Kvartalsrapport Q1 2026

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
Improved underlying earnings in an uncertain 
market 
 
”
Catella 
delivers a stable first quarter, with underlying earnings improving year on 
year. This was achieved despite heightened uncertainty in our external environ-
ment. Against this backdrop, we continue to strengthen the Group through sharper 
focus and higher eff
iciency, supported by organizational initiatives already imple-
mented. In an uncertain market, disciplined execution, agility and speed will remain 
key differentiators for long
-
term success
”. 
 
Rikke Lykke, Group CEO 
 
      
 
 Progress during the quarter     
 
 Financial results  
• 
 Net sales in the quarter 
amounted to SEK 
296 
M (
325
) 
• 
 Operating profit 
was SEK 
-
45 
M (
-
43
) 
• 
 Operating profit 
adjusted for items affecting comparability
, 
in-
creased by 
SEK 
2
6 
M 
compared 
with the previous year.    
• 
 Operating profit attributable to Catella’s shareholders was SEK 
-
45 
M (
-
44
) 
• 
 Profit attributable to Catella’s shareholder was SEK 
-
50 
M  
(
-
182
) 
• 
 Earnings per share before and after dilution was SEK 
-
0.
57  
(
-
2.06
) 
 
Assets under management 
• 
 Assets under management (AUM) amounted to SEK 1
60 
Bn at 
the end of the period, a
n increase of 
SEK 
4 
Bn co
mpared to the 
fourth 
quarter of 2025
. 
The increase is mainly driven by a re-
porting change implemented in 2026, under which assets under 
development are included in AUM. Revenue from these assets 
was already reflected in the comparison period, whereas AUM 
was not. 
     
      
Total income   
 Operating profit  
 Assets under management  
 Invested capital 
SEK 
2,0
34 
M 
 
 SEK  
2
76 
M 
 
 SEK  
1
60 
Bn 
 
 SEK  
8
77 
M 
Last 12 months  
 Last 12 months  
 End of period  
 End of period

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
2   
 
CEO COMMENTS  
The first quarter of 2026 saw renewed macroeconomic 
and geopolitical uncertainty, adding to an already complex 
environment. Escalating tensions in the Middle East and con-
tinued energy
-
market volatility again weighed on investor 
sentiment, delaying decision
s and dampening activity in both 
the global economy and real estate transaction markets. 
While we do not expect a prolonged downturn in our base 
case, these developments have reinforced a “wait
-
and
-
see” 
approach and contributed to a slower recovery in mark
et 
activity. 
  
Despite this, underlying market conditions are gradually 
improving. The repricing phase in European real estate is 
largely behind us, with early signs of stabilisation: modest 
value recovery, improving financing conditions and steadily 
increasing transacti
on activity. Liquidity, however, remains 
selective and uneven, favouring high
-
quality assets and in-
come
-
oriented strategies. 
  
Against this backdrop, I am pleased that our underlying 
results improved during the quarter, adjusting for last year’s 
positive non
-
recurring effects, including the reversal of pro-
visions and rental income from Kaktus Towers, divested in 
May 2025. This per
formance reflects the resilience of our 
core business and continued progress in executing on our 
strategy. 
  
Looking ahead, we see clear opportunities in the current 
market despite ongoing external uncertainty.  
In particularly, we see opportunities in affordable rental 
housing and operational living concepts, such as student 
housing, senior housing, co
-
living, and serviced apartments, 
focused on dense urban areas across the Nordics, Spain, 
and Germany. Residentia
l markets continue to benefit from 
structural supply shortages, low vacancy, and population 
growth in major cities. Operational living formats offer ad-
vantages through shorter lease cycles, flexible pricing, and 
specialized management. 
  
During the quarter we took important strategic steps to 
further strengthen the Group. A new organizational struc-
ture has been implemented
. We 
manage our business in 
two business areas: Investment Management and Corpo-
rate Finance. This change is intended to strengthen trans-
parency, accountability and operational efficiency. 
While 
Balance Sheet investment
, 
f
rom an operational standpoint, 
is no longer a separate business area, we will continue to 
separate these assets in our 
monitoring 
and 
reporting.  
  
A part of our 
continued 
strategy is to 
identify 
profitable
, 
less 
capital
-
intensive 
co
-
investments with third parties 
to 
grow assets under management in the Investment Manage-
ment business area
. 
In the first quarter, we completed an 
investment in line with our new investment criteria, estab-
lishing a joint venture with Pictet 
Alternative Advisors to 
deliver 205 apartments in Greater Copenhagen. The struc-
ture, combining a limited equity commitment with a long
-
term development mandate, is intended to generate both 
fixed and variable fee income while maintaining capital effi-
ciency and scalability. 
  
In parallel, we continued to align key functions with our 
organizational structure, enabling more effective resource 
allocation towards higher
-
return opportunities. This work 
remains ongoing and is aimed at strengthening collaboration 
across our pan
-
Europe
an operations. With a presence in 
twelve countries, greater alignment and agility will enable us 
to operate more efficiently, respond faster to market 
changes and act more globally while leveraging strong local 
expertise. 
  
At the beginning of April, we repurchased own bonds 
corresponding to SEK 140 million, which will reduce our 
debt and lower interest costs. While straightforward, this is 
an important step in strengthening our financial position and 
flexibility. Subject to 
the annual general meeting to be held 
on 12 May 2026 resolving to authorise the board of direc-
tors to resolve on repurchase of the company's own 
shares, the board of directors intends to launch a share re-
purchase program of own Class B shares of up to appr
oxi-
mately SEK 100 million following the 2026 annual general 
meeting to further optimize our capital structure
. 
  
In the first quarter, we report an operating profit of SEK 
-
45 million (
-
43) with a total income of SEK 303 million 
(341), with recurring revenues representing 67%. Adjusted 
for prior
-
year items affecting comparability, primarily rental 
income from Kaktus 
Towers, adjusted total income for the 
first quarter 2025 amounted to SEK 314 million. The 2026 
adjusted operating profit was SEK 26 million better than 
previous year. 
  
Increase in Assets Under Management 
Total AUM increased from SEK 155 Bn at the end of 
2025 to SEK 160 Bn as of 31 March 2026. The increase is 
driven by a reporting change implemented in 2026, under 
which assets under development are now included in AUM. 
Excluding this effect, AUM declined by 
SEK 3 Bn during the 
quarter, reflecting 
softening valuations
, 
terminations of As-
set Management mandates 
in Finland 
and redemptions. 
Revenue from these assets was already recognised in the 
comparison period, whereas the corresponding A
U
M was 
not previously 
reported. 
  
 
As the European real estate fundamentals continue to  
improve, we expect A
U
M to increase, with a further  
improvement in earnings within the Investment Manage-
ment business area.

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 3 
 
The transaction market slowly picking up 
Transaction markets continued to improve gradually dur-
ing the quarter, although uncertainty led to some transac-
tions being postponed. Momentum strengthened 
and we 
completed attractive mandates, particularly in the Nordics 
and Spain. At the same time, we also saw increased activity 
in France, especially in the regional markets. 
  
The 
Corporate Finance business area 
reported total in-
come of SEK 73 million, flat to previous year (73) 
and a 
2026 
first quarter 
operating profit of SEK 
-
29 million
, 
com-
pared to 
-
33 
million 
in 2025. 
  
A notable achievement during the quarter was the man-
date executed by Corporate Finance Denmark, acting as fi-
nancial advisor to one of Europe’s largest asset managers, 
DWS, in the refinancing of a large
-
scale residential develop-
ment project in Herlev, Denma
rk. The refinancing, amount-
ing to DKK 1 billion, was completed following the project’s 
development and leasing. The mandate underscores the 
strength of our advisory business, even in a selective mar-
ket. 
  
Future outlook 
Looking ahead, I expect the market to continue improv-
ing gradually, although the path will not be linear and uncer-
tainty will remain. Compared with a year ago, we are in a 
stronger position and well placed to act. Our priorities are 
clear: 
resilience and quality of earning
s 
over time
, opera-
tional excellence and 
a 
focus 
on selected targeted invest-
ments
. 
  
