Pandox Ab Class B · OMXSTO:PNDX_B
Pandox Ab Class B — Q3 2026 Earnings Presentation
52 slides from Pandox Ab Class B's earnings presentation, Oct 22, 2026
Slide 1: CoStar Hospitality Analytics & Insights
CoStar Hospitality Analytics & Insights Pandox AB Earnings Call, October 22nd 2026 Aoife Roche I Regional Vice President, EMEA - STR © 2026 CoStar Group 1
Slide 2: Highest demand for APAC, with the rest seeing moderate results
Highest demand for APAC, with the rest seeing moderate results. Key Global sub regions/countries year over year demand % change, YTD August 2026 Global Country/Region YoY% Change August 2026 YTD India 1,2% 1,2% Rest of Asia China Spain U.S. France Germany Japan Canada Australia UK Caribbean Italy Re
Slide 3: Moderate new supply preserves market fundamentals
Moderate new supply preserves market fundamentals. In construction rooms as % of existing, September 2026 Europe North America Mainland China 3.0% 2.6% 5.1% Middle East Northern Africa Central America Asia (excl. Mainland China) 11.7% 5.9% 6.4% 3.0% Australia & Oceania 2.4% 4.3% 5.3% South America S
Slide 4: Allowing for occupancy gains
Allowing for occupancy gains. Occupancy, YTD September 2026 Europe North America Mainland China 72% 65% 1% 63% 2% Middle East -1% Northern Africa Central America Asia (excl. Mainland China) 65% 57% 69% 62% 1% -16% 1% 8% Australia & Oceania 60% 72% 57% -2% 2% South America 0% Southern Africa © 2025 C
Slide 5: Rate growth or just inflation in disguise?
Rate growth or just inflation in disguise? ADR (CC, USD), YTD September 2026 Europe North America Mainland China 189 168 4% 55 3% Middle East 1% Northern Africa Central America Asia (excl. Mainland China) 163 165 132 174 -3% 6% 13% -2% Australia & Oceania 127 172 177 5% 3% South America 8% Southern
Slide 6: Despite everything, Europe continues on a path of strong growth
Despite everything, Europe continues on a path of strong growth. Europe occupancy, ADR & RevPAR year over year % change (Euros), October 2025 – September 2026 12% 10% 10% 8% 7% 6% 6% 6% 6% 5% 5% 5% 4% 3% 3% 2% 2% 2% 0% -2% Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26
Slide 7: U.S. spend has underpinned Europe's stellar performance
U.S. spend has underpinned Europe’s stellar performance. U.S. citizen departures to Europe year over year % chg., January 2024 – September 2026 US citizen departures to Europe 20% 15% 10% 5% 0% -5% Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Source: I-92/APIS, © 2026 CoStar Group The International Tra
Slide 8: Occupancy growth is strongest in cooler regions
Occupancy growth is strongest in cooler regions. Occupancy, actual and % chg. YoY, YTD September 2026 Occ % chg Occ 3% 90,0 78% 80% 80,0 2% 77% 71% 71% 73% 72% 67% 68% 68% 70% 68% 70,0 67% 1% 60,0 50,0 0% 40,0 -1% 30,0 20,0 -2% 10,0 -3% 0,0 CEE France Nordics Germany Austria Spain Italy United Irela
Slide 9: Key European markets achieved at least 67% occupancy
Key European markets achieved at least 67% occupancy. Actual Occupancy %, YTD September 2026 Edinburgh 85% Copenhagen 79% Belfast 77% Amsterdam 78% 74% Berlin 79% Warsaw Dublin 85% London 80% 69% Brussels 78% Prague Paris 79% Vienna 71% 73% Budapest Zurich 74% Belgrade 68% 72% Bucharest Milan 73% Ba
Slide 10: There is not much room for growth with such high occupancies
