Castellum — Interim / Quarterly Report 2024

Feb 19, 2025

Year-end report 2024

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The year in brief

January–December 2024

• Income totalled SEK 9,849 M (9,806), of which SEK 65 M (0) pertained to estimated indemnity. In the like-for-like portfolio, rental income increased 2.3 per cent (7.9), excluding currency effects.
• New leases were concluded for 287,000 square metres (307,000) and an annual rent of SEK 609 M (612). Net leasing for the year totalled SEK 13 M (-67).
• Net operating income totalled SEK 6,786 M (6,566), corresponding to an increase of 3.4 per cent. Net operating income in the like-forlike portfolio increased 4.5 per cent (8.7), excluding currency effects.
• Income from property management totalled SEK 4,819 M (4,373), corresponding to an increase of 10.2 per cent.
• Net income for the year after tax totalled SEK 2,357 M (–11,592), corresponding to SEK 4.79 (–25.68) per share before and after dilution. Net investments totalled SEK -634 M (-1,460), of which SEK 2,502 M (3,410) pertained to new construction, extensions and reconstructions, SEK 67 M (336) to acquisitions and SEK -3,203 M (-5,206) to sales.
• Changes in value of investment properties for the year totalled SEK -1,627 M (-14,534), corresponding to -1.2 per cent (-9.5). The value of the property portfolio amounted to SEK 135.7 Bn (137.6) at the end of the year.
• The loan-to-value ratio was 35.6 per cent (37.4).
• The interest coverage ratio for the year was 3.3 (3.0) and interest-rate hedging was applied to 70 per cent (73) of the loan portfolio at the end of the year.

October–December 2024

• Income totalled SEK 2,444 M (2,477). In the like-for-like portfolio, rental income increased 1.0 per cent (5.8), excluding currency effects.
• New leases were concluded for 81,000 square metres (79,000) and an annual rent of SEK 210 M (175). Net leasing totalled SEK 23 M (-51).
• Net operating income totalled SEK 1,652 M (1,627), corresponding to an increase of 1.5 per cent. Net operating income in the like-forlike portfolio increased 3.9 per cent (10.8), excluding currency effects.
• Income from property management totalled SEK 1,084 M (1,030), corresponding to an increase of 5.2 per cent.
• Net income after tax for the period totalled SEK 1,989 M (–6,302), corresponding to SEK 4.04 (–12.79) per share before and after dilution.
• Net investments totalled SEK -307 M (-397), of which SEK 914 M (1,089) pertained to new construction, extensions and reconstructions, SEK 13 M (9) to acquisitions and SEK -1,234 M (-1,495) to sales.
• Changes in value of investment properties for the period totalled SEK 5 M (-6,304), corresponding to 0.0 per cent (-4.4).

Important events during the quarter

• Castellum has signed a 15-year lease with television channel TV4 for approximately 16,000 square metres in Stockholm's port district. The property will be adapted for the new operations and occupancy is scheduled for autumn 2026.
• The Nomination Committee proposes that current member and Vice Chairman of the Board Louise Richnau be elected Chairman at Castellum's Annual General Meeting on 7 May 2025. Current Chairman of the Board Per Berggren has declined re-election.

Important events after the end of the year

• The Board of Directors proposes a dividend of SEK 2.48 per share, divided into four equal payouts of SEK 0.62 per share.
• Castellum acquired additional shares in the Norwegian property company Entra, and triggered a mandatory offer under Norwegian law.
• Work on the Infinity office project, with about 20,000 square metres of leasable area in the Hagastaden district of Stockholm, is starting with a remaining investment volume of SEK 1.25 Bn.
• Castellum has received a BBB credit rating from S&P, which improves the company's position in the capital market.
• For the first time, Castellum was awarded the highest score in the CDP climate ranking.

This is a translation of the Swedish language original. In the events of any differences between this translation and the Swedish original, the latter shall prevail.

Front page image: Tyfonen 1, Malmö

Key metrics

Key metrics	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Income, SEK M	2,444	2,477	9,849	9,806
Net operating income, SEK M	1,652	1,627	6,786	6,566
Income from property management, SEK M	1,084	1,030	4,819	4,373
SEK/share	2.20	2.09	9.78	9.69
Change, %	5	-10	1	-15
Profit/loss for the year, SEK M	1,989	-6,302	2,357	-11,592
SEK per share, before and after dilution	4.04	-12.79	4.79	-25.68
Net investment, SEK M	-307	-397	-634	-1,460
Net leasing, SEK M	23	-51	13	-67
Loan-to-value ratio, %	35.6	37.4	35.6	37.4
Interest coverage ratio, multiple	2.9	2.9	3.3	3.0
EPRA NRV, SEK/share	157	154	157	154
Energy performance, normalised, kWh/sq. m., LTM	93	97	93	97
Energy efficiency, like-for-like portfolio, normalised, %, LTM	-4	-4	-4	-4

Positive net leasing and a return to dividend

Now that we are summing up 2024, we can state that the robust actions we took in previous years have given us the intended stability and platform for growth. The advantages of our diversified property portfolio and our size manifested in stable income from property management that increased 10.2 per cent compared with the previous year. This stability is particularly evident in our strong regional cities, which are truly showing the way and where we are leading the market.

Conditions for recovery in the Nordic economy

There are signs that the business cycle is beginning to turn. Household purchasing power is improving as a result of expansive financial policy, lower interest rates and rising real wages, which are expected to lead to increased consumption. Public spending, including strengthening defence capabilities, are increasing. Business investments are being impacted by the expected weak economic performance in the eurozone, but are supported by domestic demand. Inflation is deemed to be under control and most forecasters are predicting a relatively good increase in GDP over the next few years. Although with some delay, unemployment is also expected to decrease and employment increase.

The property industry is late cyclical. We are experiencing a positive change among our tenants as regards their view of economic developments in the coming years. But the future, as always, is uncertain.

High level of activity in core business

We have high levels of activity with existing and potential new tenants. In general, companies are focusing heavily on the workplace – and not just from a cost perspective. We are taking on a more consultative role. Offering an attractive workplace is not simply a competitive advantage for many companies, but also an important way to get employees to want to return to the office. After the pandemic, there have been numerous discussions about office attendance and flexibility. We are noting a gradual increase in office presence and a greater willingness among employees to be at the office. Work Life of the Future, our own annual survey of the Nordic region that over 4,000 office employees respond to, shows that both time in the office and the willingness to be there have increased for the third consecutive year.

The vacancy rate in our largest cities has risen in recent years. We are of the opinion that the increase there has tapered off. One positive factor is the more limited addition of newly produced office spaces as a result of a lower pace of investment among most property companies. It cannot be ruled out that the stabilisation in the vacancy rate is only temporary, but Castellum can withstand much worse times than these before it becomes troublesome.

The media focus on Stockholm sometimes misses all those parts of Sweden that are actually performing well. Castellum's regional cities are continuing to demonstrate good performance and stability, and we are glad to be a property company with a significant portfolio in these cities. There are excellent business opportunities, and the number of tenders is increasing.

Major lease for TV4

In November, we signed a 15-year lease with television channel TV4 for approximately 16,000 square metres in Stockholm's port district. In the Rotterdam 1 property, we are creating a broadcasting studio that is on the cutting edge of development. The investment volume totals SEK 300 M and the total rental value amounts to SEK 1 Bn. The TV studio will also bring new life into the whole of this expansive district, which in the next few years will be witness to a rapid pace of development.

Positive net leasing

For both the fourth quarter and the full year, we have positive net leasing, SEK 23 M for the fourth quarter and SEK 13 M for the full year. Naturally, the aforementioned lease for TV4 enabled that, but behind the total figures is a large number of leases and an effort from the entire organisation that I am extremely proud of. Castellum's focus on lease operations is yielding clear results.

Gradual increase of projects

During the year, we raised the tempo in our project operations. Ongoing projects are progressing well, we have started a number of new projects, and above all we have worked on our pipeline where we have a number of major business opportunities with good yield potential.

In the fourth quarter, for example, we began a 2,600-square metre construction in Linköping, where the Swedish Tax Agency will be establishing parts of its office operation. We have also broken ground on our joint project with the Port of Gothenburg, OneMed's new logistics facility in the Halvorsäng district of Gothenburg, where we are building a 45,000-square metre logistics facility.

Increased activity in the transaction market

The transaction volumes in our markets increased markedly in the fourth quarter compared with the previous quarters, but were still slightly below the average over the past decade. Domestic operators have dominated the market, with listed property companies and institutional investors being foremost on the buyer side. One of the segments that has increased the most is the Office segment.

We evaluated a number of acquisitions during the quarter. Our growth ambitions remain large, but long-term shareholder value is created through doing good business.

"It is gratifying to see that the Board has decided to propose a dividend of SEK 2.48 per share."

Stable property values and strong financing market

It is gratifying to state that during the fourth quarter, for the first time in many quarters, we had positive changes in value on our properties.

We are continuing to benefit from a favourable financing market. Better and better terms from both the bond market and the banking market created the opportunity in 2024 to issue SEK 9.2 Bn in the bond market – the majority in EUR – and refinance bank loans of SEK 17.8 Bn.

The loan-to-value ratio amounted to a low 35.6 per cent, and our available liquidity including unutilized credit facilities amounting to SEK 26.4 Bn. We are very satisfied with the balance sheet, and we are well positioned for future investment opportunities.

After the end of the period, we received a credit rating of BBB from S&P, which validates our business model and strong financial position. This rating further improves our position in the capital market and enables lower financing costs over time.

Organisation adapted for long-term competitiveness

We have begun adapting the organisation, creating a more uniform, customer-centric and flexible organisation that creates possibilities for more standardized and digitized procedures. Key reasons include increased focus on customers and devoting more resources to the business itself. These changes will strengthen Castellum over the long term and enable an increased focus for our employees in their daily work.

Top marks in sustainability once again

For the ninth consecutive year, we received top marks in the S&P Corporate Sustainability Assessment, and we are the only Nordic property company in the Dow Jones Sustainability Indices. This distinction cements our positions as a sustainable investment alternative. In the evaluation, which encompasses over 13,000 listed companies globally, Castellum ranked an impressive 8th place among property companies.

