Castellum Ab · OMXSTO:CAST
Castellum Ab — Q3 2025 Earnings Presentation
15 slides from Castellum Ab's earnings presentation, Oct 23, 2025
Slide 1: Interim Report January-September 2025
Interim Report January-September 2025 Q3
Slide 2: Back to basics
Tullen 8, Örebro Back to basics Profitability focus – ROE target 10% Owning the right commercial properties in the right locations Selling and buying when good opportunities arise Leasing, leasing, leasing CASTELLUM
Slide 3: Castellum in brief
Castellum in brief ▪ Leading listed property company in the Nordic region ▪ Property value approx. SEK 159 Bn* Helsinki ▪ Office, warehouse/light industry and public sector properties Oslo Stockholm ▪ 5.3 million sq. m. lettable area ▪ Yearly contracted rent of SEK 9.5 Bn Gothenburg ▪ High sustainab
Slide 4: Summary January-September
Summary January-September Income NOI Income from property Changes in property values management -2.8% -4.4% -7.0% -1.0% SEK 7,196 M SEK 4,908 M SEK 3,474 M SEK – 1,400 M Net leasing Total contract value Economy occupancy rate Net investments SEK -166 M SEK 9,445 M 90.0% SEK 3,498 M 4 CASTELLUM 23/10
Slide 5: Development in operating income
Development in operating income 2025 2024 Development of income, SEK M Jan-Sep Jan-Sep Change, % Like-for-like portfolio 6,850 6,851 0.0 Development in NOI, SEK M Development properties 188 196 Transactions 44 169 Coworking 183 198 Like-for-like portfolio Group elimination -48 -73 Currency adjustmen
Slide 6: Renegotiations, prolongations and net leasing
Werket, Jönköping Bägaren 5, Norrköping Renegotiations, prolongations and net leasing Renegotiations SEK 197 M, with an average increase in rent of 1.6 per cent Prolongations SEK 1,345 M extended with no changes to terms Net leasing New leasings SEK 532 M and terminations SEK -698 M, net SEK -166 M
Slide 7: Changes in property values
Changes in property values SEK M Unrealised changes in value Acquisitions 2 2,031 031 Investments in existing properties 22,085 085 SEK –1,412 M Divestments -624 Property portfolio Unrealised changes in value -1,412 30 September 2025 -1 412 Currency translation -463 SEK 137,328 M 7 CASTELLUM 23/10/2
Slide 8: Financial highlights
Financial highlights SEK 23.0 Bn 30 Sep 2025, SEK M in cash and unutilised ▪ Good financial market 16,000 credit facilities – Credit margins at historically low levels and attractive 14,372 term premium 14,000 ▪ BBB with stable outlook confirmed by S&P 12,000 ▪ Low refinancing activity during Q3 ▪ A
Slide 9: Financial key ratios Q3 (Q4 2024)
Financial key ratios Q3 (Q4 2024) LTV ICR Average effective rate Credit ratings 36.5% Moody’s: 3.2 3.1% Baa2 stable outlook S&P: (35.6) (3.3) (3.2) BBB stable outlook Average debt maturity Average fixed interest rate term Hedge ratio (>1Y) Interest-bearing liabilities 4.6 years 3.5 years 71% SEK 57,
Slide 10: Sustainability performance
Sustainability performance -7% energy efficiency, like-for-like portfolio, LTM (normalised) 69% of property value sustainability-certified 24% self-generated electricity 10 CASTELLUM 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 2025
Slide 11: Investments and transactions
Investments and transactions January-September Acquired shares in Entra for SEK 770 M and hence indirectly properties for SEK 2.1 Bn 2,085 M Net investments per region, SEK M Investments SEK 1 400 1 200 SEK 2,031 M Acquisitions 1 000 800 600 SEK -618 M Property sales 400 200 SEK 3,498 M 0 Net invest
Slide 12: Year-end report 2025 Feb 2026 Q&A
Year-end report 2025 18 Feb 2026 Q&A 12
Slide 13: Appendix
Appendix 13 CASTELLUM 15/7/2025 INTERIM REPORT JANUARY-SEPTEMBER 2025
Slide 14: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2025 2024 2025 2024 LTM 2024 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2024-Sep 2025 Jan-Dec Rental and service income 2,407 2,428 7,196 7,341 9,638 9,784 Other income – – – 64 1 65 Income 2,407 2,428 7,196 7,405 9,639 9,849 Operating costs -3
Slide 15: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Investment properties 137,328 135,824 135,711 Goodwill 4,247 4,367 4,307 Right-of-use assets 1,407 1,424 1,464 Participation in associated companies and joint ventures 11,064 9,331 9,924 Derivatives 1,373 1,744 2,5