Pandox AB (publ)

and welcome everyone to this presentation of Pandox Interim Report for the second quarter, 2023. I'm here together with Liano, our CEO, and Anneli Lindblom, our CFO. And as always, we have STR with us, today represented by Thomas Emanuel, Senior Director at STR. And Thomas represents a leading independent research firm focused on the hotel market, and he will share STR's view on the market. And the views expressed by STR are completely separate from Pandox, and the presentation is offered only as a service to Pandox stakeholders. And please note that Thomas' presentation will be held after we have completed our earnings presentation, including the Q&A. Before we let Thomas in, Lia and Anneli will present a business update with financial highlights for the second quarter, followed by the Q&A session. Next page, please. And with that, I hand over to Leanne O, CEO, Opanox.

Thank you, Anders. And good morning and welcome, everyone.

Demand in the hotel market improved considerably in the second quarter, reflecting stronger seasonality and an economy with strong legs. This demand continues to be strong, with consumers clearly prioritizing travel at the expense of other consumption. This demand also improved, particularly in Germany, which benefited from a more active trade fair calendar. Positive hotel market translated into good growth and profitability. And adjusted for government grants, which were received in the comparison quarter of 2022. Cash earnings increased by 4%, which shows that our model with variable rent works well also in higher interest. interest rate environment.