2025 was a big year for Pandox. We celebrated our 30th birthday in fine style with the acquisition of Dalata Hotel Group, which is our largest ever acquisition. This consolidated our position as Europe’s leading hotel property owner.
Positive market trends was also reflected in our results, with revenue and net operating income increasing by 5 and 10 percent respectively. Cash earnings adjusted for transaction costs and preparatory financial expenses for the acquisition of Dalata amounted to MSEK 2,206 – an increase of 13 percent, or 8 percent per share.
During 2025, several major projects were completed, including Scandic Malmen and Scandic Alvik in Stockholm, The Hotel in Brussels, Leonardo Royal Hotel Frankfurt and Leonardo Royal Christchurch in Dublin. All of these are examples of profitable investments in the existing portfolio, and our pipeline of ongoing projects is extensive is extensive and will contribute to continued growth in net operating income in the years ahead.
During the year, we completed the acquisition of Dalata Hotel Group, our largest acquisition to date, expanding Pandox’s portfolio by 31 hotel properties in Ireland and the UK. We also finalized the acquisitions of Elite Hotel Frost Kiruna and Pullman Cologne for a total of approximately SEK 1,050 million.
Adjusted for transaction costs and preparatory financial expenses attributable to the acquisition of Dalata, cash earnings amounted to MSEK 2,206, an increase of 13 percent.
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For Own Operations (Scope 1 and 2), Pandox has adopted a climate transition programme of EUR 29 million covering thirteen hotel properties. In 2025, Pandox reduced its CO₂ emissions by 31 per cent, largely attributable to all properties now holding green certifications and to the programme beginning to deliver results.
For Leases (Scope 3), three pilot projects were approved by Pandox’s Board of Directors in 2025.
During the year, sustainability-linked loans accounted for 41 percent, and our ambition is to link all loan agreements to sustainability targets.
Pandox reports in line with the European Sustainability Reporting Standards (ESRS). This reporting is part of the Corporate Sustainability Reporting Directive (CSRD) that becomes mandatory for the reporting year 2025.
Through the acquisition of Dalata Hotel Group plc, Pandox is expanding its portfolio by 31 hotel properties in Ireland and the UK. With this acquisition, we are strengthening our position as the leading hotel property owner in Europe.
The acquired hotel properties, operated under the Clayton and Maldron brands, are of high quality, positioned in the profitable upper midscale segment, and provide an immediate and significant earnings contribution.
Following the separation of Dalata’s operations into a property-owning entity and a hotel operating company, Scandic is expected to acquire the latter and operate the 31 hotel properties under long-term, revenue-based lease agreements with guaranteed minimum levels.
Elite Hotel Frost is a newly built hotel with 154 rooms in central Kiruna, a unique tourist destination in northern Sweden. The hotel features two restaurants, a sky bar, conference facilities, a gym and a spa, all designed in a modern Scandinavian style.
The acquisition price amounted to MSEK 347, with an expected stabilised yield of approximately 7 percent.
Pullman Cologne Hotel is a centrally located full-service hotel with 275 rooms and extensive meeting facilities. There is significant potential to enhance the hotel offering and increase the property’s returns through renovation and repositioning.
The acquisition price was approximately MEUR 66, with an initial yield of around 6.5 percent.
