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Strong finish to an eventful year Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 5 February 2026 Year-end report 2025 presentation
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Strong finish to the year Good growth in comparable portfolio ― Leases: higher revenues driven by acquisitions and good like-for-like demand ― Own Operations: stronger NOI driven by business mix and good conversion Acquisition of Dalata completed (7 November 2025) ― Revenue of MSEK 146 and NOI of MSEK 138 in Q4 ― Transaction costs of MSEK -241 and preparatory financial costs of MSEK -22 in Q4 ― Significant contribution on revenues, NOI and cash earnings expected FY 2026 ― Divestment of the operational platform to Scandic expected to be finalised H2 2026 Significant uplift in EPRA NRV from the Dalata transaction ― Acquisition result of MSEK 1,598, including expected transaction costs of MSEK 340 ― Adding deferred tax of MSEK 1,847, EPRA NRV increases by MSEK 3,445, corresponding to SEK 17.70 per share Proposed dividend of SEK 4.50 (4.25) per share, corresponding to approximately MSEK 876 (827), an increase of 6% Quarter in brief 2 Q4 2025 Total revenue growth +9% | 5% LFL* Total NOI growth +22% | 7% LFL* Cash earnings per share growth -25% | +23%** *Like for like (LFL) = For comparable units in fixed currency, excluding growth contribution from transformative investments in reclassified properties **Adjusted for transaction costs of MSEK -241 and preparatory financial costs of MSEK -22 in Q4, relating to the acquisition of Dalata
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Pandox at a glance A hotel property specialist Group 193 Hotel properties SEK 92bn Property mkt value 6.37% Yield SEK 4.5bn NOI (FY 2025) Leases 171 Leased properties SEK 77bn Property mkt value 6.28% Yield SEK 3.58bn NOI (FY 2025) Own Ops 22 Operated properties SEK 15bn Property mkt value 6.85% Yield MSEK 970 NOI (FY 2025) 63 hotels 13,754 rooms 32% of number of rooms 53 hotels* 12,381 rooms 29% of number of rooms 77 hotels 16,626 rooms 39% of number of rooms Strong network of partners and brands: • Active in the world’s largest hotel market • Hotel properties only • Attractive long-term revenue-based leases • High yielding properties & solid yield spread • Ambitious ESG targets • Solid growth platform Per 31 December 2025 Rooms Total 42,761 Leases 37,165 Own Operations 5,596 Including Crowne Plaza Antwerpen which was divested on 2 February 2026
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Positive Nordic markets Hotel market development (2025 vs 2024) Source: Benchmarking Alliance, STR Global Note: Percentage in boxes = RevPAR change ADR 4 Occupancy Germany -1% UK Regional 1% Stockholm 2% Helsinki 1% Sweden Regional 5% Norway Regional 7% Finland Regional 1% Copenhagen 13% Oslo 10% Edinburgh 2% Manchester 0% Hamburg -3% Hannover 3% Brussels -1% Frankfurt -3% London 0% Dublin 2% Ireland 3% -10.0% 0.0% 10.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%
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Well-filled pipeline 5 Ongoing projects DoubleTree by Hilton Brussels City Extension 150 rooms 2027-2028 | Own Operations Radisson Blu Glasgow Rooms/public spaces ready, new spa ongoing 2026 | Own Operations Quality Hotel Luleå Total renovation and extension with 22 cabin rooms 2026 | Leases Home Hotel Bastion, Oslo Total renovation 2026 | Leases Clayton Hotel Edinburgh Conversion from offices 2026-2027 | Leases Clayton Hotel Cardiff Lane (Dublin) Extension of 115 rooms 2027 | Leases
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Many upgraded products in 2025 6 Completed projects Leonardo Hotel Hannover Leonardo Royal Düsseldorf Leonardo Royal Baden BadenLeonardo Royal Frankfurt Leonardo Dublin Christchurch Scandic Malmen Scandic Alvik The Hotel, Brussels Vildmarkshotellet, Kolmården
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Financial effects Acquisition closed 7 November 2025, and transaction reported as fully completed with the following effects on Q4 2025 ― 31 + 1 Investment Properties with a market value of MSEK 16,900 added ― Rent and NOI of MSEK 146 and MSEK 138 respectively (54 days) in business area Leases ― Transaction cost of MSEK -241 expensed in Q4 2025 ― Transaction cost of MSEK -6 in Q4 2025, and MSEK -145 in Q3 2025 in shareholders’ equity ― Preparatory financial cost of MSEK -59 expensed, of which MSEK -22 in Q4 2025 and MSEK -37 in Q3 2025 ― Acquisition result of MSEK 1,598, which includes MSEK -340 in expected sales cost for the expected sale of the hotel operating platform to Scandic ― Deferred tax liability of MSEK 1,847 arising from temporary differences between fair value and taxable value Investment Properties ― LTV excl debt of MEUR 504 for the expected sale of hotel operating platform to Scandic, incl Eiendomsspar AB’s minority holding in Bidco ― EUR/SEK 11.05 (7 November 2025), EUR/SEK 10.82 (31 December 2026) Separation of properties and hotel operations ongoing and expected to be completed H2 2026 7 Acquisition of Dalata Hotel Group plc BS IS IS BS BS BS IS IS BS Balance sheet (BS) Income statement (IS)
