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Pandox
Pandox (PNDX) investor relations material
Pandox Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved strong like-for-like growth in Q4 2025, driven by robust business demand, event calendar, and leisure travel, with significant contributions from the Dalata acquisition, which added 31+1 investment properties and boosted international exposure.
Group revenues increased by 9% in Q4 and 5% for the full year, with net operating income up 22% in Q4 and 10% for the year; cash earnings rose 23% year-on-year after adjusting for one-time costs.
Dalata transaction resulted in an acquisition gain of SEK 1.6 billion and an EPRA NAV uplift of SEK 3.4 billion, with EPRA NRV per share up 7.7% annually.
Board proposes a dividend increase to SEK 4.50 per share, totaling MSEK 876.
Profit for the period rose to MSEK 3,174 (1,706), with EPS at SEK 16.13 (9.04), including a one-time acquisition result from Dalata.
Financial highlights
Q4 like-for-like revenues in own operations rose 5%, with net operating income up 16%; group total revenues up 9% and NOI up 22% in Q4.
Adjusted cash earnings reached SEK 666 million in Q4, a 23% increase year-on-year; full-year adjusted cash earnings up 13%.
EBITDA for Q4 was MSEK 999, down 2% year-over-year; full-year EBITDA up 3% to MSEK 4,086.
Unrealized property value changes for the year were positive SEK 117 million, but currency effects reduced property values by SEK 4.6 billion.
Market value of properties increased 20% to MSEK 91,743.
Outlook and guidance
Expectation of continued hotel market resilience in 2026, with demand supported by macroeconomic improvements and a benign supply outlook.
RevPAR growth for 2026 projected at 2%-4% overall, with strongest outlook in the Nordics and Germany.
Dalata properties anticipated to contribute substantially to NOI and cash earnings.
Q1 2026 expected to follow normal seasonal patterns, with promising business on the books.
What drives Dalata's acquisition result?
Assess Dalata's impact on debt maturity and LTV
Progress of climate transition program and savings
Dalata separation timeline
LTV reduction strategy
Revo Hospitality resolution plan
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Next Pandox earnings date
Q1 202629 Apr, 2026
Pandox
Next Pandox earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Pandox AB is a company that owns, operates, and leases hotel properties.
A majority of the company’s property value is represented by their property management segment, through which they lease hotel properties to leading hotel chains. The rest of the company’s property value is represented by their operator activities segment, in which Pandox AB themselves operate their hotels. By adapting this business model, the company is active across the entire hotel value chain.
Pandox AB primarily operates in Europe, where Germany, Belgium, Sweden and UK/Ireland are key markets.
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