Dialogue with analysts

We have ongoing dialogue with analysts that monitor Pandox and with investors who want to know more about Pandox as an investment. Here are some of the questions we have received in the past year.

What growth opportunities are there in 2026? Which markets do you think have the most potential? 

The acquisition of Dalata will contribute signifi cantly to rental income, net operating income and cash earnings. Additionally, conditions for a growing hotel market are considered to be good, mainly driven by infrastructure investments in many markets and the increased economic growth this will create. There is also hope that disposable income will increase for households as a consequence of decreasing inflation, stable inter est rates and selective tax reductions. 

How will you further develop the recently acquired Dalata hotels?

All of the hotel properties are well-invested and of high quality. They make a positive contribution to the technical and sustainability standards in Pandox’s portfolio. An office building is being converted into a hotel with 172 rooms in Edinburgh (St Andrew Square), while Clayton Cardiff Lane in Dublin is being expanded to add 115 new rooms. Completion of these projects is expected in 2026 2027. Pandox and Scandic see good potential to jointly develop the market positions of the hotels and gain additional market share over time. 

Pandox and Scandic see good potential to jointly develop the market positions of the hotels and gain additional market share over time.

Can investors expect any new acquisitions in 2026, given the substantial acquisition of Dalata in 2025? 

In 2026 the focus will be on splitting Dalata into a hotel operations side and a property-owning side. This process is planned for completion in the second half of 2026, at which point Scandic is expected to acquire the hotel operations side consisting of 56 hotels in total for MEUR 500. The loan to Scandic for this side of the business is already outside of our loan-to-value ratio, which is 52.7 percent and is therefore not impacted by the planned divestment. As this decreases, it may be feasible to begin gradually exploring acquisition opportunities again.

What will the construction of new hotels look like in your markets in the coming years?

In general, fewer new hotels are being built in Europe than over the past several years. Individ ual markets where increased demand is expected to have a greater impact on Pandox over the next few years are certain markets in the UK, Ireland and Germany. What will the construction of new hotels look like in your markets in the coming years?

Click here to see the analysts that follow Pandox.