Catella

Earnings Release • Aug 18, 2023

Continued progress on value-creating activities in a slow transaction market

"The calm transaction market in the first half-year has allowed us to increase our focus on long-term value creation throughout the organization. The agreement to acquire a majority of the French company Aquila was a step in this process. We have also continued the work of creating the next generation of investment products with focus on sustainability and a high degree of digitization. Despite a challenging economic environment, we have delivered a stable development of assets under management."

Christoffer Abramson, CEO and President

Progress during the quarter Financial results

• · Total income in the quarter amounted to SEK 786 M (861).
• · Operating profit was SEK 90 M (386).
• · Operating profit attributable to Catella's shareholders was SEK 84 M (328).
• Profit attributable to Catella's shareholders was SEK 84 M (247).
• · Earnings per share was SEK 0.95 (2.80).

Assets under management

• Assets under management amounted to SEK 149 Bn at the end of the period, an increase of SEK 8.7 Bn compared to the first quarter of 2023.
• · Inflows of SEK 3.7 Bn in property funds, of which SEK 2.9 Bn in residential funds and SEK 0.8 Bn in commercial property funds.

Principal investments

• · Catella's total investment volume increased by SEK 321 M to SEK 1,533 M.
• · Divestment of Infrahubs Vaggeryd generating a profit of SEK 4.5 M.

Progress during the year Financial results

• · Total income in the period amounted to SEK 1,248 M (1,442).
• · Operating profit was SEK 97 M (601).
• Operating profit attributable to Catella's shareholders was SEK 82 M (439).
• Profit attributable to Catella's shareholders was SEK 76 M (326).
• · Earnings per share was SEK 0.86 (3.69).

Assets under management

• Assets under management amounted to SEK 149 Bn at the end of the period, an increase of SEK 9 Bn compared to the end of 2022.
• · The sale of Catella's shares in the French company Catella Hospitality Europe SAS affected AUM by SEK -2 Bn.

Principal investments

· Total investments amounted to SEK 1,533 M (1,420) at the end of the period, divided between property, logistics, offices, and retail projects across Europe.

Total income

Operating profit SEK 305 Last 12 months

Assets under management SFK 14 Sn End of period

Invested capital SHK

CFO COMMENTS

''Continued progress on value-creating activities in a slow transaction market''

Transaction volumes in Europe totalled EUR 24 Bn in the second quarter. This is the lowest level since the global financial crisis in 2008/09 and a decrease of over 60 percent year-on-year. Our decision to streamline operations and our focus on maintaining and strengthening our financial position benefits us in the current market climate. This allows us to invest in the company's future during a hesitant market, both through real estate-, M&A- investments, and through long-term value creation in operational improvements and digital development.

In the quarter, we announced that we signed an agreement relating to the acquisition of 60 percent of Aquila. The French company comprises Aquila Asset Management and property fund manager Axipit Real Estate Partners, with a total of just over SEK I 6 Bn in assets under management. The acquisition complements Catella's existing Corporate Finance activities in France and provides a key piece of the puzzle to our continued growth ambitions for Europe. The integration of Aquila into Catella allows us to internally manage the French property holdings in our funds, and assume a relevant asset management position during interesting market conditions. In addition, the investment fund platform, Axipit, adds retail investments, a market that continues to grow in the current market. The acquisition is expected to be completed in September.

After the end of the quarter, Catella APAM (UK) was assigned a l 2-month advisory mandate for Transport for London (TfL). This represent another prestigious assignment for our UK platform. Initially, the contract will involve assisting TfL's wholly-owned commercial property company in understanding and realizing the potential of its assets, although in the longer term it may also open up opportunities for growth in assets under management.

Towards the end of July, we divested our 50 percent holding in Infrahubs and associated project companies for a purchase consideration corresponding to total invested capital, plus SEK 12 M for the value of the platform and assets. Through our partnership with Infrahubs we have successfully contributed to the Swedish market's need for sustainable logistics solutions, and we wish Infrahubs every success on its continued growth journey. The transaction reduces our exposure to development projects and will free up additional capital for other growth investments.

Growth in assets under management

At the end of the quarter, assets under management in Investment Management totalled SEK 149 Bn, an increase of SEK 9 Bn from the start of the year. Completed development projects mainly contributed to the positive change, as well as exchange rate effects.

The Catella European Residential fund generated significant performance-based income in the quarter, although overall, variable income was lower as a direct result of reduced transaction volumes. However, growth over the past few years has increased the underlying income base from fixed management fees, which increased by 14 percent year-on-year. Capital commitments for future investments remain extensive and will largely be utilized in the funds' development projects. Stable fixed income, capital commitments, and continued strong investor relationships mean that Investment Management stands strong in a turbulent market.

Focus on strengthening liquidity and new investments

The divestment of the logistics property in Vaggeryd was completed in the quarter, generating SEK 4.5 M in profit for Parent Company shareholders. Furthermore, the transaction increased liquidity by SEK 306 M.

We foresee limited divestments of completed projects in 2023. This is due to low transaction market activity and high uncertainty. However, we actively and continuously evaluate opportunities for new investments that meet our return requirements, mainly in coinvestments with the aim of generating additional management mandates.

At the end of the quarter, Principal Investments' investments in six countries totalled approximately SEK 1.5 Bn in 10 projects.

Advisory market remains quiet

As already mentioned, the transaction market remains hesitant. This affects all business areas, but mainly Corporate Finance. Income decreased by 38 percent year-on-year, resulting in negative operating profit of SEK -22 M (SEK 26 M). However, we expect some improvement in the second half of the year given the latent demand, although it is difficult to predict precisely how and when this will be realized.

Continued focus on value-creating investments and product development

Our breadth alongside local management competencies and a strong financial position provide us with significant opportunities. Lower valuations of potential acquisition targets provide us with the opportunity to expand our pan-European platform and to generate synergies. The dry powder in our funds provides the opportunity to grow assets under management. Our track record of navigating turbulent markets allows us to create the next generation of investment opportunities for our customers. A relatively calm transaction market also provides us the time and focus in creating long-term value in the organization. We have embarked on an exciting journey that I am eager to pursue.

Christoffer Abramson, CEO and President Stockholm, Sweden, 18 August 2023

Our operating segments

Catella comprises the operating segments Investment, Principal Investments and Corporate Finance, which are described in more detail below. The Other category includes the Parent Company and other holding companies.

For more information about the business area, see page 6-7.

Investment Management

Catella is a leading specialist in property investment management with a presence on ten geographical markets in Europe. Catella offers institutional and other professional investors attractive, risk-adjusted returns through regulated property funds and frequently sustainabilityfocused asset management services through two service areas: Property Funds and Asset Management. Property Funds offers specialised funds with various investment strategies in terms of risk and return, type of property and location. Through over 20 open specialised property funds, investors gain access to fund management and efficient allocation between different European markets. Catella's Asset Management business area provides asset management services to property funds, other institutions and family offices.

For more information about the business area, see page 8-9.

Principal Investments

Through Principal Investments, Catella carries out principal property investments together with partners and external investors. Catella currently invests in offices, retail, residential units and logistic properties on seven geographical markets. Investments are made through subsidiaries and associated companies with the aim of generating an average IRR of 20 percent as well as strategic advantages for Catella's other business areas.

For more information about the business area, see page 10.

