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A strong quarter Liia Nõu, CEO Anneli Lindblom, CFO Anders Berg, Head of IR 22 October 2026 Interim report Q3 2026 presentation
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A strong quarter Strong like-for-like growth in the Leases business segment, driven by Sweden Significant positive contribution from Dalata which continues to perform well Strong growth in cash earnings and EPRA NRV per share LTV of 52.2 percent vs 52.4 percent at the end of the second quarter Agreement to divest seven hotel properties in Denmark and Sweden for approximately MSEK 2,100, higher than book values, with expected closing in Q4 2026 Six former Revo Hospitality Group hotels with 1,243 rooms in Germany transferred to Own Operations in the beginning of the third quarter Interim report Q3 2026 Quarter in brief Total revenue growth +23% | 4% LFL Total NOI growth +29% | 4% LFL Cash earnings per share growth +31% | 23% LFL* EPRA NRV per share growth** +17% *Adjusted for preparatory financial cost of MSEK -37 in comparable quarter **Adjusted for paid dividend Summary Q3 2026 Hotel City Rooms Pullman Hotel Stuttgart Fontana Stuttgart 252 Dorint Hotel an den Westfalenhalle Dortmund Dortmund 221 Dorint Hotel am Dom Erfurt Erfurt 160 Mercure Hotel Frankfurt Eschborn Ost Frankfurt 224 Mercure Hotel München Neuperlach München 253 Mercure Hotel Schweinfurt Maininsel Schweinfurt 133
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Pandox at a glance Group 191 Hotel properties SEK 96.8bn Property mkt value 6.39% Yield SEK 5.4bn NOI (R12m) Leases 171 Leased properties SEK 81.7bn Property mkt value 6.32% Yield SEK 4.5bn NOI (R12m) Own Ops 20* Operated properties SEK 15.2bn Property mkt value 6.78% Yield SEK 0.9bn NOI (R12m) 63 hotels 13,754 rooms 32% of number of rooms 52 hotels 12,122 rooms 29% of number of rooms 76 hotels 16,517 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 30 September 2026 Rooms Total 42,393 Leases 37,218 Own Operations 5,175 A leading hotel property owner Interim report Q3 2026 *Market values of six hotels remain in Leases during re-letting process
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Dalata continues to perform well Substantial earnings contribution ― Rent of MSEK 357 in Q3 and MSEK 880 YTD ― Strong profitability Rent is growing y/y ― Q3: +4% in the UK and +1% in Ireland (estimated) ― YTD: +3% in the UK and +1% in Ireland (estimated) Legal separation and expected divestment to Scandic expected to be completed in Q4 2026 Acquisition financing to be refinanced with secured property financing at an indicated clearly lower credit margin Interim report Q3 2026 On Dalata Clayton Hotel Leopardstown, 357 rooms
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Strong RevPAR-growth in Sweden and Denmark Hotel market development YTD (2026 vs 2025) Source: Benchmarking Alliance, STR Global Note: Percentage in boxes = RevPAR change. Circle size = Pandox property market value. ADR Interim report Q3 2026 Occupancy Germany 2% Sweden 8% Finland 2% Denmark 8% Norway 2% UK 3% Ireland 3% Belgium -1% Austria 2% Switzerland 1% Europe 6% USA 6% -5% -3% -1% 1% 3% 5% 7% -3% -1% 1% 3%
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Property investments Interim report Q3 2026 Active ownership Year Investment, MSEK Of which invested, MSEK Estimated stabilised NOI, MSEK Yield on cost, % Larger projects 2026 1,720 1,090 160 9.3 Scandic Grand Marina, Clayton Edinburgh, Hotel Mayfair Copenhagen, Scandic Solli, Quality Luleå 2027 1,820 820 180 9.9 DoubleTree by Hilton Brussels City, Hilton Slussen, Scandic St Jörgen, Clayton Cardiff Lane 2028- 600 30 50 8.3 Pullman Cologne, Radisson Blu Tromsö , DoubleTree by Hilton Edinburgh City Centre, Residence Inn by Marriott London Kensington Total 4,140 1,940 390 9.4 Estimated investment volume and yield Assumptions Year = year of completion. Investment = the total of all approved investments, including technical investments. The amount also includes investments made in previous years. Of which invested = the proportion of the total volume that has been invested as of the end of the period. Estimated stabilised net operating income (NOI) = the additional annual net operating income generated once the investment has reached its full potential, normally after 2–4 years.
