Pandox (PNDX) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw total revenue increase by 2% year-over-year, driven by acquisitions in both Leases and Own Operations segments, despite tough comparables from major 2024 events.

• Net operating income rose 3%, with Own Operations up 12% and Leases up 1% compared to Q2 2024.

• Cash earnings grew 5%, but cash earnings per share declined by 1%.

• Profitable acquisitions, including Pullman Cologne Hotel and shares in Dalata Hotel Group plc, contributed positively.

• Large financial headroom and strong cash flow enable flexibility for new investments and acquisitions.

Financial highlights

• EBITDA increased 3% year-over-year to MSEK 1,110 in Q2 2025.

• Group net operating income increased by 3%, revenue by 2%, and net income by 3% year-over-year.

• Cash earnings per share for Q2 2025 was SEK 3.02, down 1% year-over-year.

• Market value of properties reached SEK 76 billion (MSEK 76,229), up 8% year-over-year.

• Unrealized changes in property values for the first six months were +$194 million and MSEK 506.

Outlook and guidance

• Stable outlook with expectations of resilient demand and a strong event calendar in H2 2025.

• RevPAR guidance for 2025 remains stable at 0%-4% growth, with occupancy stable and ADR somewhat softer in high-performing destinations.

• Easier comparables expected in H2 due to absence of major 2024 events; positive like-for-like growth anticipated in Q3 and Q4.

• Financial position allows for further acquisitions and investments.