Castellum Ab · OMXSTO:CAST
Castellum Ab — Q2 2024 Earnings Presentation
21 slides from Castellum Ab's earnings presentation, Jul 16, 2024
Slide 1: Half-year report January-June 2024
Half-year report January-June 2024 Q2
Slide 2: Summary January-June
Summary January-June Income NOI Income from property Changes in property management values +1.3% +5.2% +16.3% - 1.1% SEK 4,977 M SEK 3,391 M SEK 2,435 M SEK – 1,576 M Net leasing Total contract value Economy occupancy Property sales rate SEK 6 M SEK 9,612 M 91.3% SEK 1,550 M 2 CASTELLUM 16/7/2024 HA
Slide 3: Castellum in brief
Castellum in brief ▪ Leading listed property company in the Nordic region ▪ Property value SEK 156 Bn* Helsinki – 75% in metropolitan areas ▪ Office, logistics and public sector Oslo properties Stockholm ▪ 5.4 million sq. m. lettable area ▪ Yearly contracted rent of SEK 9.6 Bn Gothenburg ▪ High sust
Slide 4: Operational focus
Kalvebod Brygge 39-41, Copenhagen Operational focus ▪ Retain existing tenants and lease vacant spaces ▪ Streamlining to realise synergies and benefit from economy of scale ▪ Restarting development of selected projects ▪ Scouting for new investments CASTELLUM
Slide 5: Castellum’s tenants
Castellum’s tenants Contract Contract value, value, A selection of tenants in our Contract value from public Largest tenants SEK M % S&P rating 1 well-diversified customer sector tenants The Swedish Police Authority 226 2.4 AAA base AFRY 189 2.0 Not rated ABB 160 1.7 A The Swedish Social Insurance A
Slide 6: P&L in brief
P&L in brief 2024 2023 Change, SEK M Jan-Jun Jan-Jun SEK M Change, % Income 4,977 4,913 64 1.3 ▪ Divestments Direct property costs -1,205 -1,310 105 -8.0 and vacancies reduced Lease and property administration expenses -381 -381 0 0 income, while CPI Net operating income 3,391 3,222 169 5.2 Central
Slide 7: Development of operating income
Development of operating income 2024 2023 Change, Development of income, SEK M Jan-Jun Jan-Jun % Increase in NOI, SEK M Like-for-like portfolio 4,383 4,271 2.6% Development properties 389 303 Transactions 57 245 Like-for-like portfolio 166 Coworking 134 134 Group elimination -50 -40 Rental and servi
Slide 8: Renegotiations, prolongations and net leasing
Renegotiations, prolongations and net leasing ▪ Renegotiations corresponding to annual rent of SEK M New leasings Stockholm West Central Mälardalen Öresund Finland Total SEK 229 M, with an average change in rent of Existing properties Investments 54 — 66 — 52 — 45 — 37 — — 9 263 0 1.0 per cent Total
Slide 9: Rental income and net leasing
Rental income and net leasing Rental income 2018-2024, SEK M Net leasing 2018-2024, SEK M 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 Net leasing, quarterly value 9 CASTELLUM 16/7/2024 HALF-YEAR REPO
Slide 10: Changes in property values
Changes in property values SEK M Changes in property values during the quarter: Acquisitions SEK –1,576 M 52 New constructions, extensions and reconstructions 1,024 Sales -1,064 Property portfolio 30 June 2024: Unrealised changes in value -1,486 SEK 135,785 M Currency translation 283 -1 500 -1 000 -
Slide 11: Highlights financing Q2
Highlights financing Q2 (Q4 2023) LTV ICR Average effective rate Credit rating 37.5% 3.3 3.0% Baa3 Stable (37.4) (3.0) (3.0) Outlook Average debt maturity Average fixed Hedge ratio (>1Y) Interest-bearing interest rate liabilities 4.2 years 3.5 years 65% SEK 59,222 M (4.2) (3.3) (73) (61,671) 11 CAST
Slide 12: Debt maturity structure
Debt maturity structure 30 June 2024, SEK M SEK 26.7 Bn in cash and 12,000 unutilised credit facilities 10,267 9,953 10,000 8,635 8,169 8,000 6,418 6,000 4,528 3,949 4,000 2,910 2,575 2,000 1,605 ,213 , 2024 2025 2026 2027 2028 >2028 Bonds & Commercial papers Bank loans 12 CASTELLUM 16/7/2024 HALF-Y
Slide 13: Largest ongoing projects
Tullen 8, Örebro Largest ongoing projects Rental Remaining Area, value, Econ. occ. Total inv., to invest, Property Category Location Completed sq. m. SEK M rate , % SEK M SEK M Tusenskönan 2 P Mölndal Q1-25 10,600 27 100 349 124 Tullen 8 P Örebro Q1-25 8,200 17 100 108 53 Backa 20:5/20:6 P Gothenbur
Slide 14: Investments and transactions
Investments and transactions January-June Net investments per region Projects SEK 1,024 M 400 200 Acquisitions SEK 52 M 0 -200 Property sales SEK -1,550 M -400 -600 Net investments SEK -474 M -800 -1000 Stockholm West Central Mälardalen Öresund Finland Acquisitions New constructions, extentions and
Slide 15: Sustainability performance
Borgarfjord 5, Stockholm Sustainability performance -2.9% energy efficiency, like-for-like portfolio, LTM (normalised) 64% of property value sustainability-certified 19% self-generated electricity 15 16/7/2024 HALF-YEAR REPORT JANUARY-JUNE 2024
Slide 16: Key takeaways
Öskaret 1, Stockholm Emigranten, Gothenburg Key takeaways ▪ Local management ensures closest possible dialogue with tenants ▪ Majority of rental agreements prolonged at existing terms including recent indexation ▪ Regional cities continue to be strong ▪ Stable occupancy rate for the office segment i
Slide 17: Interim report Q&A, 25 October
Werket, Jönköping Interim report January-September 2024 25 October Q&A Please use the chat function or notify the host for questions
Slide 18: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 19: Appendix
Appendix 19 CASTELLUM 16/7/2024 HALF-YEAR REPORT JANUARY-JUNE 2024
Slide 20: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2024 2023 2024 2023 LTM 2023 SEK M Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2023-Jun 2024 Jan-Dec Rental and service income 2,464 2,462 4,913 4,913 9,806 9,806 Other income 64 — 64 — 64 — Income 2,528 2,462 4,977 4,913 9,870 9,806 Operating costs -
Slide 21: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Jun 2024 30 Jun 2023 31 Dec 2023 ASSETS Investment properties 135,785 145,897 137,552 Goodwill 4,371 4,755 4,495 Right-of-use assets, site leasehold 1,445 1,531 1,441 Associated companies 9,561 11,830 10,008 Derivatives 2,114 4,577 1,948 Other fixed asse