Slide 1: Half-year report January-June 2025
Half-year report January-June 2025 Q2
Slide 2: Recent events
Tullen 8, Örebro Recent events Acquisition of five properties in Uppsala, Örebro and Linköping for a total of SEK 1.7 Bn Continued investing in new project development and Entra Refinancing of bank loans SEK 10 Bn Notice EGM 18 July 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: Property portfolio
Property portfolio 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 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
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 262 2.8 AAA AFRY 198 2.1 Not rated ABB 165 1.7 A The Swedish Social In
Slide 6: Update on certain larger tenants
Update on certain larger tenants ABB AFRY Northvolt ▪ In 2023, ABB announced the ▪ After the end of the period, tenant AFRY ▪ In the previous interim report, all rental construction of a new Robotics Campus announced plans to vacate Castellum’s income from Northvolt was reported as that will replace
Slide 7: Summary January-June
Summary January-June Income NOI Income from property Changes in property values management -3.8% -5.5% -8.7% -0.9% SEK 4,789 M SEK 1,572 M SEK 2,222 M SEK – 1,168 M Net leasing Total contract value Economy occupancy rate Net investments SEK -182 M SEK 9,458 M 90.3% SEK 2,823 M 7 CASTELLUM 15/7/2025
Slide 8: P&L in brief
Malski, Lahti P&L in brief 2025 2024 Change, SEK M Jan-Jun Jan-Jun SEK Change, % Income 4,789 4,977 -188 Direct property costs -1,194 -1,205 11 Lease and property administration expenses -389 -381 -8 Net operating income 3,206 3,391 -185 -5.5% Central administrative expenses -136 -128 -8 Income from
Slide 9: Development in operating income
Development in operating income 2025 2024 Development of income, SEK M Jan-Jun Jan-Jun Change, % Development in NOI, SEK M Like-for-like portfolio 4,546 4,541 0.1 Development properties 160 173 Transactions 3 115 Like-for-like portfolio Coworking 124 134 Group elimination -31 -50 Currency adjustment
Slide 10: Renegotiations, prolongations and net leasing
Werket, Jönköping Renegotiations, prolongations and net leasing Renegotiations SEK 135 M, with an average increase in rent of 1 per cent Prolongations SEK 801 M extended with no changes to terms Net leasing New leasings SEK 389 M and terminations SEK -571 M, net SEK -182 M 10 CASTELLUM 15/7/2025 HAL
Slide 11: Mölnlycke, Gothenburg 500 co-workers Støberigade 14, Copenhagen
Mölnlycke, Gothenburg Støberigade 14, Copenhagen 500 co-workers Area: 6,596 sq. m. Götaland 5, Jönköping Lundbyvassen 8:3, Gothenburg Area: 7,719 sq. m. Area: 9,288 sq. m. CASTELLUM
Slide 12: Rental income and net leasing
Rental income and net leasing 12,000 150 100 10,000 50 8,000 0 6,000 -50 4,000 -100 2,000 -150 , -200 2018 2019 2020 2021 2022 2023 2024 2025 Rental income, rolling annual value, SEK M Net leasing, quarterly value, SEK M 12 CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
Slide 13: Changes in property values
Changes in property values SEK M Unrealised changes in value Acquisitions 1 700 New constructions, extensions and reconstructions 1 288 SEK –1,150 M Divestments -183 Property portfolio Unrealised changes in value -1 150 30 June 2025 Currency translation -367 SEK 136,999 M 13 CASTELLUM 15/7/2025 HALF
Slide 14: Financial highlights
Financial highlights SEK 22.9 Bn 30 June 2025, SEK M in cash and unutilised ▪ Refinanced approximately SEK 10 Bn of secured 16,000 credit facilities debt during the quarter – Annual cost saving of SEK 20 M 14,000 13,461 ▪ Good financial market 12,000 – Credit margins at historically low levels and a
Slide 15: Financial key ratios Q2 (Q4 2024)
Financial key ratios Q2 (Q4 2024) LTV ICR Average effective rate Credit ratings 36.7% Moody’s: 3.2 3.2% 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 3.6 years 74% SEK 57,
Slide 16: Sustainability performance
