Kvartalsrapport Q1 2025

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

Interim Report January – March 2025 
  1 
 
Successful divestment of Kaktus enables  
continued value-creating initiatives 
The first quarter's results were negatively impacted by currency effects and lower transaction-
based revenues. The quarter was however marked by continued signs of cautiously rising ac-
tivity in the European property market. In the second quarter to date, market activity has 
slowed due to considerable uncertainty about the global economic outlook following the esca-
lation of the trade war. However, our assessment is that the underlying development in Eu-
rope is moving in the right direction, supported by falling interest rates and improved credit 
conditions in combination with low inflation. A strong sign that the European property market 
continues to gain strength is the divestment of Kaktus Towers in Copenhagen, which was 
completed last week. We are now well positioned with a strong cash position in an interesting 
market. 
 
Daniel Gorosch, interim CEO and President 
 
      
 Progress during the quarter     
 Financial results  
• Total income in the quarter amounted to SEK 341 M (425) 
• Operating profit was SEK -43 M (5)Operating profit attribut-
able to Catella’s shareholders was SEK -44 M (4) 
• Non-recurring costs amounted to SEK 7 M (0)Profit attribut-
able to Catella’s shareholder was SEK -182 M (26) 
• Earnings per share before dilution was SEK -2.06 (0.29) 
 
Assets under management 
• Assets under management (AUM) were SEK 148 Bn at the 
end of the period, a decrease of SEK 7 Bn compared to the 
fourth quarter of 2024 (in euro an increase by EUR 145 M) 
 
Principal Investments 
• Catella’s total investment volume decreased by SEK 44 M to 
SEK 1,522 M compared to the previous quarter 
   
  
 
  
 
 
      
Total income  Operating profit  Assets under management  Invested capital 
SEK 
2,223 M 
 SEK  
74 M 
 SEK  
148 Bn 
 SEK 
1,522 M 
Last 12 months  Last 12 months  End of period  End of period

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

Interim Report January – March 2025 
2   
 
CEO COMMENTS 
Successful divestment of Kaktus enables continued 
value-creating initiatives 
The uncertainty surrounding the global economy, particularly fol-
lowing the onset of the trade war in early April, had little impact 
on the European property market during the first quarter. We 
observed a continued cautious recovery and increased transaction 
activity, mainly driven by improved credit conditions and lower in-
terest rates. Overall, transaction volumes in the European market 
increased by 4.3 percent during the quarter compared with the 
same period last year. 
 
At the same time, we can conclude that the conditions for in-
creased activity in the property market continue to strengthen. 
The European Central Bank (ECB) cut its key interest rate by 0.25 
percentage points in April to stimulate growth and, in its com-
ments, paved the way for further cuts if needed. Similarly dovish 
signals are also being heard from other central banks in Europe. 
This comes at a time when inflation in both the Eurozone and the 
rest of Europe is stabilizing. 
 
Lower interest rates and improved credit conditions point to a 
stronger property market ahead, as uncertainty surrounding the 
trade war and the outlook for the global economy subsides. There 
are also several factors indicating that relative interest in investing 
in Europe is increasing as uncertainty surrounding investments in 
other regions grows. 
 
All of this means that, despite the prevailing uncertainty, I maintain 
a positive view of the market going forward.  
 
Operating profit for the first quarter amounted to SEK -44 M (4), 
a decline compared with the same period last year, explained by 
lower market values of fund investments, lower transaction-based 
income, divestments within Principal Investments in the same pe-
riod last year, and restructuring costs. Adjusting for these effects, 
profit for the quarter is in line with the previous year and supports 
the outcomes of our initiatives to increase efficiency and digitalise 
our operations. 
 
Successful divestment of Kaktus Towers 
In Principal Investments, our focus during the quarter remained on 
developing and completing existing projects for sale, while evaluat-
ing new potential investments, including development projects and 
further European aggregation mandates with capital partners. It is 
therefore satisfying that we have delivered on both of these strat-
egies after the end of the period.  
 
After hard and focused work, we are pleased to have reached an 
agreement to divest Kaktus Towers in central Copenhagen at at-
tractive levels for both us as the seller and the buyer. Kaktus Tow-
ers is a spectacular and award-winning project that we are very 
proud of. The residential section of the building was fully let fol-
lowing its completion in September 2022 and has since recorded 
rental growth of 15 percent. This reflects the property's strong 
appeal. 
 
On 1 May last week, we signed an agreement with Quantum — 
on behalf of a client — for the divestment of the asset. The trans-
action is based on an underlying property value of approximately 
SEK 2.1 Bn and is expected to contribute nearly SEK 260 M to op-
erating profit after transaction costs. The transaction is expected 
to be completed during the second quarter. 
 
The sale enables increased opportunities for new and attractive in-
vestments to grow assets under management and recurring in-
come, in line with our strategy. 
 
I would also like to mention the residential project Vega, which we 
announced at the end of April. The co-investment expands our 
existing project development operations in Copenhagen, building 
269 affordable apartments in a joint venture with global property 
investor Barings. Vega is a clear example of our strategy within 
Principal Investments. Going forward, we aim to diversify the port-
folio through the strategic use of own capital, co-investments, and 
partnerships — to grow assets under management, increase re-
curring income and long-term shareholder value. 
 
With valuations having stabilised at a new level, we see a strong 
starting point for new investments, combined with a very strong 
cash position that is further strengthened by the divestment of 
Kaktus Towers. 
 
Recovery in the transaction market 
As previously mentioned, the Corporate Finance business area ex-
perienced a continued improvement in the transaction market 
during the first quarter, albeit to varying degrees across different 
markets. During the first quarter, we acted as advisor in a number 
of transactions, although slightly fewer than in the fourth quarter 
of 2024. This is partly explained by the fact that the first quarter 
historically is a relatively weak quarter for transactions. 
 
While awaiting a real turnaround in the market, we continued 
during the first quarter to sharpen and adapt our organisation, 
which resulted in non-recurring costs of SEK 7 M.  
 
Balanced capital flows   
In Investment Management we are pleased of a continued balance 
of in- and outflows.

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

Interim Report January – March 2025 
  3 
 
Assets under management within Investment Management to-
talled SEK 148 Bn at the end of the quarter, a decrease of SEK 7 
Bn compared with the end of 2024. However, adjusted for cur-
rency effects, this represents an increase of nearly SEK 2 Bn. 
 
The capital inflow mainly stemmed from growth of new Asset 
Management mandates, where we are entrusted by investors to 
manage, reposition, and develop property portfolios. 
 
