Revenue from Property Management amounted to MSEK 780 (634). For comparable units, the increase was 21 percent, adjusted for currency effects
Net operating income from Property Management amounted to MSEK 662 (543). For comparable units, the increase was 21 percent, adjusted for currency effects
Net operating income from Operator Activities amounted to MSEK 52 (-49)
EBITDA amounted to MSEK 675 (467), an increase of 45 percent
Cash earnings amounted to MSEK 259 (178), equivalent to SEK 1.41 (0.97) per share
Changes in the value of properties amounted to -212 (279) MSEK, of which MSEK -410 unrealised and MSEK 198 realised. Unrealised changes in the value of derivatives amounted to MSEK -344 (930)
Profit for the period amounted to MSEK -203 (1,044), equivalent to SEK -1.17 (5.67) per share
During the first quarter Pandox acquired The Queens Hotel in Leeds and Best Western Hotel Fridhemsplan in Stockholm. The divestment of InterContinental Montreal was completed

		Tan-Mar		Full-year
MSEK	2023	2022	A%	2022
Total net sales	1,353	876	54	5,654
Of which Property Management	780	634	23	3,307
Of which Operator Activities	573	242	137	2,347
Total net operating income	714	494	45	3,434
Of which Property Management	662	543	22	2,868
Of which Operator Activities	52	-49	n.a	566
EBITDA	675	467	45	3,304
Profit for the period	-203	1,044	n.a	4,204
Earnings per share, SEK	-1.17	5.67	m.a	22.94
Cash earnings	259	178	46	2,056
Cash earnings per share, SEK	1.41	0.97	46	11.18
Market value properties	69,695	63,808	9	69,231
Net interest-bearing debt	32,188	31,345	3	32,334
Loan to value net, %	46.2	49.1	n.a	46.7
Interest cover ratio, times	2.3	2.2	n.a	3.7
EPRA NRV per share, SEK	204.93	178.31		205.03
WAULT (Investment Properties), years	14.7	13.8	n.a	15.0
RevPAR (Operator Activities) for comparable units at comparable exchange rates, SEK	738	349	111	817

Hotel demand remained stable and positive in the first quarter, taking into account the hotel market's past seasonal patterns where the first quarter is normally the weakest one of the year.

Pandox's growth was good, and our cash flow was strong. For comparable units, net sales and total net operating income increased by 47 and 41 percent respectively, compared with the corresponding quarter the previous year – a quarter that was impacted by pandemic restrictions. Growth was particularly strong in Operator Activities.

Although the first quarter had a cautious start, demand increased gradually and the hotel market is still perceived as robust. Development was particularly strong considering the significant new capacity which, in the aftermath of the pandemic, has been added in many markets over the past few years, such as in Copenhagen and Helsinki.

During the quarter we acquired The Queens Hotel Leeds within the Operator Activities segment and Best Western Hotel Fridhemsplan within Property Management. Both of these acquisitions had attractive prices and good yield levels. I'm particularly glad that we have made another acquisition in Stockholm – especially because we see great potential in the hotel property at Fridhemsplan. We have a long and successful history of acquiring underperforming hotel properties and increasing their profitability and value in various ways. Our focus and our speciality is identifying valuable strength factors, particularly in the current market.

For various reasons, transaction activity in the hotel property market is low and our acquisition pace is currently below what we would like it to be. The situation is better in terms of investment in the existing portfolio and we believe there is good potential to continue to add profitable projects in cooperation with our tenants.

Pandox's financial position improved further during the first quarter. The loan-to-value ratio fell to 46.2 percent. Adjusted for distributed dividends in April, our loan-to-value ratio was 46.8 percent. We only have bank financing where the security is in the form of our properties, and the loans are in local currency. During the quarter we secured refinancing equivalent to around MSEK 5,200 in the form of loans with longer terms to maturity. As is our normal procedure, we have a close working relationship with our banks and lenders about refinancing maturing loans.

Our variable revenue business model provides effective protection against both inflation and higher financing costs. This, combined with a company that is driven to succeed and is financially strong, allows us to both actively defend our positions and proactively utilise the business opportunities that are created.

Up to now, in April, both hotel demand and average price development have been good in most markets. There is still recovery potential in business and international travel. At the same time we are seeing stronger trade fair and exhibition calendars than in 2022 in important markets. Our cautiously optimistic view of the hotel markets in 2023 still holds.

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 and shared investments
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 the interim report January-March 2023 to investors, analysts and the media in a conference call webcast on 26 April at 08:30 CEST. As a service to Pandox's stakeholders there will also be an external update on the hotel market.

To follow the webcast, go to https://ir.financialhearings.com/pandox-q1-2023

To participate by phone, please use one of the following phone numbers: SE: +46 8 505 163 86 UK: +44 20 319 84884 US: +1 412 317 6300

Pin code: 4762730#

Liia Nõu, CEO +46 (8) 506 205 50

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 26 April 2023 at 07:00 CEST.

Interim report January-March 2023 26 April 2023 Interim report January-June 2023 14 July 2023 Interim report January-September 2023 26 October 2023 Hotel market day 2023 21 November 2023 Year-end report 2023 8 February 2024

In Europe, the world's largest travel destination, there were 585 million international arrivals in 2022. This was around 80 percent of the level before the outbreak of the coronavirus (UNWTO). The improvement was driven by strong intra-European travel and a very intense summer season driven by pent-up travel demand.

International travel is expected to continue to increase in 2023, supported by more active Chinese travel in the second half of the year as passport and visa processing improves and the air travel infrastructure to Europe is re-established. A strong dollar and increased US demand are also expected to drive increased transatlantic travel to Europe. Despite inflation and increasing living costs, there are still good indications that experiences and travel will be prioritised over other consumption. Any downside risks for individual travellers' travel consumption are expected to be offset by business and conference demand, as well as international travel that has not yet fully recovered to pre-pandemic levels.

