Pandox (PNDX) Q4 2025 earnings summary

Executive summary

• Strong like-for-like growth in Q4 2025, driven by robust business demand, event calendar, and leisure travel, with acquisitions—especially Dalata—boosting portfolio quality, value, and international exposure.

• Dalata acquisition completed in November 2025, adding 31+1 properties in Ireland and the UK, resulting in an acquisition gain of SEK 1.6 billion and an EPRA NAV uplift of SEK 3.4 billion.

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

• Board proposes a 6% dividend increase to SEK 4.50 per share, reflecting confidence in ongoing cash generation.

• 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 revenue grew 9% year-over-year (5% like-for-like), with total NOI up 22% (7% like-for-like); Dalata contributed MSEK 146 in revenue and MSEK 138 in NOI for Q4.

• Adjusted cash earnings reached SEK 666 million in Q4, a 23% increase year-on-year; adjusted cash earnings per share SEK 11.34.

• 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 to MSEK 91,743 (76,334), up 20%.

Outlook and guidance

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

• Dalata properties anticipated to contribute substantially to NOI and cash earnings in 2026.

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

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

• First quarter of 2026 expected to be seasonally weaker, but business on the books is stronger than the previous year.