Kvartalsrapport Q3 2025

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

Interim Report July – September 2025 
Sustained growth despite reduced transactional 
activity during the quarter 
In the third quarter, the European real estate market continued to stabilize, although transac-
tional activity declined slightly 
- 
a temporary setback in our view. At the same time, assets un-
der management grew to SEK 160 billion. Looking ahead, our priorit
y is to strengthen our 
pan
-
European presence and deepen engagement with clients and investors across the twelve 
markets where we operate, while taking firm steps to enhance shareholder value. 
 
Rikke Lykke, Group CEO 
 
      
 
 Progress during the quarter   
 Progress during the year  
 
 Financial results  
• 
 Net sales 
in the quarter amounted to SEK 3
78 
M (
379
) 
• 
 Operating profit was SEK 7 
M (19) 
• 
 Operating profit attributable to Catella’s shareholders was 
SEK 7 M (19) 
• 
 Profit attributable to Catella’s shareholder was SEK 
-
28 M (
-
23) 
• 
 Earnings per share before and after dilution was SEK 
-
0.32 (
-
0.26) 
 
Assets under management 
• 
 Assets under management (AUM) amounted to SEK 160 Bn 
at the end of the period, an increase of SEK 
4 
Bn compared 
to the second quarter of 2025 
 
Principal Investments 
• 
 Catella’s total investment volume decreased by SEK 14 M to 
SEK 814 M compared to the previous quarter 
  
 Financial results  
• 
 Net sales 
amounted to SEK 1,4
25 
M (1,22
7
) 
• 
 Operating profit was SEK 279 
M (59) 
• 
 Operating profit attributable to Catella’s shareholders was 
SEK 266 M (58) 
• 
 Non
-
recurring 
severance costs 
amounted to SEK 9 
M (15) 
• 
 Profit attributable to Catella’s shareholder was SEK 109 M (
-
29) 
• 
 Earnings per share before and after dilution was SEK 1.23 (
-
0.33) 
 
Assets under management 
• 
 Assets under management (AUM) amounted to SEK 160 Bn 
at the end of the period, an increase of SEK 
5 
Bn compared 
to year
-
end. 
 
Principal Investments 
• 
 Catella’s total investment volume decreased by SEK 752 M to 
SEK 814 M compared to the end of the previous year. 
 
      
Total income  
 Operating profit  
 Assets under management  
 Invested capital 
SEK 
2,534 M 
 
 SEK  
342 M 
 
 SEK  
160 Bn 
 
 SEK  
814 M 
Last 12 months  
 Last 12 months  
 End of period  
 End of period

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

Interim Report July - September 2025 
2   
 
CEO COMMENTS  
Sustained growth despite reduced transactional 
activity during the quarter 
 
 
I maintain a positive outlook regarding the progression of 
the European real estate market. This is underpinned by 
the continued presence of favourable growth conditions, 
contingent upon the stabilisation of long-term interest 
rates at lower levels. Additionally, inflation remains con-
tained both within the Eurozone and across the broader 
European market, providing further support despite on-
going global uncertainties.  
 
Since taking on the role of Group CEO at Catella, I have 
devoted significant time to travelling throughout Europe 
to engage with our employees and better understand our 
collective potential. Catella operates as a people-focused 
organisation, distinguished by exceptional talent and ex-
pertise across various markets. The company maintains a 
robust position both within local markets and as an inte-
grated group, supported by strong liquidity and a solid 
capital base. Catella is well-positioned to capitalise on 
emerging market opportunities. 
  
Nevertheless, there remains significant potential to fur-
ther leverage our strong position. By enhancing align-
ment across the Group, we can continue to grow assets 
under management (AUM), establish ourselves as the 
preferred partner for transactions, attract leading inves-
tors and clients and create shareholder value. Given our 
solid presence in the twelve markets in which we oper-
ate, we are well equipped to realise these objectives. 
  
We will continue to sharpen this strategic direction as 
we progress. Beginning at year-end, the Principal Invest-
ment business area, will be incorporated into our core 
operations. Catella does not intend to independently 
own or develop real estate assets; rather the aim of the 
investments is to grow AUM in Investment Management. 
This is done through seed investments in new in-house 
funds, co-investments with external capital partners to 
secure long-term asset management mandates, and in-
vestments in development projects alongside majority-
owning capital partners. By doing so we sharpen our fo-
cus of growing AUM and recurring fixed revenues as the 
originator of real estate investments.  
 
Another observation is that certain core functions should 
be more accurately aligned with our organisational struc-
ture, particularly given that the majority of our business 
operates outside Sweden. In this context, I am pleased to 
announce the recent recruitment of Dominik Röhrich as 
the new Head of Investment Management, effective 
March 1, 2026. This appointment represents a significant 
step forward in our continued commitment to establish-
ing a leading investment management platform, fostering 
pan-European growth, enhancing performance, and 
strengthening our institutional partnerships. 
 
This statement highlights our dedication to driving busi-
ness growth through the development of new products 
and investment vehicles, securing fixed-fee revenue 
streams, increasing assets under management, providing 
transactional advisory services, optimizing operations, 
and aligning the organization with clear responsibilities 
and objectives —all consistently focused on maximizing 
shareholder value. 
 
Nonetheless, I maintain a cautiously positive perspective 
concerning Catella’s progress as well as the stabilised Eu-
ropean real estate market. It is prudent to consider the 
implications of somewhat lower-than-anticipated eco-
nomic growth in various European economies, which has 
been influenced by ongoing global trade tensions. Fur-
thermore, persistent geopolitical instability across multi-
ple regions may alter existing market conditions. 
  
Catella reported a third-quarter operating profit of SEK 
7 million, compared to SEK 19 million in the same period 
last year. The decline was primarily attributable to re-
duced transactional revenues, which are considered a 
temporary fluctuation. Meanwhile, Catella secured new 
mandates within Investment Management, resulting in as-
sets under management of SEK 160 billion at quarter-
end—an increase of nearly SEK 4 billion from the previ-
ous quarter. 
 
Assets under management increased 
Within the Investment Management division, we ob-
served moderate progress, although reduced activity in 
the transaction market had a minor adverse effect. A key 
positive outcome was the onboarding of multiple man-
agement mandates, which has enhanced our foundation 
of fixed and recurring revenue. 
  
Operating profit remained stable at SEK 31 million com-
pared to SEK 33 million in the previous quarter. This re-
sult was achieved despite transactional revenues being

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

Interim Report July – September 2025 
  
 3 
 
approximately SEK 15 million lower, attributable to effi-
ciency improvements implemented within the business 
area. Transactional activity is expected to improve during 
the fourth quarter and in 2026. 
 
Mitigating risk in proprietary investments 
As previously indicated, our intention is to integrate the 
Principal Investments business area into our broader or-
ganisational framework to further advance our growth 
strategy by year-end. Nonetheless, we will continue to 
report on this segment separately throughout the third 
and fourth quarters of 2025. In the third quarter, our pri-
mary emphasis within the business area was on finalising 
ongoing projects designated for sale and evaluating pro-
spective investments aligned with our strategic objec-
tives. 
  
With property valuations having reached a stable equilib-
rium, we have established a robust platform for pursuing 
new, attractive investment opportunities in collaboration 
with other partners. This approach is fully consistent 
with our strategic objectives and is underpinned by our 
strong capital position. By utilising our sound balance 
sheet, we aim to expand our business, prioritising quality 
and balanced risk-return. 
  
Temporary Dip in Transaction Market 
The transaction market experienced moderate weakness 
in the third quarter compared to the preceding quarter, 
though it performed more strongly than during the same 
period last year. We consider this a brief setback within 
an otherwise positive trend and remain optimistic about 
performance in the current quarter and looking ahead to 
2026. This development adversely affected the Corpo-
rate Finance segment for the quarter. While we provided 
advisory services on several significant transactions, over-
all market volumes fell short of expectations. Nonethe-
less, we are anticipating the fourth quarter with 
confidence, as it is typically a robust period for transac-
tional activity. 
 
During the quarter, Daniel Gorosch assumed the role of 
Head of Corporate Finance Europe, aligning with our 
strategic objectives for pan-European growth and recog-
nising the significant potential within this business area. In 
collaboration with our Corporate Finance teams, we are 
committed to reinforcing and growing the business in or-
der to secure leading positions across all our markets. 
  
Outlook 
This is my inaugural statement as Group CEO. I am both 
confident and humbled by my new role and look forward 
to work alongside our highly skilled colleagues across Eu-
rope. As outlined earlier, I am optimistic about the pro-
spects of positive growth in the future. Looking ahead, it 
is essential to recognise that Catella operates as a peo-
ple-oriented business, dedicated to delivering exemplary 
service and solutions to our investors and clients. The 
mentioned changes to be implemented will further clarify 
this focus and reinforce our commitment to enhancing 
shareholder value. 
  
This, together with our positive outlook for market de-
velopment and our robust liquidity and capital base, gives 
me confidence in our prospects. We are strategically po-
sitioned to capitalise on emerging opportunities, with a 
clear emphasis on expanding assets under management 
and undertaking seed investments in funds or mandates 
aligned with our objectives. 
 
Catella will be presenting the Interim Report and an-
swering questions today at 10.00 a.m. CET.  
To participate in the conference, please see: https://finan-
cialhearings.com/event/51909 
 
Rikke Lykke, Group CEO 
Stockholm, Sweden, 7 November 2025

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

Interim Report July - September 2025 
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 hold-
ing companies.  
 