The first quarter of 2023 largely followed the same pattern as the preceding quarters, with occupancy slightly below and average prices clearly above the 2019 levels.

Occupancy in Europe** was 60 percent compared with 46 percent in the corresponding period the previous year (just over 63 percent in 2019).
The average price was EUR 120, which is equivalent to 19 percent more than 2022 and 21 percent more than the 2019 level.
Altogether RevPAR in Europe amounted to EUR 72, an increase of 53 percent on the previous year (+15 percent compared with 2019).
The results of eased restrictions on travel from China have still not materialised in terms of effect on hotel demand.

After a cautious start, Pandox's markets developed well in the first quarter, albeit with certain differences. These are explained by different demand mixes and how quickly pandemic restrictions were removed in

various countries in the comparison quarter. Germany and Austria, where restrictions were removed last, saw the strongest growth in the quarter. In general and in comparison with 2019, occupancy was lower, while average prices were significantly higher.

Occupancy in the Nordics* was 56 percent, compared with 44 percent in the corresponding period the previous year (2019: 61 percent).
The average price and RevPAR for the Nordics as a whole exceeded the 2019 level by around 13 percent and 4 percent respectively.
Compared with 2019, regional Nordic markets continued to perform better than the four capital cities.
Norway had the strongest average price development, with 26 percent compared with 2019.
Helsinki remained the most challenging sub-market due to a relatively strong dependence on long-haul flights from Asia and demand from Russia. At the same time, this market has seen a relatively large addition of new hotels in recent years.
The good trend in Germany continued, with RevPAR at EUR 58 compared with EUR 29 for the corresponding period the previous year. RevPAR in Germany was 9 percent lower than in 2019.
The German conference, trade fair and congress-related demand had a strong comeback, which is particularly beneficial for cities such as Dusseldorf, Hannover and Frankfurt.
Ireland and UK regional (outside London) were both strong compared with 2022 and 2019. RevPAR for Ireland and UK Regional was 34 percent and 21 percent respectively above the 2019 level, driven mainly by average price.
Brussels an international hotel market saw good RevPAR growth. International meetings, delegations and conferences are back at good levels. Occupancy is 11 percent lower and average prices 16 percent higher than in 2019, making RevPAR 3 percent higher than 2019.

* 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 1,353 (876), an increase of 54 percent where restrictions related to the pandemic affected the comparable quarter negatively. Hotel demand developed in line with the historical seasonal pattern where the first quarter normally is the weakest of the year. For comparable units, net sales increased by 47 percent, adjusted for currency effects.

Revenue from Property Management amounted to MSEK 780 (634), an increase of 23 percent. The increase in revenue is explained by higher revenue-based rents, which amounted to MSEK 208 (98). For comparable units, revenue increased by 21 percent, adjusted for currency effects.

Revenue from Operator Activities amounted to MSEK 573 (242), an increase of 137 percent. For comparable units, revenue increased by 113 percent and RevPAR by 112 percent, adjusted for currency effects.

Total net operating income amounted to MSEK 714 (494), an increase of 45 percent. For comparable units, total net operating income increased by 41 percent, adjusted for currency effects.

Net operating income from Property Management amounted to MSEK 662 (543), an increase of 22 percent. For comparable units, net operating income increased by 21 percent, adjusted for currency effects.

Net operating income from Operator Activities amounted to MSEK 52 (-49). The comparison quarter includes government grants received of MSEK 17.

Central administration costs amounted to MSEK -45 (-32).

Depreciation in Operator Activities amounted to MSEK -67 (-61). Depreciation of MSEK -6 (-5) is included in administration costs.

Financial expense amounted to MSEK -320 (-232), of which MSEK -22 (-18) consists of depreciation of capitalised loan arrangement fees. The increase is mainly explained by higher base interest rates and negative currency effects, and only to a limited extent by increased credit margins.

Financial income amounted to MSEK 10 (2). Financial expense associated with right-of-use assets amounted to MSEK -26 (-23).

Unrealised changes in the value of properties amounted to MSEK -410 (279), which is mainly explained by increased yield requirements.

Realised changes in value of properties amounted to MSEK 198 (–), of which two-thirds is capital gain from divestment of InterContinental Montreal, and the remaining part is the net of disposal and insurance settlement for Dorint Parkhotel Bad Neuenahr.

Unrealised changes in the value of derivatives amounted to MSEK -344 (930).

Current tax amounted to MSEK -65 (-33). The increase in current tax is mainly explained by higher profit before tax in Sweden, where Pandox does not have any tax loss carryforwards from previous years.

Deferred tax amounted to MSEK 152 (-280), explained by changes in value of derivatives and Investment Properties. See also Note 3 on page 19.

Profit for the period amounted to MSEK -203 (1,044) and profit for the period attributable to the Parent Company's shareholders amounted to MSEK -216 (1,042), which is equivalent to SEK -1.17 (5.67) per share.

Cash earnings amounted to MSEK 259 (178).

On 31 March 2023 cash and cash equivalents and unutilised credit facilities amounted to MSEK 3,843, compared with MSEK 4,489 as of 31 December 2022. Pandox's refinancing transactions during the first quarter amounted to the equivalent of MSEK 5,151.

	Jan-Mar		Full-year
MSEK	2023	2022	2022
Rental income	743	602	3.052
Other property income	37	32	255
Costs, excl. property admin	-80	-58	-245
Net operating income, before property admin	700	576	3.062
Property administration	-38	-33	-194
Gross profit	662	543	2,868

Net operating income, after property admin	662	543	2,868

Rental income and other property revenue amounted to MSEK 780 (634), an increase of 23 percent. For comparable units, revenue increased by 21 percent, adjusted for currency effects.

Revenue-based rent amounted to MSEK 208 (98). Variable rental income was generated within 55 (20) leases at minimum levels, which is normal taking into account seasonal effects.

