Catena (CATE) Q2 2025 earnings summary

Executive summary

• Rental income increased by 26% year-over-year to SEK 1,288 million, driven by acquisitions and indexation.

• Profit from property management rose 32% to SEK 801 million, with EPS from property management up 16% to SEK 13.27.

• Net operating surplus increased by 31% to SEK 1,085 million.

• Balance sheet remains strong with LTV at 38.6% and equity ratio at 52%.

• Strategic acquisitions in Denmark and Sweden, including logistics facilities in Brøndby, Køge, and Jönköping, contributed to portfolio growth.

Financial highlights

• EPRA NRV per share rose to SEK 428.

• Like-for-like rental income grew by 2%, mainly from CPI indexation.

• Letting ratio at 96.5% and economic occupancy rate remained high.

• Surplus ratio improved to 84.3% from 81.0% year-over-year.

• Property values increased by SEK 174 million, a 0.4% rise.

Outlook and guidance

• Expectation of strong cash flows in coming quarters, with readiness to act on new investments.

• Market remains cautious with no major change in demand expected over the next six months.

• Rent levels expected to stay stable, with some potential for increases in select cases.

• Stable earnings and increased transaction market activity are expected to provide new business opportunities.

• Continued focus on selective acquisitions and sustainable development in strategic locations.