Start of Infinity in Stockholm's Hagastaden district

During the year, Castellum will commence the construction of Infinity, a modern and sustainable office property in the Hagastaden district of Stockholm. Start of construction is planned for the third quarter of 2025, and occupancy will begin in September 2027. The total investment volume is approximately SEK 1,700 M, of which about SEK 450 M has already been invested, for example, to acquire land. Infinity is one of our most prestigious projects and a crucial step in our strategy of shifting our asset portfolio towards higher quality and creating value for our shareholders.

Acquisition of shares in Entra

Since 2020, the Norwegian property company Entra has been Castellum's exposure to the dynamic property company in Oslo and Bergen. Entra has an impressive market position, first-rate assets and a skilled organisation. On 13 February, we acquired additional shares in Entra, thereby triggering a mandatory offer

under Norwegian law. We believe that the acquisition of shares in Entra is a value-creating investment that will make a positive contribution to Castellum's performance over time.

A return to dividend

After two years with dividends on hold, it is gratifying to see that the Board has decided to propose a dividend of SEK 2.48 per share, or a total of SEK 1.2 Bn, to the AGM. This corresponds to 25.3 per cent of our income from property management for 2024.

Prospects for 2025

Our proactive measures, strong market position, stable tenants and solid financial position provide opportunities to create shareholder value in 2025. We have more value-creating investment opportunities than we have had in a long time, and an organisation that is equipped to make use of them.

Our organisation is courageous, business-focused and committed. I would like to extend my sincere thanks to everyone who contributed to Castellum's operation, and hope that together we will make 2025 an even better year.

Joacim Sjöberg Chief Executive Officer

Infinity, Hagastaden in Stockholm

Condensed consolidated statement of comprehensive income

	2024	2023	2024	2023
SEK M	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Rental and service income	2,443	2,477	9,784	9,806
Other income¹	1	—	65	—
Income	2,444	2,477	9,849	9,806
Operating costs	-340	-333	-1,426	-1,517
Maintenance	-100	-136	-318	-349
Property tax	-146	-144	-578	-590
Lease and property administration costs	-206	-237	-741	-784
Net operating income	1,652	1,627	6,786	6,566
Central administrative costs	-63	-124	-241	-403
Income from associated companies and joint ventures	152	-828	-260	-2,284
Net financial items
Net interest items	-558	-545	-2,083	-2,162
Leasing cost/Site leasehold fees	-24	-22	-72	-73
Income including associated companies	1,159	108	4,130	1,644
of which income from property management²	1,084	1,030	4,819	4,373
Changes in value
Properties	5	-6,304	-1,627	-14,534
Financial holdings	-5	—	-5	-9
Goodwill	-60	-183	-188	-474
Derivatives	934	-1,767	451	-1,235
Income before tax	2,033	-8,146	2,761	-14,608
Current tax	-2	85	-172	-12
Deferred tax	-42	1,759	-232	3,028
Net income for the year	1,989	-6,302	2,357	-11,592

Other comprehensive income	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Net income for the year	1,989	-6,302	2,357	-11,592
Items that may be reclassified to net income for the year
Translation difference of currencies, etc.	59	-695	-178	-921
Change in values on derivatives, currency hedge	26	770	126	1,059
Comprehensive income for the year	2,074	-6,227	2,305	-11,454
Average number of shares, thousand	492,446	492,601	492,515	451,377
Earnings, SEK per share before and after dilution	4.04	-12.79	4.79	-25.68

1. Other income pertains to estimated indemnity after major water damage in one of Castellum's properties in Finland, with the damage affecting the property value via a negative change in value. Other income is excluded from the performance analysis in the report for key financial metrics pertaining to income and net operating income.

2. For calculation, refer to Alternative Performance Measures on pages 27–29.

Performance analysis

Comparisons shown in brackets refer to the corresponding amounts year-on-year.

Income from property management

Income from property management increased to SEK 4,819 M (4,373), corresponding to SEK 9.78 per share (9.69). The increase in income from property management pertained primarily to lower costs related both to direct property costs and to costs for administration and financing.

Castellum's participations in associated companies Entra and Halvorsäng added SEK 429 M (445) to income from property management.

Income from property management per share

Income

Income totalled SEK 9,849 M (9,806), of which SEK 65 M (0) pertained to estimated indemnity. Completed property sales meant lower income of SEK 345 M at the same time as completed projects made a positive contribution of SEK 146 M to income. In the like-for-like portfolio, rental income increased SEK 199 M, corresponding to 2.3 per cent, excluding currency effects. The change in the like-for-like portfolio is driven mainly by indexation, but is offset by higher vacancies and discounts. The increase in vacancies tapered off in the last quarter of the year. Other income and termination of contracts totalled SEK 45 M (88). In some cases, Castellum has limitations on its leases that preclude full indexation, at the same time as indexation in Denmark and Finland was lower than in Sweden. The increase in income in the Swedish like-for-like portfolio was 3.0 per cent. The economic occupancy rate was 91.5 per cent (92.1).

Development of income

	2024	2023
SEK M	Jan–Dec	Jan–Dec	Change, %
Like-for-like portfolio	8,851	8,652	2.3
Development properties	600	454
Transactions	168	513
Coworking	265	266
Group elimination	-96	-79
Currency adjustment¹	-4	—
Rental and service income	9,784	9,806
Other income	65	—
Income	9,849	9,806	0.4

1. The current year, restated with the exchange rate of the comparative year.

Costs

Direct property costs totalled SEK 2,322 M (2,456). Costs in the like-for-like portfolio decreased SEK 54 M, corresponding to 2.5 per cent, excluding currency effects. Direct property costs

excluding non-recurring costs of SEK 55 M that were recognised in the fourth quarter of 2023 thus remain unchanged. Electricity costs decreased but were offset by higher costs for heating, water, snow removal and maintenance.

Development of costs

	2024	2023
SEK M	Jan–Dec	Jan–Dec	Change, %
Like-for-like portfolio	2,131	2,185	-2.5
Development properties	156	131
Transactions	36	140
Currency adjustment¹	-1	—
Direct property costs	2,322	2,456	-5.5
Property administration	552	566
Coworking	285	297
Group elimination	-96	-79
Lease and property
administration costs	741	784
Central administration	241	403
Total costs	3,304	3,643	-9.3

1. The current year, restated with the exchange rate of the comparative year.

Property administration excluding coworking amounted to SEK 552 M (566), corresponding to SEK 108 per square metre (107). Central administrative costs decreased to SEK 241 M (403). Overall, administrative costs thus decreased SEK 176 M, of which SEK 143 M is attributable to non-recurring costs that were recognized in 2023. Excluding non-recurring costs, administrative costs decreased by SEK 33 M, corresponding to 4.0 per cent, as a result of a general review of costs.

Property costs, 12 months, SEK/sq. m.

		Public	Warehouse/ light
SEK M	Office	sector	industry	Retail	Total
Operating costs	331	229	193	176	268
Maintenance	78	52	31	45	58
Property tax	157	113	27	87	108
Property costs	566	394	251	308	434
Property
administration	—	—	—	—	108
Total	566	394	251	308	542
In 2023	574	398	254	291	547

Segment information

	Income		Net operating income
SEK M	2024 Jan–Dec	2023 Jan–Dec	2024 Jan–Dec	2023 Jan–Dec
Stockholm	2,541	2,543	1,863	1,868
West	1,835	1,829	1,314	1,265
Central	1,752	1,759	1,251	1,198
Mälardalen	1,299	1,254	876	813
Öresund	1,505	1,563	1,049	1,100
Finland	683	671	388	353
Coworking	265	266	-20	-31
Group elimination	-96	-79	—	—
Total	9,784	9,806	6,721	6,566
Other income	65	—	65	—
Total	9,849	9,806	6,786	6,566

Income from associated companies and joint ventures

Income from associated companies and joint ventures consists of Castellum's share of Entra ASA's and Halvorsäng Fastighets AB's earnings. Castellum's share of the associated company's income from property management is included in the line item "of which income from property management", which totalled SEK 429 M (445) for the year.

As of the balance sheet date, a need for impairment totalling SEK 299 M had been identified owing to a lower net reinstatement value for Entra. The accumulated exchange-rate impact on the holding in Entra is recognised in other comprehensive income. For further information on Entra, refer to page 10.

	2024	2023
SEK M	Jan–Dec	Jan–Dec
Income from property management	429	445
Change in values on properties	-447	-2,676
Tax	34	427
Other	23	-29
Castellum's share of associated company
and joint venture earnings	39	-1,833
Impairment	-299	-451
Total impact on net income for the year	-260	-2,284
Currency translation	-177	-847
Hedging	113	847
Total impact on comprehensive income for the year	-324	-2,284

Net financial items

Net financial items totalled SEK -2,155 M (-2,235). The downturn in relation to the preceding year was attributable mainly to a lower debt volume. The average closing interest rate for the loan portfolio, including interest-rate and currency hedging with lengthy maturities, was 3.2 per cent (3.0) on the balance sheet date. The average interest rate provides a snapshot of the latest fixed-interest period for the derivative and loan portfolios on the balance sheet date and excludes certain items in net financial items such as the accrual of borrowing overheads, other financial costs, currency hedging with short maturities and, in some cases, currency effects. In the fourth quarter, SEK 19 M that was attributable to currency hedging with short maturities related to Entra was expensed, which is not included in the average interest rate. In addition to this, non-recurring costs of SEK 14 M related to refinancing and early redemption of loans, as well as renewal of bonds, were expensed.

	2024	2023
SEK M	Jan–Dec	Jan–Dec
Financial income	50	39
Interest costs	-2,115	-2,191
Less: capitalised interest	36	42
Other financial costs	-54	-52
Total net interest costs	-2,083	-2,162
Leasing cost/Site leasehold fees	-72	-73
Total net financial items	-2,155	-2,235

Changes in value

Properties

During the year, Castellum recognised unrealised changes in value of SEK -1,528 M (-14,325), driven primarily by cash flow-related changes during the year. The average exit yield for Castellum's portfolio totalled 5.63 per cent at the end of the year, corresponding to an increase of 1 basis point year-on-year.

Castellum's completed property sales during the period resulted in a realised change in value of SEK -99 M. Less deferred tax and transaction costs of SEK -147 M, the net sale price totalled SEK 3,203 M. The total underlying property value in the sales was thus SEK 3,350 M, a difference of SEK 48 M compared with the latest assessment of SEK 3,302 M.

