Författare: olivia

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 contained both within the Eurozone and across the broader European market, providing further support despite ongoing 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 expertise across various markets. The company maintains a robust position both within local markets and as an integrated 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 further leverage our strong position. By enhancing alignment across the Group, we can continue to grow assets under management (AUM), establish ourselves as the preferred partner for transactions, attract leading investors and clients and create shareholder value. Given our solid presence in the twelve markets in which we operate, 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 Investment 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 investments in development projects alongside majority-owning capital partners. By doing so we sharpen our focus 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 structure, 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 establishing a leading investment management platform, fostering pan-European growth, enhancing performance, and strengthening our institutional partnerships.

This statement highlights our dedication to driving business 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 European real estate market. It is prudent to consider the implications of somewhat lower-than-anticipated economic growth in various European economies, which has been influenced by ongoing global trade tensions. Furthermore, persistent geopolitical instability across multiple 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 reduced transactional revenues, which are considered a temporary fluctuation. Meanwhile, Catella secured new mandates within Investment Management, resulting in assets under management of SEK 160 billion at quarter-end—an increase of nearly SEK 4 billion from the previous quarter.

Assets under management increased
Within the Investment Management division, we observed moderate progress, although reduced activity in the transaction market had a minor adverse effect. A key positive outcome was the onboarding of multiple management mandates, which has enhanced our foundation of fixed and recurring revenue.

Operating profit remained stable at SEK 31 million compared to SEK 33 million in the previous quarter. This result was achieved despite transactional revenues being approximately SEK 15 million lower, attributable to efficiency 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 organisational 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 primary emphasis within the business area was on finalising ongoing projects designated for sale and evaluating prospective investments aligned with our strategic objectives.

With property valuations having reached a stable equilibrium, 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 Corporate Finance segment for the quarter. While we provided advisory services on several significant transactions, overall market volumes fell short of expectations. Nonetheless, we are anticipating the fourth quarter with confidence, as it is typically a robust period for transactional 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 recognising the significant potential within this business area. In collaboration with our Corporate Finance teams, we are committed to reinforcing and growing the business in order 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 Europe. As outlined earlier, I am optimistic about the prospects of positive growth in the future. Looking ahead, it is essential to recognise that Catella operates as a people-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 development and our robust liquidity and capital base, gives me confidence in our prospects. We are strategically positioned 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 answering questions today at 10.00 a.m. CET.
To participate in the conference, please see: https://financialhearings.com/event/51909

Rikke Lykke, Group CEO
Stockholm, Sweden, 7 November 2025

During September 2025, 1,212 shares of class A have been converted into the same number of shares of class B. Thereafter, the total number of votes in Catella amount to 97,706,340.

The total number of registered shares in the company after the conversion amount to 88,348,572, of which 2,339,442 shares of class A and 86,009,130 shares of class B.

The Tender Offer expired at 12:00 CEST today, 28 August 2025. Settlement of the Tender Offer is expected to occur on or around 4 September 2025. The final purchase price (the ”Final Price”) in the Tender Offer is set out in the table below.

Following completion of the Tender Offer, the outstanding nominal amount of Catella’s Bonds will be SEK 526,250,000for Bonds with ISIN SE0022757837 and SEK 672,500,000for Bonds with ISIN SE0023467246.

To ensure that the Final Price is determined on market terms, the Tender Offer was carried out as a modified Dutch auction led by the Dealer Managers (as defined below), and it is the Board of Directors’ assessment that the Final Price reflects prevailing demand and market conditions. Further, Catella has resolved that the Company may repurchase additional Bonds at the same price level as the Final Price.

The Company has mandated DNB Carnegie Investment Bank AB (”DNB Carnegie”) and Nordea Bank Abp (”Nordea”) as dealer managers for the Tender Offer (the ”Dealer Managers”). Advokatfirman Cederquist acts as legal advisor to the Company in connection with the Tender Offer.

Nordea: +45 2465 7750, nordealiabilitymanagement@nordea.com
DNB Carnegie: bond.syndicate@dnb.no

During the quarter, we saw a continued, cautious recovery and higher transaction activity, despite most analysts predicting that the statements on tariffs in the beginning of the quarter would dampen large parts of the global economy. Overall, transaction volumes in the European market increased by 11 percent in the quarter compared with the same period last year. The increase was driven primarily by improved credit conditions, which have narrowed the gap between buyers and sellers and thereby increased likelihood of closing transactions. This trend benefits all our business areas.

I can conclude that there are favourable conditions for continued growth and a stronger European property market, provided that long-term interest rates stabilise at lower levels. This is supported by inflation remaining under control in both the Eurozone and the wider European market.