Corporate Finance

Catella provides quality capital markets services to property owners and advisory services for all types of property-related transactions to various categories of property owners and investors. Operations are carried out on five markets and offer local expertise about the property markets in combination with European reach.

Comments on the Group's progress

Profit and comments on page 4-10 relate to Operating profit attributable to Catella AB's shareholders, which is consistent with the internal reporting delivered to Group Management and the Board. The difference to the Group's formal Income Statement is that deductions have been made in the Income Statement for profit attributable to shareholders with non-controlling interests. A full reconciliation can be found in Note 1.

	Investment
	Management			Principal Investments		Corporate Finance		Other		Group
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
SEK M	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun	Apr-Jun
Net sales	361	469	32	27	の	147	-2	-2	483	641
Other operating income	9	7	288	215	-	2	5	-	303	220
Total income	370	47	320	242	92	149	4	-	786	861
Provisions, direct assigment and production costs	-43	-37	-286	-28	-22	-15			-350	-109
Other external expenses	-63	-49	-9	-10	-27	-27	- I	-2	-100	-87
Personnel costs	-139	-16	-	-	-60	-77	-	-10	-222	-258
Depreciation	-	- 0	-	-2	-5	-5	- -	-2	-18	-18
Other operating expenses	- I	-	-3	-	-0	0	-3	-0	-7	-2
Less profit attributable to non-controlling interests	-2	-2	-4	-59	0	0	0	3	-6	-58
Operating profit/loss		211	ഗ	102	-22	26	- I	-	84	328
Interest income									18	9
Interest expenses									-33	-18
Other financial items									37	8
Financial items-net									23	-2
Profit/loss before tax									107	326
Tax									-23	-79
Net profit/loss for the period *									84	247

* Net profit for the period is reconciled in Note I. Income Statement by business area - Profitillos attributable to the Pareholders.

Group net sales and profit/loss Second quarter 2023

The Group's net sales totalled SEK 483 M (641) and the Group's total income amounted to SEK 786 M (861), of which SEK 370 M (47 I ) relates to Investment Management, SEK 320 M (242) to Principal Investments and SEK 92 M (149) to Corporate Finance. Lower net sales in the period were mainly attributable to decreased variable income (performance fees) in Investment Management and reduced income in Corporate Finance. Principal Investments divested the logistics property Infrahubs Vaggeryd, which generated income of SEK 280 M, while rental income from the Kaktus residential project totalled SEK 20 M.

Group operating profit amounted to SEK 84 M (328) with the decrease in yearon-year sales mainly attributable to lower

performance-based fees from managed funds in Investment Management. The deterioration was also due to fewer divested projects and lower profit margins on divested projects in Principal Investments.

Comments on the progress of each operating segment can be found on pages 6-IO.

The Group's net financial income/expense was SEK 23 M (-2) and included interest income of SEK 18 M (9) and loan arrangement fees of SEK 33 M (19). Increased interest expenses are attributable partly to Catella AB's bond loan, which accrues floating-rate interest at 3-month Stibor plus 475 b.p, and partly to the Kaktus project, for which interest expenses attributable to the completed residential properties are recognised in the Income Statement as of I January 2023. The valuation of securities holdings and investments at fair value resulted in a value adjustment of SEK - I I M (-8), of which SEK -15 M was attributable to loan portfolios and SEK 6 M to Pamica. Net financial income/expense also includes positive exchange rate differences of SEK 49 M (16) due to revaluations of receivables and cash equivalents in foreign currencies.

The Group's profit/loss before tax amounted to SEK 107 M (326) and net profit for the period was SEK 84 M (247), corresponding to earnings per share of SEK 0.95 (2.80) attributable to Parent Company shareholders.

Net profit for the period attributable to non-controlling interests amounted to SEK 6 M (58), of which SEK 4 M related to profit from the divestment of Infrahubs Vaggeryd.

	Investment
	Management		Principal Investments		Corporate Finance		Other		Group
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
SEK M	lan-Jun	an-Jun	an- un	an-Jun	an-Jun	lan-Jun	lan-Jun	an-Jun	an-Jun	an-Jun
Net sales	603	694	79	ഗ	170	243	-2	- 4	850	974
Other operating income	17	8	372	453	2	4	6	3	398	468
Total income	620	702	451	504	172	247	5	-10	248	442
Provisions, direct assigment and production costs	-86	-72	-368	-92	-37	-25		13	-489	-176
Other external expenses	-14	-dl	-24	-21	-55	-63	-2	-5	-194	-181
Personnel costs	-253	-258	-27	-22	-112	- 44	-31	-21	-423	-445
Depreciation	-20	- 8	-4	-5	-10	-10	-3	-4	-37	-37
Other operating expenses	-2	-2	-6	-2	-0	-0	- -	2	-9	-2
Less profit attributable to non-controlling interests	-4	-3	-9	-163	0	0	-	3	-15	-163
Operating profit/loss	142	258	14	1 99	-4	য	-32	-23	82	439
Interest income									34	17
Interest expenses									-73	-36
Other financial items									62	-2
Financial items-net									24	-21
Profit/loss before tax									106	418
Tax									-30	-92
Net profit/loss for the period *									76	326

* Net profit for the period is reconcled in Note I. Income Statement by business area - Profitilloss attributable to the Pareholders.

First half-year 2023

Total income in the first half-year was SEK 1,248 M (1,442), and the Group's net sales were SEK 850 M (974). Increased assets under management in Investment Management increased the business area's fixed income but was not offset by lower performance-based fees from managed funds. Corporate Finance's net sales also decreased due to fewer completed deals on a hesitant transaction market. Principal Investments divested a property and initiated revenue recognition for another property in the period. In the corresponding period of the previous year, three properties were divested and a further two recognized in revenue. The Group's operating profit was SEK 82 M (439).

The Group's net financial income and expense was SEK 24 M (-2 I ), of which interest income was SEK 34 M (17) and interest and loan arrangement fees amounted to SEK 73 M (37). Net financial income/expense also included positive exchange rate differences of SEK 61 M (26), positive fair value adjustment in the Pamica holding of SEK I I I M and impairment of

loan portfolios and fund holdings of SEK I 2 M and SEK 4 M respectively.

The Group's profit/loss before tax amounted to SEK 106 M (418) and net profit for the period was SEK 76 M (326) which corresponded to earnings per share of SEK 0.86 (3.69) attributable to the Parent Company shareholders.

Net profit for the period attributable to non-controlling interests amounted to SEK 14 M (163), of which SEK 9 M related to profit from divested projects in Principal Investments.

Significant events in the quarter

Michel Fischier, Head of Investor Relations and Acting CFO, was appointed new CFO of Catella in May.

Catella's Annual General Meeting was held on 10 May. The AGM resolved to reelect Board members Johan Claesson, Tobias Alsborger, Johan Damne and Anneli Jansson. Samir Kamal and Sofia Watt were elected new Board members. Furthermore, KPMG AB was appointed new Auditor with Johanna Hagström as Auditor in Charge. In May, 19,710 Class A shares

were converted into the same number of Class B shares at the request of shareholders.

In June, Catella entered into an agreement to acquire 60 percent of the shares in Aquila Asset Management SAS for a purchase consideration of some EUR 9.6 M. Aquila Group comprises Aquila Asset Management and property fund manager Axipit Real Estate Partners with a total of just over SEK EUR 1.4 Bn in assets under management. The transaction is subject to approval from the authorities which is expected to be obtained in the second half of 2023.