Contractual guaranteed minimum rent plus fixed rent amount to around MSEK 2,000 on an annual basis.

Occupancy at comparable hotels amounted to around 56 (40) percent during the quarter.

Most sub-segments and markets had stable positive growth, among them UK Regional, Sweden, Norway, Denmark and the regional market in Finland. Helsinki continued to perform at a lower level than the portfolio as a whole, although a certain improvement was noted in the quarter.

In Germany, although the quarter began with some caution, demand gradually increased. There was a significant difference between the strongest and the weakest destinations, with domestic demand mainly benefitting cities such as Hamburg, Karlsruhe, Mönchengladbach and Heidelberg. Larger industrial cities such as Wolfsburg did not perform as well, in relative terms.

Net operating income amounted to MSEK 662 (543), an increase of 22 percent.

For comparable units, net operating income increased by 21 percent, adjusted for currency effects.

	Jan-Mar		Full-year
MSEK	2023	2022	2022
Revenue	573	247	2.347
Costs	-588	-352	-2,111
Gross profit	-15	-110	236
Plus: Depreciation included in costs	67	61	330
Net operating income	52	-49	566

Revenue from Operator Activities amounted to MSEK 573 (242), an increase of 137 percent. For comparable units, revenue and RevPAR increased by 113 and 112 percent respectively, adjusted for currency effects. Hotel demand was stable in total in the quarter. The revenue increase was, however, limited by a slightly more cautious start of the period.

Occupancy at comparable hotels amounted to around 52 (31) percent and average price development remained good.

Hotels that performed the best during the quarter were Hotel Hubert (Brussels, Belgium), Hilton Garden Inn London Heathrow Airport (UK) and Novotel Den Haag (Netherlands).

Net operating income amounted to MSEK 52 (-49), equivalent to a net operating margin of around 9 percent, which is mainly explained by seasonal effects and that important demand segments have not recovered in full. The comparison quarter includes government grants in the amount of MSEK 17.

Pandox handed over the InterContinental Montreal on 1 February and took over The Queens Hotel Leeds on 16 February.

NH Brussels Louise closed for renovation on 1 April and is expected to reopen in the first half of 2024 in Property Management.

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 for comparative and quality purposes (see also Note E in Pandox's 2022 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 8,817 (8,450) at the end of the period.

In the first quarter Best Western Hotel Fridhemsplan and The Queens Hotel Leeds were acquired in the Investment Properties and Operating Properties respectively, and InterContinental Montreal was divested in Operating Properties. Moreover, the insurance matter regarding Dorint Parkhotel Bad Neuenahr in Investment Properties was settled, and the property was written down to land value. The received insurance compensation mitigates the effect on earnings from the write-down (disposals below).

At the end of the period, Pandox's property portfolio had a market value of MSEK 69,695 (69,231), of which

Investment Properties accounted for MSEK 57,719 (57,563) and Operating Properties for MSEK 11,976 (11,669). Over the past 12 months, external valuations were performed for around 94 percent of the hotel properties and are in line with the internal valuations, measured in value. External valuations were performed in the first quarter for around 18 percent of Pandox's hotel property portfolio, measured in value.

Unrealised changes in the value of Investment Properties amounted to MSEK -410 (279), explained by an increase in the average yield requirement of 0.04 percentage points. Unrealised changes in the value of Operating Properties amounted to MSEK -10 (130) (reported for disclosure purposes only). Here the average yield requirement increased by 0.09 percentage points, which largely was offset by increased cash flows.

	MSEK
Market value beginning of the year (1 Jan, 2023)	57.563
+ Acquisitions	325
+ Investments	122
+/- Changes in value	-410
+/- Disposals	-223
+/- Change in currency exchange rates	342
Market value end of year (31 Mar, 2023)	57.719

	MSEK
Market value beginning of the year (1 Jan, 2023)	11.669
+ Acquisitions	683
+ Investments	114
- Divestments	-616
+/- Changes in value	-10
+/- Change in currency exchange rates	136
Market value end of year (31 Mar, 2023)	11.976

Effect on fair value	Change	MSEK
Yield	+/-0.5%	-4.712/ +5.631
Change in currency exchange rates	+/-1%	+/-477
Net operating income	+/-1%	+/-557

Date	Hotel property	Event
28 February 2023	Best Western Hotel Fridhemsplan	Acquisition Property Management
16 February 2023	The Queens Hotel Leeds	Acquisition Operator Activities
1 February 2023	InterContinental Montreal	Divestment Operator Activities
31 December 2022	Hotel Pomander Nuremberg	Reclassification to Property Management
31 December 2022	NH Brussels Louise	Reclassification to Property Management
30 September 2022	NH Brussels Louise	Acquisition Operator Activities
23 September 2022	DoubleTree by Hilton Bath	Acquisition Operator Activities
29 July 2022	Scandic Kajanus	Divestment Property Management
2 May 2022	Mora Hotell & Spa	Divestment Property Management

At the end of the period Pandox's property portfolio consisted of 158 (157) hotel properties with 35,586 (35,490) hotel rooms in fifteen countries, including the sub-markets England, Scotland, Wales, and Northern Ireland.

Pandox's main geographical focus is Northern Europe. Germany (25 percent) is Pandox's single largest geographical market, measured as a percentage of the property portfolio's total market value, followed by Sweden (22 percent), UK (19 percent), Belgium (8 percent) and Finland (7 percent).

More than 80 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 2023 Investment Properties had a weighted average unexpired lease term (WAULT) of 14.7 years (15.0).

