===== 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.