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Value creation framework Offer for Dalata Hotel Group plc 8 Tentative value uplift approximately MSEK 3,000 Market value properties MSEK 16,700 Acquisition result MSEK 1,598 including MSEK 340 in expected remaining transaction cost Deferred tax MSEK 1,847 SEK 8.21 per share SEK 9.49 per share SEK 17.70 in EPRA NRV per share Market value properties MSEK 16,900 31 + 1 Investment Properties with high profitability and cash flow generation
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Dalata’s hotel portfolio Offer for Dalata Hotel Group plc 9 Leeds (1) Manchester (1) London (5) Limerick (2) Dublin (11)Galway (2) Londonderry (1) Sligo (1) Portlaoise (1) Cork (4) Belfast (2) 31 +1 hotel properties 6,626 rooms in total 214 rooms per hotel Well-established hotels with leading commercial positions in their markets Dalata hotel properties added Edinburgh (1 conversion)
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Consolidated hotel portfolio 10 Edinburgh (2) Leeds Manchester (3) Cork Belfast Brighton (1) Bradford (1) Glasgow (2) Cardiff (1) Cheltenham (1) Oxford (1) Inverness (1) Sheffield (1) Swindon (1) East Midlands (1) Middlesbrough (1) Hinckley (1) Birmingham (1) Leeds (3) London (11) Limerick (2) Portlaoise (1) Cork (4) Belfast (4) Galway (3) Sligo (1) Derry/Londonderry (1) Dublin (12) Bath (1) 63+1 hotel properties 13,754 rooms in total 218 rooms per hotel UK 20% and Ireland 12% of total rooms in Pandox’s portfolio Offer for Dalata Hotel Group plc
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Eleven properties added in Dublin 11 Acquisition of Dalata Hotel Group plc 157 rooms 89 rooms 12 PROPERTIES WITH A TOTAL OF 3,247 ROOMS 608 rooms 357 rooms 351 rooms 334 rooms 304 rooms 297 rooms 137 rooms
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Five properties added in London 12 Acquisition of Dalata Hotel Group plc 227 rooms 212 rooms 191 rooms
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Five properties added in London 13 Acquisition of Dalata Hotel Group plc 157 rooms 89 rooms 11 PROPERTIES WITH A TOTAL OF 2,381 ROOMS
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Pandox portfolio Q4 vs Q3 2025 14 Impact from acquisition 40% 38% 22% 41% 44% 15% 0% 10% 20% 30% 40% 50% Domestic Regional International Nr of rooms per demand Q4 Q3 4176 2221 0 3000 6000 9000 12000 Brand (nr of rooms) Q4 Q3 8758 4996 6683 445 0 3000 6000 9000 12000 Country (no of rooms) Q4 Q3 67% 16% 4% 13% 62% 18% 5% 16% 0% 10% 20% 30% 40% 50% 60% 70% Revenue-based with minimum guarantee Revenue-based without minimum guarantee Fixed Own Operations Nr of rooms per agreement type Q4 Q3
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Strong like-for-like growth in revenue and NOI Solid development in most markets ― Sweden, Denmark and Germany particularly strong ― Currency affected negatively with MSEK -96 in Q4 Leases: higher revenues driven by acquisitions and increased like-for-like demand ― Revenue and NOI positively affected by Dalata, which contributed with MSEK 146 in revenues and MSEK 138 in NOI Own Operations: stronger NOI driven by favourable business mix, good conversion and elevated cost in the comparable quarter Cash earnings affected by transaction costs (MSEK -241) and preparatory financial costs (MSEK -22) ― Adjusted for these, cash earnings increased 23 percent Financial summary Revenue and result (MSEK) 25Q4 24Q4 YoY% LFL%1) Pandox Group revenue 2,076 1,896 9 5 Pandox Group NOI 1,303 1,070 22 7 Leases revenue 1,148 942 22 5 Leases NOI 991 801 24 5 Own Operations revenue 928 954 -3 5 Own Operations NOI 313 269 16 16 EBITDA2) 999 1,016 -2 - Profit before changes in value3) 427 513 -17 - Cash earnings4) 403 541 -25 - 1) For comparable units at fixed currency 2) Includes transaction cost of MSEK -241 3) Includes transaction cost of MSEK -241 and preparatory financial cost of MSEK -22 4) Includes transaction cost of MSEK -241 and preparatory financial cost of MSEK -22 15