	Nümber		Market value (MSEK)
Property Management	Hotels	Rooms	Per country	In % of total	Per room
Sweden	42	9.045	15.496	22	1.7
Germany	33	6,871	13.088	19	19
I IK	20	4.821	10.870	16	2.3
Finland	12	2.742	4,581	7	1.7
Norway	14	2.573	3.295	5	1.3
Denmark	7	1.642	3,604	5	2.2
Austria	2	639	1.593	2	2.5
Belgium	3	765	1.404	2	1.8
Ireland	3	445	1.635	2	3.7
Switzerland	1	206	899	1	4.4
The Netherlands	1	189	1.255	2	6.6
Sum Property Management	138	29.938	57.719	83	1.9
Operator Activities
Belgium	7	1.967	4,267	6	2.2
Germany	5	1.490	3.894	6	2.6
Storbritannien	3	787	2.093	3	2.7
Kanada	1	595	826	1	1.4
The Netherlands	1	216	410	1	1.9
Denmark	1	201	459	1	2.3
Finland	1	160	28	0	0.2
Sum Operator Activities	20	5,648	11,976	17	2.1

400 600 800 1,000

60 80 100

Accumulated expired % (right hand scale)

19% 60% 5% 16% Revenue-based lease with minimumguaranteed rent

Revenue-based lease without minimum guaranteed rent

Fixed lease

Own operations

	Number
Brand	Hotels	Rooms	In % of total
Scandic	49	10,853	30
Leonardo **	34	7.242	20
Hilton	9	2.840	8
Radisson Blu	8	2.033	6
NH Hotels	7	1.681	5
Nordic Choice Hotels	11	1.887	5
Dorint	5	1.085	3
Mercure	4	760	2
Jurys Inn**	4	715	2
Elite Hotels	2	493	1
Holiday Inn	2	469	1
Novotel	2	421	1
Indigo	1	284	1
Crowne Plaza	1	262	1
Pullman	1	252	1
Citybox	1	246	1
Meininger	1	228	1
Motel One	1	200	1
Adagio	1	146	0
Best Western	2	324	1
Independent brands	12	3,165	9
Total	158	35,586	100

In the period January–March 2023, investments in property, plant and equipment, excluding acquisitions, amounted to MSEK 235 (235), of which MSEK 122 (88) was for Investment Properties and MSEK 114 (146) for Operating Properties. The cost of maintenance in the first quarter of 2023 was MSEK 15 (22).

At the end of the period, approved investments for ongoing and future projects amounted to around MSEK 2,000 (1,250), of which around MSEK 900 is for projects that are expected to be completed in 2023.

Science-based targets

Pandox submitted a commitment letter to the Science Based Targets initiative (SBTi) on 30 November 2022. On 1 December 2022 Pandox also shared its targets with SBTi. These were produced in consultation with the Swedish Environmental Research Institute (IVL) in order to meet the requirements under the Paris Agreement. Pandox "slot time" to have the targets validated by the SBTi is 12 June 2023.

Focus areas

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 expected to be completed in 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 46.2 (46.7) percent. Equity attributable to the Parent Company's shareholders amounted to MSEK 30,681 (30,731). EPRA NRV amounted to

MSEK 37,676 (37,694), equivalent to SEK 204.93 (205.03) per share. Cash and cash equivalents plus unutilised credit facilities amounted to MSEK 3,843 (4,489) and there are several unpledged properties with a value of approximately MSEK 2,500. In addition, there are additional unutilised credit facilities that, at any given time, fully cover the issued volume under the Pandox commercial paper programme. Commercial papers are used to optimize Pandox's financial costs via interest rate arbitrage.

All Pandox debt financing is with banks, with the exception of AMF Tjänstepension AB, and commercial papers. At the end of the period the loan portfolio amounted to MSEK 34,191 (33,964), excluding loan arrangement fees. Unutilised credit facilities amounted to MSEK 1,840 (2,859) and the volume issued under the commercial paper programme amounted to MSEK 731 (699), which corresponds to approximately 2 percent of the total loan portfolio.

Short-term credit facilities maturing in less than 12 months amount to MSEK 11,021, of which approximately MSEK 3,500 matures in the second quarter 2023 and approximately MSEK 6,700 in the fourth quarter 2023. We have a dialogue with our lenders and the plan is to finalise refinancing well in advance of maturity. Pandox's refinancing transactions during the first quarter amounted to a total of around MSEK 5,151.

The average fixed rate period was 2.7 (2.7) years and the average interest rate, corresponding to the interest rate level at the end of the period, was 3.9 (3.2) percent, including effects from interest-rate derivatives, but excluding accrued arrangement fees. The average repayment period was 2.1 (1.7) years. The loans are secured by a combination of mortgage collateral and pledged shares.

Year due (MSEK)	Credit facilities1)
< 1 year	11,021
1–2 year	4,313
2-3 year	13,709
3-4 year	2,805
4–5 year	4,183
> 5 year
Sum	36,031

To reduce the currency exposure in foreign investment Pandox's aim is to finance 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)	8.718	2.109	16.739	525		1.147	6.793	36,031
Sum interest bearing debt,
MSEK1)	6.463	2.109	17.155	525		1.147	6.793	34.191
Share of debt in currency, %	18.9	6.2	50.2	1.5		3.4	19.9	100
Average interest rate, % 2)	3.8	3.3	2.9	3.6		5.9	6.1	3.9
Average interest rate period, years	2.9	1.6	3.1	0.2		2.4	2.2	2.7
Market value Properties, MSEK®)	15.496	4.062	32.155	899	826	3.295	12.963	69.695

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 29,019 gross and MSEK 18,586 net, which is also the portion of Pandox's loan portfolio for which interest rates are hedged. Approximately 64 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, %	derivatives, %
< 1 year	13,708	40	-1,898	-10	0.2
1–2 year	1.930	6	1.930	10	0.1
2-3 year	2.080	6	2.080	11	-0.2
3-4 year	3.324	10	3.324	18	0.2
4–5 year	4.623	14	4.623	25	1.4
> 5 year	8.525	25	8,525	46	0.5
Sum	34,191	100	18,586	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 1,917 (2,261).

