European Hotel Sector "Nordic geospatial analysis continues to point to ..."

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European Hotel Sector "Nordic geospatial analysis continues to point to ..."

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European Hotel Sector Equities

NordicNordic geospatial analysis continues to point to

further growth potential for Scandic Lodging

Artem Prokopets

Analyst

artem.prokopets@ubs.com

Scandic remains well positioned for further growth in the Nordics +44-20-7901 5625

Across the Nordics, Scandic continues to benefit from a broad regional footprint with Jarrod Castle, CFA

relatively stable branded competition. At the same time, the Nordic hotel market does Analyst

not appear overly saturated with little evidence of increasing crowding, in our view. To jarrod.castle@ubs.com

put things in perspective, on our analysis there were 2.6-7.3 branded competitors within +44-20-7568 8883

10-minute drive (across Norway, Finland and Denmark) for Scandic in 1Q26 compared to Ben Shelley, ACA

4.6 for Premier Inn in the UK and 7.9 for Premier Inn in Germany (albeit in Sweden it Analyst

looks more elevated at 9.5 branded competitors if we include Best Western). With that, ben.shelley@ubs.com

we think Scandic’s relatively lower overlap with competitors (compared to local branded +44-20-7568 3957

peers) and relatively moderate cannibalisation suggest that Scandic's portfolio Ivar Billfalk-Kelly

densification remains feasible. Analyst

ivar.billfalk-kelly@ubs.com

Structural gap in economy segment supports roll-out of Scandic Go +44-20-7568 3240

The Nordic market remains dominated by midscale hotels, with limited penetration of

branded economy offerings. This reinforces our view that Scandic Go can capture

incremental demand. In this context, the geospatial analysis supports Scandic's ambition

to sign c7k rooms to the lease portfolio in the Nordics over 2025-2030.