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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.
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Q3 2025 earnings summary23 Oct, 2025

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.

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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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