Effect on earnings before value changes	Change	MSEK
Current fixed interest hedging, change in interest rates, with derivatives	+/- 1%	-/+148
Current fixed interest hedging, change in interest rates, without derivatives	+/-1%	-/+334
Remeasurement of interest-rate derivatives following shift in yield-curves	+/-1%	+/-726

12 April 2023 Annual General Meeting 2023 10 March 2023 Publication of Annual Report 2023 6 March 2023 Notice of Annual General Meeting 2023 28 February 2023 Acquisition of Best Western Hotel Fridhemsplan 16 February 2023 Acquisition of The Queens Hotel Leeds 9 February 2023 Year-end report 2022 1 February 2023 Divestment of InterContinental Montreal completed

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

In January 2023, Pandox received insurance compensation for Dorint Parkhotel Bad Neuenahr, the property that was affected by flooding in 2021. The compensation covers Pandox's costs and the damage caused by the flood, and the property has been written down to land value.

No other significant change has taken place in any disputes and insurance cases commented on previously.

At the end of the period, Pandox had the equivalent of 1,284 (850) fulltime employees, based on number of worked hours translated to fulltime employees. Of the total number of employees, 1,234 (804) are employed in the Operator Activities segment and 50 (46) 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 2023, revenue from Pelican Bay Lucaya amounted to MSEK 0.0 (0.1).

Pandox's general approach to business risk has not changed from the detailed account provided in the 2022 Annual Report. There is a risk that higher financing costs will lead to higher yield requirements. The effect from households' lower disposable income on hotel demand is uncertain.

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 the composition of demand and the hotel property's location. The second quarter is normally the strongest supported by high demand and willingness to pay from all sub-segments in the hotel market. Since most of the customers that stay at Pandox owned or operated hotels are business travellers, hotel demand is normally the weakest in the first quarter.

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 fourth quarter 2022 the weighted number of shares before and after dilution amounted to 75,000,000 A shares and 108,849,999 B shares.

Figures in brackets are from the corresponding period the previous year for profit/loss items and year-end 2022 for balance sheet items, unless otherwise stated.

Stockholm, 26 April 2023

Liia Nõu, CEO

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

		Jan-Mar	Full-year
MSEK	Note	2023	2022	2022
Revenues Property Management
Rental income	2	743	602	3,052
Other property income		37	32	255
Revenue Operator Activities	2	573	242	2,347
Total revenues		1,353	876	5,654

Costs Property Management	2	-118	-91	-439
Costs Operator Activities	2	-588	-352	-2,111
Gross profit		647	433	3,104

- whereof gross profit Property Management	2	662	543	2,868
- whereof gross profit Operator Activities	2	-15	-110	236

Central administration		-45	-32	-153
Financial income		10	2	19
Financial expenses		-320	-232	-1,022
Financial cost right of use assets		-26	-23	-95
Profit before changes in value		266	148	1,853

Changes in value
Changes in value properties	2	-212	279	1,180
Changes in value derivatives		-344	930	2,318
Profit before tax		-290	1,357	5,351

Current tax		-65	-33	-164
Deferred tax		152	-280	-983
Profit for the period		-203	1,044	4,204


Items that may be classified to profit or loss, net after tax
Net investment hedge of foreign operations		-58	-53	-439
Translation differences of foreign operations		228	272	1,762
Other comprehensive income for the period		170	219	1,323

Total comprehensive income for the period		-33	1,263	5,527
Profit for the period attributable to the shareholders of the parent
company		-216	1,042	4,217

Profit for the period attributable to non-controlling interests		13	2	-13

Total comprehensive income for the period attributable to the shareholders of the parent company		-50
Total comprehensive income for the period attributable to non-			1,259	5,522
controlling interests		17	4	5

Earnings per share, before and after dilution, SEK		-1.17	5.67	22.94

	31 Mar		31 Dec
MSEK	2023	2022	2022
ASSETS
Operating Properties	8,202	7,654	7,306
Equipment and interiors	629	579	683
Investment Properties	57,719	52,887	57,563
Right-of-use assets	3,250	3,155	3,218
Deferred tax assets	268	55	305
Derivatives1)	2,176	926	2,374
Other non-current receivables	ರಿ8	ਰੇ 1	88
Total non-current assets	72,342	65,347	71,537
Current assets
Inventories	14	ਹੈ ਤੋ	17
Current tax assets	161	70	147
Trade account receivables	618	808	600
Prepaid expenses and accrued income	રેકેક	233	587
Other current receivables	156	160	225
Cash and cash equivalents	2,004	1,477	1,630
Assets held for sale		114	474
Total current assets	3,291	2,875	3,680
Total assets	75,633	68,222	75,217

EQUITY AND LIABILITIES
Equity
Share capital	460	460	460
Other paid-in capital	7,525	7,525	7,525
Reserves	1,484	230	1,318
Retained earnings, including profit for the period	21,212	18,255	21,428
Equity attributable to the owners of the Parent Company	30,681	26,470	30,731
Non-controlling interests	219	215	202
Sum equity	30,900	26,685	30,933

LIABILITIES
Non-current liabilities
Non-current interest-bearing liabilities2)	23,417	21,934	17,888
Other non-current liabilities	3	4	3
Long-term lease liability	3,225	3,127	3,192
Derivatives1)	259	54	114
Provisions	37	35	37
Deferred tax liability	5,359	4,415	5,538
Total non-current liabilities	32,300	29.569	26.772
Current liabilities
Provisions	19	52	40
Current interest-bearing liabilities2)	10,637	10.776	15,983
Short-term lease liability	31	ਤੇ ਹ	ਤੇ ਹ
Tax liabilities	342	160	328
Trade accounts payable	399	219	314
Other current liabilities	254	178	173
Accrued expenses and prepaid income	751	552	643
Total current liabilities	12,433	11,968	17,512
Total liabilities	44,733	41,537	44,284
Total equity and liabilities	75,633	68,222	75,217

