Pandox AB (publ) interim report January–September 2026

July–September 2026

• Revenues for Leases amounted to MSEK 1,488 (1,089), an increase of 37 percent
• Revenues for Own Operations amounted to MSEK 941 (883), an increase of 7 percent
• Net operating income for Leases amounted to MSEK 1,354 (972), an increase of 39 percent
• Net operating income for Own Operations amounted to MSEK 265 (285), a decrease of -7 percent
• EBITDA amounted to MSEK 1,561 (1,202), an increase of 30 percent
• Cash earnings amounted to MSEK 806 (617), equivalent to SEK 4.14 (3.17) per share, an increase of 31 percent. Adjusted for preparatory financial costs of MSEK -37 in the comparable quarter, cash earnings increased by 23 percent
• Changes in property values amounted to MSEK -226 (21). Changes in value of derivatives amounted to MSEK 695 (41)
• Profit for the period amounted to MSEK 1,021 (637). Profit for the period attributable to the shareholders of the parent company amounted to MSEK 1,027 (633), equivalent to SEK 5.28 (3.25) per share
• Agreements have been signed for the divestment of seven hotel properties in two transactions in Denmark and Sweden, at a total underlying property value equivalent to approximately MSEK 2,100, which is above book value, with completion expected in the fourth quarter of 2026
• During the third quarter, Pandox established new operating models for the nine hotel properties in Germany previously leased to Revo Hospitality Group, which filed for bankruptcy earlier in 2026. Six hotels with 1,243 rooms have been transferred to the Own Operations business segment, while three hotels with 616 rooms continue to operate within the Leases business segment under the administration of the insolvency administrator, pending the finalisation of negotiations with a new tenant

January–September 2026

• Revenue for Leases amounted to MSEK 3,908 (2,950)
• Revenue from Own Operations amounted to MSEK 2,391 (2,443)
• Net operating income for Leases amounted to MSEK 3,488 (2,588)
• Net operating income from Own Operations amounted to MSEK 624 (658).
• EBITDA amounted to MSEK 3,950 (3,087)
• Cash earnings amounted to MSEK 1,817 (1,503), corresponding to SEK 9.34 (7.72) per share. Adjusted for preparatory financial costs of MSEK -37 in the comparable period, cash earnings increased by 18 percent
• Changes in property values amounted to MSEK 77 (547) and changes in the value of derivatives amounted to MSEK 655 (-316)
• Profit for the period amounted to MSEK 1,880 (1,468) and profit for the period attributable to parent company shareholders amounted to MSEK 1,889 (1,449), corresponding to SEK 9.71 (7.45) per share
• The loan-to-value ratio was 52.2 percent and the interest cover ratio, rolling twelve months, was 2.4x

Excerpts from CEO comment
“Hotel market growth continued in a turbulent world in the third quarter. For Pandox, total revenue and net operating income increased by 23 and 29 percent respectively, driven by strong development in the Leases business segment. For comparable portfolios in fixed currency, revenue and net operating income increased by 4 percent each for the Group as a whole. Cash earnings per share increased by 23 percent in the third quarter, adjusted for preparatory financial expenses in the comparable quarter. The increase was 19 percent, measured on a rolling 12-month basis. EPRA NRV per share increased at the same time by 17 percent, measured on an annualised basis.”

“During the quarter Pandox established new operating solutions for nine hotel properties in Germany after the tenant, Revo Hospitality Group, declared bankruptcy earlier in 2026. In line with Pandox’s active ownership model, six hotels were transferred to the Own Operations business segment, with a focus on developing the hotels’ market positions and profitability. The takeover is being undertaken with the intention of entering into new lease agreements with new tenants. The remaining three hotels will continue to be operated within the Leases segment through the official receiver until final negotiations with a new potential tenant are concluded.”

“We have entered into agreements to sell seven hotel properties with a total of 1,248 rooms in Denmark and Sweden in two separate transactions. The combined underlying property value amounts to around MSEK 2,100 before deferred tax is deducted. The divestments of the hotel properties are at price levels higher than book values, which have been unchanged the past 12 months, and reflect a growing interest in hotel properties.”

“In the fourth quarter, we face a strong comparative quarter for underlying cash earnings, adjusted for non-recurring costs of MSEK 263 related to the acquisition of Dalata. As we recognised income from Dalata during more than half of the fourth quarter of 2025, its contribution to growth will be lower in the fourth quarter of this year. In addition, our interest expenses are significantly higher.”

Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 22 October 2026 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://events.inderes.com/pandox/q3-report-2026

If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q3-report-2026/dial-in

Attachment: Interim report January–September 2026