July–September 2025

• Revenues for Leases amounted to MSEK 1,089 (1,069), an increase of 2 percent
• Revenues for Own Operations amounted to MSEK 883 (804), an increase of 10 percent
• Net operating income for Leases amounted to MSEK 972 (933), an increase of 4 percent
• Net operating income for Own Operations amounted to MSEK 285 (226), an increase of 26 percent
• EBITDA amounted to MSEK 1,202 (1,123), an increase of 7 percent
• Cash earnings amounted to MSEK 617 (582), equivalent to SEK 3.17 (3.14) per share, an increase of 1 percent. Adjusted for financial costs of MSEK -37 related to the ongoing acquisition of Dalata Hotel Group plc, the increase was 7 percent
• Unrealised changes in value Investment Properties amounted to MSEK 85 (12). Unrealised changes in value Operating Properties, reported for disclosure purposes only, amounted to MSEK 5 (190). Unrealised changes in value of derivatives amounted to MSEK 41 (-489)
• Profit for the period amounted to MSEK 637 (-39), equivalent to SEK 3.25 (-0.24) per share
• On 15 July, Pandox AB (publ) and Eiendomsspar AS announced a recommended offer for Dalata Hotel Group plc
• From the completion, which is expected to take place in the fourth quarter of 2025, 31 Investment Properties with a market value of approximately MSEK 16,700 will be reported in the business segment Leases. Initial average yield is estimated to approximately 6.95 percent. The annual rental income is estimated to be equivalent to approximately MSEK 1,200 with an estimated profitability in line with Pandox’s already existing lease agreements in the UK and Ireland*
• During the period, Quality Hotel Winn Göteborg and Scandic Imatra were divested for a total of MSEK 67

January–September 2025

• Revenue Leases amounted to MSEK 2,950 (2,923)
• Revenue Own Operations amounted to MSEK 2,443 (2,317)
• Net operating income Leases amounted to MSEK 2,588 (2,496)
• Net operating income Own Operations amounted to MSEK 658 (573)
• EBITDA amounted to MSEK 3,087 (2,945)
• Cash earnings amounted to MSEK 1,503 (1,414), corresponding to SEK 7.72 (7.67) per share. Adjusted for financial costs of MSEK -37 related to the ongoing acquisition of Dalata Hotel Group plc, cash earnings per share amounted to SEK 7.91
• Changes in property values amounted to MSEK 547 (437) and unrealised changes in the value of derivatives amounted to MSEK -316 (-199)
• Profit for the period amounted to MSEK 1,468 (1,125), corresponding to SEK 7.45 (6.02) per share
• The loan-to-value ratio was 50.2 percent and the interest coverage ratio, rolling twelve months, was 2.7x

* See page 8 in the interim report for more information about the ongoing acquisition of Dalata Hotel Group plc.

Excerpts from CEO comment
“The hotel market improved in the third quarter, supported by a good event calendar and a leisure travel segment that remained active. Pandox’s total revenue and net operating income increased by 5 and 8 percent respectively, supported by both acquired and organic growth. For comparable portfolios in fixed currency, revenue and net operating income increased by 1 and 2 percent respectively, driven by a better market and a positive contribution from transformative investments.”

“On 15 July Pandox and Eiendomsspar placed a recommended cash offer for Dalata to be implemented as a Scheme of Arrangement. The acquisition has a clear strategic and financial logic. The hotel portfolio is of high quality, is very profitable, and the hotels have strong locations in dynamic and growing markets. We see possibilities for significant value creation in the short and long term with Scandic as operating partner. As we have communicated, several important steps have been taken to complete the acquisition.”

“From the completion, 31 Investment Properties with a market value of approximately MSEK 16,700 will be reported in the business segment Leases. Initial average yield is estimated to 6.95 percent. The annual rental income is estimated to be equivalent to approximately MSEK 1,200 with an estimated profitability in line with Pandox’s already existing lease agreements in the UK and Ireland.”

“We are expecting stable demand in the hotel market in the fourth quarter and for the trend to follow the normal seasonal pattern, with demand decreasing as usual during the second half of December before picking up again in the second half of January. Providing that the Dalata acquisition is completed at the beginning of November 2025, we will benefit from the revenue and net operating income from part of the fourth quarter. The effect on our earnings will, however, be negative in the fourth quarter of 2025 due to one-time costs relating to the acquisition. The acquisition will make a significant contribution to both net operating income and cash earnings in 2026.”

Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 23 October 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/q3-report-2025/register

If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q3-report-2025/dial-in

Attachment: Interim report January–September 2025