Profitable growth
April–June 2026
January–June 2026
Excerpts from CEO comment
“Despite significant geopolitical challenges, the hotel market continued to grow during the second quarter. For Pandox, total revenue and net operating income increased by 15 percent and 25 percent, respectively, primarily driven by strong performance in the Leases business segment. Cash earnings per share increased by 15 percent, while EPRA NRV per share, including dividends paid, increased by 14 percent on an annual basis, demonstrating continued value creation for shareholders.”
“The Dalata properties performed well during the quarter, generating rental income of MSEK 312 with strong profitability. For the first half of the year, rental income from Dalata amounted to MSEK 533. Assuming that the corresponding lease agreements had been in place during the comparative period, revenue growth for the Dalata portfolio in the second quarter is estimated at 4 percent in the UK and 3 percent in Ireland. For the first half of the year, growth is estimated at 2 percent in both markets. The performance is well in line with our expectations and confirms the quality of the acquired portfolio.”
“We are now in the midst of the seasonally strongest period of the year. Booking activity remains stable, event calendars are well filled across many of our markets, and demand for both business and leisure travel continues to be robust. The conflict in the Middle East has so far had a limited impact on travel activity in Europe.”
“Europe continues to be one of the world’s most attractive regions to travel to and within. During the second quarter, international arrivals to Europe increased, supported by growing intra-regional travel as more Europeans chose to holiday and travel within the region. At the same time, we continue to see stable demand from the US, contributing to a broad and resilient demand picture.”
Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 15 July 2026 at 08:30 CEST. 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/q2-report-2026/register
If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q1-report-2026/dial-in
Attachment: Interim report January–June 2026