The merger of our two fund management companies — Catella 
Residential Investment Management (CRIM) and Catella Real Es-
tate AG (CREAG) — into Catella Investment Management GmbH 
(CIM) took effect during the first quarter. The benefits of the 
merger, aimed at leveraging synergies, became apparent immedi-
ately. During the period, CIM, with advisory support from the 
French group company Catella Aquila Investment Management 
France, acquired three logistics properties with a total lettable area 
of approximately 18,750 square metres in Saint-Étienne and Avi-
gnon. The investment was made within the framework of the in-
vestment fund Catella Logistik Deutschland Plus (CLD+), which 
closed at EUR 500 M, corresponding to approximately SEK 5.7 Bn, 
at the end of 2024. Catella Aquila Investment Management France 
will be responsible for the management and development of the 
properties. 
 
Outlook 
I remain deeply grateful for the trust the Board has placed in me 
to lead Catella as interim CEO and President, and I warmly wel-
come Rikke Lykke as the new CEO and President. Rikke will as-
sume her position after summer on 15 August, I will continue in 
my role as interim CEO until then, with the ambition to further 
strengthen Catella as a leading pan-European property investment 
company, supported by a very strong financial position and a clear 
focus on capturing the opportunities offered by the current mar-
ket situation. 
 
Our focus going forward is to continue working in line with the 
strategies we have developed for our respective business areas. 
 
Diversify and sharpen the investment focus of Principal Investments, 
which means that, as we divest existing development projects, we 
will make new investments using equity, in order to grow Invest-
ment Management’s assets under management and establish a 
solid foundation for recurring income. Here, the divestment of 
Kaktus Towers is a very important piece of the puzzle. 
 
Enhanced profitability and a harmonized offering in Corporate Finance 
is achieved by strengthening and focusing our services during 
weaker market conditions, combined with cost-saving measures. It 
gives us a strong position in a market that is turning the corner. 
 
Focus on AUM growth in Investment Management, where we contin-
ued to achieve growth during the past years of challenging market 
conditions, driven by a balanced approach between fund invest-
ments and our expertise in managing and developing properties 
through mandates. By continuing to expand existing funds and 
launch new strategies, we cultivate growing, stable, and value-cre-
ating cash flows. 
I view the near future with optimism, despite the uncertainty in 
the global economy. Our strong position as a leading player in the 
markets in which we operate, combined with strong liquidity and a 
capital position that has been significantly strengthened through 
the divestment of Kaktus Towers. We have the strength to seize 
opportunities that arise in the market and are focused on growing 
assets under management, as well as making seed investments in 
funds or mandates. 
 
Catella will be presenting the Interim Report and answering 
questions today at 10 a.m. CEST.  
To participate in the conference, please see  
https://financialhearings.com/event/51907. 
 
 
 
 
 
Daniel Gorosch, interim CEO and President 
Stockholm, Sweden, 09 May 2025

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

Interim Report January – March 2025 
4   
 
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 
investments in 10 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 informa tion a bout the business area, see page 6-7. 
 
 
Principal Investments  
Catella makes own sustainability-focused real estate investments 
through Principal Investments together with partners and external 
investors. The goal of the investments is to grow AUM in Investment 
Management and create a strong base of recurring income. This is 
done as seed investments in new funds, co-investments with external 
capital partners that ensure long management mandates, and 
investments in development projects together with majority-owning 
capital partners. In addition to growing managed capital and fixed fees, 
the return requirements are 15–20% IRR on own investments.  
 
 
 
For more informa tion a bout the business area, see page 8-9.  
 
 
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 10.

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

Interim Report January – March 2025 
  5 
 
Comments on the Group’s progress 
Profit and comments on page 6-10 relate to operating profit attributable to Catella AB’s shareholders, which is consistent with the inter-
nal 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 2025 
The Group's total income decreased by 84 
SEK M, totalling SEK 341 M (425). The ma-
jority of this change is attributable to Prin-
cipal Investments, which did not divest or 
recognise profits in any projects during the 
period. In the previous year, we sold Bar-
celona Logistics, and Metz-Eurolog recog-
nised SEK 74 M in revenue from achieving 
contractual milestones. Investment Man-
agement’s income decreased mainly due to 
lower transaction-based income, while 
fixed management fees also decreased 
slightly due to lower NAV or AUM in 
managed funds. The business area’s total 
income includes non-recurring income of 
SEK 8 M related to a financial liability for 
contingent purchase consideration on ac-
quired shares in Catella Aquila, which was 
revalued through the Income Statement 
during the period. Corporate Finance’s in-
come increased slightly, driven by Catella 
Residential Partners in France and Catella 
Property Spain.  
The Group’s operating profit amounted 
to SEK -44 M (4) and included non-recur-
ring costs related to redundancies totalling 
SEK -6 M (0) and fair value adjustments 
rate differences on fund holdings of SEK -
21 M (-8). Increased personnel expenses 
were due to higher variable remuneration. 
Comments on the progress of each 
business area can be found on pages 6-10.  
The Group's net financial income/ex-
pense was SEK -143 M (23), of which ex-
change rate differences amounted to SEK -
104 M (56). Funding to subsidiaries and as-
sociated companies is provided by Catella 
Holding AB in local currency. The SEK ap-
preciated significantly in the first quarter, 
which had a negative effect on translation 
of loan receivables mainly denominated in 
EUR and DKK into the Group’s reporting 
currency, SEK. Interest expenses for the 
period decreased by SEK 15 M to SEK 37 
M (52), mainly due to lower market inter-
est rates, as the Group’s loans are based 
on variable interest rates. 
Profit/loss for the period was SEK -182 
M (26) which corresponded to earnings 
per share of SEK -2.06 (0.29) attributable 
to Parent Company shareholders.  
 
Significant events in the quarter 
In March, the wholly owned subsidiary Ca-
tella Holding AB secured a new credit facil-
ity of SEK 200 M on favourable terms, in-
tended to serve as the company’s liquidity 
reserve. 
 