As outlined in our House View, the most attractive op-
portunities remain in segments supported by structural de-
mand such as affordable housing. At the same time, 
opportunities are emerging more broadly. As pricing adjust, 
retail, particularly non
-
discretion
ary segments, and selected 
logistics investments are becoming more attractive. In of-
fices, the flight to quality continues, underscoring the im-
portance of location and sustainability. 
  
In summary, we made steady progress this quarter. With 
a clearer structure, a more focused 
organization and a 
strengthened balance sheet, I am confident in our ability to 
scale 
and 
build long
-
term value. 
  
I would like to thank Michel Fischier, who has stepped 
down as Catella’s CFO after five years and to welcome his 
successor, Gustav Jansson, who will play an important role 
in our continued development. 
 
I would also like to warmly welcome all our shareholders to 
our Annual General Meeting, which will be held on Tues-
day, 12 May at 10:00 a.m. at GT30, Grev Turegatan 30 in 
Stockholm. 
 
Catella will be presenting the Interim Report and answering 
questions today at 10 a.m. CET.  
To participate in the conference, please see: 
https://financialhearings.com/event/54586 
 
 
Rikke Lykke, Group CEO 
Stockholm, Sweden, 
8 
Ma
y 2026

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
4   
 
Our business areas 
Catella comprises the 
business areas Investment Management 
and 
Corporate Finance, which are described in 
more detail below. 
Catella also reports 
its Balance Sheet Investments 
separately.  
 
 
Investment Management 
Catella is a leading specialist in property investment management with 
investments in 1
6 
geographical markets in Europe
, and present in 12
. 
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 Managemen
t. Property Funds offers 
funds with various investment strategies in terms of risk and return, 
type of property and lo
cation. Through more than 20 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, ot
her institutions and family offices.
For more information about the business area, see 
page 
6
-
7
. 
 
 
 
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 exp
ertise about the 
property markets in combination with European reach.  
For more information about the business area, 
see 
page 
8
. 
 
 
 
 
 
 
 
 
 
Balance Sheet Investments 
Catella makes own sustainability
-
focused real estate 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 through seed 
inve
stments in new in
-
house funds, co
-
investments with external capital partners to secure long
-
term asset management mandates, and 
investments in development projects alongside majority
-
owning capital partners. In addition to growing managed capital and fixed 
fees, 
the return requirements are a minimum of 15% IRR on own investments.  
For more information 
about Balance Sheet Investments
, 
see 
page 
9
-
10
.

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 5 
 
Comments on the Group’s progress  
Profit and comments on page 5
-
11 relate to operating profit attributable to Catella AB’s shareholders, which is consistent with the internal re-
porting delivered to Group Management and the Board. The difference to the Group’s formal Income Statement is tha
t deductions have been 
made in the Income Statement for profit attributable to shareholders with non
-
controlling interests. A complete reconciliation can be found in 
Note 1. 
Catella primarily invests through co
-
investments with partners to grow assets 
under management 
in the Investment Management business area. 
Subsidiaries that engage in project development are included in Investment Management from 2026 and comparative periods have 
been adjusted 
accordingly. Previously, these subsidiaries were included in the Balance 
Sheet Investments business area 
(previously Principal Investments)
. 
 
* Net profit
/loss 
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 
F
irst 
quarter 202
6 
Net sales for the Group 
amounted to SEK 
296 
M 
(325), a decrease of SEK 29 
M 
com-
pared to the previous year. Most of the 
change is attributable to rental income from 
Kaktus which was divested in 
May 
2025, and 
to some extent also to exchange rate 
impact
s 
due to a 
weaker euro 
relative to the 
Swedish 
krona 
in 
the first quarter of 
2026. 
No pro-
jects were divested or 
revenue 
recognized in 
the current period. 
Other operating income 
in 2025 include
d 
a non
-
recurring income of 
SEK 8 M related to the revaluation of a finan-
cial liability 
related 
to the acquisition of shares 
in Catella Aquila. 
The 
Group's operating expenses were 
lower than the previous year, with salary 
costs for the period decreasing by SEK 23 
M 
to SEK 183 
M 
(206), mainly driven by lower 
variable salaries
. C
osts for external consult-
ants 
also 
decreased. 
Furthermore, the peri-
od's fair value changes in fund holdings 
amounted to SEK 
-
1
6 
M 
(
-
2
4
), most of which 
is attributable to Pamica.  
The Group's operating profit amounted to 
SEK 
-
45 
M 
(
-
44), which was on par with the 
previous year. 
Comments on the progress of each busi-
ness area can be found on 
pages 
7
-
10
.  
The Group’s net financial income/expense 
improved significantly compared to the previ-
ous year and amounted to SEK 
-
2 
M 
(
-
143), 
of which exchange rate differences 
amounted to SEK 12 
M 
(
-
104). 
Funding to 
subsidiaries and associated companies is pro-
vided by Catella Holding AB in local currency. 
Outstanding loan receivables in foreign cur-
rency give rise to currency exposure, the ef-
fects of which are reported in the 
consolidated income statement. 
The lower 
exchange rate impact for the period is due to 
lower lending to subsidiaries, 
mainly due to 
the s
ale of Kaktus, but also to a more stable 
SEK 
exchange rate in relation to EUR, DKK 
and GBP. 
Interest expenses for the period  
de
creased by SEK 14 M 
to SEK 23 
M 
(37), 
where the positive change is mainly due to 
the sale of Kaktus but also to lower interest 
expenses for Catella AB's bond loan. 
Profit/loss for the period was SEK 
-
50 
M 
(
-
181
), corresponding to earnings per share 
of SEK 
-
0.
57 
(
-
2
.
06
) attributable to the Par-
ent Company’s shareholders.  
 
Significant events in the quarter  
The Catella Group appointed Gustav Jan
ss
on 
as new Chief Financia
l 
Officer, effective 
from 
1 
May 
2026. Gustav Jansson succeeds Michel 
Fischier. 
   
Catella’s Nomination Committee pro
-
poses 
re
-
election 
of 
Tobias Alsborger, 
Pernilla Claesson, 
Erik Eikeland, 
Samir Kamal
, 
Erik Ranje 
and 
Erik Rune 
as board members 
at the 202
6 
Annual General Meeting. Erik 
Rune is proposed to be 
re
-
elected as chair of 
the Board. 
Sofia 
Watt 
ha
s 
declined re
-
elec-
tion
.  
 
S
ignificant events after the end of the 
quarter 
In April 
Catella AB 
repurchased 
additional 
bonds
, 
with a final redemption date in 
March 2029
, 
for a total nominal value of 
SEK 140 million at a price of 103.75 per-
cent of the bonds' nominal amount
.
2026
 2025
 2026
 2025
 2026
 2025
 2026
 2025
 2026
 2025
SEK M
 Jan-Mar
 Jan-Mar
 Jan-Mar
Jan-Mar
 Jan-Mar
Jan-Mar
 Jan-Mar
 Jan-Mar
 Jan-Mar
 Jan-Mar
Net sales
 221
 230
 72
 73
 4
 28
 -1
 -5
 296
 325
Other operating income
 2
 15
 0
 1
 4
 0
 1
 -0
 7
 16
Total income
 223
 245
 73
 73
 8
 28
 -0
 -6
 303
 341
Provisions, direct assigment and production 
costs
 -36
 -35
 -20
 -14
 -1
 -10
 0
 4
 -56
 -54
Gross profit
 188
 210
 53
 60
 7
 18
 0
 -1
 248
 287
Other external expenses
 -51
 -57
 -24
 -23
 -0
 -5
 -0
 6
 -75
 -80
Personnel costs
 -109
 -123
 -54
 -64
 0
 -0
 -20
 -19
 -183
 -206
Depreciation
 -10
 -15
 -4
 -5
 0
 0
 -4
 -2
 -17
 -22
Other operating expenses
 -2
 -1
 -0
 -1
 -17
 -19
 1
 3
 -18
 -19
Share of profit from associated companies
 3
 -0
 0
 0
 -3
 -3
 0
 0
 -0
 -3
Less profit attributable to non-controlling 
interests
 -0
 -2
 0
 0
 0
 1
 0
 0
 -0
 -1
Operating profit/loss
 19
 12
 -29
 -33
 -13
 -9
 -23
 -14
 -45
 -44
Interest income
 11
 8
Interest expenses
 -23
 -37
Other financial items
 11
 -114
Financial items—net
 -2
 -143
Profit/loss before tax 
 -47
 -187
Tax
 -3
 5
Net profit/loss for the period *
 -50
 -182
Balance Sheet 
Investments
Other and group 
eliminations
 Group
Investment 
Management
Corporate 
Finance