	Attributable to the owners of the parent company
MSEK	captial	Share 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, 2022	460	7,525	-174	187	17,215	25,213	209	25,422
Profit for the period					4,217	4.217	-13	4,204
Other comprehensive income			1,305			1,305	18	1,323
Guaranteed dividend, minority interests Transfer of non-controlling interest					-4	-4	-16 4	-16
Closing balance equity 31 Dec, 2022	460	7,525	1,131	187	21.428	30,731	202	30,933
Opening balance equity 1 Jan, 2023	460	7,525	1,131	187	21,428	30,731	202	30,933
Profit for the period					-216	-216	13	-203
Other comprehensive income			166			166	4	170
Closing balance equity 31 Mar, 2023	460	7,525	1,297	187	21,212	30.681	219	30,900

	Jan-Mar	Full-year
MSEK	2023	2022	2022

OPERATING ACTIVITIES
Profit before tax	-290	1,357	5,351
Reversal of depreciation	68	60	334
Changes in value, properties	212	-279	-1,180
Changes in value, derivatives	343	-930	-2,319
Other items not included in the cash flow	-102	102	145
Taxes paid	-66	-37	-86
Cash flow from operating activities before changes in working capital	165	273	2,245
Increase/decrease in operating assets	330	120	-14
Increase/decrease in operating liabilities	151	19	146
Change in working capital	481	1 ਤੋਂ ਰੋ	132
Cash flow from operating activities	646	412	2,377
INVESTING ACTIVITIES
Investments in properties and fixed assets	-236	-235	-863
Divestment of hotel properties, net effect on liquidity	897		124
Acquisitions of hotel properties, net effect on liquidity	-939		-901
Acquisitions of financial assets	0	-4	3
Cash flow from investing activities	-278	-239	-1,637

FINANCING ACTIVITIES
New loans	6,782	2,427	12,811
Amortisation of debt	-6,911	-2,644	-13,601
Guaranteed minority dividend			-16
Cash flow from financing	-129	-217	-806
Cash flow for the period	239	-44	-66
Cash and cash equivalents at beginning of period	1,630	1,593	1,593
Exchange differences in cash and cash equivalents	135	-73	104
Liquid funds end of period	2,004	1,477	1,630
Information regarding interest payments
Interest received amounted to	8	1	19
Interest paid amounted to	-272	-199	-893
Financial cost right of use assets	-26	-23	-95

Information regarding cash and cash equivalents end of period	2,004	1,477	1,630
Cash and cash equivalents consists of bank deposits.

	Jan-Mar	Full-year
MSEK	2023	2022	2022
Total revenues	25	35	79
Administration cost	-55	-31	-130
Operating profit	-30	4	-51
Profit from participations in Group companies	122		1,840
Other interest income and similar profit/loss items	288	-11	338
Derivatives, unrealised	12	180	184
Profit after financial items	392	173	2,311
Year-end appropriations			24
Profit before tax	392	173	2,335
Current tax	-15	0	-17
Deferred tax	-8	-54	-49
Profit for the period	369	119	2,269
Other comprehensive income for the period
Total comprehensive income for the period	369	119	2,269

Figures in MSEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
ASSETS
Non-current assets	21.414	20.130	19.037
Current assets	1.987	1.514	3.794
Total assets	23,401	21,644	22,831

EQUITY AND LIABILITIES
Equity	12.129	9.611	11.760
Provisions	58	91	73
Non-current liabilities	7.486	5.047	7.463
Current liabilities	3,728	6.895	3,535
Total equity and liabilities	23.401	21,644	22,831

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 1–12 is thus an integrated part of this financial report.

The accounting principles applied are consistent with those described in Pandox's Annual Report for 2022.

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 2023 revenue-based rent in Property Management amounted to MSEK 208 (98).

	Sweden	Denmark	Norway		Finland Germany	Belgium	UK+IE	Others	Total
Total revenues
- Property Management	202	45	51	71	187	15	160	50	780
- Operator Activities	0	12		9	124	249	ਰੇ ਦੇ	85	573
Market value properties	15.496	4.062	3.295	4.609	16.982	5.671	14.598	4.982	69.695
Investments in properties	39	20		5	48	66	45	5	235
Acquisitions of properties	325						683		1.009
Changes in value properties	-324	28	-78	8	39	6	-23	132	-212
Book value Operating Properties		405		31	2.064	3.062	2,256	ggg	8.817
Total non-current assets at book value, less deferred tax
assets	18.255	4.022	3.297	5.349	15.914	4.731	15.654	4.850	72.074

	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	242
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	7	233
Changes in value properties	228	11	11	-21	-20		70		279
Book value Operating Properties		347		29	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

Deferred tax

At the end of the period, deferred tax assets amounted to MSEK 268 (305). This consists mainly of the carrying amount of tax loss carryforwards which the Company expects to be able to utilise in future financial years.

Deferred tax liabilities amounted to MSEK 5,359 (5,538) 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, and temporary measurement differences for interest rate derivatives.