Significant events after the end of 
the quarter  
Agreement relating to the sale of Kaktus, 
which is expected to contribute nearly SEK 
260 M to operating profit and release 
around SEK 950 M in liquidity. 
Catella’s Board of Directors has appointed 
Rikke Lykke as new CEO and President. 
Rikke Lykke will assume the role on 15 
August 2025 and succeeds acting CEO and 
President Daniel Gorosch. 
Catella’s Nomination Committee pro-
poses the election of Erik Rune, Erik 
Eikeland and Erik Ranje as new board 
members and that Tobias Alsborger, 
Pernilla Claesson, Samir Kamal and Sofia 
Watt are re-elected as board members at 
the 2025 Annual General Meeting. Erik 
Rune is proposed to be elected as new 
chair of the Board. Johan Damne and An-
neli Jansson have declined re-election
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2025 2024 2024
SEK M Jan-Mar Jan-Mar an-Dec Jan-Mar Jan-Mar an-Dec Jan-Mar Jan-Mar an-Dec Jan-Mar Jan-Mar Jan-Mar Jan-Mar an-Dec
Net sales 221 240 1 031 32 115 781 73 68 401 -1 -4 325 420 2 206
Other operating income 18 4 18 0 1 64 1 1 5 -3 -1 16 5 102
Total income 239 244 1 048 33 117 845 73 69 406 -5 -5 341 425 2 307
Provisions, direct assigment and production 
costs -35 -41 -158 -7 -75 -648 -14 -8 -69 1 6 -54 -118 -844
Revenue excluding commissions, assignment, 
and production costs
204 204 890 26 42 197 60 61 337 -4 1 287 307 1 464
Other external expenses -54 -48 -219 -3 -11 -37 -23 -24 -99 1 4 -79 -79 -358
Personnel costs -114 -106 -471 -9 -9 -33 -64 -56 -233 -19 -13 -206 -184 -801
Depreciation -14 -13 -55 -0 -0 -1 -5 -5 -19 -2 -2 -22 -20 -84
Other operating expenses -1 -2 -13 -27 -18 -55 -1 -0 -3 10 3 -19 -17 -61
Share of profit from associated companies -0 0 5 -3 -3 -44 0 0 0 0 1 -3 -2 -37
Less profit attributable to non-controlling 
interests -2 -2 -2 1 0 8 0 0 0 0 0 -1 -2 5
Operating profit/loss 19 32 135 -16 1 34 -33 -23 -17 -14 -6 -44 4 128
Interest income 8 18 64
Interest expenses -37 -52 -210
Other financial items -114 56 52
Financial items—net -143 23 -94
Profit/loss before tax -187 26 33
Tax 5 -1 -3
Net profit/loss for the period * -182 26 30
Group
Other and group 
eliminationsInvestment Management Principal Investments Corporate Finance

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

Interim Report January – March 2025 
6   
 
Investment Management 
Net sales and profit/loss 
First quarter 2025 
Total income was SEK 239 M (244), and 
income after assignment costs amounted 
to SEK 204 M (204). The lower income 
was partly offset by a non-recurring in-
come of SEK 8 M related to a financial lia-
bility for contingent purchase 
consideration for acquired shares in Ca-
tella Aquila. 
Property Funds’ income decreased by 
SEK 10 M year-on-year. Fixed net income 
decreased by SEK 1 M, affected by a lower 
level of total assets under management 
(AUM) and negative value changes in man-
aged funds.  
Variable net income in Property Funds 
decreased by SEK 11 M, driven by lower 
transaction-based fees in a quarter where 
increased caution has characterised the 
transaction market. Asset Management 
generated stable income in year-on-year 
terms.  
Operating expenses for the segment in-
creased by SEK 13 M, primarily driven by 
higher IT costs attributable to the restruc-
turing in Germany, and allocated manage-
ment fees from the Parent Company. 
Operating profit was SEK 19 M in the 
quarter, primarily comprised of Property 
Funds. 
 
 
 
* Includes internal income between business areas. In total income, internal income has been eliminated for the current period and for the corresponding period in 2024  
SEK M
2025 2024 Rolling 2024
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months J an-Dec
Property Funds * 185 195 852 862
Asset Management * 72 72 290 290
Other operating income * 19 6 35 22
Eliminations * -37 -29 -134 -126
Total income 239 244 1 043 1 048
Assignment expenses and commission -35 -41 -152 -158
Revenue excluding commissions, assignment, and production costs 204 204 891 890
Operating expenses -183 -170 -771 -758
Share of profit from associated companies 0 0
Less profit attributable to non-controlling interests -2 -2 -2 -2
Operating profit/loss 19 32 122 135
KEY FIGURES Jan-Mar 12 Months Jan-Dec
Operating margin, % 8 13 12 13
Assets under management at end of period, SEK Bn 148,1 151,3 151,9 155,1
net in-(+) and outflow(-) during the period, SEK Bn 1,9 -5,1 8,7 1,7
of which Property Funds 109,0 112,3 111,4 114,7
net in-(+) and outflow(-) during the period, SEK Bn 0,8 1,6 5,6 6,5
of which Property Asset Management 39,1 39,0 40,5 40,4
net in-(+) and outflow(-) during the period, SEK Bn 1,1 -6,7 3,0 -4,7
No. of employees, at end of period 277 293 274 290
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%
1,6%
130
140
150
160
170
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Rullande 12 - Fee/AUM
SEK Bn
0
200
400
600
800
1 000
1 200
1 400
1 600
0
100
200
300
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
 LTM
SEK M
0
100
200
300
400
500
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
 LTM
SEK M

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

Interim Report January – March 2025 
  7 
 
Investment Management  
Assets under management by service 
area and country 
Total AUM was SEK 148 Bn, of which SEK 
109 Bn related to Property Funds and SEK 
39 Bn to Asset Management. Germany is 
Property Funds' largest market with the 
highest proportion of invested capital, pri-
marily through Catella Investment Manage-
ment. 
 
 
 
ASSETS UNDER MANAGEMENT BY SERVICE AREA 
 
 
 
ASSETS UNDER MANAGEMENT BY COUNTRY 
 
  
 
Change in assets under management 
AUM decreased from SEK 151.3 Bn to 
SEK 148.1 Bn in the latest 12-month pe-
riod, a decrease of SEK 3.0 Bn, impacted 
by both negative value changes and nega-
tive exchange rate effects, primarily 
changes in EUR/SEK. Inflows of SEK 17.3 
Bn primarily comprised inflows to Prop-
erty Funds and its property funds, and to 
the Asset Management operations in Fin-
land which won new mandates. Outflows 
of SEK 8.6 Bn mainly comprised outflows 
from Catella UK linked to the divestment 
of assets under various mandates, but also 
linked to a divested mandate in Finland. 
Assets under management decreased by 
SEK 7.0 Bn in the first quarter, compared 
to SEK 155.1 Bn in the fourth quarter in 
the previous year. The quarter’s inflow of 
SEK 2.3 Bn was primarily driven by Asset 
Management in Finland and France, as well 
as Property Funds, with inflows to the CER 
III and CLD+ funds. The outflow of SEK 
0.5 Bn is primarily attributable to Asset 
Management UK. Exchange rate differ-
ences, mainly in EUR/SEK, decreased AUM 
by SEK 8.7 Bn in the quarter. In Property 
Funds, AUM decreased by SEK 5.8 Bn 
compared to the fourth quarter, and by 
SEK 2.9 Bn in year-on-year terms. In Asset 
Management, AUM increased by SEK 1.3 
Bn compared to the fourth quarter, and 
decreased by SEK 0.3 Bn year-on-year. 
 