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
6   
 
I
nvestment Management 
Net sales and profit/loss 
F
irst 
quarter 202
6 
Net sales 
was 
SEK 2
21 
M (2
30
), and 
gross 
profit 
amounted to SEK 
188 
M (
210
).  
Net sales 
for the business area de-
creased by SEK 
9 
M, mainly due to 
lower 
fixed management fees
, negatively 
im-
pacted 
by FX effects 
in SEK/EUR
. 
Total in
-
come decreased by SEK 22 
M, primarily 
due to 
lower fixed revenue 
and 
the ab-
sence of a 
one‑
off revenue recognised in 
the prior year relating to a financial liability 
for contingent consideration from the ac-
quisition of shares in the French 
asset man-
agement 
company Aquila, 
seen in other 
income.  
 
 
Operating expenses for the segment de-
creased compared with the corresponding 
period last year, primarily as a result of 
lower 
IT
, external services and 
personnel 
costs
. 
Operating profit for the quarter totalled 
SEK 
19 
M, primarily generated by 
our 
units 
within 
Property Fun
ds.
 
 
  
SEK M
2026
 2025
 Rolling
 2025
INCOME STATEMENT
 —
CONDENSED
 Jan-Mar
 Jan-Mar
 12 Months
 Jan-Dec
Management fees
 196
 207
 802
 813
Development fees
 8
 9
 28
 29
Variable fees
 17
 12
 157
 153
Performance fee
 0
 0
 11
 11
Other net sales
 0
 1
 0
 1
Net sales
 221
 230
 998
 1 007
Other income
 2
 15
 10
 24
Total income
 223
 245
 1 009
 1 031
Assignment expenses and commission
 -36
 -35
 -139
 -139
Gross profit
 188
 210
 870
 892
Operating expenses
 -171
 -196
 -753
 -777
Share of profit from associated companies
 3
 0
 9
 6
Less profit attributable to non-controlling interests
 0
 -2
 -1
 -3
Operating profit/loss
 19
 12
 125
 118
KEY FIGURES
 Jan-Mar
 12 Months
 Jan-Dec
Operating margin, %
 9
 5
 12
 11
Assets under management at end of period, SEK Bn
 159,8
 148,1
 -
 155,3
of which Property Funds
 109,2
 109,0
 -
 107,8
Whereof Asset Management
 42,6
 39,1
 -
 47,4
whereof Development
 8,0
 0,0
 -
 0,0
No. of employees, at end of period
 305
 315
 -
 306
3 Months
 12 Months
OPERATING PROFIT
 
TOTAL INCOME  
 ASSETS UNDER MANAGEMENT  
 
  
 
  
 
  
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0
20
40
60
80
100
120
140
160
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2020
 2021
 2022
Avgifter/förvaltat kapital
mdkr
0
100
200
0
5
10
15
20
25
30
35
40
45
50
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Operating profit
SEK M
940
960
980
1 000
1 020
1 040
1 060
1 080
1 100
1 120
1 140
1 160
0
100
200
300
400
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Revenues
SEK M
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
1,6%
140
150
160
170
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Fee/AUM
SEK Bn

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 7 
 
Investment Management  
Assets under management by service 
area and country 
Total AUM was SEK 1
60 
Bn, of which SEK 
10
9 
Bn related to Property Funds
, 
SEK 4
2 
Bn to Asset Management 
and SEK 
8 Bn to 
Development
. Germany is Property 
Funds' 
largest market with the highest proportion 
of invested capital
. 
 
 
 
ASSETS UNDER MANAGEMENT BY SERVICE AREA  
 
 
 
ASSETS UNDER MANAGEMENT BY COUNTRY  
 
  
 
Change in assets under management 
AUM 
increased from SEK 1
48
.1 Bn to SEK 
1
59.8 
Bn 
compared to the same period 
last year
, a net change of SEK 
11
.
7 
Bn. The 
change was 
primarily 
driven 
by 
higher net 
inflows 
and 
a new reporting adjustment 
implemented from 2026 to include asset 
under development in AUM. 
Positive cur-
rency effects from movements in 
EUR/SEK exchange rate also contributed 
to the increase in AUM, partly offset by a 
slight negative market revaluation. 
The in-
flow of SEK 
21
.
5 
Bn was driven primarily 
by new mandates within Asset Manage-
ment
, 
particularly 
in Denmar
k
, 
together 
with inflow
s 
in asset under development, 
mainly from 
the 
German unit Catella 
Pro
ject Management
. This was 
supported 
by smaller 
contributions 
from 
Property 
Funds
, 
with 
inflows to 
their 
property 
funds. The outflow of SEK 
10.4 
Bn was 
mainly 
attributable to 
Asset 
M
anagement
, 
driven by 
two larger mandates ending in 
Finland
, 
as well as Property Funds, with 
outflow
s 
from its property funds.  
A
UM 
increased 
by SEK 4.
5 
Bn in the 
first 
quarter compared to the 
fourth 
quar-
ter 
last year
, from SEK 1
55
.
3 
Bn. Inflows in 
the quarter of SEK 
8
.
2 
Bn were mainly 
driven by 
newly added 
asset under devel-
opment 
reported from 2026
, primarily 
from 
Catella Project Management. 
At the 
same time, an outflow of SEK 
5
.
5 
Bn was 
recorded, which was largely driven by 
As
set Management 
Finland 
with two larger 
mandates ended during the 
period
. 
Ex-
change rate movements, primarily in 
EUR/SEK, 
increased 
AUM by SEK 
 1
.
8 
B
n 
during the quarter. In Property Funds, 
AUM 
increased 
by SEK 
1
.
4 
Bn compared 
with the previous quarter, and by SEK 
0
.
3 
Bn year
-
on
-
year. In Asset Management, 
AUM 
decreased 
by SEK 
4.9 
Bn compared 
with the previous 
quarter and 
increased by 
SEK 
3
.
5 
Bn year
-
on
-
year. 
In Development, 
AUM 
increased by 
SEK 8.0 Bn compared 
both 
to the previous quarter and year
-
on
-
year
, a
s this is the first 
quarter 
reflecting 
the newly introduced 
reporting of asset 
under 
development. 
 
 
 
 
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN  
 
 
 
 
 
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN  
 
 
68%
27%
5%
Property Funds
Asset Management
Development
SEK 159,8 bn
Germany 35%
Denmark 13%
Netherlands 12%
France 11%
UK 11%
Spain 5%
Austria 4%
Finland 4%
Other 5%
SEK 159,8 bn
159,8
-
10,4
 -
0,3
 0,8
148,1
21,5
SEK Bn
159,8
-
5,5
 -
0,1
 1,8
155,3
 8,2
SEK Bn

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
8   
 
Corporate Finance  
Net sales and profit/loss 
First quarter 2026 
The European transaction market saw 
slightly increased transaction 
volumes in 
the first quarter compared with the same 
period last year, but a decrease relative to 
the fourth quarter last year.  
Property transactions where Catella 
acted as advisor totalled SEK 3.7 Bn (3.4) 
in the quarter. Of total transaction volume 
in the quarter, Denmark accounted for 
SEK 1.4 Bn (1.0), France SEK 1.0 Bn (0.8), 
Sweden SEK 0.9 Bn (1.7), Finland SEK 0.2 
Bn (0.0) , Spain SEK 0.1 Bn (0.0). 
Corpo-
rate Finance’s net sales 
were 
SEK 72 M 
(73) and revenue excluding assignment 
costs was SEK 53 M (60), a decrease of 
SEK 7 M, primarily driven by lower reve-
nue generated in Denmark, Sweden and 
France.  
Operating expenses for the period de-
creased compared to the corresponding 
period last year. The decrease was mainly 
attributable to lower personnel
-
related 
costs and external consultants. The decline 
in net revenue was offset by lower operat-
ing expenses, r
esulting in an operating 
profit of SEK 
-
29 M for the period (
-
33
)
 
