Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Interim Report January – March 2024 
Focus on developing resilient operations 
through the economic cycle 
“We continue to consistently improve our operations for increased flexibility and resilience 
through the current economic cycle. We do this by investing in new products and a broader 
offering to adapt to higher interest rates and lower transaction volumes. At the same time as 
we have maintained our AUM, we have reduced our cost base. Our focus remains on in-
creased efficiency and digitalized operations, all while continuously developing innovative prod-
ucts and solutions for our customers.” 
 
Christoffer Abramson, CEO and President 
 
Total income  Operating profit  Assets under management  Invested capital 
SEK 2,289 M  SEK 140 M  SEK 151 Bn  SEK 1,437 M 
Last 12 months  Last 12 months  End of period  End of period 
      
 Progress during the quarter      
 Financial results  
• Total income in the quarter amounted to SEK 424 M (468) 
• Operating profit was SEK 5 M (10) 
• Operating profit attributable to Catella’s shareholders was 
SEK 4 M (2) 
• Profit attributable to Catella’s shareholder was SEK 26 M (-
8). 
• Earnings per share before dilution was SEK 0.29 (-0.09) 
• Earnings per share after dilution was SEK 0.29 (-0.09) 
 
Assets under management 
• Assets under management (AUM) were SEK 151 Bn at the 
end of the period, a decrease of SEK 1 Bn compared to the 
fourth quarter of 2023 
 
Principal Investments 
• Catella’s total investment volume decreased by SEK 258 M to 
SEK 1,437 M, primarily as an effect of the sale of a logistics 
development project in Jönköping, Sweden

===== SIDA 2 =====

Interim Report January – March 2024 
2   
 
CEO COMMENTS 
“Focus on developing resilient opera-
tions through the economic cycle” 
Following a more positive outlook in the fourth quarter 2023, the 
market returned to being more hesitant in the first quarter 2024. 
Transaction volumes and capital inflows on the European market 
remain very low compared to the peak in 2021. In a situation 
where central banks continue to search for evidence of stabilized 
and lower inflation, we expect that we will have to wait a few 
more quarters before we see a clear turnaround on the transac-
tion market. While our pipeline for transactions is stronger than it 
has been for some time, most transactions continue to take histor-
ically long to complete and the proportion of completed deals re-
mains relatively low. 
 
In line with a hesitant market and the associated lower revenues, 
we are reviewing and adjusting our cost base. Compared to same 
quarter last year,  total income decreased by SEK 44 M, but we 
simultaneously reduced costs by SEK 46 M which led to a slightly 
improved operating profit of SEK 4 M (2). The comparison in-
cludes a negative change in market valuation of our fund invest-
ments by SEK -8 M. 
 
At the same time as continuously cutting our costs, we have also 
made progress with other initiatives. For example, we have devel-
oped an AI tool that identifies locations for development projects 
where future demand for rental apartments is substantial and the 
potential for value growth is high. The tool is currently being used 
in the launch of our new product “European Living Develop-
ment”. This product strategy has been developed to meet the ex-
tensive demand for, and growing shortage of, modern, sustainable 
and affordable living in Europe. At the same time, it also meets in-
vestors’ increased return requirements.. 
 
In general, capital raising continue to take longer to complete, but 
as interest rate expectations stabilize and financing terms improve, 
we expect the investment market to pick up.  
 
Unchanged assets under management  
Assets under management in Investment Management totalled 
SEK 151 Bn in the quarter, slightly down on SEK 152 Bn at year 
end. The background to the decrease primarily relates to a final-
ized asset management mandate in the UK. The mandate totalled 
close to SEK 6 Bn and was initiated over six years ago based on an 
aggregation strategy in London, and once the portfolio reached 
the targeted size, the mandate was ended..   
 
Profit for the quarter amounted to SEK 32 M (31), where income 
was slightly down on the previous year although this was offset by 
lower costs. After the end of the quarter, we entered into a few 
new mandates which support the business area’s long-term 
growth. 
 
Project developments and divestments according to plan 
In the quarter, we completed the sale of the final logistics property 
in the Infrahubs partnership. In Catella Logistics Europe, we com-
pleted and transferred the logistics property in Barcelona, and for 
the Isoparc project in France we chose to reclaim the invested 
capital relating to the land acquisition and continue our role as 
project developer. Principal Investments currently has investments 
of approximately SEK 1.4 Bn divided over 8 projects in Denmark, 
France, the UK and Germany. 
 
Other development projects are proceeding according to plan and 
dialogues relating to future divestments are also progressing ac-
cording to expectations. 
 
Having further strengthened our liquidity, we are well equipped to 
invest in new projects that satisfy our required rate of return and 
that can lead to new management mandates. 
 
Transaction market more sluggish in the quarter 
As mentioned, transaction volumes in the quarter remained at low 
levels. This was reflected in Corporate Finance’s revenue, which 
decreased by -14 percent year-on-year. While the business area 
has adapted its cost structure, the exceptionally low transaction 
volumes generated a slightly increased loss. 
 
By focusing operations over the past 12 months, we are prepared 
and in a good position to grow cost-effectively as the market re-
covers and our pipeline is realized. 
 
Outlook 
With a more efficient organization and lower cost base, Catella 
continues to launch attractive products adapted to longer-term 
market expectations. With our pronounced ESG focus, use of AI, 
and shared intelligence across the Group, we continue to hone 
our offering while awaiting a market stabilization and a return to 
more normalized transaction levels. Overall, these initiatives en-
sure that we are in a strong and resilient position for continued 
profitable and sustainable growth. 
 
 
Christoffer Abramson, CEO and President 
Stockholm, Sweden, 06 May 2024

===== SIDA 3 =====

Interim Report January – March 2024 
  3 
 
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 hold-
ing companies.  
 
 
Investment Management  
Catella is a leading specialist in property investment management with 
a presence on 12 geographical markets in Europe. Catella offers 
institutional and other professional investors attractive, risk-adjusted 
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 open specialised 
property funds, investors gain access to fund management and 
efficient allocation between different European markets. Catella’s 
Asset Management business area provides asset management services 
to property funds, other institutions and family offices. 
 
For more information about the business area, see page 5-6. 
 
 
Principal Investments  
Through Principal Investments, Catella carries out principal property 
investments together with partners and external investors. Catella 
currently invests in offices, residential properties, retail and logistics 
properties on seven geographical markets. Investments are made 
through subsidiaries and associated companies with the aim of 
generating an average IRR of 20 percent as well as strategic advantages 
for Catella’s other business areas. 
 
 
 
 
 
 
For more information about the business area, see page 7-8.  
 
 
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.  
  
 
 
 
 
 
 
For more information about the business area, see page 9.

===== SIDA 4 =====

Interim Report January – March 2024 
4   
 
Comments on the Group’s progress 
Profit and comments on page 4-9 relate to operating profit attributable to Catella AB’s shareholders, which is 
consistent with the internal reporting delivered to Group Management and the Board. The difference to the 
Group’s formal Income Statement is that deductions have been made in the Income Statement for profit 
attributable to shareholders with non-controlling interests. A full reconciliation can be found in Note 1. 
 