There is not much room for growth with such high occupancies. Occupancy % chg. YoY, YTD September 2026 Edinburgh 1% Copenhagen 2% Dublin 0% Amsterdam 0% 0% Berlin London 0% 4% Warsaw 0% Brussels 4% Prague Paris 1% Vienna 0% 3% Budapest Zurich -1% Milan 0% 2% Bucharest Belgrade 13% Barcelona 3% Rome
Slide 11: Southern Europe drives rate, despite softer demand
Southern Europe drives rate, despite softer demand. ADR (EUR, CC) % chg. YoY, YTD September 2026 9,0% 8,4% 7,3% 5,5% 5,1% 3,2% 2,3% 2,2% 1,5% 1,4% 0,6% 0,6% -4,1% Italy France Greece Spain Nordics CEE United Ireland Switzerland Portugal Austria Germany Benelux Kingdom Nordics = Denmark, Finland, Ice
Slide 12: Most markets are still pushing rate
Most markets are still pushing rate. ADR (EUR) % chg. YoY, YTD September 2026 Edinburgh 4% Copenhagen 8% Dublin 1% Amsterdam -5% 4% Berlin London 1% 4% Warsaw -2% Brussels 3% Prague Paris 3% Vienna -2% 1% Budapest Zurich -2% Milan 17% 7% Bucharest Belgrade -2% Barcelona 2% Rome 2% 25% Istanbul* 5% M
Slide 13: Southern Europe accounts for more than half of Europe's ADR
Southern Europe accounts for more than half of Europe’s ADR. Europe, share of supply and ADR (EUR, CC) by region, Jul-Aug 2026 Share of supply Share of ADR 60% 50% 40% 30% 20% 10% 0% Southern Europe Western Europe Northern Europe Eastern Europe © 2026 CoStar Group 15
Slide 14: United Kingdom: When holding steady counts as success
United Kingdom: When holding steady counts as success © 2025 CoStar Group 17
Slide 15: UK demand growth has been soft for some time
UK demand growth has been soft since for some time. UK year over year demand % change, January 2025 – September 2026 3% 2% 1% 0% -1% © 2025 CoStar Group 18
Slide 16: U.S. arrivals are in part to blame for this muted growth
U.S. arrivals are in part to blame for this muted growth. U.S. citizen departures to the UK, Europe & Italy year over year % chg., Aug 2025 – Sep 2026 Departures to U.K. Departures to Europe Departures to Italy 50% 40% 30% 20% 10% 0% -10% -20% aug-25 sep-25 okt-25 nov-25 dec-25 jan-26 feb-26 mar-26
Slide 17: The peak growth months are mostly linked to last year comps
The peak growth months are mostly linked to last year comps. UK year over year occupancy, ADR & RevPAR % change, January 2025 – September 2026 7% 6% 6% 5% 5% 4% 4% 4% 4% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 0% 0% -1% -1% -2% -2% -3% -3% -3% -4% © 2026 CoStar Group 20
Slide 18: U.K. hotel occupancy has stabilised with all markets hitting at least 70%
U.K. hotel occupancy has stabilised with all markets hitting at least 70%. Absolute occupancy %, YTD September 2026 68 Aberdeen 85 Edinburgh Glasgow 82 76 Newcastle United Belfast 77 Kingdom: Manchester 77 86 York Liverpool 76 78% Dublin 85 76 Nottingham Leeds 76 76 Birmingham Cardiff 78 84 Oxford B
Slide 19: Event driven markets push ADR
Event driven markets push ADR. Absolute ADR (Local Currency), YTD September 2026 71 Aberdeen 177 Edinburgh Glasgow 107 77 Newcastle United Belfast 115 Kingdom: Manchester 86 108 York Liverpool 98 125 Dublin 181 82 Nottingham Leeds 86 90 Birmingham Cardiff 89 163 Oxford Bristol 95 191 London 94 South
Slide 20: Non-repeat events and supply pressures a likely contributor
