Pandox (PNDX) Q1 2026 earnings summary

Executive summary

• Q1 2026 began with robust growth driven by acquisitions, especially Dalata, and strong demand in both business segments, supported by improvements in the European hotel market and the meeting segment in select cities.

• Cash earnings per share increased by 12% and EPRA NRV per share by 14% year-over-year.

• Legal separation of properties and operations is ongoing, with large refinancings completed and Dalata integration progressing as planned.

• Profit for the period surged to MSEK 640, equivalent to SEK 3.29 per share.

• Growth was negatively affected by adverse currency effects, but overall trends remained positive, especially in the Nordics.

Financial highlights

• Total revenue grew by 11% year-over-year to MSEK 1,685, with like-for-like growth at 2%.

• Group net operating income increased by 25% to MSEK 1,036, with EBITDA up 26% to MSEK 977.

• Leases revenue rose 26% to MSEK 1,074 and NOI 27% to MSEK 938; Own Operations revenue fell 8% to MSEK 611 but NOI rose 13% to MSEK 98.

• Negative currency effects impacted revenues and NOI, with -4% for Leases and -7% for Own Operations.

• Cash earnings amounted to MSEK 334, up 12% year-over-year.

Outlook and guidance

• The outlook for Q2 is promising, with stable business and leisure travel expected in multiple markets.

• No clear impact from the Middle East conflict in Q1, but future effects are uncertain and depend on the duration and mix of intercontinental vs. intra-regional demand.

• Intra-European travel is expected to remain strong, with more travel staying within Europe.

• Dalata acquisition provides diversification and growth opportunities and is anticipated to significantly boost revenue and earnings in 2026.