Revenue Property Management amounted to MSEK 634 (554). The increase for comparable units was 13 percent, adjusted for currency effects
Net operating income Property Management amounted to MSEK 543 (462). The increase for comparable units was 13 percent, adjusted for currency effects
Net operating income Operator Activities amounted to MSEK –49 (–80)
EBITDA amounted to MSEK 467 (350), an increase of 33 percent
Cash earnings amounted to MSEK 180 (85), equivalent to SEK 0.97 (0.49) per share
Unrealised changes in value Investment Properties and derivatives amounted to MSEK 279 and MSEK 930 respectively
Profit for the period amounted to MSEK 1,044 (36), equivalent to SEK 5.67 (0.22) per share
On 28 February the Administrative Court ruled in Pandox's favour in a previously communicated dispute with the Swedish Tax Agency regarding Pandox's transfer pricing
On 31 March Pandox entered into an agreement to divest Mora Hotell & Spa. The underlying property value amounts to around MSEK 114 before deferred tax and exceeds Pandox's internal valuation. The transfer of ownership is around 2 May

		Jan-Mar
MSEK	2022	2021	1%	2021
Total net sales	876	646	36	3,273
Of which Property Management	634	554	14	2,422
Of which Operator Activities	242	92	163	851
Total net operating income	494	382	29	2,005
Of which Property Management	543	462	18	2,027
Of which Operator Activities	-49	-80	n.a	-22
EBITDA	467	350	33	1,868
Profit for the period	1.044	36	n.a	609
Earnings per share, SEK	5.67	0.22	n.a	3.32
Cash earnings	180	85	112	712
Cash earnings per share, SEK	0.97	0.49	98	3.88
Market value properties	63,808	61,161	4	62,596
Net interest-bearing debt	31,345	30,288	3	31,159
Loan to value net, %	49.1	49 5	n.a	49.8
Interest cover ratio, times	2.2	1.6	n.a	2.1
EPRA NRV per share, SEK	178.31	170.38		173.54
WAULT (Investment Properties), years	13.8	14.4	n.a	14.0
RevPAR (Operator Activities) for comparable units at comparable exchange rates, SEK	332	100	232	291

The first quarter had a weak start due to restrictions and a normal season effect, but ended strong once restrictions were eased in many countries and the hotel market could regain lost ground from the winter's Omicron-related dip. As before, domestic and regional hotel markets fared the best, but the difference between those and larger cities decreased. This is yet another step towards a normalisation in the hotel market.

The general perception in the hotel market is that we have now entered a more stable phase. The foundations are therefore in place for more sustained demand from leisure and business travellers, as well as larger conferences and events.

My colleagues and I have been affected on a human level by the very tragic war in Ukraine. For Pandox it has been important to help in any way we can. In addition to contributing financially to UNICEF, I am most proud of the efforts by many of our hotels in the Operator Activities segment, particularly in Germany, where those fleeing from the war were offered hotel rooms.

For comparable units, Pandox's total net sales and total net operating income increased by 36 percent and 24 percent respectively in the first quarter, compared with the same period in 2021. Supporting factors was a gradual increase in travel among both individuals and businesses, and very good average price development in several markets. The comparison period in 2021 was however weak. Occupancy for comparable units in the Property Management and Operator Activities business segments was around 40 percent (16) and 31 percent (11) respectively in the first quarter. In March, occupancy for comparable units in the Property Management and Operator Activities segments amounted to around 51 percent (18) and 44 percent (12) respectively.

As the quarter progressed, increased demand was noted in all hotel markets, albeit at varying rates and from different starting points. In general, demand was the highest in domestic and regional cities, with occupancy in many locations – particularly in the Nordics and the UK – well in line with 2019 levels in the latter part of the quarter. The German hotel market showed good tendencies but was held back by restrictions that were not lifted until 20 March.

It is particularly gratifying to see that demand in many larger cities, such as London, started to really recover and is now at the highest level since the outbreak of the pandemic.

At the end of the quarter Pandox entered into an agreement to divest the hotel property that houses Mora Hotell & Spa in Mora, Sweden, to Cibola Holding AB. This divestment is in line with Pandox's strategy to constantly optimise the portfolio, focusing on hotel properties in strategic locations, and will take place at an attractive price that exceeds Pandox's internal valuation.

We are in a phase of less uncertainty regarding Covid-19 and the conditions are good for continued recovery in the hotel market. Willingness to pay for hotel accommodation is high, which to some extent compensates for lower international travel and lower demand for large conferences. The outlook for trade fairs and conferences is positive and demand is expected to rise in the second quarter and in particular in the second half of the year. An increase in international air travel is also expected to benefit more international destinations, above all Brussels, and this will have a particular positive impact on the Operator Activities segment.

We have noted that the price elasticity of hotel demand has been low so far due to significant pent-up travel demand after Covid-19. The possibility of compensating for increased costs through higher room prices without negatively impacting demand is considered good at this time. Higher room prices are having a positive impact on Pandox's variable rental income in the Property Management segment. Higher room prices are also making it possible to compensate for potential cost inflation in the Operator Activities segment.

We expect Pandox to see good organic growth in both revenue and profits in 2022.

Pandox's vision is to be a worldleading hotel property company.

The business concept is to own hotel properties and lease them to strong hotel operators under long-term revenue-based leases. Pandox's ability to act throughout the hotel value chain reduces risk and creates business opportunities.

Pandox's strategy and business model is based on:

1. Focus on hotel properties
1. Large hotel properties in strategic locations 3. Long-term revenue-based lease agreements
with the best hotel operators
1. Sustainability with a business focus 5. Geographical diversification to limit
fluctuations
1. Operating our own hotels reduces risk

Loan-to-value ratio

Pandox's target is a loan-to-value ratio of 45–60 percent, depending on the market environment and the opportunities that exist. The Company defines loan-tovalue ratio as interest-bearing liabilities less cash and cash equivalents as a percentage of the market value of the properties at the end of the period.

Dividend policy

Pandox's target is a dividend pay-out ratio of 30–50 percent of cash earnings, with an average pay-out ratio over time of around 40 percent. Future dividends and the size of any such dividends depend on Pandox's future performance, financial position, cash flows and working capital requirements.

Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 27 April at 08:30 CEST. As a service to Pandox's stakeholders there will also be an external update on the hotel market.

The presentation materials will be available at www.pandox.se from around 08:00 CEST.

To follow the webcast, go to https://tv.streamfabriken.com/pandox-q1-2022.

To participate by phone, please use one of the following phone numbers: SE: +46 8 505 583 51 UK: +44 3333 009 035

US: +1 646 722 4957

Liia Nõu, CEO +46 (0) 702 37 44 04

Anneli Lindblom, CFO +46 (0) 765 93 84 00

Anders Berg, Head of Communications and IR +46 (0) 760 95 19 40

This information is information that Pandox AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, through the agency of the contact persons set out above, for publication on 27 April 2022 at 07:00 CEST.

Interim Report Jan–June 2022 15 July 2022 Interim Report Jan–Sept 2022 27 October 2022 Year-End Report 2022 10 February 2023

The first quarter had a weak start with the hotel market in a seasonal and restrictions-related holding pattern. The limitations and restrictions introduced late in the fourth quarter of 2021 were still in place at the beginning of 2022, which clearly decreased demand in all of Pandox's markets. Demand for hotel nights and hotel services improved as restrictions were eased. The UK, Denmark and Norway were among the first countries to ease restrictions. In Germany, which has had a more restrictive policy throughout, restrictions were not eased until the end of March. Once again, the correlation between hotel demand and the restriction situation was clear: occupancy immediately improved when restrictions were eased.

