Pandox (PNDX) Q2 2026 earnings summary

Executive summary

• Total revenue increased by 15% year-over-year to MSEK 2,185 in Q2 2026, driven by strong Leases segment performance and the Dalata acquisition.

• Net operating income rose 25% to MSEK 1,457, with Leases up 37% and Own Operations down 9% due to divestments and currency effects.

• Cash earnings per share increased 15% year-over-year; EPRA NRV per share rose 14% to SEK 234.15.

• Dalata properties contributed MSEK 312 in Q2 rental income, with year-over-year rent growth of 4% in the UK and 3% in Ireland.

• Profit for the period fell 69% to MSEK 219, mainly due to lower property value changes and higher financial costs.

Financial highlights

• Leases segment revenue and NOI up 34% and 37% year-over-year; Own Operations revenue down 6% and NOI down 9%.

• EBITDA grew by 27% to MSEK 1,412; cash earnings reached MSEK 677 (+15%).

• Loan-to-value (LTV) at 52.4% (51.4% adjusted for dividend); interest cover ratio at 2.4x.

• Cash and credit facilities at MSEK 3,122; SEK 14 billion in new/refinanced loans in Q2.

• EPRA NRV per share at SEK 234.15, up 14% year-over-year.

Outlook and guidance

• Expecting continued growth in cash earnings, supported by Dalata acquisition and organic growth.

• RevPAR growth forecasted at 2–3% per quarter for the remainder of 2026.

• Dalata revenue for 2026 expected in line with SEK 1,130 million guidance.

• Stable booking activity and robust demand in both business and leisure segments.

• Dalata business separation on track for Q4 2026, expected to strengthen long-term growth.