 
* 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 
First quarter 2024 
Principal Investments’ income from divested 
and property development projects recog-
nized in revenue is reported as Net sales 
from 2024 onwards, as income is derived 
from sales carried out as part of the com-
pany’s regular operations. This reporting rep-
resents a departure from earlier periods, 
when the corresponding revenue was recog-
nized as Other operating income. Compara-
tive figures from earlier periods have not been 
adjusted in a corresponding manner.    
  The Group's total income decreased by 
44 SEK M, totalling SEK 424 M (468). The 
lower income was partly due to Principal 
Investments’ divestment of the Infrahubs 
platform in 2023. The Barcelona Logistics 
project was completed and delivered to 
the customer, which generated SEK 54 M 
of income in the period. In addition, the 
Metz-Eurolog project generated SEK 20 M 
in income relating to contractual mile-
stones reached. For the Investment Man-
agement business area, income was closely 
in line with the previous year and Corpo-
rate Finance reported a 14 percent (ap-
prox.) reduction in income, mainly derived 
from the French units. The transaction 
market remains sluggish, and while there 
are no clear signs of change in continental 
Europe, some improvement was seen in 
the Nordic units during the first quarter 
2024.  
 Other external expenses and personnel 
expenses decreased by a total of SEK 33 M 
to SEK 263 M (296), driven by lower varia
ble salaries, reduced headcount and cost 
savings. Other operating expenses 
amounted to SEK 17 M (4), of which SEK 
14 M related to fair value adjustment of 
the unlisted shareholding in the private eq-
uity product Pamica  
Comments on the progress of each 
business area can be found on pages 5-9.  
The Group’s net financial income/ex-
pense was SEK 23 M (-3) and included 
positive exchange rate differences of SEK 
56 M (13). The SEK depreciated sharply in 
the first quarter, which had a positive ef-
fect on revaluation of loan receivables 
mainly denominated in EUR and DKK. Net 
financial/income expense included interest 
expenses totalling SEK 52 M (40). The 
higher interest expenses are attributable in 
part to Catella AB’s bond loan, which ac-
crues floating-rate interest, and in part to 
interest rate expenses for ongoing projects 
being recognized in the Income Statement 
and not capitalized in the Group’s financial 
position to a greater extent than in the 
comparative period. 
The Group’s profit/loss before tax 
amounted to SEK 26 M (-1) and net profit 
for the period was SEK 26 M (-8) which 
corresponded to earnings per share of 
SEK 0.29 (-0.09) attributable to the Parent 
Company shareholders.  
Profit for the period attributable to 
non-controlling interests amounted to SEK 
2 M (8). The lower profit compared to the 
previous year was due to the divestment 
of Infrahubs in July 2023. 
Significant events in the quarter 
In January, the final Infrahubs logistics prop-
erty was divested under the framework 
for the collaboration with other partners. 
The transaction raised SEK 280 M in liquid-
ity for Catella but had marginal impact on 
profit for the period.   
Furthermore, in January, 55,000 Class A 
shares were converted into the same 
number of Class B shares at the request of 
shareholders. 
The Extraordinary General Meeting on 
20 March resolved to introduce a new 
long-term incentive program at market 
conditions for Group management and 
other key Group executives. The company 
will issue a total maximum of 4,700,000 
warrants in five different series. Further-
more, a decision was made relating to the 
conditional repurchase of outstanding war-
rants under an older incentive program 
from 2020, aimed at warrant holders who 
remain in Catella’s employment. As of 2 
April, Catella repurchased a total of 
2,450,000 warrants out of a total of 
2,800,000 outstanding warrants.  
The Nomination Committee decided to 
propose Sofia Watt as new Chair of the 
Board and Pernilla Claesson as new Board  
member of Catella AB at the AGM on 22 
May 2024. Chairman Johan Claesson an-
nounced that he is not available for re-
election. 
 
Significant events after the end of the 
quarter 
There were no significant events after the 
end of the quarter.  
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Dec
Net sales 240 241 1 111 115 46 149 68 80 441 -4 0 420 367 1 697
Other operating income 4 8 25 1 90 607 1 1 5 -1 0 5 99 642
Share of profit from associated companies 0 1 2 -3 -1 -12 0 0 0 1 1 -2 1
Total income 245 250 1 138 114 136 745 69 81 445 -4 1 424 468 2 333
Provisions, direct assigment and production costs -41 -43 -171 -75 -82 -606 -8 -15 -101 6 -0 -118 -139 -874
Other external expenses -48 -51 -250 -11 -14 -29 -24 -28 -105 4 -2 -79 -95 -385
Personnel costs -106 -113 -477 -9 -16 -47 -56 -52 -250 -13 -20 -184 -201 -838
Depreciation -13 -9 -43 -0 -2 -4 -5 -5 -19 -2 -2 -20 -19 -72
Other operating expenses -2 -1 -5 -18 -4 -11 -0 -0 -2 3 2 -17 -4 -18
0 -2 -2 -7 0 -5 -5 0 0 0 0 -1 -2 -8 -13
Operating profit/loss 32 31 186 1 13 42 -23 -20 -33 -6 -22 4 2 133
Interest income 18 16 57
Interest expenses -52 -40 -156
Other financial items 56 21 -4
Financial items—net 23 -3 -103
Profit/loss before tax 26 -1 29
Tax -1 -7 -51
Net profit/loss for the period * 26 -8 -21
Corporate Finance Group
Investment 
Management Principal Investments Other & Elimination

===== SIDA 5 =====

Interim Report January – March 2024 
  5 
 
Investment Management 
Net sales and profit/loss 
First quarter 2024 
Total income was SEK 245 M (250), and 
income after assignment costs amounted 
to SEK 204 M (207). 
Property Funds’ income decreased by 
SEK 13 M year-on-year. Fixed income de-
creased by SEK 11 M due to a lower AUM 
base as a result of value changes in the 
funds.  
Variable income in Property Funds in-
creased by SEK 4 M. The increase was pri-
marily related to the acquisition of 
properties linked to the Catella Logistik 
Deutschland Plus fund. In Asset Manage-
ment, income increased by SEK 11 M, 
mainly driven by the acquisition of Aquila 
in the previous year which contributed 
SEK 10 M to total income. Operating ex-
penses for the segment are in line with the 
previous year but decreased by SEK 5 M, 
divided over multiple cost items. Operating 
profit was SEK 32 M in the quarter, pri-
marily comprised of Property Funds.
 
