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Catella
Earnings Release • Aug 21, 2025
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Earnings Release
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Strong quarter and well positioned for continued profitable growth
During the second quarter of the year, the transaction market continued to show positive trends in several of the twelve markets where Catella operates. This was despite the global economy being marked by significant uncertainty, with trade wars and escalating geopolitical tensions. Our own successful transactions during the period, notably the sale of Kaktus Towers and the Vega project in Copenhagen, underscored the positive sentiment. All three business areas contributed to a strong operating profit for the Group, which increased to SEK 303 M (35). Despite global uncertainty, we believe the European property market will continue to perform well, supported by falling interest rates, improved credit conditions, and low inflation - an attractive market position in which our strong capital position enables continued profitable growth.
Daniel Gorosch, interim CEO and President
Progress during the quarter Progress during the year
Financial results
- Total income in the quarter amounted to SEK 755 M (450)
- Operating profit was SEK 315 M (34)
- Operating profit attributable to Catella's shareholders was SEK 303 M (35)
- Profit attributable to Catella's shareholder was SEK 320 M (-33)
- Earnings per share before and after dilution was SEK 3.62 (-0.37)
Assets under management
• Assets under management (AUM) amounted to SEK 157 Bn at the end of the period, an increase of SEK 8 Bn compared to the first quarter of 2025
Principal Investments
• Catella's total investment volume decreased by SEK 694 M to SEK 828 M compared to the previous quarter
Financial results
- Total income amounted to SEK 1,096 M (875)
- Operating profit was SEK 272 M (40)
- Operating profit attributable to Catella's shareholders was SEK 259 M (39)
- Non-recurring costs amounted to SEK 8 M (2)
- Profit attributable to Catella's shareholder was SEK 137 M (-7)
- Earnings per share before and after dilution was SEK 1.55 (-0.08)
Assets under management
• Assets under management (AUM) amounted to SEK 157 Bn at the end of the period, an increase of SEK 1 Bn compared to year-end
Principal Investments
• Catella's total investment volume decreased by SEK 737 M to SEK 828 M compared to the end of the previous year
SEK
2,528 M
SEK 355 M
Last 12 months Last 12 months End of period End of period
Total income Operating profit Assets under management Invested capital
SEK 157 Bn
SEK 828 M
CEO COMMENTS
Strong quarter and well positioned for continued profitable growth
During the quarter, we saw a continued, cautious recovery and higher transaction activity, despite most analysts predicting that the statements on tariffs in the beginning of the quarter would dampen large parts of the global economy. Overall, transaction volumes in the European market increased by 11 percent in the quarter compared with the same period last year. The increase was driven primarily by improved credit conditions, which have narrowed the gap between buyers and sellers and thereby increased likelihood of closing transactions. This trend benefits all our business areas.
I can conclude that there are favourable conditions for continued growth and a stronger European property market, provided that long-term interest rates stabilise at lower levels. This is supported by inflation remaining under control in both the Eurozone and the wider European market.
Another positive factor is the growing interest in Europe among property investors, as uncertainty in the US increases. This was evident at the major investor conferences in Europe and Asia in which we participated during the quarter. Interest is rising among American, Asian, and of course European investors, many of whom have traditionally allocated a large share of their capital to North America. Several large international funds are now reassessing their asset allocations, with the US no longer the obvious focal point. Political uncertainty, challenges in major city commercial property markets, and an increasingly complex regulatory landscape are making Europe appear as a more manageable and long-term alternative.
That said, we must factor in slightly weaker-than-expected economic growth in many European markets, driven by global trade tensions. Ongoing geopolitical unrest in several parts of the world could also alter conditions — for example, higher oil prices could spark a new wave of inflation. Despite the uncertainty, I remain optimistic and expect increased activity in the European property market.
Operating profit for the second quarter was SEK 303 M (35), driven primarily by the result from the sale of Kaktus in the Principal Investments business area (SEK 252 M), as well as improved operating profit in both Investment Management and Corporate Finance.
Increased diversification after divestment
The single largest event in the second quarter was the divestment of Kaktus Towers in the Principal Investments business area. Within the business area, our focus remained on developing and completing existing projects for sale, while also exploring potential investments both in new development projects and in additional European aggregation mandates with capital partners.
Looking ahead, our focus in the business area is to reduce concentration risk and diversify the portfolio through the strategic use of own capital - via early-stage investments, co-investments, and partnerships - to grow assets under management, increase recurring income, and enhance long-term shareholder value.
During the quarter, we announced a joint investment with global real estate investor Barings in the Vega residential project in Copenhagen. Through a joint venture to build 269 affordable apartments, the Vega project and partnership clearly reflect our future investment strategy. Another example is the Silbersteinstrasse project in Berlin, where the building permit application was submitted in early June. The project addresses the demand for new housing and will comprise 92 rental apartments.
With property valuations now stabilised at a new level, we see a solid foundation for new and attractive investment opportunities of this kind - fully aligned with our strategy and supported by the strong capital position created through the divestment of Kaktus Towers. We also plan to repurchase interest-bearing debt, thereby improving capital efficiency and reducing interest expenses.
Advising on major transactions
As noted earlier, the transaction market maintained its positive momentum in the second quarter, benefiting the Corporate Finance business area. During the quarter, we advised on a growing number of large transactions, strengthening the outlook compared with the normally weaker first quarter.
For example, Catella Corporate Finance Denmark acted as adviser to NIAM in the divestment of the approximately 75,500 square meter office property Copenhagen Business Park. In addition, the Swedish operations acted as adviser on 18 transactions with a total value of SEK 3.7 Bn.
During the quarter, in line with the Group's strategy for increased pan-European growth, Catella created the new position of Head of Corporate Finance Europe. The role highlights both the importance of the Corporate Finance business area and its growth potential. Since 15 August, this has been my new focus, and I look forward to developing the business area together with colleagues across Europe.
Increased assets under management
In the Investment Management business area, we recorded some improvement, supported by a stronger transaction market. Since the previous quarter, assets under management have grown by almost SEK 8 Bn, driven primarily by new management mandates in Denmark, the UK, and Finland. This has further strengthened our base of fixed and recurring income.
Compared with the previous quarter, operating profit rose by SEK 22 M to SEK 41 M, driven by a higher number of transactions and the resulting increase in variable income. As noted earlier, the preceding quarter was exceptionally weak in terms of completed transactions.
Outlook
This marks my final statement as interim CEO of Catella. I am grateful for the trust the Board has placed in me during nearly a year in this role, and for their renewed confidence as I take on my new position as Head of Corporate Finance Europe.
I warmly welcome Rikke Lykke as our new CEO and President and wish her every success. We will work closely together, and I am confident that, alongside our colleagues, we have every opportunity to continue strengthening Catella's position as a leading pan-European property investment company, supported by a very strong financial base that enables us to capitalise on the opportunities in the current market environment.
Our focus remains on executing the strategies set for each of our business areas, strategies on which we are already delivering.
Catella looks to the near future with optimism, backed by a strong liquidity and capital position, further strengthened by the divestment of Kaktus Towers. We are well positioned to seize opportunities as they arise in the market and we actively evaluate new investment opportunities to drive growth and increased shareholder value.
Catella will be presenting the Interim Report and answering questions today at 10 a.m. CEST. To participate in the conference, please see: https://financialhearings.com/event/51908
Daniel Gorosch, interim CEO and President up until 15 August Stockholm, Sweden, 21 August 2025
Our business areas
Catella comprises the business areas Investment Management, 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 7-8.
Investment Management
Catella is a leading specialist in property investment management with investments in 10 geographical markets in Europe. Catella offers institutional and other professional investors attractive, riskadjusted returns through regulated property funds and frequently sustainability-focused asset management services through two service areas: Property Funds and Asset Management. Property Funds offers funds with various investment strategies in terms of risk and return, type of property and location. Through more than 20 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 9-10.
Principal Investments
Catella makes own sustainability-focused real estate investments through Principal Investments together with partners and external investors. The goal of the investments is to grow AUM in Investment Management and create a strong base of recurring income. This is done through seed investments in own funds, coinvestments with external capital partners to secure long-term asset management mandates, and investments in development projects alongside majority-owning capital partners. In addition to growing managed capital and fixed fees, the return requirements are 15–20% IRR on own investments.
For more information about the business area, see page 11.