Another positive factor is the growing interest in Europe among property investors, as uncertainty in the US increases. This was evident at the major investor conferences in Europe and Asia in which we participated during the quarter. Interest is rising among American, Asian, and of course European investors, many of whom have traditionally allocated a large share of their capital to North America. Several large international funds are now reassessing their asset allocations, with the US no longer the obvious focal point. Political uncertainty, challenges in major city commercial property markets, and an increasingly complex regulatory landscape are making Europe appear as a more manageable and long-term alternative.

That said, we must factor in slightly weaker-than-expected economic growth in many European markets, driven by global trade tensions. Ongoing geopolitical unrest in several parts of the world could also alter conditions — for example, higher oil prices could spark a new wave of inflation. Despite the uncertainty, I remain optimistic and expect increased activity in the European property market.

Operating profit for the second quarter was SEK 303 M (35), driven primarily by the result from the sale of Kaktus in the Principal Investments business area (SEK 252 M), as well as improved operating profit in both Investment Management and Corporate Finance.

Increased diversification after divestment
The single largest event in the second quarter was the divestment of Kaktus Towers in the Principal Investments business area. Within the business area, our focus remained on developing and completing existing projects for sale, while also exploring potential investments — both in new development projects and in additional European aggregation mandates with capital partners.

Looking ahead, our focus in the business area is to reduce concentration risk and diversify the portfolio through the strategic use of own capital – via early-stage investments, co-investments, and partnerships – to grow assets under management, increase recurring income, and enhance long-term shareholder value.

During the quarter, we announced a joint investment with global real estate investor Barings in the Vega residential project in Copenhagen. Through a joint venture to build 269 affordable apartments, the Vega project and partnership clearly reflect our future investment strategy. Another example is the Silbersteinstrasse project in Berlin, where the building permit application was submitted in early June. The project addresses the demand for new housing and will comprise 92 rental apartments.

With property valuations now stabilised at a new level, we see a solid foundation for new and attractive investment opportunities of this kind – fully aligned with our strategy and supported by the strong capital position created through the divestment of Kaktus Towers. We also plan to repurchase interest-bearing debt, thereby improving capital efficiency and reducing interest expenses.

Advising on major transactions
As noted earlier, the transaction market maintained its positive momentum in the second quarter, benefiting the Corporate Finance business area. During the quarter, we advised on a growing number of large transactions, strengthening the outlook compared with the normally weaker first quarter.

For example, Catella Corporate Finance Denmark acted as adviser to NIAM in the divestment of the approximately 75,500 square meter office property Copenhagen Business Park. In addition, the Swedish operations acted as adviser on 18 transactions with a total value of SEK 3.7 Bn.

During the quarter, in line with the Group’s strategy for increased pan-European growth, Catella created the new position of Head of Corporate Finance Europe. The role highlights both the importance of the Corporate Finance business area and its growth potential. Since 15 August, this has been my new focus, and I look forward to developing the business area together with colleagues across Europe.

Increased assets under management
In the Investment Management business area, we recorded some improvement, supported by a stronger transaction market. Since the previous quarter, assets under management have grown by almost SEK 8 Bn, driven primarily by new management mandates in Denmark, the UK, and Finland. This has further strengthened our base of fixed and recurring income.

Compared with the previous quarter, operating profit rose by SEK 22 M to SEK 41 M, driven by a higher number of transactions and the resulting increase in variable income. As noted earlier, the preceding quarter was exceptionally weak in terms of completed transactions.

Outlook
This marks my final statement as interim CEO of Catella. I am grateful for the trust the Board has placed in me during nearly a year in this role, and for their renewed confidence as I take on my new position as Head of Corporate Finance Europe.

I warmly welcome Rikke Lykke as our new CEO and President and wish her every success. We will work closely together, and I am confident that, alongside our colleagues, we have every opportunity to continue strengthening Catella’s position as a leading pan-European property investment company, supported by a very strong financial base that enables us to capitalise on the opportunities in the current market environment.

Our focus remains on executing the strategies set for each of our business areas, strategies on which we are already delivering.
Catella looks to the near future with optimism, backed by a strong liquidity and capital position, further strengthened by the divestment of Kaktus Towers. We are well positioned to seize opportunities as they arise in the market and we actively evaluate new investment opportunities to drive growth and increased shareholder value.

Catella will be presenting the Interim Report and answering questions today at 10 a.m. CEST.
To participate in the conference, please see: https://financialhearings.com/event/51908

Daniel Gorosch, interim CEO and President up until 15 August
Stockholm, Sweden, 21 August 2025