Castellum Ab · OMXSTO:CAST
Castellum Ab — Q1 2026 Earnings Presentation
17 slides from Castellum Ab's earnings presentation, Apr 24, 2026
Slide 1: Interim report January-March 2026
Interim report January-March 2026 Q1
Slide 2: Back to basics – In practical terms
Tullen 8, Örebro Back to basics – In practical terms Higher pace of transactions Disposal of nine properties SEK 5.6 bn to AP7 If we can’t earn it, we will return it Repurchased almost 24 million shares (as of today) Tight grip on costs Administrative costs almost SEK 100 m lower Leasing, leasing, l
Slide 3: Castellum in brief
Castellum in brief ▪ Property value SEK 138 bn ▪ Entra and Halvorsäng SEK 12 bn ▪ Office, warehouse/light industry Helsinki and public sector properties Oslo ▪ 5.3 million sq. m. lettable area Stockholm ▪ Yearly contracted rent of SEK 9.2 bn ▪ High sustainability focus Gothenburg Operational regions
Slide 4: Summary January-March
Summary January-March Income NOI Income from property Changes in property values management -2.7% -3.4% 1.4% 0.3% SEK 2,321 M SEK 1,519 M SEK 1,079 M SEK 416 M Net leasing Total contract value Economy occupancy rate Net investments SEK 82 M SEK 9,247 M 88.0% SEK 679 M CASTELLUM 2026-04-24 INTERIM RE
Slide 5: Development in operating income
Development in operating income 2026 2025 Development of income, SEK M Jan-Mar Jan-Mar Change, % Like-for-like portfolio 2,248 2,295 -2,0 Development in NOI, SEK M Development properties 52 29 Transactions 32 17 Coworking - 62 Group elimination - -17 Like-for-like portfolio Currency adjustment1 -11
Slide 6: Renegotiations, prolongations and net leasing
Renegotiations, prolongations and net leasing Renegotiations SEK 72 M, with an average decrease in rent of 7.1 per cent Prolongations SEK 249 M extended with no changes to terms Net leasing New leasings SEK 271 M and terminations SEK -189 M, net SEK 82 M CASTELLUM 2026-04-24 INTERIM REPORT JANUARY-M
Slide 7: Changes in property values
Changes in property values SEK M Unrealised changes in value Acquisitions 0 Investments in existing properties 886 SEK 401 M Divestments -191 Property portfolio Unrealised changes in value 401 31 March 2026 Currency translation 126 SEK 138,141M CASTELLUM 2026-04-24 INTERIM REPORT JANUARY-MARCH 2026
Slide 8: Financial highlights
Financial highlights SEK 17.8 Bn in cash 31 Mar 2026, SEK M and unutilised credit facilities 18,000 16,524 16,000 14,000 12,000 9,688 10,000 8,000 7,055 6,000 5,416 4,674 4,299 4,000 3,484 2,416 2,606 2,000 ,919 ,970 ,999 ,497 , 2026 2027 2028 2029 2030 >2030 Bonds Bank loans CP CASTELLUM 2026-04-24
Slide 9: Financial key ratios Q1 (Q4 2025)
Financial key ratios Q1 (Q4 2025) LTV ICR Average effective rate Credit ratings Moody’s: 37.5% 3.2 3.1% Baa2 stable outlook S&P: (36.5) (3.2) (3.1) BBB stable outlook Average debt maturity Average fixed interest rate term Hedge ratio (>1Y) Interest-bearing liabilities 4.5 years 3.0 years 65% SEK 59,
Slide 10: Divestments
Divestments Castellum divests nine properties to AP7 for SEK 5.6 bn - Fair value Q4: SEK 5.15 bn - Earnings effect: SEK 750 million - Rental value: SEK 332 million - Occupancy rate: 100 per cent - Closing date: Q2 and Q3 2026 Castellum divests three properties in Linköping for SEK 256 m - Fair value
Slide 11: Share buy-backs
Share buy-backs 2,7 Bn total value (SEK) ▪ As of 23 Apr 2026 6,000,000 130 – Shares repurchased: 23,848,875 – Total value (SEK): 2,696,603,681 125 5,000,000 – Average share price (SEK): 113.07 120 4,000,000 115 3,000,000 110 105 2,000,000 100 1,000,000 95 ,, 90 Week 8 9 10 11 12 13 14 15 16 17 Aggre
Slide 12: Castellum leases 24,000 sq m in Hagastaden
Castellum leases 24,000 sq m in Hagastaden Project name: Infinity Property: Sorbonne 1 Property area: 24,000 sq. m. Contract duration: 15 years The tenant has a unilateral right, exercisable no later than 1 June 2026, to request an amendment to the lease agreement to lease half of the premises for a
Slide 13: Sustainability performance
Sustainability performance energy efficiency, like-for-like -4% portfolio, LTM (normalised) of sq. m. 59 % sustainability-certified self-generated electricity 26 % CASTELLUM 2026-04-24 INTERIM REPORT JANUARY-MARCH 2026
Slide 14: AGM April 2026 Q&A
AGM 29 April 2026 Interim report January-June 15 July 2026 Q&A
Slide 15: Appendix
Appendix CASTELLUM 2026-04-24 INTERIM REPORT JANUARY-MARCH 2026
Slide 16: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2026 2025 LTM 2025 SEK M Jan-Mar Jan-Mar Apr 2025-Mar 2026 Jan-Dec Rental and service income 2,321 2,386 9,528 9,593 Income 2,321 2,386 9,528 9,593 Operating costs -439 -414 -1,425 -1,400 Maintenance -86 -67 -374 -354 Property tax -146 -145 -5
Slide 17: Condensed consolidated balance sheet
Condensed consolidated balance sheet 31 Mar 31 Mar 31 Dec SEK M 2026 2025 2025 ASSETS Investment properties 138,141 135,020 136,919 Goodwill 4,158 4,286 4,166 Right-of-use assets 1,105 1,441 1,105 Participation in associated companies and joint ventures 11,645 10,311 10,905 Derivatives 1,645 1,561 1