An initial strict restriction situation combined with seasonally weak demand resulted in occupancy of 35 percent for Europe as a whole in January. Demand picked up again once restrictions were removed, just as it did at the beginning of the fourth quarter of 2021. The increase was mainly driven by domestic leisure travel, and by many companies returning to their physical offices and becoming more active in travel and meetings. Growth was the strongest in markets that started to open up early and that have a large element of domestic demand. As earlier during the pandemic, growth was lower in destinations that depend more on international travel and/or conference-related demand. Overall, occupancy in Europe* amounted to 47 percent in the first quarter, compared with 54 percent in the fourth quarter of 2021 and 24 percent in the first quarter of 2021, which was heavily impacted by pandemic restrictions.

In the Nordics** as a whole, occupancy in the first quarter was just under 44 percent, compared with 26 percent in the corresponding period 2021 and 56 percent in the fourth quarter of 2021.

Demand in Nordic regional cities developed well in the second half of the quarter, compared with the beginning of the quarter, which was seasonally weak and affected by coronavirus restrictions still in place. Overall, occupancy for Nordic regional cities amounted to 47 percent in the first quarter, compared with 56 percent for the corresponding period in 2019 before the pandemic broke out. It is worth noting that at the end of the first quarter, occupancy was on a par with the 2019 level. Average prices were also good, which means that overall RevPAR exceeded the 2019 levels for regional Nordic cities as a whole at the end of the quarter.

Nordic capitals also experienced a positive trend, with increased demand from all subsegments during the quarter. Occupancy in the four capitals combined was 40 percent, compared with 65 percent in the corresponding period in 2019. One of the explanations for the difference is lower week day demand relating to less business travel and some absent international demand, and to lower demand for larger conferences and events. In the last week of March the Nordic capitals had occupancy of 59 percent (68 percent in 2019).

Germany did not ease its coronavirus restrictions until the latter part of March. Occupancy for Germany** as a whole amounted to around 35 percent in the first quarter, compared with around 46 percent in the fourth quarter of 2021, with relatively large differences between performance in various markets depending on demand composition.

The UK** started removing coronavirus restrictions already at the beginning of February. Occupancy was 60 percent for the country as a whole in the first quarter. Occupancy in UK Regional was 62 percent and in London 56 percent, for a difference of only around 6 percentage points, confirming London's attractiveness as an international destination. In general the average prices continued to improve in the first quarter, which is explained by the hotel markets starting to see a more normal mix of demand and by a high willingness to pay for hotel accommodation, especially in the leisure segment.

* Benchmarking Alliance based on open hotels ** STR based on open hotels

Source: STR, Benchmarking Alliance. Based on open hotels. Rounded numbers.

The Group's net sales amounted to MSEK 876 (646), an increase of 36 percent. For comparable units, net sales increased by 36 percent, adjusted for currency effects.

Revenue from Property Management amounted to MSEK 634 (554), an increase of 14 percent. The comparison period includes government grants of around MSEK 10. The amount contributed by revenue-based rent increased, amounting to around MSEK 98 (31). For comparable units, revenue increased by 13 percent, adjusted for currency effects.

Revenue from Operator Activities amounted to MSEK 242 (92), an increase of 163 percent. For comparable units, revenue increased by 164 percent and RevPAR by 232 percent, adjusted for currency effects. One hotel remained closed for renovation throughout the quarter and one was closed most of the quarter due to ongoing trade union negotiations.

Total net operating income amounted to MSEK 494 (382), an increase of 29 percent. For comparable units, net operating income increased by 24 percent, adjusted for currency effects.

Net operating income from Property Management amounted to MSEK 543 (462), an increase of 18 percent. For comparable units, net operating income increased by 13 percent, adjusted for currency effects.

Net operating income from Operator Activities amounted to MSEK –49 (–80), which includes government grants total the equivalent of around MSEK 17 (44).

Central administration costs amounted to MSEK –32 (–37), of which MSEK –5 (–5) was depreciation.

Financial expense amounted to MSEK –232 (–233), of which MSEK –18 (–18) consists of depreciation of capitalised loan arrangement fees.

Financial income amounted to MSEK 2 (1). Financial expense associated with right-of-use assets amounted to MSEK –23 (–21).

Unrealised changes in the value of Investment Properties amounted to MSEK 279 (–351), mainly related to a lower valuation yield in the Swedish hotel portfolio, based on external valuations. Realised changes in value for Investment Properties amounted to MSEK 0 (–6).

Unrealised changes in the value of derivatives amounted to MSEK 930 (327), mainly explained by higher long-term market interest rates.

Current tax amounted to MSEK –33 (–12). Deferred tax amounted to MSEK –280 (55). See also page Note 3 on page 19.

Profit for the period amounted to MSEK 1,044 (36) and profit for the period attributable to Parent Company shareholders amounted to MSEK 1,042 (41), which is equivalent to SEK 5.67 (0.22) per share.

Total cash earnings amounted to MSEK 180 (85), an increase of 112 percent.

As of 31 March 2022, cash and cash equivalents and unutilised credit facilities amounted to MSEK 3,548, compared with MSEK 3,576 as of 31 December 2021

As of 31 March 2022, accounts receivable relating to deferred rent under new temporary payment terms amounted to the equivalent of MSEK 558, compared with MSEK 590 as of 31 December 2021.

	Jan-Mar		Full-year
MSEK	2027	2021	2021
Rental income	602	515	2.279
Other property income	32	39	143
Costs, excl. property admin	-58	-52	-218
Net operating income, before
property admin	576	502	2,204
Property administration	-33	-40	-177
Gross profit	543	462	2,027
Net operating income, after property
admin	543	462	2,027

Rental income and other property revenue amounted to MSEK 634 (554), an increase of 14 percent. The comparison period includes government grants of around MSEK 10, which are reported under other property revenue. For comparable units, revenue increased by 13 percent, adjusted for currency effects.

An improved business climate resulted in revenue-based leases of MSEK 98 (31). Marginal variable revenue was noted during the quarter in 20 minimum-level leases, most of which in Sweden.

Index adjustment of minimum rents and fixed rents also made a positive contribution.

Occupancy at comparable hotels amounted to around 40 (16) percent during the quarter. The improvement is explained by milder restrictions and pent-up travel demand, which in turn led to significantly higher demand in all segments.

Hotels in smaller cities in the UK (Middlesbrough, Brighton and Inverness) and in Germany (Mönchengladbach and Karlsruhe), as well as destinations with an attractive leisure offering, developed the best during the quarter. Hotel demand in larger cities also improved.

Net operating income amounted to MSEK 543 (462), an increase of 18 percent. For comparable units, revenue and net operating income increased by 13 percent, adjusted for currency effects.

Contractual minimum rents plus contractual fixed rents amount to just over MSEK 1,900 on an annual basis.

	Jan-Mar		Full-year
MSEK	2022	2021	2021
Revenue	247	92	851
Costs	-352	-241	-1.151
Gross profit	-110	-149	-300
Plus: Depreciation included in costs	61	69	278
Net operating income	-49	-80	-22

Revenue from Operator Activities amounted to MSEK 242 (92), an increase of 163 percent. The increase in revenue is explained by the same drivers as for Property Management. Operator Activities have a high exposure to large meeting hotels in international cities that developed relatively worst during the pandemic, and the recovery takes place from a low starting point.

Occupancy at comparable hotels amounted to around 31 (11) percent during the quarter. DoubleTree by Hilton Montreal was closed for much of the quarter due to ongoing trade union negotiations. Pandox's hotel in Nuremberg remained closed for renovation and its reopening is planned for September 2022.

Hotels that saw particularly good development during the quarter were Hotel Hubert (Brussels, Belgium), Hotel Mayfair (Copenhagen, Denmark), and Hilton Garden Inn London Heathrow Airport and Radisson Blu Glasgow (UK). The development is mainly explained by early easing of restrictions in Denmark and the UK.

