Catena (CATE) Q4 2025 earnings summary

Executive summary

• Rental income increased 21% year-over-year to SEK 2,651 million, mainly driven by acquisitions and CPI-linked contracts.

• Profit from property management rose 28% to SEK 1,613 million, with EPS from property management up 18% to SEK 26.72.

• Major acquisition of a Nordic logistics property portfolio (20 properties, SEK 8.8 billion) expanded presence into Finland and strengthened the Nordic market position.

• 73% of lettable area is environmentally certified, with updated sustainability targets aiming for net-zero emissions by 2040 and net-positive biodiversity by 2030.

• Directed share issue after year-end raised SEK 2.8 billion, increasing the number of shares by over 6 million.

Financial highlights

• Net operating surplus increased by 23% year-over-year to SEK 2,198 million.

• EPRA NRV per share rose to SEK 446 (SEK 445.89), and EPRA EPS reached SEK 25.62.

• Loan-to-value ratio at 39.0%, equity ratio at 51%, and net debt/EBITDA at 7.8x.

• Property portfolio value reached SEK 44,473 million, with a 1.1% unrealised value gain.

• Dividend proposed at SEK 9.50 per share, up 5.6%.

Outlook and guidance

• Continued growth expected in 2026, supported by recent acquisitions and ongoing development projects.

• Investment capacity estimated at SEK 2.5–3 billion, with a preference to keep LTV below 50%.

• Conservative approach to new project signings in the next six months.

• Ongoing development and robust land bank position the company for future growth.

• Market conditions expected to remain favorable for logistics properties, despite higher vacancy rates in some areas.