Catena (CATE) Q4 2025 earnings summary

Executive summary

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

• Profit from property management rose 28% to SEK 1,613 million, with per-share profit up 18% to SEK 26.72.

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

• 73% of lettable area is environmentally certified, with updated net-zero and biodiversity targets for 2030.

• SEK 2.8 billion raised via directed share issue post year-end, increasing 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 445.89, up 4.9% year-over-year.

• Loan-to-value ratio at 39.0%, equity ratio at 51%.

• Net debt/EBITDA at 7.8x, interest coverage at 3.9x, and average interest cost at 3.2%.

• Economic occupancy rate stable at 96.7%, WALE at 6.4 years.

Outlook and guidance

• Continued growth expected in 2026, supported by recent acquisitions and favorable logistics market conditions.

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

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

• Conservative approach to new project signings in the next 6 months.

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