Pandox (PNDX) Company presentation summary

Portfolio and operating model

• 163 hotel properties; SEK 76bn property market value, 6.25% yield and SEK 4.2bn R12m NOI, per 30 June 2025.

• 141 leased properties valued at SEK 61bn, with 6.09% yield and SEK 3.4bn R12m NOI; 22 operated properties valued at SEK 15bn, with 6.88% yield and SEK 0.9bn R12m NOI.

• Focus exclusively on hotel properties in Europe, with active ownership and long-term, revenue-based leases; WAULT 13.8 years and guaranteed minimum levels.

• Leases share upside and downside with operators; own operations support acquisitions, repositioning and transformation, while portfolio optimisation creates value through new leases or divestments.

Investment case and value creation

• Portfolio average valuation yield 6.25%, with a yield spread of more than 200 bps; climate investments are guided by SBTi-validated targets.

• 2015–2025 YTD average yield on investment was 11.7% excluding 2020 and 7.4% including 2020; end-period blended yield was 6.3% and average debt cost was 3.9%.

• Value framework prioritises maximising each property's value, tailoring products to individual assets and transforming properties through own operations; optionality is a key value driver.

• Leonardo Hotel Galway renovation delivered RevPAR growth of 27%, incremental NOI growth of 22% and property market value uplift of 12% after stabilisation.

• Scandic Park Stockholm improvements delivered RevPAR growth of 23%, room revenue growth of 31% and property market value uplift of 20% after stabilisation.

Q2 2025 performance

• Revenue grew 2% and NOI grew 3%; both declined 1% LFL. Cash earnings per share declined 1%.

• Acquisitions drove revenue and NOI growth; leased operations had stable earnings, while own operations had stable demand but lower average daily rates.

• Comparatives included Germany's UEFA 2024 European Championship, Taylor Swift's Eras Tour and certain one-time Q2 2024 revenue items.

• Low LTV, strong cash flow and higher property values on somewhat lower yields supported financial headroom for acquisitions and investment.