 
Investment Management 
Catella is a leading specialist in property investment management with 
investments in 10 geographical markets in Europe. Catella offers 
institutional and other professional investors attractive, risk
-
adjusted 
returns through regulated property funds and fr
equently 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 mor
e than 20 specialised property 
funds, investors gain access to fund management and efficient 
allocation between different European markets. Catella’s Asset 
Management business area provides asset management services to 
property funds, other institutions an
d family offices. 
 
For more information about the business area, see page 7
-
8. 
 
 
Principal Investments 
Catella makes own sustainability
-
focused real estate investments 
through Principal Investments together with partners and external 
investors. The goal of the investments is to grow AUM in Investment 
Management and create a strong base of recurring income. 
This is 
done through seed investments in new in
-
house funds, co
-
investments 
with external capital partners to secure long
-
term asset management 
mandates, and investments in development projects alongside 
majority
-
owning capital partners. In addition to gro
wing managed 
capital and fixed fees, the return requirements are 15
–
20% IRR on 
own investments.  
 
 
 
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 exp
ertise 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 2025 
 
 
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 dedu
ctions 
have been made i
n the Income Statement for profit attributable to shareholders with non
-
controlling interests. A complete 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 2025 
The Group's 
net sales were broadly in line 
with the previous year, although variations 
between segments were more pro-
nounced.  
Net sales in Investment Management de-
creased by SEK 22 M to SEK 230 M, mainly 
due to lower transaction
-
based income. 
Fixed management fees within Property 
Funds were also slightly lower, reflecting 
reduced NAV levels in the managed funds. 
Principal Investm
ents recognised income 
of SEK 57 M from contractual milestones 
reached in the ongoing Metz
–
Eurolog pro-
ject. In the corresponding period last year, 
no projects were sold or recognised for 
profit, although the Kaktus project gener-
ated rental income of SEK 25 
M.  
Commissions, assignment, and produc-
tion costs increased by SEK 46 M to SEK 
107 M (62), of which SEK 57 M (0) related 
to production costs for the Metz
–
Eurolog 
project.  
The Group’s operating profit totalled 
SEK 7 M (19) and included positive value 
changes in fund holdings of SEK 16 M (
-
6). 
Comments on developments within 
each business area are provided on pages 
7
–
11.  
The Group’s net financial income/ex-
pense amounted to SEK 
-
33 M (
-
50), with 
the year
-
on
-
year improvement mainly at-
tributable to lower interest expenses fol-
lowing the sale of project Kaktus. Interest 
expenses also declined due to lower mar-
ket rates, reducing 
costs for Catella AB’s 
variable
-
rate bond loan. 
Profit/loss for the period was SEK 
-
28 M 
(
-
23), corresponding to earnings per share 
of SEK 
-
0.32 (
-
0.26) attributable to the 
Parent Company’s shareholders.  
 
 
Significant events in the quarter  
Rikke Lykke assumed the position of CEO 
and President on 15 August 2025, suc-
ceeding acting CEO and President Daniel 
Gorosch. As of the same date, Daniel 
Gorosch took on the role of Head of Cor-
porate Finance Europe.   
On 21 August, Catella AB announced a 
buy
-
back offer to repurchase outstanding 
bonds of up to SEK 600 M. The total vol-
ume repurchased amounted to SEK 100 
M, for a cash consideration of SEK 103 M. 
 
In September, 1 212 Class A shares 
were converted into the same number of 
Class B shares at the request of sharehold-
ers. 
 
Significant events after the end of 
the quarter  
Catella has appointed Dominik Röhrich as 
Head of Investment Management, effec-
tive 1 March 2026. He will succeed Timo 
Nurminen, who will retire at the end of 
the year. 
 
2025
 2024
 2025
 2024
 2025
 2024
 2025
 2024
 2025
 2024
SEK M
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
 Jul-Sep
Net sales
 230
 252
 67
 40
 81
 88
 -1
 -1
 378
 379
Other operating income
 2
 7
 11
 0
 1
 1
 1
 -0
 15
 8
Total income
 232
 259
 78
 41
 83
 89
 -0
 -1
 393
 387
Provisions, direct assigment and production 
costs
 -32
 -39
 -58
 -6
 -18
 -18
 1
 1
 -107
 -62
Revenue excluding commissions, assignment, 
and production costs
200
 220
 20
 34
 65
 71
 1
 -1
 285
 325
Other external expenses
 -43
 -54
 -9
 -4
 -19
 -24
 -1
 2
 -73
 -79
Personnel costs
 -113
 -116
 -9
 -7
 -55
 -47
 -13
 -20
 -190
 -190
Depreciation
 -13
 -14
 -0
 -0
 -5
 -5
 -3
 -1
 -21
 -20
Other operating expenses
 -1
 -4
 6
 -15
 0
 -2
 -0
 8
 5
 -12
Share of profit from associated companies
 2
 1
 -0
 -5
 0
 0
 0
 1
 1
 -4
Less profit attributable to non-controlling 
interests
 -0
 -0
 0
 1
 0
 0
 0
 0
 0
 0
Operating profit/loss
 31
 33
 7
 3
 -14
 -6
 -18
 -11
 7
 19
Interest income
 10
 16
Interest expenses
 -27
 -55
Other financial items
 -16
 -11
Financial items—net
 -33
 -50
Profit/loss before tax 
 -26
 -31
Tax
 -3
 8
Net profit/loss for the period *
 -28
 -23
Other and group 
eliminations
 Group
Investment 
Management
Principal 
Investments
Corporate 
Finance

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

Interim Report July - September 2025 
6 
 
 
 
Group net sales and profit/loss  
Nine
-
months period 2025 
The Group’s net sales increased by SEK 
198 M to SEK 1,425 M (1,227), of which 
SEK 294 M derived from Principal Invest-
ments’ sale of Kaktus and SEK 120 M from 
the Metz
–
Eurolog project. In the corre-
sponding period last year, the Barcelona 
Logistics and Metz
-
Eurolog projects to-
gether generated sales revenue of SEK 
130 M. Investment Management income 
declined, reflecting lower variable transac-
tion
-
based income and reduced fixed man-
agement fees within Property Funds 
compared with the previous year. Corpo-
rate Fin
ance revenues include an intra
-
group transaction fee of SEK 17 M from 
Catella Property Denmark, related to the 
sale of the Kaktus project. 
Other operating income includes a gain 
of SEK 30 M (18) from the second and fi-
nal divestment of the holding in the associ-
ated company CatWave AB, as well as 
non
-
recurring income of SEK 8 M related 
to the revaluation of a financial liability for 
contingent 
consideration linked to the ac
-
quisition of shares in Catella Aquila. Per-
sonnel expenses for the nine
-
month pe-
riod increased by SEK 34 M to SEK 610 M 
(575), mainly due to higher variable remu-
neration and earnings attributable to non
-
controlling interests, primarily related to 
Kaktus, wh
ich are reported as personnel 
expenses in the consolidated income state-
ment. According to the Groups accounting 
principles, profit shares attributable to 
shareholders active in subsidiaries are re-
ported as a personnel expense in the con-
solidated Income Sta
tement. while fixed 
personnel expenses declined compared 
with the previous year.   
The Group’s operating profit totalled 
SEK 266 M (58), of which SEK 252 M re-
lated to the sale of Kaktus. Fair value ad-
justments on fund holdings for the period 
amounted to SEK 
-
1 M (
-
15), and divi-
dends on fund holdings totalled SEK 5 M 
(0). 
 
The Group's net financial income/ex-
pense was SEK 
-
155 M (
-
88), of which 
negative exchange rate differences 
amounted to 
-
75 
M (
22
). Funding to sub-
sidiaries and associated companies is pro-
vided by Catella Holding AB in local 
currency. The SEK appreciated during the 
nine
-
month period, which had a negative 
impact on the translation of loan receiva-
bles and cash and cash equivalents, mai
nly 
denominated in EUR and DKK, into the 
Group’s reporting currency, SEK. Adjusted 
for negative currency effects, the Group’s 
net financial income/expense improved by 
SEK 
30 
M to SEK 
-
80 M (
-
110
), dri
ven by 
the sale of Kaktus and lower interest ex-
penses on Catella AB’s bond loan. 
The Group’s profit/loss before tax 
amounted to SEK 111 M (
-
30), and the tax 
expense for the period was SEK 2 M (
-
1), 
corresponding to an effective tax rate of 2 
percent. The low effective tax rate was 
mainly attributable to low or no tax on 
capital gains f
rom the Kaktus and CatWave 
transactions.  
 