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 7-11 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 complete reconciliation can be found in Note 1.
| Investment | Principal | Corporate Other and group |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Management | Investments | Finance | eliminations | Group | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| SEK M | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | |
| Net sales | 248 | 255 | 374 | 96 | 118 | 78 | -19 | -1 | 722 | 428 |
| Other operating income | 2 | 3 | 0 | 1 | 1 | 1 | 30 | 17 | 34 | 22 |
| Total income | 250 | 257 | 375 | 97 | 120 | 79 | 11 | 16 | 755 | 450 |
| Provisions, direct assigment and production costs |
-31 | -43 | -101 | -64 | -19 | -8 | 20 | 1 | -131 | -113 |
| Revenue excluding commissions, assignment, and production costs |
219 | 215 | 274 | 33 | 101 | 72 | 31 | 17 | 625 | 336 |
| Other external expenses | -46 | -50 | -6 | -4 | -24 | -23 | -4 | 0 | -80 | -77 |
| Personnel costs | -118 | -116 | -14 | -8 | -66 | -62 | -16 | -16 | -214 | -201 |
| Depreciation | -13 | -13 | -0 | -0 | -5 | -5 | -2 | -1 | -20 | -19 |
| Other operating expenses | -2 | -1 | 8 | -5 | -0 | -0 | 0 | 4 | 6 | -2 |
| Share of profit from associated companies | 1 | 1 | -2 | -3 | 0 | 0 | -0 | 0 | -1 | -2 |
| Less profit attributable to non-controlling interests |
-0 | 0 | -11 | 0 | 0 | 0 | 0 | 0 | -12 | 1 |
| Operating profit/loss | 41 | 36 | 247 | 13 | 6 | -19 | 8 | 4 | 303 | 35 |
| Interest income | 12 | 18 | ||||||||
| Interest expenses | -30 | -54 | ||||||||
| Other financial items | 39 | -24 | ||||||||
| Financial items—net | 21 | -61 | ||||||||
| Profit/loss before tax | 324 | -26 | ||||||||
| Tax | -5 | -7 | ||||||||
| Net profit/loss for the period * | 320 | -33 |
* Net profit for the period is reconciled in Note 1. Income Statement by business area - Profit/loss attributable to the Parent Company Catella AB's shareholders.
Group net sales and profit/loss
Second quarter 2025 The Group's total income increased by 306 SEK M, totalling SEK 755 M (450). The majority of this change is attributable to Principal Investments' sale of Kaktus, which generated income of SEK 294 M before transaction costs. Group income also includes SEK 30 M from the second and final partial divestment of the holding in the associated company CatWave AB. Income in Investment Management decreased by SEK 7 M to SEK 250 M (257), due to lower fixed management fees within Property Funds, reflecting reduced NAV or AUM in the managed funds. Corporate Finance income increased by SEK 40 M to SEK 120 M (79), of which SEK 17 M relates to Catella Property Denmark's intra-group transaction fee from the sale of Kaktus. All five Corporate Finance markets reported higher income year-on-year.
Personnel expenses for the period totalled SEK 214 M (201), with the increase year-on-year partly attributable to higher variable remuneration linked to the sale of Kaktus.
The Group's operating profit totalled SEK 303 M (35), of which SEK 252 M related to the sale of Kaktus and SEK 30 M to the divestment of the associated company CatWave. The operating profit also includes positive fair value adjustments on fund holdings of SEK 7 M (-2).
Comments on the progress of each business area can be found on pages 7- 11.
The Group's net financial income/expense was SEK 21 M (-61), of which positive exchange rate differences amounted to 40 M (-24). The strong krona appreciation during the first quarter of 2025 was broken during the second quarter when the krona instead weakened, which had a positive effect on translation of loan receivables and cash and cash equivalents mainly denominated in EUR and DKK into the Group's reporting currency,
SEK. Interest expenses for the period were SEK 30 M (54), down SEK 24 M from the previous
year. The decrease in interest expenses was mainly due to a reduced share of external financing for Kaktus and the sale of Kaktus in May 2025. Lower market interest rates also contributed, reducing costs for Catella AB's floating-rate bond loan.
The Group's profit before tax amounted to SEK 324 M (-26), and the tax expense for the period was SEK 5 M (7), corresponding to an effective tax rate of 1 percent. The low percent effective tax rate is primarily attributable to low or no tax on capital gains from Kaktus and CatWave transactions.
Profit/loss for the period was SEK 320 M (-33) which corresponded to earnings per share of SEK 3.62 (-0.37) attributable to Parent Company shareholders.
Significant events in the quarter
On 19 May, Kaktus Towers in central Copenhagen was divested, generating a capital gain of SEK 252 M for Catella AB's shareholders and releasing SEK 952 M in liquidity.
The Annual General Meeting in Catella AB was held on 20 May. The AGM resolved in accordance with all proposals presented by the Board of Directors and the Nomination Committee. The Annual General Meeting resolved to re-elect Board members Tobias Alsborger, Pernilla Claesson, Samir Kamal, and Sofia Watt, and to elect Erik Eikeland, Erik Ranje, and Erik Rune as new Board members. Erik Rune was elected as new Chair of the
Board. The Annual General Meeting also resolved to introduce a new long-term incentive programme of up to 400,000 warrants aimed at Board members of Catella AB.
Significant events after the end of the quarter
Rikke Lykke assumed the role as new CEO and President on 15 August 2025 and succeeded acting CEO and President Daniel
Gorosch. On the same date, Daniel Gorosch assumed the role of Head of Corporate Finance Europe, a newly established position aligned with the Group's strategy for increased pan-European growth. Catella is offering holders of outstanding bonds the opportunity to participate in a voluntary buy-back, under which the company will repurchase bonds of up to SEK 600 M for cash consideration.
| Investment | Principal | Corporate | Other and group | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Management | Investments | Finance | eliminations | Group | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| SEK M | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun |
| Net sales | 469 | 495 | 407 | 211 | 191 | 146 | -20 | -5 | 1 047 | 848 |
| Other operating income | 20 | 6 | 1 | 2 | 2 | 2 | 27 | 16 | 50 | 27 |
| Total income | 489 | 502 | 407 | 213 | 193 | 149 | 6 | 11 | 1 096 | 875 |
| Provisions, direct assigment and production | ||||||||||
| costs | -66 | -83 | -107 | -139 | -32 | -16 | 21 | 7 | -185 | -231 |
| Revenue excluding commissions, assignment, | 424 | 418 | 300 | 75 | 161 | 132 | 27 | 18 | 911 | 644 |
| and production costs | ||||||||||
| Other external expenses | -100 | -98 | -10 | -15 | -47 | -47 | -3 | 4 | -160 | -156 |
| Personnel costs | -232 | -222 | -23 | -16 | -130 | -118 | -35 | -29 | -420 | -385 |
| Depreciation | -27 | -27 | -1 | -0 | -10 | -9 | -5 | -3 | -42 | -39 |
| Other operating expenses | -3 | -3 | -19 | -24 | -1 | -0 | 10 | 7 | -13 | -19 |
| Share of profit from associated companies | 1 | 1 | -6 | -6 | 0 | 0 | 0 | 1 | -5 | -4 |
| Less profit attributable to non-controlling | -2 | -1 | -11 | 1 | 0 | 0 | 0 | 0 | -13 | -1 |
| interests | ||||||||||
| Operating profit/loss | 60 | 68 | 231 | 14 | -27 | -42 | -6 | -2 | 259 | 39 |
| Interest income | 20 | 36 | ||||||||
| Interest expenses | -67 | -106 | ||||||||
| Other financial items | -75 | 32 | ||||||||
| Financial items—net | -122 | -38 | ||||||||
| Profit/loss before tax | 137 | 1 | ||||||||
| Tax | 0 | -8 | ||||||||
| Net profit/loss for the period * | 137 | -7 |
Group net sales and profit/loss
First half-year 2025 In the first half of 2025, the Group's total income increased by SEK 221 M to SEK 1,096 M (875), of which SEK 294 M came from Principal Investments' sale of Kaktus and SEK 63 M from the Metz-Eurolog project for achieved contractual milestones. In the corresponding period last year, the Barcelona Logistics and Metz-Eurolog projects together generated sales revenue of SEK 130 M. Investment Management income declined, reflecting lower variable transactionbased income and reduced fixed management fees within Property Funds compared with the previous year. Corporate Finance income increased, supported by higher activity in the European transaction market.
Personnel expenses for the first half of the year increased by SEK 35 M to SEK
420 M (385), mainly due to higher variable remuneration and earnings attributable to non-controlling interests, primarily in Kaktus, which are reported as personnel expenses in the consolidated income statement. According to the Group's accounting principles, profit shares attributable to partners who operate in subsidiaries are reported as personnel costs in the Group's income statement. The increase also reflects costs related to severance pay for terminated employments and new recruitments, while fixed personnel expenses declined compared with the previous year. The Group's operating profit totalled SEK 259 M (39), of which SEK 252 M related to the sale of Kaktus and SEK 30 M to the divestment of the associated company CatWave. The operating profit also includes fair value
adjustments on fund holdings of SEK -17 M (-10).
The Group's net financial income/expense was SEK -122 M (-38), of which negative exchange rate differences amounted to -64 M (32). Funding to subsidiaries and associated companies is provided by Catella Holding AB in local currency. Overall, the SEK appreciated in the first half year, which had a negative effect on translation of loan receivables and cash and cash equivalents mainly denominated in EUR and DKK into the Group's reporting currency, SEK. Adjusted for negative currency effects, the Group's net financial income/expense improved by SEK 12 M to SEK -59 M (- 71), driven by lower financing costs for Kaktus and reduced interest expenses on Catella AB's bond loan.
Investment Management
Net sales and profit/loss
Second quarter 2025 Total income was SEK 250 M (257), and income after assignment costs amounted to SEK 219 M (215). Property Funds' income decreased by SEK 18 M year-on-year, mainly due to lower fixed income resulting from weaker fund performance. Variable net income in Property Funds was in line with the previous
year, as lower acquisition-based fees were offset by higher divestment-based fees.
