Q4 2025 Pandox AB Earnings Call Transcript
Key Points
- Pandox AB (FRA:POX) reported solid like-for-like growth in both business segments during the fourth quarter of 2025.
- The company achieved a 9% increase in total revenues and a 22% increase in net operating income for the quarter.
- The acquisition of Dalata properties contributed significantly to the company's financial performance, adding high-quality investment properties with strong profitability.
- Pandox AB (FRA:POX) maintains a strong and diversified hotel property portfolio, consisting of 193 hotel properties with approximately 43,000 rooms across 11 countries.
- The company has a robust pipeline of approved investments, expected to add more than 550 new rooms during 2026 and 2027.
- The company recorded significant one-time transaction costs of SEK241 million and preparatory financial costs of SEK22 million in the fourth quarter.
- Currency fluctuations had a negative impact on both earnings and property values due to the company's exposure to foreign currencies.
- The UK business rates increase is expected to have a minor negative impact on Pandox AB (FRA:POX)'s own operations segment.
- The company's loan-to-value ratio increased to 52.7%, reflecting the impact of the Dalata acquisition.
- There is a concern about the impact of new supply in certain markets, which could affect occupancy and pricing power in 2026.
Welcome to the Pandox Q4 presentation for 2025 (Operator Instructions). Now I will hand the conference over to Head of IR and Communication Anders Berg. Please go ahead.
Thank you, very much and good morning, everyone and welcome to this presentation of Pandox year-end report 2025. I'm here together with Liia Nõu, our CEO, and Anneli Lindblom, our CFO.
And today we also have the pleasure of having both Aoife Roche, Vice President at STR, and Rasmus Kjellman, CEO at Benchmarking Alliance, with us, and they will provide a hotel market update on Europe and Nordics respectively.
And as STR and Benchmarking Alliance are both leading independent research firms totally dedicated to the hotel market, and the views they express are completely separate from Pandox. And we offer this presentation only as a service to Pandox stakeholders.
And please note that Aoife and Rasmus presentations will be held after we have completed our former earnings
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