 
 
 
 
2025
 2024
 2025
 2024
 2025
 2024
 2025
 2024
 2025
 2024
SEK M
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
 Jan-Sep
Net sales
 699
 747
 474
 251
 273
 234
 -21
 -6
 1 425
 1 227
Other operating income
 22
 14
 12
 3
 3
 3
 27
 16
 64
 35
Total income
 721
 761
 486
 254
 276
 238
 6
 10
 1 489
 1 262
Provisions, direct assigment and production 
costs
 -98
 -122
 -166
 -145
 -50
 -34
 21
 8
 -292
 -293
Revenue excluding commissions, assignment, 
and production costs
623
 638
 320
 109
 226
 204
 28
 18
 1 197
 969
Other external expenses
 -143
 -151
 -20
 -19
 -67
 -72
 -3
 6
 -233
 -236
Personnel costs
 -345
 -337
 -32
 -24
 -184
 -165
 -48
 -49
 -610
 -575
Depreciation
 -40
 -41
 -1
 -1
 -14
 -14
 -8
 -4
 -63
 -60
Other operating expenses
 -3
 -7
 -12
 -38
 -1
 -2
 8
 16
 -8
 -32
Share of profit from associated companies
 2
 1
 -6
 -11
 0
 0
 0
 2
 -4
 -8
Less profit attributable to non-controlling 
interests
 -3
 -2
 -11
 1
 0
 0
 0
 0
 -13
 -1
Operating profit/loss
 92
 101
 238
 18
 -41
 -48
 -24
 -12
 266
 58
Interest income
 30
 52
Interest expenses
 -94
 -161
Other financial items
 -91
 21
Financial items
—
net
 -155
 -88
Profit/loss before tax 
 111
 -30
Tax
 -2
 1
Net profit/loss for the period *
 109
 -29
Group
Other and group 
eliminations
Investment 
Management
Principal 
Investments
Corporate 
Finance

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

Interim Report July – September 2025 
 
 
7 
 
Investment Management 
Net sales and profit/loss  
Third quarter 2025 
Total income was SEK 232 M (259), and 
income after assignment costs amounted 
to SEK 200 M (220).  
Property Funds’ income decreased by 
SEK 27 M year
-
on
-
year, mainly due to 
lower transaction
-
based income, but also 
to lower fixed income resulting from 
weaker fund performance.  
Income in Asset Management decreased 
by SEK 3 M, also due to lower transaction
-
based income. At the same time, fixed in-
come streams increased, but not to an ex-
tent sufficient to offset the decline in 
transaction
-
based income.  
Operating expenses for the segment 
decreased compared with the correspond-
ing period last year, and operating ex-
penses for the quarter totalled SEK 31 M, 
primarily attributable to Property Funds. 
 
Nine
-
months period 2025 
Total income was SEK 721 M (761), and 
operating profit was SEK 92 M (101). The 
lower profit was mainly attributable to re-
duced transaction
-
based fees in Property 
Funds. 
 
 
 
 
* Includes internal income between business areas. In total income, internal income has been eliminated for the current perio
d and for the corresponding period in 2024  
SEK M
2025
 2024
 2025
 2024
 Rolling
 2024
INCOME STATEMENT
 —
CONDENSED
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 12 Months
 Jan-Dec
Property Funds *
 184
 211
 565
 621
 806
 862
Asset Management *
 68
 71
 218
 208
 295
 285
Other and Eliminations
 -20
 -24
 -62
 -69
 -93
 -99
Total income
 232
 259
 721
 761
 1 009
 1 048
Assignment expenses and commission
 -32
 -39
 -98
 -122
 -134
 -158
Revenue excluding commissions, assignment, and production costs
 200
 220
 623
 638
 875
 890
Operating expenses
 -170
 -187
 -531
 -537
 -752
 -758
Share of profit from associated companies
 2
 1
 2
 1
 6
 5
Less profit attributable to non-controlling interests
 0
 0
 -3
 -2
 -3
 -2
Operating profit/loss
 31
 33
 92
 101
 126
 135
KEY FIGURES
 Jul-Sep
 Jan-Sep
 Jan-Sep
 12 Months
 Jan-Dec
Operating margin, %
 14
 13
 13
 13
 12
 13
Assets under management at end of period, SEK Bn
 160,0
 151,4
 160,0
 151,4
 154,2
 155,1
net in-(+) and outflow(-) during the period, SEK Bn
 4,7
 0,3
 11,2
 -0,4
 13,4
 1,7
of which Property Funds
 111,0
 111,3
 111,0
 111,3
 111,6
 114,7
net in-(+) and outflow(-) during the period, SEK Bn
 2,0
 1,2
 1,2
 4,0
 3,7
 6,5
of which Property Asset Management
 49,0
 40,1
 49,0
 40,1
 42,6
 40,4
net in-(+) and outflow(-) during the period, SEK Bn
 2,7
 -0,9
 10,1
 -4,4
 9,7
 -4,8
No. of employees, at end of period
 289
 294
 289
 294
 -
 290
3 Months
 9 Months
 12 Months
OPERATING PROFIT
 
TOTAL INCOME  
 ASSET UNDER MANAGEMENT  
   
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0
20
40
60
80
100
120
140
160
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2020
 2021
 2022
Avgifter/förvaltat kapital
mdkr
0
100
200
300
0
5
10
15
20
25
30
35
40
45
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
 LTM
SEK M
0
200
400
600
800
1 000
1 200
1 400
0
100
200
300
400
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
 LTM
SEK M
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
1,6%
140
150
160
170
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
LTM - Fee/AUM
SEK Bn

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

Interim Report July - September 2025 
8   
 
Investment Management  
Assets under management by service 
area and country 
Total AUM was SEK 160.0 Bn, of which 
SEK 111.0 Bn related to Property Funds 
and SEK 49.0 Bn to Asset Management. 
Germany is Property Funds' largest market 
with the highest proportion of invested 
capital, primarily through Catella Invest-
ment Management. 
 
 
 
ASSETS UNDER MANAGEMENT BY SERVICE AREA  
 
 
 
ASSETS UNDER MANAGEMENT BY COUNTRY  
 
  
 
Change in assets under management 
AUM increased from SEK 151.4 Bn to SEK 
160.0 Bn over the past 12 months, a 
net 
increase of SEK 8.6 Bn. The increase was 
driven by positive net inflows, which more 
than offset negative value changes and cur-
rency effects during the period, primarily 
related to EUR/SEK movements. The in-
flow of SEK 18.7 Bn was driven primarily 
by new ma
nagement mandates within As-
set Management, with additional contribu-
tions to Property Funds and its property 
funds. 
The outflow of SEK 5.3 Bn was split 
roughly evenly between Property Funds 
and Asset Management. In Asset Manage-
ment, the outflow mainly reflected com-
pleted mandates and divestments of assets 
under various mandates in Finland and the 
UK.   
AUM increased by SEK 3.5 Bn in the 
third quarter, compared  to the second 
quarter, from SEK 156.5 Bn. The quarter’s 
inflow of SEK 4.7 Bn was driven primarily 
by Asset Management Denmark, as well as 
by the property fund Catella European 
Residential III. Outflows for the quarter 
amounted to SEK 0.2 Bn. Exchange rate 
differences, mainly in EUR/SEK, reduced 
AUM by SEK 1.5 Bn during the quarter. In 
Property Funds, AUM increased by SEK 
1.0 Bn compared with 
the previous quar-
ter, but decreased by SEK 0.3 Bn year
-
on
-
year. In Asset Management, AUM in-
creased by SEK 2.5 Bn compared with the 
previous quarter and by SEK 8.9 Bn year
-
on
-
year. 
 
 
 
 
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN  
 
 
 
 
 
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN  
 
 
69%
31%
Property Funds
Asset Management
SEK 160 Bn
Germany 33%
France 12%
Denmark 12%
Netherlands 12%
UK 11%
Finland 7%
Spain 5%
Austria 4%
Other 5%
SEK 160 Bn
160,0
-
 5,3
 -
 0,9
 -
3,8
151,4
18,7
SEK Bn
160,0
-
 0,2
 0,5
 -
1,5
156,5
 4,7
SEK Bn

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

Interim Report July – September 2025 
 
 
9 
 
Principal Investments
Net sales and profit/loss 
Third quarter 2025 
Income totalled SEK 78 M (41), driven pri-
marily by contractual milestones achieved 
in the ongoing Metz
–
Eurolog project, as 
well as positive value adjustments in fund 
investments.  
Operating profit for the segment was 
SEK 7 M (3), mainly reflecting positive 
value adjustments in fund investments, 
compared with negative adjustments in the 
corresponding period last year. 
As of 30 September, Principal Invest-
ments had invested a total of SEK 814 M in 
residential, logistics, office, and retail pro-
jects across Europe. See page 10 for fur-
ther information. 
 
Nine
-
months period 2025 
Total income was SEK 486 M (254), and 
operating profit was SEK 238 M (18). Op-
erating profit was primarily driven by the 
divestment of the residential project 
Kaktus, which generated a capital gain of 
SEK 252 M attributable to Catella’s share-
holders. 
 
 
 
 
 
 
 
  
SEK M
 2025
 2024
 2025
 2024
 Rolling
 2024
INCOME STATEMENT
 —
CONDENSED
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 12 Months
 Jan-Dec
Total income
 78
 41
 486
 254
 1 077
 845
Provisions, direct assigment and production costs
 -58
 -6
 -166
 -145
 -669
 -648
Revenue excluding commissions, assignment, and production costs
 20
 34
 320
 109
 408
 197
Operating expenses
 -13
 -26
 -65
 -82
 -109
 -126
Share of profit from associated companies
 0
 -5
 -6
 -11
 -40
 -44
Less profit attributable to non-controlling interests
 0
 1
 -11
 1
 -4
 8
Operating profit/loss
 7
 3
 238
 18
 255
 34
KEY FIGURES
Operating margin, %
 9
 8
 49
 7
 24
 4
Catella invested capital
 814
 1 851
 814
 1 851
 1 182
 1 566
No. of employees, at end of period
 25
 27
 25
 27
 -
 22
9 Months
 12 Months
3 Months
INVESTED CAPITAL BY COUNTRY*  
 INVESTED CAPITAL BY ASSET 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. 
  
Germany 54%
UK 23%
France 13%
Denmark 7%
Finland 3%
=?
SEK 814 M
Residential 32%
Office 26%
Retail 23%
Logistics 17%
Industrial 1%
=?
SEK 814 M
-50
0
50
100
150
200
250
300
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
SEK M

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

Interim Report July - September 2025 
10   
 
Principal Investments 
The following table shows the investment status for ongoing property development projects and other investments as of 30 Sept
ember 
2025. The project company’s total investment includes invested capital from Catella, partners and external financing. Catella
’s total invest-
ment related 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. 
 