In Asset Management, income increased by SEK 15 M, driven primarily by fixed income and higher assets under management.
Operating expenses for the segment were in line with the same period last year, with quarterly operating expenses totalling SEK 41 M, primarily generated by Property
Funds.
First half-year 2025
Total income was SEK 489 M (502), and operating profit/loss was SEK 60 M (68). The weaker profit was mainly due to lower transaction-based fees within Property Funds, along with higher IT costs stemming from the restructuring in Germany.
| SEK M | 3 Months | 6 Months | 12 Months | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | Rolling | 2024 | |
| INCOME STATEMENT—CONDENSED | Apr-Jun Apr-Jun | Jan-Jun Jan-Jun 12 Months Jan-Dec | ||||
| Property Funds * | 197 | 215 | 381 | 410 | 833 | 862 |
| Asset Management * | 80 | 66 | 152 | 138 | 305 | 290 |
| Other operating income * | 3 | 4 | 22 | 10 | 34 | 22 |
| Eliminations * | -30 | -28 | -66 | -57 | -135 | -126 |
| Total income | 250 | 257 | 489 | 502 | 1 036 | 1 048 |
| Assignment expenses and commission | -31 | -43 | -66 | -83 | -141 | -158 |
| Revenue excluding commissions, assignment, and production costs | 219 | 215 | 424 | 418 | 896 | 890 |
| Operating expenses | -178 | -180 | -362 | -349 | -770 | -758 |
| Share of profit from associated companies | 1 | 1 | 1 | 1 | 5 | 5 |
| Less profit attributable to non-controlling interests | 0 | 0 | -2 | -1 | -3 | -2 |
| Operating profit/loss | 41 | 36 | 60 | 68 | 127 | 135 |
| KEY FIGURES | Apr-Jun | Jan-Jun Jan-Jun 12 Months Jan-Dec | ||||
| Operating margin, % | 17 | 14 | 12 | 14 | 12 | 13 |
| Assets under management at end of period, SEK Bn | 156,5 | 152,6 | 156,5 | 152,6 | 152,8 | 155,1 |
| net in-(+) and outflow(-) during the period, SEK Bn | 4,8 | 4,4 | 6,7 | -0,7 | 9,1 | 1,7 |
| of which Property Funds | 110,0 | 111,1 | 110,0 | 111,1 | 111,8 | 114,7 |
| net in-(+) and outflow(-) during the period, SEK Bn | -1,6 | 1,1 | -0,8 | 2,8 | 2,8 | 6,5 |
| of which Property Asset Management | 46,5 | 41,5 | 46,5 | 41,5 | 41,0 | 40,4 |
| net in-(+) and outflow(-) during the period, SEK Bn | 6,5 | 3,2 | 7,5 | -3,5 | 6,2 | -4,7 |
| No. of employees, at end of period | 286 | 298 | 286 | 298 | - | 290 |
* Includes internal income between business areas. In total income, internal income has been eliminated for the current period and for the corresponding period in 2024
Avgifter/ förvaltat kapital
Investment Management
Assets under management by service area and country Total AUM was SEK 156,5 Bn, of which
SEK 110,0 Bn related to Property Funds and SEK 46,5 Bn to Asset Management. Germany is Property Funds' largest market
with the highest proportion of invested capital, primarily through Catella Investment Management.
ASSETS UNDER MANAGEMENT BY SERVICE AREA ASSETS UNDER MANAGEMENT BY COUNTRY
Change in assets under management AUM increased from SEK 152.6 Bn to SEK 156.5 Bn in the latest 12-month period, an increase of SEK 4.0 Bn. The increase was driven by a higher net inflow, which more than offset the negative value changes and currency effects during the period, primarily changes in EUR/SEK. The inflow of SEK 17.0 Bn was driven primarily by new management mandates within Asset Management, with additional contributions to Property Funds and its property funds. The outflow of SEK 8.0 Bn was split
roughly evenly between Property Funds and Asset Management. In Asset Management, the outflows mainly comprised outflows from Catella UK linked to the divestment of assets under various mandates, but also linked to a divested mandate in Finland.
Assets under management increased by SEK 8.4 Bn in the second quarter, compared to first quarter of the year, from SEK 148.1 Bn. The quarter's inflow of SEK 6.5 Bn was driven primarily by Asset Management Denmark and the UK. The
outflow of SEK 1.7 Bn was mainly attributable to Catella Investment Management and the property fund Catella Wohnen Europa. Exchange rate differences, mainly in EUR/SEK, increased AUM by SEK 3.6 Bn in the quarter. In Property Funds, assets under management increased by SEK 1.1 Bn compared to the previous quarter, and decreased by SEK 1.0 Bn in year-on-year terms. In Asset Management, AUM increased by SEK 7.4 Bn compared to the previous quarter, and by SEK 4.9 Bn year-on-year.
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN
Principal Investments
Net sales and profit/loss Second quarter 2025 Income totalled SEK 375 M (97), driven primarily by the divestment of the Kaktus residential project, which generated capital gains of SEK 269 M after transaction costs.
Operating profit for the segment was SEK 247 M (13), mainly reflecting the Kaktus
sale, which contributed a capital gain of SEK 252 M attributable to Catella's shareholders, while postponed project start-ups had a negative impact on the result. As of 30 June, Principal Investments had invested a total of SEK 828 M in residential, logistics, office and retail projects in Europe, see page 10 for more details.
First half-year 2025
Total income was SEK 407 M (213), and operating profit/loss was SEK 231 M (14). Operating profit is primarily driven by the divestment of the residential project Kaktus.
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | Rolling | 2024 |
| INCOME STATEMENT—CONDENSED | Apr-Jun Apr-Jun | Jan-Jun Jan-Jun 12 Months Jan-Dec | ||||
| Total income | 375 | 97 | 407 | 213 | 1 039 | 845 |
| Provisions, direct assigment and production costs | -101 | -64 | -107 | -139 | -616 | -648 |
| Revenue excluding commissions, assignment, and production costs | 274 | 33 | 300 | 75 | 422 | 197 |
| Operating expenses | -13 | -18 | -52 | -55 | -123 | -126 |
| Share of profit from associated companies | -2 | -3 | -6 | -6 | -45 | -44 |
| Less profit attributable to non-controlling interests | -11 | 0 | -11 | 1 | -4 | 8 |
| Operating profit/loss | 247 | 13 | 231 | 14 | 251 | 34 |
| KEY FIGURES | ||||||
| Operating margin, % | 66 | 14 | 57 | 7 | 24 | 4 |
| Catella invested capital | 828 | 1 484 | 828 | 1 484 | 1 442 | 1 566 |
| No. of employees, at end of period | 24 | 28 | 24 | 28 | - | 22 |
* 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 the investment status for ongoing property development projects and other investments as of 30 June 2025. 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 phases in each project, which will be completed at different times.
Catella's total investment volume decreased by SEK 694 M to SEK 828 M, reflecting the divestment of Kaktus and the sale of 80 percent of the Vega project in the second quarter of 2025. Additional investments during the period totalled SEK 106 M, and primarily related to Metz-Eurolog and KöTower.
| Catella | Project company's | Total Catella | |||||
|---|---|---|---|---|---|---|---|
| Investment | Estimated | capital | total investment, | Equity Invested, | |||
| Property Development Projects | Country | type | Project start | completion | share, % | SEK M | SEK M * |
| PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES** | |||||||
| Maltings | UK | Retail | Q4 2021 | 2026 | 88 | 245 | 89 |
| Mander Centre | UK | Retail | Q1 2022 | 2027 | 63 | 100 | 100 |
| Silbersteinstrasse | Germany | Residential | Q1 2026 | 2027 | 100 | 9 | 9 |
| Total Direct Investments | 354 | 198 | |||||
| Metz-Eurolog**** | France | Logistics | Q3 2020 | 2026 | 100 | 152 | 132 |
| Other Catella Logistic Europé | France | Logistics | 12 | 12 | |||
| Total Catella Logistic Europe | 164 | 144 | |||||
| Subtotal Subsidiaries | 517 | 343 | |||||
| PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES*** | |||||||
| Seestadt | Germany | Residential | Q1 2019 | 2030+ | 45 | 890 | 148 |
| Düssel-Terrassen | Germany | Residential | Q4 2018 | 2030+ | 45 | 329 | 51 |
| KöTower | Germany | Office | Q2 2021 | 2028 | 23 | 1 078 | 206 |
| Total Catella Project Capital | 2 298 | 406 | |||||
| Vega | Denmark | Residential | Q4 2024 | 2 028 | 20 | 189 | 32 |
| Subtotal Associated companies | 2 486 | 438 | |||||
| PROJECTS/ HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES | |||||||
| Total Co-Investments | 48 | ||||||
| Total | 3 004 | 828 |
* 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
**** The project is sold through forward-funding arrangement with investor. Catella's profit is realized over time with the completion of the project
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair value according to the following table. No transactions in the holdings took place in the second quarter 2025. See also Note 4 and 5.
