Pandox (PNDX) Company presentation summary

Business model and value creation

• Own, improve and lease hotel properties to strong operators under long-term, revenue-based leases, supported by property management, development and portfolio optimisation.

• Active ownership draws on hotel expertise; value creation focuses on maximising each property's value, creating distinctive products and using Own Operations to transform properties.

• Average yield on investment was 11.5% excluding 2020 and 7.5% including 2020 for 2015–2025 YTD; end-period blended yield was 6.3% versus 3.9% average cost of debt.

Business performance

• Q3 2025 total revenue grew 5% (1% LFL) and NOI grew 8% (2% LFL); cash earnings per share increased 1%, or 7% adjusted for higher loan volume and Dalata-related financing costs.

• Leased operations delivered stable earnings and improved NOI; Own Operations benefited from acquisitions and showed strong Nordic performance.

• Pro forma portfolio including Dalata comprises 193 hotel properties valued at SEK 93bn, with SEK 5.5bn NOI and a 6.37% yield.

Dalata acquisition

• Adds 31 hotels and 6,626 rooms across Ireland and the UK; the properties have a 6.95% net initial yield and are described as well-positioned in their markets.

• Pro forma rental income is SEK 8,489m, NOI SEK 5,486m, cash earnings SEK 2,494m and cash earnings per share SEK 12.81; each represents a 16%, 27%, 20% and 20% increase, respectively, versus the stated group baseline.

• Pro forma property market value is SEK 92,662m and net initial yield 6.37%; loan-to-value is approximately 55%, or approximately 52% after the planned H2 2026 divestment to Scandic.

• Acquisition materials show a tentative property value uplift of approximately SEK 3,000m, with an implied yield of 8.40% against the portfolio's 6.95% net initial yield.

• Dalata's 31 properties have 6,626 rooms; the combined Ireland and UK portfolio totals 63 properties and 13,754 rooms.