Catella’s total investment volume decreased slightly in the third quarter, amounting to SEK 814 M at the end of the period. M
etz
–
Eurolog 
divested another completed phase of the ongoing project to the investor, and additional investments of SEK 18 M were ma
de in the 
KöTower and Vega projects.  
 
 
 
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair valu
e according to 
the following table. During the third quarter, changes in fair value totalled SEK 16 M, of which SEK 19 M related to 
Pamica. No new trans-
actions in the holdings were completed during the period. See also Note 4 and 5.  
 
 
 
Catella’s commitments in Principal Investments that have not been included in the Statement of Financial Position are specifi
ed in Note 6. 
Pledged assets and contingent liabilities.   
Property Development Projects
 Country
Investment 
type
 Project start
Estimated 
completion
Catella 
capital 
share, %
Project company's 
total investment, 
SEK M
Total Catella 
Equity Invested, 
SEK M *
PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES**
Maltings
 UK
 Retail
 Q4 2021
 2026
 88
 238
 87
Mander Centre
 UK
 Retail
 Q1 2022
 2027
 63
 97
 97
Silbersteinstrasse
 Germany
 Residential
 Q1 2026
 2027
 100
 10
 10
Total Direct Investments
 345
 194
Metz-Eurolog****
 France
 Logistics
 Q3 2020
 2026
 100
 97
 93
Other Catella Logistic Europé
 France
 Logistics
 12
 12
Total Catella Logistic Europe
 109
 105
Subtotal Subsidiaries
 454
 298
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES***
Seestadt
 Germany
 Residential
 Q1 2019
 2030+
 45
 885
 151
Düssel-Terrassen
 Germany
 Residential
 Q4 2018
 2030+
 45
 319
 62
KöTower
 Germany
 Office
 Q2 2021
 2028
 23
 1 104
 213
Other property development projects
 Germany
 Residential
 0
 0
Total Catella Project Capital
 2 308
 427
Vega
 Denmark
 Residential
 Q4 2024
 2 028
 20
 211
 41
Subtotal Associated companies
 2 518
 468
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES
Total Co-Investments
 48
Total
 2 972
 814
* Refers to both capital injections and loans provided
** The project is consolidated as a subsidiary with full consolidation
*** The project is accounted for as an associated company according to the equity method
**** The project is sold through forward-funding arrangement with investor. Catella's profit is realized over time with the completion of the project 
2025
 2024
 2024
SEK M
 30-sep
 30-sep
 31-dec
Pamica
 130
 82
 124
Catella Fastighetsfond Systematisk C
 21
 26
 23
Catella APAM Strategic Equities Fund I
 25
 -
 21
UK REIT Fund
 -
 28
 4
UPEKA
 107
 113
 110
Total fund holdings
 283
 249
 281

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

Interim Report July – September 2025 
  
 11 
 
Corporate Finance 
Net sales and profit/loss 
Third quarter 2025 
The European transaction market saw 
higher transaction volumes in the third 
quarter compared with the same period 
last year, but a decline relative to the sec-
ond quarter of this year.  
Property transactions where Catella 
acted as advisor totalled SEK 4.3 Bn (2.3) 
in the quarter. Of total transaction volume 
in the quarter, Sweden accounted for SEK 
1.5 Bn (0.9), Denmark SEK 1.3 Bn (0), 
Spain SEK 0.8 Bn (0.6), France SEK 0.5 Bn 
(0.5), and Finland SEK 0.3 Bn (0.3). Corpo-
rate Finance’s income was SEK 83 M (89) 
and income adjusted for assignment costs 
was SEK 65 M (71), a decrease of SEK 6 
M.  
Operating expenses for the period 
were in line with the corresponding period 
of the previous year and operating profit 
for the period amounted to SEK 
-
14 M (
-
6).  
 
Nine
-
month period 2025 
Total income was SEK 276 M (238), and 
operating profit was 
-
41 M (
-
48). The im-
proved profit/loss was mainly due to in-
creased transaction activities for Denmark 
and France year
-
on
-
year. The period also 
included restructuring costs 
related to sev-
erance costs 
of SEK 7 M.  
 
 
 
 
 
 
 
  
SEK M
2025
 2024
 2025
 2024
 Rolling
 2024
INCOME STATEMENT
 —
CONDENSED
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 12 Months
 Jan-Dec
Nordic
 25
 18
 107
 88
 130
 111
Continental Europe
 58
 71
 169
 149
 315
 295
Total income
 83
 89
 276
 238
 444
 406
Assignment expenses and commission
 -18
 -18
 -50
 -34
 -86
 -69
Revenue excluding commissions, assignment, and production costs
 65
 71
 226
 204
 359
 337
Operating expenses
 -79
 -78
 -266
 -252
 -368
 -354
Share of profit from associated companies
 0
 0
 0
 0
 0
 0
Less profit attributable to non-controlling interests
 0
 0
 0
 0
 0
 0
Operating profit/loss
 -14
 -6
 -41
 -48
 -9
 -17
2025
 2024
 2025
 2024
 Rolling
 2024
KEY FIGURES
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 12 Months
 Jan-Dec
Operating margin, %
 -16
 -7
 -15
 -20
 -2
 -4
Property transaction volume for the period, SEK Bn
 4,3
 2,3
 16,4
 13,5
 27,4
 24,6
of which Nordic
 3,0
 1,2
 13,1
 9,9
 18,3
 15,1
of which Continental Europe
 1,3
 1,0
 3,3
 3,7
 9,1
 9,5
No. of employees, at end of period
 150
 144
 150
 144
 -
 142
3 Months
 9 Months
 12 Months
TRANSACTION VOLUMES  
 TOTAL INCOME  
 OPERATING PROFIT  
   
0,0
5,0
10,0
15,0
20,0
25,0
30,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
 LTM
SEK M
380
390
400
410
420
430
440
450
460
0
20
40
60
80
100
120
140
160
180
200
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
 LTM
SEK M
-40
-35
-30
-25
-20
-15
-10
-5
0
-40
-30
-20
-10
0
10
20
30
40
Q3
 Q4
 Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
2024
 2025
 LTM
SEK M

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

Interim Report July - September 2025 
12   
 
Other financial information 
The Group’s financial position 
Third quarter 2025 
The following information relates to the 
Group formal accounts.  
In the third quarter, the Group's total 
assets decreased by SEK 162 M and 
amounted to SEK 4,192 M as of 30 Sep-
tember 2025. Cash and cash equivalents 
decreased by SEK 90 M, mainly due to the 
repurchase of outstanding bonds for a 
cash consideration of SEK 10
3 M. Devel-
opment and project properties declined by 
SEK 60 M, primarily as a result of the di-
vestment of another completed phase of 
the ongoing Metz
-
Eurolog project to the 
investor.  
Group equity decreased by SEK 44 
M to 
SEK 2,008 M as of 30 September 2025. In 
addition to a loss for the period of SEK 
-
28 
M and negative translation differences of 
SEK 
-
16 M, equity was mainly affected by a 
realised gain from the sale of Visa shares 
total
ling SEK 6 M, recognized in Other 
comprehensive income. As of the balance 
sheet date, the Group’s equity/assets ratio 
was 48 percent (47 percent as of 30 June 
2025). 
 
Group financing 
Catella AB issued senior unsecured bonds 
totalling SEK amount 1,300 M, of which 
SEK 600 M with maturity in March 2028 
and SEK 700 M with maturity in March 
2029 The loans accrues variable interest at 
3
-
month Stibor plus 390 b.p. and 450 b.p. 
respectively. T
he effective interest rate, 
excluding loan arrangement fees, was 6.5 
percent (8.2) in the third quarter 2025. Fi-
nancing is conditional on a minimum 
Group equity requirement of SEK 1,000 M 
from time to time. The bonds are listed on 
Nasdaq Stockholm, with SE
K 600 M in-
cluded in the sustainable bonds segment. 
In August 2025, Catella AB announced 
an offer to repurchase outstanding bonds 
of up to SEK 600 M. The total volume re-
purchased and held in treasury amounted 
to SEK 100 M, after which the nominal 
amount of outstanding bonds totalled SEK 
1,200 M. 
In addition, the wholly owned subsidiary 
Catella Holding AB has secured a new 
credit facility of SEK 200 M on favourable 
terms, which serves as the company’s li-
quidity reserve. The entire credit facility 
was unutilised as of 30 September 2025. 
  
In addition, the Group’s property devel-
opment company holds loans from credit 
institutions relating to ongoing property 
projects. As of 30 September 2025, these 
loans amounted to SEK 130 M. 
 
Group cash flow  
Third quarter 2025 
The Group’s cash flow from operating ac-
tivities amounted to SEK 18 M (
-
168), with 
the deviation from the previous year 
mainly attributable to positive cash flows 
from property projects, primarily from 
Metz
-
Eurolog. In the previous year, cash 
flows from pro
perty projects were nega-
tive due to larger investments in the 
KöTower, Polaxis, and Metz
–
Eurolog pro-
jects. 
Cash flow from investing activities 
amounted to SEK 19 M (22) and included 
SEK 22 M (33) from the divestment of 
Visa shares.  
Cash flow from financing activities 
amounted to SEK 
-
121 M (65) and in-
cluded the repurchase of outstanding 
bonds for a cash consideration of SEK 103 
M.  
Cash flow in the period was SEK 
-
84 M 
(
-
81) and cash and cash equivalents at the 
end of the period was SEK 1,590 M (869), 
of which cash and cash equivalents relating 
to the Group’s Swedish holding company 
amounted to SEK 1,119 M (205).  
 
