Pandox AB (publ)

Thank you very much. Good morning and welcome everyone to this presentation of Pandoc's Interim Report for the second quarter, 2024. I'm here together with Liannu, our CEO, and Anneli Lindblom, our CFO. And with us today, we also have Alex Robinson, Director, Industry Partners at STR. And STR is a leading independent research firm focused on the hotel market. And Alex is here to 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 also, please note that Alex presentation will be held after we have completed our formal earnings presentation, including the Q&A. Before we let Alex in, Lia and Anne-Libre present a business update with financial highlights for the second quarter 2024, followed by the Q&A session. So with that, I hand over to Lea, the CEO of Pandocs.

Thank you, Anders. And good morning and welcome, everyone. I would like to start this presentation with a very quick recap of some key investment highlights on Pandocs. We are active in travel and tourism, a global and highly dynamic industry with strong structural growth drivers. Tourism is one of the largest industries in the world, accounting for almost 10% of global GDP and a substantial share of new jobs created. We only invest in hotel properties. you you And we work with all operational models and our focus on creating value across the whole value chain. We have revenue-based leases with strong skilled operators. This gives us upside and common goals with our operators. It also gives us inflation protection and inflationary costs are performed by the operator. This also enables Pandocs to have a strong positive yield gap of more than 200 basis points, relatively independent of the interest rate environment. We have a high quality project pipeline, which we expect will accelerate our organic earnings

and value growth in 2024 to 2026 and beyond. And we have ambitious ESG targets, including a substantial climate transition program with high ROI. Our property portfolio has an average valuation yield of 6.26% with long leases and a vault of 14.6 years. And finally, we have only bank financing with strong and positive lender relationship and low refinancing risk. Our business is to own, improve, and lease hotel properties to strong hotel operators under long-term revenue-based leases. We do this through four principal value activities. It's property management, property development,