FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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
.