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30-jun | 30-jun | 31-dec |
| Pamica | 111 | 88 | 124 |
| Catella Fastighetsfond Systematisk C | 23 | 23 | 23 |
| Catella APAM Strategic Equities Fund I | 28 | - | 21 |
| UK REIT Fund | - | 26 | 4 |
| UPEKA | 105 | 114 | 110 |
| Total fund holdings | 267 | 251 | 281 |
Catella's commitments in Principal Investments that have not been included in the Statement of Financial Position are specified in Note 6. Pledged assets and contingent liabilities.
Corporate Finance
Net sales and profit/loss Second quarter 2025 The European transaction market showed an increase in transaction volume during the second quarter compared with the corresponding period last year, as well as compared with the first quarter of this year. Property transactions where Catella
acted as advisor totalled SEK 8.7 Bn (4.6) in the
quarter. Of total transaction volume in the quarter, Sweden provided SEK 3.7 Bn (2.5), Denmark SEK 2.9 Bn (0), Finland 0.9 Bn (1.0), France 0.7 Bn (0.7) Spain 0.5 Bn (0.4). Corporate Finance's income was SEK 120 M (79) and income adjusted for assignment costs was SEK 101 M (72), an increase of SEK 29 M.
Operating expenses for the period, primarily variable personnel costs, increased
slightly, and operating profit for the period amounted to SEK 6 M (-19).
First half-year 2025
Total income was SEK 161 M (132), and operating profit was SEK -27 M (-42). The improved result was mainly due to increased transaction activity during the second quarter, which is historically a seasonally stronger quarter.
LTM
| SEK M | 3 Months | 6 Months | 12 Months | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | Rolling | 2024 | |
| INCOME STATEMENT—CONDENSED | Apr-Jun Apr-Jun | Jan-Jun Jan-Jun 12 Months Jan-Dec | ||||
| Nordic * | 59 | 37 | 82 | 70 | 123 | 111 |
| Continental Europe * | 61 | 43 | 111 | 79 | 328 | 295 |
| Total income | 120 | 79 | 193 | 149 | 451 | 406 |
| Assignment expenses and commission | -19 | -8 | -32 | -16 | -86 | -69 |
| Revenue excluding commissions, assignment, and production costs | 101 | 72 | 161 | 132 | 365 | 337 |
| Operating expenses | -95 | -90 | -188 | -174 | -367 | -354 |
| Share of profit from associated companies | 0 | 0 | 0 | 0 | 0 | 0 |
| Less profit attributable to non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit/loss | 6 2025 |
-19 2024 |
-27 2025 |
-42 2024 |
-2 Rolling |
-17 2024 |
| KEY FIGURES | Apr-Jun Apr-Jun | Jan-Jun Jan-Jun 12 Months Jan-Dec | ||||
| Operating margin, % | 5 | -23 | -14 | -28 | 0 | -4 |
| Property transaction volume for the period, SEK Bn | 8,7 | 4,6 | 12,1 | 11,2 | 25,1 | 24,2 |
| of which Nordic | 7,5 | 3,5 | 10,2 | 8,6 | 16,3 | 14,7 |
| of which Continental Europe | 1,2 | 1,1 | 2,0 | 2,6 | 8,8 | 9,5 |
| No. of employees, at end of period | 143 | 148 | 143 | 148 | - | 141 |
Other financial information
The Group's financial position Second quarter 2025 The following information relates to the
Group formal accounts.
The divestment of Kaktus had a material impact on the Group's financial position during the second quarter. The Group's total assets decreased by SEK 763 M to SEK 4,355 M as of 30 June 2025. The balance sheet items most affected were Development and project properties, Borrowings from credit institutions, and Cash and cash equivalents..
Group equity increased by SEK 249 M to SEK 2,052 M as of 30 June 2025. The largest changes comprised the period's profit of SEK 331 M and dividends to Parent Company shareholders and non-controlling interests of SEK 80 M and SEK 34 M, respectively. The sharp strengthening of the Swedish krona during the first quarter of 2025 reversed in the second quarter, as the currency weakened against the EUR, DKK, and GBP. This resulted in positive translation differences of SEK 18 M, reported in other comprehensive income. As of the balance sheet date, the Group's equity/assets ratio was 47 percent (35 percent as of 31 March 2025).
Group financing
Catella AB issued senior unsecured bonds totalling SEK amount 1,300 million, of which SEK 600 million with maturity in March 2028 and SEK 700 million with maturity in March 2029 The loans accrues variable interest at 3-month Stibor plus 390 b.p. and 450 b.p. respectively. The effective interest rate, excluding loan arrangement fees, was 6.6 percent (8.9) in the second quarter 2025. Financing is conditional on a minimum Group equity requirement of SEK 1,000 M from time to time. The bonds are listed on Nasdaq Stockholm, with SEK 600 million included in the sustainable bonds segment.
In addition, the wholly owned subsidiary Catella Holding AB has secured a new credit facility of SEK 200 M on favourable terms, which serves as the company's liquidity reserve. The entire credit facility was unutilized as of June 30, 2025.
In addition, the Group's property development company holds loans from credit institutions relating to ongoing property projects. As of 30 June 2025, these loans totalled SEK 134 M (SEK 1,176 M as of 31 March 2025). The sharp decrease in loans during the quarter was mainly due to the sale of Kaktus.
Group cash flow
Second quarter 2025
The Group's cash flow from operating activities amounted to SEK 1,059 M (- 115), with the sale of Kaktus contributing SEK 952 M in cash to the Group. In addition, SEK 89 M was received from the sale of 80 percent of the Danish Vega project to Barings, and SEK 30 M from the second and final sale of the shareholding in the associated company Cat-Wave AB. During the period, additional investments of SEK 106 M were made, primarily in the Metz-Eurolog and KöTower projects.
Cash flow from financing activities amounted to SEK -176 M (-81), of which SEK -49 M related to loan repayment to credit institutions related to the Vega project. In addition, dividends of a total of SEK 114 M were paid to Parent Company shareholders and non-controlling interests.
Cash flow in the period was SEK 885 M (-191) and cash and cash equivalents at the end of the period was SEK 1,680 M (951), of which cash and cash equivalents relating to the Group's Swedish holding company amounted to SEK 1,183 M (394).
First half-year 2025
The Group's cash flow from operating activities amounted to SEK 990 M (-90), the majority of which was generated from the divestment of Kaktus. In the previous year, the Infrahubs Jönköping project was sold, generating SEK 280 M in liquidity for Catella, while significant additional investments were made in Metz-Eurolog, Polaxis, and other projects.
Cash flow from financing operations was SEK -198 M (225). The variance compared with the previous year was mainly attributable to the repayment of loans from credit institutions related to the
Vega project in 2025, while in 2024 new loans totalling SEK 321 M were raised for the Kaktus and Polaxis projects.
Parent Company
Second quarter 2025 Parent Company income was SEK 7.9 M (13.3), and operating profit was SEK - 21.2 M (-12.4). The decrease in income and lower operating profit were due to a revised assessment and adjustment of Group-wide costs recharged to subsidiaries as management service fees in 2025. The lower operating profit also reflects higher costs for several Group-wide projects in IT, HR and Legal.
Net financial income/expense for the period improved by SEK 3.8 M, amounting to SEK -18.5 M (-22.3), as a result of lower interest costs on bond loans. Dividend from subsidiaries was SEK 4.0 M (6.1),
The number of employees at the end of the period was 20 (20).
First half-year 2025
The Parent Company's income was in line with the previous year, but higher costs for Group-wide initiatives reduced operating profit, which amounted to SEK -32.7 M (-24.1) in the first half of 2025.
Employees
At the end of the period, there were 474 (495) employees, expressed as full-time equivalents.
Risks and uncertainties
Macroeconomic conditions relating to inflation and interest rates affect transaction levels and AUM, impacting results of operations in Investment Management and Corporate Finance. Lower transaction volumes can also affect Principal Investments' ability to divest projects at acceptable prices. These uncertainty factors may affect future returns.
Catella AB is indirectly exposed to the same risks as the Group through its holding of shares in subsidiaries and associated companies.
For more information, see the section Risks and uncertainties in the Directors' Report of the Annual Report for 2024.
Seasonal variations
Seasonal variations are significant in the Corporate Finance business area. 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 have been prepared in compliance with IFRS Accounting Standards as endorsed by the EU, the Annual Accounts Act and RFR 1 Complementary Accounting Rules for Groups issued by RFR, the Swedish Sustainability and Financial Reporting Board. Information according to IAS 34.16A also appears, in addition to in the financial reports and associated notes, in other parts of the Interim Report.
The Parent Company applies the Annual Accounts Act and recommendation RFR 2 Accounting for legal entities from the Swedish Corporate Reporting Board.
The Group's and Parent Company's key accounting principles are presented in Catella's Annual Report for 2024. Figures in tables and comments may be rounded.
