Pandox AB (publ)

Strong quarter + value creation (leases + Dalata driven) - Q3 total revenue +15% YoY; group NOI +25% (driven primarily by leases, especially Sweden). - Like-for-like: total revenues +4% and total NOI +4%. - Cash EPS +31%; EPRA NAV per share +17% annualized (dividend paid in April; value creation continues). - Reported cash earnings +31%; adjusted for comparable quarter preparatory costs (SEK 22m) cash earnings +23%.

Dalata acquisition performing well; operating separation progressing - Dalata rental income: SEK 357m in Q3 (strong profitability) and SEK 880m for first 9 months. - Dalata estimated revenue growth (assuming lease agreements in place): ~+4% UK and ~+1% Ireland in Q3; YTD ~+3% UK and ~+1% Ireland—in line with expectations. - Process to separate Dalata into property-owning vs hotel operating platform is progressing and expected to be completed in Q4 2026. - Opportunity/financing angle: management is in positive discussions to refinance Dalata acquisition financing into secured property financing, potentially lower credit margins and more liquidity.

Own operations under pressure in Q3; specific weak spots - Own operations: higher revenues but lower NOI (NOI -6% like-for-like); RevPAR unchanged. - Main drags: London and Brussels struggling due to inbound disruption from the Middle East (London) and weaker meeting demand plus tourism tax increase (Brussels). - One-time cost: pre-termination of 2 management agreements; also transition effects from Revo portfolio (see next bullet).