Change in values on properties

	2024	2023
SEK M	Jan–Dec	Jan–Dec
Cash flow	-1,190	-2,936
Project gains/building rights	592	-920
Yield requirement	-930	-10,469
Unrealised changes in value	-1,528	-14,325
%	-1.1	-9.3
Sales	-99	-209
Total	-1,627	-14,534
%	-1.2	-9.5

Goodwill

Changes in goodwill totalled SEK -188 M (-474), of which SEK -82 M (-156) was attributable to divestments, SEK -106 M (-293) was attributable to negative value trends on properties and SEK 0 M (-25) was attributable to United Spaces.

Derivatives

Castellum holds both interest-rate and currency derivatives, which are impacted primarily by market interest rates and exchange rate fluctuations. In profit for the year, the derivatives generated a change in value of SEK 451 M (-1,235), which includes both realized and unrealised changes in value. Changes in value resulting from hedging relationships totalled SEK 126 M (1,059) in other comprehensive income. The positive changes in value are attributable to the rise in interest rates on longer maturities during the year as well as changes in currency exchange rates.

Tax

Total tax for the year amounted to SEK -404 M (3,016), of which SEK -172 M (-12) pertained to current tax. Applying the nominal tax rate of 20.6 per cent to income before tax, the total theoretical tax is SEK -569 M. The difference of SEK 165 M is due primarily to effects from properties sold. The remaining tax loss carry forwards, estimated at SEK 588 M (907), are blocked from use in parts of the Group.

Tax calculation Jan–Dec 2024

	Basis current	Basis deferred
SEK M	tax	tax
Income from property management	4,819
In associated companies and joint ventures	-429
Deductions for tax purposes:
depreciation	-2,459	2,459
reconstructions	-1,187	1,187
Hybrid bond	-484	484
Non-deductible interest	1,090	—
Other tax items	-237	184
Taxable income from property
management	1,113	4,314
Tax on income from property management	-229
Divestment of properties	0	-2,060
Change in values on properties	—	-993
Change in values on derivatives	39	-453
Taxable income before tax loss carry
forwards	1,152	808
Tax loss carry forwards, opening balance	-907	907
Tax loss carry forwards, closing balance	588	-588
Taxable income	833	1,127
Tax according to the income statement
for the year	-172	-232

Condensed consolidated balance sheet

SEK M	31 Dec 2024	31 Dec 2023
ASSETS
Investment properties	135,711	137,552
Goodwill	4,307	4,495
Right-of-use assets	1,464	1,441
Participations in associated companies and joint ventures	9,924	10,008
Derivatives	2,539	1,948
Other fixed assets	181	224
Other receivables	1,333	1,580
Cash and cash equivalents	2,400	2,088
Total assets	157,859	159,336
EQUITY AND LIABILITIES
Equity	79,174	77,177
Deferred tax liability	14,900	14,810
Other provisions	15	26
Derivatives	245	596
Interest-bearing liabilities	58,633	61,671
Lease liabilities	1,464	1,441
Non-interest bearing liabilities	3,428	3,615
Total equity and liabilities	157,859	159,336

Change in equity

	Attributable to Parent Company shareholders
	Number of
	shares		Other	Currency	Currency
	outstanding,	Share	capital	translation	hedge	Retained	Hybrid	Total
SEK M	thousand	capital	contribution	reserve	reserve	earnings	bonds	equity
Equity, 31 Dec 2022	328,401	173	29,027	1,309	-1,475	39,779	10,169	78,983
Dividend, hybrid capital	—	—	—	—	—	-349	—	-349
New issue of shares	164,200	82	10,098	—	—	—	—	10,180
Expenditure for new share issue	—	—	-231	—	—	—	—	-231
Whereof tax effect	—	—	48	—	—	—	—	48
Cancellation own shares	—	-9	—	—	—	9	—	0
Net income 2023	—	—	—	—	—	-11,592	—	-11,592
Other comprehensive income 2023	—	—	—	-921	1,059	—	—	138
Equity, 31 Dec 2023	492,601	246	38,942	388	-416	27,847	10,169	77,177
Dividend, hybrid capital	—	—	—	—	—	-351	—	-351
Whereof tax effect	—	—	—	—	—	72	—	72
Expenditure for hybrid bond	—	—	—	—	—	—	-10	-10
Whereof tax effect	—	—	—	—	—	—	2	2
Repurchase of own shares	-155	—	—	—	—	-20	—	-20
Net income 2024	—	—	—	—	—	2,357	—	2,357
Other comprehensive income 2024	—	—	—	-178	126	—	—	-52
Equity, 31 Dec 2024	492,446	246	38,942	210	-290	29,905	10,161	79,174

Comments on the balance sheet

Investment properties

The property portfolio is concentrated in attractive growth cities in Sweden, Denmark and Finland. Through the associated company Entra, Castellum is also exposed to attractive areas in Norway, primarily in central Oslo. The properties are located in city centre locations and well-situated business districts, with excellent public transportation and services.

As of 31 December 2024, Castellum owns a total of 672 properties at a fair value of nearly SEK 136 Bn.

Changes in the property portfolio

SEK M	Carrying amount, SEK M	Number
Property portfolio on 1 Jan. 2024	137,552	709
+ Acquisitions	67	1
+ New construction, extensions and
reconstructions	2,502	—
– Divestments	-3,302	-41
+/- Property settlements	—	3
+/– Unrealised changes in value	-1,528	—
+/– Currency translation	420	—
Property portfolio on balance sheet date	135,711	672

Goodwill

Castellum recognises goodwill of SEK 4,307 M (4,495) attributable to business combinations, with the difference between contractual tax and nominal deferred tax being recognised as goodwill. Changes in goodwill arise primarily in the event of a larger drop in property values or when properties that were included in the transactions have been divested.

Goodwill

SEK M	31 Dec 2024	31 Dec 2023
Opening acquisition cost	4,495	4,969
Sales	-82	-156
Impairment	-106	-318
Closing value on balance sheet date	4,307	4,495

Participations in associated companies and joint ventures

At the end of the year, Castellum owned 60,710,624 shares in Entra ASA, corresponding to 33.3 per cent of the votes and capital. Castellum recognises its holdings in Entra in accordance with the equity method and conducts an impairment test on the participation every quarter. The participation is measured at the higher of the value in use and fair value after sales costs. Fair value after sales costs was determined based on the current share price, while value in use was calculated and determined based on EPRA NRV.

Castellum and Göteborgs Hamn AB have entered into a joint venture to build a 45,000-square metre logistics facility in Halvorsäng, adjacent to the Skandiahamnen port in the Hisingen district of Gothenburg. In the fourth quarter, Castellum invested SEK 353 M in the jointly owned company.

Participations in associated companies and joint ventures, SEK M	31 Dec 2024	31 Dec 2023
Opening carrying amount	10,008	13,286
Shareholder contributions including transaction
expenditure	353	—
Share of associated companies' earnings	39	-1,833
Dividend received	—	-146
Impairment	-299	-451
Currency translation	-177	-848
Closing carrying amount	9,924	10,008

	2024	2023
Entra	Jan–Dec	Jan–Dec
Rental income	3,212	3,436
Income from property management	1,286	1,363
Castellum's share of income from
property management	429	445
Net income for the year	74	-5,612
Of which minority share	60	-134

Entra	31 Dec 2024	31 Dec 2023
Number of properties	81	99
Property value, SEK M	58,638	67,587
Leasable area, thousand sq. m.	1,161	1,376
Economic occupancy rate, %	94.3	95.3
Contract length, years	6.1	6.1
Interest-bearing liabilities, SEK M	30,443	38,609
Debt maturity, years	3.1	3.8
Fixed interest rate, years	3.5	4.2
Loan-to-value ratio, %	48.3	57.1
EPRA NRV, SEK/share	157	165
Share price, SEK/share	115.60	115.40

Net income for the year in Halvorsäng totalled SEK 69 M, comprising change in value of the property and deferred tax. The property value amounted to SEK 539 M. The property is being constructed, with occupancy estimated for the second quarter of 2026. Leasable area is 45,000 square metres, and the property is fully leased with a contract length of 12 years. Other key figures are not applicable.

Deferred tax liability

Deferred tax liability totalled SEK 14,900 M (14,810). An estimated fair value can be calculated at SEK 2,287 M (2,337); refer to the assumptions in the 2023 Annual Report.

		Nominal	Real tax
SEK M	Basis	tax liability	liability
Tax loss carry forwards	588	121	117
Derivatives	-650	-134	-125
Untaxed reserves	-781	-161	-145
Properties	-80,539	-16,615	-2,134
Total	-81,382	-16,789	-2,287
Properties, asset
acquisitions	9,168	1,889	—
Closing value on balance
sheet date	-72,214	-14,900	-2,287

Derivatives

As of December 31, 2024, the market value of the interest rate and currency derivatives portfolio amounted to SEK 2,294 M (1,352), where fair value is established according to level 2, IFRS 13.