Significant events after the end of the quarter

In July, Catella entered into an agreement to divest its 50 percent holding in Infrahubs AB and associated project companies for a purchase consideration corresponding to invested capital plus SEK 12 M for the platform. The divestment is expected to have a positive effect on profit/loss after tax of some SEK 12 M in the second half of 2023.

Investment Management

Turnover and profit Second quarter 2023

Total income was SEK 370 M (471), and income after assignment costs amounted to SEK 327 M (434).

Property Funds' income decrease by SEK 104 M year-on-year. Fixed income increased by SEK 20 M due to increased fixed fees driven by growth in assets under management (+14 Bn) over the last

l 2 months.

Variable income (including performance fees) in Property Funds decreased by SEK I 3 I M. The decrease primarily related to lower performance-based fees and variable fees, attributable to a cautious transaction market with fewer transactions compared to the previous year. Income in Asset Management remained stable yearon-year.

Operating profit was SEK I I I M, primarily attributable to a decrease in variable fees in Property Funds.

First half-year 2023

Total income was SEK 620 M (702), and operating profit was SEK 142 M (258). The lower operating profit was mainly driven by lower performance-based and variable fees in Property Funds.

SEK M		3 Months		6 Months		12 Months
	2023	2022	2023	2022	Rolling	2022
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr- un	an-Jun	an- un	12 Months	lan-Dec
Property Funds *	326	430	534	622	1 095	1 183
Asset Management *	66	73	128	137	337	347
Other operating income *	0	0	0	0	4	4
Total income	370	471	620	702	1 326	1 408
Assignment expenses and commission	-43	-37	-86	-72	-179	-166
Operating expenses	-214	-220	-388	-369	-805	-785
Less profit attributable to non-controlling interests	-2	-2	-4	-3	-7	-6
Operating profit/loss	111	211	142	258	335	451
KEY FIGURES
Operating margin, %	30	45	23	37	25	32
Assets under management at end of period, SEK Bn			149,3	135,2		140,6
net in-(+) and outflow(-) during the period, SEK Bn	2,4	4,0	0,6	4,7	0,7	4,8
of which Property Funds			114,8	100,9		106,0
net in-(+) and outflow(-) during the period, SEK Bn	3.7	1,9	3.8	3,	3,8	3,1
of which Property Asset Management			34,5	34,3		34,6
net in-(+) and outflow(-) during the period, SEK Bn	-1,2	2,0	-3,2	1,5	-3,0	1,8
No. of employees, at end of period			307	259		287

* Includes internal revenue between business areas in the service area for the current period and for the corresponding period in 2022

Investment Management

Assets under management by service area and country

Total assets under management (AUM) was SEK 149.3 Bn, of which SEK 114.8 Bn related to Property Funds and SEK 34.5 Bn to Asset Management. At the end of the period, 77 percent was invested in Catella's property funds. Germany is Property

Funds' largest market with the highest proportion of invested capital, primarily through Catella Residential Investment Management and Catella Real Estate.

ASSETS UNDER MANAGEMENT BY SERVICE AREA

Change in assets under management

Assets under management increased from SEK 135.2 Bn to SEK 149.3 Bn in the last I 2-month period, which represents an increase of SEK 14 Bn. The increase was driven by inflows of SEK 15.9 Bn, primarily to Property Funds where the residential funds Catella Wohnen Europa, Catella European Residential and Catella Logistik Deutschland+ and Sarasin Sustainable

ASSETS UNDER MANAGEMENT. LAST 12 MONTHS. SEK BN

Properties - European Cities accounted for the largest inflows. Outflows of SEK -15.2 Bn were primarily due to the divestment of 34 rental properties in Germany and the Netherlands during the fourth quarter 2022, and the divestment of Catella Hospitality Europe SAS. In addition, positive exchange rate effects of SEK 13.6+ Bn, mainly related to exchange rate differences in EUR/SEK, had a positive effect on

AUM. Assets under management increased by SEK 8.7 Bn in the second quarter compared to SEK 140.6 Bn in the first quarter. Inflows in the quarter of SEK 5.4 Bn were mainly driven by Property Funds. Outflows primarily related to Asset Management, where assets were divested in various portfolios. Exchange rate differences, mainly in EUR/SEK, had a positive impact of SEK 7.1 Bn on AUM.

assets under management, in the quarter, sek bn

Principal Investments

Turnover and profit Second quarter 2023

Income was SEK 320 M (242) and mainly comprised income from the divestment of the logistics property Infrahubs Vaggeryd. Production costs for the property were in line with generated income which resulted in lower net income from the sale. Furthermore, income comprised management fees in Catella Project Management, as well as rental income from Kaktus. Both development companies and their project companies have operating costs that are not capitalised. Operating profit for the segment was SEK 5 M attributable primarily to rental income from Kaktus and Infrahubs' sale of the logistics property Vaggeryd.

As of 30 June, Principal Investments had invested a total of SEK 1,533 M in residential projects, logistics projects, office projects and retail projects in Europe.

First half-year 2023

Income was SEK 451 M (504), and operating profit was SEK 14 M (199). The decline in operating profit was primarily attributable to the inclusion of the sale of Infrahubs' properties in Norrköping, Örebro and Ljungby in the comparative period.

	3 Months		6 Months		12 Months
SEK M	2023	2022	2023	2022	Rolling	2022
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-lun	an- un	an- un	I 2 Months	lan-Dec
Total income	320	242	451	504	607	660
Provisions, direct assigment and production costs	-286	-58	-368	-92	-451	-175
Operating expenses	-24	-23	-60	-50	-121	-111
Less profit attributable to non-controlling interests	-4	-59	-9	-163	-36	-189
Operating profit/loss	5	102	14	199	-	184
KEY FIGURES
Operating margin, %		42		40		28
Catella invested capital	1533	319	1533	1319		183
No. of employees, at end of period	39	39	39	39	39	38

INVESTED CAPITAL BY COUNTRY *

INVESTED CAPITAL BY ASSET CLASS*

OPERATING PROFIT

* The figures indicate the share of Principal Investments' total investment and what proportion consists of capital contributions and loans issued, respectively.

Principal Investments

The following table shows ongoing property development projects and investment status as of 30 June 2023. Other property development projects relate to securing land etc. and project development costs ahead of the start-up of future projects. The project company's total investment includes invested capital from Catella, partners and external financing. Catella's total investment related to both capital contributed and loans issued. Seestadt and Düssel-Terrassen include a number of project, which will be completed at different times.

In the second quarter 2023, Catella's total investment volume increased by SEK 321 M to SEK 1,533 M. Additional investments in the second quarter mainly related to the new French project Polaxis and new loans issued to Kaktus to repay borrowing from one of the project's external lenders. The divestment of Infrahubs Vaggeryd reduced Catella's outstanding investment volume.

