Kvartalsrapport Q3 2024

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

Interim Report  July – September 2024 
  1
 
Increased efficiency in a recovering 
market 
The European property market is showing signs of cautious recovery and a slight increase of 
transaction market activity due to improved credit terms and lower interest rates. Macroeco- 
nomic conditions are also improving with inflation now under control and lower interest rates. 
During the quarter, Investment Management generated balanced in and outflows, along with 
new asset management mandates, which is encouraging in a relatively subdued transaction 
market. Our stable liquidity and capital position, coupled with strategic organisational adapta- 
tions, enhances our preparedness as the market rebounds.  
 
Daniel Gorosch, interim CEO and President 
 
  
Total income  Operating profit  Assets under manage ment  Invested capital 
SEK 
1,794 M  
 SEK  
67 M 
 SEK  
151 Bn  
 SEK 
1,851 M  
Last 12 months  Last 12 months  End of period  End of period 
      
 Progress during the quarter    Progress during the year   
 Financial results  
• Total income in the quarter amounted to SEK 383 M (534) 
• Operating profit was SEK 19 M (33) 
• Operating profit attributable to Catella’s shareholders was 
SEK 19 M (32) 
• Non-recurring costs amounted to SEK 13 M (2) 
• Profit attributable to Catella’s shareholder was SEK -23 M  
(-22) 
• Earnings per share before dilution was SEK -0.26 (-0.25) 
• Earnings per share after dilution was SEK -0.26 (-0.25) 
 
Assets under management 
• Assets under management (AUM) amounted to SEK 151 Bn 
at the end of the period, a decrease of SEK 1 Bn compared 
to the second quarter of 2024 
 
Principal Investments 
• Catella’s total investment volume increased by SEK 367 M to 
SEK 1,851 M compared to the previous quarter 
  Financial results  
• Total income amounted to SEK 1,254 M (1,793) 
• Operating profit was SEK 59 M (138) 
• Operating profit attributable to Catella’s shareholders was 
SEK 58 M (122) 
• Non-recurring costs amounted to SEK 15 M (7) 
• Profit attributable to Catella’s shareholder was SEK -29 M 
(54) 
• Earnings per share before dilution was SEK -0.33 (0.60) 
• Earnings per share after dilution was SEK -0.33 (0.60) 
 
Assets under management 
• Assets under management (AUM) amounted to SEK 151 Bn 
at the end of the period, a decrease of SEK 1 Bn compared 
to year-end. 
 
Principal Investments  
• Catella’s total investment volume increased by SEK 156 M to 
SEK 1,851 M compared to the end of the previous year.

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

Interim Report  July – September 2024 
2  
 
CEO COMMENTS 
Increased efficiency in a recovering 
market 
The outlook on the transaction market improved slightly in the 
third quarter, although completed transactions did not increase 
notably on the European markets. The underlying sentiment is 
positive and there are indications that that the gap between  
buyers and sellers’ expectations is closing, supporting  
increased transaction volumes going forward. 
 
The main reason behind a brighter outlook is improved financing 
conditions and lower capital costs. Although transactions still take a 
long time to complete, market sentiment suggests that we can ex- 
pect more and larger transactions looking ahead, as the market 
slowly but surely prices in lower capital costs. 
 
At macro level, the outlook is also brightening with inflation under 
control in Europe and the US, and with key central banks in the 
midst of interest rate cuts. However, the outlook is not as bright in 
all markets, where some economies, such as Germany, continue to 
face challenges. In addition, the continued political uncertainty and 
ongoing conflicts that, besides human suffering, could lead to new 
inflationary pressure, increased oil prices and disruptions in  
logistics. 
 
The European property market is showing signs of recovery, with 
some segments experiencing stabilization or even decreases in 
yields. This indicates that the negative trend observed over the 
past two years and the decline in property values may be near a 
turning point. Given the positive impact of increased transaction 
market activity across all Catella’s business areas, we are  
encouraged by indications from current dialogues we have across 
our European markets that a recovery is underway, with sellers’ 
and buyers’ price expectations increasingly aligning. 
 
I recently had the opportunity to attend the property fair Expo 
Real in Munich with other colleagues. In comparison to just six 
months ago, the sentiment within the sector is markedly more 
positive, with a notable increase in discussing transactions based on 
well-founded and genuine interest.  
 
Operating profit for the quarter amounted to SEK 19 M (32), the 
decrease attributable to non-recurring costs of SEK 13 M.  
Adjusted for this, profit was in line with the previous year, despite 
decreased revenue excluding commissions, assignment and  
production costs of almost SEK 10 M. The outcome is the result 
of our initiatives aimed at increasing efficiency and digitalising  
operations, thus reducing costs. 
 
Balanced capital flows 
The Investment Management business area takes pride in having 
successfully balanced in- and outflows in the core business during 
challenging times. The majority of capital inflows were generated 
in Asset Management through the growth of new mandates, 
where investors appoint us to manage and develop property  
portfolios and to reposition them in the current and future  
market. This demonstrates that our business model continues to 
generate growth opportunities even in a weaker and more  
hesitant market. The work associated with new investment prod- 
ucts continued successfully in the quarter, and we are now moving 
out of the product development phase and towards actively  
seeking investments alongside new and high-profile investment  
partners. 
 
During the quarter, the initiative to merge our two fund  
management companies – Catella Residential Investment  
Management (CRIM) and Catella Real Estate AG (CREAG)  
continued. Theultimate goal is to create a stronger, more efficient 
and larger fund platform in Investment Management. The merger 
will result in a more efficient capital raising function, improved  
coordination of investor relations, and stronger management and 
analysis capabilities. 
 
Investment Management’s assets under management totalled SEK 
151 Bn in the quarter, which represents a decrease of SEK 1 Bn 
compared to the end of the second quarter, primarily driven by 
exchange rate differences. 
 
Planned divestments 
In Principal Investments, the focus continues to be on developing 
and completing existing projects for divestment. In the fourth 
quarter, we expect to divest the French development project   
Polaxis. The divestments will further strengthen our liquidity and 
open up for new investment opportunities that meet our return 
requirements. 
 
At the end of September, Kaktus Towers was awarded the prize 
“Europe's Best Tall Building” by an international jury of architects 
at CTBUH’s (Council on Tall Buildings and Urban Habitat)  
conference in London. The award recognises both the building’s 
innovative architecture and its contribution to modern and  
sustainable residential concepts that satisfy the needs of today and  
tomorrow. We continue active dialogues with potential investors 
of a sale of this landmark in central Copenhagen.

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

Interim Report  July – September 2024 
  3
 
 
Looking ahead, we are evaluating potential investments in both  
development projects and several European aggregation mandates 
with capital partners. With valuations stabilizing, we see attractive 
investment opportunities. 
 
Signs of transaction market recovery 
As previously mentioned above, we are beginning to see a 
brighter transaction market in Corporate Finance, although this 
has not yet translated into a notable increase in the number of 
transactions. 
 
While transaction volumes in Europe were up slightly year-on-
year, they remain well below the levels seen two years ago, when 
the downturn began. We are optimistic that the number of  
transactions will pick up on several markets in the fourth quarter, 
as this is the most transaction-heavy quarter in historical terms. 
 
Green investments 
In support of future green investments in the real estate industry, 
we established a Medium Term Note-program (MTN) in the 
quarter. In September, we issued new senior unsecured green 
bonds at a total amount of SEK 600 M, which attracted significant 
interest. The new green bonds are listed on Nasdaq Stockholm’s 
list for sustainable bonds. The issue is the first under our green 
bond framework. 
 
In the quarter, we also continued the process associated with the 
implementation of CSRD (Corporate Sustainability Reporting  
Directive) - a new EU Directive aimed at increasing transparency 
and responsibility relating to corporate sustainability reporting. 
 
Outlook 
I am humbled by the confidence the Board has placed in me to 
lead Catella into the future during the recruitment of a permanent 
CEO. As indicated above, I am optimistic about the near future  
after more than two challenging years. 
 
We have done and continue to do the right things. During the  
period of reduced activity, we have worked diligently to improve  
efficiency and adapt the organization. We have maintained a 
strong liquidity and a strong capital position and are now well-posi- 
tioned to take advantage of the upturn. Our  
upcoming divestments will further strengthen our position. As the 
market improves, Catella is in a strong position to capture and 
capitalize on the opportunities arising, and continue to create value 
for our customers and  
shareholders in the future. 
 
 
 
Daniel Gorosch, interim CEO and President 
Stockholm, Sweden, 7 November 2024

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

Interim Report  July - September 2024 
4  
 
Our business areas 
Catella comprises the business areas Investment Management, Principal Investments and Corporate Finance, 
which are described in more detail below. The Other category includes the Parent Company and other  
holding companies.  
 
 
Investment Management  
Catella is a leading specialist in property investment management with 
a presence on 10 geographical markets in Europe. Catella offers 
institutional and other professional investors attractive, risk-adjusted 
returns through regulated property funds and frequently sustainability-
focused asset management services through two service areas: 
Property Funds and Asset Management. Property Funds offers funds 
with various investment strategies in terms of risk and return, type of 
property and location. Through more than 20 open specialised 
property funds, investors gain access to fund management and 
efficient allocation between different European markets. Catella’s 
Asset Management business area provides asset management services 
to property funds, other institutions and family offices. 
 
For more information about the business area, see page 7 -8.  
 
