===== 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 .