Property portfolio

Vit dummytext	31 December 2024 January–December 2024
Category	Number	Area, 000 sq. m.	Property value, SEK M	In SEK/ sq. m.	Rental value, SEK M	In SEK/ sq. m.	Economic occupancy rate, %	Income, SEK M	Property costs, SEK M	In SEK/ sq. m.	Net operating income, SEK M
OFFICE
Stockholm	52	639	27,923	43,686	1,889	2,955	89.0	1,648	370	579	1,278
West	80	474	13,152	27,776	971	2,051	91.0	860	210	444	649
Central	69	502	10,638	21,208	978	1,950	91.0	879	222	442	658
Mälardalen	28	366	9,147	24,977	766	2,091	93.0	706	181	493	525
Öresund	35	283	8,834	31,240	692	2,445	91.0	607	152	536	455
Denmark	12	125	4,956	39,569	342	2,732	87.0	298	89	713	209
Finland	18	204	6,307	30,855	761	3,723	88.0	665	245	1,198	420
Total Office	294	2,593	80,957	31,222	6,399	2,468	90.0	5,663	1,469	566	4,194
PUBLIC SECTOR
PROPERTIES
Stockholm	8	142	6,152	43,269	380	2,673	97.0	365	61	428	304
West	17	143	3,298	23,165	268	1,885	97.0	259	52	367	206
Central	27	275	8,382	30,510	604	2,196	92.0	556	105	381	451
Mälardalen	8	60	1,623	27,076	128	2,137	97.0	124	21	357	103
Öresund	6	68	2,813	41,123	182	2,664	92.0	168	30	432	139
Denmark	1	12	668	54,737	40	3,294	98.0	39	7	558	32
Total Public sector
properties	67	700	22,936	32,774	1,602	2,290	94.7	1,511	276	394	1,235
WAREHOUSE/LIGHT
INDUSTRY
Stockholm	29	182	3,554	19,544	266	1,461	89.0	233	45	247	188
West	82	600	8,182	13,641	665	1,109	93.0	603	127	212	476
Central	17	121	1,493	12,352	141	1,166	91.0	127	25	206	102
Mälardalen	25	306	3,333	10,901	390	1,274	95.0	363	115	378	248
Öresund	39	265	2,957	11,128	268	1,009	91.0	243	55	206	188
Denmark	1	17	163	9,368	14	829	94.0	14	5	314	8
Finland	1	—	75	—	9	—	89.0	8	1	—	7
Total Warehouse/Light
industry	194	1,491	19,757	13,247	1,753	1,175	92.6	1,591	373	251	1,217
RETAIL
Stockholm	11	74	1,903	25,720	144	1,952	96.0	135	18	240	117
West	10	44	1,099	24,753	84	1,880	98.0	80	12	285	68
Central	18	105	1,627	15,526	163	1,552	93.0	149	34	324	115
Mälardalen	8	39	707	18,392	60	1,563	97.0	56	12	317	44
Öresund	15	68	1,291	19,003	121	1,781	96.0	108	25	365	84
Total Retail	62	330	6,627	20,108	572	1,735	95.6	528	101	308	428
Total investment
properties	617	5,114	130,277	25,475	10,326	2,019	91.5	9,293	2,219	434	7,074
Property administration	vit	vit	vit	vit	vit	vit	vit	vit	552	108	-552
Total after property
administration expenses	617	5,114	130,277	25,475	10,326	2,019	91.5	9,293	2,771	542	6,522
Project(s)	21	168	4,578	—	235	—	—	116	47	—	69
Undeveloped land	34	—	856	—	32	—	—	31	12	—	19
Total	672	5,282	135,711		10,593			9,440	2,830		6,610

The difference between the net operating income of SEK 6,610 M reported above and the net operating income of SEK 6,786 M in the consolidated statement of comprehensive income is attributable to the deduction of the net operating income of SEK 102 M in properties divested, and the SEK 4 M upward adjustment of the net operating income on properties acquired/completed during the year as if they had been owned or been completed during the entire year, and other non-property related items of SEK 5 M as well as other income of SEK 65 M.

Asset portfolio

Castellum's ownership is characterised by sustainability and a long-term perspective, and 69 per cent of the value of the asset portfolio is certified for sustainability. The company is continually engaged in developing, refining, modernising and customising its properties. Castellum is the Nordic region's leading commercial property company, and one of the companies that owns the most properties in the Nordic region. The portfolio is concentrated in attractive growth cities in Sweden as well as Copenhagen and Helsinki. Through the associated company Entra, Castellum is also exposed to attractive areas in Norway. During the year, Castellum continued its geographic concentration and reduced exposure to the retail segment. During the year, Castellum continued its geographic concentration and reduced exposure to the retail segment in order to deliver on its strategy while strengthening its financial position. Going forward, Castellum intends to grow in its strongest markets.

Castellum's geographical focus combined with stable tenants – state and municipal operations, for example – provides good conditions for stability and long-term growth. Our commercial portfolio consists largely of offices 60 per cent, followed by public sector properties 17 per cent, warehouse/light industry 14 per cent, and retail 5 per cent. What all these properties have in common is that they are located in or near city centre locations, have good means of communication and supplementary services. The remaining 4 per cent consists of developments and undeveloped land.

Castellum's property portfolio on 31 December 2024 comprised 672 properties (709) with a total contract value of SEK 9,478 M (9,243) and a total leasable area of 5,282,000 square metres (5,485,000).

Investments

Castellum invests in its asset portfolio primarily through new construction, extensions and reconstructions of properties in the existing portfolio, but also through acquisitions. During the year, investments in property totalled SEK 2,569 M (3,746), of which SEK 2,502 M (3,410) pertained to new construction, extensions and reconstructions and SEK 67 M (336) to acquisitions. After sales of SEK -3,203 M (-5,206), net investments amounted to SEK -634 M (-1,460).

Net investments per region

Property value by region

Property value by category

Larger projects

Ongoing projects, >SEK 50M

Castellum has an ongoing development portfolio that encompasses larger projects totalling approximately SEK 2 Bn, with SEK 1 Bn remaining to be invested. The average occupancy rate totalled 94 per cent. Five larger projects were completed during the year, with a total rental value of SEK 123 M and an average occupancy rate of 73 per cent.

						Rental	Economic	Total	Of which	Remaining
Projects approved but not				Project	Area,	value,	occupancy	investment,	invested,	to invest,
started	Category	Type	Location	start	sq. m.	SEK M	rate, %	SEK M	SEK M	SEK M
Rotterdam 1	O	R	Stockholm	Q1 2025	17,100	74	100	300	3	297
Total projects not started	vit	vit	vit	vit	17,100	74	100	300	3	297

						Rental	Economic	Total	Of which	Remaining
					Area,	value, SEK	occupancy	investment,	invested,	to invest,
Ongoing projects	Category	Type	Location	Completion	sq. m.	M	rate, %	SEK M	SEK M	SEK M
Tusenskönan 2	OTH	N	Mölndal	Q1 2025	10,600	27	100	337	292	45
Litografen 1	Re	N	Örebro	Q3 2025	3,500	6	100	69	10	59
Amperen 1	Lo	N	Västerås	Q3 2025	37,200	29	100	382	251	131
Backa 20:5/20:6	P	N	Gothenburg	Q4 2025	9,000	43	100	507	330	177
Gladan 6	O	R	Stockholm	Q4 2025	3,900	16	11	165	39	126
Bägaren 5	P	R	Norrköping	Q4 2025	6,400	17	100	105	32	73
Repslagaren 24	O	R	Örebro	Q4 2025	4,700	11	100	66	22	44
Gullbergsvass 1:15	H	R	Gothenburg	Q1 2026	4,500	18	100	98	5	93
Total ongoing projects			vit	vit	79,800	167	91	1,729	981	748

Developments completed					Area,	Rental value, SEK	Economic occupancy	Total investment,	Of which invested,	Remaining to invest,
or fully/partly occupied	Category	Type	Location	Completed	sq. m.	M	rate, %	SEK M	SEK M	SEK M
Tullen 8	P	R	Örebro	Q4 2024	8,200	17	100	106	92	14
Finnslätten 1 (part)	O/I	R	Västerås	Q2 2024	21,000	28	72	189	189	0
Bollbro 15	P	R	Helsingborg	Q2 2024	5,000	9	100	140	140	0
Tistlarna 9	Lo	N	Malmö	Q1 2024	11,300	13	97	205	205	0
Götaland 5 (Werket)	O	R	Jönköping	Q1 2024	22,000	56	55	344	232	112
Total completed projects		vit	vit	vit	67,500	123	73	984	858	126
Sum total projects		vit	vit	vit	164,400	364	87	3,013	1,842	1,171

Category: O=Office, W=Warehouse, Lo=Logistics, P=Public sector, I=Industry, Re=Retail, H=Hotel, OTH=Other Investment type: N=New construction, R=Reconstruction

Project pipeline

Castellum has major potential in its development portfolio, which with progress in detailed development plans will permit the start of projects corresponding to approximately 820,000 square metres in the next five years. These future projects include significant opportunities at Nordic Hub Säve in Gothenburg and the Hagastaden district of Stockholm.

Future potential development projects, 20 largest by area

					Leasable area,
Project	Location	Type	Category	Detailed development plan	sq. m.
Nordic Hub Säve**	Gothenburg	N	W	Ongoing	215,000
Läkaren 10	Stockholm	R	O	In effect	35,700
Charkuteristen 1, 5, 6, 7, 8	Stockholm	E	O	Ongoing	28,000
Gullbergsvass 703:44*	Gothenburg	N	O	Ongoing	24,500
Mimer 5	Västerås	R	O	In effect	23,000
Sunnanå 8:51	Malmö	N	Lo	In effect	22,300
Smärgelskivan 3	Helsingborg	N	Lo	In effect	21,100
Infinity	Stockholm	N	O	In effect	20,200
Helsinki Kirjurinkatu 3	Helsinki	R	O	In effect	17,200
Palmbohult*	Örebro	N	Lo	In effect	15,100
Flahult	Jönköping	N	Lo	In effect	15,000
Kv. Druvan	Linköping	N	O	In effect	14,900
Hedenstorp*	Jönköping	N	Lo	In effect	14,000
Flintan 4	Lund	N	Lo	In effect	14,000
Karl 15	Helsingborg	R	O	Not started	13,400
Gaslyktan 11	Gothenburg	R	O	In effect	13,000
Trucken 6	Borås	N	W	In effect	12,800
Brunna Örnäs 1:28	Upplands Bro	N	Lo	In effect	12,700
Brunna Örnäs 1:29	Upplands Bro	N	Lo	In effect	12,700
Höjdpunkten Stage 1	Lund	N	O	Ongoing	11,500
Total	vit	vit	vit	vit	556,100

Future potential development projects by location and category

vit	vit	Leasable area, sq. m. Change to detailed dev.
Location	Category	Detailed development plan exists	plan required	Total
Borås	W	12,800	—	12,800
Gothenburg	I	5,900	—	5,900
Gothenburg	O	25,100	24,500	49,600
Gothenburg	W	—	215,000	215,000
Gothenburg	P	—	8,800	8,800
Helsingborg	O	1,600	13,400	15,000
Helsingborg	Lo	21,100	—	21,100
Helsinki	O	17,200	—	17,200
Jönköping	O	4,500	2,000	6,500
Jönköping	Lo	29,000	—	29,000
Jönköping	OTH	7,700	—	7,700
Linköping	O	39,500	—	39,500
Lund	Re	3,000	—	3,000
Lund	O	5,500	23,000	28,500
Lund	Lo	14,000	—	14,000
Malmö	O	7,400	7,500	14,900
Malmö	Lo	31,900	—	31,900
Norrköping	O	11,600	—	11,600
Stockholm	Re	3,900	—	3,900
Stockholm	O	82,100	42,600	124,700
Stockholm	OTH	5,300	—	5,300
Turku	O	—	7,000	7,000
Upplands Bro	Lo	33,100	—	33,100
Uppsala	O	18,700	—	18,700
Västerås	I	19,600	—	19,600
Västerås	O	33,600	—	33,600
Västerås	OTH	11,700	—	11,700
Örebro	O	7,100	4,200	11,300
Örebro	Lo	15,100	—	15,100
Örebro	OTH	3,100	—	3,100
Total	vit	471,100	348,000	819,100

Category: O=Office, W=Warehouse, Lo=Logistics, P=Public sector, I=Industry, Re=Retail, H=Hotel, OTH=Other

Investment type: N=New construction, E=Extension, R=Reconstruction

* Land allocation agreement or reservation

** Total area linked to Säve is approximately 600,000 square metres total area, of which 215,000 square metres is felt could be started within 5 years

Tenants

Castellum's exposure to individual tenants is extremely low, with a lease portfolio that has a large spread across many different tenants, customer sizes and industries. The Group has approximately 7,500 commercial leases and 500 residential leases, and their distribution in terms of size is presented in the table below. The single largest lease accounts for 1.3 per cent of the Group's total rental income, while the corresponding figure for the single largest tenant is 2.5 per cent. As of 31 December 2024, the remaining average length of contract was 3.6 years (3.8).