For comparable units, revenue increased by 164 percent and RevPAR by 232 percent, adjusted for currency effects.

Net operating income amounted to MSEK –49 (–80).

Pandox received government grants during the quarter totalling the equivalent of around MSEK 17 (44) within Operator Activities.

Belgium Germany UK Finland

Canada Denmark The Netherlands

Pandox performs internal valuation of its hotel properties each quarter and Investment Properties are recognised at fair value. The property values are based on Pandox's internal valuation. External valuation of the properties is also conducted (see also Note E in Pandox's 2021 Annual Report).

The value of Operating Properties is reported for information purposes only and is included in EPRA NRV calculations. The Operating Properties' carrying amounts recognised in the condensed consolidated statement of financial position are equivalent to cost minus depreciation and any impairment losses and amounted to MSEK 8,217 (8,015) at the end of the period.

At the end of the period, Pandox's property portfolio had a total market value of MSEK 63,808 (62,596), of which Investment Properties accounted for MSEK 53,000 (52,215) and Operating Properties for MSEK 10,808 (10,380).

Over the past 12 months, external valuations were performed for around 98 percent of the hotel properties, measured in value.

On 31 March, Pandox entered into an agreement to divest the hotel property which houses Mora Hotell & Spa, to an underlying property value of MSEK 114 (before deferred tax), which exceeded Pandox's internal valuation by approximately 14 percent. The property is included in the market value Investment Properties as of 31 March 2022. The transfer of ownership is expected around 2 May 2022.

	MSEK
Investment Properties, opening balance (1 Jan, 2022)	52,215
+ Investments in current portfolio	88
+/- Unrealised changes in value	279
+/- Change in currency exchange rates	418
Investment Properties, closing balance (31 Mar, 2022)	53.000
Changon in erolya Onarating Pennarian for intornation numanon ante

	MSEK
Operating Properties, market value (1 Jan, 2022)	10.380
+ Investments in current portfolio	146
+/- Unrealised changes in value	130
+/- Change in currency exchange rates	152
Operating Properties, market value (31 Mar, 2022)	10,808

Date	Hotel property	Event
21 December 2021 1 October 2021	Aparthotel Adagio Edinburgh Royal Mile h27 (to Motel One Copenhagen)	Acquisition Property Management Reclassification to Property Management
31 August 2021	Hotel property in Nuremberg	Reclassification to Operator Activities
1 April 2020	h27 (from First Hotel Twentyseven)	Reclassification to Operator Activities
1 April 2020	Hotel Mayfair	Reclassification to Operator Activities
31 March 2020	Office property belonging to Jurys Inn Cardiff	Acquisition Property Management
31 January 2020	Maritim Hotel Nürnberg	Acquisition Property Management

Effect on fair value	Change	MSEK
Yield	+/-0.5%	-4.483/ +5.396
Change in currency exchange rates	+/-1%	+/-379
Net operating income1)	+/-1%	+/-395

1) Per 31 December 2019, before the Covid-19 pandemic, the value was MSEK 535.

At the end of the period Pandox's property portfolio consisted of 157 (157) hotel properties with 35,373 (35,372) hotel rooms in fifteen countries, including the sub-markets England, Scotland, Wales, and Northern Ireland.

Pandox's main geographical focus is Northern Europe. Germany (24 percent) is Pandox's single largest geographical market, measured as a percentage of the property portfolio's total market value, followed by Sweden (24 percent), UK (17 percent), Belgium (7 percent) and Finland (6 percent).

137 of the hotel properties are leased to third parties, which means that approximately 83 percent of the total portfolio market value is covered by external leases. Pandox's tenant base consists of highly reputable hotel operators with strong hotel brands.

On 31 March 2022 Investment Properties had a weighted average unexpired lease term (WAULT) of 13.8 years (14.0).

	Number		Market value (MSEK)
Property Management	Hotels	Rooms	Per country	In % of total	Per room
Sweden	42	8,953	15,078	24	1.7
Germany	32	6.560	11.478	18	1.7
UK	20	4,821	10.039	16	2.1
Finland	13	2,923	3,980	6	1.4
Norway	14	2.573	3.487	5	1.4
Denmark	7	1.642	3.188	5	1.9
Austria	2	639	1.481	2	2.3
Belgium	2	519	923	1	1.8
Ireland	3	445	1.399	2	3.1
Switzerland	1	206	789	1	3.8
The Netherlands	1	189	1,159	2	6.1
Sum Property Management	137	29.470	53.000	83	1.8
Operator Activities
Belgium	7	1.955	3.755	6	1.9
Germany	6	1,806	4,139	6	2.3
Canada	2	952	1.327	2	1.4
UK	2	611	815	1	1.3
The Netherlands	1	216	377	1	1.7
Denmark	1	203	371	1	1.8
Finland	1	160	24	0	0.2
Sum Operator Activities	20	5,903	10.808	17	1.8
Sum total	157	35,373	63,808	100	1.8

		Number
Brand	Hotels	Rooms	In % of total
Scandic	50	11,024	31
Jurys Inn	20	4.410	12
Leonardo	18	3.547	10
Hilton	8	2.652	7
Radisson Blu	8	2.033	6
Nordic Choice Hotels	11	1.887	5
NH	7	1.681	5
Dorint	5	1.085	3
Mercure	4	760	2
Elite Hotels	2	492	1
Holiday Inn	2	469	1
Novotel	2	421	1
InterContinental	1	357	1
Indigo	1	284	1
Crowne Plaza	1	262	1
Pullman	1	252	1
Meininger	1	228	1
Motel One	1	200	1
Adagio	1	146	0
Best Western	1	103	0
Independent brands	12	3.080	9
Total	157	35,373	100

Revenue-based lease with minimum guaranteed rent Revenue-based lease without minimum guaranteed rent Fixed lease

Own operations

In the period January–March 2022 investments in property, plant and equipment, excluding acquisitions, amounted to MSEK 235, of which MSEK 88 (153) was for Investment Properties, MSEK 146 (128) for Operating roperties and MSEK 1 (2) for the head office.

At the end of the first quarter of 2022, approved investments for ongoing and future projects amounted to around MSEK 1,250, of which around MSEK 980 is for projects that are expected to be completed in 2022. The cost of maintenance in the first quarter of 2022 was MSEK 22.

Pandox's sustainability work is aimed at promoting sustainable properties and operations and creating new business opportunities. The Company's overall sustainability goal is to offer tenants resource-efficient hotel properties that contribute to the UN Sustainable Development Goals, reduce climate impact and enable good management of climate risks.

Pandox's sustainability strategy is based on the Company's vision and business objectives, its impact on communities in terms of sustainability and climate change, and which issues the stakeholders consider to be important for Pandox to focus on. Current trends and the risks and opportunities identified by the Company are also taken into consideration.

Pandox has defined the most material sustainability topics and divided them up into five focus areas:

1. Environment and climate
1. Responsible and fair business
1. Guest satisfaction and security
1. Attractive and equal workplace
1. Inclusive local communities

Pandox's most important contribution to more sustainable growth is through its development of profitable green properties. The goal is to create resource-efficient properties and operations that reduce Pandox's environmental and climate footprint, but that can also handle climate change impacts in the form of torrential rain and a warmer climate.

Pandox's green investment programme of MEUR 8, with an expected return of around 20 percent, is still in place for the planned timeframe (2023). The purpose is to lower climate impact through energy and water reducing projects and technology installations. The target is a reduction in energy, gas and water use of 35 percent, 25 percent and 20 percent respectively, and a 20 percent reduction in CO² emissions.

