Pandox AB (publ) interim report January–March 2026
A solid start to the year
January–March 2026
- Revenues for Leases amounted to MSEK 1,074 (854), an increase of 26 percent
- Revenues for Own Operations amounted to MSEK 611 (664), a decrease of -8 percent
- Net operating income for Leases amounted to MSEK 938 (740), an increase of 27 percent
- Net operating income for Own Operations amounted to MSEK 98 (87), an increase of 13 percent
- EBITDA amounted to MSEK 977 (775), an increase of 26 percent
- Cash earnings amounted to MSEK 334 (299), equivalent to SEK 1.72 (1.54) per share, an increase of 12 percent
- Changes in property values amounted to MSEK 144 (14), of which unrealised changes in value Investment Properties amounted to MSEK 42 (18). In addition, realised changes in values Operating Properties and impairments Operating Properties are included of MSEK 121 (-) and MSEK -19 (-4) respectively. Unrealised changes in value of derivatives amounted to MSEK 334 (-72)
- Profit for the period amounted to MSEK 640 (118), equivalent to SEK 3.29 (0.58) per share
- On 2 February the previously announced divestment of Crowne Plaza Antwerp was completed
Excerpts from CEO comment
“The year began with good earnings development in both business segments. Total revenue and net operating income increased by 11 and 25 percent respectively, with 31 investment properties from Dalata Hotel Group (Dalata) included for the full quarter. Acquisitions from earlier in 2025 also made a positive contribution, at the same time as hotel demand remained good in multiple markets. It is worth noting that the first quarter is always the seasonally weakest quarter of the year in terms of revenue and earnings.”
“Cash earnings per share increased by 12 percent and was negatively impacted by higher interest expenses due to accounting treatment of Eiendomsspar’s minority interest in Bidco (Dalata). The 8.8 percent minority interest has been recognised as a financial liability. Adjusted for this, growth in cash earnings was just over 21 percent.”
“At the end of the first quarter our loan-to-value ratio was 52.3 percent, compared with 52.7 percent at the end of the fourth quarter of 2025. Adjusted for dividends of MSEK 876 distributed in April, the loan-to-value ratio amounted to 53.2 percent. During the quarter we refinanced in the amount of MSEK 10,444 which, combined with new financing of MSEK 1,500, has extended our average repayment period to 2.2 years. The refinancing also provides interest savings of close to MSEK 90 per year.”
“Development in the hotel market in the first quarter of 2026 was good and well in line with the positive trend from the fourth quarter of 2025. The fact that RevPAR in many markets is still driven by both increased occupancy and higher average room rates is evidence of a strong underlying hotel market. The conflicts in the Middle East did not have any clear impact on demand in our markets during the quarter. The effects of the conflicts are difficult to assess, as we do not know what the final scope and consequences will be. In general, the hotel market is dependent on economic activity and effective transportation options. Projections indicate a certain slowdown in intercontinental arrivals from the Middle East, Asia and the USA in the coming quarters. Problems relating to intercontinental travel from Europe result, however, in more European leisure travellers taking more trips within Europe than they would otherwise have done.”
Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 29 April 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://pandox.events.inderes.com/q1-report-2026
If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q1-report-2026/dial-in
Attachment: Interim report January–March 2026