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A fast-paced year

2023 was a good year for Pandox, with strong net operating income and strong business momentum. Total revenues and total net operating income increased by 21 percent and 13 percent, respectively, compared to 2022, driven by higher revenue-based rents in the Leases business segment and good growth in the Own Operations business segment. We ended the year strong and our outlook is positive. 

2023 in brief

Record net operating income

A strong financial performance

In 2023 we delivered the highest sales and net operating income in the Company’s history, although cash earnings decreased slightly due to rapidly and sharply rising market interest rates and the higher financial expense that ensued. For 2023, the Board proposes a dividend of SEK 4.00 (2.50) per share.

Value creation in the existing portfolio

In 2023 we invested MSEK 922 in projects that increase cash flows for the properties in various ways. Being able to invest at a high rate even in a more uncertain world shows our strength. Going forward, we have a pipeline of projects that will make a positive contribution to our net operating income growth in the years ahead.

Significant progress on sustainability

We reached an important milestone when our science-based climate targets for GHG emissions were validated and approved by the Science Based Targets initiative (SBTi). This firmly establishes sustainability as a prioritised area for Pandox in the years ahead.

The year in numbers

Revenue & net operating income, MSEK
Investments in existing portfolio, MSEK
Loan to value, %
Cash earnings, MSEK

Property market value per country, MSEK


See here for more key ratios

Important steps in sustainability

Approved Science Based Targets

Our science-based climate targets were approved by the SBTi in November, which is an important milestone for us. The targets set the course for our continued sustainability efforts and will keep us focused on the areas that cause Pandox’s largest CO2 emissions.

Large climate transition programme in Own Operations

We decided on a climate transition programme of approximately MEUR 29 for eight properties. The programme includes phasing out the use of gas and oil, installing energy-efficient systems and to reach an increased share of renewable energy. When the project is completed in 2027, Pandox is expected to be well placed to achieve the science-based emission targets for Scope 1 and 2 and generate annual savings of around MEUR 3.

Sustainability-linked loans

Using the validated SBTi targets, in December we also sustainability-linked existing bank loans corresponding to MSEK 2,200 million with two banks. The loans are linked to ambitious and relevant environmental, social and governance targets and are a quality stamp for our sustainability work. We see good conditions for being able to sustainability-link the majority of our bank loans in the long term.

Two business segments working together

From the CFO

A year of fast-paced change

A fast pace of change means new demands on and expectations of the role of CFO. A CFO today is expected to be a visionary and lead the organisation through changes, which is a shift from the traditional role where the main focus was on historical data to inform the decision-making process. Today, looking into the future is just as important as looking at the past. New areas are being added and this requires current finance departments to have a broader range of skills.

Read more here