 
 
* Includes internal revenue between business areas. In total income, internal income has been eliminated for the current period and for the corresponding period in 2023  
SEK M
2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Jan-Dec
Property Funds * 195 208 932 945
Asset Management * 72 62 290 280
Other operating income * 7 0 35 28
Eliminations * -29 -20 -124 -115
Total income 245 250 1 133 1 138
Assignment expenses and commission -41 -43 -169 -171
Operating expenses -170 -174 -771 -775
Less profit attributable to non-controlling interests -2 -2 -6 -7
Operating profit/loss 32 31 188 186
KEY FIGURES Jan-Mar Jan-Mar 12 Months Jan-Dec
Operating margin, % 13 12 17 16
Assets under management at end of period, SEK Bn 151,3 140,6 - 152,4
net in-(+) and outflow(-) during the period, SEK Bn -5,1 -1,8 12,3 15,6
of which Property Funds 111,8 106,8 - 107,4
net in-(+) and outflow(-) during the period, SEK Bn 1,6 0,2 6,8 5,3
of which Property Asset Management 39,4 33,7 - 44,6
net in-(+) and outflow(-) during the period, SEK Bn -6,7 -2,0 5,1 9,8
No. of employees, at end of period 293 298 - 309
3 Months 12 Months
ASSETS UNDER MANAGEMENT
 
TOTAL INCOME OPERATING PROFIT 
   
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Fees/AuM
SEK Bn
0
200
400
600
800
1000
1200
1400
1600
0
50
100
150
200
250
300
350
400
450
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
0
50
100
150
200
250
300
350
400
450
500
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M

===== SIDA 6 =====

Interim Report January – March 2024 
6   
 
Investment Management  
Assets under management by service 
area and country 
Total assets under management (AUM) 
was SEK 151.3 Bn, of which SEK 112 Bn 
related to Property Funds and SEK 39 Bn 
to Asset Management. Germany is Prop-
erty Funds' largest market with the highest 
proportion of invested capital, primarily 
through Catella Residential Investment 
Management and Catella Real Estate.  
 
 
 
ASSETS UNDER MANAGEMENT BY SERVICE AREA 
 
 
 
ASSETS UNDER MANAGEMENT BY COUNTRY 
 
  
 
Change in assets under management 
Assets under management increased from 
SEK 140.6 Bn to SEK 151.3 Bn in the last 
12-month period, which represents an in-
crease of SEK 10.7 Bn. The increase was 
driven by inflows of SEK 25.9 Bn, of which 
SEK 15.5 Bn to Asset Management from 
the acquisition of the French Aquila 
Group, and to Property Funds, with resi-
dential funds Catella Wohnen Europa,  Ca-
tella Logistik Deutschland plus and Catella 
European Residential, providing the largest 
inflows. Outflows of SEK 13.1 Bn were 
mainly associated with outflows from Ca-
tella UK linked to a the completion of the 
Hollborn Island mandate as well as divest-
ment of assets in various portfolios. In ad-
dition, positive exchange rate effects of 
SEK 3.8 Bn, mainly related to exchange 
rate differences in EUR/SEK, had a positive 
effect on AUM. Assets under management 
decreased by SEK 1.1 Bn in the first quar-
ter, compared to SEK 152.4 Bn in the 
fourth quarter in the previous year. In-
flows for the quarter of SEK 1.7 Bn were 
primarily driven by Property Funds to the 
funds Catella Modernes Wohnen, 
SpardaWest, and Catella Logistik Deutsch-
land Plus. Outflows of SEK 6.8 Bn were 
primarily driven by Catella UK linked to 
the termination of the Hollborn Island 
mandate.  Exchange rate differences, 
mainly in EUR/SEK, increased AUM by SEK 
6.2 Bn in the quarter.
 
 
 
 
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN 
 
 
 
 
 
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN 
 
 
Property Funds
74%
Property Asset
Management 26%
SEK 151,3 bn
Germany 34%
France 14%
Netherlands 13%
UK 12%
Denmark 9%
Spain 5%
Austria 4%
Finland 4%
Other 5%
SEK 151,3 bn
151,3
- 13,1
140,6
25,9
-5,9 3,8
mdkr
151,3-6,8 -2,3152,4 1,7 6,2
mdkr

===== SIDA 7 =====

Interim Report January – March 2024 
  7 
 
Principal Investments
Net sales and profit/loss 
First quarter 2024 
Income amounted to SEK 114 M (136), 
mainly comprising income from Catella Lo-
gistic Europe and its logistics projects Bar-
celona and Metz-Eurolog. The projects 
were divested through forward-funding 
agreements with investors where revenue 
(and project costs) are recognized over 
time at a pace with completion of the pro-
ject. The Barcelona project was completed 
in its entirety and delivered to the investor 
in the period. Income for the period also 
comprised rental income from the resi-
dential project Kaktus. Both development 
companies and their project companies 
have operating costs that are not capital-
ised. Operating profit for the segment 
amounted to SEK 1 M (13), a decrease 
mainly attributable to fair value adjustment 
of the unlisted shareholding in private eq-
uity product Pamica.  
As of 31 December, Principal Invest-
ments had invested a total of SEK 1,437 M 
in residential projects, logistics projects, of-
fice projects and retail projects in Europe. 
 
  
 
 
 
 
 
 
  
SEK M 2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Ja n-Dec
Total income 114 136 722 745
Provisions, direct assigment and production costs -7 5 -82 -599 -606
Operating expenses -38 -37 -92 -91
Less profit attributable to non-controlling interests 0 -5 0 -5
Operating profit/loss 1 13 31 42
KEY FIGURES
Operating margin, % 1 9 4 6
Catella invested capital 1437 1211  - 1695
No. of employees, at end of period 31 39 31 34
3 Months 12 Months
INVESTED CAPITAL BY COUNTRY* INVESTED CAPITAL BY ASSET CLASS* OPERATING PROFIT 
   * The figures indicate the share of Principal Investments’ total invest-
ment and what proportion consists of capital contributions and loans 
issued, respectively. 
  
Denmark 38%
UK 14%
Germany 21%
France 25%
Finland 1%
=?SEK 1437 M
Logistics 25%
Residential 52%
Retail 14%
Office 8%
Hotell 0%
Industri 0%
=?SEK 1437 M
0
50
Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
SEK M

===== SIDA 8 =====

Interim Report January – March 2024 
8   
 
Principal Investments 
The following table shows the investment status for ongoing property development projects and other investments as of 31 March 2024. 
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. In 2024, several projects are expected to be concluded and divested. 
 
In the first quarter 2024, Catella’s total investment volume decreased by net SEK 258 M to SEK 1,437 M. Lower investment volumes 
were mainly due to the divestment of logistics projects Infrahubs Jönköping and Isoparc of France, and new external financing for the 
Kaktus project which enabled partial amortization of loans from Catella. Gross investments for the period totalled SEK 178 M and pri-
marily related to the French logistics projects Polaxis and Metz-Eurolog. 
 
 
 
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair value according to 
the following table. No new investments were completed in the first quarter. See also Note 4.  
 