At the end of the period the loan-to-value net was 49.1 (49.8) percent. Equity attributable to the Parent Company's shareholders amounted to MSEK 26,470 (25,213). EPRA NRV amounted to

MSEK 32,783 (31,905), equivalent to SEK 178.31 (173.54) per share. Cash and cash equivalents plus unutilised credit facilities amounted to MSEK 3,548 (3,576). In addition, there are additional credit facilities that, at any given time, fully cover the issued volume under the Pandox commercial paper programme.

At the end of the period the loan portfolio amounted to MSEK 32,821 (32,752), excluding loan arrangement fees. Unutilised credit facilities amounted to MSEK 2,070 (1,983) and the volume issued under the commercial paper programme amounted to MSEK 2,221 (2,191).

Pandox has a positive and close dialogue with its lenders on refinancing and new financing. In the first quarter, lenders have provided waivers in individual credit agreements.

Short-term credit facilities with a term of less than one year amount to MSEK 11,452, of which MSEK 10,241 matures in the fourth quarter 2022 and the first quarter 2023. Positive dialogues about refinancing are ongoing regarding all these credit maturities and the intention is to refinance these in good time before contractual maturities.

The average fixed rate period was 3.2 (3.3) years and the average interest rate, corresponding to the interest rate level at the end of the period, was 2.5 (2.5) percent, including effects from interest-rate derivatives, but excluding accrued arrangement fees. The average repayment period was 2.0 (2.2) years. The loans are secured by a combination of mortgage collateral and pledged shares.

Year due (MSEK)	Credit facilities1)
< 1 year	11,452
1–2 year	9,834
2–3 year	3,163
3–4 year	8,944
4–5 year	1,499
> 5 year
Sum	34,891

To reduce the currency exposure in foreign investment Pandox's aim is to finance the applicable portion of the investment in local currency. Equity is normally not hedged as Pandox's strategy is to have a long investment perspective. Currency exposures are largely in form of currency translation effects.

	SEK		DKK	CHF		CAD NOK	GBP	Total
Sum credit facilities. MSEK1)	10,046	1.924	14.715	475	551	1.268	5.912	34.891
Sum interest bearing debt,
MSEK1)	6.831	1.924	15.882	475	529	1.268	5.912	32.821
Share of debt in currency, %	20.8	5.9	48.4	1.4	1.6	3.9	18.0	100
Average interest rate, % 2)	2.4	2.1	2.2	2.1	3.2	3.8	3.1	2.5
Average interest rate period, years	3.4	2.0	3.8	0.2	0.1	2.3	2.3	3.2
Market value Properties, MSEK1)	15,078	3,560	28.713	789	1.327	3,487	10,854	63,808

In order to manage interest rate risk and increase the predictability of Pandox's earnings, interest rate derivatives are used, mainly in the form of interest rate swaps. At the end of the period interest rate derivatives amounted to MSEK 27,029 gross and MSEK 21,955 net, which is also the portion of Pandox's loan portfolio for which interest rates are hedged. Approximately 53 percent net of Pandox's loan portfolio was thereby hedged against interest rate movements for periods longer than one year.

	Total interest maturity		Interest maturity derivatives
					Average interest rate,
Tenor (MSEK)	Amount1)	Share, %	Volume	Share, %	%
< 1 year	16,344	50	5,477	25	1.1
1–2 year	-1.937	-6	-1.937	-9	0.2
2-3 year	1.930	6	1,930	9	0.1
3-4 year	1.952	6	1.952	9	-0.2
4–5 year	3.081	இ	3.081	14	0.2
> 5 year	11.452	35	11.452	52	0.5
Sum	32.821	100	21.955	100	0.6

The market value of the derivatives portfolio is measured on each closing date, with the change in value recognised in profit or loss. Upon maturing, the market value of a derivative contract is dissolved entirely and the change in value over time thus does not affect equity.

At the end of the period, the net market value of Pandox's financial derivatives amounted to MSEK 872 (-58).

Effect on earnings before value changes	Change	MSEK
Current fixed interest hedging, change in interest rates, with derivatives 1'	+/- 1%	-16/-142
Current fixed interest hedging, change in interest rates, without derivatives 1'	+/- 1%	-233/+68
Remeasurement of interest-rate derivatives following shift in yield-curves	+/- 1%	+/-866

1) The earnings effect is asymmetrical due to limited possibilities for Pandox to benefit in full from negative interest rates.

12 April 2022 Minutes from Pandox's Annual General Meeting 31 March 2022 Pandox divests a hotel property in Mora 11 March 2022 Publication of Pandox's 2021 Annual Report 7 March 2022 Notice of Pandox's Annual General Meeting 28 February Ruling announced in a previously communicated dispute with the Swedish Tax Agency regarding Pandox's transfer pricing 10 February 2022 Year-End Report 2021

To read the full press releases, visit www.pandox.se.

Due to Covid-19, the tenant at Park Centraal Amsterdam has filed a lawsuit against a Pandox subsidiary demanding certain temporary adjustments in existing leases, mainly with respect to minimum rent levels. Amsterdam's district court decided to grant the tenant a rent reduction and the court is in the process of determining the amount of the reduction. The court's ruling on this is expected in the second quarter of 2022. The outcome is not expected to materially impact the Group's earnings.

A Pandox subsidiary has filed a lawsuit against Köln Bonn Airport which has not granted an extension of a Hereditary Building Right ("HBR") for the 177-room Leonardo Hotel Köln Bonn Airport property. The case is ongoing and Pandox believes that there is a good possibility of a favourable decision, or compensation, for the company. No rental income was recognised in 2021 or Q1 2022.

On 28 February 2022 the Administrative Court in Stockholm announced its ruling in favour of Pandox AB (publ) in a dispute with the Swedish Tax Agency. The ruling eliminates the tax increase decided on by the Swedish Tax Agency in 2019. During the process, Pandox was granted a tax payment extension due to the uncertainty of the outcome of the case. The tax dispute was regarding the Group's transfer pricing.

Dorint Parkhotel Bad Neuenahr has been closed since July 2021 due to extensive damage caused by flooding. The hotel property was full insured for property damage and consequential loss insurance covers rental income while the property is being restored.

The previous tenant of Maritim Hotel Nürnberg is claiming the right to a rent reduction for 2020–2021. Court proceedings are ongoing.

At the end of the period, Pandox had the equivalent of 850 (428) fulltime employees, based on number of worked hours translated to fulltime employees. Of the total number of employees, 804 (379) are employed in the Operator Activities segment and 46 (49) in the Property Management segment and in central administration.

Administration for activities within Pandox's property owning companies is provided by staff employed by the Parent Company, Pandox AB (publ). Pandox's subsidiaries are invoiced for these services.

The Parent Company carries out transactions with subsidiaries in the Group. Such transactions mainly entail allocation of centrally incurred administration cost and interest relating to receivables and liabilities. All related party transactions are entered into on market terms.

Eiendomsspar AS owns 5.1 percent of 22 hotel properties in Germany and 9.9 percent of another hotel property in Germany. The acquisitions were made by Pandox in 2015, 2016 and 2019. Pandox has a management agreement regarding Pelican Bay Lucaya Resort in the Bahamas owned by affiliates of Helene Sundt AS and CGS Holding AS. During January–March 2022, revenue from Pelican Bay Lucaya amounted to MSEK 0.1 (0.1).

Pandox's general view of business risks has not changed compared with the detailed description in the Annual Report 2021.

The hotel industry is seasonal in nature. The periods during which the Company's properties experience higher revenues vary from property to property, depending principally upon location and the customer base served. Since most of the customers that stay at Pandox owned or operated hotels are business travellers, the Company's total revenues have historically been greater particularly in the second quarter. The timing of holidays and major events can also impact the Company's quarterly results.