 
Principal Investments  
Through Catella's principal sustainability-focused property investments, 
Catella carries out principal investments alongside partners and 
external investors. Catella currently invests in offices, residential 
properties, retail and logistics properties on five geographical markets. 
Investments are made through subsidiaries and associated companies 
with the aim of generating an average IRR of 20 percent as well as 
strategic advantages for Catella’s other business areas. 
 
 
 
 
 
 
For more information about the business area, see page 9 -10.   
 
 
Corporate Finance  
Catella provides quality capital markets services to property owners 
and advisory services for all types of property-related transactions to 
various categories of property owners and investors. Operations are 
carried out on five markets and offer local expertise about the 
property markets in combination with European reach.  
  
 
 
 
 
 
 
For more information about the business area, see page 11.

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

Interim Report  July – September 2024 
 
 
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 inter- 
nal reporting delivered to Group Management and the Board. The difference to the Group’s formal Income Statement is that deductions 
have been made in the Income Statement for profit attributable to shareholders with non-controlling interests. A full reconciliation can 
be found in Note 1. 
 
 
 
* Net profit for the period is reconciled in Note 1. Income Statement by business area - Profit/loss attributable to the Parent Company Catella AB’s shareholders. 
 
Group net sales and profit/loss 
Third quarter 2024 
The Group's total income decreased by 
150 SEK M, totalling SEK 383 M (534). A 
majority of this change, SEK 136 M, was 
derived from Principal Investments’ ac- 
crued income from logistics projects Metz-
Eurolog and Barcelona in 2023. No pro- 
jects were recognized for profit in the cur- 
rent period. The Investment Management 
business area’s income was just below last 
year’s level, fixed management fees de- 
creased slightly, while transaction-based in- 
come increased in the period. Corporate 
Finance’s income was also in line with the 
previous year, driven by increased transac- 
tion volumes in the Spanish and Swedish 
operations, at the same time as low trans- 
action volumes in France brought down 
business area income. 
The Group’s operating profit was SEK 
19 M (32) and included non-recurring 
costs related to redundancies totalling SEK 
13 M (2) and fair value adjustments rate 
differences on fund holdings of SEK -6 M 
(5).   
Comments on the progress of each 
business area can be found on pages 7-11.  
The Group’s net financial income/ex- 
pense was SEK -50 M (-42) and included 
exchange rate differences of SEK -11 M (-
37), a deviation of SEK 27 M compared to 
the previous year. Interest expenses in the 
period increased by SEK 14 M to SEK 55 
M (41) , partly due to interest expenses at- 
tributable to completed phases of ongoing 
projects being recognised in the income 
statement to a higher degree than in the 
corresponding period of the previous year, 
rather than being capitalized in the Group’s 
financial position. Furthermore, the 
Group’s interest expenses increased as a 
result of increased borrowing and transac- 
tion costs in connection with the partial 
buy-back of an older bond. The previous 
year’s net financial income/expense in- 
cluded profit from the divestment of the 
Infrahubs platform of SEK 28 M.     
The Group’s profit/loss before tax 
amounted to SEK -31 M (-9) and 
profit/loss for the period was SEK -23 M (-
22), which corresponded to earnings per 
share of SEK -0.26 (-0.25) attributable to 
Parent Company shareholders.  
 
Significant events in the quarter 
On 6 September, Catella AB issued new 
senior unsecured green bonds totalling 
SEK 600 M with a term of 3.5 years at vari- 
able interest of 3 month Stibor plus 390 
b.p. In connection with this, Catella AB re- 
purchased SEK 307.5 M of the older bond, 
with an outstanding amount of SEK 1,250 
M, at a price of 100.95 percent of the 
nominal amount. The transactions raised 
SEK 282 M for the Group in cash and cash 
equivalents after transaction costs.   
On 10 September, Catella announced 
that President and CEO Christoffer 
Abramson was leaving the company after 
3.5 years in the role. During the recruit- 
ment of a new CEO, Daniel Gorosch, 
CEO of Catella Corporate Finance Swe- 
den, has been appointed interim President 
and CEO.  
 
Significant events after the end of the 
quarter 
.  
There were no significant events after the 
end of the quarter.  
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 
SEK M Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul- Sep Jul-Sep Jul-Sep Jul-Sep 
Net sales 252 259 40 44 88 92 -1 -1 379 393 
Other operating income 7 4 0 141 1 1 -0 0 8 146 
Share of profit from associated companies 1 0 -5 -8 0 0 1 2 -4 -6 
Total income 259 263 35 177 89 93 -1 0 383 534 
Provisions, direct assigment and production costs -3 9 -42 -6 -140 -18 -21 1 1 -62 -202 
Revenue excluding commissions, assignment, and 
production costs 
221 221 29 37 71 72 0 2 322 331 
Other external expenses -54 -67 -4 -8 -24 -27 2 6 -79 -96 
Personnel costs -116 -116 -7 -8 -47 -46 -20 -13 -190 -183 
Depreciation -14 -9 -0 -0 -5 -5 -1 -0 -20 -14 
Other operating expenses -4 -2 -15 -1 -2 -0 8 -3 -12 -5 
Less profit attributable to non-controlling interests -0 -1 1 0 0 0 0 -0 0 -1 
Operating profit/loss 33 26 3 21 -6 -6 -11 -8 19 32 
Interest income 16 8
Interest expenses -55 -41 
Other financial items -11 -9 
Financial items—net -50 -42 
Profit/loss before tax -31 -9 
Tax 8 -12 
Net profit/loss for the period * -23 -22 
Investment 
Management Principal Investments 
Other and group 
eliminations Corporate Finance Group

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

Interim Report  July - September 2024 
6 
 
 
 
 
 
Group net sales and profit/loss 
Nine-months period 2024 
The Group’s total income decreased by 
SEK 539 M to SEK 1,254 M (1,793), of 
which SEK 300 M was attributable to Prin- 
cipal Investments’ divestment of the Infra- 
hubs platform in 2023. In addition, 
Principal Investments’ income from logis- 
tics projects Metz-Eurolog and Barcelona 
decreased, where profit is recognized at a 
pace with completion of the projects.  
Investment Management’s income 
mainly decreased due to absent perfor- 
mance-based fees and lower management 
fees caused by reduced NAV in funds un- 
der management. Corporate Finance’s in- 
come was impacted by significantly lower 
transaction volumes on the French Market, 
which were partly offset by higher income 
in the Danish, Spanish and Swedish opera- 
tions. 
The hesitant market and associated 
lower income for the Group resulted in an 
increased focus on the Group’s costs 
which, excluding depreciation and amorti- 
zation and negative fair value adjustments 
on fund holdings, decreased by SEK 90 M 
to SEK 819 M (909) in the period. The 
Group’s operating profit was SEK 58 M 
(122) for the nine-month period. 
The Group’s net financial income/ex- 
pense was SEK -88 M (-26) and included 
interest expenses of SEK 161 M (114) and 
positive exchange rate differences of SEK 
22 M (24). Increased interest expenses 
were largely due to factors such as interest 
expenses attributable to completed phases 
of ongoing projects being recognised in the 
income statement rather than being capi- 
talized in the Group’s financial position. 
The higher interest expenses were also 
due to Catella AB’s bond loan which ac- 
crues variable interest, increased borrow- 
ing and transaction costs associated with 
the partial buy-back of older bond loans. 
The previous year’s net financial in- 
come/expense also included profit from 
the divestment of a subsidiary of SEK 37 
M.      
The Group’s profit/loss before tax 
amounted to SEK -30 M (96) and 
profit/loss for the period was SEK -29 M 
(54) which corresponded to earnings per 
share of SEK -0.33 (0.60) attributable to 
the Parent Company shareholders.  
Profit attributable to non-controlling in- 
terests amounted to SEK 1 M (15). The 
lower profit compared to the previous 
year was mainly attributable to the divest- 
ment of Infrahubs in 2023. 
 
  
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2023 
SEK M Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Dec 
Net sales 747 862 251 123 234 262 -6 -3 1 227 1 243 1 697 
Other operating income 14 20 3 528 3 3 16 5 35 556 642 
Share of profit from associated companies 1 1 -11 -11 0 0 2 3 -8 -7 -6 
Total income 762 883 243 640 238 265 12 5 1 254 1 793 2 333 
Provisions, direct assigment and production costs -1 22 -128 -145 -508 -34 -58 8 2 -293 -691 -874 
Revenue excluding commissions, assignment, and 
production costs 
640 755 98 132 204 208 19 7 961 1 102 1 458 
Other external expenses -151 -181 -19 -31 -72 -82 6 4 -236 -2 90 -385 
Personnel costs -337 -368 -24 -35 -165 -159 -49 -44 -575 -606 -838 
Depreciation -41 -29 -1 -4 -14 -15 -4 -3 -60 -51 -72 
Other operating expenses -7 -4 -38 -10 -2 -0 16 -4 -32 -17 -18
Less profit attributable to non-controlling interests -2 -5 1 -9 0 0 0 -1 -1 -15 -13 
Operating profit/loss 101 167 18 43 -48 -47 -12 -40 58 122 133 
Interest income 52 42 57 
Interest expenses -161 -114 -156 
Other financial items 21 46 -4 
Financial items — net -88 -26 -103 
Profit/loss before tax -30 96 29 
Tax 1 -42 -51 
Net profit/loss for the period * -29 54 -21 
Corporate Finance Group 
Investment 
Management Principal Investments 
Other and group 
eliminations

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

Interim Report  July – September 2024 
 
 
7
 
Investment Management 
Net sales and profit/loss 
Third quarter 2024 
Total income was SEK 259 M (263), and 
income after assignment costs amounted 
to SEK 221 M (221). 
Property Funds’ income decreased by 
SEK 5 M year-on-year. Fixed net income 
decreased by SEK 8 M, driven by a slightly 
lower level of total assets under manage- 
ment (AUM).  
Variable net income in Property Funds 
increased by SEK 2 M. The marginal in- 
crease in transaction-based fees was an ef- 
fect of the still subdued transaction 
market. Asset Management generated sta- 
ble income in year-on-year terms. Operat- 
ing expenses for the segment decreased 
by SEK 7 M, primarily driven by lower 
fixed personnel expenses and consultancy 
costs. Operating profit was SEK 33 M in 
the quarter, primarily comprised of Prop- 
erty Funds. 
 