 
 
 
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN 
 
 
 
 
 
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN 
 
74%
26%
Property Funds
Asset Management
SEK 148 bn
Germany 34%
France 13%
Netherlands 13%
UK 11%
Denmark 8%
Finland 7%
Spain 5%
Austria 4%
Other 5%
SEK 148 bn
148,1
-8,6 -3,4 -8,5151,3
17,3
SEK Bn
148,1-0,5 -0,2 -8,7155,1 2,3
SEK Bn

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

Interim Report January – March 2025 
8   
 
Principal Investments
Net sales and profit/loss 
First quarter 2025 
Income amounted to SEK 33 M (117), pri-
marily driven by rental income from the 
residential projects Kaktus and Maltings. 
Operating profit for the segment 
amounted to SEK -16 M (0), primarily 
driven by a negative market trend in the 
quarter, which adversely affected our fund 
investments. As of 31 March, Principal In-
vestments had invested a total of SEK 
1,522 M in residential, logistics, office and 
retail projects in Europe. 
 
  
 
 
 
 
 
 
  
SEK M 2025 2024 Rolling 2024
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Jan-Dec
Total income 33 117 716 800
Provisions, direct assigment and production costs -7 -75 -579 -648
Revenue excluding commissions, assignment, and production costs 26 42 137 152
Operating expenses -39 -38 -128 -126
Share of profit from associated companies -3 -3
Less profit attributable to non-controlling interests 1 0 8 8
Operating profit/loss -16 1 17 34
KEY FIGURES
Operating margin, % -49 1 2 4
Catella invested capital 1 522 1 437  - 1 566
No. of employees, at end of period 22 31 22 22
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 54%
Germany 27%
UK 13%
France 6%
Finland 1%
=?SEK 1522 M
Residential 68%
Office 13%
Retail 13%
Logistics 6%
Hotell 0%
=?SEK 1522 M
-20
-15
-10
-5
0
5
10
15
20
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
SEK M

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

Interim Report January – March 2025 
  9 
 
Principal Investments 
The following table shows the investment status for ongoing property development projects and other investments as of 31 March 2025. 
The project company’s total investment includes invested capital from Catella, partners and external financing. Catella’s total investment 
related to both capital contributed and loans issued. Seestadt and Düssel-Terrassen include a number of phases in each project, which will 
be completed at different times. 
 
In the first quarter, Catella’s total investment volume decreased by SEK 44 M to SEK 1,522 Mas of the balance sheet date. Of the change 
for the period, SEK -69 M related to currency fluctuations, while SEK 25 M pertained to additional investments including in Düssel-Ter-
rassen, KöTower, and Vega. 
 
 
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair value according to 
the following table. During the first quarter, the remaining shares in UK REIT Fund were divested, and SEK 6 M was invested in Catella 
APAM Strategic Equities Fund I. See also notes 4 and 5.  
 
 
 
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 2025***** 93 1 678 731
Vega Denmark Re sidential Q4 2024 2028 90 118 73
Maltings UK Retail Q4 2021 2026 88 244 89
Mander Centre Storbritannien Retail Q1 2022 2027 63 106 106
Silbersteinstrasse Germany Residential Q1 2026 2027 100 7 7
Total Direct Investments 2 146 999
Metz-Eurolog**** France Logistics Q3 2020 2026 100 71 71
Other Catella Logistic Europé France Logistics 12 12
Total Catella Logistic Europe 83 83
Subtotal Subsidiaries 2 229 1 082
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES***
Seestadt Germany Residential Q1 2019 2030+ 45 865 154
Düssel-Terrassen Germany Residential Q 4 2018 2030+ 45 316 54
KöTower Germany Office Q2 2021 2028 23 1 030 191
Total Catella Project Capital 2 211 399
Subtotal Associated companies 2 211 399
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES
Total Co-Investments 41
Total 4 439 1 522
***** The residential part is completed and residents moved in in September 2022. The commercial part is fully let and under construction where the last part is expected to be finished i  
* Refers to both capital injections and loans provided
** The project is consolidated as a subsidiary with full consolidation
*** The project is consolidated as an associated company according to the equity method
**** The project is sold through forward-funding arrangement with investor. Catella's profit is realized over time with the completion of the project 
2025 2024 2024
SEK M 31-mar 31-mar 31-dec
Pamica 110 85 124
Catella Fastighetsfond Systematisk C 21 23 23
Catella APAM Strategic Equities Fund I 26 - 21
UK REIT Fund - 26 4
UPEKA 104 115 110
Total fund holdings 260 250 281

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

Interim Report January – March 2025 
10   
 
Corporate Finance 
Net sales and profit/loss 
First quarter 2025 
The European transaction market showed 
a slight increase in transaction volume dur-
ing the first quarter compared with the 
same period last year. Income within the 
business area was on par with the same 
period last year, reflecting continued cau-
tious market activity, as well as the fact that 
the first quarter is generally a seasonally 
weaker quarter. 
Property transactions where Catella 
acted as advisor totalled SEK 3.4 Bn (6.6) 
in the quarter. Of total transaction vol-
umes in the quarter, Sweden provided SEK 
1.7 Bn (3.4), Denmark SEK 1.0 Bn (1.1), 
France SEK 0.8 Bn (1.5), Finland 0.0 Bn 
(0.6) Spain 0.0 Bn (0.0).  
Corporate Finance’s income was SEK 73 
M (69) and income adjusted for assign-
ment costs was SEK 60 M (61), a decrease 
of SEK 1 M.  
With higher operating expenses, pri-
marily driven by non-recurring costs re-
lated to the restructuring, operating profit 
for the quarter amounted to SEK -33 M (-
23).  
 
 
 
 
 
  
SEK M
2025 2024 Rolling 2024
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Jan-Dec
Nordic * 23 33 101 111
Continental Europe * 50 36 310 295
Total income 73 69 410 406
Assignment expenses and commission -14 -8 -75 -69
Revenue excluding commissions, assignment, and production costs 60 61 336 337
Operating expenses -93 -84 -362 -354
Share of profit from associated companies 0 0
Less profit attributable to non-controlling interests 0 0 0 0
Operating profit/loss -33 -23 -27 -172025 2024 Rolling 2024
KEY FIGURES Jan-Mar Jan-Mar 12 Months Jan-Dec
Operating margin, % -45 -34 -6 -4
Property transaction volume for the period, SEK Bn 3,4 6,6 21,0 24,2
of which Nordic 2,7 5,1 12,3 14,7
of which Continental Europe 0,8 1,5 8,7 9,5
No. of employees, at end of period 162 149 - 141
3 Months 12 Months
TRANSACTION VOLUMES  TOTAL INCOME OPERATING PROFIT 
   