 
 
 
SEK M
2026
 2025
 Rolling
 2025
INCOME STATEMENT
 —
CONDENSED
 Jan-Mar
 Jan-Mar
 12 Months
 Jan-Dec
Net sales
 72
 73
 466
 466
Other income
 0
 1
 55
 56
Total income
 73
 73
 521
 522
Assignment expenses and commission
 -20
 -14
 -98
 -92
Gross profit
 53
 60
 423
 429
Operating expenses
 -82
 -93
 -371
 -382
Share of profit from associated companies
 0
 0
 0
 0
Less profit attributable to non-controlling interests
 0
 0
 0
 0
Operating profit/loss
 -29
 -33
 51
 47
2026
 2025
 Rolling
 2025
KEY FIGURES
 Jan-Mar
 Jan-Mar
 12 Months
 Jan-Dec
Operating margin, %
 -40
 -45
 10
 9
Property transaction volume for the period, SEK Bn
 3,7
 3,4
 25,0
 24,8
of which Nordic
 2,5
 2,7
 18,3
 18,5
of which Continental Europe
 1,1
 0,8
 6,6
 6,3
No. of employees, at end of period
 144
 145
 -
 141
3 Months
 12 Months
TRANSACTION VOLUMES  
 TOTAL INCOME  
 OPERATING PROFIT  
 
  
 
  
 
  
0,0
5,0
10,0
15,0
20,0
25,0
30,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Transaction volumes
SEK M
0
100
200
300
400
500
600
0
50
100
150
200
250
300
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Revenues
SEK M
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
-40
-20
0
20
40
60
80
100
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
LTM - Operating profit
SEK M

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 9 
 
Balance Sheet 
Investments
Net sales and profit/loss 
F
irst 
quarter 202
6 
Income 
totalled 
SEK 
8 
M (
28
)
, a decrease 
of 
SEK 
20 
M 
mainly attributable to the sale 
of Kaktus project in the prior year, which 
contributed 
rental income to the business 
area in the comparison period. 
Operating profit for the business area 
amounted to SEK 
-
13M (
-
9), mainly driven 
by fair value changes 
within our fund in-
vestments 
of 
SEK 
-
16 M 
(
-
23)
, 
with 
Pamica 
being 
the largest contributor. The business 
area also 
received dividend
s of 
SEK 1 M 
(2) 
mainly from Upeka
. 
 
As of 31 March, Catella had invested a to-
tal of SEK 8
77 
M in residential
, logistics, of-
fice, and retail projects across Europe, as 
well as SEK 288 M in fund investments. See 
page 1
1 
for further information
.   
 
  
SEK M
 2026
 2025
 Rolling
 2025
INCOME STATEMENT
 —
CONDENSED
 Jan-Mar
 Jan-Mar
 12 Months
 Jan-Dec
Rental income
 4
 28
 27
 51
Net capital gain/loss
 0
 0
 401
 401
Net sales
 4
 28
 428
 452
Fair value changes
 2
 0
 66
 64
Dividends and other income
 1
 0
 9
 8
Total income
 8
 28
 503
 524
Provisions, direct assigment and production costs
 -1
 -10
 -163
 -172
Gross profit
 7
 18
 341
 352
Other operating expenses
 1
 -3
 -30
 -34
Fair value changes
 -18
 -22
 -9
 -13
Share of profit from associated companies
 -3
 -3
 -134
 -134
Less profit attributable to non-controlling interests
 0
 1
 -11
 -11
Operating profit/loss
 -13
 -9
 157
 160
KEY FIGURES
Operating margin, %
 -169
 -34
 31
 31
Catella invested capital
 877
 1 522
  - 
 835
12 Months
3 Months
INVESTED CAPITAL BY COUNTRY*  
 INVESTED CAPITAL BY ASSET CLASS*  
 OPERATING PROFIT  
         
* The figures indicate the share of 
Balance Sheet 
Investments’ total 
investment and what proportion consists of capital contributions and 
loans issued, respectively. 
  
Germany 54%
UK 21%
France 12%
Denmark 10%
Finland 3%
=?
SEK 877 M
Residential 35%
Office 27%
Retail 21%
Logistics 16%
Industri 1%
=?
SEK 877 M
-150
-100
-50
0
50
100
150
200
250
300
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
2024
 2025
 2026
SEK M

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
10   
 
Balance Sheet 
Investments 
The following table shows the investment status for ongoing property development projects and other investments as of 31 
March 
202
6
. 
The project company’s total investment includes invested capital from Catella, partners and external financing. Catella’s tot
al investment 
relate to both capital contributed and loans issued. Seestadt and Düssel
-
Terrassen include a number of phases in ea
ch project, which will 
be completed at different times. 
 
Catella’s total investment volume increased by SEK 
41 
M in the f
irst 
quarter, amounting to SEK 8
77 
M at the end of the period. 
Addi-
tional investments were made in the 
Vega 
and 
Metz
-
Eurolog projects and in addition, 
capital was allocated 
to 
the completed Südviertel, 
which 
is 
part of the Seestadt project
, 
for partial repayment of bank financing
. 
 
 
 
 
In addition to investments in property development projects, 
Catella 
also invested in funds valued at fair value according to the following 
table. During the f
irst 
quarter, changes in fair value totalled SEK 
-
1
6 
M, of which SEK 
-
17 
M related to Pamica. No new transactions in the 
holdings were completed during the period. See also Note 4 and 5.  
 
 
 
 
Catella’s commitments in 
Balance Sheet 
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**
Maltings
 UK
 Retail
 Q4 2021
 2027
 88
 237
 86
Mander Centre
 UK
 Retail
 Q1 2022
 2027
 63
 97
 97
Silbersteinstrasse
 Germany
 Residential
 Q1 2026
 2028
 100
 15
 15
Total Direct Investments
 348
 198
Metz-Eurolog****
 France
 Logistics
 Q3 2020
 2027
 100
 103
 98
Other Catella Logistic Europé
 France
 Logistics
 8
 8
Total Catella Logistic Europe
 111
 106
Subtotal Subsidiaries
 458
 303
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES***
Seestadt
 Germany
 Residential
 Q1 2019
 2030+
 45
 880
 161
Düssel-Terrassen
 Germany
 Residential
 Q4 2018
 2030+
 45
 321
 66
KöTower
 Germany
 Office
 Q2 2021
 2028
 23
 1 194
 233
Total Catella Project Capital
 2 394
 460
Vega
 Denmark
 Residential
 Q4 2024
 2028
 20
 265
 61
Subtotal Associated companies
 2 659
 521
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES
Total Co-Investments
 52
Total
 3 117
 877
* Refers to both capital injections and loans provided
** The project is consolidated as a subsidiary with full consolidation
*** The project is accounted for 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 
2026
 2025
 2025
SEK M
 31-mar
 31-mar
 31-dec
Pamica
 137
 110
 154
Catella Fastighetsfond Systematisk C
 19
 21
 21
Catella APAM Strategic Equities Fund I
 26
 26
 24
UPEKA
 106
 104
 104
Total fund holdings
 288
 260
 303

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 11 
 
Other financial information 
The Group’s financial position 
F
irst 
quarter 202
6 
The following information relates to the 
Group formal accounts.  
In the f
irst 
quarter, the Group's total assets 
de
crease
d 
by SEK 
181
M 
and amounted 
to 
SEK 
3,963
M as of 31 
March, 
202
6
, 
where 
major 
changes 
related to 
working capital and 
cash and cash equivalents.  
Group financing 
Catella AB 
has 
issued senior unsecured 
bonds totalling SEK amount 1,300 M, of 
which SEK 600 M with maturity in March 
2028 and SEK 700 M with maturity in March 
2029. The loans 
accrue 
variable interest at 3
-
month Stibor plus 390 b.p. and 450 b.p. re-
spectively. The effective interest rate, exclud-
ing loan arrangement fees, was 6.
2 
percent 
(
6
.
8
) in the f
irst 
quarter 202
6
. Financing is 
conditional on a minimum Group equity 
and 
liquidity 
requirement 
from time to time 
of 
SEK 1,000 M 
and 
SEK 200 M respectively
. 
These covenants were satisfied in the 
quarter 
and as of 31 
March 
202
6
. 
T
he bonds are 
listed on Nasdaq Stockholm, with SEK 600 M 
included in the sustainable bonds segment. 
In 
September 
2025, Catella AB 
repur-
chased bonds 
for a vol
u
me 
of 
SEK 100 M, af-
ter which the nominal amount of outstanding 
bonds totalled SEK 1,200 M. 
In April 2026
, 
Catella AB repurchased 
an 
additional 
volume 
of SEK 140 
M. 
In addition 
to 
the 
bond
s
, the wholly owned 
subsidiary Catella Holding AB has 
a 
credit fa-
cility of SEK 200 M on favourable terms, 
which serves as the company’s liquidity re-
serve. 
The entire credit facility was unutilized 
both during the 
quarter 
and as of March 31, 
2026. 
  