	Average rate				Rate at end-of-period
	2023	2022	Change %	2023	2022	Change %
Euro (EUR)	11.197	10.483	6%	11.276	10.338	8%
British pound (GBP)	12.676	12.532	1%	12.814	12.170	5%
Danish krone (DKK)	1.504	1.409	6%	1.514	1.390	8%
Norwegian krone (NOK)	1.020	1.056	-4%	0.995	1.075	-8%
Canadian dollar (CAD)	7.713	7.380	4%	7.640	7.410	4%
Swiss franc (CHF)	11.279	10.114	10%	11.323	10.032	12%

	Jan-Mar	Full-year
Per share, SEK1)	2023	2022	2022
Total comprehensive income per share, SEK
shareholders of the parent company, MSEK	-50	1.259	5,522
Weighted average number of share, before and after dilution	183.849.999	183.849.999	183.849.999
Total comprehensive income per share, SEK	-0.27	6.85	30.04
Cash earnings per share, SEK
Cash earnings attr.to the shareholders of the parent company, MSEK	259	178	2,056
Weighted average number of share, before and after dilution	183,849,999	183,849,999	183,849,999
Cash earnings per share, SEK	1.41	0.97	11.18
Net asset value (EPRA NRV) per share, SEK
EPRA NRV (net asset value), MSEK	37,676	32.783	37,694
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	204.93	178.31	205.03
Dividend per share, SEK
Dividend, MSEK			460
Number of shares at dividend	183,849,999	183,849,999	183,849,999
Dividend per share, SEK3)			2.50
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)	158	157	157
Number of rooms, end of period2)	35,586	35,373	35,490
WAULT, years	14.7	13.8	15.0
Market value properties, MSEK	69,695	63,808	69,231
Market value Investment Properties, MSEK	57.719	53.000	57,563
Market value Operating Properties, MSEK	11,976	10,808	11,669
RevPAR (Operator Activities) for comparable units at comparable exchange rates, SEK	738	349	817

		Jan-Mar
MSEK	2023	2022	2022

Net interest-bearing debt
Non-current interest-bearing liabilities	23,417	21,934	17,888
Current interest-bearing liabilities	10,637	10,776	15,983
Arrangement fee for loans	138	112	તે રે
Cash and cash equivalents	-2,004	-1,477	-1,630
Net interest-bearing debt	32,188	31,345	32,334
Loan to value net, %
Net interest-bearing debt	32,188	31,345	32,334
Market value properties	69,695	63,808	69,231
Loan to value, %	46.2	49.1	46.7

Interest cover ratio, times
EBITDA	675	467	3,304
Less: Financial costs for right-of-use-assets	-26	-23	-95
Net interest costs	280	202	873
Interest cover ratio, times	2.3	2.2	3.7
Average interest on debt end of period, %
Average interest expenses	1,311	811	1,087
Non-current interest-bearing liabilities	23,417	21,934	17,888
Arrangement fee for loans	138	112	તે રે
Current interest-bearing liabilities	10,637	10,776	15,983
Average interest on debt end of period, %	3.9	2.5	3.2

Investments, incl. parent company excl. acquisitions	236	235	863

Net operating income, Property Management
Rental income	743	602	3,052
Other property income	37	32	255
Costs, excl. property administration	-80	-58	-245
Net operating income, before property administration	700	576	3,062
Property administration	-38	-33	-194
Net operating income, Property Management	662	543	2,868

Net operating income, Operator Activities
Revenue	573	242	2,347
Costs	-588	-352	-2,111
Gross profit	-15	-110	236
Plus: Depreciation included in costs	67	61	330
Net operating income, Operator Activities	52	-49	566

EBITDA
Gross profit from respective operating segment	647	433	3,104
Plus: Depreciation included in costs Operator Activities	67	61	330
Plus: Depreciation included in Central administration	6	6	23
Less: Central administration	-45	-33	-153
EBITDA	675	467	3,304

Cash earnings
EBITDA	675	467	3,304
Plus: Financial income	10	2	1 ਰੇ
Less: Financial expense	-320	-232	-1,022
Less: Financial costs for right-of-use-assets	-26	-23	-d5
Plus/Less: Translation effect on bank deposits	-2	-1	1
Less: Current tax	-65	-33	-164
Profit for the period attributable to non-controlling interests	13	2	-13
Cash earnings	259	178	2,056

EPRA NRV
Equity attr. to the shareholders of the parent company	30,681	26,470	30,731
Plus: Revaluation of Operating Properties	3,158	2,590	3,220
Minus: Fair value of financial derivatives	-1,917	-872	-2,260
Plus: Deferred tax assets related to derivatives	ਤੇ ਰੇਤ	180	466
Plus: Deferred tax liabilities	5,359	4,415	5,538
EPRA NRV	37,676	32,783	37,694
Growth in EPRA NRV, annual rate, %
EPRA NRV attr. to the shareholders of the parent company, OB		31,325
EPRA NRV attr. to the shareholders of the parent company, CB	32,783		31,905
	37,676	32,783	37,694

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 20–²² presents measures, along with their reconciliation, which are not defined according to the IFRS. The definitions of these measures appear on page 2 4 .

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 2 4 .

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 8 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 2023		31 mar 2022		31 dec 2022
MSEK	MSEK	kr/aktie1)	MSEK	kr/aktie1)	MSEK	kr/aktie1)
Equity attr. to the shareholders of the parent
company	30,681	166.88	26,470	143.98	30,731	167.15
Plus: Revaluation of Operating Properties	3,158	17.18	2,590	14.09	3,220	17.51
Less: Fair value of financial derivatives	-1.917	-10.43	-872	-4.74	-2,260	-12.29
Plus: Deferred tax assets related to derivatives	395	2.15	180	0.98	466	2.53
Plus: Deferred tax liabilities	5,359	29.15	4,415	24.01	5,538	30.12
Net asset value, EPRA NRV	37,676	204.93	32,783	178.31	37,694	205.03

Less:
Net asset value, EPRA NTA	37,676	204.93	32,783	178.31	37,694	205.03

Less: derivatives and deferred tax	-3,837	-20.87	-3.723	-20.25	-3.744	-20.36
Net asset value, EPRA NDV	33,839	184.06	29,060	158.06	33,951	184.67

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 measurement. 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. Adjustment compared with loan-to-value ratio reported thus far is net of the following short-term operating items: Tax assets, accounts receivable, other receivables, provisions, tax liabilities, accounts payable and other short-term liabilities.

