FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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
.