						Project company's	Total Catella
				Estimated	Catella capital	total investment,	Equity Invested,
Property Development Projects	Country	Investment type	Project start	completion	share, %	SEK M	SEK M *
Projecs that are consolidated as subsidiaries **
Kaktus	Denmark	Residential	Q2 2017	Q2 2023****	ਰੇਤੇ	1 736	714
Salisbury	UK	Retail	Q4 2021	2025+	88	259	81
Mander Centre	UK	Retail	QI 2022	Ej tillämpligt	100	1 05	105
Total Direct Investments						2 100	900
Barcelona Logistics	Spain	Logistics	Q4 2020	2024	100	4	4
Metz-Eurolog	France	Logistics	Q3 2020	2024	100	16	। ୧
Polaxis	France	Logistics	Q4 2022	2025	100	75	75
Other Catella Logistic Europé	France	Logistics				51	51
Total Catella Logistic Europe****						146	146
Total Other						28	0
Subtotal						2 274	1 046
Projecs that are consolidated as associated companies ***
Seestadt mg+ GmbH	Germany	Residential	Q1 2019	2030+	45	835	94
Düssel-Terrassen GmbH	Germany	Residential	Q4 2018	2030+	45	191	30
Königsallee 106	Germany	Office	Q2 2021	2026	23	981	99
Total Catella Project Capital						2 006	222
Jönköping	Sweden	Logistics	Q2 2022	Completed	40	267	159
Other Infrahubs	Sweden	Logistics			40	78	77
Total Infrahubs						345	236
Subtotal						2 352	459
Projecs that are reported as non-current securities
Total Co-Investments							28
Total						4 625	1 533

* Refers to both capital injections and loans provided

** The project is consolidated as a subsidiary with full consolidation

*** The project is consolidated as an associated company according to the equity method

*** Project within Catella Logstic Europé forward-funding arrangements with investors. Catella profit is earned upon project completion completion completion **** The residential part of the building is completed and residents moved in in September 2022. The commercial part is expected to be finished uring 2023

Catella's commitments in Principal Investments that have not been included the Statement of Financial Position are specified in Note 5. Pledged assets and contingent liabilities.

Corporate Finance

Turnover and profit Second quarter 2023

During the second quarter, the transaction market remained cautious, with delayed transactions.

Property transactions where Catella acted as advisor totalled SEK 5.2 Bn (15.4) in the quarter. Of the total transaction volumes in the quarter, France provided SEK 2.4 Bn (5.8), Finland 2.3 Bn (4.1), Sweden 0.4 Bn (5.0), Denmark 0 Bn (0.0) and Spain 0.1 Bn (0.4).

Corporate Finance's income was SEK 92 M (149) and income adjusted for assignment costs was SEK 70 M (134), a decrease of SEK -64 M.

Operating costs decreased by SEK - 1 6 M, mainly due to lower variable personnelrelated costs driven by lower income. Operating profit was SEK -22 M (26), a decrease of SEK -48 M.

First half-year 2023

Income was SEK 172 M (247), and operating profit was SEK -41 M (4). The transaction market in Europe experienced a declining trend since the start of the year, which affected all operations in the Corporate Finance business area leading to a reduction in income and the associated operating profit.

SEK M	3 Months		6 Months		I 2 Months
	2023	2022	2023	2022	Rolling	2022
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-Jun	lan-Jun	Jan-Jun	l 2 Months	lan-Dec
Nordic *	23	53	42	்	107	156
Continental Europe *	69	96	130	ા ટેર	361	386
Total income	92	49	172	247	468	542
Assignment expenses and commission	-22	-15	-37	-25	-90	-78
Operating expenses	-92	-108	-177	-218	-402	-442
Less profit attributable to non-controlling interests	0	0	0	0	0	0
Operating profit/loss	-22	26	-41	4	-23	22
KEY FIGURES
Operating margin, %	-24	18	-24	)	-5	র্ম
Property transaction volume for the period, SEK Bn	5.2	15.4	11.0	20.7	35.	44,9
of which Nordic	2,8	9,	4,5	12,2	18,3	26,0
of which Continental Europe	2,4	6,2	6,5	8,5	16,8	18,9
No. of employees, at end of period			152	ા ર		164

* Includes internal revenue between business areas has been eliminated in the service area for the current period and for the corresponding period in 2022.

70

60

50

40

30

20

10

0

Other financial information

The Group's financial position Second quarter 2023

The following information relates to the Group formal accounts.

In the second quarter, the Group's total assets decreased by SEK 500 M, amounting to SEK 5,611 M as of 30 June 2023. Cash and cash equivalents, equity and shortterm borrowing from credit institutions were significantly affected by Kaktus' repayment of project financing from a lender and by dividends to Parent Company shareholders and non-controlling interests.

In the second quarter, the Group's equity decreased by SEK 155 M, amounting to SEK 2,28 | M as of 30 June 2023. In addition to profit for the period of SEK 90 M and positive translation differences of SEK 74 M, equity was affected by dividends to Parent Company shareholders and noncontrolling interests of SEK 106 M and SEK 213 M respectively. As of 30 June 2023, the Group's equity/assets ratio was 41% (40% as of 31 March 2023).

Group cash flow Second quarter 2023

Consolidated cash flow from operating activities before changes in working capital and cash flow from property projects amounted to SEK 73 M (195). Tax paid totalled SEK 13 M (25) during the period.

Cash flow from property projects amounted to SEK 232 M (236), mainly relating to the divestment of Infrahubs Vaggeryd which generated payment of SEK 306 M. Furthermore, additional investments of SEK 15 M were made in Infrahubs Jönköping, and a further SEK 89 M was invested in French and Spanish logistics projects, of which SEK 60 M related to the new project Polaxis. Forward funding from investors in continental logistics projects totalled SFK 30 M

Consolidated cash flow from operating activities was SEK 156 M (466), of which changes in working capital comprised SEK -148 M (36) in the period.

Cash flow from investing activities amounted to SEK -6 M (-58), including an investment of SEK 6 M in a total investment commitment of SEK 25 M in the new listed startup UK REIT Fund, which is managed in-house. Cash flow from loan portfolios totalled SEK 8 M.

Cash flow from financing activities amounted to SEK -531 M (-159), of which SEK -369 M related to Kaktus' loan repayment to creditors. Dividend to Parent Company shareholders totalled SEK 106 M and dividend to non-controlling interests was SEK 42 M.

Cash flow in the period was SEK -381 M (249) and cash and cash equivalents at the end of the period was SEK 1,365 M (1,380), of which cash and cash equivalents relating to the Group's Swedish holding company amounted to SEK 380 M (192).

First half-year 2023

Consolidated cash flow from operating activities before changes in working capital and cash flow from property projects amounted to SEK 26 M (165). Tax paid totalled SEK 43 M (59) during the period.

Cash flow from property projects totalled SEK 270 M (100) and included payments received from the divestment of the Infrahubs project of SEK 358 M and funding from investors in the French logistics projects of SEK 130 M. Investments in property projects totalled SEK 242 M in the first half year, of which SEK 71 M in Infrahubs' projects, SEK 105 M in French and Spanish logistics projects, SEK 41 M in Catella Project Capital and SEK 19 M invested in Kaktus.

Consolidated cash flow from operating activities was SEK 95 M (98), of which changes in working capital comprised SEK -201 M (-167) in the period.

Cash flow from investing activities totalled SEK -24 M (-1 1 5) and included the acquisition of shares in Catella Residential Partners SAS and Catella Asset Management Iberia for a total of SEK 12 M from non-controlling interests. Cash flow from loan portfolios totalled SEK 14 M.

Cash flow from financing activities amounted to SEK -551 M (-69), of which SEK -369 M related to amortization of loans from credit institutions and SEK -154 M related to dividends to Parent Company shareholders and non-controlling interests.

Parent Company Second quarter 2023

The Parent Company recognised income of SEK 10.4 M (9.2) and operating profit was SEK -10.6 M (-12.0). The number of

employees at the end of the period was 23 (20).