0,0
10,0
20,0
30,0
40,0
50,0
60,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
 LTM
SEK M
0
100
200
300
400
500
600
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
 LTM
SEK M
-50
-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
 LTM
SEK M

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

Interim Report January – March 2025 
  11 
 
Other financial information 
The Group’s financial position 
First quarter 2025 
The following information relates to the 
Group formal accounts.  
During the first quarter of 2025, the 
SEK strengthened significantly against the 
EUR, DKK, and GBP, which had a negative 
impact on the Group's foreign net assets 
when translated into the Group's report-
ing currency, SEK. In the period, the 
Group's total assets decreased by SEK 432 
M and amounted to SEK 5,118 M as of 31 
March 2025. 
Group equity decreased by SEK 236 M 
to SEK 1,803 M as of 31 March 2025. Of 
this change, SEK -161 M related to nega-
tive exchange rate fluctuations, of which 
SEK -104 M was recognised in net financial 
income/expense in the Group's Income 
Statement, and SEK -57 M is recognised in 
Other Comprehensive Income. As of the 
balance sheet date, the Group’s equity/as-
sets ratio was 35 percent (37 percent as of 
31 December 2024). 
 
Group financing 
Catella AB issued senior unsecured bonds 
totalling SEK amount 1,300 million, of 
which SEK 600 million with maturity in 
March 2028 and SEK 700 million with ma-
turity in March 2029 The loans accrues 
variable interest at 3-month Stibor plus 
390 b.p. and 450 b.p. respectively. The ef-
fective interest rate, excluding loan ar-
rangement fees, was 6.8 percent (8.8) in 
first quarter 2025. Financing is conditional 
on a minimum Group equity requirement 
of SEK 1,000 M from time to time. The 
bonds are listed on Nasdaq Stockholm, 
with SEK 600 million included in the sus-
tainable bonds segment. 
In addition, the wholly owned subsidiary 
Catella Holding AB has secured a new 
credit facility of SEK 200 M on favourable 
terms, which serves as the company’s li-
quidity reserve.  
   In addition, the Group’s property devel-
opment company received loans from 
credit institutions relating to ongoing prop-
erty projects. As of 31 March 2025, these 
loans totalled SEK 1,176 M (SEK 1,244 M 
as of 31 December 2024). A majority of 
these relate to the financing of Kaktus, 
where loans accrued variable interest aver-
aging 3.5 percent (5.3) in the first quarter 
2025. 
 
Group cash flow 
First quarter 2025 
Consolidated cash flow from operating ac-
tivities was SEK -69 M (25), of which cash 
flow from property projects amounted to 
SEK -28 M (95). Additional investments 
were mainly made in KöTower, Düssel-
Terrassen, Metz-Eurolog and Kaktus. In the 
previous year, the project Infrahubs Jönkö-
ping was sold which contributed SEK 280 
M in liquidity to Catella. 
Cash flow from financing activities was 
SEK -22 M (306), of which the majority re-
lates to the amortization of loans and lease 
liabilities. In the previous year, new loans 
were raised from credit institutions for the 
Kaktus and Polaxis projects, totaling SEK 
321 M. 
Cash flow in the period was SEK -88 M 
(330) and cash and cash equivalents at the 
end of the period was SEK 782 M (1,152), 
of which cash and cash equivalents relating 
to the Group’s Swedish holding company 
amounted to SEK 220 M (409).  
 
Parent Company 
First quarter 2025 
Parent Company income was SEK 16.5 M 
(10.9), and operating profit was SEK -11.5 
M (-11.7). The increased income was 
partly due to Parent Company operating 
costs for the Group-wide IT platform be-
ing partially recharged to subsidiaries in the 
form of management services fees, starting 
in 2025. In addition, variable salaries in-
creased compared with the previous year.  
Net financial income/expense for the 
period improved by SEK 5.6 M, amounting 
to SEK -22.8 M (-28.4), as a result of lower 
interest costs on bond loans. 
The number of employees at the end of 
the period was 19 (20).  
 
Employees 
At the end of the period, there were 483 
(494) employees, expressed as full-time 
equivalents. 
 
Risks and uncertainties  
Macroeconomic conditions relating to in-
flation and interest rates affect transaction 
levels and AUM, impacting results of oper-
ations in Investment Management and 
Corporate Finance. Lower transaction vol-
umes can also affect Principal Investments' 
ability to divest projects at acceptable 
prices. These uncertainty factors may af-
fect 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 2024. 
 
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 Corporate Reporting Board. In-
formation according to IAS 34.16A also 
appears, in addition to in the financial re-
ports 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 Swe-
dish Corporate Reporting Board. 
The Group’s and Parent Company’s key 
accounting principles are presented in Ca-
tella’s Annual Report for 2024. Figures in 
tables and comments may be rounded.  
 
Related party transactions 
No new transactions with related parties 
occurred during the quarter. For more in-
formation see Note 20 and 38 in the An-
nual Report 2024. 
 
Forecast 
Catella does not publish forecasts. 
This information is mandatory for Catella 
AB to publish in accordance with EU’s

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

Interim Report January – March 2025 
12   
 
Market Abuse Regulation. This information 
was submitted to the market, through the 
agency of the below contact, for publica-
tion on 09 May 2025 at 07:00 a.m. CEST. 
 
This Report has not been subject to re-
view by the company’s auditors
 
 
 
 
 
Stockholm, Sweden, 09 May 2025  
Catella AB (publ) 
 
Daniel Gorosch 
Interim CEO and Presi-
dent

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

Interim Report January – March 2025 
  13 
 
Consolidated Income Statement 
 
 
 
Information on the Income Statement by business area can be found in Note 1. 
 
Consolidated Statement of Comprehensive Income  
 
  
2025 2024 2024
SEK M Note Jan-Mar Jan-Mar Jan-Dec
Net sales 325 420 2 206
Other operating income 16 5 102
Total income 341 425 2 307
Provisions, direct assigment and production costs -54 -118 -844
Other external expenses -79 -79 -358
Personnel costs -206 -184 -801
Depreciation -22 -20 -84
Other operating expenses -19 -17 -61
Share of profit from associated companies -3 -2 -37
Operating profit/loss -43 5 122
Interest income 8 18 64
Interest expenses -37 -52 -210
Other financial items -114 56 52
Financial items—net -143 23 -94
Profit/loss before tax -186 28 28
Tax 5 -1 -3
Net profit/loss for the period -181 27 24
Profit/loss attributable to:
Shareholders of the Parent Company -182 26 30
Non-controlling interests 1 2 -5
-181 27 24
Earnings per share attributable to shareholders of the Parent Company, SEK 
- before dilution -2,06 0,29 0,34
- after dilution -2,06 0,29 0,34
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 88 348 572 88 348 572
2025 2024 2024
SEK M Jan-Mar Jan-Mar Jan-Dec
Net profit/loss for the period -181 27 24
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value changes in financial assets through other comprehensive income 3 4 16
Items that will be reclassified subsequently to profit or loss:
T
ranslation differences -57 51 54
Other comprehensive income for the period, net after tax -55 55 70
Total comprehensive income/loss for the period -235 82 95
Total comprehensive income/loss attributable to:
Shareholders of the Parent Company -234 78 97
Non-controlling interests -1 4 -3
-235 82 95

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

Interim Report January – March 2025 
14   
 
Consolidated Statement of Financial Position – condensed 
 
 
Information on financial position by operating segment can be found in Note 2. 
  
