FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== 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.