, operates, and leases hotel properties.
A majority of the company’s property value is represented by their property management segment, through which they lease hotel properties to leading hotel chains. The rest of the company’s property value is represented by their operator activities segment, in which Pandox AB themselves operate their hotels. By adapting this business model, the company is active across the entire hotel value chain.
Pandox AB primarily operates in Europe, where Germany, Belgium, Sweden and UK/Ireland are key markets.
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