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Castellum (CAST) investor relations material

Castellum Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Jul, 2025

Executive summary

  • Completed SEK 1.7 billion property acquisitions in Uppsala, Örebro, and Linköping, strengthening presence in growth cities.

  • Income from property management declined 8.7% year-over-year to SEK 2,222M; net operating income fell to SEK 3,206M.

  • Net leasing was negative at SEK -182M, with occupancy rate at 90.3%.

  • SEK 10 billion in bank loan refinancing improved financial flexibility, lowered credit margins, and extended debt maturity.

  • Moody's upgraded the credit rating to Baa2 with stable outlook; dividend payments resumed.

Financial highlights

  • Property income declined by 8.7% year-over-year, mainly due to asset sales and higher vacancies.

  • NOI decreased by SEK 185 million, impacted by divestments, vacancies, and absence of prior year insurance claims.

  • Net leasing was SEK -182M, reflecting higher vacancies and terminations.

  • Property values written down by SEK 1.15 billion (−0.8%) in Q2.

  • Property portfolio valued at SEK 137 billion as of 30 June 2025.

Outlook and guidance

  • Management expects long-term benefits from asset rotation into higher quality properties.

  • Rental market remains stable in regional cities but is more challenging in metropolitan areas, especially Stockholm offices.

  • Ongoing and planned projects total over SEK 3.8 billion, supporting future rental income growth.

  • Financing conditions remain favorable, with potential for further interest rate reductions in 2025.

  • Focus on customer dialogue, capital market relationships, and value creation through leasing and property upgrades.

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Frequently asked questions

Castellum is one of Sweden's largest real estate companies with a property value of SEK 98 billion. The real estate portfolio is owned and managed under the Castellum brand through a decentralized organization with strong and clear local presence in 20 Swedish growth regions. In Denmark, Finland and Norway Castellum is present in Copenhagen, Helsinki and Oslo.

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