				777777777777777		1 1 1 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
MSEK	Previously reported value, %	Loan to Adjustm ents	Loan to value, %, EPRA	Previously reported value, %	Loan to Adjustm ents	Loan to value, %, EPRA	Previously reported Loan to value, %	ments	Adjust Loan to value, %, EPRA
Non-current interest- bearing liabilities Current interest-bearing liabilities	23,417 10,637		23,417 10,637	21,934 10.776		21,934 10,776	17,888 15.983		17,888 15,983
Arrangement fee for loans Net operating assets and operating liabilities	138	79	138 79	112		112	93		93
Exclude: Cash and cash equivalents	-2.004		-2.004	-1.477		-1.477	-1.630		-1.630
Net debt	32,188	79	32,267	31,345		31,345	32,334		32,334
Market value properties	69,695		69,695	63,808		63,808	69.231		69,231
Net operating assets and operating liabilities					429	429		117	117
Total properties and other applicable assets	69.695		69,695	63.808	429	64,237	69,231	117	69,348
Loan to value, %	46.2%		46.3%	49.1%		48.8%	46.7%		46.6%

	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
MSEK	2023	2027	2022	2022	2022	2021	2021	2021
Revenues Property Management
Rental income	743	803	886	761	602	606	617	541
Other property income	37	45	81	97	32	42	35	27
Revenue Operator Activities	573	775	706	624	242	326	287	146
Total revenues	1,353	1,623	1,673	1,482	876	974	ਰੇਤਰੇ	714
Costs Property Management	-118	-150	-101	-97	-91	-106	-99	-98
Costs Operator Activities	-588	-732	-578	-449	-352	-373	-334	-203
Gross profit	647	741	994	તે રેણ	433	495	506	413
Central administration	-45	-ਦਰੇ	-28	-34	-32	-52	-31	-37
Financial net	-310	-289	-248	-236	-230	-227	-242	-239
Financial cost right of use assets	-26	-26	-24	-22	-23	-21	-23	-23
Profit before value changes	266	367	694	644	148	195	210	114
Changes in value
Changes in value properties	-212	-66	572	ਤੇ ਰੋਟੇ	279	81	-15	-105
Changes in value derivatives	-344	-ਦਰੇ	815	632	930	187	202	24
Profit before tax	-290	242	2.081	1,671	1.357	463	397	33
Current tax	-65	-24	-48	-59	-33	-78	-15	-23
Deferred tax	152	-117	-346	-240	-280	-127	-61	-16
Profit for the period	-203	101	1,687	1,372	1,044	258	321	-6
Other comprehensive income	170	308	341	455	219	238	128	-258
Total comprehensive income for the period	-33	409	2,028	1,827	1,263	496	449	-264

MSEK						31 Mar 2023 31 Dec 2022 30 Sep 2022 30 Jun 2022 31 Mar 2022 31 Dec 2021 30 Sep 2021 30 Jun 2021
ASSETS
Properties incl equipment and interiors	66,550	65,552	64,712	62,832	61,120	60,246	58,975	58,553
Right-of-use assets	3,250	3,218	3,383	3,222	3,155	3,039	3,009	2,975
Other non-current receivables	2,274	2,462	2,544	1,711	1,017	289	202	136
Deferred tax assets	268	305	239	262	55	249	488	529
Current assets	1,287	2,050	1,964	1,434	1,398	1,385	1.398	1.303
Cash and cash equivalents	2,004	1,630	2,463	1,873	1,477	1,593	1,494	2,712
Total assets	75,633	75,217	75,305	71,334	68,222	66,801	65,566	66,208
EQUITY AND LIABILITIES
Equity	30,900	30,933	30,540	28,512	26,685	25,422	24,941	24,492
Deferred tax liability	5,359	5,538	5,287	4,918	4,415	4,281	4,319	4,275
Interest-bearing liabilities	34,054	33,871	34,478	33,242	32,710	32,623	31,747	32,724
Leasing liabilities	3,256	3,223	3,387	3,226	3,158	3,042	3,011	2,977
Non interest-bearing liabilities	2,064	1,652	1,613	1,436	1,254	1,433	1,548	1.740
Total equity and liabilities	75,633	75,217	75,305	71,334	68,222	66,801	65,566	66,208
Key ratios	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
MSEK	2023	2022	2022	2022	2022	2021	2021	2021
NOI, Property Management	662	698	866	761	543	542	553	470
NOI, Operator Activities	52	184	193	238	-49	26	22	10
EBITDA	675	829	1,037	970	467	521	550	447
Interest coverage ratio, times	2.3	3.1	4.8	4.7	2.2	2.5	2.5	2.0
Earnings per share before and after dilution, SEK	-1.17	0.66	9.16	7.45	5.67	1.41	1.73	-0.04
Cash earnings	259	515	717	645	178	196	266	161
Cash earnings per share before and after dilution, SEK	1.41	2.80	3.90	3.51	0.97	1.07	1.45	0.88
RevPAR growth (Operator Activities) for comparable units and constant currency, %	112	113	140	370	232	319	92	103
						31 Mar 2023 31 Dec 2022 30 Sep 2022 30 Jun 2022 31 Mar 2022 31 Dec 2021 30 Sep 2021 30 Jun 2021
Net interest-bearing debt	32,188	32,334	32,119	31,472	31,345	31,159	30,387	30,159
Loan to value, %	46.2	46.7	47.1	47.8	49.1	49.8	49.6	49.7
Market value properties	69,695	69,231	68,257	65.804	63,808	62,596	61,255	60.696
EPRA NRV per share, SEK	204.93	205.03	202.96	190.37	178.31	173.54	171.49	168.97

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 for any unrealised translation effect on bank balances and non-controlling interest.

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.

Cash earnings divided by the weighted average number of shares outstanding after dilution at the end of the period.

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