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Catena (CATE) investor relations material
Catena Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rental income increased 21% year-over-year to SEK 2,651 million, mainly driven by acquisitions and CPI-linked contracts.
Profit from property management rose 28% to SEK 1,613 million, with EPS from property management up 18% to SEK 26.72.
Major acquisition of a Nordic logistics property portfolio (20 properties, SEK 8.8 billion) expanded presence into Finland and strengthened the Nordic market position.
73% of lettable area is environmentally certified, with updated sustainability targets aiming for net-zero emissions by 2040 and net-positive biodiversity by 2030.
Directed share issue after year-end raised SEK 2.8 billion, increasing the number of shares by over 6 million.
Financial highlights
Net operating surplus increased by 23% year-over-year to SEK 2,198 million.
EPRA NRV per share rose to SEK 446 (SEK 445.89), and EPRA EPS reached SEK 25.62.
Loan-to-value ratio at 39.0%, equity ratio at 51%, and net debt/EBITDA at 7.8x.
Property portfolio value reached SEK 44,473 million, with a 1.1% unrealised value gain.
Dividend proposed at SEK 9.50 per share, up 5.6%.
Outlook and guidance
Continued growth expected in 2026, supported by recent acquisitions and ongoing development projects.
Investment capacity estimated at SEK 2.5–3 billion, with a preference to keep LTV below 50%.
Conservative approach to new project signings in the next six months.
Ongoing development and robust land bank position the company for future growth.
Market conditions expected to remain favorable for logistics properties, despite higher vacancy rates in some areas.
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