Nine-months period 2024 
Total income was SEK 762 million (883), 
and operating profit was SEK 101 million 
(167). The reduced profit was mainly 
driven by lower performance-based fees 
in Property Funds. 
 
 
 
* Includes internal revenue between business areas. In total income, internal income has been eliminated for the current period and for the corresponding period in 2023  
SEK M 
2024 2023 2024 2023 Rolling 2023 
INCOME STATEMENT —CONDENSED Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec 
Property Funds * 211 216 621 750 816 945 
Asset Management * 71 69 209 196 293 280 
Other operating income * 7 20 19 20 27 28 
Eliminations * -31 -42 -87 -84 -118 -115 
Total income 259 263 762 883 1 018 1 138 
Assignment expenses and commission -39 -42 -122 -128 -165 -171 
Revenue excluding commissions, assignment, and production costs 221 221 640 755 852 968 
Operating expenses -187 -194 -537 -582 -729 -775 
Less profit attributable to non-controlling interests 0 -1 -2 -5 -3 -7 
Operating profit/loss 33 26 101 167 120 186 
KEY FIGURES Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec 
Operating margin, % 13 10 13 19 12 16 
Assets under management at end of period, SEK Bn 151,4 158,8 151,4 158,8 - 152,4 
net in-(+) and outflow(-) during the period, SEK Bn 0,3 15,2 -0,4 15,8 -0,6 15,6 
of which Property Funds 111,3 111,8 111,3 111,8 - 107,4 
net in-(+) and outflow(-) during the period, SEK Bn 1,2 1,1 4,0 4,9 4,4 5,3 
of which Property Asset Management 40,1 47,0 40,1 47,0 - 45,0 
net in-(+) and outflow(-) during the period, SEK Bn -0,9 14,1 -4,4 10,9 -5,0 10,3 
No. of employees, at end of period 294 318 294 318 - 309 
3 Months 9 Months 12 Months 
ASSETS UNDER MANAGEMENT TOTAL INCOME  OPERATING PROFIT 
0,0% 
0,2% 
0,4% 
0,6% 
0,8% 
1,0% 
1,2% 
1,4% 
1,6% 
130 
140 
150 
160 
170 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM - Fee/AUM 
SEK Bn 
0
200 
400 
600 
800 
1 000 
1 200 
1 400 
1 600 
0
100 
200 
300 
400 
500 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM 
SEK M 
0
100 
200 
300 
400 
500 
0
20 
40 
60 
80 
100 
120 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM 
SEK M

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

Interim Report  July - September 2024 
8  
 
Investment Management  
Assets under management by service 
area and country 
Total assets under management (AUM) 
were SEK 151 Bn, of which SEK 111 Bn 
related to Property Funds and SEK 40 Bn 
to Asset Management. Germany is Prop- 
erty Funds' largest market with the highest 
proportion of invested capital, primarily 
through Catella Residential Investment 
Management and Catella Real Estate.  
 
 
 
ASSETS UNDER MANAGEMENT BY SERVICE AREA 
 
 
 
ASSETS UNDER MANAGEMENT BY COUNTRY 
 
  
 
Change in assets under management 
Assets under management decreased 
from SEK 158.8 Bn to SEK 151.4 Bn in the 
latest 12-month period, down by SEK 7.3 
Bn, mainly derived from negative value 
changes and exchange rate effects, where 
changes in the EUR/SEK rate made the 
main contribution, but also low net out- 
flows. Inflows of SEK 12.2 Bn mainly com- 
prised inflows to Property Funds, and to 
the Asset Management operations in Fin- 
land which won new mandates. Outflows 
of SEK 12.8 Bn mainly comprised outflows 
from Catella UK linked to the completion 
of the Hollborn Island mandate, as well as 
divestments of assets in various portfolios. 
Assets under management decreased by 
SEK 1.2 Bn in the third quarter, from SEK 
152.6 Bn in the second quarter. Inflows for 
the quarter of SEK 3.1 Bn were primarily 
driven by the Property Funds and Asset 
Management operations in France, which 
won new mandates. Outflows of SEK 2.9 
Bn were mainly derived from Catella UK 
which saw a number of divestments and 
terminations of mandates, but also from 
outflows from Property Funds. Exchange 
rate differences, mainly in EUR/SEK, de- 
creased AUM by SEK 0.5 Bn in the quar- 
ter. In Property Funds, assets under 
management increased by SEK 0.2 Bn 
compared to the second quarter, and de- 
creased by SEK 0.5 Bn in year-on-year 
terms. In Asset Management, assets under 
management decreased by SEK 1.4 Bn 
compared to the second quarter, and by 
SEK 6.8 Bn year-on-year. 
 
 
 
 
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN 
 
 
 
 
 
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN 
 
73% 
27% 
Property Funds 
Asset Management 
SEK 151,4 Bn 
Germany 34% 
France 13% 
Netherlands 13% 
UK 10% 
Denmark 9% 
Finland 7% 
Spain 5% 
Austria 4% 
Other 5% 
SEK 151,4 Bn 
151,4 
- 12,8 
- 5,4 - 1,3 158,8 12,2 
mdkr 
151,4 - 2,9 - 0,9 - 0,5 152,6 3,1 
mdkr

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

Interim Report  July – September 2024 
 
 
9
 
Principal Investments 
Net sales and profit/loss 
Third quarter 2024 
Income amounted to SEK 35 M (177), 
mainly comprising rental income from the 
residential project Kaktus and Catella Pro- 
ject Management and its project compa- 
nies. 
Both development companies and their 
project companies have operating costs 
that are not capitalised. Operating profit 
for the segment was SEK 3 M (21) primar- 
ily driven by Kaktus. As of 30 September, 
Principal Investments had invested a total 
of SEK 1,851 M in residential, logistics, of -
fice and retail projects in Europe. 
 
Nine-month period 2024 
Income was SEK 243 M (640), and operat- 
ing profit was SEK 18 M (43). Operating 
profit was mainly driven by residential pro- 
jects Kaktus and Catella UK Salisbury. 
 
  
 
 
 
 
 
 
 
SEK M 2024 2023 2024 2023 Rolling 2023 
INCOME STATEMENT —CONDENSED Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec 
Total income 35 177 243 640 348 745 
Provisions, direct assigment and production costs -6 -140 -145 -508 -243 -606 
Revenue excluding commissions, assignment, and production costs 29 37 98 132 105 139 
Operating expenses -26 -17 -82 -80 -93 -91 
Less profit attributable to non-controlling interests 1 0 1 -9 5 -5 
Operating profit/loss 3 21 18 43 17 42 
KEY FIGURES 
Operating margin, % 10 12 7 7 5 6
Catella invested capital 1851 1709 1851 1709  - 1695 
No. of employees, at end of period 27 36 27 36 27 34 
9 Months 12 Months 3 Months 
INVESTED CAPITAL BY COUNTRY* INVESTED CAPITAL BY AS SET CLASS* OPERATING PROFIT 
   * The figures indicate the share of Principal Investments’ total invest- 
ment and what proportion consists of capital contributions and loans 
issued, respectively.  
  
Denmark 42% 
France 26% 
Germany 21% 
UK 11% 
Finland 1% 
=? SEK 1851 M 
Residential 52% 
Logistics 25% 
Retail 11% 
Office 10% 
Other 2% 
=? SEK 1851 M 
-10 
-5 
0
5
10 
15 
20 
25 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
SEK M

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

Interim Report  July - September 2024 
10   
 
Principal Investments 
The following table shows the investment status for ongoing property development projects and other investments as of 30 September 
2024. The project company’s total investment includes invested capital from Catella, partners and external financing. Catella’s total invest- 
ment relates to both capital contributed and loans issued. Seestadt and Düssel-Terrassen include a number of phases in each project, 
which will be completed at different times.  
 
In the third quarter 2024, Catella’s total investment volume increased by SEK 367 M to SEK 1,851 M. Of changes in the period, SEK 240 
M related to additional investments in Kaktus to enable amortization of external project financing. Other gross investments in the period 
totalled SEK 176 M and mainly related to the French logistics projects Metz-Eurolog and Polaxis, and the German project Köningsallé.  
 
 
 
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair value according to 
the following table. In the third quarter, Catella made an additional investment of just over SEK 6 M in Pamica. See also Note 4.  
 