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Appreciation of SEK affected values negatively Property portfolio MSEK Comment: Higher market value after Dalata acquisition Lower yield requirements a positive MSEK 587 Cash flow a negative MSEK -470 Changes in currency a negative MSEK -4,599 100 percent of the property value externally valued in the past 12 months, of which 50 percent in the fourth quarter, including the Dalata hotel properties, for which values were confirmed and in line with previous communication Additional positive value effect for Numa Brussels Royal Galleries of MSEK 97 in shareholders’ equity Crowne Plaza Antwerp divested on 2 February 2026 Total unrealised changes in value MSEK +117 16
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5.42 6.28 6.38 6.85 0 1 2 3 4 5 6 7 8 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 Average yield, % Solid yield gap Property portfolio Own Operations Leases 3.9 0 1 2 3 4 5 6 7 8 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 Average interest on debt end of period, % 227.01 0 50 100 150 200 250 20'Q2 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 EPRA NRV per share, SEK 17
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Financial position now reflects acquisition Key financial metrics 2.7 0 1 2 3 4 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 Interest-cover-ratio, times (Rolling twelve month basis) 3,220 0 1,000 2,000 3,000 4,000 5,000 6,000 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25,Q2 25'Q3 25'Q4 Cash and unutilised credit facilities, MSEK 52.7 30 35 40 45 50 55 60 20'Q3 20'Q4 21'Q1 21'Q2 21'Q3 21'Q4 22'Q1 22'Q2 22'Q3 22'Q4 23'Q1 23'Q2 23'Q3 23'Q4 24'Q1 24'Q2 24'Q3 24'Q4 25'Q1 25'Q2 25'Q3 25'Q4 Loan-to-value, % (Policy interval 45-60%) Includes additional loan approval of MSEK 1,500 after the period. In addition, unencumbered asset value of approximately MSEK 867 is available 18 Excluding debt related to the expected divestment of Dalata’s hotel operation platform to Scandic, and including Eiendomsspar’s non-controlling interest in Bidco Adjusted for preparatory financial costs of MSEK -59 in Q3 and Q4
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Active financing quarter Trend with lower credit margins and solid appetite among banks remained Loan-to-value of 52.7 (45.2) percent, excluding debt related to the expected divestment of Dalata’s operational platform to Scandic, and including Eiendomsspar’s non-controlling interest in Bidco New financing and refinancings of approximately MSEK 13,794 in Q4, mainly related to Dalata ― In total, MSEK 20,911 in 2025 MSEK 5,777 of debt maturing within one year Approximately 51 percent of net interest-bearing debt is hedged Financial summary Key metrics (at end of period) 25Q4 24Q4 YoY Net interest-bearing debt, MSEK 48,342 34,486 +40% Sustainability-linked financing* 21,438 17,046 +26% EPRA NRV, MSEK 44,176 41 953 5%(**) Loan to value, % 52.7 45.2 +7.5pp Net debt/EBITDA, times 11.8 8.7 +3.10x Interest cover ratio (R12m), times 2.6 2.7 -0.1x Average interest on debt, % 3.9 4.0 -0.1pp Average fixed rate period, years 1.9 2.7 -0.8yrs Cash and unutilised credit facilities, MSEK*** 1,720 4,069 -58% (**) Annualised growth of 7.3 percent adjusted for dividend and new share issue 19 (*) Sustainability linked and green bank loan (***) Including credit approval of new financing of MSEK 1,500 after the quarter, the liquidity reserve amounts to MSEK 3,220
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Positive outlook Gradually strengthened macroeconomic data should support the hotel market We expect hotel demand to increase in 2026, driven by multiple segments More benign supply outlook should support ADR, however, mixed depending on market In Q1, which is the smallest quarter, we expect a normal seasonal pattern Business on the books looks promising y/y Translation effect on earnings and asset values from the strengthening of the Swedish krona In 2026, the acquisition of Dalata will contribute substantially to both NOI and cash earnings 20 Outlook
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Save the date Capital Markets Day 5 May 2026 21
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Q&A 22
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Forward-looking statements. This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Pandox AB (publ), may cause actual developments and results to differ materially from the expectations expressed in this presentation. Pandox AB (publ) Box 15 Tel: +46 8 506 205 50 SE-101 20 Stockholm www.pandox.se Sweden Org. Nr. 556030-7885