Pandox AB (publ)

I'm here together with Leonor, our CEO, and Anderlin Blom, our CFO. And with us today, we also have Thomas Emanuel, Senior Director at STR. And as you know, STR is a leading independent research firm focused on the hotel market. And Thomas is here to share STR's view on the market. And please note also that the views expressed by STR are completely separate from Pandox, and that this presentation is offered only as a service to Pandox stakeholders. And Thomas' presentation will be held after we have completed the formal earnings presentation, including the Q&A. So let's begin with Lia and Anneli, who will then present the business update with financial highlights for the third quarter, followed by the Q&A session. Yes, I now hand over to Lia.

Thank you, Anders. And good morning and welcome, everyone. I would like to start this presentation, like the last time,

Well, quick recap of the key investment highlights on town. We are active in travel and tourism, a global and highly dynamic industry with strong structural growth drivers. Capital 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. We are the largest listed senior hotel property owner in Europe with a unique portfolio of high quality assets. We are an active owner with deep hotel expertise. And we work with all operational models. And our focus on creating value across the value chain. This gives us common goals with our operators. It also gives us information as inflationary costs are borne by the operator. It also enables town dogs to have a strong positive yield gap of more than 200 basis points, relatively independent of interest rates. environment we have a high quality project pipeline which we expect will accelerate our organic learnings and value growth 24 to 26 and beyond