Related-party transactions
At the Annual General Meeting of Catella AB on 20 May 2025, a new long-term incentive programme of up to a total of 400,000 warrants directed to Board members of Catella AB (LTIP 2025/2028) was adopted. In June, a total of 300,000 warrants were transferred to participants under LTIP 2025/2028, for a total purchase price of SEK 777,000. Furthermore, during the second quarter of 2025, 50,000 warrants were also transferred to a member of Group Management under LTIP 2024 (series 2025/2029), which was adopted at an Extraordinary General Meeting of Catella
AB in 2024, for a total purchase price of SEK 150,500. The warrants have been transferred on market terms at a price calculated on the basis of the Black & Scholes valuation model. For more information see Note 20 and 38 in the Annual Report 2024.
Forecast
Catella does not publish forecasts.
This information is mandatory for Catella AB to publish in accordance with EU's Market Abuse Regulation. This information was submitted to the market, through the agency of the below contact, for publication on 21 August 2025 at 07:00 a.m. CEST.
This Report has not been subject to review by the Company's Auditors.
The undersigned assure that this interim report provides a fair overview of the parent company's and the group's operations, position and results and describes significant risks and uncertainties faced by the parent company and the companies included in the group.
Stockholm, Sweden, 21 August 2025 Catella AB (publ)
Erik Rune Chairman of the Board Tobias Alsborger Board member
Pernilla Claesson Board member Erik Eikeland
Samir Kamal Board member
Sofia Watt
Board member
Erik Ranje Board member
Rikke Lykke CEO and President
14
Consolidated Income Statement
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK M Note |
Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 722 | 428 | 1 047 | 848 | 2 206 |
| Other operating income | 34 | 22 | 50 | 27 | 102 |
| Total income | 755 | 450 | 1 096 | 875 | 2 307 |
| Provisions, direct assigment and production costs | -131 | -113 | -185 | -231 | -844 |
| Other external expenses | -80 | -77 | -160 | -156 | -358 |
| Personnel costs | -214 | -201 | -420 | -385 | -801 |
| Depreciation | -20 | -19 | -42 | -39 | -84 |
| Other operating expenses | 6 | -2 | -13 | -19 | -61 |
| Share of profit from associated companies | -1 | -2 | -5 | -4 | -37 |
| Operating profit/loss | 315 | 34 | 272 | 40 | 122 |
| Interest income | 12 | 18 | 20 | 36 | 64 |
| Interest expenses | -30 | -54 | -67 | -106 | -210 |
| Other financial items | 39 | -24 | -75 | 32 | 52 |
| Financial items—net | 21 | -61 | -122 | -38 | -94 |
| Profit/loss before tax | 336 | -27 | 150 | 1 | 28 |
| Tax | -5 | -7 | 0 | -8 | -3 |
| Net profit/loss for the period | 331 | -34 | 150 | -6 | 24 |
| Profit/loss attributable to: | |||||
| Shareholders of the Parent Company | 320 | -33 | 137 | -7 | 30 |
| Non-controlling interests | 12 | -1 | 13 | 1 | -5 |
| 331 | -34 | 150 | -6 | 24 | |
| Earnings per share attributable to shareholders of the Parent Company, SEK | |||||
| - before dilution | 3,62 | -0,37 | 1,55 | -0,08 | 0,34 |
| - after dilution | 3,62 | -0,37 | 1,55 | -0,08 | 0,34 |
| 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 | 88 348 572 | 88 348 572 | 88 348 572 | 88 348 572 | 88 348 572 |
Information on the Income Statement by business area can be found in Note 1.
Consolidated Statement of Comprehensive Income
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net profit/ loss for the period | 331 | -34 | 150 | -6 | 24 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss: | |||||
| Fair value changes in financial assets through other comprehensive income | -2 | -2 | 0 | 2 | 16 |
| Items that will be reclassified subsequently to profit or loss: | |||||
| Translation differences | 18 | -13 | -39 | 38 | 54 |
| Other comprehensive income for the period, net after tax | 16 | -15 | -39 | 40 | 70 |
| Total comprehensive income/loss for the period | 347 | -49 | 112 | 33 | 95 |
| Total comprehensive income/loss attributable to: | |||||
| Shareholders of the Parent Company | 334 | -47 | 100 | 31 | 97 |
| Non-controlling interests | 13 | -2 | 11 | 2 | -3 |
| 347 | -49 | 112 | 33 | 95 |
Consolidated Statement of Financial Position – condensed
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M Note |
30 Jun | 30 Jun | 31 Dec |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 564 | 580 | 587 |
| Contract assets leasing agreements | 154 | 135 | 177 |
| Property, plant and equipment | 29 | 32 | 32 |
| Holdings in associated companies | 137 | 132 | 105 |
| Non-current receivables from associated companies | 268 | 185 | 256 |
| Other non-current securities 3, 4, 5 |
468 | 493 | 494 |
| Deferred tax receivables | 61 | 28 | 48 |
| Other non-current receivables | 54 | 61 | 57 |
| 1 735 | 1 646 | 1 759 | |
| Current assets | |||
| Development and project properties | 372 | 2 391 | 2 196 |
| Contract assets | 0 | 79 | 0 |
| Receivables from associated companies | 87 | 88 | 89 |
| Accounts receivable and other receivables | 404 | 536 | 526 |
| Current investments 3, 4, 5 |
77 | 22 | 80 |
| Cash and cash equivalents * | 1 680 | 951 | 901 |
| 2 620 | 4 067 | 3 791 | |
| Total assets | 4 355 | 5 713 | 5 549 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 177 | 177 | 177 |
| Other contributed capital | 297 | 298 | 295 |
| Reserves | 84 | 124 | 121 |
| Profit brought forward including net profit for the period | 1 460 | 1 340 | 1 404 |
| Equity attributable to shareholders of the Parent Company | 2 017 | 1 939 | 1 997 |
| Non-controlling interests | 35 | 50 | 42 |
| Total equity | 2 052 | 1 989 | 2 039 |
| Liabilities | |||
| Non-current liabilities | |||
| Borrowings from credit institutions | 135 | 1 542 | 1 209 |
| Bond issue | 1 289 | 0 | 1 288 |
| Contract liabilities leasing agreements | 109 | 97 | 134 |
| Other non-current liabilities | 146 | 162 | 156 |
| Deferred tax liabilities | 17 | 23 | 20 |
| 1 697 | 1 824 | 2 807 | |
| Current liabilities | |||
| Borrowings from credit institutions | 9 | 3 | 52 |
| Bond issue | 0 | 1 248 | 0 |
| Contract liabilities leasing agreements | 54 | 46 | 52 |
| Contract liabilities | 0 | 4 | 0 |
| Accounts payable and other liabilities | 523 | 577 | 589 |
| Tax liabilities | 19 | 22 | 11 |
| 605 | 1 900 | 704 | |
| Total liabilities | 2 302 | 3 724 | 3 510 |
| 4 355 | 5 713 | 5 549 | |
| Total equity and liabilities | |||
| * Of which pledged and blocked liquid funds | 97 | 107 | 105 |
Information on financial position by operating segment can be found in Note 2.
Consolidated Statement of Cash Flows
| SEK M Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Cash flow from operating activities Profit/ loss before tax 336 -27 150 1 28 Reclassification and adjustments for non-cash items: Wind down expenses -1 -0 -2 -0 -1 Other financial items -39 24 75 -32 -49 Depreciation 20 19 42 39 84 Impairment / reversal of impairment of current receivables 0 0 1 43 -5 Reported interest income from loan portfolios -4 -4 -8 -9 -19 Profit/ loss from participations in associated companies 1 2 5 4 37 Personnel costs not affecting cash flow 16 5 18 4 4 Other non-cash items -8 8 -2 -59 -7 Other reclassifications -265 0 -265 - - Paid income tax -20 -16 -26 -36 -62 Cash flow from operating activities before changes in working capital 37 -4 -8 -30 6 Investments in property projects -146 -239 -206 -485 -900 Divestment of property projects 1 072 67 1 104 408 992 Cash flow from property projects 926 -172 898 -77 92 Cash flow from changes in working capital Increase (–)/ decrease (+) of operating receivables 5 66 114 63 116 Increase (+) / decrease (–) in operating liabilities 91 -15 -46 -98 -5 Cash flow from operating activities 1 059 -115 990 -90 116 Cash flow from investing activities Purchase of property, plant and equipment -0 -1 -3 -4 -9 Divestment of tangible fixed assets 0 1 1 1 - Purchase of intangible assets -5 -2 -10 -3 -17 Dividend and other disbursements from associated companies 4 6 4 6 6 Purchase of financial assets -0 -3 -6 -5 -30 Sale of financial assets -0 0 13 56 - Cash flow from loan portfolios 4 4 8 9 19 Cash flow from investing activities 2 6 4 27 5 Cash flow from financing activities Re-purchase of share warrants 0 -2 -2 -5 - Proceeds from share warrants issued 1 5 1 5 5 Borrowings 0 17 340 1 753 - Amortisation of loans -49 -5 -55 -8 -1 671 Amortisation of leasing debt -14 -13 -29 -26 -52 Dividends paid to shareholders of the parent company -80 -80 -80 -80 -80 Dividends paid to non-controlling interests -34 -3 -36 -5 -13 Cash flow from financing activities -176 -81 -198 225 -64 Cash flow for the period 885 -191 797 140 80 Cash and cash equivalents at beginning of period 782 1 152 901 796 796 Exchange rate differences in cash and cash equivalents 13 -10 -18 15 25 |
2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|---|
| Cash and cash equivalents at end of the period | 1 680 | 951 | 1 680 | 951 | 901 |
Consolidated Statement of Changes in Equity
| SEK M Opening balance at 1 January 2025 |
Share capital 177 |
Other contributed capital 295 |
Fair value reserve -20 |
Translation reserve 141 |
Profit brought forward incl. net profit/ loss for the period 1 404 |
Total 1 997 |
Non controlling interests * 42 |
Total equity 2 039 |
|---|---|---|---|---|---|---|---|---|
| Comprehensive income for January - June 2025: | ||||||||
| Net profit/ loss for the period | 137 | 137 | 13 | 150 | ||||
| Other comprehensive income, net of tax | 0 | -37 | -37 | -2 | -39 | |||
| Comprehensive income/loss for the period | 0 | -37 | 137 | 100 | 11 | 112 | ||
| Transactions with shareholders: | ||||||||
| Dividends paid to non-controlling interests | 0 | -35 | -35 | |||||
| Change in value option debt ** | -2 | -2 | -2 | |||||
| Other transactions with non-controlling interests | 0 | 0 | 17 | 17 | ||||
| Warrants issued | 1 | 1 | 1 | |||||
| Dividends paid to shareholders of the parent company | -80 | -80 | -80 | |||||
| Closing balance at 30 June 2025 | 177 | 297 | -20 | 103 | 1 460 | 2 017 | 35 | 2 052 |
* Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas.
** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS.
During the second quarter of 2025, the Annual General Meeting of Catella AB adopted a new long-term incentive programme of up to a total of 400,000 warrants directed to Board members of Catella AB (LTIP 2025/2028). In June, a total of 300,000 warrants were transferred to participants under LTIP 2025/2028, for a total purchase price of SEK 777,000. During the second quarter of 2025, a total of 179,833 warrants were also transferred to participants under LTIP 2024 (series 2025/2029), which was adopted at an Extraordinary General Meeting of Catella AB in 2024, for a total purchase price of SEK 541,297. Furthermore, a total of 175,000 warrants of series 2020/2025:B have expired without being exercised for subscription of shares. As of 30 June 2025, a total of 1,169,083 warrants were outstanding.
Equity attributable to shareholders of the Parent Company
Equity attributable to shareholders of the Parent Company
| SEK M | Share capital | Other contributed capital |
Fair value reserve |
Translation reserve |
Profit brought forward incl. net profit/ loss for the period |
Total | Non controlling interests * |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Opening balance at 1 January 2024 | 177 | 296 | -3 | 89 | 1 429 | 1 988 | 50 | 2 038 |
| Comprehensive income for January - June 2024: | ||||||||
| Net profit/ loss for the period | -7 | -7 | 1 | -6 | ||||
| Other comprehensive income, net of tax | 2 | 36 | 0 | 38 | 1 | 40 | ||
| Comprehensive income/loss for the period | 2 | 36 | -7 | 31 | 2 | 33 | ||
| Transactions with shareholders: | ||||||||
| Dividends paid to non-controlling interests | 0 | -5 | -5 | |||||
| Change in value option debt ** | -3 | -3 | -3 | |||||
| Other transactions with non-controlling interests | 0 | 0 | 3 | 3 | ||||
| Warrants issued | 5 | 5 | 5 |
Re-purchase of warrants issued -2 -2 -2 Dividends paid to shareholders of the parent company -80 -80 -80 Closing balance at 30 June 2024 177 298 -2 126 1 340 1 939 50 1 989
* Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas.
** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS.
During the second quarter of 2025, a new long-term incentive programme of 400,000 warrants in series 2025/2028, directed to Catella AB's Board members, was introduced. Of these, 300,000 warrants were transferred in June for a total purchase price of SEK 777,000. Furthermore, during the second quarter, series 2024/2029 comprising 925,000 warrants was launched as part of the incentive programme totalling 4,700,000 warrants, which was resolved at an Extraordinary General Meeting of Catella AB in 2024. Of these, 179,833 warrants were transferred in June to senior executives within the Group for a total purchase price of SEK 541,297. In addition, 175,000 warrants from the older incentive programme in series 2020/2025:B expired without being exercised. As of 30 June 2025, a total of 1,169,083 warrants were outstanding from a total of 3,250,000 warrants issued.
Note 1. Income Statement by business area
| Investment Management |
Principal Investments |
Corporate Finance |
Other | Eliminations | Group | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 2025 |
2024 | 2024 2025 |
2024 | 2024 2025 |
2024 | 2025 | 2024 | 2025 | 2024 2024 |
|
| SEK M | Note Apr-Jun Apr-Jun Jan-Dec | Apr-Jun | Apr-Jun Jan-Dec Apr-Jun Apr-Jun Jan-Dec | Apr-Jun Apr-Jun | Apr-Jun Apr-Jun | Apr-Jun Apr-Jun | ||||||
| Net sales | 248 | 255 | 374 | 96 | 118 | 78 | 7 | 13 | -26 | -14 | 722 | 428 |
| Other operating income | 2 | 3 | 0 | 1 | 1 | 1 | 30 | 22 | -0 | -5 | 34 | 22 |
| Total income | 250 | 257 | 375 | 97 | 120 | 79 | 38 | 35 | -27 | -18 | 755 | 450 |
| Provisions, direct assigment and | ||||||||||||
| production costs | -31 | -43 | -101 | -64 | -19 | -8 | -0 | -0 | 20 | 1 | -131 | -113 |
| Other external expenses | -46 | -50 | -6 | -4 | -24 | -23 | -14 | -10 | 10 | 10 | -80 | -77 |
| Personnel costs | -118 | -116 | -14 | -8 | -66 | -62 | -16 | -18 | 0 | 2 | -214 | -201 |
| Depreciation | -13 | -13 | -0 | -0 | -5 | -5 | -2 | -1 | 0 | 0 | -20 | -19 |
| Other operating expenses | -2 | -1 | 8 | -5 | -0 | -0 | -0 | -1 | 0 | 5 | 6 | -2 |
| Share of profit from associated | 1 | 1 | -2 | -3 | 0 | 0 | -0 | 0 | 0 | 0 | -1 | -2 |
| companies Less profit attributable to non controlling interests * |
-0 | 1 | -11 | 0 | -0 | 0 | 0 | 0 | 12 | -1 | 0 | 0 |
| Operating profit/loss | 42 | 36 | 247 | 13 | 6 | -18 | 5 | 4 | 15 | -1 | 315 | 34 |
| Interest income | 12 | 18 | ||||||||||
| Interest expenses | -30 | -54 | ||||||||||
| Other financial items | 39 | -24 | ||||||||||
| Financial items—net | 21 | -61 | ||||||||||
| Profit/loss before tax | 336 | -27 | ||||||||||
| Tax | -5 | -7 | ||||||||||
| Net profit/loss for the period | 331 | -34 | ||||||||||
| Profit/loss attributable to shareholders |
of the Parent Company 320 -33
| Investment Management | Principal Investments | Corporate Finance | Other | Eliminations | Group | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | |
| SEK M | Note Jan-Jun Jan-Jun Jan-Dec | Jan-Jun | Jan-Jun Jan-Dec Jan-Jun Jan-Jun Jan-Dec | Jan-Jun Jan-Jun Jan-Dec | Jan-Jun | Jan-Jun Jan-Dec | Jan-Jun Jan-Jun Jan-Dec | |||||||||||
| Net sales | 469 | 495 | 1 031 | 407 | 211 | 781 | 191 | 146 | 401 | 23 | 24 | 47 | -43 | -29 | -54 | 1 047 | 848 | 2 206 |
| Other operating income | 20 | 6 | 18 | 1 | 2 | 64 | 2 | 2 | 5 | 31 | 25 | 30 | -4 | -9 | -15 | 50 | 27 | 102 |
| Total income | 489 | 502 | 1 048 | 407 | 213 | 845 | 193 | 149 | 406 | 54 | 49 | 77 | -48 | -38 | -69 | 1 096 | 875 | 2 307 |
| Provisions, direct assigment and production costs |
-66 | -83 | -158 | -107 | -139 | -648 | -32 | -16 | -69 | -0 | -0 | -0 | 21 | 7 | 32 | -185 | -231 | -844 |
| Other external expenses | -100 | -98 | -219 | -10 | -15 | -37 | -47 | -47 | -99 | -24 | -19 | -39 | 21 | 23 | 35 | -160 | -156 | -358 |
| Personnel costs | -232 | -222 | -471 | -23 | -16 | -33 | -130 | -118 | -233 | -35 | -33 | -70 | 1 | 4 | 6 | -420 | -385 | -801 |
| Depreciation | -27 | -27 | -55 | -1 | -0 | -1 | -10 | -9 | -19 | -5 | -3 | -9 | 0 | 0 | 0 | -42 | -39 | -84 |
| Other operating expenses | -3 | -3 | -13 | -19 | -24 | -55 | -1 | -0 | -3 | 5 | -1 | -4 | 4 | 9 | 15 | -13 | -19 | -61 |
| Share of profit from associated | 1 | 1 | 5 | -6 | -6 | -44 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | -5 | -4 | -37 |
| companies Less profit attributable to non controlling interests * |
-2 | -1 | -2 | -11 | 1 | 7 | 0 | -0 | 0 | 0 | 0 | 0 | 13 | 1 | -5 | 0 | 0 | 0 |
| Operating profit/loss | 60 | 68 | 135 | 231 | 14 | 34 | -27 | -42 | -17 | -5 | -7 | -43 | 12 | 6 | 14 | 272 | 40 | 122 |
| Interest income | 20 | 36 | 64 | |||||||||||||||
| Interest expenses | -67 | -106 | -210 | |||||||||||||||
| Other financial items | -75 | 32 | 52 | |||||||||||||||
| Financial items—net | -122 | -38 | -94 | |||||||||||||||
| Profit/loss before tax | 150 | 1 | 28 | |||||||||||||||
| Tax | 0 | -8 | -3 | |||||||||||||||
| Net profit/loss for the period | 150 | -6 | 25 | |||||||||||||||
| Profit/loss attributable to shareholders of the Parent Company |
137 | -7 | 30 |
* Profit/loss attributable to non-controlling interests for each business area has not been included, in order to clarify the operating profit attributable to shareholders of the Parent Company by business area. This is consistent with the internal reports provided to management and the Board of Directors. This information has, instead, been included in the column for Group eliminations so that the Group operating profit is consistent with the Group's formal Income Statement prepared in accordance with the Group's accounting principles.
