Outlook

Gradually improving macroeconomic development – with decreasing inflation, stable interest rates and accelerated economic growth – is creating the conditions for growth in the hotel market. Hotel demand is expected to remain good in 2026, driven by increased leisure, business and meeting demand. Limited growth in supply is supporting room rate development in many markets, although there are significant differences between cities and from segment to segment. RevPAR is being driven by a combination of room rate, mix and volume. The dominant risk factor is still geopolitics and trade, where new actions can impact the willingness of companies to invest and consumers to consume.

The acquisition of Dalata is expected to contribute significantly to Pandox’s revenue and earnings in 2026. Other acquisitions concluded during the past year will contribute to growth to some extent as well. The divestment of Crowne Plaza Antwerp will have a negative impact on revenues in the Own Operations business segment to some extent and a smaller but positive effect on the net operating margin. 2026 also started with sustained strengthening of the Swedish krona (SEK). As a result of this, revenue, earnings and asset values in foreign currency are losing value when converted to SEK.

As is usually the case, the first quarter is expected to have seasonally weaker demand in the hotel market. Business on the books is, however, stronger in general than at the same time the previous year.