Parent Company net financial income/expense totalled SEK -15.0 M (35.9), of which interest and costs for arranging bond loans were SEK -26.2 M (-16.2) and dividends from subsidiaries totalled SEK 10.9 M (50).

Profit/loss before tax and net profit for the period was SEK -25.6 M (23.9).

First half-year 2023

Total income was SEK 21.4 M (20.0), and operating profit was SEK -3 I.3 M (-25.3) in the period. Profit/loss included non-recurring costs for redundancies.

Financial items totalled SEK -38.9 M (21.3), of which interest and loan arrangement costs were SEK -50.1 M (-3 I.5) and dividends from subsidiaries totalled SEK 10.9 M (50). The Parent Company bond loan accrues floating-rate interest at 3month Stibor plus 475 b.p.

Profit/loss before tax and net profit for the period was SEK -70.2 million (-4.0).

Employees

At the end of the period, there were 521 (480) employees, expressed as full-time equivalents.

Risks and uncertainties

The current macroeconomic situation with rising inflation and increased interest rates could impact future return and transaction levels, and hence also impact assets under management as well as profit in Catella Investment Management and Catella Corporate Finance. In Principal Investments, opportunity to sell projects at acceptable prices can be affected by the current market conditions and reduced transaction volumes

See Note 4 in the Annual Report 2022 for further significant estimates and judgements.

Seasonal variations

Seasonal variations are significant in the Corporate Finance operating segment. Transaction volumes and income have historically been highest in the fourth quarter.

Accounting principles

This Interim Report has been prepared in compliance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Consolidated Financial Statements were prepared in compliance with International Financial Reporting Standards (IFRS) as endorsed by the EU, the Annual Accounts Act and RFR | Complementary Accounting Rules for Groups issued by RFR, the Swedish- Reporting Board.

The Parent Company's financial statements were prepared in accordance with the Swedish Annual Accounts Act and Recommendation RFR 2 Accounting for legal entities, issued by RFR, the Swedish Financial Reporting Board.

The Group's and Parent Company's key accounting principles are presented in Catella's Annual Report for 2022. Figures in tables and comments may be rounded.

Related party transactions

In June 2023, Catella AB entered into a

new rental agreement with a wholly owned subsidiary of Humlegården AB, where CEO Anneli Jansson is a Board member of Catella AB. The new rental agreement, which relates to office premises on Birger Jarlsgatan 6 in Stockholm, has been reached for a 7-year period at an annual basic rent of SEK 10.506.000. The premises are undergoing refurbishment and are expected to be occupied in the first quarter 2024. During the renovation period, Catella AB rents two temporary premises from two subsidiaries of Humlegården AB for annual basic rent of SEK 2,176,000 and SEK 2,089,400 respectively.

Catella holds shares in the associated company Catella Project Capital GmbH, whose other owners are the Claesson & Anderzén group and the management of Catella Project Management GmbH. Catella's German subsidiary Catella Project

Catella's German subsidiary Catella Project Management GmbH operates the property development projects in Catella Project Capital GmbH. In addition, Ca-

tella's subsidiary Infrahubs AB runs property development projects within several associated companies. No part of the fees levied for services rendered that Catella Project Management GmbH and Infrahubs AB invoice to associated companies have been eliminated in Catella's Consolidated Income Statement, as associated companies fall outside Catella's associated enterprises. For more information, see Principal Investments in this report and Notes 20 and 38 in the Annual Report 2022.

Forecast

Catella does not publish forecasts.

This information is mandatory for Catella AB to publish in accordance with EU's Market Abuse Regulation. The information was submitted, through the agency of the below contact, for publication on 18 August 2023 at 07:00 a.m. CEST.

This Report has not been subject to review by the Company's Auditors.

Stockholm, Sweden, 18 August 2023 Catella AB (publ)

Christoffer Abramson CFO and President

Consolidated Income Statement

		2023	2022	2023	2022	2022
SEK M	Note	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	lan-Dec
Net sales		483	641	850	974	1 996
Other operating income		303	220	398	468	597
Total income		786	861	1 248	442	2 593
Provisions, direct assigment and production costs		-350	-109	-489	-176	-402
Other external expenses		-100	-87	-194	-181	-374
Personnel costs		-222	-258	-423	-445	-919
Depreciation		-18	-18	-37	-37	-75
Other operating expenses		-7	-2	-9	-2	-14
Operating profit/loss		90	386	97	601	810
nterest income		18	9	34	17	45
Interest expenses		-33	-18	-73	-36	-80
Other financial items		37	8	62	-2	ટર્
Financial items-net		23	-2	24	-21	20
Profit/loss before tax		113	385	120	580	830
Tax		-23	-79	-30	-92	-147
Net profit/loss for the period		90	305	90	489	683
Profit/loss attributable to:
Shareholders of the Parent Company		84	247	76	326	491
Non-controlling interests		6	58	14	163	192
		90	305	90	489	683
Earnings per share attributable to shareholders of the Parent Company, SEK
- before dilution		0,95	2,80	0,86	3,69	5,55
- after dilution		0,95	2,73	0,84	3,59	5,41
No. of shares at end of the period		88 348 572	88 348 572	88 348 572	88 348 572	88 348 572
Average weighted number of shares after dilution		89 012 979	90 640 239	90 562 208	90 895 770	90 662 237

Information on the Income Statement by operating segment can be found in Note I .

Consolidated Statement of Comprehensive Income

	2023	2022	2023	2022	2022
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	an-Jun	Jan-Dec
Net profit/loss for the period	90	305	90	489	683
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Value change in defined benefit pension plans	0	0	0	-0	2
Fair value changes in financial assets through other comprehensive income	2	-3	4	0	14
Items that will be reclassified subsequently to profit or loss:
Translation differences	74	50	92	60	101
Other comprehensive income for the period, net after tax	76	47	96	61	117
Total comprehensive income/loss for the period	166	353	186	549	800
Profit/loss attributable to:
Shareholders of the Parent Company	157	289	169	381	દેત્કર
Non-controlling interests	9	63	17	। ୧୫	204
	166	352	186	549	800

Consolidated Statement of Financial Position – condensed

ASSETS Non-current assets 480 444 452 Intangible assets તેન્દ 117 109 Contract assets leasing agreements 33 28 27 Property, plant and equipment 130 142 182 Holdings in associated companies 183 તેર 127 Non-current receivables from associated companies 2, 3, 4 348 302 308 Other non-current securities 7 20 6 Deferred tax receivables 41 50 36 Other non-current receivables 1 340 1 171 1 254 Current assets 2 136 2 035 2 244 Development and project properties 31 ા 36 Contract assets 63 219 253 151 Receivables from associated companies 494 ୧୦୧ 775 Accounts receivable and other receivables 39 Current investments 2, 3, 4 27 37 1 365 1 380 1 794 Cash and cash equivalents 4 271 4 448 5 066 5 (11 Total assets 5 ୧18 6 320 EQUITY AND LIABILITIES Equity 177 177 177 Share capital 296 295 296 Other contributed capital 164 ୧୧ 72 Reserves 1 582 1 415 1 624 Profit brought forward including net profit for the period 2219 1 954 2 168 Equity attributable to shareholders of the Parent Company 62 Non-controlling interests 228 262 2 281 2181 2 430 l otal equity Liabilities Non-current liabilities Borrowings from credit institutions 1 206 1 217 । રાતે 1 245 1 242 1 244 Bond issue 74 89 82 Contract liabilities leasing agreements 36 42 34 Other non-current liabilities 17 17 9 Deferred tax liabilities ರಿತ 79 105 Other provisions 2 989 2 683 2 688 Current liabilities 3 2 - Borrowings from credit institutions 36 31 37 Contract liabilities leasing agreements 5 5 14 Contract liabilities Accounts payable and other liabilities 634 812 564 Tax liabilities 46 64 46 749 901 647 Total liabilities 3 330 3 437 3 890 5 611 5 619 6 320 Total equity and liabilities 92 57 70 Of which pledged and blocked liquid funds	SEK M	Note	2023 30 Jun	2022 30 Jun	2022 31 Dec

