Pandox (PNDX) Q4 2025 earnings summary

Executive summary

• Achieved strong like-for-like growth in Q4 2025, driven by robust business demand, event calendar, and leisure travel, with significant contributions from the Dalata acquisition, which added 31+1 investment properties and boosted international exposure.

• Group revenues increased by 9% in Q4 and 5% for the full year, with net operating income up 22% in Q4 and 10% for the year; cash earnings rose 23% year-on-year after adjusting for one-time costs.

• Dalata transaction resulted in an acquisition gain of SEK 1.6 billion and an EPRA NAV uplift of SEK 3.4 billion, with EPRA NRV per share up 7.7% annually.

• Board proposes a dividend increase to SEK 4.50 per share, totaling MSEK 876.

• Profit for the period rose to MSEK 3,174 (1,706), with EPS at SEK 16.13 (9.04), including a one-time acquisition result from Dalata.

Financial highlights

• Q4 like-for-like revenues in own operations rose 5%, with net operating income up 16%; group total revenues up 9% and NOI up 22% in Q4.

• Adjusted cash earnings reached SEK 666 million in Q4, a 23% increase year-on-year; full-year adjusted cash earnings up 13%.

• EBITDA for Q4 was MSEK 999, down 2% year-over-year; full-year EBITDA up 3% to MSEK 4,086.

• Unrealized property value changes for the year were positive SEK 117 million, but currency effects reduced property values by SEK 4.6 billion.

• Market value of properties increased 20% to MSEK 91,743.

Outlook and guidance

• Expectation of continued hotel market resilience in 2026, with demand supported by macroeconomic improvements and a benign supply outlook.

• RevPAR growth for 2026 projected at 2%-4% overall, with strongest outlook in the Nordics and Germany.

• Dalata properties anticipated to contribute substantially to NOI and cash earnings.

• Q1 2026 expected to follow normal seasonal patterns, with promising business on the books.