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Financial targets

Pandox’s board of directors has adopted the following financial target and dividend policy.

Loan-to-value ratio
Pandox targets a loan-to-value ratio of between 45 percent and 60 percent, depending on the market environment and prevailing opportunities. Pandox defines loan-to-value ratio as interest-bearing debt less liquid funds as a percentage of the properties' market value at the end of period.

Target fullfilment 2023:
Per 31 December 2023, Pandox loan-to-value net was 46.6 percent.

Dividend policy
Pandox’s target is a dividend pay-out ratio of between 30-50 percent of cash earnings, with an average payout ratio over time of approximately 40 percent. Future dividends, and the size of any such dividends, are dependent on Pandox’s future performance, financial position, cash flows, working capital requirements, planned investments and other factors.

Target fullfilment 2023:
For the full-year 2023, the board's proposal to the Annual General Meeting is to pay a dividend of SEK 4.00 per share, corresponding to approximately 42 percent of cash earnings per share.