Consolidated Statement of Cash Flows

	2023	2022	2023	2022	2022
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Cash flow from operating activities
Profit/loss before tax	113	384	120	580	830
Reclassification and adjustments for non-cash items:
Wind down expenses	-3	-22	-4	-2	-23
Other financial items	-37	రం	રેર	2	-26
Depreciation	18	18	37	37	75
Impairment / reversal of impairment of current receivables	4	0	4	- I	-
Change in provisions	7	4	9	3	l 2
Reported interest income from loan portfolios	8	4	-14	6	-17
Acquisition expenses	0	l	-		2
Profit/loss from participations in associated companies	2	-46	-	-46	-63
Personnel costs not affecting cash flow	-2	6	9	4	5
Other reclassifications and non-cash items	9	-116	-20	-349	-266
Paid income tax	-13	-25	43	- 29	-136
Cash flow from operating activities before changes in working capital	73	ાતેર	26	165	368
Investments in property projects	-107	-379	-242	-738	-1 569
Divestment of property projects	339	રા ર	512	839	1 414
Cash flow from property projects	232	236	270	100	-155
Cash flow from changes in working capital
Increase (-)/decrease (+) of operating receivables	-112	-94	85	-129	-118
Increase (+) / decrease (-) in operating liabilities	-36	130	-286	-38	45
Cash flow from operating activities	156	466	ಕಿನ	ಕಿ8	140
Cash flow from investing activities
Purchase of property, plant and equipment	9	-3	-10	-7	-11
Purchase of intangible assets	-	ప్ర	7	-3	-13
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents	-0	-52	-12	-66	-74
Sale of subsidiaries, net of cash disposed	2	0	2
Divestment of associated companies	0	0	-	60	୧୦
Dividend and other disbursements from associated companies	2	20	2	20	21
Purchase of financial assets	8	-25	-14	-126	-54
Sale of financial assets	0	0		0	44
Cash flow from loan portfolios	8	4	14	6	17
Cash flow from investing activities	-6	-28	-24	-115	-
Cash flow from financing activities
Proceeds from share warrants issued	0	0			-
Borrowings	- I	12	0	125	376
Amortisation of loans	-372	-2	-374	-7	-13
Amortisation of leasing debt	-11	-	-23	-23	-38
Dividend	-106	-82	-106	-88	-88
Transactions with, and payments to, non-controlling interests	-42	-76	48	-76	88
Cash flow from financing activities	-531	-159	-551	-୧୨	150
Cash flow for the period	-381	249	-480	-86	279
Cash and cash equivalents at beginning of period	1 710	117	1 794	442	1 442
Exchange rate differences in cash and cash equivalents	36	14	51	24	73
Cash and cash equivalents at end of the period	1 365	1 380	1 365	1 380	1 794

Consolidated Statement of Changes in Equity

Equity attributable to shareholders of the Parent Company

SEK M	Share capital	Other contributed capital *	Fair value reserve		Profit brought forward incl. Translation net profit/loss reserve for the period	Total	Non- controlling interests **	Total equity
Opening balance at I January 2023	177	296	-	83	1 624	2 168	262	2 430
Comprehensive income for January - June 2023:
Net profit/loss for the period					76	76	14	90
Other comprehensive income, net of tax			4	89	0	93	3	તે રેણ
Comprehensive income/loss for the period			4	89	76	169	17	186
Transactions with shareholders:
Transactions with non-controlling interests					-12	-12	-217	-279
Dividend					-106	-106		-106
Closing balance at 30 June 2023	177	296	- /	171	1 582	2219	62	2 281

* Other capital contributed pertains to reserve funds in the Parent Company.

** Non-controlling interests are attributable to minority shares in the subsidiaries in all Group business areas.

In the first uner of 202, 50,000 warants were enployee de to a charge in the employers chrisms. In the Constileted and of 20 year to may not a colar 3,000,000 warrants outstanding, of which 200,000 in treasury. The exercise price is SEK 35.20 per share.

	Equity attributable to shareholders of the Parent Company
SEK M	Share capital	Other contributed capital *	Fair value reserve		Profit brought forward incl. Translation net profit/loss reserve for the period	Total	Non- controlling interests **	Total equity
Opening balance at I January 2022	177	295	18	- /	205	1 688	132	1 821
Comprehensive income for January - June 2022:
Net profit/loss for the period					326	326	163	489
Other comprehensive income, net of tax			0	55	0	25	6	6
Comprehensive income/loss for the period			0	ಲ್ಲಿ ನಿ	326	381	168	ನಿರಿ
Transactions with shareholders:
Transactions with non-controlling interests					-28	-28	-72	-100
Dividend					-88	-88		-88
Closing balance at 30 June 2022	77	295	18	48	415	954	228	2181

* Other capital contributed pertains to reserve funds in the Parent Company.

** Non-controlling interests are attributable to mines in the subsidiary IPM and several subsidiaries in Investment and Corporate Finance.

The Edractinary General Meeting in December 2001 secure a new incentive program through the issue of 3,000,000 warrants divided into two series: 20202024A and 20202025.04 of I June 2021, 7,750,000 warants were transfered to management, and the emaining 25,000 warrants were hed in treasury as of 30 June 2022. The exercise price is 5EK 3520 per
sha

Note I Income Statement by operating segment

	Investment		Principal
	Management 2023	2022	Investments 2023	2022	Corporate Finance 2023	2022	Other 2023	2022	2023	Eliminations 2022	Group 2023	2022
SEK M	Note Apr-Jun Apr-Jun		Apr-Jun	Apr-Jun		Apr-Jun Apr-Jun	Apr-Jun Apr-Jun		Apr-Jun	Apr-Jun	Apr-Jun Apr-Jun
Net sales	361	469	32	27	91	147	9	ರಿ	-11	-11	483	641
Other operating income	9	2	288	215		2	2	2	3	-	303	220
Total income	370	471	320	242	92	149	11	10	-7	-	786	861
Provisions, direct assigment and
production costs	-43	-37	-286	-28	-22	-15	-0	-0		2	-350	-109
Other external expenses	-63	-49	-d	-10	-27	-27	-8	-10	8	8	-100	-87
Personnel costs	-139	-161	-11	-	-60	-77	-13	-			-222	-258
Depreciation	-11	-10	- I	-2	-5	-5	- I	-2	0	0	-18	-18
Other operating expenses	- I	-	-3	- I	-0	0	-4	- I	2		-7	-2
Less profit attributable to non- controlling interests *	-2	-2	-4	-59	-0	-0	0	3	6	28	0	0
Operating profit/loss	111	211	6	102	-22	26	-16	-	=	58	90	386
Interest income											18	9
Interest expenses											-33	-18
Other financial items											37	8
Financial items-net											23	-2
Profit/loss before tax											113	385
Tax											-23	-79
Net profit/loss for the period											90	305
Profit/loss attributable to shareholders of the Parent Company											84	247

