Pandox : ABG Nordic Property Tour

Patience is a virtue

Liia Nõu, CFO

ABG Nordic		20 ▪ 05 ▪ 2021
Property Tour

Elevator lobby @Hotel Indigo Brussels - City

Strategic position

A well-diversified portfolio

Pandox Group	Property Management	Operator Activities

156	35,061	136	29,274	20	5,787
Hotel properties	Rooms	Leased properties	Rooms	Operated properties	Rooms
SEK 61.2bn
84%	16%
Property market value	Property market value	Property market value

2

Strategic position

A strong network of brands and partners

Note: The logos are the property of the respective brand owners.

3

Q1 2021 in brief

Another tough quarter

The negative trend from Q4 2020 continued

Profitable and strong financial position

Positive development in hotel markets outside Europe

Attractive position in recovery phase

-9%	-34%	-14%	MSEK 4,689
R12M	Jan-Mar 2021	Jan-Mar 2021	31 Mar 2021
Return on equity2)	Growth in total	LFL growth in NOI	Liquid funds and unutilised
	net operating income1)	Property Management3)	credit facilities

1. Measured as net operating income Property Management and gross profit plus depreciation Operating Activities
2. Measured as growth in EPRA NRV, including dividend and excluding proceeds from directed share issue, at annual rate

4	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Q1 2021 in brief

Covid-19 effects on Pandox

Very difficult business conditions due to extended restrictions Minimum and fixed rent main source of income

Stable earnings development, including some government support

Cash flow impact from increase in trade account receivables, reflecting new and temporary payment terms, and investments in existing portfolio

Negative unrealised value changes due to lower anticipated cash flows

5	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS