Catella (CAT) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results through divestments, operational efficiency, and strategic refocusing, including the integration of Principal Investments and leadership changes.

• Transitioned to a more focused business model with mergers of German fund platforms and divestments of Kaktus Towers and Catella Valuation France.

• Maintained stable AUM despite FX headwinds, with currency-adjusted growth and a strong liquidity position.

• Foundation for growth supported by robust equity ratio and solid balance sheet.

Financial highlights

• Full-year EBIT reached SEK 277M, up from SEK 128M; adjusted EBIT excluding one-offs was SEK 394M (156M in 2024).

• Net profit for the year was SEK 48M, with earnings per share at SEK 0.54; Q4 EPS was SEK -0.69.

• Principal Investments delivered SEK 140M EBIT, driven by Kaktus Towers divestment; SEK 151M impairment on KöTower.

• Board proposes a dividend of SEK 0.90 per share, in line with policy to distribute 50% of net profit.

• Net financials negatively impacted by SEK 150M FX effects and SEK -198M net financial income/expense.

Outlook and guidance

• Management expects continued AUM growth, increased fixed fee revenue, and a strong transaction pipeline for 2026.

• Anticipates increased activity in investment management and corporate finance as the market recovers.

• Board proposes a dividend of SEK 0.90 per share, maintaining a focus on investment and flexibility.