EL7.AI
StocksMedium•22 October 2026•
4 min read

Pandox profit rises to 1,021 million kronor as TGS revenue improves

Key Facts

1Pandox's net profit rose to 1,021 million Swedish kronor from 637 million in the corresponding period.
2Pandox agreed to sell hotel properties valued at about 2,100 million Swedish kronor before deducting deferred tax, exceeding their carrying value.
3TGS revenue under International Financial Reporting Standards reached $428.3 million, compared with $424.4 million.
4TGS net profit fell to $52.3 million from $54.4 million.
5TGS lowered its multi-client data investment forecast to about $510 million from about $550 million.

Pandox's net profit rose to 1,021 million Swedish kronor in the third quarter of 2026, according to the company's report, as rental revenue and cash earnings improved. The company reported net profit of 637 million kronor in the corresponding period of 2025. The improvement extended to cash earnings, which reached 806 million kronor in the quarter under review. That compared with cash earnings of 617 million kronor in the third quarter of the previous year, according to the report. Earnings before interest, taxes, depreciation and amortisation also reached about 1,561 million kronor. This measure rose from 1,202 million kronor in the corresponding period, with management attributing the group's strong performance primarily to the leasing segment.

The leasing segment recorded revenue of 1,488 million Swedish kronor in the third quarter of 2026, according to Pandox's results. That compared with revenue of 1,089 million kronor in the same quarter of 2025. Revenue from own operations also rose to 941 million kronor, from 883 million a year earlier. However, the segment's net operating income fell to 265 million kronor during the period. The segment had generated net operating income of 285 million kronor in the corresponding quarter, marking a decline despite higher revenue. The company attributed the decline to "weaker performance in London and Brussels, as well as some non-recurring costs", according to its interim report.

Financing pressures and agreements to sell assets formed the backdrop to the hotel property company's results. Pandox said in its interim report that "increasing inflationary pressures and higher interest rates are raising our financing costs". On 22 October 2026, the company announced agreements to sell hotel properties in Denmark and Sweden. The transactions have a total property value of about 2,100 million Swedish kronor, before deducting deferred tax, according to the sale announcement. Pandox said the agreed value exceeded the carrying value of the properties covered by the agreements.

In energy data and services, TGS reported third-quarter 2026 revenue of about $428.3 million under International Financial Reporting Standards. Revenue in the corresponding period of 2025 was about $424.4 million, according to the company's earnings announcement. Despite the revenue improvement, operating profit calculated under the same standards fell to $93.1 million. Operating profit had stood at $105.1 million in the corresponding quarter of the previous year. Net profit also declined to $52.3 million, compared with $54.4 million a year earlier. Diluted earnings per share under International Financial Reporting Standards were about $0.26. That compared with $0.27 per share in the third quarter of 2025.

TGS management attributed the pressure on margins to higher costs and lower contract pricing, despite increased activity during the quarter. Management described the reasons for the higher costs as "operational challenges", according to the earnings statement. In its investment guidance for 2026, the company lowered its forecast for multi-client data spending to about $510 million. Previous guidance had indicated investment of about $550 million in the business. The company linked the revised outlook to the postponement of multi-client data projects in favour of contract work. For the fourth quarter, TGS said in its operational update that its seismic vessel fleet was fully booked.

On upcoming dates, Pandox expects to complete the hotel property sales during the fourth quarter of 2026, according to its statement. TGS approved a cash dividend of $0.155 per share, according to its dividend announcement. Its shares will trade ex-dividend on 29 October 2026, with payment to eligible shareholders on 12 November 2026. The company's financial calendar set 11 January 2027 as the date for its next operational update, covering the fourth quarter of 2026. Financial results for the same quarter will follow on 11 February 2027, according to the calendar published for shareholders.