2025 2024 2024
SEK M Note 31 Mar 31 Mar 31 Dec
ASSETS
Non-current assets
Intangible assets 558 590 587
Contract assets leasing agreements 162 147 177
Property, plant and equipment 30 34 32
Holdings in associated companies 103 139 105
Non-current receivables from associated companies 251 170 256
Other non-current securities 3, 4, 5 460 496 494
Deferred tax receivables 70 26 48
Other non-current receivables 47 60 57
1 682 1 662 1 759
Current assets
Development and project properties 2 084 2 352 2 196
Contract assets 0 76 0
Receivables from associated companies 83 68 89
Accounts receivable and other receivables 413 536 526
Current investments 3, 4, 5 74 24 80
Cash and cash equivalents * 782 1 152 901
3 436 4 207 3 791
Total assets 5 118 5 869 5 549
EQUITY AND LIABILITIES
Equity 
Share capital 177 177 177
Other contributed capital 295 296 295
Reserves 69 139 121
Profit brought forward including net profit for the period 1 220 1 453 1 404
Equity attributable to shareholders of the Parent Company 1 761 2 064 1 997
Non-controlling interests 42 51 42
Total equity 1 803 2 115 2 039
Liabilities
Non-current liabilities
Borrowings from credit institutions 1 141 1 546 1 209
Bond issue 1 288 0 1 288
Contract liabilities leasing agreements 116 105 134
Other non-current liabilities 139 156 156
Deferred tax liabilities 18 24 20
2 701 1 830 2 807
Current liabilities
Borrowings from credit institutions 52 4 52
Bond issue 0 1 247 0
Contract liabilities leasing agreements 54 49 52
Contract liabilities 0 4 0
Accounts payable and other liabilities 487 597 589
Tax liabilities 20 22 11
614 1 924 704
Total liabilities 3 315 3 754 3 510
Total equity and liabilities 5 118 5 869 5 549
* Of which pledged and blocked liquid funds 95 110 105

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

Interim Report January – March 2025 
  15 
 
Consolidated Statement of Cash Flows 
 
 
 
  
2025 2024 2024
SEK M Jan-Mar Jan-Mar Jan-Dec
Cash flow from operating activities
Profit/loss before tax -186 28 28
Reclassification and adjustments for non-cash items:
Wind down expenses -0 -0 -1
Other financial items 114 -56 -49
Depreciation 22 20 84
Impairment / reversal of impairment of current receivables -5 1 43
Reported interest income from loan portfolios -4 -5 -19
Profit/loss from participations in associated companies 3 2 37
Personnel costs not affecting cash flow 2 -2 4
Other non-cash items 15 7 -59
Paid income tax -6 -20 -62
Cash flow from operating activities before changes in working capital -45 -25 6
Investments in property projects -60 -245 -900
Divestment of property projects 32 341 992
Cash flow from property projects -28 95 92
Cash flow from changes in working capital
Increase (–)/decrease (+) of operating receivables 109 -4 116
Increase (+) / decrease (–) in operating liabilities -105 -41 -98
Cash flow from operating activities -69 25 116
Cash flow from investing activities
Purchase of property, plant and equipment -3 -2 -9
Divestment of tangible fixed assets - - 1
Purchase of intangible assets -5 -1 -17
Dividend and other disbursements from associated companies - - 6
Purchase of financial assets -6 -2 -30
Sale of financial assets 13 - 56
Cash flow from loan portfolios 4 5 19
Cash flow from investing activities 4 -1 27
Cash flow from financing activities
Re-purchase of share warrants - - -5
Proceeds from share warrants issued - - 5
Borrowings - 323 1 753
Amortisation of loans -6 -2 -1 671
Amortisation of leasing debt -15 -13 -52
Dividends paid to shareholders of the parent company - - -80
Dividends paid to non-controlling interests -2 -1 -13
Cash flow from financing activities -22 306 -64
Cash flow for the period -88 330 80
Cash and cash equivalents at beginning of period 901 796 796
Exchange rate differences in cash and cash equivalents -31 26 25
Cash and cash equivalents at end of the period 782 1 152 901

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

Interim Report January – March 2025 
16   
 
Consolidated Statement of Changes in Equity 
 
 
* Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. 
** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. 
 
As of 31 March 2025, there were 150,000 outstanding warrants under the older program 2020/2025:B which can be used to subscribe for the equivalent number of Class B shares in June 2025. The exer-
cise price is SEK 35.20 per share. In addition, there were 711,750 outstanding warrants under the new program, which was launched in 2024, which can be used to subscribe for the equivalent number of 
Class B shares in September 2027 and September 2028. The exercise price is SEK 36.30 per share. 
 
 
 
 
* Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. 
 ** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. 
 
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 expired in June 2024 and 175,000 warrants can be utilized in June 2025. The repurchased warrants 
have, alongside warrants held in treasury, been voided. 
  
SEK M
Opening balance at 1 January 2025 177 295 -20 141 1 404 1 997 42 2 039
C
omprehensive income for January - March 2025:
Net profit/loss for the period -182 -182 1 -181
Other comprehensive income, net of tax 3 -55 -52 -3 -55
Comprehensive income/loss for the period 3 -55 -182 -234 -1 -235
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 2 2
Closing balance at 31 March 2025 177 295 -17 86 1 220 1 761 42 1 803
Equity attributable to shareholders of the Parent Company
Share capital
Other 
contributed 
capital
Translation 
reserve Total
Total 
equity
Fair value 
reserve
Profit brought 
forward incl. 
net profit/loss 
for the period
Non-
controlling 
interests *
SEK M
Opening balance at 1 January 2024 177 296 -3 89 1 429 1 988 50 2 038
Comprehensive income for January - March 2024:
Net profit/loss for the period 26 26 2 27
O
ther 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
Closing balance at 31 March 2024 177 296 1 138 1 453 2 064 51 2 115
Equity attributable to shareholders of the Parent Company
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

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

Interim Report January – March 2025 
  17 
 
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. 
 