The business areas covered in this report, Investment Management, Principal Investment and Corporate Finance, are consistent with internal reporting submitted to management and the Board of Directors and thus represent the Group's operating segments in accordance with IFRS 8, Operating Segments. The Parent Company and other holding companies are presented under the category "Other". Acquisition and financing costs and Catella's trademark are also recognized in this category. Group eliminations also include the elimination of intra-group transactions between the various business areas. Transactions between the business areas are limited and relate mainly to financial transactions and certain onward invoicing of expenses. Such transactions are conducted on an arm's length basis.
Note 2. Financial position by operating segment
| Investment Management | Principal Investments | Corporate Finance | Other | Group | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | |
| SEK M | 30 Jun | 30 Jun 31 Dec | 30 Jun | 30 Jun 31 Dec | 30 Jun | 30 Jun 31 Dec | 30 Jun | 30 Jun 31 Dec | 30 Jun | 30 Jun 31 Dec | |||||
| ASSETS | |||||||||||||||
| Non-current assets | |||||||||||||||
| Intangible assets | 426 | 462 | 459 | 0 | 0 | 0 | 65 | 65 | 66 | 72 | 53 | 63 | 564 | 580 | 587 |
| Contract assets leasing agreements | 57 | 72 | 70 | 1 | 1 | 2 | 48 | 33 | 57 | 48 | 28 | 49 | 154 | 135 | 177 |
| Property, plant and equipment | 24 30 |
26 25 |
27 29 |
0 107 |
1 105 |
1 73 |
3 0 |
4 0 |
4 0 |
2 0 |
2 2 |
2 3 |
29 137 |
32 132 |
32 105 |
| Holdings in associated companies | 0 | 0 | 0 | 268 | 185 | 256 | 0 | 0 | 0 | 0 | 0 | 0 | 268 | 185 | 256 |
| Non-current receivables from associated companies | |||||||||||||||
| Other non-current securities | 31 | 35 | 34 | 409 | 357 | 432 | 0 | 0 | 0 | 28 | 100 | 29 | 468 | 493 | 494 |
| Deferred tax receivables Other non-current receivables |
22 19 |
1 29 |
8 27 |
10 35 |
6 29 |
17 30 |
28 6 |
21 11 |
24 10 |
0 -6 |
0 -8 |
0 -10 |
61 54 |
28 61 |
48 57 |
| 609 | 650 | 652 | 831 | 685 | 811 | 150 | 133 | 160 | 144 | 177 | 136 | 1 735 | 1 646 | 1 758 | |
| Current assets | |||||||||||||||
| Development and project properties | 0 | 0 | 0 | 391 | 2 525 | 2 311 | 0 | 0 | 0 | -19 | -134 | -115 | 372 | 2 391 | 2 196 |
| Contract assets | 0 | 0 | 0 | 0 | 86 | 0 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 79 | 0 |
| Receivables from associated companies | 2 | 2 | 0 | 89 | 86 | 92 | 0 | 0 | 0 | -4 | 0 | -4 | 87 | 88 | 89 |
| Accounts receivable and other receivables | 270 | 393 | 435 | 236 | 221 | 121 | 185 | 153 | 230 | -287 | -231 | -261 | 404 | 536 | 526 |
| Current investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77 | 22 | 80 | 77 | 22 | 80 |
| Cash and cash equivalents | 350 | 387 | 437 | 75 | 78 | 77 | 65 | 39 | 60 | 1 190 | 447 | 327 | 1 680 | 951 | 901 |
| 622 | 782 | 872 | 792 | 2 995 | 2 601 | 250 | 192 | 290 | 957 | 98 | 27 | 2 620 | 4 067 | 3 791 | |
| Total assets | 1 231 | 1 432 | 1 524 | 1 623 | 3 680 | 3 412 | 400 | 325 | 450 | 1 101 | 275 | 163 | 4 355 | 5 713 | 5 549 |
| EQUITY AND LIABILITIES | |||||||||||||||
| Equity | |||||||||||||||
| Equity attributable to shareholders of the Parent Company | 136 | 251 | 302 | 401 | 286 | 312 | -12 | -22 | -96 | 1 492 | 1 423 | 1 479 | 2 017 | 1 939 | 1 997 |
| Non-controlling interests | 41 | 43 | 42 | -4 | 6 | 0 | 9 | 12 | 10 | -11 | -11 | -10 | 35 | 50 | 42 |
| Total equity | 177 | 294 | 344 | 397 | 292 | 312 | -3 | -9 | -86 | 1 482 | 1 413 | 1 469 | 2 052 | 1 989 | 2 039 |
| Liabilities | |||||||||||||||
| Non-current liabilities | |||||||||||||||
| Borrowings from credit institutions Bond issue |
1 0 |
2 0 |
1 0 |
134 0 |
1 521 0 |
1 194 0 |
0 0 |
19 0 |
14 0 |
0 1 289 |
0 0 |
0 1 288 |
135 1 289 |
1 542 0 |
1 209 1 288 |
| Contract liabilities leasing agreements | 37 | 52 | 48 | 0 | 1 | 1 | 32 | 19 | 40 | 39 | 25 | 46 | 109 | 97 | 134 |
| Other non-current liabilities | 770 | 803 | 787 | 132 | 129 | 136 | 0 | 0 | 0 | -756 | -770 | -767 | 146 | 162 | 156 |
| Deferred tax liabilities | 7 | 12 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 10 | 10 | 17 | 23 | 20 |
| 815 | 869 | 846 | 267 | 1 651 | 1 330 | 33 | 38 | 54 | 583 | -735 | 577 | 1 697 | 1 824 | 2 807 | |
| Current liabilities | |||||||||||||||
| Borrowings from credit institutions | 0 | 1 | 1 | 0 | 0 | 51 | 9 | 3 | 1 | 0 | 0 | 0 | 9 | 3 | 52 |
| Bond issue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 248 | 0 | 0 | 1 248 | 0 |
| Contract liabilities leasing agreements | 24 | 25 | 26 | 1 | 1 | 1 | 19 | 15 | 20 | 11 | 5 | 5 | 54 | 46 | 52 |
| Contract liabilities | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Accounts payable and other liabilities | 203 | 221 | 300 | 958 | 1 732 | 1 718 | 336 | 279 | 459 | -974 | -1 656 | -1 888 | 523 | 577 | 589 |
| Tax liabilities | 12 | 22 | 7 | 0 | 0 | 0 | 7 | -0 | 3 | 0 | 0 | 0 | 19 | 22 | 11 |
| 239 | 269 | 334 | 959 | 1 737 | 1 770 | 371 | 296 | 483 | -963 | -403 | -1 883 | 605 | 1 900 | 704 | |
| Total liabilities | 1 054 | 1 138 | 1 180 | 1 226 | 3 388 | 3 100 | 403 | 335 | 536 | -381 | -1 137 | -1 306 | 2 302 | 3 724 | 3 510 |
| Total equity and liabilities | 1 231 | 1 432 | 1 524 | 1 623 | 3 680 | 3 412 | 400 | 325 | 450 | 1 101 | 275 | 163 | 4 355 | 5 713 | 5 549 |
Note 3. Summary of Catella's loan portfolios
The loan portfolios comprise securitised European loans with primary exposure in housing. The performance of the loan
portfolios is closely monitored and remeasurements are continuously performed. The loan portfolios are recognized under the category Other.
| SEK M Loan portfolio |
Country | Forecast undiscounted cash flow |
Share of undiscounted cash flow |
Forecast discounted cash flow |
Share of discounted cash flow |
Discount rate |
Duration, years |
|---|---|---|---|---|---|---|---|
| Pastor 2 | Spain | 55,7 | 72,0% | 55,1 | 71,8% | 2,5% | 0,50 |
| Lusitano 5 | Portugal | 21,7 | 28,0% | 21,7 | 28,2% | 0,0% | 0,25 |
| Total cash flow * | 77,4 | 100,0% | 76,7 | 100,0% | 1,8% | 0,4 | |
| Carrying amount in consolidated balance sheet ** | 76,7 |
* 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 have been attributed a 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 allows 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 million, discounted to the present value with application of a discount rate for similar assets. This corresponds to a value of EUR 4.9 million.
