Castellum Ab · OMXSTO:CAST
Castellum Ab — Q4 2024 Earnings Presentation
29 slides from Castellum Ab's earnings presentation, Feb 19, 2025
Slide 1: Year-end report 2024 Q4
Tyfonen 1, Malmö Year-end report 2024 Q4
Slide 2: Recent events
Öskaret 1, Stockholm Recent events Start of Infinity in Hagastaden, Stockholm, with investment volume of SEK 1.7 Bn Acquisition of shares in Entra and mandatory offer Credit rating of BBB with stable outlook from S&P Dividend of SEK 2.48 per share proposed to AGM, distributed in four equal payments
Slide 3: Castellum in brief
Castellum in brief ▪ Leading listed property company in the Nordic region ▪ Property value SEK 155 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 sustainability fo
Slide 4: Property portfolio
Property portfolio Property value, SEK M 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 , Office Public sector Warehouse/Light industry Retail Projects & land 4 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 5: Well-diversified tenant base
Well-diversified tenant base Contract value, Contract A selection of tenants in our Contract value from Largest tenants SEK M value, % S&P rating 1 well-diversified customer base public sector tenants The Swedish Police Authority 240 2.5 AAA AFRY 201 2.1 Not rated ABB 159 1.7 A The Swedish Social In
Slide 6: Summary January-December
Summary January-December Income NOI Income from property Changes in property values management +0.4% +3.4% +10.2% -1.2% SEK 9,849 M SEK 6,786 M SEK 4,819 M SEK – 1,627 M Net leasing Total contract value Economy occupancy rate Property sales SEK 13 M SEK 9,478 M 91.5% SEK 3,203 M 6 CASTELLUM 19/2/202
Slide 7: P&L in brief
Malski, Lahti P&L in brief 2024 2023 Change, SEK M Jan-Dec Jan-Dec SEK Change, % Income 9,849 9,806 43 Direct property costs -2,322 -2,456 134 Lease and property administration expenses -741 -784 43 Net operating income 6,786 6,566 220 3.4 Central administrative expenses -241 -403 162 Income from as
Slide 8: Development of operating income
Development of operating income 2024 2023 Development of income, SEK M Jan-Dec Jan-Dec Change, % Like-for-like portfolio 8,851 8,652 2.3 Increase in NOI, SEK M Development properties 600 454 Transactions 168 513 Coworking 265 266 Like-for-like portfolio 253 Group elimination -96 -79 Currency adjustm
Slide 9: Renegotiations, prolongations and net leasing
Renegotiations, prolongations and net leasing Renegotiations SEK 452 M, with an average increase in rent of -1 per cent Prolongations SEK 1,706 M extended with no changes to terms Net leasing New leasings SEK 609 M and terminations SEK -596 M, net SEK 13 M 9 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 10: Castellum to build TV studio in Stockholm's Port
Castellum to build TV studio in Stockholm’s Port The transaction in brief Property: Rotterdam 1 Tenant: TV4 Area: Approximately 16,000 sq. m. Contract duration: 15 years Investment volume: SEK 300 M Total rental value: SEK 1 Bn CASTELLUM
Slide 11: Other large leases in Q4
Other large leases in Q4 Salmisaarenaukio 1, Helsinki Klassföreståndaren 3, Stockholm Löpöglan 2, Malmö Area: 3,328 sq. m. Area: 1,002 sq. m. Area: 2,209 sq. m. 11 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 12: Rental income and net leasing
Rental income and net leasing 12,000 120 100 10,000 80 8,000 60 40 6,000 20 4,000 0 -20 2,000 -40 , -60 2018 2019 2020 2021 2022 2023 2024 Rental income, rolling annual value, SEK M Net leasing, quarterly value, SEK M 12 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 13: Changes in property values
Changes in property values SEK M Unrealised changes in value Acquisitions 67 New constructions, extensions and reconstructions 2 502 SEK –1,528 M Divestments -3 302 Property portfolio Unrealised changes in value 31 December 2024 -1 528 Currency translation 420 SEK 135,711 M 13 CASTELLUM 19/2/2025 YE
Slide 14: Highlights financing Q4
Highlights financing Q4 (Q4 2023) LTV ICR Average effective rate Credit ratings 35.6% Moody’s: 3.3 3.2% Baa3 positive outlook S&P: (37.4) (3.0) (3.0) BBB stable outlook* Average debt maturity Average fixed interest rate Hedge ratio (>1Y) Interest-bearing liabilities 4.4 years 3.6 years 70% SEK 58,63