Pandox applies the European Securities and Market Authority's (ESMA) guidelines for Alternative Performance Measurements. The guidelines aim at making alternative Performance Measurements in financial reports more understandable, trustworthy and comparable and thereby enhance their usability. According to these guidelines, an Alternative Performance Measurement is a financial key ratio of past or future earnings development, financial position, financial result or cash flows which are not defined or mentioned in current legislation for financial reporting; IFRS and the Swedish Annual Accounts Act. Reconciliations of Alternative Performance Measurements are available on pages 20 22.

At the end of the period, the total number of shares before and after dilution amounted to 75,000,000 A shares and 108,849,999 B shares. For the first quarter 2022 the weighted number of shares before and after dilution amounted to 75,000,000 A shares and 108,849,999 B shares.

Stockholm, 27 April 2022

Liia Nõu, CEO

This report has not been examined by the Company's auditor.

		Jan-Mar		Full-year
MSEK	Note	2022	2021	2021
Revenues Property Management
Rental income	2	602	515	2,279
Other property income		32	ਤੇ ਰੇ	143
Revenue Operator Activities	2	242	92	851
Total revenues		876	646	3,273
Costs Property Management	2	-91	-92	-395
Costs Operator Activities	2	-352	-241	-1,151
Gross profit		433	313	1,727
- whereof gross profit Property Management	2	543	462	2,027
- whereof gross profit Operator Activities	2	-110	-149	-300
Central administration		-32	-37	-157
Financial income		2	1	4
Financial expenses		-232	-233	-944
Financial cost right of use assets		-23	-21	-88
Profit before changes in value		148	23	542
Changes in value
Properties, unrealised	2	279	-351	-368
Properties, realised	2		-6	-28
Derivatives, unrealised		930	327	740
Profit before tax		1,357	-7	886
Current tax		-33	-12	-128
Deferred tax		-280	55	-149
Profit for the period		1,044	રે રેણ	603
Items that may not be classified to profit or loss, net after tax1)
This year's revaluation of tangible non-current assets				18
Items that may be classified to profit or loss, net after tax
Net investment hedge of foreign operations		-53	-49	-43
Translation differences of foreign operations		272	681	765
Other comprehensive income for the period		219	632	740
Total comprehensive income for the period		1,263	668	1,349
Profit for the period attributable to the shareholders of the parent company		1,042	41	610
Profit for the period attributable to non-controlling interests		2	-5	-1
Total comprehensive income for the period attributable to the shareholders of the parent company		1,259	660	1,337
Total comprehensive income for the period attributable to non-controlling interests Earnings per share, before and after dilution, SEK		4 5.67	8 0.22	12 3.32

	31 Mar		31 Dec
MSEK	2022	2021	2021
ASSETS
Non-current assets
Operating Properties	7,654	7,166	7,450
Equipment and interiors	579	526	581
Investment Properties	52,887	51,365	52,215
Deferred non-current rent attributable to new temporary payment terms	209	295	233
Right-of-use assets	3,155	3,016	3,039
Deferred tax assets	55	502	249
Derivatives1)	926	90	203
Other non-current receivables	d1	38	86
Total non-current assets	65,556	62,998	64,056
Current assets
Inventories	ਹ ਤੇ	10	12
Current tax assets	70	101	64
Trade account receivables	250	225	269
Deferred current rent attributable to new temporary payment terms	349	271	357
Prepaid expenses and accrued income	233	137	296
Other current receivables	160	149	154
Cash and cash equivalents	1,477	2,610	1,593
Assets held for sale 4	114
Total current assets	2,666	3,503	2,745
Total assets	68,222	66,501	66,801
EQUITY AND LIABILITIES
Equity
Share capital	460	460	460
Other paid-in capital	7,525	7,525	7,525
Reserves	230	-ਰੇਤ	ਹ ਤੇ
Retained earnings, including profit for the period	18,255	16,650	17,215
Equity attributable to the owners of the Parent Company	26,470	24,540	25,213
Non-controlling interests	215	216	209
Sum equity	26,685	24,756	25,422
LIABILITIES
Non-current liabilities
Non-current interest-bearing liabilities2)	21,934	28,050	27,205
Other non-current liabilities	4	5	4
Long-term lease liability	3,127	2,993	3,020
Derivatives1)	54	561	261
Provisions	35	33	36
Deferred tax liability	4,415	4,293	4,281
Total non-current liabilities	29,569	35,935	34,807
Current liabilities
Provisions	52	75	60
Current interest-bearing liabilities2)	10,776	4,685	5,418
Short-term lease liability	31	25	22
Tax liabilities	160	1 ਤੋਂ 5	156
Trade accounts payable	219	183	214
Other current liabilities	178	240	150
Accrued expenses and prepaid income	552	467	552
Total current liabilities	11,968	5,810	6,572
Total liabilities	41,537	41,745	41,379
Total equity and liabilities	68,222	66,501	66,801

	Attributable to the owners of the parent company
MSEK	Share captial	Other paid in capital	Translation reserves	Revaluation reserve1)	Retained earnings, incl profit for the period	Total	Non-controlling	interests Total equity
Opening balance equity 1 Jan, 2021	460	7,525	-883	169	16,609	23,880	208	24,088
Profit for the period					610	610	-1	609
Other comprehensive income			709	18		727	13	740
Offset non-controlling interests							-15	-15
Offset and transactions non-controlling interest					-4	-4	4
Closing balance equity 31 Dec, 2021	460	7,525	-174	187	17,215	25,213	209	25,422
Opening balance equity 1 Jan, 2022	460	7,525	-174	187	17,215	25,213	209	25,422
Profit for the period					1,042	1,042	2	1,044
Other comprehensive income Offset and transactions non-controlling			217			217	2	219
interest					-2	-2	2
Closing balance equity 31 Mar, 2022	460	7,525	43	187	18,255	26,470	215	26,685

	Jan-Mar	Full-year
MSEK	2022	2021	2021
OPERATING ACTIVITIES
Profit before tax	1,357	-7	886
Reversal of depreciation	60	દિવે	280
Changes in value, realised		6	19
Changes in value, unrealised	-279	351	368
Changes in value, derivatives, unrealised	-930	-327	-740
Other items not included in the cash flow	102	19	ર્દિર
Taxes paid	-37		-60
Cash flow from operating activities before changes in working capital	273	111	816
Increase/decrease in operating assets	120	-147	-378
Increase/decrease in operating liabilities	19	-46	-8
Change in working capital	139	-193	-386

Cash flow from operating activities	412	-82	430
INVESTING ACTIVITIES
Investments in properties and fixed assets	-235	-283	-990
Acquisitions of hotel properties, net effect on liquidity			-482
Acquisitions of financial assets	-4	-2	-49
Cash flow from investing activities	-239	-285	-1,521
FINANCING ACTIVITIES
New loans	2,427	2,611	8,196
Amortisation of debt	-2,644	-2,219	-8,088
Guaranteed minority dividend			-15
Cash flow from financing	-217	392	ਰੇ ਤੋ
Cash flow for the period	-44	25	-998
Cash and cash equivalents at beginning of period	1,593	2,622	2,622
Exchange differences in cash and cash equivalents	-73	-37	-31
Liquid funds end of period	1,477	2,610	1,593
Information regarding interest payments
Interest received amounted to	1	1	4
Interest paid amounted to	-199	-201	-841
Financial cost right of use assets	-23	-21	-88
Information regarding cash and cash equivalents end of period Cash and cash equivalents consists of bank deposits.	1,477	2,610	1,593

		Jan-Mar	Full-year
MSEK	2022	2021	2021
Total revenues	35	37	148
Administration cost	-31	-49	-209
Operating profit	4	-12	-61
Other interest income and similar profit/loss items	-11	395	523
Derivatives, unrealised	180	260	481
Profit after financial items	173	643	943
Year-end appropriations	-		172
Profit before tax	173	643	1,115
Current tax	0	0	-1
Deferred tax	-54	-142	-226
Profit for the period	119	501	888

31 Mar 2022	31 Mar 2021	31 Dec 2021

20,130	19,756	20,085
1.514	2,784	1,579
21,644	22,540	21,664


9.611	9,105	9.490
91	113	91
5.047	7.785	5,344
6.895	5,537	6,739
21,644	22,540	21,664

Pandox AB follows the International Financial Reporting Standards (IFRS) and interpretations (IFRIC), as adopted by the EU. This interim report has been prepared according to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.