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Strong performance in Leases Leases: Accelerated growth ― LFL, strong performance in Sweden ― Significant contribution from Dalata (MSEK 357) Own Operations: Mixed development ― LFL, revenues largely flat while NOI decreased ― Germany strong, London and Brussels weaker ― One-offs Revo Hospitality Group effects ― Six hotels with 1,243 rooms moved to Own Operations and revenues of MSEK 96 (lower-than-average profitability) added ― Correspondingly, lower rent of MSEK 37 in Leases ― Extraordinary items of MSEK -11 in Leases ― All properties remain market valued as Investment Properties Financial summary Revenue and result (MSEK) 26Q3 25Q3 YoY% LFL%1) Pandox Group revenue 2,429 1,972 23 4 Pandox Group NOI 1,619 1,257 29 4 Leases revenue 1,488 1,089 37 7 Leases NOI 1,354 972 39 8 Own Operations revenue 941 883 7 1 Own Operations NOI 265 285 -6 -6 EBITDA 1,561 1,202 30 - Profit before changes in value 845 647 31 - Cash earnings 806 617 31 - 1) For comparable units at fixed currency Interim report Q3 2026
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91 743 4 362 1 346 6 -232 -518 96 883176 75 000 80 000 85 000 90 000 95 000 100 000 Slightly negative changes in value Property portfolio MSEK Comment: Yields had a positive effect of MSEK +176 Cash flow had a negative effect of MSEK -518 Changes in currency a positive MSEK 4,362 92 percent of the property value externally valued in the past 12 months, of which 40 percent in the third quarter Crowne Plaza Antwerp divested on 2 February 2026 and Hotel Korpilampi on 30 April All nine hotel properties related to Revo Hospitality Group remain as Investment Properties Total unrealised changes in value MSEK -342 Interim report Q3 2026 Changes in value for the total portfolio, YTD 2026
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6.32 6.78 0 1 2 3 4 5 6 7 8 20'Q3 21'Q1 21'Q3 22'Q1 22'Q3 23'Q1 23'Q3 24'Q1 24'Q3 25'Q1 25'Q3 26'Q1 26'Q3 Average yield, % Healthy yield gap Property portfolio Own Operations Leases 4.08 0 1 2 3 4 5 6 7 8 20'Q3 21'Q1 21'Q3 22'Q1 22'Q3 23'Q1 23'Q3 24'Q1 24'Q3 25'Q1 25'Q3 26'Q1 26'Q3 Average interest on debt end of period, % 242.22 0 50 100 150 200 250 300 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 26'Q1 26'Q2 26'Q3 EPRA NRV per share, SEK Interim report Q3 2026
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Financial position still reflecting acquisition Key financial metrics 2.4 0 1 2 3 4 20'Q3 21'Q1 21'Q3 22'Q1 22'Q3 23'Q1 23'Q3 24'Q1 24'Q3 25'Q1 25'Q3 26'Q1 26'Q3 Interest-cover-ratio, times (Rolling twelve month basis) 3,474 0 1 000 2 000 3 000 4 000 5 000 6 000 Cash and unutilised credit facilities, MSEK 52.2 30 35 40 45 50 55 60 20'Q3 21'Q1 21'Q3 22'Q1 22'Q3 23'Q1 23'Q3 24'Q1 24'Q3 25'Q1 25'Q3 26'Q1 26'Q3 Loan-to-value, % (Policy interval 45-60%) Unencumbered asset value of approximately MSEK 217 available Interim report Q3 2026 Excluding preparatory financial cost in 2025 of MSEK -59 the ICR is 2.5
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Stable financial position New financing and refinancing of MSEK 16,445 ― Average repayment period 1.9 (2.4) years ― MSEK 15,122 of debt maturing within one year Average interest rate increased to 4.08 percent, due to: ― Higher base rates ― Currency effects Loan-to-value 52.2 percent vs 52.4 percent in Q2 58 (58) percent of net interest-bearing debt is hedged Positive discussions on refinancing of current acquisition financing for Dalata with property backed loans Financial summary Key metrics (at end of period) 26Q3 25Q3 YoY Net interest-bearing debt, MSEK 50,581 38,139 +33% Sustainability-linked financing* 24,297 21,133 +15% EPRA NRV, MSEK 47,136 40,901 5%** Loan to value, %*** 52.4 50.2 +2.2pp Net debt/EBITDA, times 10.8 9.3 +1.5x Interest cover ratio (R12m), times 2.4 2.7 -0.3x Average interest on debt, % 4.08 3.89 +19bps Average fixed rate period, years 1.9 2.2 -0.3yrs Cash and unutilised credit facilities, MSEK 3,474 2,499 +39% Interim report Q3 2026 ** Annualised growth of 17.4 percent adjusted for paid dividend * Sustainability linked and green bank loans *** Adjusted for communicated divestments, LTV is 51.3 percent
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Resilient business, tough underlying comps Resilient world economy and hotel market The outlook for the hotel market in Europe is positive Inflation and rising interest rates the main concern ― Variable leases offer protection by direct exposure to underlying hotel pricing ― 58 percent of net debt hedged, and upcoming refinancings expected at lower credit margin ― Larger renovated hotels will gradually contribute to earnings in 2027 For Q4 2026, underlying cash earnings faces a challenging comparable quarter ― MSEK 263 of extraordinary cost in Q4’25 related to Dalata ― Dalata included from 7 November 2025 ― Higher financial costs Interim report Q3 2026 Outlook
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Q&A Interim report Q2 2026
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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