 
 
Catella’s commitments in Principal Investments that have not been included in the Statement of Financial Position are specified in Note 6. 
Pledged assets and contingent liabilities.   
Property Development Projects Country Investment type Project start 
Estimated 
completion 
Catella 
capital 
share, % 
Project company's 
total investment, 
SEK M 
Total Catella 
Equity Invested, 
SEK M * 
PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES** 
Kaktus Denmark Residential Q2 2017 2025***** 93 1 746 757 
Salisbury UK Retail Q4 2021 2026 88 255 93 
Mander Centre UK Retail Q1 2022 2027 63 104 104 
Total Direct Investments 2 105 954 
Metz-Eurolog**** France Logistics Q3 2020 2024 100 169 169
Polaxis France Logistics Q4 2022 2024 100 408 287 
Other Catella Logistic Europé France Logistics 15 15 
Total Catella Logistic Europe 592 471 
Subtotal Subsidiaries 2 696 1 424 
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES*** 
Seestadt mg+ GmbH Germany Residential Q1 2019 2030+ 45 89 7 151 
Düssel-Terrassen GmbH Germany Residential Q4 2018 2030+ 45 269 48 
Königsallee 106 Germany Office Q2 2021 2027 23 1 007 184 
Total Catella Project Capital 2 173 383 
Subtotal Associated companies 2 173 383 
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES 
Total Co-Investments 43 
Total 4 869 1 851 
***** The residential part is completed and residents moved in in September 2022. The commercial part is fully let and under construction where the last part is expected to be finished in 2025 
* Refers to both capital injections and loans provided 
** The project is consolidated as a subsidiary with full consolidation 
*** The project is consolidated as an associated company according to the equity method 
**** The project is sold through forward-funding arrangement with investor. Catella's profit is realized over time with the completion of the project 
2024 2023 2023 
SEK M 30-sep 30-sep 31-dec 
Pamica 82 109 99 
Catella Fastighetsfond Systematisk C 26 16 22 
UK REIT Fund 28 13 26 
UPEKA 113 - 111 
Total fund holdings 249 138 258

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

Interim Report  July – September 2024 
  11 
 
Corporate Finance 
Net sales and profit/loss 
Third quarter 2024 
The transaction market remained hesitant 
in the third quarter. 
 
Property transactions where Catella 
acted as advisor totalled SEK 2.3 Bn (4.1) 
in the quarter. Of total transaction vol- 
umes in the quarter, Sweden provided SEK 
0.9 Bn (0.3), Spain SEK 0.6 Bn (0.4), France 
SEK 0.5 Bn (2.9), Finland 0.3 Bn (0.6) Den-
mark 0.0 Bn (0.0).   
Corporate Finance’s income was SEK 89 
M (93) and income adjusted for assign- 
ment costs was SEK 71 M (72), a decrease 
of SEK 1 M.  
Operating expenses were in line with 
the corresponding period of the previous 
year, and operating profit totalled SEK -6 
M (-6) in the quarter. 
Nine-month period 2024  
Total income was SEK 238 million (265), 
and operating profit was SEK -48 million (-
47). The transaction market in Europe has 
been in a declining trend since 2022, and 
continued uncertainty affected all opera- 
tions in the Corporate Finance business 
area, leading to a reduction in income and 
associated profit. 
 
 
 
 
* Includes internal revenue between business areas. Internal revenue has been eliminated within the business area for the current period and for the corresponding period in 2023. 
 
  
SEK M 
2024 2023 2024 2023 Rolling 2023 
INCOME STATEMENT —CONDENSED Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec 
Nordic * 18 15 88 57 130 99 
Continental Europe * 71 78 149 208 287 346 
Total income 89 93 238 265 417 445 
Assignment expenses and commission -18 -21 -34 -58 -77 -101 
Revenue excluding commissions, assignment, and production costs 71 72 204 208 340 344 
Operating expenses -78 -78 -252 -255 -374 -377 
Less profit attributable to non-controlling interests 0 0 0 0 0 0
Operating profit/loss -6 -6 -48 -47 -34 -33 2024 2023 2024 2023 Rolling 2023 
KEY FIGURES Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec 
Operating margin, % -7 -6 -20 -18 -8 -8 
Property transaction volume for the period, SEK Bn 2,3 4,1 13,5 15,1 22,7 24,3 
of which Nordic 1,2 0,9 9,9 5,4 13,8 9,3 
of which Continental Europe 1,0 3,3 3,7 9,7 8,9 15,0 
No. of employees, at end of period 144 152 144 152 - 147 
3 Months 9 Months 12 Months 
TRANSACTION VOLUMES  TOTAL INCOME  OPERATING PROFIT 
   
 0,0 
 10,0 
 20,0 
 30,0 
 40,0 
 50,0 
 60,0 
 70,0 
 0,0 
 2,0 
 4,0 
 6,0 
 8,0 
 10,0 
 12,0 
 14,0 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM 
SEK M 
0
100 
200 
300 
400 
500 
600 
700 
0
20 
40 
60 
80 
100 
120 
140 
160 
180 
200 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM 
SEK M 
-60 
-40 
-20 
0
20 
40 
60 
80 
-30 
-25 
-20 
-15 
-10 
-5 
0
5
10 
15 
20 
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 
2023 2024 
LTM 
SEK M

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

Interim Report  July - September 2024 
12   
 
Other financial information 
The Group’s financial position 
Third quarter 2024 
The following information relates to the 
Group formal accounts.  
In the third quarter, the Group's total 
assets increased marginally, amounting to 
SEK 5,721 M as of 30 September 2024.  
Changes in individual Balance Sheet items 
such as Development and projects proper- 
ties, Cash and cash equivalents and Bond 
loans were significant due to factors such 
as continued investments in the projects 
Metz-Eurolog, Polaxis and Köningsallé, and 
the refinancing of Group borrowing. 
Group equity decreased by SEK 22 M to 
SEK 1,967 M as of 30 September 2024. In 
addition to profit/loss for the period of 
SEK -23 M and repurchases of warrants 
from the former President and CEO of 
SEK -3 M, equity was mainly affected by 
realized profit from the sale of Visa shares 
of SEK 9 M, which was recognized under 
Other comprehensive income. Translation 
differences in the period were negligible. 
As of the Balance Sheet date, the Group’s 
equity/assets ratio was 34 percent (35 per- 
cent as of 30 June 2024). 
 
Group financing 
In September 2024, Catella AB issued new 
senior unsecured green bonds totalling 
SEK 600 M with a term of 3.5 years and 
maturity in March 2028. Transaction costs 
for the new bond amounted to 8 SEK mil- 
lion and are initially reported as a reduc- 
tion of the loan liability in the group’s 
financial position, and subsequently as a fi- 
nancial expense in the consolidated in- 
come statement over the loan’s term. The 
bond loan accrues floating-rate interest at 
3-month Stibor plus 390 b.p. Financing is 
conditional on a minimum Group equity 
requirement of SEK 1,000 million from 
time to time. In addition, there are re- 
strictions on dividends. The bond is listed 
on Nasdaq Stockholm’s list for sustainable 
bonds. 
In connection with the issue of the new 
green bonds, Catella AB repurchased SEK 
307.5 M of the existing older bond with an 
outstanding nominal amount of SEK 1,250 
M. The existing bond matures in March 
2025 and accrues floating-rate 3-month 
Stibor plus 475 b.p.    
   In addition, the Group’s property devel- 
opment company received loans from 
credit institutions relating to ongoing prop- 
erty projects. As of 30 September 2024, 
these loans totalled SEK 1,310 million (SEK 
1,521 M as of 30 June 2024). A majority of 
these relate to the financing of Kaktus, 
where loans accrued variable interest aver- 
aging 5.4 percent (4.9) in the nine-month 
period 2024. In September, Kaktus repaid 
loans from credit institutions at a net 
amount of SEK 216 M. In connection with 
this, all guarantees issued by Catella AB to 
credit institutions, comprising security for 
Kaktus’ borrowing, were terminated. 
 
Group cash flow  
Third quarter 2024 
Group cash flow from operating activities 
before changes in working capital was in 
line with the previous year and amounted 
to SEK -19 million (-24) Cash flow from 
property projects amounted to SEK -125 
M (-152), and mainly relates to invest- 
ments in Metz-Eurolog, Polaxis and Kö- 
nigsallé.  The comparative period in the 
previous year includes payments of SEK 87 
M from projects sold through forward-
funding agreements with investors. Cash 
flow from changes in working capital 
amounted to SEK -23 M (37), and includes 
repayments of retained tax at source on 
dividends from subsidiaries SEK 50 M.   
Cash flow from investing activities 
amounted to SEK 22 M (-164) and in- 
cluded SEK 33 M related to divestment of 
Visa shares. Catella acquired Aquila Group 
and additional shares in APAM Ltd In the 
comparative period of the previous year, 
which affected Group cash and cash equiv- 
alents by SEK -147 M. 
Cash flow from financing activities to- 
talled SEK 65 M (-41) and includes several 
major transactions in the period. In Sep- 
tember, Catella AB issued new bonds to- 
talling SEK 600 M, and repurchased SEK 
307.5 M of an older bond at a price of 
100.95 percent of the nominal amount. 
The transactions raised SEK 282 M in cash 
and cash equivalents after transaction costs 
for the Group. Furthermore, Kaktus repaid 
loans from credit institutions totalling SEK 
266 M, while also extending financing from 
Kaktus’ main lender by SEK 50 M. In addi- 
tion, Polaxis extended its external financing 
by SEK 21 M. 
Cash flow in the period was SEK -81 M 
(-344) and cash and cash equivalents at the 
end of the period was SEK 869 M (1,001), 
of which cash and cash equivalents relating 
to the Group’s Swedish holding company 
amounted to SEK 205 M (236).  
 
