January–March 2025

• Revenues for Leases amounted to MSEK 854 (845), an increase of 1 percent. Adjusted for one-time revenue of MSEK 40 in the comparable quarter the increase was 6 percent
• Revenues for Own Operations amounted to MSEK 664 (656), an increase of 1 percent
• Net operating income for Leases amounted to MSEK 740 (694), an increase of 7 percent
• Net operating income for Own Operations amounted to MSEK 87 (91), a decrease of -4 percent
• EBITDA amounted to MSEK 775 (740), an increase of 5 percent
• Cash earnings amounted to MSEK 299 (272), equivalent to SEK 1.54 (1.48) per share, an increase of 4 percent
• Unrealised changes in value Investment Properties amounted to MSEK 17 (105). Unrealised changes in value Operating Properties, reported for disclosure purposes only, amounted to MSEK -3 (-105). Unrealised changes in value of derivatives amounted to MSEK -72 (298)
• Profit for the period amounted to MSEK 118 (454), equivalent to SEK 0.58 (2.43) per share
• On 1 January, the acquisition of Radisson Blu Hotel Tromsø for MNOK 750 was completed
• On 17 January, Pandox entered into a new lease agreement with the hotel operator Numa for Hotel Hubert in Brussels. The agreement came into force on 1 April 2025
• On 6 March, Pandox entered into an agreement to acquire Hotel Pullman Cologne for MEUR 66. The acquisition was completed 1 April 2025
• On 19 March, Pandox entered into an agreement to acquire Elite Hotel Frost in Kiruna for MSEK 347. The acquisition is planned to be completed in the second quarter 2025

Excerpts from CEO comment
“The hotel market grew in the first quarter, which is seasonally the quietest, with a positive Easter effect being partially neutralised by one less hotel day due to the leap year in 2024. Total revenue and net operating income increased by 1 and 5 percent respectively in the first quarter, primarily driven by the Leases business segment. Adjusted for non-recurring items of around MSEK 40 (rent for Leonardo Hotel Köln Bonn Airport) and around MSEK -38 (business development) in the comparable quarter, the increase was 4 and 5 percent respectively. Cash earnings per share increased by 4 percent.

EPRA NRV per share decreased to SEK 207.55 from SEK 215.58 compared with the fourth quarter 2024, which is explained in full by the appreciation of the Swedish krona.

The effects of the ongoing tariff war are difficult to assess, as we do not know what the final scope and consequences will be. Generally speaking, the hotel market is dependent on economic activity and the tariffs are creating uncertainty, especially among companies. This is countered by a more united and strong Europe, with the opportunity to create growth through investments. Also, consumers have so far been very resilient and have consistently prioritised travel and experiences above other consumption.

The datapoints are still few and mainly concern international travel between Europe and the US. The indication is that travel from Europe to the US has already decreased and is expected to decrease further in the coming quarters. This creates the conditions for increased intraregional travel within Europe as intercontinental travel is rebooked to new destinations. Travel from the US to Europe has not been affected to the same extent, and the net effect of this may very well be a continued stable hotel market in Europe – which is also an unrivalled destination for travel, with around 55 percent of global arrivals.”

Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 29 April 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/q1-report-2025

If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q1-report-2025/dial-in

Attachment: Interim report January–March 2025