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Catena (CATE) investor relations material
Catena Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rental income increased by 25% year-over-year to SEK 1,963 million, mainly driven by acquisitions and CPI-linked contracts.
Profit from property management rose 32% year-over-year to SEK 1,202 million, with EPS from property management up 18.7% to SEK 19.91.
Net operating surplus increased by 28% to SEK 1,633 million.
EPRA NRV per share rose to SEK 438.
The property portfolio expanded by 7% in lettable area, with 58% of total area environmentally certified.
Financial highlights
Loan-to-value ratio at 39.2% and equity ratio at 51%.
Net debt/EBITDA at 7.8x, interest coverage at 3.9x, and average cost of debt at 3.2%.
EPRA NIY at 5.6%, weighted exit/valuation yield at 5.9%.
Letting ratio at 96.6%, WALE at 6.5 years.
EPRA Earnings per share were SEK 18.93.
Outlook and guidance
Management expects continued strong cash flows and sees many upcoming opportunities in the transaction market.
New business plan targets at least 10% annual compounded growth in profit from property management per share and at least 12% annual compounded growth in net asset value per share over five years.
Sustainability targets updated: net zero GHG emissions across all scopes by 2040, with at least 50% reduction by 2030.
Fitch confirmed the BBB credit rating with stable outlook.
Policy allows LTV up to 50%, providing headroom for further investments.
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