 
 
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.   
Property Development Projects Country Investment type Project start
Estimated 
completion
Catella 
capital 
share, %
Project company's 
total investment, 
SEK M
Total Catella 
Equity Invested, 
SEK M *
PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES**
Kaktus Denmark Residential Q2 2017 2024***** 93 1 772 526
Salisbury UK Retail Q4 2021 2026 88 254 92
Ma
nder Centre UK Retail Q1 2022 2027 63 103 103
Total Direct Investments 2 129 722
Metz-Eurolog France Logistics Q3 2020 2024 100 62 62
Polaxis France Logistics Q4 2022 2025 100 323 272
Other Catella Logistic Europé France Logistics 30 30
Total Catella Logistic Europe**** 415 364
Subtotal Subsidiaries 2 544 1 086
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES***
Seestadt mg+ GmbH Germany Residential Q1 2019 2030+ 45 908 151
Düssel-Terrassen GmbH Germany Residential Q4 2018 2030+ 45 203 44
Königsallee 106 Germany Office Q2 2021 2027 23 972 114
Total Catella Project Capital 2 083 309
Subtotal Associated companies 2 083 309
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES
Total Co-Investments 42
Total 4 627 1 437
* Refers to both capital injections and loans provided
** The project is consolidated as a subsidiary with full consolidation
***** The residential part of the building is completed and residents moved in in September 2022. The commercial part is expected to be finished during 2024
*** The project is consolidated as an associated company according to the equity method
**** Project within Catella Logstic Europé are sold through forward -funding arrangements with investors . Catella's profit is realized over time with the completion of the 
project 
2024 2023 2023
SEK M 31-mar 31-mar 31-dec
Total fund holdings 250 104 258

===== SIDA 9 =====

Interim Report January – March 2024 
  9 
 
Corporate Finance 
Net sales and profit/loss 
First quarter 2024 
The transaction market remained hesitant 
in the first quarter. 
Property transactions where Catella 
acted as advisor totalled SEK 6.6 Bn (5.8) 
in the quarter. Of total transaction vol-
umes in the quarter, Sweden provided SEK 
3.4 Bn (1.1), France 1.5 Bn (4.0), Denmark 
1.1 Bn (0.5), Finland 0.6 Bn (0.2) and Spain 
0.0 Bn (0.1).  
Corporate Finance’s income was SEK 69 
M (81) and income adjusted for assign-
ment costs was SEK 61 M (66), a decrease 
of SEK 5 M.  
Operating costs were in line with the 
corresponding period of the previous year, 
and operating profit totalled SEK -23 M (-
20) driven by the reduced income.  
 
  
 
 
 
 
 
 
* Includes internal revenue between business areas. Internal revenue has been eliminated within the business area for the current period and for the corresponding period in 2023. 
 
  
SEK M
2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Ja n-Dec
Nordic * 33 19 113 99
Continental Europe * 36 61 320 346
T
otal income 69 81 434 445
Assignment expenses and commission -8 -15 -95 -101
Operating expenses -84 -85 -377 -377
Less profit attributable to non-controlling interests 0 0 0 0
Operating profit/loss -23 -20 -37 -33
2024 2023 Rolling 2023
KEY FIGURES Jan-Mar Jan-Mar 12 Months Jan-Dec
Operating margin, % - 34 -24 -9 -8
Property transaction volume for the period, SEK Bn 6,6 5,8 25,1 24,3
of which Nordic 5,1 1,7 12,7 9,3
of which Continental Europe 1,5 4,1 12,4 15,0
No. of employees, at end of period 149 159 - 147
3 Months 12 Months
TRANSACTION VOLUMES  TOTAL INCOME OPERATING PROFIT 
   
0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
14
16
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK Bn
0
100
200
300
400
500
600
700
800
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
-40
-20
0
20
40
60
80
100
-30
-20
-10
0
10
20
30
40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M

===== SIDA 10 =====

Interim Report January – March 2024 
10   
 
Other financial information 
The Group’s financial position 
First quarter 2024 
The following information relates to the 
Group formal accounts.  
The Group's total assets increased by 
SEK 425 M in the first quarter,  amounting 
to SEK 5,869 M as of 31 March 2024. The 
increase was mainly due to loans from 
credit institutions of SEK 321 M for the fi-
nancing of the Kaktus and Polaxis projects.  
Furthermore, Group equity increased by 
SEK 79 M to SEK 2,115 M as of 31 March 
2024. Apart from profit/loss for the pe-
riod of SEK 27 M, equity was primarily af-
fected by positive translation differences of 
SEK 51 M. As of the Balance Sheet date, 
the Group’s equity/assets ratio was 36 per-
cent (37 percent as of 31 December 
2023). 
 
Group financing 
Catella AB issued a new unsecured bond 
of SEK 1,250 M with a term of 4 years and 
maturity in March 2025. The bond was re-
classified in the period from non-current 
to current liabilities in the Group’s State-
ment of Financial Position. The bond loan 
accrues floating-rate interest at 3-month 
Stibor plus 475 b.p. The effective interest 
rate, excluding loan arrangement fees, was 
8.8 percent (7.4) in first quarter 2024. Fi-
nancing is conditional on a minimum 
Group equity requirement of SEK 800 M 
from time to time. Otherwise, there are 
no restrictions on dividend.   
In addition, the Group’s property devel-
opment company received loans from 
credit institutions relating to ongoing prop-
erty projects. As of 31 March 2024, these 
loans amounted to SEK 1,522 M (1,506).    
 
Group cash flow 
First quarter 2024 
Consolidated cash flow from operating ac-
tivities was SEK 25 M (-61), of which cash 
flow from property projects amounted to 
SEK 95 M (39). The sale of Infrahubs Jön-
köping raised SEK 280 M in cash and cash 
equivalents for Catella, and additional in-
vestments in the French projects Polaxis 
and Metz generated outflows of SEK 188 
M.  
Cash flow from financing activities 
amounted to SEK 306 M (-20), of which 
SEK 321 M related to extended financing 
from credit institutes for the Kaktus and 
Polaxis project. 
Cash flow in the period was SEK 330 M 
(-99) and cash and cash equivalents at the 
end of the period was SEK 1,152 M 
(1,710), of which cash and cash equivalents 
relating to the Group’s Swedish holding 
company amounted to SEK 409 M (629).  
 
Parent Company 
First quarter 2024 
Parent Company income was SEK 10.9 M 
(11.1), and operating profit was SEK -11.7 
M (-20.8). The profit improvement was 
mainly due to lower personnel expenses. 
Profit/loss for the previous year included 
non-recurring costs for redundancies. Fur-
thermore, variable salary costs for the pe-
riod were lower than in the previous year. 
Net financial income/expense for the 
period totalled SEK -28.4 M (-23.9) where 
the deterioration was due to higher inter-
est rate costs for the bond loan accruing 
variable interest.  
The number of employees at the end of 
the period was 20 (23).  
 
Employees 
At the end of the period, there were 494 
(520) employees, expressed as full-time 
equivalents. 
 
Risks and uncertainties  
Macroeconomic conditions relating to in-
flation and interest rates affect transaction 
levels and assets under management, im-
pacting results of operations in Investment 
Management and Corporate Finance. 
Lower transaction volumes can also affect 
Principal Investments' ability to divest pro-
jects at acceptable prices. These uncer-
tainty factors may affect future returns.  
Catella AB is indirectly exposed to the 
same risks as the Group through its hold-
ing 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 2023. 
 