The interim report for the Parent Company has been prepared in accordance with Chapter 9 Interim Reports of the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and RFR2 Accounting principles for legal entities. Under RFR2 the parent company of a legal entity applies all EU approved IFRS principles and interpretations within the framework defined by the Swedish Annual Accounts Act and taking into consideration the connection between accounting and taxation.

Derivatives are measured at fair value according to Level 2 in the fair value hierarchy under IFRS, based on inputs that are observable, either directly or indirectly.

The carrying amounts of interest-bearing liabilities and other financial instruments constitute a reasonable approximation of their fair values.

The interim financial statements are included on pages 1–24 and page 25 is thus an integrated part of this financial report.

The accounting principles applied are consistent with those described in Pandox's Annual Report for 2021.

Pandox's operating segments consist of the Property Management and Operator Activities business streams. The Property Management segment owns, improves and manages hotel properties and provides external customers with premises for hotel operations, as well as other types of premises adjacent to hotel properties. The Operator Activities segment owns hotel properties and operates hotels in such owned properties. The Operator Activities segment also includes one hotel property under an asset management agreement. Non-allocated items are any items that are not attributable to a specific segment or are common to both segments, and financial cost for right-of-use assets according to IFRS 16. The segments have been established based on the reporting that takes place internally to executive management on financial outcomes and position. Segment reporting applies the same accounting principles as those used in the annual report in general, and the amounts reported for the segments are the same as those for the Group. Scandic Hotels Group and Fattal Hotels Group are tenants who account for more than 10 percent of revenues each. For the first quarter 2022, revenue-based rent in Property Management amounted to MSEK 98 (31).

		Sweden Denmark Norway			Finland Germany	Belgium	UK+IE	Others	Total
Total revenues
- Property Management	151	32	45	57	159	8	137	45	634
- Operator Activities	()	10		5	43	109	44	31	747
Market value properties	15.078	3.560	3.487	4.004	15.616	4.677	12.253	5.133	63.808
Investments in properties	40	12	8	4	66	88	7		233
Book value Operating Properties		347		79	2.678	2.772	965	1.425	8.217
Total non-current assets at book value, less deferred tax
assets	16.488	3.549	3.490	4.704	14.969	3.955	13.257	5.090	65.500

		Sweden Denmark	Norway		Finland Germany	Belgium	UK+IE	Others	Total
Total revenues
- Property Management	126	18	30	51	159	11	116	43	554
- Operator Activities				2	10	55	11	11	92
Market value properties	14.579	3.449	3.262	3.952	15,244	4.304	11.417	4.954	61.161
Investments in properties	34	23	10	g	53	92	47	11	281
Realised value change properties							-6		-6
Book value Operating Properties		751		30	1,961	2.631	937	1.370	7.679
Total non-current assets at book value, less deferred tax
assets	15.528	3.468	3.265	4.645	14.626	3.695	12.329	4.936	62.492

Current tax

Current tax amounted to MSEK –33 (–12), mainly explained by higher revenue in countries with limited opportunities for intra-Group eliminations. Deferred tax amounted to MSEK –280 (55).

Deferred tax

At the end of the period, deferred tax assets amounted to MSEK 55 (249). This consists mainly of the carrying amount of tax loss carryforwards which the Company expects to be able to utilise in future financial years, and temporary measurement differences for interest rate derivatives. Deferred tax liabilities amounted to MSEK 4,415 (4,281) and relate mainly to temporary differences between fair value and the taxable value of investment properties, as well as temporary differences between the carrying amount and the taxable value of operating properties.

Amount in MSEK	31 Mar 2022	31 Mar 2021	31 Dec 2021
Assets
Investment property Mora Hotell & Spa	114

Assets classified as held for sale	114

		Average rate			Rate at end-of-period
	2022	2021	Change %	2022	2021	Change %
Euro (EUR)	10.483	10.118	3%	10.338	10.238	1%
British pound (GBP)	12.532	11.586	8%	12.170	11.997	1%
Danish krone (DKK)	1.409	1.360	3%	1.390	1.377	1%
Norwegian krone (NOK)	1.056	0.986	7%	1.075	1.023	5%
Canadian dollar (CAD)	7.380	6.634	10%	7.410	6.923	8%
Swiss franc (CHF)	10.114	9.272	8%	10.032	9.259	9%

		Jan-Mar
Per share, SEK1)	2022	2021	2021
Total comprehensive income per share, SEK
Total comprehensive income for the period attributable to the shareholders of the parent company,
MSEK	1,259	660	1.337
Weighted average number of share, before and after dilution	183,849,999	183,849,999	183,849,999
Total comprehensive income per share, SEK	6.85	3.59	7.27
Cash earnings per share, SEK
Cash earnings attr.to the shareholders of the parent company, MSEK	178	90	713
Weighted average number of share, before and after dilution	183.849.999	183.849.999	183.849.999
Cash earnings per share, SEK	0.97	0.49	3.88
Net asset value (EPRA NRV) per share, SEK
EPRA NRV (net asset value), MSEK	32,783	31.325	31.905
Number of shares at the end of the period	183,849,999	183,849,999	183,849,999
Net asset value (EPRA NRV) per share, SEK	178.31	170.38	173.54
Dividend per share, SEK
Dividend. MSEK
Number of shares at dividend	183,849,999	183,849,999	183,849,999
Dividend per share, SEK3)
Weighted average number of share, before and after dilution	183,849,999	183,849,999	183,849,999
Number of shares at the end of the period	183,849,999	183,849,999	183,849,999
PROPERTY RELATED KEY FIGURES
Number of hotels, end of period2)	157	156	157
Number of rooms, end of period2)	35,373	35,061	35,372
WAULT, years	13.8	14.4	14.0
Market value properties, MSEK	63,808	61,161	62,596
Market value Investment Properties, MSEK	53,000	51,365	52,215
Market value Operating Properties, MSEK	10,808	9.797	10.380
RevPAR (Operator Activities) for comparable units at comparable exchange rates, SEK	332	100	291

NOIT-Carterit micrest-nearing navings	21,954	28,050
Current interest-bearing liabilities	10,776	4,685
Arrangement fee for loans	112	163
Cash and cash equivalents	-1,477	-2.610
Net interest-bearing debt	31,345	30,288

Loan to value net, %
Net interest-bearing debt	31,345	30,288
Market value properties	63,808	61,161
Loan to value, %	49.1	49.5

Interest cover ratio, times
EBITDA	467	350
Less: Financial costs for right-of-use-assets	-23	-21
Net interest costs	202	204
Interest cover ratio, times	2.2	1.6
Average interest on debt end of period, %
Average interest expenses	811	841
Non-current interest-bearing liabilities	21,934	28,050
Arrangement fee for loans		163
	112
Current interest-bearing liabilities	10,776	4,685
Average interest on debt end of period, %	2.5	2.6