In addition, the Group’s property develop-
ment company holds loans from credit insti-
tutions relating to ongoing property projects. 
As of 31 
March 
202
6
, these loans amounted 
to SEK 1
30 
M. 
Group cash flow  
F
irst 
quarter 202
6 
The Group’s cash flow from operating activi-
ties amounted to SEK 
-
80 
M (
-
69
) 
caused by 
the period's operating loss and settlement of 
operating receivables and liabilities. During 
the period, additional investments were 
made in the Vega and Metz
-
Eurolog projects 
and a new co
-
investment in the Danish hous-
ing project Gloss 
totalling 
SEK 21 
M
. The as-
sociated company Catella Project Capital 
repaid loans of SEK 22 
M 
from Catella.  
Cash flow in the period was SEK 
-
128 
M 
(
88
) and cash and cash equivalents at the end 
of the period was SEK 1,
488 
M (
782
), of 
which cash and cash equivalents relating to 
the Group’s Swedish holding company 
amounted to SEK 
9
59 
M (
220
).  
Group e
 mployees 
At the end of the period, there were 471 
(483) employees, expressed as full
-
time 
equivalents. 
Parent Company 
F
irst 
quarter 202
6 
Catella AB's operating profit amounted to 
SEK 
-
20.0 M (
-
11.5), where the 
change 
com-
pared to the previous year is due to in-
creased fixed salary costs, increased costs for 
IT operations and PR activities, and increased 
depreciation for common IT platforms and 
applications.  
Net financial items for the period 
im-
proved by SEK 3.6 M to SEK 
-
19.3 M (
-
22.8) 
due to lower interest expenses on bond 
loans driven by lower market interest rates 
as the loans 
run 
a
t 
floating interest rate. 
Lower interest expenses are also due to 
lower borrowing volume due to the repur-
chase of bonds for a nominal amount of SEK 
100 
M 
in September 2025. 
The number of employees at the end of 
the period was 18 (1
9
). 
Repurchase of own shares 
Subject to the annual general meeting to be 
held on 12 May 2026 resolving to authorise 
the board of directors to resolve on repur-
chase of the company's own shares, the 
board of directors intends to launch a share 
repurchase program of own Class B shares 
of 
up to approximately SEK 
100 
M 
following 
the 2026 annual general meeting. 
Risks and uncertainties  
Macroeconomic conditions relating to infla-
tion and interest rates affect transaction lev-
els and AUM, impacting results of operations 
in Investment Management and Corporate 
Finance. Lower transaction volumes can also 
affect 
Balance Sheet Inv
estments
' ability to di-
vest projects at acceptable prices. 
Our devel-
opment projects have a
n 
indirect exposure 
to 
surrounding world risks such as 
the ongo-
ing war in Ukraine and tension in the Middle 
East. 
These uncertainty factors may affect fu-
ture returns.  
Catella AB is indirectly exposed to the 
same risks as the Group through its holding 
of shares in subsidiaries
. 
For more information, see the section 
Risks and uncertainties in the Directors’ Re-
port of the Annual Report for 202
5
. 
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 Re-
porting and the Swedish Annual Accounts 
Act. The Consolidated Financial Statements 
have been prepared in compliance with IFRS 
Accounting Standards as endorsed by the EU, 
th
e Annual Accounts Act and RFR 1 Com-
plementary Accounting Rules for Groups is-
sued by RFR, the Swedish Sustainability and 
Financial Reporting Board. Information ac-
cording to IAS 34.16A also appears, in addi-
tion to in the financial reports and associated 
note
s, in other parts of the Interim Report. 
Catella primarily invests through co
-
invest-
ments with partners to grow assets under 
ma
nagement 
in the Investment Management 
business area. Subsidiaries that engage in pro-
ject development are included in Investment 
Management from 2026 and comparative pe-
riods have been adjusted accordingly. Previ-
ously, these subsidiaries were included in the 
Balance 
Sheet Investments business area 
(previously Principal Investments) 
. 
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  ac-
counting principles are 
unchanged compared 
to the previous year and 
are presented in 
Catella’s Annual Report for 202
5
. Figures in 
tables and comments may be rounded.  
Related 
party transactions 
No new transactions with related parties 
occurred during the quarter. 
For more infor-
mation see Note 20 and 38 in the Annual 
Report 202
5
. 
Forecast 
Catella does not publish forecasts. 
This information is mandatory for Catella AB 
to publish in accordance with EU’s Market 
Abuse Regulation. This information was sub-
mitted to the market, through the agency of 
the below contact, for publication on 
8 
Ma
y 
2026 at 07:00 a.m. CE
S
T. 
This Report has not been subject to review 
by the 
Company’s Auditors 
 
 
 
Stockholm, Sweden 
8 
Ma
y 2026 
Catella AB (publ) 
 
 
Rikke Lykke 
                    
 Group 
CEO

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
12   
 
Consolidated Income Statement 
 
 
 
Information on the Income Statement by business area can be found in Note 1. 
 
Consolidated Statement of Comprehensive Income  
 
 
 
  
2026
 2025
 2025
SEK M
 Note
 Jan-Mar
 Jan-Mar
 Jan-Dec
Net sales
 296
 325
 1 890
Other operating income
 7
 16
 181
Total income
 303
 341
 2 071
Provisions, direct assigment and production costs
 -56
 -54
 -378
Other external expenses
 -75
 -80
 -329
Personnel costs
 -183
 -206
 -834
Depreciation
 -17
 -22
 -89
Other operating expenses
 -18
 -19
 -23
Share of profit from associated companies
 -0
 -3
 -128
Operating profit/loss
 -45
 -43
 291
Interest income
 11
 8
 40
Interest expenses
 -23
 -37
 -120
Other financial items
 11
 -114
 -118
Financial items
—
net
 -2
 -143
 -198
Profit/loss before tax 
 -47
 -186
 92
Tax
 -3
 5
 -30
Net profit/loss for the period
 -50
 -181
 62
Profit/loss attributable to:
Shareholders of the Parent Company
 -50
 -182
 48
Non-controlling interests
 0
 1
 14
-50
 -181
 62
Earnings per share attributable to shareholders of the Parent Company, SEK 
- before dilution
 -0,57
 -2,06
 0,54
- after dilution
 -0,57
 -2,06
 0,54
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
2026
 2025
 2025
SEK M
 Jan-Mar
 Jan-Mar
 Jan-Dec
Net profit/loss for the period
 -50
 -181
 62
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value changes in Visa preferred stock
 -2
 3
 7
Items that will be reclassified subsequently to profit or loss:
Translation differences
 13
 -57
 -80
Other comprehensive income for the period, net after tax
 11
 -55
 -72
Total comprehensive income/loss for the period
 -39
 -235
 -10
Total comprehensive income/loss attributable to:
Shareholders of the Parent Company
 -37
 -234
 -19
Non-controlling interests
 -2
 -1
 8
-39
 -235
 -10

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 13 
 
Consolidated Statement of Financial Position 
– 
condensed 
 
 
Information on financial position by 
business area 
can be found in Note 2. 
  
