===== 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.