Lease maturity structure

SEK M	Number of leases	Contract value, SEK M	Proportion of value, %
Commercial, term	vit	vit	vit
2025	2,916	1,782	19
2026	1,764	1,785	19
2027	1,402	1,796	19
2028	810	1,397	15
2029	257	613	6
2030+	373	1,852	19
Total commercial	7,522	9,225	97
Residential	474	47	1
Parking spaces and other	6,452	206	2
Total	14,448	9,478	100

Lease size

	Number of	Contract value,	Proportion
SEK M	leases	SEK M	of value, %
Commercial
<0.25	3,280	220	2
0.25 – 0.5	1,039	381	4
0.5 – 1.0	1,239	873	9
1.0 – 3.0	1,278	2,200	23
>3.0	686	5,552	59
Total	7,522	9,226	97
Residential	474	47	1
Parking spaces and other	6,452	205	2
Total	14,448	9,478	100

Largest tenants

	Contract	Share of total
	value,	contract
	SEK M	value, %
The Swedish Police Authority	240	2.5
AFRY	201	2.1
ABB	159	1.7
The Swedish Social Insurance Agency	158	1.7
The Swedish National Courts Administration	139	1.5
Handelsbanken	133	1.4
Northvolt	128	1.4
Region Stockholm	89	0.9
The Swedish Migration Board	86	0.9
Hedin	80	0.8
Total contract value	1,413	14.9

Net leasing

During the year, Castellum signed leases with an annual rental value of SEK 609 M (612). Notices of termination amounted to SEK -596 M (-679), of which SEK -39 M (-59) were bankruptcies and SEK -33 M (-23) were notices of termination with more than 18 months left of contract. Net leasing for the year thus totalled SEK 13 M (-67).

Renegotiations corresponding to annual rent of SEK 452 M were conducted during the year, with an average change in rent of -1.0 per cent. Leases valued at SEK 1,706 M were extended with no changes to terms.

Net leasing, January–December 2024

SEK M	Sthlm	West	Central	Mälar dalen	Öre sund	Fin land	Total
New
leasings	vit	vit	vit	vit	vit	vit	vit
Investment
properties	135	104	93	80	78	29	519
Development
properties	66	18	6	—	—	—	90
Total	201	122	99	80	78	29	609
Terminated	vit	vit	vit	vit	vit	vit	vit
Existing
properties	-183	-121	-77	-51	-88	-37	-557
Bankruptcies	-4	-9	-9	-9	-4	-4	-39
Total	-187	-130	-86	-60	-92	-41	-596
Net leasing	14	-8	13	20	-14	-12	13
In 2023	-35	-15	42	-2	-28	-29	-67

Financing

During the quarter, secured financing of SEK 3.0 Bn was refinanced and extended over an eight-year term, and an unutilized revolving credit facility with a limit of SEK 2.0 Bn was terminated. The proportion of interest-rate hedge (>1 year) on the balance sheet date was 70 per cent. The variable portion comprises primarily exposure to Stibor 3m. Average Stibor 3m during the quarter was 2.74 per cent, compared to 3.45 per cent during Q3 2024.

After having received permission from the noteholders in the fourth quarter, Castellum Aktiebolag took over as the issuer in the MTN programme of its subsidiary Kungsleden. Kungsleden Aktiebolag therefore has no outstanding bonds remaining.

In February 2025, Castellum received a BBB credit rating with a stable outlook from S&P. The rating improves the position in the capital market and enables lower financing costs over time.

Interest rate maturity structure, 31 December 2024

Maturity			Average interest	Average fixed interest rate
date	SEK M	Share, %	rate, %	term, years
0–1 year	17,728	30	6.1¹	0.3
1–2 years	5,758	10	1.5	1.7
2–3 years	3,399	6	4.1	2.7
3–4 years	4,779	8	1.5	3.9
4–5 years	11,231	19	1.2	4.7
>5 years	15,738	27	2.4	7.4
Total	58,633	100	3.2	3.6

1. Includes the margin for the entire variable portion of the liability

portfolio. The average interest rate for variable liabilities amounts to 4.4 per cent.

Credit maturity structure, 31 December 2024

Bank				Total interest	Total available
Credit	balances,		Commercial	bearing liabilities,		Unutilised	credit facilities,
agreements	SEK M	Bonds, SEK M	paper, SEK M	SEK M	Share, %	credits, SEK M	SEK M
2025	—	8,238	—	8,238	14	850	9,088
2026	899	6,541	—	7,440	13	11,483	18,923
2027	2,529	3,948	—	6,477	11	10,155	16,632
2028	6,390	1,579	—	7,969	13	1,500	9,469
2029	2,683	10,017	—	12,700	22	—	12,700
>2029	10,100	5,709	—	15,809	27	—	15,809
Total	22,601	36,032	—	58,633	100	23,988	82,621

Financial key metrics

Key metrics – interest-bearing financing	31 Dec 2024	31 Dec 2023
Interest-bearing liabilities, SEK M	58,633	61,671
Bonds outstanding, SEK M	36,032	35,783
Commercial paper outstanding, SEK M	—	787
Bank balances, SEK M	22,601	25,101
Cash and cash equivalents, SEK M	2,400	2,088
Unutilised credit facilities, SEK M	23,988	25,188
Share of unsecured assets, %	50	47
Share of secured borrowing/total assets, %	14	16
Loan-to-value ratio, %	35.6	37.4
Interest coverage ratio, multiple, LTM	3.3	3.0
Net debt to EBITDA, multiple	8.6	9.7
Average debt maturity, years¹	4.4	4.2
Average fixed interest rate term, years	3.6	3.3
Credit rating	Baa3, Positive Outlook	Baa3, Stable Outlook
Average effective rate excluding pledges, %	3.2	3.0
Average effective rate including pledges, %	3.4	3.2
Market value interest rate derivatives, SEK M	856	765
Market value currency derivatives, SEK M	1,438	587

1. Calculated excluding unutilised credit facilities starting on 30 June 2024.

Castellum's financial policy and commitments in credit agreements

Policy	Commitments	Outcome
Not to permanently exceed 40%.	Not exceeding 65%	35.6%
At least 3	At least 1.5	3.3
	Not exceeding 45%	14%
At least 2 years		4.4 years
No more than 30% of loans outstanding and unutilised credit agreements		10%
Liquidity reserve corresponding to 12 months' impending loan maturities.		Achieved
1.5–4.5 years No more than 50%		3.6 years 27%
		Achieved
Maximum 10 per cent of balance sheet total	vit	Achieved
	Credit institutions with high ratings, at least S&P BBB+	vit

1. Calculated excluding unutilised credit facilities starting on 30 June 2024.

Sensitivity analysis

	Change, %	Effect on	Amount, SEK M
Economic occupancy rate	+/-1 ppt	Income from property management	+103/-103
Rental income	+/-1%	Income from property management	+94/-94
Property costs	+/-1%	Income from property management	-28/+28
Effect on interest costs in the event of a change of underlying market rates	+/-1 ppt	Income from property management	-178/+178
Exit yield	+/-0.25 ppt	Investment properties	-5,657/+6,184

Allocation of interest-bearing liabilities, 31 December 2024 Secured and unsecured credits, 31 December 2024

Consolidated cash flow statement

	2024	2023	2024	2023
SEK M	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Net operating income	1,652	1,627	6,786	6,566
Central administrative costs	-63	-124	-241	-403
Adjustments for non-cash items	15	125	61	274
Interest received	46	21	50	39
Interest paid	-605	-625	-2,252	-2,293
Tax paid	53	3	-20	-92
Cash flow from operating activities before change in working capital	1,098	1,027	4,384	4,091
Change in current receivables	168	526	129	326
Change in current liabilities	270	1,002	-217	396
Cash flow from operating activities	1,536	2,555	4,296	4,813
Investments in new construction, extensions and reconstructions	-904	-1,083	-2,467	-3,368
Property acquisitions	-13	-9	-67	-336
Sales of properties	4	47	24	120
Sales of properties in corporate wrappers	1,203	1,373	3,007	4,354
Acquisition of other fixed assets, net	-36	-26	-96	-93
Dividend received from associated companies	—	—	—	146
Investments in associated companies and joint ventures	-353	—	-353	—
Other investments	—	-23	-2	-23
Cash flow from investment activities	-99	279	46	800
Preferential rights issue	—	—	—	9,997
Repurchase of own shares	—	—	-20	—
Dividend paid	—	—	—	-624
Dividend paid, hybrid bond	—	—	-351	-349
Expenditure for hybrid bond	-10	—	-10	—
Drawn loans	2,981	6,481	17,312	16,186
Repayment of loans	-3,792	-9,158	-20,799	-29,994
Derivatives	-59	625	-203	407
Change in long-term receivables	—	-3	—	-3
Cash flow from financing activities	-880	-2,055	-4,071	-4,380
Cash flow for the year	557	779	271	1,233
Cash and cash equivalents opening balance	1,825	1,397	2,088	858
Exchange-rate difference in cash and cash equivalents	18	-88	41	-3
Cash and cash equivalents, closing balance	2,400	2,088	2,400	2,088
Average number of shares, thousand	492,446	492,601	492,515	451,377
Cash flow before changes in working capital, SEK/share	2.23	2.08	8.90	9.06

The cash flow statement has been prepared according to the indirect method. Net debt as of 31 December 2024 totalled SEK 56,233 M (59,583).

