April–June 2025

• Revenues for Leases amounted to MSEK 1,007 (1,009), which was largely unchanged
• Revenues for Own Operations amounted to MSEK 896 (857), an increase of 5 percent
• Net operating income for Leases amounted to MSEK 876 (869), an increase of 1 percent
• Net operating income for Own Operations amounted to MSEK 286 (256), an increase of 12 percent
• EBITDA amounted to MSEK 1,110 (1,082), an increase of 3 percent
• Cash earnings amounted to MSEK 587 (560), equivalent to SEK 3.02 (3.05) per share, a decrease of -1 percent
• Unrealised changes in value Investment Properties amounted to MSEK 506 (431). Unrealised changes in value Operating Properties, reported for disclosure purposes only, amounted to
  MSEK -326 (-7). Unrealised changes in value of derivatives amounted to MSEK -285 (-8)
• Profit for the period amounted to MSEK 713 (710), equivalent to SEK 3.61 (3.83) per share
• On 1 April, Pandox gained access to Hotel Pullman Cologne
• On 1 April, Numa Brussels Royal Galleries was reclassified to Leases
• On 3 June, Pandox AB (publ) and Eiendomsspar AS announced a possible offer for Dalata Hotel Group plc
• On June 20, Pandox AB (publ) announced the acquisition of shares in Dalata Hotel Group plc
• After the end of the period, on 4 July, Quality Winn Göteborg was divested for MSEK 57

January–June 2025

• Revenue for Leases amounted to MSEK 1,861 (1,854)
• Revenue from Own Operations amounted to MSEK 1,560 (1,513)
• Net operating income for Leases amounted to MSEK 1,616 (1,563)
• Net operating income Own Operations amounted to MSEK 373 (347)
• EBITDA amounted to MSEK 1,885 (1,822)
• Cash earnings amounted to MSEK 886 (832), corresponding to SEK 4.55 (4.53) per share
• Changes in property values amounted to MSEK 526 (447) and unrealised changes in the value of derivatives amounted to MSEK -357 (290)
• Profit for the period amounted to MSEK 831 (1,164), corresponding to SEK 4.19 (6.26) per share
• The loan-to-value ratio was 46.7 percent and the interest coverage ratio, rolling twelve months, was 2.7x

Excerpts from CEO comment
“In the second quarter Pandox’s total revenue and net operating income increased by 2 and 3 percent respectively, supported by acquisitions in both business segments. Demand remained stable while average prices declined slightly, mainly explained by multiple major events in the comparable quarter such as the UEFA European Championship in Germany and Taylor Swift’s Eras Tour. Cash earnings increased by 5 percent while cash earnings per share decreased by -1 percent.”

“At the end of the quarter our loan-to-value ratio was 46.7 percent, which is at the lower end of the range in our policy. Our financial position is strong and, together with a stable cash flow, this provides us with significant capacity for the acquisition of new hotel properties and investments in the existing portfolio.”

“We are currently in a period that is seasonally strong for the hotel market. The initial concerns over tariffs seem to have died down and consumers continue to prioritise experiences and travel. We are expecting continued stable growth and for comparison figures to gradually become less challenging. The booking level in our Own Operations segment is stable and the event calendar is relatively strong, with the UK reunion tour of the band Oasis in July and August and an active trade fair calendar in Germany during the autumn.”

Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 11 July 2025 at 08:30 CEST. As a service to Pandox’s stakeholders there will also be an external update on the hotel market.

If you wish to participate via webcast, please use the following link:
https://pandox.events.inderes.com/q2-report-2025

If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q2-report-2025/dial-in

Attachment: Interim report January–June 2025