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 2025. The assumption is conservative due to this requiring no further cash flows other than the position's current capital amount of EUR 1.6 million plus the following quarter's cash flow when exercising the time call. The portfolio is hence valued at EUR 1.9 M.
For more information see Note 3 and 22 in the Annual Report 2024.
Actual cash flows from the loan portfolio
| SEK M | Spain | Portugal | Other | |
|---|---|---|---|---|
| Loan portfolio | Pastor 2 | Lusitano 5 | Total | |
| Outcome | ||||
| Full year 2009-2023 | 28,9 | 56,3 | 267,0 | 352,2 |
| Full year 2024 | 2,2 | 17,0 | 0,0 | 19,2 |
| Q 1 2025 |
0,5 | 3,3 | 0,0 | 3,8 |
| Q 2 2025 |
0,4 | 3,2 | 0,0 | 3,7 |
| Total | 32,1 | 79,8 | 267,0 | 378,9 |
Note 4. Short and long-term investments
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30-jun | 30-jun | 31-dec |
| Visa preferred stock C series | 28 | 47 | 29 |
| Loan portfolios | 77 | 76 | 80 |
| Operation-related investments ** | 440 | 393 | 466 |
| Other securities | 0 | 0 | 0 |
| Total * | 545 | 515 | 574 |
* of which short-term investments SEK 77 M and long-term investments SEK 468 M.
** includes investments in shares and funds, co-investments and assets within segment Principal Investments being classified as financial assets.
Note 5. The Group's assets and liabilities measured at fair value
Financial instruments valued at fair value are classified in one of three levels. Quoted prices on an active market on the reporting date are applied for level 1. Observable 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 financial instruments. For more information, see Note 22 in the Annual Report 2024.
The Group's assets and liabilities measured at fair value as of 30 June 2025 are stated in the following table.
| Tier 1 | Tier 2 | Tier 3 | Total |
|---|---|---|---|
| 28 | 28 | ||
| 77 | 77 | ||
| 138 | 138 | ||
| 59 | 2 | 105 | 165 |
| 0 | 137 | 137 | |
| 59 | 29 | 456 | 545 |
| 0 | 0 | ||
| 0 | 0 | 0 | 0 |
No changes between levels occurred the previous year.
Change analysis, financial assets, level 3 for the first six months 2025
| as of 1 January | 486 |
|---|---|
| Purchases | 1 |
| Disposals | 0 |
| Revaluation through profit & loss | -20 |
| Translation differences | -10 |
| At 30 June | 456 |
| Change analysis, financial liabilities, level 3 for the first six months 2025 | |
| as of 1 January | 9 |
| Additional items | 0 |
| Deductions | 0 |
Revaluation through profit & loss -9 Translation differences 0 At 30 June 0
Note 6. Pledged assets, contingent liabilities and commitments
Pledged assets
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30 Jun | 30 Jun | 31 Dec |
| Property mortgage | - | 1 006 | 1 067 |
| Cash and cash equivalents | 97 | 107 | 105 |
| Other pledged assets | 0 | 0 | 0 |
| 98 | 1 113 | 1 172 |
In connection with the sale of Kaktus Towers during the second quarter of 2025, the previously reported property mortgage
ceased. 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
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30 Jun | 30 Jun | 31 Dec |
| Other contingent liabilities | 101 | 186 | 274 |
| 101 | 186 | 274 |
Other contingent liabilities relate to guarantee commitments as collateral for divested properties, and as collateral for
completion under development agreements. Other contingent liabilities also relate to guarantees which were provided
for rental contracts with landlords. Of the Group's total contingent liabilities, SEK 100 M relates to Principal Investments.
Commitments
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30 Jun | 30 Jun | 31 Dec |
| Investment commitments | 150 | 4 | 0 |
| Other commitments | 0 | 0 | 0 |
| 150 | 4 | 0 |
Investment commitments relate to five ongoing projects or holdings within Principal Investments.
Parent Company Income Statement
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 7,2 | 12,7 | 22,9 | 23,3 | 46,5 |
| Other operating income | 0,7 | 0,6 | 1,4 | 1,0 | 4,0 |
| Total income | 7,9 | 13,3 | 24,4 | 24,2 | 50,5 |
| Other external expenses | -15,4 | -10,4 | -27,6 | -20,0 | -40,5 |
| Personnel costs | -13,4 | -15,0 | -29,0 | -27,6 | -60,7 |
| Depreciation | -0,2 | -0,1 | -0,3 | -0,3 | -4,0 |
| Other operating expenses | -0,1 | -0,2 | -0,2 | -0,5 | -1,1 |
| Operating profit/loss | -21,2 | -12,4 | -32,7 | -24,1 | -55,8 |
| Profit/ loss from participations in group companies | 4,0 | 6,1 | 4,0 | 6,1 | 256,1 |
| Interest income and similar profit/ loss items | -0,0 | -0,1 | 0,1 | 0,0 | 0,2 |
| Interest expenses and similar profit/ loss items | -22,4 | -28,3 | -45,3 | -56,8 | -120,3 |
| Financial items | -18,5 | -22,3 | -41,3 | -50,7 | 136,0 |
| Profit/loss before tax | -39,7 | -34,7 | -74,0 | -74,9 | 80,2 |
| Tax on net profit for the year | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Net profit/loss for the period | -39,7 | -34,7 | -74,0 | -74,9 | 80,2 |
Parent Company Balance Sheet – condensed
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK M | 30 Jun | 30 Jun | 31 Dec |
| Intangible assets | 22,4 | 2,9 | 12,5 |
| Property, plant and equipment | 1,6 | 2,0 | 1,8 |
| Participations in Group companies | 1 358,2 | 1 358,2 | 1 358,2 |
| Current receivables from Group companies | 165,1 | 139,4 | 346,6 |
| Other current receivables | 16,7 | 12,6 | 13,1 |
| Cash and cash equivalents | 0,1 | 0,1 | 0,2 |
| Total assets | 1 564,1 | 1 515,2 | 1 732,4 |
| Restricted equity | 176,7 | 176,7 | 176,7 |
| Non-restricted equity | 65,8 | 64,3 | 219,3 |
| Non-current bond loan | 1 288,8 | 0,0 | 1 288,3 |
| Current bond loan | 0,0 | 1 247,9 | 0,0 |
| Current liabilities to Group companies | 3,7 | 0,0 | 0,2 |
| Other current liabilities | 29,1 | 26,3 | 47,9 |
| Total equity and liabilities | 1 564,1 | 1 515,2 | 1 732,4 |
Catella AB has entered into a guarantee commitment with investors in several project companies totalling SEK 100 M relating to completion under development agreements. For the comparative period 30 June 2024, the Parent Company's total contingent liabilities amounted to SEK 1,360 M.
Application of key performance indicators not defined by IFRS accounting standards
The Consolidated Accounts of Catella are prepared in accordance with IFRS accounting standards, which only define 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. For more information, see Note 39 in the Annual Report 2024.
Definitions
Non-IFRS performance
| measures | Description | Reason for using the measure |
|---|---|---|
| Operating profit attributable to | The measure illustrates the proportion of the Group's oper | |
| Parent Company shareholders | Group's operating profit for the period, less profit at | ating profit attributable to shareholders of the Parent Com |
| tributable to non-controlling interests. | pany. | |
| Operating margin | Operating profit attributable to the Parent Company | The measure illustrates profitability in underlying opera |
| shareholders divided by total income for the period. | tions attributable to shareholders of the Parent Company. | |
| IRR | Internal Rate of Return, a measure of the average an | The measure is calculated for the purpose of comparing |
| nual return generated by an investment. | the actual return on projects Catella invests in with the av | |
| erage expected return of 20 percent. | ||
| Assets under management at | AUM constitutes the value of Catella's customers' de | An element of Catella's income in Investment Manage |
| year end | posited/invested capital. | ment is agreed with customers on the basis of the value of |
| the underlying invested capital. Provides investors with in | ||
| sight into the drivers behind elements of Catella's income. | ||
| Property transaction volumes in | Property transaction volumes in the period constitute | An element of Catella's income in Corporate Finance is |
| the period | the value of underlying properties at the transaction | agreed with customers on the basis of the underlying |
| dates. | property value of the relevant assignment. Provides inves | |
| tors with insight into the drivers behind elements of Ca | ||
| tella'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. | ||
| Dividend per share | Dividend divided by the number of shares. | Provides investors with a view of the company's dividend |
| over time. |
Interim Report July-September 2025 7 November 2025 Year-end Report October-December 2025 17 February 2026
Financial calendar 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| [email protected] CATELLA.COM