Slide 15: Debt maturity structure
Debt maturity structure SEK 26.4 Bn in cash and unutilised 31 December 2024, SEK M credit facilities 12,000 10,017 10,100 10,000 8,238 8,000 6,541 6,390 6,000 5,709 3,948 4,000 2,529 2,683 2,000 1,579 ,899 , 2025 2026 2027 2028 2029 >2029 Bonds Bank loans 15 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 16: Sustainability performance
Sustainability performance -4% energy efficiency, like-for-like portfolio, LTM (normalised) 69% of property value sustainability-certified 21% self-generated electricity 16 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 17: Good office environment attracts more people to the office
Good office environment attracts more people to the office more frequently 2025 2024 Those satisfied with their office wants to be 3,3 1.1 3,1 3,1 Average number of days one wants to be in the office 2,9 2,8 y = 0,38x + 1,57 2,7 2,5 2,3 2,2 more days per week in the 2,1 office than those who are 2,0
Slide 18: Investments and transactions
Investments and transactions January-December 2,485 M Net investments per region, SEK M Projects SEK 900 SEK 67 M 400 Acquisitions -100 SEK -3,203 M -600 Property sales -1100 SEK -651 M Net investments -1600 -2100 Stockholm West Central Mälardalen Öresund Finland Property sales New constructions, ex
Slide 19: Largest ongoing projects
Bägaren 5, Norrköping Largest ongoing projects Project Area, Rental value, Econ. occ. Total inv., Remaining to Property Category Location start sq. m. SEK M rate, % SEK M invest, SEK M Rotterdam 1 O Stockholm Q1-25 17,100 74 100 300 297 Total not started projects over SEK 50 M 17,100 74 100 300 297
Slide 20: Major development opportunities
Major development opportunities Nordic Hub Säve, Gothenburg Noon, Gothenburg Hagastaden, Stockholm Nordic Hub Säve, 15 minutes from central Between Nordstan and Lilla Bommen, just a Near New Karolinska Solna and the Gothenburg and the Nordic region’s largest few minutes' walk from Gothenburg Central
Slide 21: Infinity
/Infinity Category Office, new construction Total investment SEK 1,700 M Lettable area 20,000 sq. m. Planned construction start Q3 2025 Initial occupation Q4 2027 CASTELLUM
Slide 22: Acquired shares in Entra and announced a mandatory offer
Acquired shares in Entra and announced a mandatory offer Transaction overview Entra in brief ▪ Acquired 100 shares in Entra at a price ▪ Office and public sector properties of of NOK 110.4 per share, increasing to NOK 61 Bn - 74% in Oslo area Oslo >1/3 of the shares 47 assets ▪ 52% of rental income
Slide 23: Resumed dividend SEK per share
Resumed dividend SEK per share ▪ The Board of Directors has decided to propose to the AGM a dividend of SEK 2.48 per share, totalling approximately SEK 1.2 Bn. ▪ Corresponds to 25.3% of our income from property management for 2024. 23 CASTELLUM 19/2/2025 YEAR-END REPORT 2024 2.48
Slide 24: Key takeaways
Öskaret 1,Brygge Kalvebod Stockholm 39-41, Copenhagen Key takeaways ▪ Positive net leasing, both in Q4 and for 2024 ▪ Regional cities continue to be strong ▪ Acquisition of shares in Entra and mandatory offer ▪ Start of Infinity in Stockholm with an investment volume of SEK 1.7 Bn ▪ Dividend of SEK
Slide 25: Upcoming dates: Q1 report, AGM, Q&A
Werket, Jönköping Interim report January-March 6 May AGM 7 May Q&A 25
Slide 26: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 27: Appendix
Appendix 27 CASTELLUM 19/2/2025 YEAR-END REPORT 2024
Slide 28: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2024 2023 2024 2023 SEK M Oct-Dec Oct-Dec Jan-Dec Jan-Dec Rental and service income 2,443 2,477 9,784 9,806 Other income 1 — 65 — Income 2,444 2,477 9,849 9,806 Operating costs -340 -333 -1,426 -1,517 Maintenance expenses -100 -136 -318 -349 P
Slide 29: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 31 Dec 2024 31 Dec 2023 ASSETS Investment properties 135,711 137,552 Goodwill 4,307 4,495 Right-of-use assets, site leasehold 1,464 1,441 Participation in associated companies 9,924 10,008 Derivatives 2,539 1,948 Other fixed assets 181 224 Other receivables