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Investor Relations

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Pandox AB (publ) interim report January–September 2021

23 augusti 2021

Liia Nõu appointed new CEO of Pandox

Liia Nõu has been Pandox’s CFO since 2007 and acting CEO since 21 May 2021.

”Pandox has everything I admire in a modern company – a clear and strong business idea, a competent, experienced and committed organisation and board, as well as a corporate culture which reflects the core values I cherish; courage, integrity, professionalism, a low sense of prestige, warmth and a bit of playfulness”, says Liia.

Read more here

Key ratios, 30 September 2021


EPRA NRV per share, SEK


Loan-to-value, net


Liquid funds + unutilised credit facilities, MSEK

Key ratios, 2020


Revenue, MSEK


Net operating income, MSEK


Cash earnings, MSEK

Annual Report 2020

A historic year

2020 was a historic year in two senses for Pandox. Firstly because we celebrated our 25th birthday, and secondly because 2020 will go down in history as the weakest year ever for the hospitality industry due to Covid-19. Thanks to a well proven business model, extensive crisis experience, clear priorities and an agile organisation, Pandox has succeeded in navigating its way through the storm relatively well.

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Hotel properties only

Pandox owns hotel properties which are leased to strong hotel operators. Pandox is active across the hotel value-chain and also operates hotels when appropriate. Pandox has a strong pan-European position with 156 hotel properties in 90 destinations in 15 countries, including some of the world’s largest hotel markets such as Germany and the UK.

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Pandox’s business model is to actively own and lease hotel properties

Business model


Strong position in a dynamic market

Pandox’s home market is a densely populated area that is home to nearly 200 million people. It extends from Harstad, in the north to Vienna in the south and is one of the world’s economically strongest and most dynamic regions. By combining different markets, types of demand and brands, Pandox can balance out fluctuations in individual markets. This increases resilience and reduces risk.

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Anders Berg
Senior Vice President and Head of Communications and IR
+46 760 95 19 40
Erik Ax
Communications & IR Manager
+46 70 713 77 06