Catena (CATE) Q2 2026 earnings summary

Executive summary

• Rental income increased by 17% year-over-year to SEK 1,510 million, mainly driven by acquisitions and CPI-linked contracts.

• Profit from property management rose 14% to SEK 916 million, with per share up to SEK 13.96; Q2 isolated per share up 10.9%.

• Nordic platform established after Urban Partners deal, expanding into Finland and optimizing the portfolio.

• Occupancy rate declined to 94.6% due to tenant move-outs, but WALE remains long at 7.1 years and management expects a rebound above 95%.

• Property portfolio expanded to 158 properties and 3.89 million m² lettable area across Sweden, Denmark, and Finland.

Financial highlights

• Net operating surplus and rental income both up 17% year-over-year; surplus ratio at 83.9%.

• Profit from property management per share increased to SEK 13.96; EPRA NRV per share up to SEK 461.28.

• Like-for-like rental income rose 2.1%, supported by CPI indexation and renegotiations.

• Property values stable with a positive value change of SEK 612 million (1.1% of portfolio).

• Return on equity was 4.6%, and net debt/EBITDA at 8.9x.

Outlook and guidance

• Management is optimistic for H2 2026, expecting new leases and growth, especially in Finland.

• Targeting occupancy of at least 95% within 6-12 months; no dramatic changes expected in 2027.

• Compounded annual growth targeted at 12% per share in NAV and 10% in profit from property management over five years.

• Market sentiment is improving, with stable financing and strong demand for logistics properties.

• Focus on energy efficiency and sustainability in strategic locations.