Nine
-
months period 2025 
The Group’s cash flow from operating ac-
tivities amounted to SEK 1,007 M (
-
257), 
of which SEK 952 M was generated from 
the divestment of Kaktus. In the previous 
year,  the Infrahubs Jönköping project was 
sold, generating SEK 280 M in liquidity for 
Catella, 
while significant additional invest-
ments were made in Metz
-
Eurolog, Po-
laxis, and other projects. 
Cash flow from financing activities 
amounted to SEK 
-
319 M (290), and in-
cluded the repurchase of outstanding 
bonds of SEK 103 M and the repayment of 
loans from credit institutions of SEK 49 M 
related to the Vega project. In the corre-
sponding period last ye
ar, the Group’s bor-
rowings increased following Catella AB’s 
issue of new bonds and the raising of new 
financing from credit institutions related to 
the Polaxis and Kaktus projects.   
 
Parent Company 
Third quarter 2025 
Parent Company income decreased by 
SEK 2.1 M to SEK 9.7 M (11.9), following a 
revised assessment of which Group
-
wide 
costs to recharge to subsidiaries as man-
agement service fees in 2025. The consoli-
dation of the Group’s IT services, support, 
and processes, 
together with enhanced IT 
and information security, is driving higher 
external costs. However, personnel ex-
penses for the period were lower than in 
the previous year, as the 2024 result was 
affected by severance costs for the former 
CEO and Group Presiden
 t. Operating 
profit was SEK 
-
15.4 
M (
-
14.7). 
Net financial income/expense for the 
period improved by SEK 5.7 M, amounting 
to SEK 
-
26.2 M (
-
31.9), as a result of lower 
interest costs on bond loans.  
The number of employees at the end of 
the period was 2
1 
(20). 
 
Nine
-
months period 2025 
The Parent Company’s operating profit 
was SEK 
-
48.1 M (
-
38.9), with the year
-
on
-
year decline mainly attributable to higher 
costs related to the consolidation of Ca-
tella’s IT environment. 
 
Employees 
At the end of the period, there were 479 
(486) employees, expressed as full
-
time 
equivalents. 
 
Risks and uncertainties  
Macroeconomic conditions relating to in-
flation and interest rates affect transaction 
levels and AUM, impacting results of oper-
ations in Investment Management and 
Corporate Finance. Lower transaction vol-
umes can also affect Principal Investments' 
ability to 
divest projects at acceptable 
prices. These uncertainty factors may af-
fect 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.

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

Interim Report July – September 2025 
 
 
13 
 
For more information, see the section 
Risks and uncertainties in the Directors’ 
Report of the Annual Report for 2024. 
 
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, th
e Annual Accounts 
Act and RFR 1 Complementary Account-
ing Rules for Groups issued by RFR, the 
Swedish Sustainability and Financial Re-
porting Board. Information according to 
IAS 34.16A also appears, in addition to in 
the financial reports and associated note
s, 
in other parts of the Interim Report. 
The Parent Company applies the Annual 
Accounts Act and recommendation RFR 2 
Accounting for legal entities from the Swe-
dish Corporate Reporting Board. 
The Group’s and Parent Company’s key 
accounting principles are presented in Ca-
tella’s Annual Report for 2024. Figures in 
tables and comments may be rounded.  
 
Related
-
party transactions 
At the Annual General Meeting of Catella 
AB on 20 May 2025, a new long
-
term in-
centive programme of up to a total of 
400,000 warrants directed to Board mem-
bers of Catella AB (LTIP 2025/2028) was 
adopted. In June, a total of 300,000 war-
rants were transferred 
to participants un-
der LTIP 2025/2028, for a total purchase 
price of SEK 777,000. Furthermore, during 
the second quarter of 2025, 50,000 war-
rants were also transferred to a member 
of Group Management under LTIP 2024 
(series 2025/2029), which was adopted at 
an Extraordinary General Meeting of Ca-
tella AB in 2024, for a total purchase price 
of SEK 150,500. The warrants have been 
transferred on market terms at a price cal-
culated on the basis of the Black & Scholes 
valuation model. For more information see 
Note 2
0 and 38 in the Annual Report 
2024. 
 
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 2025 at 07:00 a.m. 
CET.  
 
This Report has been subject to review by 
the 
Company’s Auditors.
 
 
 
 
Stockholm, Sweden, 07 November 2025 
Catella AB (publ) 
 
 
    
Rikke Lykke 
CEO and President

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

Interim Report July - September 2025 
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 2025 an
d the 
nine
-
month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presen
tation 
of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion o
n 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 
inqui
ries, 
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 oth
er generally accepted 
auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matt
ers 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 accordanc
e 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 2025 
 
 
15 
 
Consolidated Income Statement 
 
 
 
Information on the Income Statement by business area can be found in Note 1. 
 
Consolidated Statement of Comprehensive Income  
 
  
2025
 2024
 2025
 2024
 2024
SEK M
 Note
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 Jan-Dec
Net sales
 378
 379
 1 425
 1 227
 2 206
Other operating income
 15
 8
 64
 35
 102
Total income
 393
 387
 1 489
 1 262
 2 307
Provisions, direct assigment and production costs
 -107
 -62
 -292
 -293
 -844
Other external expenses
 -73
 -79
 -233
 -236
 -358
Personnel costs
 -190
 -190
 -610
 -575
 -801
Depreciation
 -21
 -20
 -63
 -60
 -84
Other operating expenses
 5
 -12
 -8
 -32
 -61
Share of profit from associated companies
 1
 -4
 -4
 -8
 -37
Operating profit/loss
 7
 19
 279
 59
 122
Interest income
 10
 16
 30
 52
 64
Interest expenses
 -27
 -55
 -94
 -161
 -210
Other financial items
 -16
 -11
 -91
 21
 52
Financial items
—
net
 -33
 -50
 -155
 -88
 -94
Profit/loss before tax 
 -26
 -31
 124
 -29
 28
Tax
 -3
 8
 -2
 1
 -3
Net profit/loss for the period
 -28
 -23
 122
 -29
 24
Profit/loss attributable to:
Shareholders of the Parent Company
 -28
 -23
 109
 -29
 30
Non-controlling interests
 0
 0
 13
 1
 -5
-28
 -23
 122
 -29
 24
Earnings per share attributable to shareholders of the Parent Company, SEK 
- before dilution
 -0,32
 -0,26
 1,23
 -0,33
 0,34
- after dilution
 -0,32
 -0,26
 1,23
 -0,33
 0,34
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
 88 348 572
 88 348 572
2025
 2024
 2025
 2024
 2024
SEK M
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 Jan-Dec
Net profit/loss for the period
 -28
 -23
 122
 -29
 24
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value changes in Visa preferred stock
 6
 9
 6
 11
 16
Items that will be reclassified subsequently to profit or loss:
Translation differences
 -16
 -0
 -55
 38
 54
Other comprehensive income for the period, net after tax
 -10
 9
 -49
 48
 70
Total comprehensive income/loss for the period
 -39
 -14
 73
 19
 95
Total comprehensive income/loss attributable to:
Shareholders of the Parent Company
 -36
 -14
 64
 17
 97
Non-controlling interests
 -2
 0
 9
 2
 -3
-39
 -14
 73
 19
 95

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

Interim Report July - September 2025 
16 
 
 
 
Consolidated Statement of Financial Position 
– 
condensed 
 
 
Information on financial position by operating segment can be found in Note 2. 
  
2025
 2024
 2024
SEK M
 Note
 30 Sep
 30 Sep
 31 Dec
ASSETS
Non-current assets
Intangible assets
 552
 575
 587
Contract assets leasing agreements
 141
 128
 177
Property, plant and equipment
 28
 33
 33
Holdings in associated companies
 137
 132
 105
Non-current receivables from associated companies
 275
 243
 256
Other non-current securities
 3, 4, 5
 463
 467
 494
Deferred tax receivables
 65
 39
 48
Other non-current receivables
 53
 58
 57
1 715
 1 675
 1 758
Current assets
Development and project properties
 312
 2 582
 2 196
Receivables from associated companies
 96
 90
 89
Accounts receivable and other receivables
 402
 484
 526
Current investments
 3, 4, 5
 77
 23
 80
Cash and cash equivalents *
 1 590
 869
 901
2 478
 4 047
 3 791
Total assets
 4 192
 5 721
 5 549
EQUITY AND LIABILITIES
Equity 
Share capital
 177
 177
 177
Other contributed capital
 297
 295
 295
Reserves
 54
 100
 121
Profit brought forward including net profit for the period
 1 449
 1 348
 1 404
Equity attributable to shareholders of the Parent Company
 1 976
 1 920
 1 997
Non-controlling interests
 32
 47
 42
Total equity
 2 008
 1 967
 2 039
Liabilities
Non-current liabilities
Borrowings from credit institutions
 131
 1 328
 1 209
Bond issue
 1 191
 592
 1 288
Contract liabilities leasing agreements
 99
 92
 133
Other non-current liabilities
 153
 169
 156
Deferred tax liabilities
 16
 22
 20
1 590
 2 203
 2 807
Current liabilities
Borrowings from credit institutions
 8
 1
 52
Bond issue
 0
 941
 0
Contract liabilities leasing agreements
 52
 43
 52
Contract liabilities
 0
 4
 0
Accounts payable and other liabilities
 519
 557
 589
Tax liabilities
 16
 4
 11
594
 1 551
 704
Total liabilities
 2 184
 3 754
 3 510
Total equity and liabilities 
 4 192
 5 721
 5 549
* Of which pledged and blocked liquid funds
 92
 105
 105

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

Interim Report July – September 2025 
 
 
17 
 
Consolidated Statement of Cash Flows 
 
 
 