Seasonal variations 
Seasonal variations are significant in the 
Corporate Finance business area. Transac-
tion 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 Ac-
counts Act. The Consolidated Financial 
Statements have been prepared in compli-
ance with IFRS Accounting Standards as 
endorsed by the EU, the Annual Accounts 
Act and RFR 1 Complementary Account-
ing Rules for Groups issued by RFR, the 
Swedish Financial Reporting Board. Infor-
mation according to IAS 34.16A also ap-
pears, 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 Financial Reporting Council. 
The Group’s and Parent Company’s key 
accounting principles are presented in Ca-
tella’s Annual Report for 2023. Figures in 
tables and comments may be rounded. 
 
Related party transactions 
No new transactions with related parties 
have taken place during the quarter. For 
more information, see notes 20 and 38 in 
the Annual Report 2023. 
 
Forecast 
Catella does not publish forecasts. This in-
formation is mandatory for Catella AB to 
publish in accordance with EU’s Market 
Abuse Regulation. This information was 
submitted to the market, through the 
gency of the below contact, for publication 
on 06 May 2024 at 07:00 a.m. CEST. This 
Report has not been subject to review by 
the Company’s Auditors.

===== SIDA 11 =====

Interim Report January – March 2024 
  11 
 
 
 
 
 
 
Stockholm, Sweden, 6 May 2024  
Catella AB (publ)  
  
Christoffer Abramson 
CEO and President

===== SIDA 12 =====

Interim Report January – March 2024 
12   
 
Consolidated Income Statement 
 
 
 
Information on the Income Statement by business area can be found in Note 1. 
 
Consolidated Statement of Comprehensive Income  
 
  
2024 2023 2023
SEK M Note Jan-Mar Jan-Mar Jan-Dec
Net sales 420 367 1 697
Other operating income 5 99 642
Share of profit from associated companies -2 1 -6
Total income 424 468 2 333
Provisions, direct assigment and production costs -118 -139 -874
Other external expenses -79 -95 -385
Personnel costs -184 -201 -838
Depreciation -20 -19 -72
Other operating expenses -17 -4 -18
Operating profit/loss 5 10 145
Interest income 18 16 57
Interest expenses -52 -40 -156
Other financial items 56 21 -4
Financial items—net 23 -3 -103
Profit/loss before tax 28 7 42
Tax -1 -7 -51
Net profit/loss for the period 27 0 -9
Profit/loss attributable to:
Shareholders of the Parent Company 26 -8 -21
Non-controlling interests 2 8 12
27 0 -9
Earnings per share attributable to shareholders of the Parent Company, SEK 
- before dilution 0,29 -0,09 -0,24
- after dilution 0,29 -0,09 -0,24
No. of shares at end of the period 88 348 572 88 348 572 88 348 572
Average weighted number of shares after dilution 88 348 572 90 929 822 90 562 208
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Net profit/loss for the period 27 0 -9
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value changes in financial assets through other comprehensive income 4 2 8
Items that will be reclassified subsequently to profit or loss:
Translation differences 51 18 7
O
ther comprehensive income for the period, net after tax 55 20 15
Total comprehensive income/loss for the period 82 21 7
Total comprehensive income/loss attributable to:
Shareholders of the Parent Company 78 12 -6
Non-controlling interests 4 9 13
82 21 7

===== SIDA 13 =====

Interim Report January – March 2024 
  13 
 
Consolidated Statement of Financial Position – condensed 
 
 
Information on financial position by operating segment can be found in Note 2. 
  
2024 2023 2023
SEK M Note 31 Mar 31 Mar 31 Dec
ASSETS
Non-current assets
Intangible assets 590 461 573
Contract assets leasing agreements 147 101 115
Property, plant and equipment 34 25 33
Holdings in associated companies 139 172 136
Non-current receivables from associated companies 170 173 158
Other non-current securities 3, 4, 5 496 322 487
D
eferred tax receivables 26 9 15
Other non-current receivables 60 47 58
1 662 1 311 1 573
Current assets
Development and project properties 2 352 2 239 2 143
Contract assets 76 37 34
Receivables from associated companies 68 201 334
Accounts receivable and other receivables 536 572 541
Current investments 3, 4, 5 24 41 22
Cash and cash equivalents * 1 152 1 710 796
4 207 4 800 3 871
Total assets 5 869 6 111 5 444
EQUITY AND LIABILITIES
Equity 
Share capital 177 177 177
Other contributed capital 296 296 296
Reserves 139 92 86
Profit brought forward including net profit for the period 1 453 1 604 1 429
Equity attributable to shareholders of the Parent Company 2 064 2 168 1 988
Non-controlling interests 51 268 50
Total equity 2 115 2 436 2 038
Liabilities
Non-current liabilities
Borrowings from credit institutions 1 546 1 165 1 171
Bond issue 0 1 244 1 247
Contract liabilities leasing agreements 105 78 79
Other non-current liabilities 156 129 148
Deferred tax liabilities 24 19 24
Other provisions 0 1 0
1 830 2 636 2 669
Current liabilities
Borrowings from credit institutions 4 377 3
Bond issue 1 247 0 0
Contract liabilities leasing agreements 49 33 42
Contract liabilities 4 5 14
Accounts payable and other liabilities 597 590 657
Tax liabilities 22 34 21
1 924 1 039 737
Total liabilities 3 754 3 675 3 406
Total equity and liabilities 5 869 6 111 5 444
* Of which pledged and blocked liquid funds 110 71 100

===== SIDA 14 =====

Interim Report January – March 2024 
14   
 
Consolidated Statement of Cash Flows 
 
 
 
  
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Cash flow from operating activities
Profit/loss before tax 28 7 42
Reclassification and adjustments for non-cash items:
Wind down expenses -0 -1 -5
Other financial items -56 -14 41
Depreciation 20 19 72
Impairment / reversal of impairment of current receivables 1 0 7
Change in provisions 0 2 -0
Reported interest income from loan portfolios -5 -6 -25
Acquisition expenses - - 6
Profit/loss from participations in associated companies 2 -1 6
Personnel costs not affecting cash flow -2 -7 6
Other non-cash items 7 -4 -11
Other reclassifications - -12 -51
Paid income tax -20 -30 -89
Cash flow from operating activities before changes in working capital -25 -46 -1
Investments in property projects -245 -135 -803
Divestment of property projects 341 173 778
Cash flow from property projects 95 39 -25
Cash flow from changes in working capital
Increase (–)/decrease (+) of operating receivables -4 197 14
Increase (+) / decrease (–) in operating liabilities -41 -250 -118
Cash flow from operating activities 25 -61 -130
Cash flow from investing activities
Purchase of property, plant and equipment -2 -1 -17
Purchase of intangible assets -1 -6 -9
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents - -12 -159
Sale of subsidiaries, net of cash disposed - - 2
Dividend and other disbursements from associated companies - - 2
Purchase of financial assets -2 -5 -160
Cash flow from loan portfolios 5 6 25
Cash flow from investing activities -1 -18 -315
Borrowings 323 1 45
Amortisation of loans -2 -3 -376
Amortisation of leasing debt -13 -12 -43
Dividends paid to shareholders of the parent company - - -106
Dividends paid to non-controlling interests -1 -6 -74
Cash flow from financing activities 306 -20 -554
Cash flow for the period 330 -99 -998
Cash and cash equivalents at beginning of period 796 1 794 1 794
Exchange rate differences in cash and cash equivalents 26 15 0
Cash and cash equivalents at end of the period 1 152 1 710 796

===== SIDA 15 =====

Interim Report January – March 2024 
  15 
 
Consolidated Statement of Changes in Equity 
 
 
* Non-controlling interests are attributable to minority shares in the subsidiaries in all Group business areas. 
** Relates to value changes in put options issued to minority holders in Aquila Asset Management SAS. 
 