Nine-month period 2024 
Group cash flow in the nine-month period 
was SEK 58 M, against SEK -824 M in the 
previous year, a departure of SEK 882 M.  
The main explanation for this relates to in- 
creased borrowing through the issue of 
new bonds and loans from credit institu- 
tions in order to finance increased invest- 
ments in property projects during a period 
of reduced profitability in the company’s 
operations. In the corresponding period of 
the previous year, Group borrowing de- 
creased as a result of Kaktus’ repayment of 
loans from credit institutions of SEK 373 
M.  
 
Parent Company 
Third quarter 2024 
Parent Company income was SEK 11.9 M 
(13.7), and operating profit was SEK -14.7 
M (-5.3). The reduction in profit was 
mainly due to non-recurring costs related 
to severance costs for the former Presi- 
dent and CEO. 
Net financial income/expense for the 
period totalled SEK -31.9 M (-28.2), where 
the reduction in the period was mainly due 
to the repurchase of an older bond at a 
nominal amount of SEK 307.5 M, which 
was subject to a premium of SEK 2.9 M 
(100.95 percent of the nominal amount).    
The number of employees at the end of 
the period was 20 (21).  
 
Nine-month period 2024 
The Parent Company’s operating profit 
deteriorated by SEK 2.2 M and amounted 
to SEK -38.8 M (-36.6) in the nine-month 
period 2024. Increased costs for severance 
pay to the former President and CEO 
were partly offset by lower fixed payroll 
costs. 
Higher market interest rates, increased 
borrowing, and transaction costs in con-

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

Interim Report  July – September 2024 
 
 
13 
 
nection with the partial buy-back of older 
bonds led to increased interest costs year-
on-year. 
 
Employees 
At the end of the period, there were 486 
(529) employees, expressed as full-time 
equivalents. 
 
Risks and uncertainties  
Macroeconomic conditions relating to in- 
flation and interest rates affect transaction 
levels and assets under management, im- 
pacting results of operations in Investment 
Management and Corporate Finance. 
Lower transaction volumes can also affect 
Principal Investments' ability to divest pro- 
jects at acceptable prices. These uncer- 
tainty factors may affect future returns.  
Catella AB is indirectly exposed to the 
same risks as the Group through its hold- 
ing of shares in subsidiaries and associated 
companies. 
For more information, see the section 
Risks and uncertainties in the Directors’ 
Report of the Annual Report for 2023. 
 
Seasonal variations 
Seasonal variations are significant in the 
Corporate Finance business area. Transac- 
tion volumes and income have historically 
been highest in the fourth quarter. 
 
Accounting principles 
This Interim Report has been prepared in 
compliance with IAS 34 Interim Financial 
Reporting and the Swedish Annual Ac- 
counts Act. The Consolidated Financial 
Statements have been prepared in compli- 
ance with IFRS Accounting Standards as 
endorsed by the EU, the Annual Accounts 
Act and RFR 1 Complementary Account- 
ing Rules for Groups issued by RFR, the 
Swedish Sustainability- Financial Reporting 
Board. Information according to IAS 
34.16A also appears, in addition to in the 
financial reports and associated notes, in 
other parts of the Interim Report. 
From 2024 onwards, the assessment is 
that income from divested and profit-rec- 
ognized property projects in Principal In- 
vestments is included in Catella’s core 
operations, given the business segment’s 
progress where this income is recognized 
as net sales. These were previously recog- 
nized as Other operating income. Com- 
parative figures from earlier periods have 
not been adjusted in a corresponding man- 
ner.    
The Parent Company applies the Annual 
Accounts Act and recommendation RFR 2 
Accounting for legal entities from the Swe- 
dish Sustainability and Financial Reporting 
Council. 
The Group’s and Parent Company’s key 
accounting principles are presented in Ca- 
tella’s Annual Report for 2023. Figures in 
tables and comments may be rounded.  
 
Related party transactions 
In accordance with the decision of the Ex- 
traordinary General Meeting on 20 March 
2024, in April, 2,450,000 warrants of series 
2020/2024:A and 2020/2025:B were re- 
purchased from Catella’s Group manage- 
ment at a market price of SEK 2,445,100. 
Furthermore, 1,096,000 newly issued war- 
rants of series 2024/2027 and 2024/2028 
were transferred to Group management 
for a total purchase price of SEK 
3,561,810. 
In September 2024, Catella repurchased 
800,000 warrants of series 2024/2027 and 
2024/2028 from Catella’s former Presi- 
dent and CEO at a market price of SEK 
2,711,000 in connection with the termina- 
tion of his position with Catella. The war- 
rants have been transferred and 
repurchased on market terms at a price 
calculated on the basis of the Black & 
Scholes valuation model. For more infor- 
mation see Note 20 and 38 in the Annual 
Report 2023. 
 
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 submitted to the market, through the 
agency of the below contact, for publica- 
tion on 07 November 2024 at 07:00 a.m. 
CET. 
 
This Report has been subject to review by 
the company’s auditors 
 
 
The undersigned certify that this Interim Report provides a fair overview of the performance of the Parent Company’s and the Group’s 
operations, financial position and results of operations, and describe the material risks and uncertainties facing the Parent Company and 
the companies included in the Group. 
 
 
 
 
Stockholm, Sweden, 7 November 2024  
Catella AB (publ)  
  
Daniel Gorosch 
Interim CEO and Presi- 
dent

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

Interim Report  July - September 2024 
14  
 
 
 
Review report  
To the Board of Directors of Catella AB (Publ) 
Corp. id. 556079-1419 
Introduction 
We have reviewed the condensed interim financial information (interim report) of Catella AB (Publ) as of 30 September 2024 and the 
nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation 
of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this in- 
terim report based on our review. 
Scope of review 
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, 
primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted 
auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that 
might be identified in an audit. Accordingly, we do not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material 
respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the 
Annual Accounts Act. 
 
Stockholm 7 of November 
 
KPMG AB  
  
  
  
Johanna Hagström Jerkeryd  
Authorized Public Accountant  
Auditor in charge

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

Interim Report  July – September 2024 
 
 
15 
 
Consolidated Income Statement 
 
 
 
Information on the Income Statement by business area can be found in Note 1. 
 
Consolidated Statement of Comprehensive Income  
 
  
2024 2023 2024 2023 2023 
SEK M Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 
Net sales 379 393 1 227 1 243 1 697 
Other operating income 8 146 35 556 642 
Share of profit from associated companies -4 -6 -8 -7 -6
Total income 383 534 1 254 1 793 2 333 
Provisions, direct assigment and production costs -6 2 -202 -293 -691 -874 
Other external expenses -79 -96 -236 -290 -385 
Personnel costs -190 -183 -575 -606 -838 
Depreciation -20 -14 -60 -51 -72 
Other operating expenses -12 -5 -32 -17 -18 
Operating profit/loss 19 33 59 138 145 
Interest income 16 8 52 42 57 
Interest expenses -55 -41 -161 -114 -156 
Other financial items -11 -9 21 46 -4 
Financial items—net -50 -42 -88 -26 -103 
Profit/loss before tax -31 -9 -29 111 42 
Tax 8 -12 1 -42 -51 
Net profit/loss for the period -23 -20 -29 70 -9 
Profit/loss attributable to: 
Shareholders of the Parent Company -23 -22 -29 54 -21 
Non-controlling interests 0 1 1 15 12 
-23 -20 -29 70 -9 
Earnings per share attributable to shareholders of the Parent Company, SEK 
- before dilution -0,26 -0,25 -0,33 0,62 -0,24 
- after dilution -0,26 -0,25 -0,33 0,60 -0,24 
No. of shares at end of the period 88 348 572 88 348 572 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 90 562 208 90 562 208 
2024 2023 2024 2023 2023 
SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 
Net profit/loss for the period -23 -20 -29 70 -9 
Other comprehensive income 
Items that will not be reclassified subsequently to profit or loss: 
Fair value changes in financial assets through other comprehensive income 9 -0 11 4 8
Items that will be reclassified subsequently to profit or loss: 
Translation differences -0 -44 38 48 7
Other comprehensive income for the period, net after tax 9 -44 48 52 15 
Total comprehensive income/loss for the period -14 -65 19 122 7
Total comprehensive income/loss attributable to: 
Shareholders of the Parent Company -14 -65 17 104 -6 
Non-controlling interests 0 1 2 18 13 
-14 -65 19 122 7

===== SIDA 16 =====

Interim Report  July - September 2024 
16  
 
 
Consolidated Statement of Financial Position – condensed 
 
 
Information on financial position by operating segment can be found in Note 2. 
  