Key metrics

	2024	2023	2022	2021	2020	2019
	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec
Property-related key metrics
Rental value, SEK/sq. m.	2,019	1,927	1,758	1,648	1,538	1,495
Property costs, SEK/sq. m.	542	547	511	425	369	384
Net operating income, SEK/sq. m.¹	1,275	1,209	1,048	1,008	1,039	1,001
Surplus ratio, %¹	70	68	68	71	74	72
Economic occupancy rate, %	91.5	92.1	93.4	93.2	93.1	92.6
Leasable area at the end of the year, '000 square metres	5,282	5,485	5,696	5,853	4,447	4,255
Number of properties at the end of the year	672	709	749	762	642	632
Property value on the balance sheet date, SEK/sq. m	25,475	25,258	26,737	26,667	23,549	22,363
Financial key metrics
Return on total capital, %	2.8	-6.6	0.6	8.6	7.5	8.4
Return on equity, %	3.0	-14.8	2.2	22.7	13.0	14.5
Loan-to-value ratio, Property, %	41.4	43.3	49.5	45.5	44.1	42.6
Average effective rate excluding pledges, %	3.2	3.0	2.6	1.8	1.9	2.0
Data per share
Share price at end of year, SEK	120.55	143.30	106.06	204.81	175.32	186.49
Equity, SEK	161	157	202	206	146	135
Earnings, SEK, before and after dilution	4.79	-25.68	4.44	35.12	17.24	17.37
Income from property management, SEK	9.78	9.69	11.45	10.46	10.38	9.67
Cash flow before changes in working capital, SEK	8.90	9.06	10.24	9.73	9.77	9.65
Dividend per share, SEK (2024 proposed)	2.48	—	—	6.38	5.80	5.46
Outstanding number at end of year, thousands	492,446	492,601	390,933	405,384	329,852	325,218
Average number of shares, thousand	492,515	451,377	393,849	336,784	325,727	325,218
Key metrics according to EPRA²
EPRA EPS (income from property management after nominal tax), SEK	9.32	9.49	11.09	9.73	9.46	8.77
EPRA NRV (Long-term net reinstatement value), SEK	157	154	203	211	180	163
EPRA NTA (current net reinstatement value), SEK	152	149	193	202	172	157
EPRA NDV (net disposal value), SEK	131	127	165	166	142	129
EPRA LTV (loan-to-value ratio, property), %	49.4	52.1	55.6	51.4	46.0	44.6
EPRA vacancy rate, %	8.8	7.9	6.7	7.8	6.8	6.7

1. Excluding other income of SEK 65 M.

2. For calculation, refer to Alternative Performance Measures on pages 27–29.

Sustainability

Castellum remains one of the most sustainable property companies in the Nordic region

Castellum works sustainably and the company's climate impact continues to decrease, but the company still has much work to do to achieve its goals. Castellum is installing solar PV systems and charging stations, and ecosystem services are being developed to promote biodiversity. More than half of Castellum's property portfolio is now environmentally certified, and energy efficiency is continually being improved. In partnership with tenants, the work life of the future and the society we share are being developed. For more detailed information, refer to Castellum's Annual Report for 2024, which will be published in April 2025.

Sustainability goals and strategy

Castellum will be one of the most sustainable property companies in the Nordic region. The company's sustainability strategy, "The sustainable city 2030", is intended to ensure that Castellum is a relevant, responsible and successful company. The focus areas of the sustainability strategy were reformulated during 2024, and now consist of three focus areas: Future-proofed assets, Sustainable workplaces and Sound business. The strategy comprises 23 measurable goals, with the climate-related goals being scientifically grounded and validated by the Science Based Targets initiative (SBTi). For more detailed information, refer to Castellum's Annual Report for 2024.

This distinction strengthens Castellum's position as a significant player in sustainability.

Castellum has also received the highest score (A) from CDP, and is therefore included on the CDP A-list. In 2024, CDP evaluated over 23,000 companies with regard to climate initiatives, which encompasses approximately two thirds of the global stock market value.

Castellum has also been classified as a Leading Company in sustainability reporting by the ESG Transparency Award 2024, which is presented by EUPD Research. This distinction is based on an independent analysis of the company's ESG initiatives, with aspects such as transparency, measurability and concrete results being assessed.

The Karriärföretagen Award has once again named Castellum as one of Sweden's outstanding employers, saying that Castellum offers a place that provides chances for personal development and creating lasting change. In Universum's "Sveriges Bästa Arbetsgivare" [Sweden's Best Employer] survey, Castellum placed seventh in the Medium-Sized Business category. Intended to identify and rank the best employers in Sweden, the survey measures such factors as culture, career opportunities, general satisfaction and willingness to stay with the employer.

There is a sharp focus on reducing energy consumption. In the likefor-like asset portfolio, the normalised savings LTM totalled -3.5 per cent. Castellum continues to focus on sustainability-certified buildings, and as of Q4 2024 it has certified 287 properties, corresponding to 54 per cent of the property floor space. Carbon emissions continue to decrease and exceeded the company's climate targets for property management and projects in 2024. This was driven in part by reduced energy consumption and a continued transition to purchases of non-fossil energy, and in part by reduced emissions in projects compared with the industry average.

Moreover, focus in Q4 was also on Castellum's solar PV system program, which it was decided should be extended during Q3. Castellum will continue its solar PV system venture with the target of building 100 new solar PV systems by 2030 as part of its "100 on Solar" programme.

Sustainability results

For the ninth consecutive year, Castellum received top marks in the S&P Corporate Sustainability Assessment (S&P CSA) and is the only Nordic property company in the Dow Jones Sustainability Indices. In this year's evaluation, which encompasses over 13,000 listed companies globally, Castellum ranked an impressive 8th place among property companies. The S&P CSA is one of the world's most comprehensive sustainability benchmarks, and the evaluation includes factors such as corporate governance, climate strategy, human rights and risk management.

	2024	2023	2022
Resource efficiency
Total energy performance, kWh/sq. m. per year	91	98	96
Total energy performance, normalised, kWh/sq. m. per year	93	97	99
1. of which actual heating	62	67	64
2. of which normalised heating	64	66	67
3. of which electricity and cooling	29	31	32
Energy efficiency, like-for-like portfolio, LTM, normalised, %	-4	-4	-4
Energy efficiency, like-for-like portfolio, LTM, actual energy use, %	-7	0	-9
Total water use, m³/sq. m., year	0.3	0.2	0.3
Water savings/yr, like-for-like portfolio, LTM, %	0	-5	1
Fossil-free
Share of non-fossil energy, %	99	97	95
Fossil-free vehicles, %	99	98	96
Number of charging posts for electric vehicles	1,453	1,189	922
Number of solar PV systems installed	116	106	76
Road map to climate neutrality by 2030
Property management – CO2 emissions in kg/sq. m., year (market-based)	1.0	1.9	2.3
of which Scope 1	0.1	0.1	0.1
of which scope 2 – market-based	0.9	1.8	2.2
of which scope 2 – location-based	4.0	5.4	5.5
Project Development – reduced emissions in project development portfolio (scope 3)	Being achieved	Being achieved	Being achieved
Sustainability certification
Sustainability certification, % of sq. m.	54	50	45
Number of sustainability certificates	287	260	249
Sustainability certification, % of rental income	66	61	56
Sustainability certification, % of property value	69	64	61
ESG benchmarks
GRESB points (0–100)	88	92	92
DJSI points (0–100)	76	77	82
CDP mark (A to D-)	A	A-	B
Social key metrics
Sick leave, % (long- and short-term)	2.6	2.4	2.9
Equality, women/men, %	43/57	41/59	42/58
Diversity, international background, %	14	12	10
Interns, % of employees YTD¹	7	9	—

1. New sustainability goal from 2023 that 10 per cent of all employees on an annual basis will be interns.

Ratings
	Castellum's rating: 76/100 (the only Nordic property company to be included)
	Castellum's rating: AAA
	Castellum's rating: Property management 88/100, (global sector leader) Project development: 98/100
	Castellum's rating: Gold
	Castellum's rating: A-list (highest score)
	Castellum's rating: Region Top-Rated
	1. THE USE BY Castellum OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE

MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF Castellum BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

	Castellum works with scientifically grounded climate goals in line with the Paris Agreement.
--	-------------------------------------------------------------------------------------------------

The Castellum share

The Castellum share is listed on Nasdaq Stockholm Large Cap. At the end of the year, the company had just over 106,000 shareholders. The 15 individual largest shareholders as of 31 December 2024 are presented in the table below.

Shareholders as of 31 December 2024

	Number of
	shares,	Share of
Shareholders	thousand	votes/capital, %
Akelius Residential Property	51,801	10.5
BlackRock	24,909	5.1
Gösta Welandson, with companies	19,638	4.0
Vanguard	18,858	3.8
Länsförsäkringar Fonder	18,728	3.8
Swedbank Robur Fonder	16,598	3.5
Nordea Funds	15,496	3.1
Akelius Apartments	14,800	3.0
Handelsbanken Fonder	14,169	2.9
Norges Bank	9,966	2.0
Folksam	9,450	1.9
Cliens Fonder	7,933	1.6
APG Asset Management	7,572	1.5
Alecta Tjänstepension	7,000	1.4
Carnegie Fonder	5,269	1.1
15 largest owners	242,187	49.2
Swedish owners, other	156,987	31.9
Foreign owners, other	93,272	18.9
Total shares outstanding	492,446	100.0
Repurchase of own shares	155	0.0
Total shares registered	492,601	100.0

Source: Shareholder statistics from Modular Finance AB. Data collected and analysed from Euroclear, Morningstar, Finansinspektionen, Nasdaq and Millistream.