  
2025
 2024
 2025
 2024
 2024
SEK M
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 Jan-Dec
Cash flow from operating activities
Profit/loss before tax 
 -26
 -31
 124
 -29
 28
Reclassification and adjustments for non-cash items:
Wind down expenses 
 1
 -0
 -0
 -1
 -1
Other financial items
 12
 11
 87
 -21
 -49
Depreciation
 21
 20
 63
 60
 84
Impairment / reversal of impairment of current receivables
 0
 -2
 -5
 -1
 43
Reported interest income from loan portfolios
 -4
 -5
 -12
 -14
 -19
Profit/loss from participations in associated companies
 -1
 4
 4
 8
 37
Personnel costs not affecting cash flow
 -0
 -2
 18
 1
 4
Other non-cash items
 -16
 10
 -8
 9
 -59
Other reclassifications
 3
 0
 -262
 -
 -
Paid income tax
 -10
 -24
 -36
 -60
 -62
Cash flow from operating activities before changes in working capital
 -18
 -19
 -26
 -49
 6
Investments in property projects
 -16
 -141
 -223
 -625
 -900
Divestment of property projects
 92
 16
 1 196
 423
 992
Cash flow from property projects
 76
 -125
 973
 -202
 92
Cash flow from changes in working capital
Increase 
(
–
)
/
 decrease 
(
+
 ) 
of operating receivables
 -12
 1
 102
 64
 116
Increase 
(
+
 )
 / 
 decrease 
(
–
) 
in operating liabilities
 -28
 -24
 -42
 -70
 -98
Cash flow from operating activities
 18
 -168
 1 007
 -257
 116
Cash flow from investing activities
Purchase of property, plant and equipment
 -1
 -4
 -4
 -7
 -9
Divestment of tangible fixed assets
 0
 0
 -
 1
 1
Purchase of intangible assets
 -4
 -2
 -14
 -5
 -17
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents
 -2
 0
 -2
 -
 -
Dividend and other disbursements from associated companies
 -0
 0
 4
 6
 6
Purchase of financial assets
 -0
 -8
 -6
 -13
 -30
Sale of financial assets
 22
 31
 34
 31
 56
Cash flow from loan portfolios
 4
 5
 12
 14
 19
Cash flow from investing activities
 19
 22
 25
 26
 27
Cash flow from financing activities
Re-purchase of share warrants
 -0
 -3
 -0
 -5
 -5
Proceeds from share warrants issued
 0
 0
 1
 5
 5
Borrowings
 0
 667
 0
 1 008
 1 753
Amortisation of loans
 -105
 -581
 -160
 -589
 -1 671
Amortisation of leasing debt
 -15
 -13
 -44
 -38
 -52
Dividends paid to shareholders of the parent company
 0
 0
 -80
 -80
 -80
Dividends paid to non-controlling interests
 -1
 -6
 -37
 -11
 -13
Cash flow from financing activities
 -121
 65
 -319
 290
 -64
Cash flow for the period
 -84
 -81
 713
 58
 80
Cash and cash equivalents at beginning of period
 1 680
 951
 901
 796
 796
Exchange rate differences in cash and cash equivalents
 -5
 -1
 -23
 14
 25
Cash and cash equivalents at end of the period
 1 590
 869
 1 590
 869
 901

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

Interim Report July - September 2025 
18 
 
 
 
Consolidated Statement of Changes in Equity 
 
 
* Non
-
controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. 
** 
Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. 
 
During the second quarter of 2025, the Annual General Meeting of Catella AB adopted a new long
-
term incentive programme of up to a total of 400,000 warrants directed to Board members of Catella AB 
(LTIP 2025/2028). In June, a total of 300,000 warrants were 
transferred to participants under LTIP 2025/2028, for a total purchase price of SEK 777,000. During the second quarter of 202
5, a total of 
179,833 warrants were also transferred to participants under LTIP 2024 (series 2025/2029), which was adopted at an E
xtraordinary General Meeting of Catella AB in 2024, for a total purchase price of SEK 
541,297. Furthermore, a total of 175,000 warrants of series 2020/2025:B have expired without being exercised for subscription 
of shares. As of 30 September 2025, a total 
of 1,169,083 warrants were 
outstanding.  
 
 
 
 
* Non
-
controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. 
** 
Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. 
 
In April 2024, 2,450,000 warrants from the previous incentive programme LTI 2020 were repurchased from holders remaining empl
oyed within the Catella Group, at a total market price of  
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 J
une. 
As of 30 
September 2024
, there 
were 150,000 outstanding warrants under program LTI 2020, 
all of 
which 
expired without exercise 
in June 2025. 
 
A new long
-
term incentive programme was also introduced in the second quarter of 2024, under which 4,700,000 warrants, divided into five 
series, were issued. Of these, 1,526,670 warrants 
 
in series 2024/2027 and 2024/2028 were transferred to Group Management and other key executives for a total purchase price of 
SEK 4,963,441. In the third quarter of 2024, Catella repurchased 814,920 
warrants from the former CEO for a total consideration o
f SEK 2,760,186, in connection with the 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.   
  
SEK M
Opening balance at 1 January 2025
 177
 295
 -20
 141
 1 404
 1 997
 42
 2 039
Comprehensive income for January - September 2025:
Net profit/loss for the period
 109
 109
 13
 122
Other comprehensive income, net of tax
 -16
 -51
 22
 -45
 -4
 -49
Comprehensive income/loss for the period
 -16
 -51
 131
 64
 9
 73
Transactions with shareholders: 
Dividends paid to non-controlling interests
 0
 -36
 -36
Change in value option debt **
 -5
 -5
 -5
Other transactions with non-controlling interests 
 -1
 -1
 17
 16
Warrants issued
 1
 1
 1
Dividends paid to shareholders of the parent company
 -80
 -80
 -80
Closing balance at 30 September 2025
 177
 297
 -36
 89
 1 449
 1 976
 32
 2 008
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 2024
 177
 296
 -3
 89
 1 429
 1 988
 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
 1 348
 1 920
 47
 1 967
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 2025 
 
 
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 fo
r 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 principl
es.  
 
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 acc
ordance with IFRS 8, Operating Segments. The Parent Company and other holding companies are presented under the category “Oth
er”. 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 expe
nses. Such transactions are conducted on an 
arm’s length basis. 
 
  
2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2025
 2024
 2025
 2024
 2024
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
Net sales
 230
 252
 67
 40
 81
 88
 9
 11
 -10
 -12
 378
 379
Other operating income
 2
 7
 11
 0
 1
 1
 1
 4
 -0
 -5
 15
 8
Total income
 232
 259
 78
 41
 83
 89
 10
 16
 -10
 -17
 393
 387
Provisions, direct assigment and 
production costs
 -32
 -39
 -58
 -6
 -18
 -18
 -0
 -0
 1
 1
 -107
 -62
Other external expenses
 -43
 -54
 -9
 -4
 -19
 -24
 -10
 -9
 9
 11
 -73
 -79
Personnel costs
 -113
 -116
 -9
 -7
 -55
 -47
 -13
 -21
 0
 1
 -190
 -190
Depreciation
 -13
 -14
 -0
 -0
 -5
 -5
 -3
 -1
 0
 0
 -21
 -20
Other operating expenses
 -1
 -4
 6
 -15
 0
 -2
 -0
 4
 0
 5
 5
 -12
Share of profit from associated 
companies
 2
 1
 -0
 -5
 0
 0
 0
 1
 0
 0
 1
 -4
Less profit attributable to non-
controlling interests *
 -0
 -0
 0
 0
 -0
 0
 0
 0
 0
 0
 -0
 -0
Operating profit/loss
 31
 33
 7
 3
 -14
 -6
 -18
 -11
 0
 0
 7
 19
Interest income
 10
 16
Interest expenses
 -27
 -55
Other financial items
 -16
 -11
Financial items
—
net
 -33
 -50
Profit/loss before tax 
 -26
 -31
Tax
 -3
 8
Net profit/loss for the period
 -28
 -23
Profit/loss attributable to shareholders 
of the Parent Company
 -28
 -23
Investment 
Management
Principal 
Investments
 Other
Corporate 
Finance
 Eliminations
 Group
2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
SEK M
 Note
 Jan-Sep
 Jan-Sep
 Jan-Dec
 Jan-Sep
 Jan-Sep
 Jan-Dec
 Jan-Sep
 Jan-Sep
 Jan-Dec
 Jan-Sep
 Jan-Sep
 Jan-Dec
 Jan-Sep
 Jan-Sep
 Jan-Dec
 Jan-Sep
 Jan-Sep
 Jan-Dec
Net sales
 699
 747
 1 031
 474
 251
 781
 273
 234
 401
 33
 35
 47
 -54
 -41
 -54
 1 425
 1 227
 2 206
Other operating income
 22
 14
 18
 12
 3
 64
 3
 3
 5
 32
 29
 30
 -4
 -14
 -15
 64
 35
 102
Total income
 721
 761
 1 048
 486
 254
 845
 276
 238
 406
 64
 64
 77
 -58
 -54
 -69
 1 489
 1 262
 2 307
Provisions, direct assigment and 
production costs
 -98
 -122
 -158
 -166
 -145
 -648
 -50
 -34
 -69
 -0
 -0
 -0
 22
 8
 32
 -292
 -293
 -844
Other external expenses
 -143
 -151
 -219
 -20
 -19
 -47
 -67
 -72
 -99
 -34
 -28
 -39
 31
 34
 45
 -233
 -236
 -358
Personnel costs
 -345
 -337
 -471
 -32
 -24
 -33
 -184
 -165
 -233
 -49
 -54
 -70
 1
 4
 6
 -610
 -575
 -801
Depreciation
 -40
 -41
 -55
 -1
 -1
 -1
 -14
 -14
 -19
 -8
 -4
 -9
 0
 0
 0
 -63
 -60
 -84
Other operating expenses
 -3
 -7
 -13
 -12
 -38
 -45
 -1
 -2
 -3
 5
 2
 -4
 3
 14
 5
 -8
 -32
 -61
Share of profit from associated 
companies
 2
 1
 5
 -6
 -11
 -44
 0
 0
 0
 0
 2
 2
 0
 0
 0
 -4
 -8
 -37
Less profit attributable to non-
controlling interests *
 -3
 -2
 -2
 -11
 1
 7
 0
 -0
 0
 0
 0
 0
 13
 1
 -5
 0
 0
 0
Operating profit/loss
 92
 101
 135
 238
 18
 34
 -41
 -48
 -17
 -23
 -18
 -43
 12
 6
 14
 279
 59
 122
Interest income
 30
 52
 64
Interest expenses
 -94
 -161
 -210
Other financial items
 -91
 21
 52
Financial items
—
net
 -155
 -88
 -94
Profit/loss before tax 
 124
 -29
 28
Tax
 -2
 1
 -3
Net profit/loss for the period
 122
 -29
 25
Profit/loss attributable to shareholders 
of the Parent Company
 109
 -29
 30
Corporate Finance
 Other
 Eliminations
 Group
Investment Management
 Principal Investments

