Catena (CATE) Q1 2026 earnings summary

Executive summary

• Rental income increased by 9% year-over-year to SEK 701 million, mainly from acquisitions and CPI-linked contracts.

• Profit from property management rose 7% to SEK 424 million, though per share was down 1% due to a January equity raise.

• Major acquisition of a Nordic logistics portfolio (20 properties, 612,000 m²) completed April 1, marking entry into Finland and expected to drive further growth.

• Directed share issue raised SEK 2.8 billion, increasing share capital and number of shares by 9%.

• Portfolio value reached SEK 45.2 billion, with a stable balance sheet and strong cash flow.

Financial highlights

• Net operating surplus up 6% year-over-year to SEK 567 million.

• EPRA NRV per share increased to SEK 454.28, up 5.8% year-over-year.

• Net debt to EBITDA at 7.1x, interest coverage at 4.1x, and equity ratio at 55%.

• SEK 400 million secured bond issued in Q1 with three-year maturity; bridge facility and equity raise used for short-term funding.

• SEK 5.3 billion in available liquidity, liquidity ratio above one.

Outlook and guidance

• Expectation of increased profit from property management per share from Q2 onward due to the major acquisition.

• Continued focus on acquisitions, especially in Finland, with investment capacity of around SEK 3 billion.

• Conservative approach to new projects due to market uncertainty and high vacancy rates.

• Anticipate further growth in earnings during 2026 from recent acquisitions.

• Market conditions support further strengthening of position in sustainable logistics.