2024 2023 2023 
SEK M Note 30 Sep 30 Sep 31 Dec 
ASSETS 
Non-current assets 
Intangible assets 575 594 573 
Contract assets leasing agreements 128 88 115 
Property, plant and equipment 33 33 33 
Holdings in associated companies 132 129 136 
Non-current receivables from associated companies 243 202 158 
Other non-current securities 3, 4, 5 467 368 487 
Deferred tax receivables 39 19 15 
Other non-current receivables 58 50 58 
1 675 1 484 1 573 
Current assets 
Development and project properties 2 582 2 138 2 143 
Contract assets 0 31 34 
Receivables from associated companies 90 274 334 
Accounts receivable and other receivables 484 566 541 
Current investments 3, 4, 5 23 25 22 
Cash and cash equivalents * 869 1 001 796 
4 047 4 035 3 871 
Total assets 5 721 5 519 5 444 
EQUITY AND LIABILITIES 
Equity 
Share capital 177 177 177 
Other contributed capital 295 296 296 
Reserves 100 121 86 
Profit brought forward including net profit for the per iod 1 348 1 500 1 429 
Equity attributable to shareholders of the Parent Company 1 920 2 093 1 988 
Non-controlling interests 47 43 50 
Total equity 1 967 2 137 2 038 
Liabilities 
Non-current liabilities 
Borrowings from credit institutions 1 328 1 171 1 171 
Bond issue 592 1 246 1 247 
Contract liabilities leasing agreements 92 59 79 
Other non-current liabilities 169 155 148 
Deferred tax liabilities 22 25 24 
Other provisions 0 1 0
2 203 2 656 2 669 
Current liabilities 
Borrowings from credit institutions 1 1 3
Bond issue 941 0 0
Contract liabilities leasing agreements 43 36 42 
Contract liabilities 4 41 14 
Accounts payable and other liabilities 557 615 657 
Tax liabilities 4 32 21 
1 551 726 737 
Total liabilities 3 754 3 382 3 406 
Total equity and liabilities 5 721 5 519 5 444 
* Of which pledged and blocked liquid funds 105 90 100

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

Interim Report  July – September 2024 
 
 
17 
 
Consolidated Statement of Cash Flows 
 
 
 
  
2024 2023 2024 2023 2023 
SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 
Cash flow from operating activities 
Profit/loss before tax -31 -9 -29 111 42 
Reclassification and adjustments for non-cash items: 
Wind down expenses -0 -1 -1 -5 -5 
Other financial items 11 39 -21 -9 41 
Depreciation 20 14 60 51 72 
Impairment / reversal of impairment of current receivables -2 3 -1 7 7
Change in provisions 0 3 0 12 -0 
Reported interest income from loan portfolios -5 -7 -1 4 -21 -25 
Acquisition expenses 0 6 - 6 6
Profit/loss from participations in associated companies 4 6 8 7 6
Personnel costs not affecting cash flow -2 -4 1 -13 6
Other non-cash items 10 -0 9 -17 -11 
Other reclassifications 0 -52 - -64 -51 
Paid income tax -24 -21 -60 -64 -89 
Cash flow from operating activities before changes in working capital -19 -24 -49 2 -1 
Investments in property projects -141 -239 -625 -480 -80 3 
Divestment of property projects 16 87 423 599 778 
Cash flow from property projects -125 -152 -202 118 -25 
Cash flow from changes in working capital 
Increase (–)/decrease (+) of operating receivables 1 -86 64 -1 14 
Increase (+) / decrease (–) in operating liabilities -24 123 -70 -163 -118 
Cash flow from operating activities -168 -139 -257 -43 - 130 
Cash flow from investing activities 
Purchase of property, plant and equipment -4 -2 -7 -12 - 17 
Purchase of intangible assets -2 -2 -5 -9 -9 
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents 0 -146 - -158 -159 
Sale of subsidiaries, net of cash disposed 0 0 - 2 2
Dividend and other disbursements from associated companies 0 0 6 2 2
Purchase of financial assets -8 -20 -13 -34 -160 
Sale of financial assets 31 0 31 - -
Cash flow from loan portfolios 5 7 14 21 25 
Cash flow from investing activities 22 -164 26 -188 -315
Cash flow from financing activities 
Re-purchase of share warrants -3 0 -5 -0 -0 
Proceeds from share warrants issued 0 0 5 - -
Borrowings 667 -0 1 008 - 45 
Amortisation of loans -581 -8 -589 -382 -376 
Amortisation of leasing debt -13 -9 -38 -32 -43 
Dividends paid to shareholders of the parent company 0 0 -80 -106 -106 
Dividends paid to non-controlling interests -6 -24 -11 -72 -74 
Transactions with, and payments to, non-controlling interests 0 0 - 0 0
Cash flow from financing activities 65 -41 290 -593 -554
Cash flow for the period -81 -344 58 -824 -998 
Cash and cash equivalents at beginning of period 951 1 365 796 1 794 1 794 
Exchange rate differences in cash and cash equivalents -1 -19 14 31 0
Cash and cash equivalents at end of the period 869 1 001 869 1 001 796

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

Interim Report  July - September 2024 
18  
 
 
Consolidated Statement of Changes in Equity 
 
 
* Non-controlling interests are attributable to min ority shares in the subsidiaries within all Group business areas. 
** Relates to value changes in put options issued to minority holders in Aquila Asset Management SAS. 
 
In April 2024, 2,450,000 warrants from the older incentive program LTI 2020 were repurchased from holders remaining in the employment of the Catella Group at a market price totalling SEK 2,445,100. 
The repurchased warrants have, alongside warrants held in treasury, been voided. Furthermore, 175,000 warrants in the same program expired in June. As of 30 September 2024, there were 150,000 
outstanding warrants under program LTI 2020 which can be used to subscribe for the equivalent number of new Class B shares in Catella AB in June 2025. 
 
Furthermore, a new long-term incentive program was introduced in the second quarter of 2024, where 4,700,000 warrants, split over five different series, were issued. Of these, 1,526,670 warrants of 
series 2024/2027 and 2024/2028 were transferred to Group management and other key executives in the Group for a total purchase price of SEK 4,963,441. In the third quarter 2024, Catella repurchased 
814,920 warrants from the company's former President and CEO for a total purchase consideration of SEK 2,760,186 in connection with termination of his employment with Catella. As of 30 September 
2024, there were 3,988,250 warrants under the new incentive program held in treasury.  
 
 
 
 
* Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. 
 
In the first quarter of 2023, 50,000 warrants were repurchased from a former employee due to a change in the employee's employment circumstances. The amount totalled SEK 0.4 M and was recognized 
under Repurchase of issued warrants in Other contributed capital. As of 30 September 2023, the Parent Company had a total of 3,000,000 warrants outstanding, of which 200,000 in treasury. The exercise 
price is SEK 35.20 per share. 
  
SEK M 
Opening balance at 1 January 2024 177 296 -3 89 1 429 1 9 88 50 2 038 
Comprehensive income for January - September 2024: 
Net profit/loss for the period -29 -29 1 -29 
Other comprehensive income, net of tax -22 36 33 47 1 48 
Comprehensive income/loss for the period -22 36 3 17 2 19
Transactions with shareholders: 
Dividends paid to non-controlling interests 0 -7 -7 
Change in value option debt ** -5 -5 -5 
Other transactions with non-controlling interests 0 0 2 2
Warrants issued 5 5 5
Re-purchase of warrants issued -5 -5 -5 
Dividends paid to shareholders of the parent company -80 -80 -80 
Closing balance at 30 September 2024 177 295 -25 125 1 3 48 1 920 47 1 967 
Profit brought 
forward incl. 
net profit/loss 
for the period 
Non- 
controlling 
interests * 
Equity attributable to shareholders of the Parent Company 
Share capital
Other 
contributed 
capital
Translation 
reserve Total
Total 
equity 
Fair value 
reserve 
SEK M 
Opening balance at 1 January 2023 177 296 -11 83 1 624 2 168 262 2 430 
Comprehensive income for January - September 2023: 
Net profit/loss for the period 54 54 15 70 
Other comprehensive income, net of tax 4 45 0 49 3 52 
Comprehensive income/loss for the period 4 45 54 104 18 1 22 
Transactions with shareholders: 
Dividends paid to non-controlling interests 0 -228 -22 8 
Option liability, acquisition ** -54 -54 -54 
Change in value option debt ** -6 -6 -6 
Other transactions with non-controlling interests - 12 -12 -9 -21 
Re-purchase of warrants issued 0 0 0
Dividends paid to shareholders of the parent company -106 -106 -106 
Closing balance at 30 September 2023 177 296 -7 128 1 50 0 2 093 43 2 137 
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 
Equity attributable to shareholders of the Parent Company

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

Interim Report  July – September 2024 
 
 
19 
 
Note 1. Income Statement by business area 
 
 
 
 
* Profit/loss attributable to non-controlling interests for each business area has not been included, in order to clarify the operating profit attributable to shareholders of the Parent Company by business area. 
This is consistent with the internal reports provided to management and the Board of Directors. This information has, instead, been included in the column for Group eliminations so that the Group operat- 
ing profit is consistent with the Group’s formal Income Statement prepared in accordance with the Group’s accounting principles.  
 
The business areas covered in this report, Investment Management, Principal Investment and Corporate Finance, are consistent with internal reporting submitted to management and the Board of Directors 
and thus represent the Group's operating segments in accordance with IFRS 8, Operating Segments. The Parent Company and other holding companies are presented under the category “Other”. Acquisi- 
tion and financing costs and Catella’s trademark are also recognized in this category. Group eliminations also include the elimination of intra-group transactions between the various business areas. Transac- 
tions between the business areas are limited and relate mainly to financial transactions and certain onward invoicing of expenses. Such transactions are conducted on an arm’s length basis. 
 