			Investment Management			Principal Investments			Corporate Finance		Other			Eliminations		Group
		2023	2022	2022	2023	2022	2022	2023	2022	2022	2023	2022	2022	2023	2022	2022	2023	2022	2022
SEK M	Note	Jan-Jun		Jan-Jun Jan-Dec	Jan-Jun		Jan-Jun Jan-Dec	an- un		Jan-Jun Jan-Dec	Jan-Jun		Jan-Jun Jan-Dec	lan-Jun	Jan-Jun	Jan-Dec	lan-Jun		Jan-Jun Jan-Dec
Net sales		603	694	359	79	51	121	170	243	533	18	18	51	-20	-32	-67	850	974	996
Other operating income		17	8	49	372	453	539	2	4	10	5	5	4	-	-	-16	398	468	597
Total income		620	702	1 408	451	504	660	172	247	542	23	23	65	-19	-33	-82	1 248	442	2 593
Provisions, direct assigment and production costs		-86	-72	-166	-368	-92	-175	-37	-25	-78	-0	-0	-		13	17	-489	-176	-402
Other external expenses		-114	-91	-217	-24	-21	-37	-55	-63	-124	-18	-21	-40	16	ા ર	45	- 94	-181	-374
Personnel costs		-253	-258	-522	-27	-22	-47	-112	- 44	-299	-34	-24	-56	3	2	റ	-423	-445	-919
Depreciation		-20	-18	-39	-4	-5	-8	-10	-10	-20	-3	-4	-8	0	0	0	-37	-37	-75
Other operating expenses		-2	-2	-8	-6	-2	-19	-0	-0		-5		-4	4		15	-9	-2	- 4
Less profit attributable to non- controlling interests *		-4	-3	-6	-8	-163	-189	0	-0	0	- I	3	3	14	163	192	0	0	0
Operating profit/loss		142	258	45	15	। ਰੇਰੇ	184	-41	ব	22	-38	-23	-40	19	163	192	97	601	810
Interest income																	34	17	45
Interest expenses																	-73	-36	-80
Other financial items																	62	-2	ટર્સ
Financial items-net																	24	-21	20
Profit/loss before tax																	120	580	830
Tax																	30	-92	-147
Net profit/loss for the period																	90	489	683
Profit/loss attributable to shareholders of the Parent Company																	76	326	491

* Profiles atticitable to non on to ton in the new in the procint tribution to the band the band of the colorders of the couper of the coupe of the coupe of the coupe of the

The operating segments covered in this report, incipal hestment and Corporate Finance, are consisted to management and the Baard of Director and the creant segments in IFSC, Opening Sement The Parent Companis are presente between between between beverley operies.
Aquiton and include the cales noried minis

Note 2 Summary of Catella's loan portfolios

The loan portfolios comprise securitized European loans with primary exposure inhousing. The performance of the loan portfolios is closely monitored and remeasurements are continuously performed

SEK M		Forecast	Share of	Forecast	Share of
		undiscounted cash	undiscounted	discounted	discounted	Discount
Loan portfolio	Country	fow	cash flow	cash flow	cash flow	rate	Duration, years
Pastor 2	Spain	59.0	68.3%	53.0	66.0%	4.4%	2.50
Lusitano 5	Portugal	27.3	31.7%	27,3	34.0%	0.0%	0,25
Total cash flow *		86.3	100.0%	80.4	100.0%	2.9%	1.7
	Carrying amount in consolidated halance sheet **			80 4

* The discount rate recognised in the line "Total cash flow" is the weighted average interest of the total discounted cash flow.

** Catella's loan portfolio also includes the portfolios Pastor 3, 4 and 5 as well as Lusitano 4 whose book value of SEK 0.

Pastor 2

In the sub-portfolio Pastor 2, the underlying loans are below ten percent of the issued amount and Catella expects the issuer to utilise its clean-up call. The administration of the portfolio is frequently unprofitable when it falls below ten percent of the issued amount, and this structure al lows the issuer to avoid these additional costs. Catella considers the credit risk in the portfolio to be low, although the precise timing of the exercise of the option is difficult to forecast due to various unknown factors relating to the issuer. Catella has made the assumption that a repurchase will take place in the fourth quarter of 2025. The portfolio is valued at

the full repayable amount of EUR 5.0 M, discounted to present value with application of a discount rate for similar assets. This corresponds to a value of EUR 4.5 M.

Lusitano 5

The time call affects sub-portfolio Lusitano 5 and constitutes an option held by the issuer that enables the sub-portfolio to be repurchased at a specific point in time, and subsequently from time to time. The option has been available since 2015. Catella evaluates that the time call will be exercised in the third quarter of 2023. This assumption is conservative as it means that no further cash flows than the position's current capital amount of EUR 1.6 M plus

the following quarter's cash flow will be received when exercising the time call. The portfolio is hence valued at EUR 2.3 M. This is SEK 1.2 M lower compared to the start of the year and the adjustment affects profit in the second quarter 2023. The reason for this is that previously distributed amounts such as interest have been reclassified by the fund's Principal Agent to amortizations with the aim of adjusting the position's outstanding capital amount to a figure corresponding to the fund's minimum cash reserve account.

Further information regarding the loan portfolio can be found in the Annual Report 2022.

Actual cash flows from the loan portfolio

SEK M		Spain Portugal	Other
Loan portfolio		Pastor 2 Lusitano 5		Total
Outcome
Full year 2009-2021	27,2	15.8	267.0	310.1
Full year 2022	0.0	16.9	0.0	16.9
QI 2023	0.0	5,8	0.0	5.8
Q2 2023	0.4	7.6	0.0	8.0
Total	27.7	46.1	267.0	340.8

Note 3 Short- and long-term investments

	2023	2022	2022
SEK M	30-jun	30-iun	3 -dec
Visa preferred stock C series	43	64	36
Loan portfolios	80	84	88
Operation-related investments **	252	192	223
Total *	376	340	347

* of which short-term investments SEK 27 M and long-term investments SEK 348 M.

** includes investments in shares and funds, co-investments and assets within segments being classified as financial assets.

Note 4 Group assets valued at fair value

In accordance with IFRS 7, financial instruments are recognised on the basis of fair value hierarchically with three different levels. Classification is based on the input data used for measuring the instruments. Quoted prices on an active market on the reporting date are applied for level 1. Oservable market data for the asset or liability other than quoted prices are used for level 2. Fair value is determined with the aid of valuation techniques. For level 3, fair value is determined on the basis of valuation techniques based on non-observable market data. Specific valuation techniques used for level 3 are the measurement of discounted cash flows to

determine the fair value of the financial instruments. For more information, see Note 3 in the Annual Report 2022.

The Group's assets measured at fair value as of 30 June 2023 are stated in the following table.

SEK M	lier	lier Z	lier 3	l otal
ASSETS
Financial assets measured at fair value through other comprehensive income		43		43
Financial assets measured at fair value through profit or loss	30	2	300	332
Total assets	30	45	300	376

No changes between levels occurred the previous year.