2026
 2025
 2025
SEK M
 Note
 31 Mar
 31 Mar
 31 Dec
ASSETS
Non-current assets
Intangible assets
 548
 558
 541
Contract assets leasing agreements
 119
 162
 121
Property, plant and equipment
 27
 30
 27
Holdings in associated companies
 73
 103
 69
Non-current receivables from associated companies
 218
 251
 219
Debt instruments, fund and share holdings
 3, 4, 5
 491
 460
 510
Deferred tax receivables
 53
 70
 47
Other non-current receivables
 56
 47
 54
1 584
 1 681
 1 588
Current assets
Development and project properties
 343
 2 084
 333
Receivables from associated companies
 102
 83
 110
Accounts receivable and other receivables
 368
 413
 426
Loan portfolios
 3, 4, 5
 77
 74
 75
Cash and cash equivalents *
 1 488
 782
 1 611
2 378
 3 436
 2 556
Total assets
 3 963
 5 118
 4 144
EQUITY AND LIABILITIES
Equity 
Share capital
 177
 177
 177
Other contributed capital
 297
 295
 297
Reserves
 45
 69
 32
Profit brought forward including net profit for the period
 1 307
 1 220
 1 386
Equity attributable to shareholders of the Parent Company
 1 825
 1 761
 1 892
Non-controlling interests
 26
 42
 36
Total equity
 1 851
 1 803
 1 927
Liabilities
Non-current liabilities
Borrowings from credit institutions
 0
 1 141
 1
Bond issue
 1 192
 1 288
 1 191
Lease liabilities
 80
 116
 83
Other non-current liabilities
 133
 139
 139
Deferred tax liabilities
 15
 18
 15
1 421
 2 701
 1 429
Current liabilities
Borrowings from credit institutions
 132
 52
 132
Other current interest-bearing liabilities
 17
 0
 16
Lease liabilities
 52
 54
 51
Accounts payable and other liabilities
 477
 487
 574
Tax liabilities
 14
 20
 14
691
 614
 787
Total liabilities
 2 112
 3 315
 2 217
Total equity and liabilities 
 3 962
 5 118
 4 144
* Of which pledged and blocked liquid funds
 90
 95
 90

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
14   
 
Consolidated Statement of Cash Flows 
– 
condensed 
 
 
 
  
2026
 2025
 2025
SEK M
 Jan-Mar
 Jan-Mar
 Jan-Dec
Cash flow from operating activities
Profit/loss before tax 
 -47
 -186
 92
Reclassification and adjustments for non-cash items:
Other financial items
 -11
 114
 114
Depreciation
 17
 22
 89
Impairment / reversal of impairment of current receivables
 -2
 -5
 1
Reported interest income from loan portfolios
 -4
 -4
 -15
Profit/loss from participations in associated companies
 0
 3
 128
Personnel costs not affecting cash flow
 -5
 2
 24
Fair value changes and other non-cash items
 15
 15
 -61
Other reclassifications
 -
 -
 -297
Paid income tax
 -12
 -6
 -40
Cash flow from operating activities before changes in working capital
 -50
 -45
 35
Investments in property projects
 -21
 -60
 -284
Divestment of property projects
 22
 32
 1 184
Cash flow from property projects
 1
 -28
 900
Cash flow from changes in working capital
Increase (–)/decrease (+) of operating receivables
 65
 109
 70
Increase (+) / decrease (–) in operating liabilities
 -97
 -105
 5
Cash flow from operating activities
 -80
 -69
 1 010
Cash flow from investing activities
Net investments in tangible and intangible fixed assets
 -8
 -7
 -23
Acquisitions and divestments of operations and subsidiaries
 -30
 -
 49
Dividend and other disbursements from associated companies
 -
 -
 7
Net investments in financial assets
 11
 11
 44
Cash flow from investing activities
 -27
 4
 76
Cash flow from financing activities
Payments for warrants
 -0
 -
 1
Amortisation of loans
 -2
 -6
 -161
Amortisation of leasing debt
 -14
 -15
 -59
Dividends paid to shareholders of the parent company
 -
 -
 -80
Dividends paid to non-controlling interests
 -5
 -2
 -42
Cash flow from financing activities
 -21
 -22
 -340
Cash flow for the period
 -128
 -88
 746
Cash and cash equivalents at beginning of period
 1 611
 901
 901
Exchange rate differences in cash and cash equivalents
 5
 -31
 -36
Cash and cash equivalents at end of the period
 1 488
 782
 1 611

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 15 
 
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. 
 
During 
the first quarter of 2026, 15,000 warrants were repurchased from a former employee for a total purchase price of SEK 41,600. 
As of March 31, 2026, there were a total of 1,154,083 outstanding 
warrants of four different series, which can be used to subscribe 
for an equal number of shares of series B during September 2027, 2028 and 2029. The exercise price is SEK 36.30 and 35.90/sha
re, respec-
tively. 
 
 
 
 
* 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 March 31, 2025, there were 150,000 outstanding warrants from the older program 2020/2025:B, which expired without exerc
ise in June 2025. In addition, there were 711,750 outstanding warrants 
from the program launched in 2024, which can be used to subs
cribe for an equal number of shares of series B during September 2027 and September 2028. The exercise price is SEK 36.30/sha
re. 
  
SEK M
Opening balance at 1 January 2026
 177
 297
 -35
 67
 1 386
 1 892
 36
 1 927
Comprehensive income for January - March 2026:
Net profit/loss for the period
 -50
 -50
 0
 -50
Other comprehensive income, net of tax
 -2
 14
 0
 13
 -2
 11
Comprehensive income/loss for the period
 -2
 14
 -50
 -37
 -2
 -39
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 
 -28
 -28
 -7
 -34
Closing balance at 31 March 2026
 177
 297
 -36
 81
 1 307
 1 825
 26
 1 851
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 2025
 177
 295
 -20
 141
 1 404
 1 997
 42
 2 039
Comprehensive 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
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 16 =====

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
16   
 
N
 ote 1. Income Statement by business area 
 
* Profit/loss attributable to non
-
controlling interests for each business area 
is excluded 
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. 
T
his adjustment is reversed in the Group Elimination column 
so that the Group operating 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, 
Balance Sheet 
Investment
s 
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”. 
Acquisition and financing costs and Catella’s trademark are also recognized in this category. Group eliminations also inc
lude the elimination of intra
-
group transactions between the various business areas. 
Transactions between the business areas are limited and relate mainly to financial transactions and certain onward invoicing 
of expenses. Such transactions are conducted o
n an arm’s length basis.  
2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
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
 230
 1 007
 72
 73
 466
 4
 28
 452
 14
 16
 51
 -14
 -21
 -87
 296
 325
 1 890
Other operating income
 2
 15
 24
 0
 1
 56
 4
 0
 72
 1
 1
 32
 -0
 -1
 -2
 7
 16
 181
Total income
 223
 245
 1 031
 73
 73
 522
 8
 28
 524
 14
 17
 83
 -15
 -22
 -88
 303
 341
 2 071
Provisions, direct assigment and 
production costs
 -36
 -35
 -139
 -20
 -14
 -92
 -1
 -10
 -172
 -0
 -0
 -1
 1
 5
 25
 -56
 -54
 -378
Other external expenses
 -51
 -57
 -220
 -24
 -23
 -94
 -0
 -5
 -18
 -13
 -10
 -49
 13
 16
 52
 -75
 -80
 -329
Personnel costs
 -109
 -123
 -493
 -54
 -64
 -266
 0
 -0
 -9
 -20
 -19
 -67
 0
 0
 1
 -183
 -206
 -834
Depreciation
 -10
 -15
 -57
 -4
 -5
 -20
 0
 0
 -0
 -4
 -2
 -12
 0
 0
 0
 -17
 -22
 -89
Other operating expenses
 -2
 -1
 -7
 -0
 -1
 -2
 -17
 -19
 -20
 0
 6
 5
 0
 -3
 1
 -18
 -19
 -23
Share of profit from associated 
companies
 3
 -0
 6
 0
 0
 0
 -3
 -3
 -134
 0
 0
 0
 0
 0
 0
 -0
 -3
 -128
Less profit attributable to non-
controlling interests *
 -0
 -2
 -3
 -0
 0
 0
 0
 1
 -11
 0
 0
 0
 0
 1
 14
 0
 0
 0
Operating profit/loss
 19
 12
 118
 -29
 -33
 47
 -13
 -9
 160
 -23
 -10
 -40
 0
 -3
 5
 -45
 -43
 291
Interest income
 11
 8
 40
Interest expenses
 -23
 -37
 -120
Other financial items
 11
 -114
 -118
Financial items
—
net
 -2
 -143
 -198
Profit/loss before tax 
 -47
 -186
 92
Tax
 -3
 5
 -30
Net profit/loss for the period
 -50
 -181
 62
Profit/loss attributable to shareholders 
of the Parent Company
 -50
 -182
 48
Investment Management
 Balance Sheet Investments
Corporate Finance
 Other
 Eliminations
 Group

