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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pandox
Pandox (PNDX) investor relations material
Pandox Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 revenue rose 23% to MSEK 2,429 and NOI rose 29% to MSEK 1,619; comparable-portfolio growth in fixed currency was 4% for both.
Cash earnings were MSEK 806, up 31% YoY; growth was 23% excluding preparatory financial costs in the comparable period.
EPRA NRV reached SEK 242.22 per share, up 17.4% annualized after adding back the 2026 dividend; Dalata generated MSEK 357 of Q3 rental income.
Financial highlights
EBITDA rose 30% to MSEK 1,561; profit before changes in value and cash earnings rose 31% to MSEK 845 and MSEK 806, respectively.
Q3 profit was MSEK 1,021 versus MSEK 637, including MSEK 695 of derivative value gains and MSEK -226 of property value changes.
9M revenue increased 17% to MSEK 6,299; EBITDA rose 28% to MSEK 3,950 and cash earnings grew 21% to MSEK 1,817.
9M profit reached MSEK 1,880; cash earnings per share were SEK 9.34, up 18% excluding preparatory financial costs in the comparable period.
9M unrealized property value changes were MSEK -342, with positive yield effects of MSEK 176 and negative cash-flow effects of MSEK 518.
Outlook and guidance
European hotel-market outlook remained positive, with forward bookings at or above prior-year levels in most markets; Norway was marginally lower.
Q4 underlying cash earnings face a tough comparison, including MSEK 263 of extraordinary Dalata costs in Q4 2025, Dalata’s inclusion from 7 November 2025 and higher financing costs.
Major renovations, including Scandic Grand Marina, Clayton Cardiff Lane and Clayton St Andrew Square, are expected to contribute gradually in 2027; DoubleTree by Hilton Brussels City is expected to contribute toward year-end.
Dalata’s property/operations separation and operating-platform sale to Scandic are expected to conclude in Q4 2026; refinancing discussions point to lower credit margins and secured property loans.
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Latest events from Pandox
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Next Pandox earnings date
Investor Day 202617 Nov, 2026
Pandox
Next Pandox earnings date
Investor Day 202617 Nov, 2026
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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.