Castellum
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Castellum (CAST) investor relations material

Castellum Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Strategy centers on profitability, cost control, staff reductions, and share buybacks, targeting a 10% ROE over the business cycle.

  • Staff reduction of 30 people in Q4 led to SEK 40 million in one-off costs, with expected ongoing savings of a similar amount.

  • Board proposes share buybacks instead of dividends, aligning with a new capital distribution policy due to the share price discount to NAV.

  • Leading Nordic property company with SEK 137 Bn property value and SEK 9.3 Bn yearly contracted rent.

  • Net income after tax for the year was SEK 938 M, down from SEK 2,357 M, with EPS at SEK 1.91 (4.79).

Financial highlights

  • Property values declined by SEK 2.5 billion for the year, with SEK 1.1 billion of that in Q4; Q4 value drop mainly in Stockholm (SEK 0.9 billion) and Finland (SEK 0.2 billion).

  • Net leasing for the year was -SEK 140 million, with Q1 heavily negative due to two major events, but Q2–Q4 positive.

  • Rental and service income for 2025 was SEK 9,593 M, down 2.0% year-over-year.

  • Net operating income (NOI) decreased by 3.9% to SEK 6,524 M.

  • Economic occupancy rate stood at 89.8%.

Outlook and guidance

  • No specific forecasts for vacancy reduction or net leasing turnaround; management expects conditions may worsen before improving.

  • CapEx spending expected to remain at similar levels in coming years.

  • The Board intends to carry out share repurchases equal to 25% of income from property management for 2025, with no cash dividend proposed.

  • Focus remains on cost control, reducing vacancies, and divesting non-core assets to improve profitability.

  • Strong liquidity position with SEK 20.3 Bn in cash and unutilised credit facilities.

Kista/Finland vacancy outlook and NOI impact
Prioritization of capital allocation for growth
Debt maturity strategy and interest cost outlook
Detail Kista's vacancy reduction strategy.
Manage remaining bond constraints for divestments?
Long-term plan for the Entra stake?
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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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