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

Interim Report July - September 2025 
20 
 
 
 
Note 2. Financial position by operating segment 
 
 
 
 
 
 
  
2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
 2025
 2024
 2024
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
 413
 456
 459
 0
 -0
 0
 64
 65
 66
 75
 54
 63
 552
 575
 587
Contract assets leasing agreements
 51
 70
 70
 2
 1
 2
 43
 29
 57
 46
 27
 49
 141
 128
 177
Property, plant and equipment
 23
 27
 27
 0
 1
 1
 3
 4
 4
 2
 2
 2
 28
 33
 33
Holdings in associated companies
 31
 25
 29
 107
 104
 73
 0
 0
 0
 0
 2
 3
 137
 132
 105
Non-current receivables from associated companies
 0
 0
 0
 275
 243
 256
 0
 0
 0
 0
 0
 0
 275
 243
 256
Other non-current securities
 30
 33
 34
 421
 356
 432
 0
 0
 0
 11
 77
 29
 463
 467
 494
Deferred tax receivables
 21
 1
 8
 12
 14
 17
 31
 25
 24
 1
 0
 0
 65
 39
 48
Other non-current receivables
 18
 28
 27
 35
 30
 30
 6
 11
 10
 -6
 -10
 -10
 53
 58
 57
586
 639
 652
 852
 749
 811
 148
 133
 160
 129
 153
 136
 1 715
 1 674
 1 758
Current assets
Development and project properties
 0
 0
 0
 331
 2 724
 2 311
 0
 0
 0
 -19
 -142
 -115
 312
 2 582
 2 196
Contract assets
 0
 0
 0
 0
 6
 0
 0
 0
 0
 0
 -6
 0
 0
 -0
 0
Receivables from associated companies
 3
 2
 0
 97
 88
 92
 0
 0
 0
 -4
 0
 -4
 96
 90
 89
Accounts receivable and other receivables
 284
 385
 435
 168
 197
 121
 141
 172
 230
 -191
 -270
 -261
 402
 484
 526
Current investments
 0
 0
 0
 0
 0
 0
 0
 0
 0
 77
 23
 80
 77
 23
 80
Cash and cash equivalents
 380
 423
 437
 89
 160
 77
 40
 38
 60
 1 082
 247
 327
 1 590
 869
 901
667
 810
 872
 685
 3 175
 2 601
 181
 210
 290
 945
 -149
 27
 2 478
 4 047
 3 791
Total assets
 1 254
 1 449
 1 524
 1 537
 3 924
 3 412
 329
 344
 450
 1 073
 4
 163
 4 192
 5 721
 5 549
EQUITY AND LIABILITIES
Equity 
Equity attributable to shareholders of the Parent Company
 95
 274
 302
 402
 254
 312
 34
 -27
 -96
 1 446
 1 419
 1 479
 1 976
 1 920
 1 997
Non-controlling interests
 30
 44
 42
 -5
 5
 0
 7
 9
 10
 0
 -11
 -10
 32
 47
 42
Total equity
 125
 318
 344
 397
 258
 312
 41
 -18
 -86
 1 446
 1 409
 1 469
 2 008
 1 967
 2 039
Liabilities
Non-current liabilities
Borrowings from credit institutions
 1
 2
 1
 130
 1 310
 1 194
 0
 17
 14
 0
 0
 0
 131
 1 328
 1 209
Bond issue
 0
 0
 0
 0
 0
 0
 0
 0
 0
 1 191
 592
 1 288
 1 191
 592
 1 288
Contract liabilities leasing agreements
 33
 49
 48
 1
 0
 1
 28
 18
 39
 38
 25
 46
 99
 92
 133
Other non-current liabilities
 778
 813
 787
 131
 133
 136
 0
 0
 0
 -757
 -778
 -767
 153
 169
 156
Deferred tax liabilities
 6
 11
 9
 0
 0
 0
 0
 0
 0
 10
 10
 10
 16
 22
 20
818
 875
 846
 262
 1 443
 1 330
 28
 35
 54
 482
 -150
 577
 1 590
 2 203
 2 807
Current liabilities
Borrowings from credit institutions
 1
 1
 1
 0
 0
 51
 7
 1
 1
 0
 0
 0
 8
 1
 52
Bond issue
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
 941
 0
 0
 941
 0
Contract liabilities leasing agreements
 22
 25
 26
 1
 1
 1
 18
 13
 20
 11
 5
 5
 52
 43
 52
Contract liabilities
 0
 0
 0
 0
 4
 0
 0
 0
 0
 0
 0
 0
 0
 4
 0
Accounts payable and other liabilities
 277
 227
 300
 876
 2 217
 1 718
 230
 313
 459
 -865
 -2 201
 -1 889
 519
 557
 588
Tax liabilities
 11
 3
 7
 0
 0
 0
 5
 0
 3
 0
 0
 0
 16
 4
 11
311
 256
 334
 878
 2 222
 1 770
 260
 327
 482
 -854
 -1 254
 -1 883
 594
 1 551
 703
Total liabilities
 1 128
 1 132
 1 180
 1 140
 3 666
 3 100
 288
 361
 536
 -372
 -1 405
 -1 306
 2 184
 3 754
 3 510
Total equity and liabilities 
 1 254
 1 449
 1 524
 1 537
 3 924
 3 412
 329
 344
 450
 1 073
 4
 163
 4 192
 5 721
 5 549
Investment Management
 Principal Investments
 Corporate Finance
 Other
 Group

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

Interim Report July – September 2025 
 
 
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 recog
-
nized under the category Other.  
 
 
 
 
 
Pastor 2 
In the sub
-
portfolio Pastor 2, the underly-
ing loans are below ten percent of the is-
sued amount and Catella expects the 
issuer to utilise its clean
-
up call. The admin-
istration of the portfolio is frequently un-
profitable when it falls below ten percent 
of th
e issued amount, and this structure al-
lows the issuer to avoid these additional 
costs. Catella considers the credit risk in 
the portfolio to be low, although the pre-
cise timing of the exercise of the option is 
difficult to forecast due to various un-
known f
actors relating to the issuer. Ca
-
tella has 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 the present value with applica-
tion of a discount rate for similar assets. 
This c
orresponds to a value of EUR 5.0 M. 
 
Lusitano 5 
The time call affects sub
-
portfolio Lusitano 
5 and constitutes an option held by the is-
suer that enables the sub
-
portfolio to be 
repurchased at a specific point in time, and 
subsequently from time to time. The 
op
tion has been available since 2015. Ca-
tella evaluates that the time call will be ex-
ercised in the fourth quarter of 2025. The 
assumption is conservative due to this re-
quiring no further cash flows other than 
the position's current capital amount of 
EUR 1.6 
M plus the following quarter’s 
cash flow when exercising the time call. 
The portfolio is hence valued at EUR 2.0 
M.  
 
For more information see Note 3 and 22 
in the Annual Report 2024. 
 
 
 
Actual cash flows from the loan portfolio 
 
 
 
 
SEK M
Loan portfolio
 Country
Pastor 2 
 Spain
 55,3
 71,7%
 55,0
 71,6%
 2,6%
 0,25
Lusitano 5
 Portugal
 21,8
 28,3%
 21,8
 28,4%
 0,0%
 0,25
Total cash flow *
 77,1
 100,0%
 76,8
 100,0%
 1,9%
 0,3
Carrying amount in consolidated balance sheet **
 76,8
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
 2009-2023
 28,9
 56,3
 267,0
 352,2
Full year
 2024
 2,2
 17,0
 0,0
 19,2
Q1
 2025
 0,5
 3,3
 0,0
 3,8
Q2
 2025
 0,4
 3,2
 0,0
 3,7
Q3
 2025
 0,3
 3,6
 0,0
 3,9
Total
 32,4
 83,5
 267,0
 382,9
Spain
 Portugal

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

Interim Report July - September 2025 
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 
discoun
ted cash flows to determine the 
fair value of financial instruments. For 
more information, see Note 22 in the An-
nual Report 2024. 
The Group's assets and liabilities meas-
ured at fair value as of 30 September 2025 
are stated in the following table. 
 
