Pandox AB (publ) year-end report January–December 2025
Strong finish to an eventful year
October–December 2025
- Revenues for Leases amounted to MSEK 1,148 (942), an increase of 22 percent
- Revenues for Own Operations amounted to MSEK 928 (954), a decrease of -3 percent
- Net operating income for Leases amounted to MSEK 991 (801), an increase of 24 percent
- Net operating income for Own Operations amounted to MSEK 313 (269), an increase of 16 percent
- EBITDA amounted to MSEK 999 (1,016), a decrease of -2 percent. Adjusted for transaction costs related to the acquisition of Dalata of MSEK -241, EBITDA amounted to MSEK 1,240, an increase of 22 percent
- Cash earnings amounted to MSEK 403 (541), equivalent to SEK 2.07 (2.78) per share, a decrease of
-25 percent. Adjusted for transaction costs of MSEK -241 and preparatory financial costs of MSEK -22 related to the acquisition of Dalata, cash earnings amounted to MSEK 666, an increase of 23 percent - Changes in property values amounted to MSEK 58 (38), of which unrealised changes in value Investment Properties amounted to MSEK -8 (59). Changes in property values also include realised changes in value of MSEK 65 (-64). Unrealised changes in value of derivatives amounted to MSEK -10 (99)
- Acquisition result from the Dalata transaction amounted to MSEK 1,598, including expected transaction costs of approximately MSEK -340. The deal contributes to EPRA NRV with a total of MSEK 3,445 equivalent to SEK 17.70 per share, including deferred tax
- Profit for the period amounted to MSEK 1,706 (581), equivalent to SEK 8.68 (2.98) per share
- EPRA NRV amounted to SEK 227.01 per share, corresponding to a growth of 7.3 percent, adjusted for dividends paid
- On 7 November, the acquisition of Dalata Hotel Group plc, comprising 31 Investment Properties in Ireland and the UK, was completed
- On 20 January 2026, Pandox informed about the Company’s exposure to Revo Hospitality Group, which has entered self-administration under German insolvency law. The financial impact on Pandox is expected to be limited
January–December 2025
- Revenue Leases amounted to MSEK 4,098 (3,865)
- Revenue Own Operations amounted to MSEK 3,371 (3,271)
- Net operating income Leases amounted to MSEK 3,579 (3,297)
- Net operating income Own Operations amounted to MSEK 971 (842)
- EBITDA amounted to MSEK 4,086 (3,961), an increase of 3 percent. Adjusted for transaction costs related to the acquisition of Dalata of MSEK -241, EBITDA increased by 9 percent
- Cash earnings amounted to MSEK 1,906 (1,955), corresponding to SEK 9.80 (10.46) per share. Adjusted for transaction costs of MSEK -241 and financial costs of MSEK -59 related to the acquisition of Dalata, cash earnings per share amounted to SEK 11.34
- Changes in property values amounted to MSEK 605 (475) and unrealised changes in the value of derivatives amounted to MSEK -326 (-100)
- Profit for the period amounted to MSEK 3,174 (1,706), corresponding to SEK 16.13 (9.04) per share including acquisition result Dalata of MSEK 1,598
- The loan-to-value ratio was 52.7 percent and the interest coverage ratio, rolling twelve months, was 2.6x
- The Board of Directors is proposing a dividend of SEK 4.50 (4.25) per share, a total of approximately MSEK 876 (827)
Reading guidance on Dalata Hotel Group plc (Dalata) in the financial statement
The acquisition of Dalata is reported as if the expected divestment of the hotel operating platform to Scandic has already been completed, even though it is formally expected to be completed in 2026. For the balance sheet, this means that the value of 32 Investment Properties and the related deferred tax liability, as well as certain prepaid transaction costs, are included. From time of acquisition 7 November 2025, the income statement includes nominal rent for 31 Investment Properties, nominal property costs, all transaction costs, and financing costs, for the acquisition. In the fourth quarter of 2025, an acquisition result from the acquisition is also recognised. During the period in which the work to separate the business into a property‑owning entity and an operating entity is ongoing, the remaining balance sheet items are included in “Assets and liabilities held for sale”, while the hotel operations is included in “Results from discontinued operations”. For further information, see Note 10 in the year-end report.
Excerpts from CEO comment
“The year concluded with strong earnings development in both business segments. Total revenue and net operating income increased by 9 and 22 percent respectively, with 31 Investment Properties from Dalata Hotel Group (Dalata) included from 7 November.”
”Adjusted for transaction costs (MSEK -241) and preparatory financial costs for the acquisition of Dalata (MSEK -22), cash earnings per share increased by 23 percent.”
“The acquisition of Dalata is a historic milestone for us and consolidates our position as Europe’s leading hotel property owner. In essence, this provided Pandox with 31 Investment Properties – plus one property in Edinburgh which is currently being converted into a hotel – with a market value of around MSEK 16,900. The value – which was confirmed by an external valuation carried out in the fourth quarter – is in line with our previous communication, adjusted for exchange rate changes.”
“This acquisition is expected to increase rental income by MSEK 1,145, net operating income by MSEK 1,115 and cash earnings by MSEK 430 on an annual basis, calculated at the current exchange rate (EUR/SEK 10.55). For the fourth quarter we are recognising an acquisition result of MSEK 1,598, including expected transaction costs of approximately MSEK -340, from the divestment of Dalata’s hotel operations to Scandic. This, combined with expected deferred tax of MSEK 1,847, means that the Dalata acquisition will contribute to EPRA NRV by MSEK 3,445, equivalent to SEK 17.70 per share.”
“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.”
“Supported by strong underlying cash flow, a good hotel market and value-creating acquisitions, the Board is proposing an increase in the dividend to SEK 4.50 (4.25) per share, equivalent to a total of around MSEK 876 (827).”
Presentation of the year-end report
Pandox will present this year-end report to investors, analysts and the media in a conference call webcast on 5 February 2026 at 08:30 CET. 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/q4-report-2025
If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q4-report-2025/dial-in
Attachment: Year-end report January–December 2025