Castellum (CAST) Q2 2026 earnings summary

Executive summary

• Major property divestments in H1 2026 totaled SEK 24 billion, including SEK 13.3 billion to Wihlborgs and SEK 5 billion to Alecta, supporting debt reduction and share buybacks.

• Share buybacks reached SEK 4.6 billion for 39 million shares, with a new program of up to SEK 3 billion announced.

• Ericsson's leases in key properties drove positive net leasing, though overall market conditions remain sluggish and vacancy increased.

• Economic occupancy rate dropped to 87.5%, reflecting higher vacancies and property disposals.

• Net income after tax surged to SEK 1,933 million, driven by positive property revaluations and lower negative value changes.

Financial highlights

• Like-for-like in-place rents declined 1.3% year-over-year, mainly due to increased vacancy.

• NOI for the period was negative at -4.8% in the like-for-like portfolio.

• Income from property management per share rose 7.3% for H1 2026 versus H1 2025.

• Net asset value per share (EPRA NRV) increased 4.6% to SEK 167/share.

• Disposals generated SEK 1.4 billion in profit, with value changes totaling SEK 269 million.

Outlook and guidance

• No dividend for 2025; surplus capital from divestments will be distributed via share buybacks and selective loan repayments.

• No specific forecast for net leasing; focus remains on maximizing signed contracts amid uncertain demand.

• Management sees limited reinvestment opportunities at attractive yields and expects continued focus on profitability and cost control.

• Interim report for January–September scheduled for October 22, 2026.