  
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024
SEK M Note 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 Jan-Mar Jan-Mar Jan-Dec
Net sales 221 240 1 031 32 115 781 73 68 401 16 11 47 -17 -15 -54 325 420 2 206
Other operating income 18 4 18 0 1 64 1 1 5 1 3 30 -4 -4 -15 16 5 102
Total income 239 244 1 048 33 117 845 73 69 406 17 14 77 -21 -19 -69 341 425 2 307
Provisions, direct assigment and 
production costs -35 -41 -158 -7 -75 -648 -14 -8 -69 -0 -0 -0 1 6 32 -54 -118 -844
Other external expenses -54 -48 -219 -3 -11 -37 -23 -24 -99 -10 -9 -39 11 13 35 -79 -79 -358
Personnel costs -114 -106 -471 -9 -9 -33 -64 -56 -233 -19 -15 -70 0 1 6 -206 -184 -801
Depreciation -14 -13 -55 -0 -0 -1 -5 -5 -19 -2 -2 -9 0 0 0 -22 -20 -84
Other operating expenses -1 -2 -13 -27 -18 -55 -1 -0 -3 6 -1 -4 4 4 15 -19 -17 -61
Share of profit from associated 
companies -0 0 5 -3 -3 -44 0 0 0 0 1 2 0 0 0 -3 -2 -37
Less profit attributable to non-
controlling interests * -2 -2 -2 1 0 7 0 -0 0 0 0 0 1 2 -5 0 0 0
Operating profit/loss 19 32 135 -16 1 34 -33 -23 -17 -10 -12 -43 -3 7 14 -43 5 122
Interest income 8 18 64
Interest expenses -37 -52 -210
Other financial items -114 56 52
Financial items—net -143 23 -94
Profit/loss before tax -186 28 28
Tax 5 -1 -3
Net profit/loss for the period -181 27 25
Profit/loss attributable to shareholders 
of the Parent Company -182 26 30
Investment Management Principal Investments Corporate Finance Other Eliminations Group

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

Interim Report January – March 2025 
18   
 
Note 2. Financial position by operating segment 
 
 
 
 
 
 
 
 
2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024
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 427 472 459 0 -0 0 64 66 66 67 51 63 558 590 587
Contract assets leasing agreements 61 78 70 1 2 2 50 37 57 50 30 49 162 147 177
Property, plant and equipment 25 27 27 0 1 1 3 4 4 2 2 2 30 34 32
Holdings in associated companies 27 27 29 72 107 73 0 0 0 3 5 3 103 139 105
Non-current receivables from associated companies 0 0 0 251 170 256 0 0 0 0 0 0 251 170 256
Other non-current securities 30 35 34 401 357 432 0 0 0 29 104 29 460 496 494
Deferred tax receivables 22 2 8 19 9 17 28 15 24 0 0 0 70 26 48
Other non-current receivables 18 29 27 29 29 30 6 11 10 -6 -9 -1 0 47 60 57
610 672 652 775 675 811 151 133 160 146 183 136 1 681 1 662 1 758
Current assets
Development and project properties 0 0 0 2 199 2 474 2 311 0 0 0 - 114 -122 -115 2 084 2 352 2 196
Contract assets 0 0 0 0 82 0 0 0 0 0 -7 0 0 76 0
Receivables from associated companies 0 3 0 87 66 92 0 0 0 -4 0 -4 83 68 89
Accounts receivable and other receivables 393 314 435 93 173 121 157 175 230 - 231 -127 -261 413 536 526
Current investments 0 0 0 0 0 0 0 0 0 74 24 80 74 24 80
Cash and cash equivalents 428 490 437 78 159 77 51 44 60 225 458 327 782 1 152 901
822 807 872 2 456 2 955 2 601 208 220 290 - 50 225 27 3 436 4 207 3 791
Total assets 1 432 1 479 1 524 3 231 3 630 3 412 359 353 450 96 408 163 5 118 5 869 5 549
EQUITY AND LIABILITIES
Equity 
Equity attributable to shareholders of the Parent Company 298 237 302 257 320 312 -2 3 -6 -96 1 229 1 514 1 479 1 761 2 064 1 997
Non-controlling interests 44 44 42 -2 8 0 11 9 10 -1 1 -10 -10 42 51 42
Total equity 342 281 344 256 328 312 - 12 3 -86 1 217 1 504 1 469 1 803 2 115 2 039
Liabilities
Non-current liabilities
Borrowings from credit institutions 1 2 1 1 137 1 522 1 194 2 22 14 0 0 0 1 141 1 546 1 209
Bond issue 0 0 0 0 0 0 0 0 0 1 288 0 1 288 1 288 0 1 288
Contract liabilities leasing agreements 40 57 48 0 1 1 34 21 40 41 26 46 116 105 134
Other non-current liabilities 738 799 787 130 128 136 0 0 0 - 729 -771 -767 139 156 156
Deferred tax liabilities 8 13 9 0 0 0 0 0 0 10 10 10 18 24 20
787 871 846 1 267 1 650 1 330 36 43 54 610 - 734 577 2 701 1 830 2 807
Current liabilities
Borrowings from credit institutions 0 1 1 42 0 51 9 4 1 0 0 0 52 4 52
Bond issue 0 0 0 0 0 0 0 0 0 0 1 247 0 0 1 247 0
Contract liabilities leasing agreements 24 26 26 1 1 1 18 17 20 11 5 5 54 49 52
Contract liabilities 0 0 0 0 4 0 0 0 0 0 0 0 0 4 0
Accounts payable and other liabilities 260 278 300 1 665 1 646 1 718 305 287 459 - 1 743 -1 613 -1 888 487 597 589
Tax liabilities 18 22 7 0 1 0 3 -1 3 0 0 0 20 22 11
303 326 334 1 708 1 652 1 770 335 307 483 - 1 732 -361 -1 883 614 1 924 704
Total liabilities 1 090 1 197 1 180 2 975 3 302 3 100 371 350 536 - 1 122 -1 095 -1 306 3 315 3 754 3 510
Total equity and liabilities 1 432 1 479 1 524 3 231 3 630 3 412 359 353 450 96 408 163 5 118 5 869 5 549
Investment Management Principal Investments Corporate Finance Other Group

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

Interim Report January – March 2025 
  19 
 
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 
repurchase will take place in the fourth 
quarter of 2025. The portfolio is valued at 
the full repayable amount of EUR 5.0 mil-
lion, discounted to the present value with 
application of a discount rate for similar as-
sets. This corresponds to a value of EUR 
4.9 million. 
 
Lusitano 5 
The time call affects sub-portfolio Lusitano 
5 and constitutes an option held by the 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 2025. The 
assumption is conservative due to this re-
quiring no further cash flows other than 
the position's current capital amount of 
EUR 1.6 million plus the following quar-
ter’s cash flow when exercising the time 
call. The portfolio is hence valued at EUR 
1.9 million.  
 
