===== 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.