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 17 
 
Note 2. Financial position by 
business area 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
 2026
 2025
 2025
SEK M
 31 Mar
 31 Mar
 31 Dec
 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
 402
 427
 399
 64
 64
 64
 0
 0
 -0
 82
 67
 78
 548
 558
 541
Contract assets leasing agreements
 45
 62
 49
 33
 50
 29
 0
 0
 0
 41
 50
 43
 119
 162
 121
Property, plant and equipment
 21
 25
 21
 4
 3
 3
 0
 -0
 -0
 3
 2
 3
 27
 30
 27
Holdings in associated companies
 34
 27
 31
 0
 0
 0
 39
 72
 38
 0
 3
 0
 73
 103
 69
Non-current receivables from associated companies
 0
 0
 0
 0
 0
 0
 218
 251
 219
 0
 0
 0
 218
 251
 219
Debt instruments, fund and share holdings
 30
 30
 30
 0
 0
 0
 450
 401
 469
 10
 29
 11
 491
 460
 510
Deferred tax receivables
 28
 30
 25
 23
 28
 20
 1
 12
 1
 1
 0
 1
 53
 70
 47
Other non-current receivables
 1
 19
 1
 7
 5
 5
 49
 29
 37
 -1
 -6
 11
 56
 47
 54
560
 620
 555
 131
 151
 121
 757
 765
 764
 136
 146
 148
 1 584
 1 681
 1 588
Current assets
Development and project properties
 0
 0
 0
 0
 0
 0
 369
 2 199
 359
 -26
 -114
 -26
 343
 2 084
 333
Receivables from associated companies
 3
 0
 3
 0
 0
 0
 102
 87
 111
 -3
 -4
 -4
 102
 83
 110
Accounts receivable and other receivables
 272
 400
 274
 142
 157
 210
 22
 87
 135
 -68
 -232
 -193
 368
 413
 426
Loan portfolios
 0
 0
 0
 0
 0
 0
 0
 0
 0
 77
 74
 75
 77
 74
 75
Cash and cash equivalents
 405
 450
 433
 52
 51
 98
 41
 56
 69
 990
 225
 1 011
 1 488
 782
 1 611
681
 850
 710
 193
 208
 308
 535
 2 429
 675
 969
 -50
 863
 2 378
 3 436
 2 556
Total assets
 1 241
 1 470
 1 265
 324
 359
 429
 1 292
 3 193
 1 439
 1 105
 95
 1 011
 3 962
 5 118
 4 144
EQUITY AND LIABILITIES
Equity 
Equity attributable to shareholders of the Parent Company
 139
 324
 131
 51
 -23
 106
 -105
 231
 276
 1 740
 1 229
 1 378
 1 825
 1 761
 1 892
Non-controlling interests
 30
 44
 33
 1
 11
 8
 -5
 -2
 -5
 0
 -11
 -0
 26
 42
 36
Total equity
 169
 367
 164
 52
 -12
 115
 -111
 230
 271
 1 740
 1 217
 1 378
 1 851
 1 803
 1 927
Liabilities
Non-current liabilities
Borrowings from credit institutions
 0
 1
 1
 0
 2
 0
 0
 1 137
 0
 0
 0
 0
 0
 1 141
 1
Bond issue
 0
 0
 0
 0
 0
 0
 0
 0
 0
 1 192
 1 288
 1 191
 1 192
 1 288
 1 191
Lease liabilities
 28
 41
 31
 18
 34
 16
 0
 0
 0
 34
 41
 36
 80
 116
 83
Other non-current liabilities
 753
 738
 745
 0
 0
 0
 0
 130
 -0
 -620
 -729
 -606
 133
 139
 139
Deferred tax liabilities
 4
 8
 5
 0
 0
 0
 0
 0
 0
 10
 10
 10
 15
 18
 15
786
 788
 782
 18
 36
 16
 0
 1 267
 -0
 616
 610
 631
 1 421
 2 701
 1 429
Current liabilities
Borrowings from credit institutions
 0
 0
 0
 2
 9
 3
 130
 42
 128
 0
 0
 0
 132
 52
 132
Other current interest-bearing liabilities
 0
 0
 0
 0
 0
 0
 17
 0
 16
 0
 0
 0
 17
 0
 16
Lease liabilities
 22
 25
 23
 19
 18
 18
 0
 0
 0
 11
 11
 11
 52
 54
 51
Accounts payable and other liabilities
 254
 271
 288
 230
 305
 272
 1 256
 1 654
 1 023
 -1 263
 -1 743
 -1 009
 477
 487
 574
Tax liabilities
 11
 18
 8
 2
 3
 6
 0
 0
 0
 0
 0
 0
 14
 20
 14
287
 315
 319
 254
 335
 299
 1 403
 1 697
 1 168
 -1 252
 -1 733
 -998
 691
 614
 787
Total liabilities
 1 073
 1 102
 1 101
 272
 371
 315
 1 403
 2 963
 1 168
 -636
 -1 122
 -367
 2 112
 3 315
 2 216
Total equity and liabilities 
 1 241
 1 470
 1 265
 324
 359
 429
 1 292
 3 193
 1 439
 1 105
 95
 1 011
 3 962
 5 118
 4 144
Investment Management
 Balance Sheet Investments
Corporate Finance
 Other
 Group

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
18   
 
Note 3. Summary of Catella’s loan portfolios 
 
The loan portfolios comprise securitised 
European loans with primary exposure in 
housing. The performance of the loan 
portfolios is closely monitored and re
-
measurements are continuously per-
formed. The loan portfolios are recog
-
nized under the category Other.  
 
 
 
 
Pastor 2 
In the sub
-
portfolio Pastor 2, the underly-
ing loans are below ten percent of the is-
sued amount and Catella expects the 
issuer to utilise its clean
-
up call. The admin-
istration of the portfolio is frequently un-
profitable when it falls below ten percent 
of th
e 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 f
actors relating to the issuer. 
Ca
tella has assumed that the issuer will ex-
ercise its call option during the 
second 
quarter of 2026. The portfolio is valued at 
the full redeemable amount of EUR 5.0 M 
plus the subsequent quarter’s cash flow, 
totalling EUR 5.03 M. 
 
Lusitano 5 
The time call affects sub
-
portfolio Lusitano 
5 and constitutes an option held by the is-
suer that enables the sub
-
portfolio to be 
repurchased at a specific point in time, and 
subsequently from time to time. The op-
tion has been available since 2015. Catella 
evaluates that the time call will be exer-
cised in the 
second 
quarter of 2026. 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 
M 
plus the following quarter’s 
cash flow when exercising the time call. 
The portfolio is hence valued at EUR 
2
.
0 
M.  
 
For more information see Note 3 and 22 
in the Annual Report 202
5
.
 
