Pandox (PNDX) CMD 2026 summary

Strategic position and portfolio

• Portfolio market value of SEK 93bn across 192 properties in 15 countries, with a 6.37% yield as of March 2026.

• Owns, develops, and leases hotels to skilled operators under long-term, revenue-based leases with minimum guarantees; 84% of the portfolio is leased and 16% in own operations.

• Focus on upscale and upper midscale hotels; 70% are in major international or growing regional cities, with an average Booking.com location rating of 8.9/10.

• Leading operators include Scandic, Fattal, and Radisson; the ten largest hotels account for 16% of portfolio value.

• Major acquisitions include Dalata and Residence Inn UK; the Dalata hotel operations/property separation is expected to finalize in H2 2026.

Financial performance and guidance

• Revenue, NOI, and cash earnings grew at a 12% CAGR since 2014; NOI per share grew at 8.0% CAGR from 2014–2025, while cash earnings per share rose 95%.

• EPRA NRV per share increased 133% since 2014, an 8.5% CAGR; portfolio value more than tripled over the period.

• Q1 2026 revenue rose 11% (+2% LFL), NOI rose 25% (+3% LFL), and cash earnings per share increased 12%.

• Blended yield was 6.37%, with a 250 bps spread over average debt cost of 3.9%; minimum and fixed rents reached SEK 3.1bn.

• Cash earnings dividend payout ratio ranged from 40–60%, with SEK 5.6bn in total dividends paid during 2015–2025.

Growth platform and investment strategy

• Capex pipeline of SEK 4.2bn for 2026–2029 across 49 projects in 8 countries, targeting a 9.5% yield on cost.

• Renovations added 764 rooms in 2015–2025, with more than 600 additional rooms in the 2026–2027 pipeline.

• Projects span transformational, replacement and renewal, and resilience investments, integrating sustainability and value creation.

• Major extensions and renovations in Edinburgh, Cardiff Lane, Brussels, and Glasgow are targeted for completion between 2026 and 2027.

• Acquisitions from 2020–2025 delivered a 7.09% blended yield; selective divestments of non-core assets release capital for higher-return opportunities.