Catella (CAT) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw operating profit surge to SEK 303M (35), net revenue reach SEK 625M (336), and total income hit SEK 755M (450), driven by the sale of Kaktus Towers and strong transaction activity.

• Sale of Kaktus Towers generated a capital gain of SEK 252M, released SEK 952M in liquidity, and contributed to a net cash position exceeding SEK 1.6B.

• Assets under management (AUM) grew to SEK 157B, up SEK 8B from Q1, with new mandates in Denmark, UK, and Finland.

• Leadership transition with Rikke Lykke appointed CEO and Daniel Gorosch as Head of Corporate Finance Europe.

• The group remains optimistic about the European property market, supported by falling interest rates and improved credit conditions.

Financial highlights

• EBIT for Q2 was SEK 303M (35), with EBIT margin at 49% (10%), and EPS at SEK 3.62 (-0.37).

• Group net profit rose to SEK 350M from a loss of SEK 7M in Q2 2024.

• Net cash position at quarter-end was SEK 1.7B, supported by the Kaktus Towers sale and bond buy-back.

• Group total revenue for Q2 2025 was SEK 755M, up from SEK 450M in Q2 2024.

• Inflows over the last 12 months exceeded SEK 17B, split between SEK 7B in funds and SEK 10B in asset management mandates.

Outlook and guidance

• Management expects continued growth and increased activity in the European property market, contingent on stable, lower long-term interest rates.

• Growth in AUM expected to be driven primarily by new asset management mandates and international sustainable products.

• Further margin improvement anticipated in corporate finance, with more transaction closings expected in the second half of the year.

• Strategic direction to optimize the Principal Investments portfolio and improve Corporate Finance profitability.

• Market recovery is ongoing but remains slow due to persistent uncertainties.