 
Actual cash flows from the loan portfolio 
 
 
 
 
SEK M
Loan portfolio
 Country
Pastor 2 
 Spain
 55,0
 71,5%
 55,0
 71,5%
 0,0%
 0,25
Lusitano 5
 Portugal
 21,9
 28,5%
 21,9
 28,5%
 0,0%
 0,25
Total cash flow *
 76,9
 100,0%
 76,9
 100,0%
 0,0%
 0,3
Carrying amount in consolidated balance sheet **
 76,9
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
 2009-2024
 31,1
 73,3
 267,0
 352,2
Full year
 2025
 1,6
 13,4
 0,0
 19,2
Q1
 2026
 0,3
 3,8
 0,0
 4,1
Total
 33,1
 90,5
 267,0
 375,5
Spain
 Portugal

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 19 
 
Note 4. Short and long
-
term investments 
 
 
Note 5. The Group’s assets and liabilities measured at fair value 
 
Financial instruments valued at fair value 
are classified in one of three levels. 
Quoted prices on an active market on the 
reporting date are applied for level 1. Ob-
servable market data for the asset or liabil-
ity other than quoted prices are used for 
level 
2. Fair value is determined with the 
aid of valuation techniques. For level 3, fair 
value is determined on the basis of valua-
tion techniques based on non
-
observable 
market data. Specific valuation techniques 
used for level 3 are the measurement of 
discoun
ted cash flows to determine the 
fair value of financial instruments. For 
more information, see Note 22 in the An-
nual Report 202
5
. 
The Group's assets and liabilities meas-
ured at fair value as of 31 
March 
202
6 
are 
stated in the following table. 
 
 
 
 
 
 
 
  
2026
 2025
 2025
SEK M
 31-mar
 31-mar
 31-dec
Visa preferred stock C series
 10
 29
 11
Loan portfolios
 77
 74
 75
Operation-related investments **
 481
 432
 499
Other securities
 0
 0
 0
Total *
 568
 535
 586
* of which short-term investments SEK 77 M and long-term investments SEK 491 M.
** includes investments in shares and funds, co-investments and assets within segment Balance Sheet Investments being classified as financial assets. 
SEK M
 Tier 1
 Tier 2
 Tier 3
 Total
ASSETS
Visa preferred stock C series
 10
 10
Loan portfolios
 77
 77
Other debt instruments
 150
 150
Fund investments
 53
 2
 106
 160
Unlisted shares
 170
 170
Total assets
 53
 12
 503
 568
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 2026
as of 1 January
 520
Purchases
 3
Disposals
 -8
Revaluation through profit & loss
 -14
Translation differences
 2
At 31 March
 503

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
20   
 
Note 6. Pledged assets, contingent liabilities and commitments 
 
Pledged assets 
 
 
In connection with the sale of Kaktus Tow-
ers during the second quarter of 2025, the 
previously reported property mortgage 
ceased. Cash and cash equivalents include 
cash funds in accordance with minimum 
retention requirements, funds that are to 
be made available at all times for regula-
tory reasons and frozen funds for other 
purposes.  
 
 
 
 
Contingent liabilities 
 
 
 
Other contingent liabilities relate to guar-
antee commitments as collateral for loan 
facilities, and as collateral for completion 
under development agreements. Other 
contingent liabilities also relate to guaran-
tees which were provided for rental con
-
tracts with landlords. 
Of the Group’s total 
contingent liabilities, SEK 16
6 
M relates to 
Balance Sheet 
Investments. 
 
 
Commitments 
 
Investment commitments relate to four ongoing projects or holdings within 
Balance Sheet 
Investments.  
 
  
2026
 2025
 2025
SEK M
 31 Mar
 31 Mar
 31 Dec
Property mortgage
 0
 1 008
 -
Cash and cash equivalents
 90
 95
 90
Other pledged assets
 0
 0
 0
90
 1 103
 90
2026
 2025
 2025
SEK M
 31 Mar
 31 Mar
 31 Dec
Other contingent liabilities
 167
 260
 165
167
 260
 165
2026
 2025
 2025
SEK M
 31 Mar
 31 Mar
 31 Dec
Investment commitments
 123
 0
 122
Other commitments
 0
 0
 0
123
 0
 122

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
  
 21 
 
Parent Company Income Statement 
 
 
 
 
Parent Company Balance Sheet 
– 
condensed 
 
 
 
Catella AB has entered into guarantee commitments as security for completion under development agreement
s 
and for a loan facility. 
All 
commitments relate to the German project companies KöTower, Seestadt and Düssel
-
Terrassen, at a total amount of SEK 1
51 
M 
as of 
31 March 2026
. As of 31 December 2025, the Parent Company’s total contingent liabilities amounted to SEK 
149 
M. 
 
 
 
  
2026
 2025
 2025
SEK M
 Jan-Mar
 Jan-Mar
 Jan-Dec
Net sales
 14,3
 15,7
 50,5
Other operating income
 0,6
 0,8
 2,7
Total income
 14,9
 16,5
 53,2
Other external expenses
 -15,7
 -12,3
 -55,9
Personnel costs
 -17,7
 -15,6
 -56,8
Depreciation
 -1,3
 -0,1
 -2,8
Other operating expenses
 -0,1
 -0,0
 -0,4
Operating profit/loss
 -20,0
 -11,5
 -62,6
Profit/loss from participations in group companies
 0,0
 0,0
 754,0
Interest income and similar profit/loss items
 0,4
 0,1
 0,4
Interest expenses and similar profit/loss items
 -19,7
 -22,9
 -92,1
Financial items
 -19,3
 -22,8
 662,3
Profit/loss before tax 
 -39,2
 -34,3
 599,6
Tax on net profit for the year
 0,0
 0,0
 -0,1
Net profit/loss for the period
 -39,2
 -34,3
 599,6
2026
 2025
 2025
SEK M
 31 Mar
 31 Mar
 31 Dec
Intangible assets
 31,8
 17,2
 28,2
Property, plant and equipment
 2,7
 1,7
 2,8
Participations in Group companies
 1 358,2
 1 358,2
 1 358,2
Current receivables from Group companies
 697,8
 306,9
 737,1
Other current receivables
 12,7
 12,7
 12,1
Cash and cash equivalents
 0,6
 0,1
 0,1
Total assets
 2 103,8
 1 696,9
 2 138,4
Restricted equity
 176,7
 176,7
 176,7
Non-restricted equity
 700,2
 185,0
 739,4
Non-current bond loan
 1 192,3
 1 287,9
 1 191,5
Current liabilities to Group companies
 3,0
 14,4
 1,1
Other current liabilities
 31,6
 32,9
 29,7
Total equity and liabilities 
 2 103,8
 1 696,9
 2 138,4

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

INTERIM REPORT JANUARY 
 – 
MARCH 202
 6 
22   
 
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 p
erformance 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 manage-
ment and other stakeholders in their analy-
sis of Group progress, Catella presents 
certain performance measures not defined 
under IFRS. Corporate management con-
siders that 
this information facilitates analy-
sis of the Group’s performance. This 
additional information is complementary to 
the information provided by IFRS and does 
not replace performance measures de-
fined in IFRS. Catella’s definitions of 
measures not defined under IFRS may dif-
fer from other companies’ definitions. All 
of Catella’s definitions are presented be-
low. The calculation of all performance 
measures correspon
ds to items in the In-
come Statement and Balance Sheet. For 
more information, see Note 39 in the An-
nual Report 202
5
. 
 
 
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 15 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.

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

CATELLA AB (PUBL)  
P.O. BOX 5894, SE
 -
102 40 STOCKHOLM, SWEDEN | VISITORS: BIRGER JARLSGATAN 6  
CORP. ID NO. 556079
 –
1419  
 | 
 REGISTERED OFFICE: STOCKHOLM, SWEDEN  
TELEPHONE +46 (0)8
 -
463 33 10|  
 INFO@CATELLA.SE  
CATELLA.COM  
 
 
      
 
 Financial calendar   
 For further information, please contact  
 
 Annual General Meeting  
                       
 12 May 2026  
Interim Report Apr
-
Jun 2026  
                  
 20 August 2026 
Interim Report Jul
-
Sep 2026 
              
 5 November 2026  
Year
-
end Report Oct
-
Dec 2026  
               
 11 February 2027  
 
  
 Gustav 
Jansson
, CFO  
Tel. +46 (0)8
 -
463 33 10 
 
More information on Catella and all financial reports are availa-
ble at 
catella.com
.