As of 31 March 2024, Catella had a total of 3,000,000 warrants issued, of which 2,800,000 warrants had been allocated to senior executives and other key executives, and 200,000 held in treasury. As of 2 
April 2024, 2,450,000 of these warrants were repurchased from holders remaining in the employment of the Catella Group for a market price totalling SEK 2,445,100. After the repurchase, there are a total 
of 350,000 outstanding warrants from the older incentive program LTI 2020, of which 175,000 warrants can be utilized to subscribe for Class B shares in Catella in June 2024 and 175,000 warrants can be 
utilized in June 2025. The repurchased warrants have, alongside warrants held in treasury, been voided. 
 
 
 
* Non-controlling interests are attributable to minority shares in the subsidiaries in all Group business areas. 
 
In the first quarter of 2023, 50,000 warrants were repurchased from a former employee due to a change in the employee's employment circumstances. The amount totalled SEK 0.4 M and was recognized 
under Repurchase of issued warrants in Other contributed capital. As of 31 March 2023, the Parent Company had a total of 3,000,000 warrants issued, of which 200,000 in treasury. The exercise price is 
SEK 35.20 per share. 
  
SEK M
Opening balance at 1 January 2024 177 296 -3 89 1 429 1 988 50 2 038
C
omprehensive income for January - March 2024:
Net profit/loss for the period 26 26 2 27
Other comprehensive income, net of tax 4 48 0 53 2 55
Comprehensive income/loss for the period 4 48 26 78 4 82
Transactions with shareholders: 
Dividends paid to non-controlling interests 0 -1 -1
Change in value option debt ** -2 -2 -2
Other transactions with non-controlling interests 0 0 -1 -1
Dividends paid to shareholders of the parent company 0 0
Closing balance at 31 March 2024 177 296 1 138 1 453 2 064 51 2 115
Profit brought 
forward incl. 
net profit/loss 
for the period
Non-
controlling 
interests *
Equity attributable to shareholders of the Parent Company
Share capital
Other 
contributed 
capital
Translation 
reserve Total
Total 
equity
Fair value 
reserve
SEK M
Opening balance at 1 January 2023 177 296 -11 83 1 624 2 168 262 2 430
Comprehensive income for January - March 2023:
Net profit/loss for the period -8 -8 8 0
O
ther comprehensive income, net of tax 2 18 0 20 0 20
Comprehensive income/loss for the period 2 18 -8 12 9 21
Transactions with shareholders: 
Dividends paid to non-controlling interests 0 -6 -6
Other transactions with non-controlling interests -12 -12 3 -9
Re-purchase of warrants issued 0 0 0
Dividends paid to shareholders of the parent company 0 0
Closing balance at 31 March 2023 177 296 -9 100 1 604 2 168 268 2 436
Profit brought 
forward incl. 
net profit/loss 
for the period
Non-
controlling 
interests *Share capital
Other 
contributed 
capital
Translation 
reserve Total
Total 
equity
Fair value 
reserve
Equity attributable to shareholders of the Parent Company

===== SIDA 16 =====

Interim Report January – March 2024 
16   
 
Note 1 Income Statement by business area 
 
 
* 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 operat-
ing 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”. Acquisi-
tion 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. Transac-
tions 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.  
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023
SEK M Note Jan-Mar Jan-Mar Ja n-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec
Net sales 240 241 1 111 115 46 149 68 80 441 11 9 42 -1 5 -9 -46 420 367 1 697
Other operating income 4 8 25 1 90 607 1 1 5 3 2 7 -4 -2 -2 5 99 642
Share of profit from associated 
companies 0 1 2 -3 -1 -1 2 0 0 0 1 1 4 0 0 0 -2 1 -6
Total income 245 250 1 138 114 136 745 69 81 445 15 12 53 - 19 -11 -49 424 468 2 333
Provisions, direct assigment and 
production costs -41 -43 - 171 -75 -82 -606 -8 -15 -101 -0 -0 -0 6 0 4 -118 -139 -874
Other external expenses -48 -5 1 -250 -11 -14 -29 -24 -28 -105 -9 -9 -38 13 8 37 -79 -95 -385
Personnel costs -106 - 113 -477 -9 -16 -47 -56 -52 -250 -15 -21 -68 1 1 5 -184 -201 -838
Depreciation -13 -9 -4 3 -0 -2 -4 -5 -5 -19 -2 -2 -6 0 0 0 -20 -19 -72
Other operating expenses -2 -1 -5 -1 8 -4 -11 -0 -0 -2 -1 -1 -7 4 2 7 -17 -4 -18
Less profit attributable to non-
controlling interests * -2 -2 -6 0 -5 -5 -0 0 -0 0 -1 -1 2 8 12 0 0 0
Operating profit/loss 32 31 186 1 13 43 - 23 -20 -33 -12 -22 -67 7 8 17 5 10 145
Interest income 18 16 57
Interest expenses -52 -4 0 -156
Other financial items 56 21 -4
Financial items—net 23 -3 - 103
Profit/loss before tax 28 7 42
Tax -1 -7 -5 1
Net profit/loss for the period 27 0 -9
Profit/loss attributable to shareholders 
of the Parent Company 26 -8 - 21
Corporate Finance Other Eliminations GroupInvestment Management Principal Investments

===== SIDA 17 =====

Interim Report January – March 2024 
  17 
 
Note 2 Financial position by operating segment 
 
 
 
 
 
 
 
