Catella (CAT) Q1 2025 earnings summary

Executive summary

• Assets under management were SEK 150 billion, with operations in 12 countries and nearly 500 employees; focus remains on sustainable investments and long-term value creation.

• 67-70% of income is from fixed recurring revenue, supporting business stability.

• Q1 2025 saw lower income and operating profit due to currency effects, reduced transaction-based revenues, and non-recurring costs.

• The Kaktus Towers sale post-quarter will add SEK 260 million to operating profit and release SEK 950 million in liquidity for new investments.

• Rikke Lykke will assume the CEO position on August 15, 2025.

Financial highlights

• Q1 2025 total income was SEK 341 million, down from SEK 425 million year-over-year; net revenue was SEK 287 million, and EBIT was SEK -44 million.

• Earnings per share were SEK -2.06, compared to SEK 0.29 in Q1 2024.

• Financial net was negative SEK 143 million, mainly due to SEK strengthening.

• Equity/assets ratio at quarter-end was 35-37%, with group equity at SEK 1,803 million.

• Cash and cash equivalents at period end were SEK 782 million.

Outlook and guidance

• Management is cautiously optimistic for continued market recovery in Q2 and 2025, supported by improved financing conditions and lower credit margins.

• Strategic focus on diversifying Principal Investments, improving Corporate Finance profitability, and growing AUM in Investment Management.

• Q2 is expected to benefit from seasonal effects and higher transaction volumes.

• Most restructuring costs have already been taken; only minor adjustments expected for the rest of 2025.