  
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2024 2023 2024 2023 2023 
SEK M Note Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jan-Dec 
Net sales 252 259 40 44 88 92 11 13 -12 -15 379 393 
Other operating income 7 4 0 141 1 1 4 1 -5 -0 8 146 
Share of profit from associated 
companies 1 0 -5 -8 0 0 1 2 0 0 -4 -6 
Total income 259 263 35 177 89 93 16 16 -17 -15 383 534 
Provisions, direct assigment and 
production costs -39 -42 -6 -140 -18 -21 -0 -0 1 1 -62 -202 
Other external expenses -54 -67 -4 -8 -24 -27 -9 -7 11 13 -79 - 96 
Personnel costs -116 -116 -7 -8 -47 -46 -21 -13 1 1 -190 -183 
Depreciation -14 -9 -0 -0 -5 -5 -1 -0 0 0 -20 -14 
Other operating expenses -4 -2 -15 -1 -2 -0 4 -3 5 0 -12 -5 
Less profit attributable to non- 
controlling interests * -0 -1 0 -0 0 0 0 -0 0 1 -0 0
Operating profit/loss 33 26 3 20 -6 -6 -11 -8 0 1 19 33 
Interest income 16 8
Interest expenses -55 -41 
Other financial items -11 -9 
Financial items—net -50 -42 
Profit/loss before tax -31 -9 
Tax 8 -12 
Net profit/loss for the period -23 -20 
Profit/loss attributable to shareholders 
of the Parent Company -23 -22 
Investment 
Management 
Principal 
Investments Other Corporate Finance Eliminations Group 
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 
SEK M Note Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Ja n-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan- Dec Jan-Sep Jan-Sep Jan-Dec 
Net sales 747 862 1 111 251 123 149 234 262 441 35 31 42 -41 -34 - 46 1 227 1 243 1 697 
Other operating income 14 20 25 3 528 607 3 3 5 29 4 7 -14 1 -2 35 5 56 642 
Share of profit from associated 
companies 1 1 2 -11 -11 -12 0 0 0 2 3 4 0 0 0 -8 -7 -6 
Total income 762 883 1 138 243 640 745 238 265 445 66 39 53 -54 - 34 -49 1 254 1 793 2 333 
Provisions, direct assigment and 
production costs -122 -128 -171 -145 -508 -606 -34 -58 -101 -0 -0 -0 8 3 4 -293 -691 -874 
Other external expenses -151 -181 -250 -19 -31 -29 -72 -82 - 105 -28 -24 -38 34 28 37 -236 -290 -385 
Personnel costs -337 -368 -477 -24 -35 -47 -165 -159 -250 -54 -47 -68 4 3 5 -575 -606 -838 
Depreciation -41 -29 -43 -1 -4 -4 -14 -15 -19 -4 -3 -6 0 0 0 -60 -51 -72 
Other operating expenses -7 -4 -5 -38 -10 -11 -2 -0 -2 2 -8 -7 1 4 4 7 -32 -17 -18 
Less profit attributable to non- 
controlling interests * -2 -5 -6 1 -9 -5 -0 0 -0 0 -1 -1 1 15 12 0 0 0
Operating profit/loss 101 167 186 18 43 43 -48 -47 -33 -18 -46 -67 6 20 17 59 138 145 
Interest income 52 42 57 
Interest expenses -161 -114 -156 
Other financial items 21 46 -4 
Financial items—net -88 -26 -103 
Profit/loss before tax -29 111 42 
Tax 1 -42 -51 
Net profit/loss for the period -29 70 -9 
Profit/loss attributable to shareholders 
of the Parent Company -29 54 -21 
Corporate Finance Other Eliminations Group Investment Management Principal Investments

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

Interim Report  July - September 2024 
20  
 
 
Note 2. Financial position by operating segment 
 
 
 
 
 
 
  
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 
SEK M 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 
ASSETS 
Non-current assets 
Intangible assets 456 478 457 -0 0 0 65 66 65 54 50 50 575 594 573
Contract assets leasing agreements 70 58 71 1 2 2 29 25 39 27 4 2 128 88 115 
Property, plant and equipment 27 29 28 1 1 1 4 3 4 2 0 1 33 33 33 
Holdings in group companies 0 -2 -6 -0 -5 -5 -0 -1 -1 -0 8 12 -0 -0 -0 
Holdings in associated companies 25 25 25 104 101 106 0 0 0 2 4 5 132 129 136 
Non-current receivables from associated companies 0 0 0 243 0 0 0 0 0 0 202 158 243 202 158 
Other non-current securities 33 32 31 356 241 359 0 0 0 77 94 9 6 467 368 487 
Deferred tax receivables 1 3 1 14 4 4 25 13 9 0 0 0 39 19 15 
Other non-current receivables 28 28 28 30 21 28 11 13 10 -10 - 11 -9 58 50 58 
639 651 636 749 364 496 133 119 127 153 350 314 1 674 1 484 1 573
Current assets 
Development and project properties 0 0 0 2 724 2 232 2 26 9 0 0 0 -142 -94 -126 2 582 2 138 2 143 
Contract assets 0 0 0 6 31 34 0 0 0 -6 0 0 -0 31 34 
Receivables from associated companies 2 0 0 88 0 1 0 0 0 0 274 333 90 274 334 
Accounts receivable and other receivables 385 433 476 1 97 241 124 172 201 211 -270 -310 -270 484 566 541 
Current investments 0 0 0 0 0 0 0 0 0 23 25 22 23 25 22 
Cash and cash equivalents 423 591 485 160 110 125 38 51 75 24 7 249 112 869 1 001 796 
810 1 024 960 3 175 2 614 2 553 210 253 286 -149 144 71 4 047 4 035 3 871 
Total assets 1 449 1 675 1 597 3 924 2 978 3 049 344 371 413 4 494 385 5 721 5 519 5 444 
EQUITY AND LIABILITIES 
Equity 
Equity attributable to shareholders of the Parent Company 274 390 389 254 362 341 -27 7 17 1 419 1 334 1 240 1 920 2  093 1 988 
Non-controlling interests 44 34 33 5 15 9 9 -5 8 -11 -0 -0 47 43 5 0 
Total equity 318 424 422 258 377 350 -18 2 25 1 409 1 334 1 240 1 967 2 137 2 038 
Liabilities 
Non-current liabilities 
Borrowings from credit institutions 2 1 2 1 310 1 142 1 1 45 17 28 23 0 0 0 1 328 1 171 1 171 
Bond issue 0 0 0 0 0 0 0 0 0 592 1 246 1 247 592 1 246 1 247 
Contract liabilities leasing agreements 49 44 53 0 1 1 18 1 2 23 25 2 2 92 59 79 
Other non-current liabilities 813 815 761 133 121 119 0 0 0 - 778 -781 -731 169 155 148 
Deferred tax liabilities 11 15 14 0 0 0 0 0 0 10 10 10 22 25 24 
Other provisions 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0
875 875 829 1 443 1 264 1 265 35 41 47 -150 477 528 2 203 2 656 2  669 
Current liabilities 
Borrowings from credit institutions 1 1 1 0 0 0 1 1 2 0 0 0 1 1 3
Bond issue 0 0 0 0 0 0 0 0 0 941 0 0 941 0 0
Contract liabilities leasing agreements 25 18 23 1 1 1 13 1 5 17 5 1 1 43 36 42 
Contract liabilities 0 0 0 4 41 14 0 0 0 0 0 0 4 41 14 
Accounts payable and other liabilities 227 327 302 2 21 7 1 294 1 418 313 313 321 -2 201 -1 318 -1 384 557 615 657 
Tax liabilities 3 31 21 0 2 0 0 -0 0 0 0 0 4 32 21 
Total liabilities 1 132 1 252 1 175 3 666 2 601 2 698 361 3 70 388 -1 405 -840 -855 3 754 3 382 3 406 
Total equity and liabilities 1 449 1 675 1 597 3 924 2 978 3 049 344 371 413 4 494 385 5 721 5 519 5 444 
Investment Management Principal Investments Corporate  Finance Other Group

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

Interim Report  July – September 2024 
 
 
21 
 
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 
recognized under the category Other.  
 
 
 
 
Pastor 2 
In the sub-portfolio Pastor 2, the underly- 
ing loans are below ten percent of the is- 
sued amount and Catella expects the 
issuer to utilise its clean-up call. The admin- 
istration of the portfolio is frequently un- 
profitable when it falls below ten percent 
of the issued amount, and this structure al- 
lows the issuer to avoid these additional 
costs. Catella considers the credit risk in 
the portfolio to be low, although the pre- 
cise timing of the exercise of the option is 
difficult to forecast due to various un- 
known factors relating to the issuer. Ca-
tella has made the assumption that a re- 
purchase will take place in the fourth quar- 
ter of 2025. The portfolio is valued at the 
full repayable amount of EUR 5.0 M, dis- 
counted to present value with application 
of a discount rate for similar assets. This 
corresponds to a value of EUR 4.8 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 opt-
ion has been available since 2015. Catella 
evaluates that the time call will be exer- 
cised in the fourth quarter of 2024. The 
assumption is conservative due to this re- 
quiring no further cash flows other than 
the position's current capital amount of 
EUR 1.6 million plus the following quar- 
ter’s cash flow when exercising the time 
call. The portfolio is hence valued at EUR 
2.0 million.  
 
Further information regarding the loan 
portfolio can be found in the Annual Re- 
port 2023. 
 
