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Castellum (CAST) investor relations material
Castellum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Focus on returning to profitability through operational efficiency, cost control, and a back-to-basics approach, targeting a 10% ROE and emphasizing leasing and asset optimization. 
- Leadership transition with a new CEO and board members, with the property portfolio and staff seen as stronger than initially expected. 
- Portfolio consists mainly of office, warehouse, and light industry properties in Sweden, with holdings in Copenhagen, Helsinki, and a significant stake in Entra ASA in Norway. 
- SEK 159 billion in property value and 5.3 million sq. m. lettable area, with 69% of property value sustainability-certified. 
Financial highlights
- Rental and service income for Jan–Sep 2025 was SEK 7,196 million, down 2.8% year-over-year, with NOI declining 4.4% to SEK 4,908 million. 
- Net leasing was negative SEK 166 million for the period, with new leases of SEK 532 million and terminations of SEK 698 million. 
- Occupancy rate declined to 90%, down 1.2% year-over-year. 
- Property values written down by SEK 1.4 billion (1%), mainly due to tenant defaults and lower cash flow expectations. 
- Net income after tax for Q3 2025 was SEK 858 million, up from SEK 471 million year-over-year. 
Outlook and guidance
- Expectation of further increases in vacancies due to weak net leasing and challenging market conditions, especially in major cities. 
- Strategic review ongoing, with a formal update to be provided in the future. 
- Focus remains on maximizing leasing, asset rotation, and cost efficiency to achieve a 10% return on equity over the business cycle. 
- Credit margins remain at historically low levels, with a stable to slightly decreasing interest rate outlook. 
Next Castellum earnings date

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