Catella (CAT) investor relations material

Executive summary

• Q2 2026 revenues fell sharply year-over-year, mainly due to the absence of large disposals seen in 2025, with net sales at SEK 400M and EBIT at SEK 8M; underlying gross profit improved to SEK 310M after adjustments.

• Earnings per share dropped to SEK -0.14 from SEK 3.62 year-over-year.

• Strategic focus remains on improving earnings quality, operational excellence, and targeted investments to enhance resilience and long-term value.

• Fixed fees accounted for 59% of total revenues in Q2, supporting earnings stability.

• SEK 100M share repurchase program initiated, with SEK 52M used to buy back over 2.5M shares.

Financial highlights

• Q2 2026 reported revenues: SEK 400M, down from SEK 754M in Q2 2025; adjusted net revenue was SEK 310M in Q2 2026 vs. SEK 294M in Q2 2025.

• Q2 operating profit: SEK 8M (down from SEK 315M/303M); Q2 EPS: SEK -0.14 (3.62); H1 EPS: SEK -0.70 (1.55).

• Assets under management (AUM) at period end: SEK 161Bn, up SEK 1Bn from Q1 and SEK 4Bn year-over-year, driven by reporting changes and development asset inclusion.

• Operating expenses decreased by SEK 20M (6%) year-over-year, mainly from lower variable salary costs and reduced expenses post-disposals.

• Positive FX impact of SEK 50M in Q2 2026, up from SEK 40M in Q2 2025.

Outlook and guidance

• Cautious optimism for near-term market recovery, with transaction volumes starting to pick up, but market uncertainty persists and no formal forecasts published.

• Variable fees in Investment Management expected to improve as market confidence returns, but major performance fees unlikely in H2 2026.

• Corporate Finance profitability expected to improve if transaction activity continues in H2.