 
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023
SEK M 31 Mar 31 Mar 31 D ec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec
ASSETS
Non-current assets
Intangible assets 472 344 457 -0 0 0 66 66 65 51 50 50 590 461 573
Contract assets leasing agreements 78 60 71 2 2 2 37 33 39 30 7 2 147 101 115
Property, plant and equipment 27 21 28 1 0 1 4 4 4 2 0 1 34 25 33
Holdings in associated companies 27 25 25 107 145 106 0 0 0 5 2 5 139 172 136
Non-current receivables from associated companies 0 0 0 170 0 0 0 0 0 0 173 158 170 173 158
Other non-current securities 35 26 31 357 207 359 0 0 0 104 89 96 496 322 487
Deferred tax receivables 2 3 1 9 4 4 15 2 9 0 0 0 26 9 15
Other non-current receivables 29 27 28 29 19 28 11 12 10 -9 -1 1 -9 60 47 58
672 506 636 675 372 492 133 116 127 183 316 318 1 662 1 311 1 573
Current assets
Development and project properties 0 0 0 2 474 2 294 2 269 0 0 0 - 122 -55 -126 2 352 2 239 2 143
Contract assets 0 0 0 82 37 34 0 0 0 -7 0 0 76 37 34
Receivables from associated companies 3 0 0 66 0 1 0 0 0 0 201 333 68 201 334
Accounts receivable and other receivables 314 314 476 173 305 124 175 174 211 - 127 -221 -270 536 572 541
Current investments 0 0 0 0 0 0 0 0 0 24 41 22 24 41 22
Cash and cash equivalents 490 637 485 159 241 125 44 131 75 458 701 112 1 152 1 710 796
807 951 960 2 955 2 877 2 553 220 305 286 225 667 71 4 207 4 800 3 871
Total assets 1 479 1 457 1 597 3 630 3 249 3 045 353 421 413 408 983 389 5 869 6 111 5 444
EQUITY AND LIABILITIES
Equity 
Equity attributable to shareholders of the Parent Company 237 386 389 320 321 340 -6 17 17 1 514 1 444 1 242 2 064 2 168 1 988
Non-controlling interests 44 29 33 8 224 9 9 9 8 -1 0 6 -0 51 268 50
Total equity 281 415 422 328 545 349 3 26 25 1 504 1 450 1 242 2 115 2 436 2 038
Liabilities
Non-current liabilities
Borrowings from credit institutions 2 1 2 1 522 1 131 1 145 22 32 23 0 0 0 1 546 1 165 1 171
Bond issue 0 0 0 0 0 0 0 0 0 0 1 244 1 247 0 1 244 1 247
Contract liabilities leasing agreements 57 54 53 1 1 1 21 20 23 26 3 2 105 78 79
Other non-current liabilities 799 742 761 128 153 119 0 0 0 - 771 -766 -731 156 129 148
Deferred tax liabilities 13 6 14 0 2 0 0 0 0 10 10 10 24 19 24
Other provisions 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0
871 804 829 1 650 1 287 1 265 43 53 47 - 734 491 528 1 830 2 636 2 669
Current liabilities
Borrowings from credit institutions 1 1 1 0 375 0 4 2 2 0 0 0 4 377 3
Bond issue 0 0 0 0 0 0 0 0 0 1 247 0 0 1 247 0 0
Contract liabilities leasing agreements 26 12 23 1 1 1 17 16 17 5 4 1 49 33 42
Contract liabilities 0 0 0 4 5 14 0 0 0 0 0 0 4 5 14
Accounts payable and other liabilities 278 196 302 1 646 1 035 1 416 287 321 321 - 1 613 -962 -1 382 597 590 657
Tax liabilities 22 30 21 1 1 0 -1 3 0 0 0 0 22 34 21
Total liabilities 1 197 1 042 1 175 3 302 2 704 2 696 350 396 388 - 1 095 -466 -853 3 754 3 675 3 406
Total equity and liabilities 1 479 1 457 1 597 3 630 3 249 3 045 353 421 413 408 983 389 5 869 6 111 5 444
Investment Management Principal Investments Corporate Finance Other Group

===== SIDA 18 =====

Interim Report January – March 2024 
18   
 
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 re-
measurements are continuously per-
formed. The loan portfolios are recog-
nized under the category Other.  
 
 
 
 
Pastor 2 
In the sub-portfolio Pastor 2, the underly-
ing loans are below ten percent of the is-
sued amount and Catella expects the 
issuer to utilise its clean-up call. The admin-
istration of the portfolio is frequently un-
profitable when it falls below ten percent 
of the issued amount, and this structure al-
lows the issuer to avoid these additional 
costs. Catella considers the credit risk in 
the portfolio to be low, although the pre-
cise timing of the exercise of the option is 
difficult to forecast due to various un-
known factors relating to the issuer. Ca-
tella has made the assumption that a re-
purchase will take place in the fourth quar-
ter of 2025. The portfolio is valued at the 
full repayable amount of EUR 5.0 M, dis-
counted to present value with application 
of a discount rate for similar assets. This 
corresponds to a value of EUR 4.7 M. 
 
Lusitano 5 
The time call affects sub-portfolio Lusitano 
5 and constitutes an option held by the is-
suer that enables the sub-portfolio to be 
repurchased at a specific point in time, and 
subsequently from time to time. The op-
tion has been available since 2015. Catella 
has assumed that the time call will be exer-
cised in the second quarter of 2024. This 
assumption is conservative as it means that 
no further cash flows than the position's 
current capital amount of EUR 1.6 M plus 
the following quarter’s cash flow will be 
received when exercising the time call. The 
portfolio is hence valued at EUR 2.0 M.  
 
Further information regarding the loan 
portfolio can be found in the Annual Re-
port 2023. 
 
 
 
Actual cash flows from the loan portfolio  
 
 
 
 
 
 
SEK M
Loan portfolio Country
Pastor 2 Spain 57,6 71,0% 54,1 69,7% 3,7% 1,75
Lusitano 5 Portugal 23,6 29, 0% 23,6 30,3% 0,0% 0,25
Total cash flow * 81,2 100,0% 77,7 100,0% 2,6% 1,3
Carrying amount in consolidated balance sheet ** 77,7
Duration, years
* 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.
Forecast 
undiscounted cash 
flow
Share of 
undiscounted 
cash flow
Forecast 
discounted 
cash flow
Share of 
discounted 
cash flow
Discount 
rate
SEK M Other
Loan portfolio Pastor 2 Lusitano 5 Total
Outcome
Full year 2009-2022 27,2 32,7 267,0 327,0
Full year 2023 1,6 23,6 0,0 25,2
Q1 2024 0,5 4,5 0,0 4,9
Total 29,4 60, 8 267,0 357,2
Spain Portugal

===== SIDA 19 =====

Interim Report January – March 2024 
  19 
 
Note 4 Short- and long-term investments 
 
 
 
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. Ob-
servable market data for the asset or liabil-
ity 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 valua-
tion 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. Financial 
assets in level 3 include loan portfolios, 
loan receivables and unlisted share and 
fund holdings.  Financial liabilities in level 3 
refer to contingent consideration for 
shares in the subsidiary Aquila.  For more 
information, see Note 3 in the Annual Re-
port 2023. 
The Group's assets and liabilities meas-
ured at fair value as of 31 March 2024 are 
indicated in the following table. 
 
 
 
 
 
 
  
2024 2023
SEK M 31-mar 31-mar
Visa preferred stock C series 50 39
Loan portfolios 78 91
Operation-related investments ** 392 233
Total * 520 363
* of which short-term investments SEK 24 M and long-term investments SEK 496 M.
** includes investments in shares and funds, co-investments and assets within segment Principal Investments being classified 
as financial assets. 
SEK M Tier 1 Tier 2 Tier 3 Total
ASSETS
Financial assets measured at fair value through other 
comprehensive income 50 50
Financial assets measured at fair value through profit 
or loss 59 2 409 470
Total assets 59 51 409 520
LIABILITIES 
Financial liabilities measured at fair value 8 8
Total liabilities 0 0 8 8
No changes between levels occurred the previous year.
Change analysis, financial assets, level 3 for the first three months 2024
as of 1 January 409
Purchases 0
Disposals 0
Gains and losses recognised through profit or loss -6
Translation differences 7
At 31 March 409
Change analysis, financial liabilities, level 3 for the first three months 2024
as
 of 1 January 8
Additional items 0
Deductions 0
Revaluation through profit & loss 0
Translation differences 0
At 31 March 8

===== SIDA 20 =====

Interim Report January – March 2024 
20   
 
Note 6 Pledged assets, contingent liabilities and  commitments 
 
Pledged assets 
 
 
Cash and cash equivalents include cash 
funds in accordance with minimum reten-
tion requirements, funds that are to be 
made available at all times for regulatory 
reasons and frozen funds for other pur-
poses.
  