Further information regarding the loan 
portfolio can be found in the Annual Re-
port 2024. 
 
 
 
Actual cash flows from the loan portfolio 
 
 
 
 
SEK M
Loan portfolio Country
Pastor 2 Spain 54,2 72,0% 53,2 71,6% 2,6% 0,75
Lusitano 5 Portugal 21,1 28,0% 21,1 28,4% 0,0% 0,25
Total cash flow * 75,3 100,0% 74,3 100,0% 1,9% 0,6
Carrying amount in consolidated balance sheet ** 74,3
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 2009-2023 28,9 56,3 267,0 352,2
Full year 2024 2,2 17,0 0,0 19,2
Q1 2025 0,5 3,3 0,0 3,8
Total 31,6 76,6 267,0 375,3
Spain Portugal

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

Interim Report January – March 2025 
20   
 
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. For 
more information, see Note 22 in the An-
nual Report 2024. 
The Group's assets and liabilities meas-
ured at fair value as of 31 March 2025 are 
stated in the following table. 
 
 
 
 
 
 
  
2025 2024 2024
SEK M 31-mar 31-mar 31-dec
Visa preferred stock C series 29 50 29
Loan portfolios 74 78 80
Operation-related investments ** 432 392 466
Other securities 0 0 0
Total * 535 520 574
* of which short-term investments SEK 74 M and long-term investments SEK 460 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
Holdings in preference shares 29 29
Loan portfolios 74 74
Other debt instruments 138 138
Fund investments 54 2 104 159
Unlisted shares 0 135 135
Total assets 54 30 450 535
LIABILITIES 
Conditional purchase price 0 0
Total liabilities 0 0 0 0
No changes between levels occurred the previous year.
Change analysis, financial assets, level 3 for the first three months 2025
as of 1 January 486
Purchases 0
Disposals 0
Revaluation through profit & loss -25
Translation differences -11
As of 31 December 450
C
hange analysis, financial liabilities, level 3 for the first three months 2025
as of 1 January 9
Additional items 0
Deductions 0
Revaluation through profit & loss -9
Translation differences 0
As of 31 December 0

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

Interim Report January – March 2025 
  21 
 
Note 6. Pledged assets, contingent liabilities and commitments 
 
Pledged assets 
 
 
The property pledge relates to Kaktus. 
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 re-
late to guarantees which were provided 
for rental contracts with landlords. Of the 
Group’s total contingent liabilities, SEK 259 
M relates to Principal Investments. 
 
Commitments 
 
 
 
 
 
  
2025 2024 2024
SEK M 31 Mar 31 Mar 31 Dec
Property mortgage 1 008 1 020 1 067
Cash and cash equivalents 95 110 105
Other pledged assets 0 0 0
1 103 1 131 1 172
2025 2024 2024
SEK M 31 M ar 31 Mar 31 Dec
Other contingent liabilities 260 159 274
260 159 274
2025 2024 2024
SEK M 31 Mar 31 Mar 31 Dec
Investment commitments 0 6 0
Other commitments 0 0 0
0 6 0

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

Interim Report January – March 2025 
22   
 
Parent Company Income Statement 
 
 
 
 
Parent Company Balance Sheet – condensed 
 
 
 
Catella AB has entered into a guarantee commitment with investors in several project companies totalling SEK 229 M relating to comple-
tion under development agreements. For the comparative period 31 March 2024, the Parent Company’s total contingent liabilities 
amounted to SEK 1,351 M. 
 
 
 
  
2025 2024 2024
SEK M Jan-Mar Jan-Mar Jan-Dec
Net sales 15,7 10,5 46,5
Other operating income 0,8 0,4 4,0
Total income 16,5 10,9 50,5
Other external expenses -12,3 -9,6 -40,5
Personnel costs -15,6 -12,6 -60,7
Depreciation -0,1 -0,1 -4,0
Other operating expenses -0,0 -0,3 -1,1
Operating profit/loss -11,5 -11,7 -55,8
Profit/loss from participations in group companies 0,0 0,0 256,1
Interest income and similar profit/loss items 0,1 0,1 0,2
Interest expenses and similar profit/loss items -22,9 -28,6 -120,3
Financial items -22,8 -28,4 136,0
Profit/loss before tax -34,3 -40,1 80,2
Tax on net profit for the year 0,0 0,0 0,0
Net profit/loss for the period -34,3 -40,1 80,2
2025 2024 2024
SEK M 31 Mar 31 Mar 31 Dec
Intangible assets 17,2 1,3 12,5
Property, plant and equipment 1,7 2,0 1,8
Participations in Group companies 1 358,2 1 358,2 1 358,2
Current receivables from Group companies 306,9 255,8 346,6
Other current receivables 12,7 15,5 13,1
Cash and cash equivalents 0,1 0,2 0,2
Total assets 1 696,9 1 633,0 1 732,4
Restricted equity 176,7 176,7 176,7
Non-restricted equity 185,0 178,5 219,3
Non-current bond loan 1 287,9 0,0 1 288,3
Current bond loan 0,0 1 247,2 0,0
Current liabilities to Group companies 14,4 3,3 0,2
Other current liabilities 32,9 27,3 47,9
Total equity and liabilities 1 696,9 1 633,0 1 732,4

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

Interim Report January – March 2025 
  23 
 
Application of key performance indicators not defined by IFRS ac-
counting standards 
 
The Consolidated Accounts of Catella are 
prepared in accordance with IFRS account-
ing standards, which only define a limited 
number of performance measures. Catella, 
applies the European Securities and Mar-
kets Authority’s (ESMA) guidelines for al-
ternative performance measures. In 
summary, an alternative performance 
measure is a financial measure of historical 
or future profit progress
, financial position or cash flow not defined 
by or specified in IFRS. In order to assist 
corporate management and other stake-
holders in their analysis of Group progress, 
Catella presents certain performance 
measures not defined under IFRS. Corpo-
rate management considers that this infor-
mation facilitates analysis of the Group’s 
performance. This additional information is 
complementary to the information pro-
vided 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. For more infor-
mation, see Note 39 in the Annual Report 
2024. 
 
 
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 
AUM constitutes the value of Catella’s customers’ de-
posited/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. 
Dividend per share Dividend divided by the number of shares. Provides investors with a view of the company’s dividend 
over time.

===== SIDA 24 =====

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 2025                                  20 May 
2025 
Interim Report April-June 2025                     21 August 
2025  
Interim Report July-September 2025             7 November 2025 
Year-end Report October-December 2025    13 February 2026  
  Michel Fischier, CFO 
Tel. +46 (0)8-463 33 10 
 
More information on Catella and all financial reports are availa-
ble at catella.com.