Investments, incl. parent company excl. acquisitions	235	283

Net operating income, Property Management
Rental income	602	515
Other property income	32	ਤਰੇ
Costs, excl. property administration	-58	-52
Net operating income, before property administration	576	502
Property administration	-33	-40
Net operating income, Property Management	543	462

Net operating income, Operator Activities
Revenue	242	92
Costs	-352	-241
Gross profit	-110	-149
Plus: Depreciation included in costs	61	ਦਰ
Net operating income, Operator Activities	-49	-80
EBITDA
Gross profit from respective operating segment	433	313
Plus: Depreciation included in costs Operator Activities	61	ਦਰ
Less: Central administration, excluding depreciation	-27	-32

EBITDA	467	350
Cash earnings
EBITDA	467	350
Plus: Financial income	2	1
Less: Financial expense	-232	-233
Less: Financial costs for right-of-use-assets	-23	-21
Plus/Less: Translation effect on bank deposits	-1	0
Less: Current tax	-33	-12
Cash earnings	180	82

EPRA NRV
Equity attr. to the shareholders of the parent company	26,470	24,540
Plus: Revaluation of Operating Properties	2,590	2,118
Plus: Fair value of financial derivatives	-872	471
Less: Deferred tax assets related to derivatives	180	-97
Plus: Deferred tax liabilities	4,415	4,293
EPRA NRV	32,783	31,325

Growth in EPRA NRV, annual rate, %
EPRA NRV attr. to the shareholders of the parent company, OB	31,325	34,375
EPRA NRV attr. to the shareholders of the parent company, CB	32,783	31,325
Growth in EPRA NRV, annual rate, %	4.7	-8.9

A number of the financial descriptions and measures in this interim report provide information about development and status of financial and per share measurements that are not defined in accordance with the IFRS (International Financial Reporting Standards). Adjoining alternative financial measurements provides useful supplementary information to investors and management, as they facilitate evaluation of company performance. Since not all companies calculate financial measurements in the same manner, these are not always comparable to measurements used by other companies. Hence, these financial measures should not be seen as a substitute for measures defined according to the IFRS. Unless otherwise stated, the tables on pages 20 – 2 2 presents measures, along with their reconciliation, which are not defined according to the IFRS. The definitions of these measures appear on page 24 .

Pandox owns, manages and develops hotel properties and operates hotels. The level of risk -taking is expressed in a loan -to value ratio net of between 45 and 60 percent, depending on market development and the opportunities that exist. In addition to the loan -to -value ratio, interest cover ratio, average cost of debt and interest -bearing net debt are other relevant measurements of Pandox's financial risk.

Pandox's overall goal is to increase cash flow and property value and thereby enable Pandox to have the resources for investments to support the Group's continued expansion. Since Pandox both owns and operates hotel properties, multiple indicators are needed to measure the Company's performance in relation to goals in this regard. Growth in cash earnings is Pandox's primary focus and this is also the basis for the dividend paid annually to the shareholders, i.e. 30 –50 percent of cash earnings with an average payout ratio of approximately 40 percent over time. Measuring net operating income creates transparency and comparability between the Company's two operating segments and with other property companies. EBITDA measures Pandox's total operational profitability in a uniform way. 123

Net asset value (EPRA NRV) is the collective capital Pandox manages on behalf of its shareholders. Pandox measures long -term net asset value based on the balance sheet adjusted for items that will not yield any payments in the near future, such as derivatives and deferred tax liabilities. The market value of Operating Properties is included in the calculation. See also page 24 .

EPRA NRV is the long-term net asset value and is based on the balance sheet adjusted for items where there will be no payments made in the near future, such as goodwill, financial derivatives, deferred tax liability and surplus value of Operating Properties (see page 7 for more information). EPRA NTA is the same as long-term net asset value with the difference that goodwill not attributable to deferred tax is to be added back and that deferred tax can be assigned a market value taking into account how the entity has carried out real estate transactions in recent years. As Pandox has no goodwill, has a long-term investment horizon, and does not report estimated actual deferred tax, the value of NRV and NTA in Pandox's case is the same. EPRA NDV is net asset value according to equity in the balance sheet adjusted for goodwill (Pandox has no goodwill) and surplus value of Operating Properties.

and the least hat hat has be for hands of former had in
	31 Mar 2022	31 mars 2021				31 dec 2021
MSEK	MSEK	SEK/share1)	MSEK	SEK/share1)		MSEK SEK/share1)
Equity attr. to the shareholders of the parent
company	26,470	143.98	24,540	133.48	25,213	137.14
Plus: Revaluation of Operating Properties	2,590	14.09	2,118	11.52	2,365	12.87
Plus: Fair value of financial derivatives	-872	-4.74	471	2.56	58	0.32
Less: Deferred tax assets related to derivatives	180	0.98	-97	-0.53	-12	-0.07
Plus: Deferred tax liabilities	4,415	24.01	4,293	23.35	4,281	23.29
Net asset value, EPRA NRV	32,783	178.31	31,525	170.38	31,905	173.54

Less:
Net asset value, EPRA NTA	32,783	178.31	31,325	170.38	31,905	173.54

Less: derivatives and deferred tax	-3,723	-20.25	-4.667	-25	-4,327	-23.53
Net asset value, EPRA NDV	29,060	158.07	26,658	145.00	27,578	150.00

EPRA LTV is a key ratio that shows interest-bearing net debt in relation to the total market value of the property portfolio and other available assets and is used to create comparability between property companies. EPRA LTV is essentially the same as Pandox's previous definition of loan-to-value ratio, with the only difference that net operating receivables and operating liabilities are included in the EPRA calculation. As Pandox has no associated companies or joint ventures, and as there are no minority interests that are material for the Company, no further adjustments are made.

	31 Mar 2022				31 Mar 2021			31 Dec 2021
	Previously reported Loan to			Previously reported Loan to			Previously reported Loan to
MSEK	value. %	Adj.	EPRA LTV. %	value, %	Adj.	EPRA LTV. %	value. %	Adj.	EPRA LTV. %
Non-current interest- bearing liabilities Current interest-bearing	21,934		21,934	28,050		28,050	27,205		27,205
liabilities	10,776		10.776	4,685		4,685	5,418		5,418
Arrangement fee for loans Net operating assets and	112		112	163		163	129		129
operating liabilities Exclude: Cash and cash
equivalents	-1.477		-1.477	-2,610		-2,610	-1,593		-1.593
Net debt	31,345		31,345	30,288		30,288	31,159		31,159
Market value properties Net operating assets and	63,808		63,808	61,161		61,161	62,596		62,596
operating liabilities		220	220		113	113		264	264
Total properties and other applicable assets	63,808	220	64,028	61,161	113	61,274	62,596	264	62,860
Loan to value, %	49.1%		49.0%	49.5%		49.4%	49.8%		49.6%

	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
MSEK	2022	2021	2021	2021	2021	2020	2020	2020
Revenues Property Management
Rental income	602	606	617	541	515	523	563	502
Other property income	32	42	35	27	39	47	67	25
Revenue Operator Activities	242	326	287	146	92	117	169	74
Total revenues	876	974	ਰੇਤੇ ਹੋ ਤੇ ਤੇ ਉੱਤੇ ਉੱਤੇ ਸਾਰ ਦੇ ਵੱਡ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱ	714	646	687	799	601
Costs Property Management	-91	-106	-99	-98	-92	-92	-99	-79
Costs Operator Activities	-352	-373	-334	-203	-241	-244	-266	-216
Gross profit	433	495	506	413	313	351	434	306
Central administration	-32	-52	-31	-37	-37	-41	-41	-42
Financial net	-230	-227	-242	-239	-232	-227	-227	-220
Financial cost right of use assets	-23	-21	-23	-23	-21	-21	-21	-22
Profit before value changes	148	। ਰੇਣ	210	114	23	62	145	22
Changes in value
Properties, unrealised	279	97	-9	-105	-351	-533	-315	-320
Properties, realised		-16	-6		-6	0	0
Derivatives, unrealised	930	187	202	24	327	109	51	-22
Profit before tax	1,357	463	397	33	-7	-362	-119	-320
Current tax	-33	-78	-15	-23	-12	-2	-17	-11
Deferred tax	-280	-127	-61	-16	ર્દે રે	59	33	-1
Profit for the period	1,044	258	321	-6	36	-305	-103	-332
Other comprehensive income	219	238	128	-258	632	-796	46	-920
Total comprehensive income for the period	1,263	496	449	-264	668	-1,101	-57	-1,252