 
 
 
 
Contingent liabilities 
 
 
 
Other contingent liabilities relate to guar-
antee commitments as collateral for di-
vested properties, and as collateral for 
completion under development agree-
ments. Other contingent liabilities also per-
tains to ongoing disputes in discontinued 
operations and guarantees provided by 
operating subsidiaries for rental contracts 
with landlords. Of the Group’s total con-
tingent liabilities, SEK 135 M relates to 
Principal Investments. 
 
Commitments 
 
 
Investment commitments mainly relate to 
the unlisted holding in the start-up Pamica 
4 AB. 
 
 
 
  
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Cash and cash equivalents 110 71 100
Other pledged assets 0 0 0
110 71 100
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Other contingent liabilities 159 558 445
159 558 445
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Investment commitments 6 0 6
Other commitments 0 0 0
6 0 6

===== SIDA 21 =====

Interim Report January – March 2024 
  21 
 
Parent Company Income Statement 
 
 
 
 
Parent Company Balance Sheet – condensed 
 
 
 
Catella AB has issued guarantees to credit institutes of SEK 1,291 M as security for approved credit lines to the subsidiary Kaktus 1 
HoldCo ApS. In addition, Catella AB has entered into a guarantee commitment with investors in two separate project companies of total 
SEK 60 M relating to completion under development agreements. For the comparative period 31 March 2023, the Parent Company’s 
total contingent liabilities amounted to SEK 1,577 M. 
 
 
 
  
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Net sales 10,5 8,7 41,8
Other operating income 0,4 2,3 4,2
Total income 10,9 11,1 46,0
Other external expenses -9,6 - 10,2 -40,2
Personnel costs -12,6 -21,0 -56,8
Depreciation -0,1 -0,1 -0,3
Other operating expenses -0,3 -0,6 -1,2
Operating profit/loss -11,7 -20,8 -52,4
Profit/loss from participations in group companies 0,0 0,0 260,9
Interest income and similar profit/loss items 0,1 0,1 0,3
Interest expenses and similar profit/loss items -28,6 -23,9 -107,1
Financial items -28,4 -23,9 154,2
Profit/loss before tax -40,1 -44,6 101,8
Tax on net profit for the year 0,0 0,0 0,0
Net profit/loss for the period -40,1 -44,6 101,8
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Intangible assets 1,3 0,3 0,1
Property, plant and equipment 2,0 0,1 0,5
Participations in Group companies 1 358,2 1 358,2 1 358,2
Current receivables from Group companies 255,8 259,7 297,5
Other current receivables 15,5 16,5 12,0
Cash and cash equivalents 0,2 0,1 0,2
Total assets 1 633,0 1 634,9 1 668,5
Restricted equity 176,7 176,7 176,7
Non-restricted equity 178,5 178,3 218,6
Non-current bond loan 0,0 1 244,5 1 246,5
Current bond loan 1 247,2 0,0 0,0
Current liabilities to Group companies 3,3 0,8 1,5
Other current liabilities 27,3 34,7 25,2
Total equity and liabilities 1 633,0 1 634,9 1 668,5

===== SIDA 22 =====

Interim Report January – March 2024 
22   
 
Application of key performance indicators not defined by IFRS 
 
The Consolidated Accounts of Catella are 
prepared in accordance with IFRS, which 
only defines a limited number of perfor-
mance measures. Catella, applies the Euro-
pean Securities and Markets Authority’s 
(ESMA) guidelines for alternative perfor-
mance measures. In summary, an alterna-
tive performance measure is a financial 
measure of historical or future profit pro-
gress, 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 perfor-
mance measures not defined under IFRS. 
Corporate management considers that this 
information facilitates analysis of the 
Group’s performance. This additional in-
formation is complementary to the infor-
mation 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 defi-
nitions are presented below. The calcula-
tion of all performance measures 
corresponds to items in the Income State-
ment and Balance Sheet. 
 
 
Definitions 
 
Non-IFRS performance 
measures  Description  Reason for using the measure  
Operating profit attributable to 
Parent Company shareholders Group's operating profit for the period, less profit at-
tributable to non-controlling interests.  
The measure illustrates the proportion of the Group’s oper-
ating profit attributable to shareholders of the Parent Com-
pany. 
Operating margin Operating profit attributable to the Parent Company 
shareholders divided by total income for the period. 
The measure illustrates profitability in underlying operations 
attributable to shareholders of the Parent Company. 
IRR  Internal Rate of Return, a measure of the average annual 
return generated by an investment. 
The measure is calculated for the purpose of comparing the 
actual return on projects Catella invests in with the average 
expected return of 20 percent. 
Assets under management at year 
end 
Assets under management constitutes the value of Ca-
tella’s customers’ deposited/invested capital. 
An element of Catella’s income in Investment Management is 
agreed with customers on the basis of the value of the un-
derlying invested capital. Provides investors with insight into 
the drivers behind elements of Catella’s income. 
Property transaction volumes in 
the period 
Property transaction volumes in the period constitute 
the value of underlying properties at the transaction 
dates. 
An element of Catella’s income in Corporate Finance is 
agreed with customers on the basis of the underlying prop-
erty value of the relevant assignment. Provides investors with 
insight into the drivers behind elements of Catella’s income. 
Equity/Asset ratio Equity divided by total assets. 
 
Catella considers the measure to be relevant to investors and 
other stakeholders wishing to assess Catella’s financial stability 
and long-term viability. 
Earnings per share Net profit for the period attributable to the Parent 
Company shareholders divided by the number of shares. 
Provides investors with a view of the company’s Earnings per 
share when making comparisons with earlier periods. 
Dividend per share Dividend divided by the number of shares. Provides investors with a view of the company’s dividend 
over time.

===== SIDA 23 =====

CATELLA AB (PUBL)  
P.O. BOX 5894, SE -102 40 STOCKHOLM, SWEDEN | VISITORS: BIRGER JARLSGATAN 6  
CORP. ID NO. 556079– 1419  | REGISTERED OFFICE: STOCKHOLM, SWEDEN  
TELEPHONE +46 (0)8 -463 33 10|  INFO@CATELLA.SE  
CATELLA.COM  
 
 
      
 Financial calendar   For further information, please contact  
 Annual General Meeting 2024                       22 May 2024 
Interim Report April-June 2024              21 August 2024 
Interim Report July-September 2024             7 November 2024 
Year-end Report October-December 2024  12 February 2025 
    Michel Fischier, CFO 
Tel. +46 (0)8-463 33 10 
 
More information on Catella and all financial reports are availa-
ble at catella.com.