Pandox AB (publ)

head of IR.

Please go ahead. Thank you. Welcome, everyone, to this presentation of Pandox Interim Report for the first quarter, 2023. As I was introduced, I'm Anders Berg, head of IR at Pandox, and I'm here together with Liano, our CEO, and Anneli Lindblom, our CFO. And on the line, we also have Robin Rossmann, managing director at STR, who will guide us through the hotel market after we have finished our formal presentation. And Robin represents a leading independent research firm focused on the hotel market, and he will share SCR's view on this market. And please note that the views expressed by SCR are completely separate from Pandox, and that the presentation is offered only as a service to Pandox stakeholders. Before we let Robin in, Anneli and Leah will present a business update with financial highlights for the first quarter, followed by a Q&A session.

And after that, Robin will provide his external hotel market updates. Next, please. Thank you, and good morning and welcome everyone. The first quarter was stable, positive, and in line with our expectations. The hotel market was strong and resilient, considering that the economic headwinds we faced going into the quarter. Our earnings development was also positive, with solid growth and continued earnings recovery. Seasonality is back. Q1 is historically the weakest quarter of the year with lower demand for meetings, which has an effect on larger meetings in hotels particularly in more international destinations, such as, for example, Brussels. Also, international travel and larger meetings 2019 levels. And it's worth repeating that we have all of our financing through relationship banks, and that we have good and constructive dialogue on all future rate financing. the refinancing done of approximately 5.2 billion in the first quarter. Finally, we'll talk more about this later in the presentation. So we move to the next page, please.