Non-repeat events and supply pressures a likely contributor here. Year over year ADR % change (Local Currency), YTD September 2026 -1 Aberdeen 4 Edinburgh Glasgow 10 0 Newcastle United Belfast 0 Kingdom: Manchester -2 3 York Liverpool 2 2% Dublin 1 3 Nottingham Leeds 1 2 Birmingham Cardiff -1 7 Oxfo
Slide 21: Forecasting the future – the blue sky and the crystal ball
Forecasting the future – the blue sky and the crystal ball…. © 2025 CoStar Group 25
Slide 22: The past decade has seen rate grow exponentially
The past decade has seen rate grow exponentially. Europe, ADR (EUR, CC), 2017-2019, 2022-2023, 2024-2025, and 2026 YTD 2017-2019 2022-2023 2024-2025 2026 €200 €180 €160 €140 €120 €100 €80 €60 €40 €20 €0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2025 CoStar Group 26
Slide 23: The U.K. trends in a similar way to Europe
The U.K. trends in a similar way to Europe. U.K., ADR (GBP), 2017-2019, 2022-2023, 2024-2025, and 2026 YTD 2017-2019 2022-2023 2024-2025 2026 £160 £140 £120 £100 £80 £60 £40 £20 £0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2025 CoStar Group 27
Slide 24: The market looks ahead to 2028
The market looks ahead to 2028. Europe markets*, KPI % chg. YoY, 2026F-2030F Occ ADR RevPAR 5% 4% 3% 2% 1% 0% -1% 2026 2027 2028 2029 2030 *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Brussels, Budapest, Cologne, Dublin, Dusseldorf, Edinburgh, Frankfurt, Glasgow, Ham
Slide 25: 2027: More markets are expected to witness growth than a decline
2027: More markets are expected to witness growth than a decline. 2027 Forecast RevPAR (local currency), % change YoY, August 2026 forecast 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% *Luxury & Upper Upscale classes © 2026 CoStar Group 29
Slide 26: As such, we anticipate another rate-led year in 2027
As such, we anticipate another rate-led year in 2027. U.K. forecast markets, RevPAR % chg. YoY, 2027 forecast Occ ADR RevPAR 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% Gatwick Heathrow RegionalUK London Manchester Leeds Birmingham Edinburgh Belfast Glasgow © 2026 CoStar Group 30
Slide 27: Long-term RevPAR growth is healthy
Long-term RevPAR growth is healthy. U.K. forecast, 2027-2030 London Regional UK Occ ADR RevPAR Occ ADR RevPAR 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% 2027 2028 2029 2030 2027 2028 2029 2030 © 2026 CoStar Group 31
Slide 28: Thank You!
Thank You! Aoife Roche I Regional Vice-President, Sales EMEA [email protected] © 2026 CoStar Group 32
Slide 29: Strong summer expected but shoulder seasons will struggle
Strong summer expected but shoulder seasons will struggle. Europe markets*, KPI % chg. YoY, Q1 2026 – Q3 2027 Occ ADR RevPAR 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Brussels
Slide 30: But there is more supply to come
But there is more supply to come. Europe rooms in construction, September 2026 30 000 25 000 20 000 15 000 10 000 5 000 0 © 2026 CoStar Group 34
Slide 31: Eastern Europe building up
Eastern Europe building up Europe rooms in construction as % of existing rooms, September 2026 45% 40% 40% 35% 31% 30% 25% 21% 20% 16% 13% 15% 8% 8% 10% 6% 5% 4% 3% 3% 3% 3% 5% 0% © 2026 CoStar Group 35
Slide 32: Market data and trends from the nordic hotel industry
NO RDI C AND BALTI C HO TE L MARKE TS Market data and trends from the nordic hotel industry Sweden - Denmark - Norway - Finland - Iceland - Estonia - Latvia - Lithuania Data through 30 September 2026 Lithuania