Change analysis, financial assets, level 3 for the first six months 2023

as of I January	329
Purchases	4
Disposals	-46
Gains and losses recognised through profit or loss	4
Translation differences	IC
As of 31 December	300

Note 5 Pledged assets and contingent liabilities

Pledged assets

	2023	2022	2022
SEK M	30 Jun	30 Jun	31 Dec
Cash and cash equivalents	92	57	70
Other pledged assets
	92	57	70

Cash and cash equivalents include cash funds in accordance with minimum retention requirements, funds that are to be made available at all times for regulatory reasons and frozen funds for other purposes.

Contingent liabilities

	2 023	2 022	2022
SEK M	30 Jun	30 Jun 2017	31 Dec
Other contingent liabilities	1614	1 074	1 625
	1614	1 074 - 1 074	1 625

Other contingent liabilities mainly relate to guarantees to credit institutes as collateral for approved credit lines to the subsidiary Kaktus I HoldCo ApS. In addition, Catella Holding AB is party to guarantee commitments relating to sold properties, as well as

to a tenant guarantee commitment relating to the project company's completion of their commitment under the relevant rental agreement. Other contingent liabilities also relates to ongoing disputes in discontinued operations and guarantees

provided by operating subsidiaries for rental contracts with landlords.

Of the Group's total contingent liabilities, SEK 1,590 M relates to Principal Investments.

Commitments

	2 023	2 022	2022
SEK M	30 Jun	30 Jun 2014	31 Dec
Investment commitments	20
Other commitments
	20

Investment commitments mainly relate to the unlisted holding in the start-up Pamica 4 AB.

Parent Company Income Statement

SEK M	2023	2022	2023	2022	2022 Jan-Dec
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
Net sales	9.1	8,6	17,8	17,7	47,8
Other operating income	1,3	0,6	3,6	2,3	12,6
Total income	10,4	9,2	21,4	20,0	60,4
Other external expenses	-10.1	-9,9	-20,3	-21.0	-42,8
Personnel costs	-10,7	-11,1	-31,6	-24,1	-54,3
Depreciation	-0, I	-0, I	-0,2	-0,2	-0,3
Other operating expenses	-0.1	-0.0	-0.7	-0, I	0,6
Operating profit/loss	-10.6	-12.0	-31,3	-25,3	-36,4
Profit/loss from participations in group companies	10,9	50,0	10,9	50,0	257,4
Interest income and similar profit/loss items	0.3	2.1	0,3	2,8	3,3
Interest expenses and similar profit/loss items	-26,2	-16,2	-50,2	-31,5	-71,4
Financial items	-15,0	35,9	-38,9	21,3	189,4
Profit/loss before tax	-25.6	23,9	-70,2	-4,0	153,0
Tax on net profit for the year	0.0	0,0	0,0	0,0	0,0
Net profit/loss for the period	-25,6	23,9	-70,2	-4,0	153,0

Parent Company Statement of Comprehensive Income

SEK M	2023 Apr-Jun	2022 Apr-lun	2023 an-Jun	2022 an-Jun	2022 lan-Dec
Net profit/loss for the period	-25,6	23.9	-70,2	-4.0	153.0
Other comprehensive income					--
Other comprehensive income for the period, net after tax	0.0	0.0	0.0	0.0	0.0
Total comprehensive income/loss for the period	-25.6	23.9	-70.2	-4.0	153.0

Parent Company Balance Sheet - condensed

	2023	2022	2022
SEK M	30 Jun	30 Jun	31 Dec
Intangible assets	0,3	0,6	0,4
Property, plant and equipment	0, I	0,1	0,1
Participations in Group companies	1 358,2	1 358,2	1 358,2
Current receivables from Group companies	104,8	132,5	106,6
Other current receivables	27,5	9,6	211,9
Cash and cash equivalents	0,0	0,1	0,1
Total assets	1 490,9	1 501.1	677.4
Equity	223,3	242,7	399,6
Bond issue	1 245,2	1 242,4	1 243.8
Current liabilities to Group companies	0,6	0,0	5,4
Other current liabilities	21,8	16,0	28,7
Total equity and liabilities	490,9	1 501.1	1 677,4

Catella AB has issued guarantees to credit institutes of SEK 1,045 M as security for approved credit lines to the subsidiary Kaktus 1 HoldCo ApS. In addition, Catella AB has entered into a guarantee commitment with investors in the project company Barcelona Logistics of SEK 221 M relating to completion under development agreements. For the comparative period 30 June 2022, the Parent Company's total contingent liabilities amounted to SEK 338 M.

Application of key performance indicators not defined by IFRS

The Consolidated Accounts of Catella are prepared in accordance with IFRS, which only defines a limited number of performance measures. Catella, applies the European Securities and Markets Authority's (ESMA) guidelines for alternative performance measures. In summary, an alternative performance measure is a financial measure of historical or future profit progress, financial position or cash flow not

defined by or specified in IFRS. In order to assist corporate management and other stakeholders in their analysis of Group progress, Catella presents certain performance measures not defined under IFRS. Corporate management considers that this information facilitates analysis of the Group's performance. This additional information is complementary to the information provided by IFRS and does not

replace performance measures defined in IFRS. Catella's definitions of measures not defined under IFRS may differ from other companies' definitions. All of Catella's definitions are presented below. The calculation of all performance measures corresponds to items in the Income Statement and Balance Sheet.

Definitions

Non-IFRS performance
measures	Description	Reason for using the measure
Operating profit attributable to Parent Company shareholders	Group's operating profit for the period, less profit at- tributable to non-controlling interests.	The measure illustrates the proportion of the Group's oper- ating profit attributable to shareholders of the Parent Com- pany.
Operating margin	Operating profit attributable to the Parent Company shareholders divided by total income for the period.	The measure illustrates profitability in underlying operations attributable to shareholders of the Parent Company.
IRR	Internal Rate of Return, a measure of the average annual return generated by an investment.	The measure is calculated for the purpose of comparing the actual return on projects Catella invests in with the average expected return of 20 percent.
Assets under management at year end	Assets under management constitutes the value of Ca- tella's customers' deposited/invested capital.	An element of Catella's income in Investment Management is agreed with customers on the basis of the value of the un- derlying invested capital. Provides investors with insight into the drivers behind elements of Catella's income.
Property transaction volumes in the period	Property transaction volumes in the period constitute the value of underlying properties at the transaction dates.	An element of Catella's income in Corporate Finance is agreed with customers on the basis of the underlying prop- erty value of the relevant assignment. Provides investors with insight into the drivers behind elements of Catella's income.
Equity/Asset ratio	Equity divided by total assets.	Catella considers the measure to be relevant to investors and other stakeholders wishing to assess Catella's financial stability and long-term viability.
Earnings per share	Net profit for the period attributable to the Parent Company shareholders divided by the number of shares.	Provides investors with a view of the company's Earnings per share when making comparisons with earlier periods.
Dividend per share	Dividend divided by the number of shares.	Provides investors with a view of the company's dividend over time

Financial calendar

Interim Report July-September 2023 27 October 2023 Year-end Report October-December 2023 9 February 2024

For further information, please contact

Michel Fischier, CFO Tel. +46 (0)8-463 33 10

More information on Catella and all financial reports are available at catella.com.

CATELLA AB (PUBL) P.O. BOX 5894, SE-102 40 STOCKHOLM, SWEDEN | VISITORS: BIRGER JARLSGATAN 6 CORP. ID NO.556079-1419 | REGISTERED OFFICE: STOCKHOLM, SWEDEN TELEPHONE +46 (0)8-463 33 10| INFO@CATELLA.SE CATELLA.COM