Acquisition of treasury shares

The 2024 AGM gave a mandate to the Board, up until the next AGM at the latest, to acquire and transfer treasury shares. A maximum of ten per cent of all shares in the company may be thus acquired. During the second quarter, the company repurchased 155,403 shares at an average price of SEK 129.49, corresponding to 0.03 per cent of the number of registered shares. The repurchase was carried out as part of the incentive plan resolved on by the AGM.

Key share metrics

The share	31 Dec 2024	31 Dec 2023
Share price, SEK	120.55	143.30
Market capitalisation, SEK Bn	59.4	70.6
Sales, millions¹	289	425
Turnover rate, %¹	58	94
Dividend yield	—	—

1. From the starts of the respective years. Pertains to turnover on Nasdaq Stockholm.

Dividend

For the 2025 AGM, the Board of Directors will propose a dividend of SEK 2.48 per share, divided into four payouts of SEK 0.62 each.

Shareholders by country, 31 December 2024

Parent Company

Condensed income statement

	2024	2023	2024	2023
SEK M	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Income	39	209	260	325
Central administrative costs	-108	-120	-385	-459
Financial items	251	829	1,308	4,630
Income before changes in value and tax	182	918	1,183	4,496
Impairment of participations in Group companies	104	-2,295	-218	-3,848
Impairment of participations in associated companies	207	-1,202	-471	-2,678
Changes in value on financial instruments	867	-1,019	824	-99
Income before tax	1,360	-3,598	1,318	-2,129
Tax	-22	240	-95	46
Net income for the year	1,338	-3,358	1,223	-2,083
Items that may be reclassified to net income for the year
Unrealised change, currency hedge	84	9	80	30
Comprehensive income for the year	1,422	-3,349	1,303	-2,053

Comments on Parent Company earnings

The Parent Company is Castellum Aktiebolag (publ). The object of the Parent Company's operations is to own and manage shares in the operating subsidiaries and to be responsible for issues relating to the stock market, such as Group reporting and stock market information, and related to the credit market in the form of borrowing and financial risk management.

Income before tax totalled SEK 1,318 M (-2,129). The change in financial items is attributable largely to lower dividends from subsidiaries as well as currency translation effects of receivables and liabilities.

Condensed balance sheet

SEK M	31 Dec 2024	31 Dec 2023
Participations in Group companies	49,193	46,347
Participations in associated companies and joint ventures	9,890	10,008
Receivables, Group companies	47,325	43,722
Derivatives	2,539	1,390
Other assets	179	238
Cash and cash equivalents	1,758	942
Total assets	110,884	102,647
Equity	49,042	48,046
Deferred tax liability	133	171
Derivatives	245	596
Interest-bearing liabilities	34,682	31,910
Liabilities, Group companies	26,524	21,650
Non-interest bearing liabilities	258	274
Total equity and liabilities	110,884	102,647

The Parent Company's assets totalled SEK 110,884 M (102,647). The debt/equity ratio was 44 per cent (47).

The Parent Company's contingent liabilities decreased by SEK 4.6 Bn during the year, totalling SEK 23.5 Bn (28.1) at 31 December 2024. The contingent liabilities are attributable to sureties for subsidiaries.

Other information

Risks and uncertainties

Castellum's operations, earnings and financial position are impacted by a number of risk factors. These are related primarily to properties, tax and financing. The company works actively to identify and manage the risks and opportunities that are of material significance to its operations. Castellum manages these risks brought about by a changing market by having a strong balance sheet and maintaining a low loan-to-value ratio. Combined with active asset management, we reduce the risk for increased cost of capital. On the operational side, we are working with a carefully composed tenant portfolio with a spread across notice periods, industries, tenant size and geographic location concentrated in growth cities. To facilitate risk management, Castellum has chosen to classify risks into the categories of business environment risks, operational risks, financial risks, and sustainability risks. More information on Castellum's risks and their management can be found in the Annual Report for 2023.

Forward-looking information

A number of items recognised in this report are forward-looking, and the actual outcome may differ substantially. Apart from the factors that have expressly been commented on, other factors such as economic growth, interest-rate levels, financing terms, yield requirements on property assets and political decisions may also have a material impact on the actual outcome.

Accounting policies

Castellum's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with Chapter 9 of the Annual Accounts Act. Moreover, the relevant provisions in the Annual Accounts Act and the Securities Markets Act have been applied. For the Group and the Parent Company, the same accounting policies and bases for calculation as in the latest annual report have been applied. In addition to the financial statements, disclosures in accordance with IAS 34.16A appear in the remainder of this interim report. Preparation of the interim report requires company management to make assessments and estimates, and to make assumptions that have impacted the application of the accounting policies and the recognised amounts of assets, liabilities, income and costs. The actual outcome may deviate from these estimates and assessments. The critical assessments made and the sources of uncertainty in existing estimates are the same as those in the latest published annual report.

Valuation of the asset portfolio

Castellum internally assesses its entire property holdings on a quarterly basis, corresponding to level 3 in IFRS 13. According to accepted theory, the value of an asset is the net present value of future cash flows that the asset is expected to generate. This section aims to describe and illustrate Castellum's cash flowbased model for calculation of the value of the property portfolio. The value of the property portfolio is calculated in a 10 to 20-year

cash flow model as the total present value of net operating income minus remaining investments on ongoing projects, during the calculation period of 10 to 20 years, and the present value of the estimated residual value after the cash-flow period. The residual value comprises the present value of all future net operating income after the cash-flow period. The estimated market value of undeveloped land and building rights are added to this. Accordingly, valuation is conducted pursuant to IFRS 13, level 3. The assessment pertaining to the future earnings and the yield requirement, which are the weightiest value-driving factors in the valuation model, are crucial for the calculated value of the property portfolio. The yield requirement is derived from market transactions on objects of equal value, known as the local price method. The earnings are based on existing contracts and the most likely lease scenarios in the respective properties. For further information on Castellum's valuation of its property portfolio, refer to Note 10 in the Annual Report for financial year 2023.

Valuation of financial assets and liabilities

To calculate the fair value of our interest-rate and currency derivatives, market rates for each term and exchange rates as quoted in the market for the closing date are used. Interest rate swaps are valued by discounting future cash flows to present value. When calculating the fair value of derivatives, adjustments are made for counterparty risk in the form of Credit Value Adjustments (CVA) and Debit Value Adjustments (DVA). CVA shows Castellum's risk of experiencing credit loss in the event of counterparty default, whereas DVA shows the opposite. The adjustment is calculated at the counterparty level based on expected future credit exposure, risk of default and the recovery rate of exposed credits.

Related-party transactions

Remuneration has been paid to Board members and senior executives pertaining to work performed. Additional related-party transactions also took place with Sweco, which is deemed to be a related party since one of Castellum's Board members holds an executive position within the company. The total value of relatedparty transactions with Sweco is estimated at approximately SEK 2 M, net.

Related-party transactions also encompass an investment of SEK 353 M in Halvorsäng Fastighets AB. Castellum has invoiced SEK 0.9 M to Halvorsäng for services performed pertaining to project management and administration. The company is a joint venture in partnership with Göteborgs Hamn AB. All related-party transactions took place at arm's length.

Signing of the Report

The CEO hereby gives their assurance that the interim report provides a true and fair view of the Parent Company's and Group's operations, financial position and results and as well as the significant risks and uncertainties facing the company and companies within the Group.

Gothenburg, 19 February 2025

Joacim Sjöberg Chief Executive Officer

This Interim Report has not been examined by the company's auditor.

This information is information that Castellum Aktiebolag is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above at 8:00 a.m. CET on 19 February 2025.

Definitions

Alternative performance measures

Castellum applies the European Securities and Market Authority (ESMA) guidelines on alternative performance measures. According to these guidelines, an alternative performance measure is a financial measurement of historical or future earnings trends, financial position, financial earnings or cash flows that are not identified or indicated in the applicable rules for financial reporting (IFRS® reporting standards and the Swedish Annual Accounts Act). Castellum is also a member of the European Public Real Estate Association (EPRA), which is why the financial key metrics EPRA EPS, EPRA NRV, EPRA NTA, EPRA NDV, EPRA LTV and EPRA vacancy rate are reported.

Dividend yield

Dividend as a percentage of the share price at the end of the period.

Return on equity

Income after tax as a percentage of average equity. In the interim accounts the return has been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.

Return on total capital

Income before tax with reversed net interest and changes in values on derivatives during the year as a percentage of average total capital. In the interim accounts the return has been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.

Loan-to-value ratio

Interest-bearing liabilities after deduction for cash and cash equivalents as a percentage of total assets.

Loan-to-value ratio, Property

Interest-bearing liabilities after deduction for cash and cash equivalents as a percentage of the properties' fair value.

Economic occupancy rate

Rental income excluding discounts reported during the period, as well as properties acquired/completed during the period that have been restated as if they had been owned or completed for the whole year. Sold properties, development projects and undeveloped land have been excluded.

EPRA EPS – Earnings Per Share

Income from property management adjusted for nominal tax, divided by the average number of shares. The estimate of current tax takes into account factors such as depreciation and reconstruction that are deductible for tax purposes.

EPRA NRV – Net Reinstatement Value

Equity as recognised adjusted for hybrid bonds, declared and undistributed dividends, carrying amounts of derivatives, goodwill pertaining to deferred tax and nominal deferred tax.

EPRA NTA – Net Tangible Assets

Equity as recognised adjusted for hybrid bonds, declared and undistributed dividends, carrying amounts of derivatives and goodwill adjusted for the fair value of deferred tax instead of nominal deferred tax.

EPRA NDV – Net Disposal Value

Equity as recognised adjusted for hybrid bonds, declared and undistributed dividends and carrying amounts of goodwill.

EPRA LTV – Loan to Value

Interest-bearing liabilities with additions for hybrid bonds, adjusted for the currency portion of hedging for loans in foreign currencies, and less cash and cash equivalents. Negative working capital increases interestbearing liabilities, whereas positive working capital is added to the value of investment properties. Principal associated companies are included in proportion to the share owned.

EPRA Vacancy rate

The estimated market rent for vacant leases divided by the rental value on an annual basis for the entire asset portfolio excluding properties classified as development properties.

Income from property management

Income before tax adjusted for acquisition costs, changes in goodwill and changes in value as well as Castellum's share of associated company earnings excluding income from property management.

