Catella (CAT) Q3 2025 earnings summary

Executive summary

• AUM reached SEK 160 Bn in Q3 2025, driven by new mandates and strategic acquisitions, especially in Denmark.

• The group is focusing on pan-European growth, integrating Principal Investments into core operations, and enhancing shareholder value.

• CEO transition occurred in August 2025, with Rikke Lykke appointed as Group CEO and Daniel Gorosch as Head of Corporate Finance Europe.

• Maintained a strong liquidity position and solid equity ratio, supporting future growth.

• Progressed on a refined strategy to simplify, reduce risks, and focus on core growth areas.

Financial highlights

• Net sales for Q3 2025 were SEK 378 M, nearly flat year-over-year; operating profit was SEK 7 M, down from SEK 19 M, mainly due to lower transactional revenues.

• Net profit attributable to shareholders was SEK -28 M (Q3 2024: SEK -23 M); EPS: SEK -0.32 (Q3 2024: SEK -0.26).

• 9M 2025 net sales: SEK 1,425 M; operating profit: SEK 279 M; net profit attributable to shareholders: SEK 109 M.

• Cash and cash equivalents at period end were SEK 1,590 M, with a net cash position exceeding SEK 1.6 Bn after bond repurchase.

• Equity/assets ratio was 48% as of 30 September 2025.

Outlook and guidance

• Management maintains a cautiously optimistic outlook for the European real estate market, expecting improved transactional activity in Q4 and 2026.

• Focus remains on growing AUM, optimizing the investment portfolio, and improving profitability in Corporate Finance.

• Continued emphasis on efficiency improvements, product development, and scalable fund launches.