 
 
 
 
 
 
  
2025
 2024
 2024
SEK M
 30-sep
 30-sep
 31-dec
Visa preferred stock C series
 11
 23
 29
Loan portfolios
 77
 77
 80
Operation-related investments **
 451
 389
 466
Other securities
 0
 0
 0
Total *
 539
 490
 574
* of which short-term investments SEK 77 M and long-term investments SEK 463 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
Holdings in preference shares
 11
 11
Loan portfolios
 77
 77
Other debt instruments
 134
 134
Fund investments
 54
 2
 107
 162
Unlisted shares
 155
 155
Total assets
 54
 13
 473
 539
LIABILITIES 
Conditional purchase price
 0
 0
Total liabilities
 0
 0
 0
 0
No changes between levels occurred the previous year.
Change analysis, financial assets, level 3 for the first nine months 2025
as of 1 January
 486
Purchases
 1
Disposals
 0
Revaluation through profit & loss
 0
Translation differences
 -14
At 30 September
 473
Change analysis, financial liabilities, level 3 for the first nine months 2025
as of 1 January
 9
Additional items
 0
Deductions
 0
Revaluation through profit & loss
 -9
Translation differences
 0
At 30 September
 0

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

Interim Report July – September 2025 
 
 
23 
 
Note 6. Pledged assets, contingent liabilities and commitments 
 
Pledged assets 
 
 
In connection with the sale of Kaktus Tow-
ers during the second quarter of 2025, the 
previously reported property mortgage 
ceased. Cash and cash equivalents include 
cash funds in accordance with minimum 
retention requirements, funds that are to 
be made available at all times for regula-
tory reasons and frozen funds for other 
purposes.  
 
 
 
 
 
Contingent liabilities 
 
 
 
Other contingent liabilities relate to guar-
antee commitments as collateral for loan 
facilities, 
and as collateral for completion 
under development agreements. Other  
contingent liabilities also relate to guaran-
tees which were provided for rental con-
tracts with landlords.  
 
Of the Group’s total contingent liabili
-
ties, SEK 93 M relates to Principal Invest-
ments. 
 
Commitments 
 
Investment commitments relate to five ongoing projects or holdings within Principal Investments.  
 
  
2025
 2024
 2024
SEK M
 30 Sep
 30 Sep
 31 Dec
Property mortgage
 -
 1 050
 1 067
Cash and cash equivalents
 92
 105
 105
Other pledged assets
 0
 0
 0
92
 1 156
 1 172
2025
 2024
 2024
SEK M
 30 Sep
 30 Sep
 31 Dec
Other contingent liabilities
 94
 509
 274
94
 509
 274
2025
 2024
 2024
SEK M
 30 Sep
 30 Sep
 31 Dec
Investment commitments
 140
 0
 0
Other commitments
 0
 0
 0
140
 0
 0

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

Interim Report July - September 2025 
24 
 
 
 
Parent Company Income Statement 
 
 
 
 
Parent Company Balance Sheet 
– 
condensed 
 
 
 
Catella AB has entered into guarantee 
commitments as security for completion under a development agreement and for a loan facility. 
Both commitments relate to the German project company KöTower, with a total amount of SEK 78 M. 
As of 31 December 
 2024, the 
Parent Company’s total contingent liabilities amounted to SEK 
243 
M. 
 
 
 
  
2025
 2024
 2025
 2024
 2024
SEK M
 Jul-Sep
 Jul-Sep
 Jan-Sep
 Jan-Sep
 Jan-Dec
Net sales
 9,2
 11,3
 32,1
 34,6
 46,5
Other operating income
 0,6
 0,6
 2,0
 1,5
 4,0
Total income
 9,7
 11,9
 34,1
 36,1
 50,5
Other external expenses
 -12,0
 -8,5
 -39,7
 -28,5
 -40,5
Personnel costs
 -11,8
 -17,8
 -40,8
 -45,4
 -60,7
Depreciation
 -1,2
 -0,1
 -1,5
 -0,5
 -4,0
Other operating expenses
 -0,0
 -0,3
 -0,2
 -0,8
 -1,1
Operating profit/loss
 -15,4
 -14,7
 -48,1
 -38,9
 -55,8
Profit/loss from participations in group companies
 0,0
 0,0
 4,0
 6,1
 256,1
Interest income and similar profit/loss items
 0,1
 0,0
 0,2
 0,0
 0,2
Interest expenses and similar profit/loss items
 -26,3
 -31,9
 -71,7
 -88,7
 -120,3
Financial items
 -26,2
 -31,9
 -67,5
 -82,6
 136,0
Profit/loss before tax 
 -41,6
 -46,5
 -115,6
 -121,5
 80,2
Tax on net profit for the year
 0,0
 0,0
 0,0
 0,0
 0,0
Net profit/loss for the period
 -41,6
 -46,5
 -115,6
 -121,5
 80,2
2025
 2024
 2024
SEK M
 30 Sep
 30 Sep
 31 Dec
Intangible assets
 25,0
 4,4
 12,5
Property, plant and equipment
 1,6
 1,9
 1,8
Participations in Group companies
 1 358,2
 1 358,2
 1 358,2
Current receivables from Group companies
 16,8
 384,6
 346,6
Other current receivables
 15,6
 13,9
 13,1
Cash and cash equivalents
 0,1
 0,1
 0,2
Total assets
 1 417,2
 1 763,0
 1 732,4
Restricted equity
 176,7
 176,7
 176,7
Non-restricted equity
 24,2
 17,7
 219,3
Non-current bond loan
 1 190,6
 592,1
 1 288,3
Current bond loan
 0,0
 941,1
 0,0
Current liabilities to Group companies
 0,0
 0,8
 0,2
Other current liabilities
 25,7
 34,6
 47,9
Total equity and liabilities 
 1 417,2
 1 763,0
 1 732,4

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

Interim Report July – September 2025 
 
 
25 
 
Application of key performance indicators not defined by IFRS ac-
counting standards 
 
The Consolidated Accounts of Catella are 
prepared in accordance with IFRS account-
ing standards, which only define a limited 
number of performance measures. Catella, 
applies the European Securities and Mar-
kets Authority’s (ESMA) guidelines for al-
ternative p
erformance measures. In 
summary, an alternative performance 
measure is a financial measure of historical 
or future profit progress, financial position 
or cash flow not defined by or specified in 
IFRS. In order to assist corporate manage-
ment and other stakeholders in their analy-
sis of Group progress, Catella presents 
certain performance measures not defined 
under IFRS. Corporate management con-
siders that 
this information facilitates analy-
sis of the Group’s performance. This 
additional information is complementary to 
the information provided by IFRS and does 
not replace performance measures de-
fined in IFRS. Catella’s definitions of 
measures not defined under IFRS may dif-
fer from other companies’ definitions. All 
of Catella’s definitions are presented be-
low. The calculation of all performance 
measures correspon
ds to items in the In-
come Statement and Balance Sheet. For 
more information, see Note 39 in the An-
nual Report 2024. 
 
 
Definitions 
 
Non
 -
IFRS performance 
measures 
 Description 
 Reason for using the measure 
Operating profit attributable to 
Parent Company shareholders 
 Group's operating profit for the period, less profit at-
tributable to non
-
controlling interests.  
The measure illustrates the proportion of the Group’s oper-
ating profit attributable to shareholders of the Parent Com-
pany. 
Operating margin 
 Operating profit attributable to the Parent Company 
shareholders divided by total income for the period. 
The measure illustrates profitability in underlying operations 
attributable to shareholders of the Parent Company. 
IRR  
 Internal Rate of Return, a measure of the average annual 
return generated by an investment. 
The measure is calculated for the purpose of comparing the 
actual return on projects Catella invests in with the average 
expected return of 20 percent. 
Assets under management at year 
end 
AUM constitutes the value of Catella’s customers’ de-
posited/invested capital. 
An element of Catella’s income in Investment Management is 
agreed with customers on the basis of the value of the un-
derlying invested capital. Provides investors with insight into 
the drivers behind elements of Catella’s income. 
Property transaction volumes in 
the period 
Property transaction volumes in the period constitute 
the value of underlying properties at the transaction 
dates. 
An element of Catella’s income in Corporate Finance is 
agreed with customers on the basis of the underlying prop-
erty value of the relevant assignment. Provides investors with 
insight into the drivers behind elements of Catella’s income. 
Equity/Asset ratio 
 Equity divided by total assets. 
 
Catella considers the measure to be relevant to investors and 
other stakeholders wishing to assess Catella’s financial stability 
and long
-
term viability. 
Dividend per share 
 Dividend divided by the number of 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 | VISITORS: BIRGER JARLSGATAN 6  
CORP. ID NO. 556079
 –
1419  
 | 
 REGISTERED OFFICE: STOCKHOLM, SWEDEN  
TELEPHONE +46 (0)8
 -
463 33 10|  
 INFO@CATELLA.SE  
CATELLA.COM  
 
      
 
 Financial calendar   
 For further information, please contact  
 
 Year
-
end Report Oct
-
Dec 2025  
       
   
      
 17 February 2026  
Annual General Meeting 
                          
              
 12 May 2026  
Interim Report Jan
-
Mar 2026      
              
   
              
 8 May 2026  
Interim Report Apr
-
Jun 2026  
         
   
       
 20 August 2026 
Interim Report Jul
-
Sep 2026 
         
   
   
5 November 2026  
Year
-
end Report Oct
-
Dec 2026  
        
  
     
11 February 2027  
 
  
 Michel Fischier, CFO 
Tel. +46 (0)8
 -
463 33 10 
 
More information on Catella and all financial reports are availa-
ble at 
catella.com
.