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Pandox AB (publ) year-end report January–March 2024

25 Apr, 2024, 07:00
Regulatory information

Promising start to the year


January–March 2024

  • Revenues for Leases amounted to MSEK 845 (780). For comparable units in fixed currency, the increase was 2 percent
  • Revenues for Own Operations amounted to MSEK 656 (573) MSEK. For comparable units in fixed currency, the increase was 6 percent
  • Net operating income for Leases amounted to MSEK 694 (662). For comparable units in fixed currency, the increase was 2 percent
  • Net operating income for Own Operations amounted to MSEK 91 (52). For comparable units in fixed currency, the increase was 22 percent                           
  • EBITDA amounted to MSEK 740 (675), an increase of 10 percent
  • Cash earnings amounted to MSEK 272 (259), equivalent to SEK 1.48 (1.41) per share
  • Changes in property values amounted to MSEK 34 (-212) MSEK. Unrealised changes in value of derivatives amounted to MSEK 298 (-344)
  • Profit for the period amounted to MSEK 454 (-203), equivalent to SEK 2.43 (-1.17) per share


  • The timing of Easter in March had a negative effect on total revenues of approximately 2 percentage points in the quarter
  • 26 February an agreement to divest DoubleTree by Hilton Montreal in Canada was made. The divestment includes both the hotel property and the hotel operations with a transaction price of approximately MCAD 80, equivalent to approximately MSEK 630. The deal was closed in the second quarter and the property was transferred 15 April



Comment from CEO Liia Nõu

“The hotel market developed in a positive direction in the first quarter, which is the seasonally slowest of the year, despite a negative effect from the timing of the Easter holiday in March. Total revenue and net operating income increased by 3 and 4 percent respectively for comparable units in fixed currency.”


“The financing climate improved further during the quarter. We refinanced loans equivalent to around MSEK 3,000 – the majority of which in the Nordics – with a three-year maturity and with a lower margin of credit than previously. The equivalent of around MSEK 2,100 of these loans have been sustainability-linked, which means that around 12 percent of the total loan portfolio is now sustainability-linked.”


“As previously stated, for the full year we anticipate some RevPAR growth in the hotel market. Drivers of this include a strong event calendar in Germany, with the UEFA European Championship in June–July, and stable market conditions in other markets. We also have several substantial ongoing projects that will contribute positively to our earnings and value growth, through annual net operating income equivalent to around MSEK 300 with full effect in 2026, around MSEK 130 of which is expected in 2024.”


Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 25 April 2024 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:   


If you wish to participate via teleconference, please register via the following link:


Attachment: Interim report January–March 2024


Liia Nõu, CEO, +46 (8) 506 205 50
Anneli Lindblom, CFO, +46 (0) 765 93 84 00
Anders Berg, SVP Head of Communications and IR, +46 (0) 760 95 19 40


This information is information that Pandox AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, through the agency of the contact persons set out above, for publication on 25 April 2024 at 07:00 CEST.


About Pandox
Pandox is a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Pandox’s hotel property portfolio comprises 158 hotels with approximately 35,613 hotel rooms in 12 countries. Pandox’s business is organised into Leases which comprises hotel properties leased on a long-term basis to leading hotel operators, and Own Operations, which comprises hotel operations executed by Pandox in its owner-occupied hotel properties. Pandox was founded in 1995 and the company’s B shares are listed on Nasdaq Stockholm.