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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.
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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