Pandox AB: Taking stock of 2Q26 results

Research evidence excerpt

Pandox AB: Taking stock of 2Q26 results

Global Research

16 July 2026ab

Pandox AB Equities

SwedenTaking stock of 2Q26 results

Lodging

12-month rating Buy

We remain constructive, with fundamentals intact

We reiterate our Buy rating on Pandox and keep our PT at SEK 228. We remain 12m price target SKr228.00

constructive on the hotel sector, where RevPAR has typically collapsed in a full-fledged

recession, which is not our base case. In this context, we expect Pandox to prove

Price (15 Jul 2026) SKr174.80

relatively resilient given its lease-driven income base, supported by guaranteed

minimum rents. Management continues to see limited impact from the conflict in the RIC: PANDXb.ST BBG: PNDXB SS

Middle East, while underlying trading remains healthy, reflected in 4% RevPAR growth

Trading data and key metrics

in the lease portfolio in 2Q26 following 6% growth in 1Q26. On top of that, FX has

52-wk range SKr203.00-163.80

become less of a headwind as effective SEK appreciation has moderated in y/y terms.

Further, Dalata is performing in line with company expectations and slightly ahead of our Market cap. SKr34.0b/US$3.55b

estimates. With EPRA NRV continuing to expand at a mid to high-single-digit pace, we Shares o/s 195m (ORD)

remain constructive on the shares. Free float 97%

Avg. daily volume ('000) 123

Modest downward revisions to estimates Avg. daily value (m) SKr21.6

We have modestly reduced our forecasts following the quarter, lowering revenue Common s/h equity (12/26E) SKr36.3b

estimates by -0.6% in 2026E and -1.4% in 2027E, primarily reflecting softer-than- P/BV (12/26E) 0.9x

expected Own Operations performance and a lower room count. Net operating income Net debt to EBITDA (12/26E) 10.1x

forecasts remain broadly unchanged in 2026E and are down just -0.5% in 2027E.