Rental value

Rental and service income with the addition of estimated market rent for vacant spaces.

Contract value

Rental and service income on an annual basis for Castellum's leases.

Net leasing

Rental and service income for leases signed during the period for the entire property portfolio, less rental income for leases terminated during the period. All discounts are included for newly signed leases, and are restated at an annual value based on the length of the lease.

Interest coverage ratio

Income from property management after reversal of net financial items, divided of net interest items.

Net debt to EBITDA

Interest-bearing liabilities after deduction for cash and cash equivalents in relation to net operating income less central administrative costs. In the interim accounts, net operating income less central administrative costs have been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.

Surplus ratio

Net operating income adjusted for coworking as a percentage of rental income and service income.

Other definitions

Number of shares

Registered number of shares – the number of shares registered at a given point in time. Number of shares outstanding – the number of shares registered with a deduction for the company's own repurchased shares at a given point in time. Average number of shares – the weighted average number of shares outstanding during a given period.

Data per share

Calculation of income and cash flow per share uses the average number of shares, and calculation of assets, equity and net asset value per share uses the number of shares outstanding.

Property type

The property's primary rental value with regard to the type of premises. Premises for purposes other than the primary use may therefore be found within a property type. Castellum's property types are: office, public sector properties (customers that are directly or indirectly tax funded), warehouse/light industry, retail and development projects.

Property costs

This item includes both direct property costs, such as operating expenses, maintenance, site leasehold fees and property tax, as well as indirect costs for leases and property administration.

SEK per square metre

Property-related key metrics, expressed in terms of SEK per square metre, are based on properties owned at the end of the period. Properties acquired/completed during the year have been restated as if they had been owned or completed for the whole year, while properties disposed of have been completely excluded. Development projects and undeveloped land have been excluded. In the interim accounts, key metrics have been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.

Alternative performance measures

A number of the financial alternative performance measures presented by Castellum are not defined in accordance with the IFRS accounting standards. However, the company believes that these metrics provide useful supplementary information both to investors and to Castellum management, as they facilitate evaluation of company performance. It is to be noted that, since not all companies calculate financial key metrics in the same manner, these are not always comparable to metrics used by other companies. These financial metrics should therefore not be seen as a substitute for metrics defined according to IFRS. Unless otherwise stated, the table below presents metrics, along with their reconciliation, which are not defined according to IFRS. Furthermore, definitions for these metrics also appear on page 26.

		2024		2023		2024		2023
vit dummytext		Oct–Dec		Oct–Dec		Jan–Dec		Jan–Dec
Average number of shares, thousand		492,446		492,601		492,515		451,377
Income from property management	SEK M	SEK/share	SEK M	SEK/share	SEK M	SEK/share	SEK M	SEK/share
Income before tax	2,033	4.13	-8,146	-16.54	2,761	5.61	-14,608	-32.36
Reversed
Income from associated companies excluding
income from property management	-75	-0.15	922	1.87	689	1.40	2,729	6.05
Change in values on properties	-5	-0.01	6,304	12.80	1,627	3.30	14,534	32.20
Change in values on financial holdings	5	0.01	—	—	5	0.01	9	0.02
Changes in value on goodwill	60	0.12	1,767	3.59	188	0.38	474	1.05
Change in values on derivatives	-934	-1.90	183	0.37	-451	-0.92	1,235	2.74
Income from property management	1,084	2.20	1,030	2.09	4,819	9.78	4,373	9.69
EPRA Earnings (Income from property management after tax)
Income from property management	1,084	2.20	1,030	2.09	4,819	9.78	4,373	9.69
Current tax on income from property management	67	0.14	250	0.51	-229	-0.47	-90	-0.20
EPRA Earnings/EPRA EPS	1,151	2.34	1,280	2.60	4,590	9.32	4,283	9.49

	2024	2023	2024	2023
Interest coverage ratio	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Income from property management, SEK M	1,084	1,030	4,819	4,373
Reversed:
Net interest items, SEK M	558	545	2,083	2,162
Income from property management excluding net
interest, SEK M	1,642	1,575	6,902	6,535
Interest coverage ratio, multiple	2.9	2.9	3.3	3.0

	2024	2023	2024	2023
Surplus ratio	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Net operating income	1,652	1,627	6,786	6,566
Less: Other income	-1	—	-65	—
Reversed:
Coworking income¹	-63	-67	-245	-257
Coworking costs¹	55	68	209	227
Net operating income excluding coworking	1,643	1,628	6,685	6,536
Rental income excluding coworking	2,126	2,097	8,611	8,524
Service income	254	313	928	1,016
Rental and service income excluding coworking	2,380	2,410	9,539	9,540
Surplus ratio, %	69.0	67.6	70.1	68.5

1. Income and costs with deductions for Group elimination.

	2024	2023	2024	2023
Return on total capital	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Income before tax	2,033	-8,146	2,761	-14,608
Reversed:
Net interest items	558	545	2,083	2,162
Change in values on derivatives	-934	1,767	-451	1,235
Net	1,657	-5,834	4,393	-11,211
Net, adjusted to a full-year basis	6,628	-23,336	4,393	-11,211
Average total capital	157,095	164,664	158,598	169,534
Return on total capital, %	4.2	-14.2	2.8	-6.6

	2024	2023	2024	2023
Return on equity	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
Earnings after tax, adjusted to a full-year basis	7,956	-25,208	2,357	-11,592
Average equity	78,142	80,292	78,176	78,080
Return on equity, %	10.2	-31.4	3.0	-14.8

Net investment, SEK M	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Acquisitions	13	9	67	336
New construction, extensions and reconstructions	914	1,089	2,502	3,410
Total investments	927	1,098	2,569	3,746
Sales	-1,234	-1,495	-3,203	-5,206
Net investments	-307	-397	-634	-1,460
Proportion of the property value, %	-0.2	-0.3	-0.5	-1.0

	31 Dec 2024	31 Dec 2023
Number of shares outstanding, thousand	492,446	492,601

	31 Dec 2024		31 Dec 2023
Net asset value	SEK M	SEK/share	SEK M	SEK/share
Equity according to the balance sheet	79,174	160.78	77,177	156.67
Reversed:
Hybrid bonds	-10,161	-20.63	-10,169	-20.64
Declared, undistributed dividend	—	—	—	—
Derivatives according to the balance sheet	-2,294	-4.66	-1,352	-2.74
Goodwill attributable to deferred tax	-4,307	-8.75	-4,495	-9.13
Deferred tax according to the balance sheet	14,900	30.26	14,810	30.06
Net reinstatement value (EPRA NRV)	77,312	157.00	75,971	154.22
Deduction:
Estimated fair value, deferred tax	-2,287	-4.64	-2,337	-4.74
Net tangible assets (EPRA NTA)	75,025	152.35	73,634	149.48
Reversed:
Derivatives according to above	2,294	4.66	1,352	2.74
Deferred tax	-12,613	-25.61	-12,473	-25.32
Net disposal value (EPRA NDV)	64,706	131.40	62,513	126.90

vit	31 Dec 2024	31 Dec 2024	31 Dec 2024	31 Dec 2023
		Castellum's
		participations	Total Castellum,	Total Castellum,
	Group, according	in associated	including associated	including associated
EPRA LTV	to reporting	companies and JV	companies and JV	companies and JV
Interest-bearing liabilities, SEK M	58,633	10,147	68,780	74,540
Hybrid bonds, SEK M	10,161	—	10,161	10,169
Currency portion of market value on hedging for
loans in foreign currencies	-1,603	—	-1,603	-1,065
Working capital, net (if liabilities greater than
receivables)	2,095	—	2,095	2,035
Cash and cash equivalents, SEK M	-2,400	-252	-2,652	-2,144
Net liabilities, SEK M	66,886	9,895	76,781	83,535
Investment properties, SEK M	135,711	19,546	155,257	160,237
Working capital, net (if receivables greater than
liabilities)	—	35	35	55
Total assets, SEK M	135,711	19,581	155,292	160,292
EPRA LTV, %	49.3	50.5	49.4	52.1
Loan-to-value ratio			31 Dec 2024	31 Dec 2023
Interest-bearing liabilities, SEK M			58,633	61,671
Cash and cash equivalents, SEK M			-2,400	-2,088
Net interest-bearing liabilities, SEK M			56,233	59,583
Total assets, SEK M			157,859	159,336
Loan-to-value ratio, %			35.6	37.4

Loan-to-value ratio, Property	31 Dec 2024	31 Dec 2023
Net interest-bearing liabilities, SEK M	56,233	59,583
Investment properties, SEK M	135,711	137,552
Loan-to-value ratio, Property, %	41.4	43.3
Net debt to EBITDA	31 Dec 2024	31 Dec 2023
Net interest-bearing liabilities, SEK M	56,233	59,583
Net operating income, SEK M	6,786	6,566
Central administration costs, SEK M	-241	-403
Operating income, SEK M	6,545	6,163
Net debt to EBITDA, multiple	8.6	9.7
Dividend yield	31 Dec 2024	31 Dec 2023
Approved dividend	—	—
Share price at end of year	120.55	143.30

Dividend yield, % — —

CASTELLUM	YEAR-END REPORT 2024	2 9

Financial calendar

Annual and Sustainability Report 2024, published
on the company's website	8 April 2025
Interim report January–March 2025	6 May 2025
Annual General Meeting 2025	7 May 2025
Half-year report January–June 2025	15 July 2025
Interim Report January–September 2025	23 October 2025

Contact details

For more information please contact: Joacim Sjöberg, CEO, telephone +46 (0)8-503 052 00 or Jens Andersson, CFO, telephone +46 (0)76-855 67 02.

About Castellum

Castellum is one of the largest listed property companies in the Nordic region that develops flexible workplaces and smart logistics solutions. As of 31 December 2024, the property value, including owned participations in associated companies, totalled approximately SEK 155 Bn. We are active in attractive Nordic growth cities. One of our sustainability goals is to become entirely climate neutral by 2030 at the latest. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Indices (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap and is classified as green under the Green Equity Designation.

Castellum Aktiebolag (publ) Box 2269, SE-403 14 Gothenburg, Sweden Office address: Östra Hamngatan 16 Phone: +46 (0)31-60 74 00 www.castellum.se Domicile: Gothenburg Corporate ID No.: 556475-5550