Castellum Ab · OMXSTO:CAST
Castellum Ab — Q3 2024 Earnings Presentation
21 slides from Castellum Ab's earnings presentation, Oct 25, 2024
Slide 1: Interim report January-September 2024 Q3
Interim report January-September 2024 Q3
Slide 2: Castellum in brief
Castellum in brief ▪ Leading listed property company in the Nordic region ▪ Property value SEK 155 Bn* Helsinki – 74% in metropolitan areas ▪ Office, warehouse/light industry Oslo and public sector properties Stockholm ▪ 5.4 million sq. m. lettable area ▪ Yearly contracted rent of SEK 9.5 Bn Gothenb
Slide 3: Summary January-September
Summary January-September Income NOI Income from property Changes in property values management +1.1% +3.9% +11.7% -1.2% SEK 7,405 M SEK 5,134 M SEK 3,735 M SEK – 1,632 M Net leasing Total contract value Economy occupancy rate Property sales SEK -10 M SEK 9,475 M 91.2% SEK 1,969 M 3 CASTELLUM 25/10/
Slide 4: Recent events
Örnäs 1:17, Stockholm Recent events 6.25-year EUR 500 M bond loan in the European capital market Strengthened credit rating from Moody's Solar power initiative will continue Joint venture with Göteborgs Hamn signs 45,000 sq. m. logistics rental agreement CASTELLUM
Slide 5: Castellum's tenants
Castellum’s tenants 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 235 2.5 AAA AFRY 200 2.1 Not rated ABB 159 1.7 A The Swedish Social Insurance A
Slide 6: P&L in brief
Eden, Malmö P&L in brief 2024 2023 Change, SEK M Jan-Sep Jan-Sep SEK M Change, % Income 7,405 7,328 77 1.1 Direct property costs -1,736 -1,841 105 Lease and property administration expenses -535 -548 13 Net operating income 5,134 4,939 195 3.9 Central administrative expenses -178 -279 101 Income fro
Slide 7: Development of operating income
Development of operating income 2024 2023 Development of income, SEK M Jan-Sep Jan-Sep Change, % Like-for-like portfolio 6,558 6,380 2.8 Increase in NOI, SEK M Development properties 565 446 Transactions 98 365 Coworking 198 197 Group elimination -73 -60 Like-for-like portfolio 208 Currency adjustme
Slide 8: Renegotiations, prolongations and net leasing
Renegotiations, prolongations and net leasing Renegotiations SEK 293 M, with an average increase in rent of 1 per cent Prolongations SEK 1,183 M extended with no changes to terms Net leasing New leasings SEK 399 M and terminations SEK -409 M, net SEK -10 M 8 CASTELLUM 25/10/2024 INTERIM REPORT JANUA
Slide 9: 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 9 CASTELLUM 25/10/2024 INTERIM REPORT JANUARY-SEPTEMBER 2024
Slide 10: Changes in property values
Changes in property values SEK M Changes in property values Acquisitions 54 New constructions, extensions and reconstructions 1,588 SEK –1,632 M Sales -1,969 Property portfolio Changes in property values 30 September 2024 -1,632 Currency translation 230 SEK 135,824 M 10 CASTELLUM 25/10/2024 INTERIM
Slide 11: Highlights financing Q3
Highlights financing Q3 (Q4 2023) LTV ICR Average effective rate Credit rating Baa3 36.6% 3.3 3.4% Positive (37.4) (3.0) (3.0) Outlook Average debt maturity Average fixed interest rate Hedge ratio (>1Y) Interest-bearing liabilities 4.4 years 3.8 years 71% SEK 59,087M (4.2) (3.3) (73) (61,671) 11 CAS
Slide 12: Debt maturity structure
Debt maturity structure 30 September 2024, SEK M 18,000 16,000 15,520 14,000 12,000 10,138 10,000 8,142 8,000 6,496 6,414 6,000 3,899 3,949 4,000 2,568 2,000 1,569 ,392 , 2024 2025 2026 2027 2028 >2028 Bonds Bank loans 12 CASTELLUM 25/10/2024 INTERIM REPORT JANUARY-SEPTEMBER 2024
Slide 13: Largest ongoing projects
Tusenskönan 2, Mölndal Largest ongoing projects Average occupancy rate Average lease duration Rental values to be completed 91% 13 years SEK 181 M Rental Remaining to Gullbergsvass 1:15, Gothenburg Area, value, Econ. occ. Total inv. invest, Property Category Location Completed sq. m. SEK M rate, % S
Slide 14: Investments and transactions
Investments and transactions January-September 1,588 M Net investments per region, SEK M Projects SEK 600 400 SEK 54 M Acquisitions 200 0 -200 SEK -1,969 M Property sales -400 -600 SEK -327 M -800 Net investments -1000 Stockholm West Central Mälardalen Öresund Finland Property sales New construction
Slide 15: Sustainability performance
Werket, Jönköping Sustainability performance -2.3% energy efficiency, like-for-like portfolio, LTM (normalised) 64% of property value sustainability-certified 20% self-generated electricity 15 CASTELLUM 25/10/2024 INTERIM REPORT JANUARY-SEPTEMBER 2024
Slide 16: Key takeaways
Öskaret 1, Stockholm Hornsberg 10, Stockholm Key takeaways ▪ Regional cities continue to be strong ▪ Stable occupancy rate for the office segment in the quarter ▪ Balance sheet in good shape ▪ Strong financing market ▪ Increased focus on investments CASTELLUM
Slide 17: Year-end report 19 February, Q&A
Gladan 4, Stockholm Year-end report January-December 2024 19 February 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 25/10/2024 INTERIM REPORT JANUARY-SEPTEMBER 2024
Slide 20: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2024 2023 2024 2023 LTM 2023 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2023-Sep 2024 Jan-Dec Rental and service income 2,428 2,415 7,341 7,328 9,819 9,806 Other income — — 64 — 64 — Income 2,428 2,415 7 ,05 7,328 9,883 9,806 Operating costs -3
Slide 21: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Sep 2024 30 Sep 2023 31 Dec 2023 ASSETS Investment properties 135,824 144709 137,552 Goodwill 4,367 4,678 4,495 Right-of-use assets, site leasehold 1,424 1,424 1,441 Participation in associated companies 9,331 11,210 10,008 Derivatives 1,744 4,223 1,948