Sustainability performance -6% energy efficiency, like-for-like portfolio, LTM (normalised) 68% of property value sustainability-certified 23% self-generated electricity 16 CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
Slide 17: Investments and transactions
Investments and transactions January-June Acquired shares in Entra for SEK 770 M and hence indirectly properties for SEK 2.1 Bn 1,288 M Net investments per region, SEK M Investments SEK 1 400 1 200 SEK 1,700 M Acquisitions 1 000 800 600 SEK -165 M Property sales 400 200 SEK 2,823 M 0 Net investments
Slide 18: Largest projects
Hotellet 8, Jönköping Largest projects Project Area, Rental value, Econ. occ. Total inv. Remaining to Property Category Location start sq. m. SEK M rate, % SEK M invest Sunnanå 8:51 W Malmö Q3-25 22,400 26 0 291 238 Götaland 5 (Werket) P Jönköping Q3-25 7,700 20 100 166 164 Sorbonne 1 (Infinity O St
Slide 19: Sunnanå 8:51, Malmö
/Sunnanå 8:51, Malmö Category Logistics, new construction Total investment SEK 291 M Lettable area 22,400 sq. m. Planned construction start Q3 2025 Planned occupancy Q4 2026 CASTELLUM
Slide 20: Continued to increase the shareholding in Entra in Q2
Continued to increase the shareholding in Entra in Q2 Shareholding Entra in brief ▪ Since 2020 a major shareholder in ▪ Office and public sector properties of Norway's largest listed real estate NOK 62 Bn - 77% in Oslo Oslo company Entra 45 assets ▪ 52% of rental income backed by public Sandvika ▪ A
Slide 21: Acquisitions in attractive locations
Acquisitions in attractive locations ▪ Acquisition of five properties in Uppsala, Örebro and Linköping ▪ Strengthening our market position in each location ▪ The tenants include government authorities, large companies and hotel operators SEK ▪ Enhancing our sustainability profile by providing a high
Slide 22: Central locations near train stations and Castellum properties
Central locations near train stations and Castellum properties Kungsängen 10:1 & 10:2, Uppsala Olaus Petri 3:250 & 3:234, Örebro Brevduvan 17, Linköping Acquired properties Castellum’s properties 22 CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
Slide 23: Strong tenant base
Strong tenant base Tenants, share of rental value, % Area by category, % 2% 1% 2% 4% 23% 32% 35% 56% 17% 5% 5% 8% 10% Elite Hotels The County Administrative Board Scandic Hotel Global Connect Office Hotel Other The Swedish Transport Administration Swedbank Gym Storage area Health care Other tenants
Slide 24: Olaus Petri, Örebro
Olaus Petri, Örebro Olaus Petri, Örebro Olaus Petri, Örebro HALF-YEAR 15/7/2025 24 CASTELLUM REPORT JANUARY-JUNE 2025
Slide 25: Kungsängen, Uppsala
Kungsängen, Uppsala Kungsängen, Uppsala Kungsängen, Uppsala CASTELLUM
Slide 26: Key takeaways
Öskaret 1, Stockholm Key takeaways ▪ Challenging rental market – especially for offices in Stockholm ▪ Regional cities continue to be resilient ▪ Strong financial position ▪ Refinancing bank debt of SEK 10 Bn ▪ Acquisition SEK 1.7 Bn in Uppsala, Örebro and Linköping CASTELLUM
Slide 27: 18 July 23 Oct Q&A
EGM 18 July Interim report January-September 23 Oct Q&A 27
Slide 28: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 29: Appendix
Appendix 29 CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
Slide 30: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2025 2024 2025 2024 LTM 2024 SEK M Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2024-Jun 2025 Jan-Dec Rental and service income 2,403 2,464 4,789 4,913 9,660 9,784 Other income ─ 64 ─ 64 1 65 Income 2,403 2,528 4,789 4,977 9,661 9,849 Operating costs -
Slide 31: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Jun 2025 30 Jun 2024 31 Dec 2024 ASSETS Investment properties 136,999 135,785 135,711 Goodwill 4,268 4,371 4,307 Right-of-use assets 1,427 1,445 1,464 Participations in associated companies and joint ventures 10,996 9,561 9,924 Derivatives 1,342 2,114 2,