===== 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 .