MSEK							31 Mar 2022 31 Dec 2021 30 Sep 2021 30 Jun 2021 31 Dec 2020 30 Sep 2020 30 Jun 2020
Assets
Properties incl equipment and interiors	61,120	60.246	58.975	58.553	59.057	57,555	59.859	59.877
Right-of-use assets	3,155	3,039	3.009	2,975	3.016	2,926	3,071	3,051
Other non-current receivables	1,226	522	514	500	423	268	84	8 ਦ
Deferred tax assets	55	249	488	529	502	631	559	570
Current assets	1,189	1,152	1.086	ਰੇਤੇ ਰੋਜ਼ ਦੇ ਤੇ ਤੇ ਉੱਤੇ ਸਾਹਿਤ ਕੀਤੀ ਹੈ। ਇਹ ਕਿ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਸੀ। ਉਹ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਸੀ। ਉ	893	813	1,261	1.008
Cash and cash equivalents	1,477	1,593	1,494	2,712	2,610	2,622	2,309	2,298
Total assets	68,222	66,801	65,566	66,208	66.501	64,815	67,143	66.889
EQUITY AND LIABILITIES
Equity	26.685	25.422	24.941	24.492	24.756	24.088	25,189	25.246
Deferred tax liability	4,415	4,281	4,319	4,275	4,293	4,307	4,407	4,458
Interest-bearing liabilities	32,710	32.623	31.747	32.724	32.735	31.452	32,173	31,981
Leasing liabilities	3,158	3,042	3.011	2.977	3.018	2,928	3.073	3.052
Non interest-bearing liabilities	1.254	1.433	1.548	1.740	1.699	2.040	2,301	2.152
Total equity and liabilities	68,222	66,801	65.566	66,208	66.501	64.815	67.143	66,889
Key ratıos
	Tan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Tan-Mar	Oct-Dec	Jul-Sep	Apr-Jun

	CARA AVALLA	VAL WHI	ﺑﺎﺕ ﺑﺎﺭﯾﺎ ﮐﺎ ﺍﯾﮏ ﺭﮨﺎﺋﺸﯽ ﮐﮯ ﺷﮩﺮ	2222 1444	AAA AVASA	VALUAL	ﺍﯾﺎ ﮨﺎﺗﺎ ﮨﺎﺋﺎ	ANDA I WAL
MSEK	2022	2021	2021	2021	2021	2020	2020	2020
NOI, Property Management	543	542	553	470	462	478	531	448
NOI, Operator Activities	-49	26	22	10	-80	-64	-39	-85
EBITDA	467	521	550	447	350	378	456	327
Interest coverage ratio, times	2.2	2.5	25	2.0	1.6	1.8	2.2	1.6
Earnings per share before and after dilution, SEK	5.67	1.41	1.73	-0.04	0.22	-1.63	-0.56	-1.79
Cash earnings, MSEK	180	195	270	162	85	129	194	75
Cash earnings per share before and after dilution, SEK	0.97	1.07	1.45	0.88	0.49	0.73	1.06	0.42
RevPAR growth (Operator Activities) for comparable units and constant currency, %	232	319	92	103	-81	-89	-81	-92

	31 Mar 2022 31 Dec 2021 30 Sep 2021 30 Jun 2021 31 Dec 2020 30 Sep 2020 30 Jun 2020
Net interest-bearing debt	31.345	31.159 - - - -	30.387 - - - -	30.159	30.288	29.007	30.056	29.878
Loan to value. %	49.1	49.8	49.6	49.7	49.5	48.7	48.5	48.0
Market value properties	63.808	62.596 - - -	61.255	60.696	61.161	59.542	62.022	62.259
EPRA NRV per share, SEK	178.31	173.54	171.49	168.97	170.38	167.60	175.33	177.32
WAULT (Property Management), yrs	13.8	14.0	14.2	14.1	14.4	14.6	14.9	15.2

Average interest expense based on interest maturity in respective currencies as a percentage of interest-bearing liabilities.

EBITDA plus financial income less financial expense less financial cost for right-of-use assets according to IFRS 16 less current tax, adjusted any unrealised translation effect on bank balances.

Total gross profit less central administration (excluding depreciation).

Recognised equity, attributable to the Parent Company's shareholders, including reversal of derivatives, deferred tax asset derivatives, deferred tax liabilities related to properties, and revaluation of Operating Properties.

Recognised equity, attributable to the Parent Company's shareholders, including revaluation Operating Properties.

Loan-to-value ratio net adjusted for net operating assets and operating liabilities.

Growth measure that excludes effects of acquisitions, divestments and reclassifications, as well as exchange rate changes.

Accumulated percentage change in EPRA NRV, with dividends added back and issue proceeds deducted, for the immediately preceding 12 month period.

Revenue less directly related costs for Operator Activities including depreciation of Operator Activities.

Revenue less directly related costs for Property Management.

Current and non-current interest-bearing liabilities plus arrangement fee for loans less cash and cash equivalents and short-term investments that are equivalent to cash and cash equivalents. Long-term and shortterm lease liabilities according to IFRS 16 are not included.

EBITDA less financial expense for right-of-use assets divided by net interest expense, which consists of interest expense less interest income.

Investments in non-current assets excluding acquisitions.

Interest-bearing liabilities, including arrangement fee for loans, less cash and cash equivalents as a percentage of the properties' market value at the end of the period.

Gross profit for Operator Activities plus depreciation included in costs for Operator Activities.

Net operating income corresponds to gross profit for Property Management.

Net operating income for Operator Activities as a percentage of total revenue from Operator Activities.

Since amounts have been rounded off in MSEK, the tables do not always add up.

EBITDA plus financial income less financial expense less current tax, after non-controlling interests, less financial expense for right-of-use assets according to IFRS 16 adjusted any unrealised translation effect on bank balances divided by the weighted average number of shares outstanding.

Comprehensive income attributable to the Parent Company's shareholders divided by the weighted average number of shares outstanding after dilution at the end of the period.

Proposed/approved dividend for the year divided by the weighted average number of outstanding shares after dilution at the end of the period.

Profit for the period attributable to the Parent Company's shareholders divided by the weighted average number of shares outstanding.

EPRA NRV, NTA, NDV divided by the total number of shares outstanding after dilution at the end of the period.

The weighted average number of outstanding shares taking into account changes in the number of shares outstanding after dilution during the period.

The weighted average number of outstanding shares taking into account changes in the number of shares outstanding, before dilution, during the period.

Market value of Investment Properties plus market value of Operating Properties.

Number of owned hotel properties and rooms at the end of the period.

Revenue per available room, i.e. total revenue from sold rooms divided by the number of available rooms. Comparable units are defined as hotel properties that have been owned and operated during the entire current period and the comparative period. Constant exchange rate is defined as the exchange rate for the current period, and the comparative period is recalculated based on that rate.

Weighted average unexpired lease term across the property portfolio, weighted based on the 2019 rental income level (which is an approximation of a normal financial year not affected by the Covid-19 pandemic