 
 
Actual cash flows from the loan portfolio  
 
 
 
 
SEK M 
Loan portfolio Country 
Pastor 2 Spain 56,5 71,2% 54,5 70,5% 3,0% 1,25 
Lusitano 5 Portugal 22,8 28,8% 22,8 29,5% 0,0% 0,25 
Total cash flow * 79,3 100,0% 77,3 100,0% 2,1% 1,0 
Carrying amount in consolidated balance sheet ** 77, 3 
Duration, years 
* The discount rate recognised in the line “Total cash flow” is the weighted average interest of the total discounted cash flow.
** Catella's loan portfolio also includes the portfolios Pastor 3, 4 and 5 as well as Lusitano 4 whose book value have been attributed a value of SEK 0. 
Forecast 
undiscounted cash 
flow 
Share of 
undiscounted 
cash flow 
Forecast 
discounted 
cash flow 
Share of 
discounted 
cash flow 
Discount 
rate 
SEK M Other 
Loan portfolio 
Pastor 2 Lusitano 5 Total
Outcome 
Full year 2009-2022 27,2 32,7 267,0 327,0 
Full year 2023 1,6 23,6 0,0 25,2 
Q1 2024 0,5 4,5 0,0 4,9 
Q2 2024 0,7 3,6 0,0 4,3 
Q3 2024 0,6 4,2 0,0 4,8 
Total 30,7 68,6 267,0 366,3 
Spain Portugal

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

Interim Report  July - September 2024 
22  
 
 
Note 4. Short and long-term investments 
 
 
 
Note 5. The Group’s assets and liabilities measured at fair value 
 
Financial instruments valued at fair value 
are classified in one of three levels. 
Quoted prices on an active market on the 
reporting date are applied for level 1. Ob- 
servable market data for the asset or liabil- 
ity other than quoted prices are used for 
level 2. Fair value is determined with the 
aid of valuation techniques. For level 3, fair 
value is determined on the basis of valua- 
tion techniques based on non-observable 
market data. Specific valuation techniques 
used for level 3 are the measurement of 
discounted cash flows to determine the 
fair value of financial instruments. Financial 
assets in level 3 include loan portfolios, 
loan receivables and unlisted share and 
fund holdings. Financial liabilities in level 3 
refer to contingent consideration for 
shares in the subsidiary Aquila. For more 
information, see Note 3 in the Annual Re- 
port 2023. 
The Group's assets and liabilities meas- 
ured at fair value as of 30 September 2024 
are stated in the following table. 
 
 
 
 
 
 
  
2024 2023 2023 
SEK M 30-sep 30-sep 31-dec 
Visa preferred stock C series 23 42 44 
Loan portfolios 77 77 74 
Operation-related investments ** 389 274 391 
Other securities 0 0 0
Total * 490 393 509 
* of which short-term investments SEK 23 M and long-term investments SEK 467 M. 
** includes investments in shares and funds, co-investments and assets within segment Principal Investments being classified as financial assets. 
SEK M Tier 1 Tier 2 Tier 3 Total 
ASSETS 
Financial assets measured at fair value through other 
comprehensive income 23 23 
Financial assets measured at fair value through profit 
or loss 64 2 401 467 
Total assets 64 24 401 490 
LIABILITIES 
Financial liabilities measured at fair value 8 8
Total liabilities 0 0 8 8
No changes between levels occurred the previous year. 
Change analysis, financial assets, level 3 for the first nine months 2024 
as of 1 January 409 
Purchases 6
Disposals -2 
Gains and losses recognised through profit or loss -19 
Translation differences 7
At 30 September 401 
Change analysis, financial liabilities, level 3 for the first nine months 2024 
as of 1 January 8
Additional items 0
Deductions 0
Revaluation through profit & loss 1
Translation differences 0
At 30 September 8

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

Interim Report  July – September 2024 
 
 
23 
 
Note 6. Pledged assets, contingent liabilities and commitments 
 
Pledged assets 
 
 
Property mortgage refers to Kaktus. Cash 
and cash equivalents include cash funds in 
accordance with minimum retention re- 
quirements, funds that are to be made 
available at all times for regulatory reasons 
and frozen funds for other purposes.  
 
 
 
Contingent liabilities 
 
 
 
Other contingent liabilities relate to guar- 
antee commitments as collateral for di- 
vested properties, and as collateral for 
completion under development agree-
ments. Other contingent liabilities also per- 
tains to ongoing disputes in discontinued 
operations and guarantees provided by 
operating subsidiaries for rental contracts 
with landlords.  
Of the Group’s total contingent liabili- 
ties, SEK 485 M relates to Principal Invest- 
ments. 
 
Commitments 
 
 
 
 
 
  
2024 2023 2023 
SEK M 30 Sep 30 Sep 31 Dec 
Property mortgage 1 050 1 005 971 
Cash and cash equivalents 105 90 100 
Other pledged assets 0 0 0
1 156 1 095 1 071 
2024 2023 2023 
SEK M 30 Sep 30 Sep 31 Dec 
Other contingent liabilities 509 547 445 
509 547 445 
2024 2023 2023 
SEK M 30 Sep 30 Sep 31 Dec 
Investment commitments 0 9 6
Other commitments 0 0 0
0 9 6

===== SIDA 24 =====

Interim Report  July - September 2024 
24  
 
 
Parent Company Income Statement 
 
 
 
 
Parent Company Balance Sheet – condensed 
 
 
 
Catella AB has entered into a guarantee commitment with investors in several project companies totalling SEK 405 M relating to comple- 
tion under development agreements. For the comparable period 30 September 2023, the Parent Company’s total contingent liabilities 
amounted to SEK 1,271 M. 
 
 
 
  
2024 2023 2024 2023 2023 
SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 
Net sales 11,3 13,4 34,6 31,1 41,8 
Other operating income 0,6 0,4 1,5 4,0 4,2 
Total income 11,9 13,7 36,1 35,2 46,0 
Other external expenses -8,5 -6,6 -28,5 -26,9 -40,2 
Personnel costs -17,8 -12,0 -45,4 -43,6 -56,8 
Depreciation -0,1 -0,1 -0,3 -0,2 -0,3 
Other operating expenses -0,3 -0,4 -0,8 -1,0 -1,2 
Operating profit/loss -14,7 -5,3 -38,8 -36,6 -52,4 
Profit/loss from participations in group companies 0,0 0 ,0 6,1 10,9 260,9 
Interest income and similar profit/loss items 0,0 -0,2 0,0 0 ,2 0,3 
Interest expenses and similar profit/loss items -31,9 -2 8,1 -88,7 -78,2 -107,1 
Financial items -31,9 -28,2 -82,6 -67,1 154,2 
Profit/loss before tax -46,5 -33,5 -121,4 -103,7 101,8 
Appropriations 0,0 0,0 0,0 0,0 0,0 
Tax on net profit for the year 0,0 0,0 0,0 0,0 0,0 
Net profit/loss for the period -46,5 -33,5 -121,4 -103, 7 101,8 
2024 2023 2023 
SEK M 30 Sep 30 Sep 31 Dec 
Intangible assets 4,4 0,2 0,1 
Property, plant and equipment 1,9 0,1 0,5 
Participations in Group companies 1 358,2 1 358,2 1 358,2
Current receivables from Group companies 384,6 86,2 297,5 
Other current receivables 13,9 17,3 12,0 
Cash and cash equivalents 0,1 0,1 0,2 
Total assets 1 763,0 1 462,0 1 668,5 
Restricted equity 176,7 176,7 176,7 
Non-restricted equity 17,7 13,1 218,6 
Non-current bond loan 592,1 1 245,8 1 246,5 
Current bond loan 941,1 0,0 0,0 
Current liabilities to Group companies 0,8 0,9 1,5 
Other current liabilities 34,6 25,5 25,2 
Total equity and liabilities 1 763,0 1 462,0 1 668,5

===== SIDA 25 =====

Interim Report  July – September 2024 
 
 
25 
 
Application of key performance indicators not defined by IFRS 
 
The Consolidated Accounts of Catella are 
prepared in accordance with IFRS, which 
only defines a limited number of perfor- 
mance measures. Catella, applies the Euro- 
pean Securities and Markets Authority’s 
(ESMA) guidelines for alternative perfor- 
mance measures. In summary, an alterna- 
tive performance measure is a financial 
measure of historical or future profit pro- 
gress, financial position or cash flow not 
defined by or specified in IFRS. In order to 
assist corporate management and other 
stakeholders in their analysis of Group 
progress, Catella presents certain perfor- 
mance measures not defined under IFRS. 
Corporate management considers that this 
information facilitates analysis of the 
Group’s performance. This additional in- 
formation is complementary to the infor- 
mation provided by IFRS and does not 
replace performance measures defined in 
IFRS. Catella’s definitions of measures not 
defined under IFRS may differ from other 
companies’ definitions. All of Catella’s defi- 
nitions are presented below. The calcula- 
tion of all performance measures 
corresponds to items in the Income State- 
ment and Balance Sheet. 
 
 
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 t he 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 aver age annual 
return generated by an investment. 
The measure is calculated for the purpose of comparing the 
actual return on projects Catella invests in with the average 
expected return of 20 percent.  
Assets under management at year 
end 
Assets under management constitutes the value of Ca- 
tella’s customers’ deposited/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.  
Earnings per share Net profit for the period attributable to the Parent 
Company shareholders divided by the number of shares.  
Provides investors with a view of the company’s Earnings per 
share when making comparisons with earlier periods. 
Dividend per share Dividend divided by the number o f shares. Provides investors with a view of the company’s dividend 
over time.

===== SIDA 26 =====

CATELLA AB (PUBL) 
P.O. BOX 5894, SE-102 40 STOCKHOLM, SWEDEN | VISITO RS: 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   
 Year-end Report October-December 2024  12 Feb- 
ruary 2025 
Annual General Meeting 2025                                 20 May 2025 
Interim Report January-March 2025                          9 May 2025 
Interim Report April-June 2025                          21 August 2025 
Interim Report July-September 2025              7 November 2025 
Year-end Report October-December 2025    13 February 2026 
  Michel Fischier, CFO 
Tel. +46 (0)8-463 33 10 
 
More information on Catella and all financial reports are availa- 
ble at catella.com.