Slide 33: RevPAR growth by country
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY RevPAR growth by country Sweden +8.2% % Norway +2.5% % Denmark +8.0% Finland +2.3% % Iceland +3.4% Estonia +1.5% Latvia −1.3% Lithuania +3.0% Circle size shows rooms available per night in the market — available room nights divided by the 273 day
Slide 34: RevPAR growth by city
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY RevPAR growth by city Stockholm +11.2% Copenhagen +8.3% Oslo +1.8% Helsinki +0.9% % Reykjavik +2.9% Tallinn +1.0% Riga −1.5% Vilnius +2.5% Circle size shows rooms available per night in the market; navy = RevPAR up vs LY, red = down. RevPAR in lo
Slide 35: Nordic and Baltic capitals
CO MP ARI S O N · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY RevPAR ADR Occupancy (pp) Nordic and Baltic capitals +20% +11.2% +10% +8.3% +2.9% +2.5% +1.8% +0.9% +1.0% −1.5% 0% -5% Stockholm Copenhagen Oslo Helsinki Reykjavik Tallinn Riga Vilnius Figure shown is RevPAR vs LY
Slide 36: Total revenue follows room revenue
CO MP ARI S O N · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY TRevPAR RevPAR ADR Occupancy (pp) Total revenue follows room revenue +20% +11.2% +10% +8.3% +2.9% +1.8% +0.9% +1.0% −1.5% 0% -5% Stockholm Copenhagen Oslo Helsinki Reykjavik Tallinn Riga Anc. 33.9% Anc. 21.5% Anc. 26.8% Anc. 28.5% Anc. 15.3
Slide 37: Conference revenue per m² up 11.5%
CO NFE RE NCE TRE NDS NO RDI CS · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Conference revenue per m² up 11.5% TCRE V P AS TCREVPD DE LP AS Total conference revenue per Total conference revenue per Delegates per available m² available m² delegate 66.7 +11.5% 1 134 +6.3% 0.059 +4.9% LY 0.056 SEK · LY
Slide 38: Rate or volume: how the capitals grew
ADR V S O CCUP ANCY · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Rate or volume: how the capitals grew ADR change Both up RATE -LE D BOTH UP Stockholm Stockholm +6.3% +3.0 pp +6% Reykjavik Copenhagen Copenhagen +5.3% +2.2 pp Oslo +1.4% +0.3 pp +4% Vilnius Rate-led +2% Reykjavik +6.0% −2.3 pp Riga Osl
Slide 39: Segment development in the capitals
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Segment development in the capitals Bars show RevPAR change versus last year, scaled −6% to +14%. ADR and occupancy below each bar show what drove it. Stockholm Copenhagen Oslo Helsinki Luxury +7.5% Luxur +7.8% Luxury +5.7% Luxury +10.5% y ADR +3
Slide 40: Regions vs capitals: occupancy decides
CO MP ARI S O N · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY RevPAR ADR Occupancy (pp) Regions vs capitals: occupancy decides +8% +6.8% Level YTD 2026 +6% RE V P AR · E UR +4.8% 73 99 +3.8% +4% +3.2% Regions Capitals +2.0 pp ADR · E UR +2% +1.0 pp 111 139 Regions Capitals 0% Regional cities Capitals
Slide 41: Nordic and Baltic regional cities development YTD
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Nordic and Baltic regional cities development YTD Regional cities in growth Regions ahead of capital 57 / 68 2 of 5 Country Regions Capital Up Sweden +7.1% Stockholm +11.2% 31/36 Norway +1.6% Oslo +1.8% 9/13 Denmark +3.2% Copenhagen +8.3% 4/5 Fin
Slide 42: Swedish Cities development YTD
