Pandox (PNDX) Investor presentation summary

Business model and value creation

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

• Value framework focuses on maximising each property's value, creating differentiated products and using Own Operations to transform properties; optionality is a key value driver.

• Average investment yield was 11.5% excluding 2020 and 7.5% including 2020 for 2015–2025 YTD; blended yield was 6.3% vs 3.9% average cost of debt at 30 Sep 2025.

Q3 performance and outlook

• Q3 2025 revenue grew 5% YoY (1% LFL) and NOI rose 8% (2% LFL); Leases NOI grew 4%, while Own Operations NOI increased 26%.

• Profit before changes in value rose 4% YoY to MSEK 647 and cash earnings increased 6% to MSEK 617; EBITDA grew 7% to MSEK 1,202.

• Hotel markets remained resilient; stable Q4 demand and normal seasonality were expected, with acquisition-related one-off costs weighing on Q4 earnings.

• Dalata is expected to contribute substantially to NOI and cash earnings in 2026.

Dalata acquisition

• Adds 31 hotels in Ireland and the UK, with property value of MSEK 16,700, rental income of MSEK 1,200 and net initial yield of 6.95%.

• Pro forma R12M portfolio totals 193 properties, property market value of MSEK 92,662 and NOI of MSEK 5,486; net initial yield rises from 6.24% to 6.37%.

• Pro forma cash earnings rise 20% to MSEK 2,494 and cash earnings per share to SEK 12.81; LTV is estimated at ~55%, or ~52% after the planned Scandic divestment in H2 2026.

• Dalata adds 6,626 rooms, including 11 Dublin hotels and five London hotels; combined UK and Ireland holdings represent 20% and 12% of total rooms, respectively.

• Tentative value uplift is MSEK ~3,000, based on a 6.95% net initial yield and 8.40% implied yield.