Castellum Ab · OMXSTO:CAST
Castellum Ab — Q1 2025 Earnings Presentation
26 slides from Castellum Ab's earnings presentation, May 6, 2025
Slide 1: Interim report January-March 2025
TyfonenStockholm Infinity, 1, Malmö Interim report January-March 2025 Q1
Slide 2: Recent events
Tusenskönan 2, Mölndal Recent events Continued focus on investments Increased shareholding in Entra SEK 4 Bn green bonds issued Updated climate target validated by SBTi: net-zero emissions across the value chain by 2040 CASTELLUM
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 9.3 Bn Gothenburg ▪ High sustainability fo
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 6/5/2025 INTERIM REPORT JANUARY-MARCH 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 242 2.6 AAA AFRY 199 2.1 Not rated ABB 161 1.7 A The Swedish Social In
Slide 6: Summary January-March
Summary January-March Income NOI Income from property Changes in property values management -2.6% -2.8% -7.3% -0.3% SEK 2,386 M SEK 1,572 M SEK 1,064 M SEK – 368 M Net leasing Total contract value Economy occupancy rate Net investments SEK -184 M SEK 9,273 M 90.6% SEK 358 M 6 CASTELLUM 6/5/2025 INTE
Slide 7: P&L in brief
Havneholmen 25, Copenhagen P&L in brief 2025 2024 Change, SEK M Jan-Mar Jan-Mar SEK M Change, % Income 2,386 2,449 -63 Direct property costs -626 -652 26 Lease and property administration expenses -188 -179 -9 Net operating income 1,572 1,618 -46 -2.8% Central administrative expenses -66 -68 2 Incom
Slide 8: Development in operating income
Development in operating income 2025 2024 Development of income, SEK M Jan-Mar Jan-Mar Change, % Like-for-like portfolio 2,243 2,247 -0.2 Development in NOI, SEK M Development properties 97 92 Transactions 2 68 Coworking 62 67 Like-for-like portfolio -2 Group elimination -17 -25 Currency adjustment1
Slide 9: Renegotiations, prolongations and net leasing
Renegotiations, prolongations and net leasing Renegotiations SEK 73 M, with an average increase in rent of 4 per cent Prolongations SEK 447 M extended with no changes to terms Net leasing New leasings SEK 137 M and terminations SEK -321 M, net SEK -184 M 9 CASTELLUM 6/5/2025 INTERIM REPORT JANUARY-M
Slide 10: Selection of leases in Q1
Selection of leases in Q1 Idémannen 2, Linköping Havneholmen Atrium, Copenhagen Stettin 6, Stockholm Area: 2,020 sq. m. Area: 1,387 sq. m. Area: 1,456 sq. m. Decimalen 17, Linköping Vallonsmidet 8, Stockholm Mimer 5, Västerås Area: 1,466 sq. m. Area: 2,600 sq. m. Area: 1,847 sq. m. 10 CASTELLUM 6/5/
Slide 11: 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 11 CASTELLUM 6/5/2025 INTERIM REPORT JANUARY-MARCH 2025
Slide 12: Changes in property values
Changes in property values SEK M Unrealised changes in value Acquisitions 19 New constructions, extensions and reconstructions 498 SEK –351 M Divestments -177 Property portfolio Unrealised changes in value 31 March 2025 -351 Currency translation -680 SEK 135,020 M 12 CASTELLUM 6/5/2025 INTERIM REPOR
Slide 13: Highlights financing Q1 (Q4 2024)
Highlights financing Q1 (Q4 2024) LTV ICR Average effective rate Credit ratings 35.3% Moody’s: 3.2 3.3% Baa3 positive 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 5
Slide 14: Debt maturity structure
Debt maturity structure SEK 22.3 Bn in cash and unutilised 31 March 2025, SEK M credit facilities 12,000 9,594 9,788 10,000 8,000 7,044 6,388 5,765 6,000 4,348 4,000 3,458 2,522 2,679 1,992 2,000 ,899 403 , 2025 2026 2027 2028 2029 >2029 Bonds & CP Bank loans 14 CASTELLUM 6/5/2025 INTERIM REPORT JAN
Slide 15: Sustainability performance
Svetsaren 5, Örebro Sustainability performance 2040 Updated climate target: net-zero emissions across the value chain by 2040. -5% energy efficiency, like-for-like portfolio, LTM (normalised) 67% of property value sustainability-certified 22% self-generated electricity 15 CASTELLUM 6/5/2025 INTERIM
Slide 16: Investments and transactions
Investments and transactions January-March Acquired shares in Entra for SEK 400 M and hence indirectly properties for SEK 1.1 Bn 498 M Net investments per region, SEK M Projects SEK 200 150 SEK 19 M Acquisitions 100 50 SEK -159 M Property sales 0 -50 -100 SEK 358 M Net investments -150 -200 Stockhol
Slide 17: Largest projects
Gullbergsvass 1:15, Gothenburg Largest projects Project Area, Rental value, Econ. occ. Total inv. Remaining to Property Category Location start sq. m. SEK M rate, % SEK M invest Sorbonne 1 (Infinity) O Stockholm Q3-25 20,100 107 0 1,716 1,235 Örnäs 1:28 L Stockholm Q3-25 13,100 15 0 229 163 Total no
Slide 18: 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 19: Brunna logistics centre
Örnäs 1:28, Stockholm /Brunna logistics centre Category Logistics, new construction Total investment SEK 229 M Lettable area 13,100 sq. m. Planned construction start Q3 2025 Planned occupancy Q4 2026 CASTELLUM
Slide 20: Increased shareholding in Entra
Increased shareholding in Entra Shareholding Entra in brief ▪ Since 2020 a major shareholder in ▪ Office and public sector properties of Norway's largest listed real estate NOK 61 Bn - 77% in Oslo Oslo company Entra 46 assets ▪ 51% of rental income backed by public Sandvika ▪ Increased to >1/3 of th
Slide 21: Key takeaways
Öskaret 1, Stockholm Key takeaways ▪ Global uncertainty with risk of delayed recovery for the Nordic economies ▪ Net leasing a disappointment ▪ Regional cities continue to be resilient ▪ Strong financial position ▪ Continued growth ambition CASTELLUM
Slide 22: AGM May, Half-year report July
AGM 7 May Half-year report January-June 15 July Q&A 22
Slide 23: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 24: Appendix
Appendix 24 CASTELLUM 6/5/2025 INTERIM REPORT JANUARY-MARCH 2025
Slide 25: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2025 2024 LTM 2024 SEK M Jan-March Jan-March April 2024-March 2025 Jan-Dec Rental and service income 2,386 2,449 9,721 9,784 Other income — — 65 65 Income 2,386 2,449 9,786 9,849 Operating costs -414 -440 -1,400 -1 426 Maintenance expenses -67
Slide 26: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 31 March 2025 31 March 2024 31 Dec 2024 ASSETS Investment properties 135,020 137,244 135,711 Goodwill 4,286 4,443 4,307 Right-of-use assets, site leasehold 1,441 1,460 1,464 Participation in associated companies 10,311 9,450 9,924 Derivatives 1,561 2,701 2,