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Swedish Cities development YTD Sweden total, RevPAR YTD Cities in growth +8.2% 32 / 37 +15% and above 2 cities Jönköping +26.4 · Piteå +18.5 +10 to +15% 5 cities Helsingborg +13.6 · Kristianstad +11.8 · Örebro +11.7 · Stockholm +11.2 · Skövde +10
Slide 43: Norwegian Cities development YTD
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Norwegian Cities development YTD Norway total, RevPAR YTD Cities in growth +2.5% 10 / 14 +10 to +15% 2 cities Harstad-Narvik +10.8 · Bodø +10.7 +5 to +10% 3 cities Bergen +9.0 · Lillehammer +7.1 · Kristiansund +6.5 0 to +5% 5 cities Tromsø +4.6 ·
Slide 44: Danish Cities development YTD
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Danish Cities development YTD Denmark total, RevPAR YTD Cities in growth +8.0% 6/7 +15% and above 1 city Torshavn +16.4 +5 to +10% 1 city Copenhagen +8.3 0 to +5% 4 cities Aalborg +3.8 · Kolding +3.8 · Aarhus +3.4 · Odense +0.2 −5 to 0% 1 city Ve
Slide 45: Finnish Cities development YTD
RE V P AR · YE AR TO DATE J AN – S E P 2 0 2 6 V S LY Finnish Cities development YTD Finland total, RevPAR YTD Cities in growth +2.3% 13 / 13 +10 to +15% 1 city Vaasa +10.5 +5 to +10% 4 cities Rovaniemi +9.8 · Joensuu +8.7 · Pori +8.3 · Vantaa +7.3 0 to +5% 8 cities Espoo +3.8 · Jyväskylä +2.3 · Kuo
Slide 46: Forward bookings against last year
O N THE BO O KS · AS P E R 1 O CT 2 0 2 6 · O CT 2 0 2 6 – S E P 2 0 2 7 V S LY Forward bookings against last year Helsinki Compset +22.4% Reykjavik +4.6% Helsinki Göteborg Compset +13.2% % +22.4% Copenhagen Market +11.8% Oslo −8.9% Stockholm Tallinn −3.8% Reykjavik Compset +4.6% Göteborg −13.7% +13
Slide 47: Copenhagen — On the Books
FO RE CAS T · CO P E NHAG E N · DAI LY, RO LLI NG 7 DAYS On the books, rolling 7 days Copenhagen — On the Books LY on the books, same point LY actual (realised) Total on the books vs LY Widest lead over LY Days ahead of last year 20.2% +11.8% vs LY +13.0pp 2–8 Mar 2027 256 of 365 days Last year at t
Slide 48: Stockholm — On the Books
FO RE CAS T · S TO CKHO LM · DAI LY, RO LLI NG 7 DAYS On the books, rolling 7 days Stockholm — On the Books LY on the books, same point LY actual (realised) Total on the books vs LY Widest lead over LY Days ahead of last year 17.2% −3.8% vs LY +16.8pp 6–12 Apr 2027 198 of 365 days Last year at the s
Slide 49: Oslo — On the Books
F O RECAS T · O SL O · DAI L Y, RO L L I NG 7 DAYS On the books, rolling 7 days Oslo — On the Books LY on the books, same point LY actual (realised) Total on the books vs LY Widest lead over LY Days ahead of last year 18.8% −8.9% vs LY +6.7pp 8–14 Nov 2026 147 of 365 days Last year at the same point
Slide 50: Helsinki — On the Books
FO RE CAS T · HE LS I NKI · DAI LY, RO LLI NG 7 DAYS On the books, rolling 7 days Helsinki — On the Books LY on the books, same point LY actual (realised) Total on the books vs LY Widest lead over LY Days ahead of last year 17.2% +22.4% vs LY +23.3pp 9–15 Jun 2027 273 of 365 days Last year at the sa
Slide 51: Reykjavik — On the Books
F O RECAS T · REYKJ AVI K · DAI L Y, RO L L I NG 7 DAY S On the books, rolling 7 days Reykjavik — On the Books LY on the books, same point LY actual (realised) Total on the books vs LY Widest lead over LY Days ahead of last year 38.5% +4.6% vs LY +11.4pp 11–17 Jul 2027 230 of 365 days Last year at t
Slide 52: Thank you!
Thank you! benchmarkingalliance.com [email protected]