Q2 2024 Pandox AB Earnings Call Transcript
Key Points
- Pandox AB (PNDXF) reported a profitable growth in the second quarter, with a 6% increase in both revenue and net operating income.
- The company has a strong and well-diversified hotel property portfolio consisting of 157 hotel properties with approximately 35,000 rooms in 11 countries and 90 cities.
- Pandox AB (PNDXF) has a high-quality project pipeline expected to accelerate organic earnings and value growth from 2024 to 2026 and beyond.
- The company has ambitious ESG targets, including a substantial climate transition program with high ROI.
- Pandox AB (PNDXF) has strong and positive lender relationships with low refinancing risk, and 71% of its net debt is hedged.
- The average outgoing interest on debt decreased to 4.1% in the second quarter, which is still relatively high.
- The company has SEK7.4 billion in debt maturing within one year, with 60% maturing in the fourth quarter, posing a refinancing challenge.
- New hotel supply in markets like Copenhagen, Helsinki, and Gothenburg could impact future performance.
- The company has not yet fully realized the expected SEK300 million in net operating profit from its ongoing projects.
- Pandox AB (PNDXF) faces competition from markets with strong performance, such as Southern Europe, where it has limited presence.
Thank you very much. Good morning and welcome everyone to this presentation of Pandox interim report for the second quarter 2024. I'm here together with Liia Nõu, 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's presentation will be held after we have completed our formal earnings presentation, including the Q&A. Before we let Alex in, Liia and Anneli will present the business updates with financial highlights for the second quarter 2024, followed by the Q&A session. So with that, I hand over to Liia, the CEO of Pandox.
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