Slide 1: Catella Q4-25 Investor Presentation
CATELLA Q4-25 Investor Presentation FEBRUARY 17, 2026
Slide 2: Today's presenters
Catella | Interim Report Oct – Dec 2025 Today’s presenters Rikke Lykke Michel Fischier Group CEO CFO P.2
Slide 3: Catella Group at a glance
Catella | Interim ReportOct – Dec 2025 CATELLA GROUP AT A GLANCE Leading European group in property and alternative investments INVESTMENT CORPORATE PRINCIPAL MANAGEMENT FINANCE INVESTMENTS Regulated fund products, Leading European advisor Direct investments and custom made indirect within real esta
Slide 4: Investment highlights
Catella | Interim ReportOct – Dec 2025 Investment highlights PROFITABLE AND STABLE GROWTH Three business areas delivering steady income and long -term value creation 53% RECURRING NET REVENUES RECURRING NET REVENUES 2% 22% CREATING LONG-TERM VALUE THROUGH SUSTAINABILITY 51% Delivery on long-term ESG
Slide 5: Group key highlights
GROUP KEY HIGHLIGHTS
Slide 6: Key progress during 2025
Catella | Interim Report Oct – Dec 2025 Key progress during 2025 OPERATIONAL FINANCIAL STRUCTURAL New CEO ▪ EBIT of 277 M (128) ▪ Merger of two German fund platforms realizing ▪ Rikke Lykke assumed the role as new CEO ▪ EBIT of 394 M (156) excluding items affecting comparability synergies related to
Slide 7: European quarterly transaction volumes
0 50 100 150 250 300 350 400 200 3/2008 6/2008 9/2008 12/2008 3/2009 Source: MSCI 6/2009 9/2009 12/2009 3/2010 6/2010 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 Office 9/2012 12/2012 3/2013 6/2013 Catella | Interim Report Oct – Dec 2025 9/2013 12/2013 Log&ind 3/2014 6/2014 9/2014 12/2
Slide 8: Key financial and operational highlights – Q4 2025
Catella | Interim Report Oct – Dec 2025 Key financial and operational highlights – Q4 2025 INVESTMENT PRINCIPAL CORPORATE CATELLA GROUP MANAGEMENT INVESTMENTS FINANCE Net revenue* ▪ Cost efficiencies resulting in ▪ Impairment ofKöTower resulting in ▪ Positive EBIT effect of SEK 51 M from sale of Val
Slide 9: Investment Management
INVESTMENT MANAGEMENT
Slide 10: Currency adjusted AUM growth of 6% in 2025
Catella | Interim Report Oct – Dec 2025 Currency adjusted AUM growth of 6% in 2025 AUM (SEK Bn) Total revenue LTM (SEK M) LTM AUM (SEK Bn) 15,6 -5,3 160 1 500 -0,4 -9,7 *** 155,1 155,3 140 1 300 120 1 100 ** 100 900 Q4-24 Inflows Outflows Revaluations Currency Q4-25 80 * 700 Q4 AUM (SEK Bn) 60 500 2
Slide 11: Stability in fixed fees and cost control
Catella | Interim Report Oct – Dec 2025 Stability in fixed fees and cost control ▪ Currency adjusted, total fixed fees increased 1% compared to Q4 2024 ▪ Performance fee in Catella Aquila SEK M Q4 2025 Q4 2024 Change % ▪ EBIT +37% despite a -3% drop in net revenues Property Funds** 223 241 -7% ** 50
Slide 12: Principal Investments
PRINCIPAL INVESTMENTS e f id
Slide 13: Continued progress in current projects
Catella | Interim Report Oct – Dec 2025 Continued progress in current projects Investment Projects Invested equity, project IRR and targets Denmark (Co -Investment) Current status Long term Target ▪ Residential. Vega, Copenhagen Catella investedequity(SEK Bn) 1.1 1 - 1.5 Germany (Catella Project Cap
Slide 14: Corporate Finance
|| CORPORATE FINANCE
Slide 15: Revenue and results of operations
Catella | Interim Report Oct – Dec 2025 Revenue and results of operations KEY TAKE-AWAYS SEK M Q4 2025 Q4 2024 Change % ▪ Increased revenues YoY, a combination of the sale of Valuation in France and Total revenue 246 169 46% increased transaction activity in Sweden and Finland Assignment expenses an
Slide 16: Financials
FINANCIALS Ue
Slide 17: Financial summary
Catella | Interim Report Oct – Dec 2025 Financial summary INVESTMENT PRINCIPAL CORPORATE OTHER & GROUP Var’ GROUP Var’ MANAGEMENT INVESTMENTS FINANCE ELIMINATIONS Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4’25 Full year Full year 2025 SEK M 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 vs Q4’24 2025 2024 v
Slide 18: Catella's value drivers are fee profits and investment returns
Catella | Interim Report Oct – Dec 2025 Catella’s value drivers are fee profits in IM and CF and investment returns from balance sheet investments Investment Management Balance Sheet Investments Corporate Finance Asset Fund Balance Sheet Investments Development Property Funds Management Administrati
Slide 19: EBITDA Bridge
Catella | Interim Report Oct – Dec 2025 EBITDA Bridge Investment Investment EBITDA incl. Corporate Finance EBITDA excl. Other & Eliminations EBITDA Management Returns Investment Returns Other & Eliminations P.19
Slide 20: Summary and key take aways
SUMMARY AND KEY TAKE AWAYS
Slide 21: Summary and key take-aways
Catella | Interim Report Oct – Dec 2025 Summary and key take-aways Continued transition towards a focused and renewed Catella Foundation for growth supported by solidliquidity and equity ratio AUM growth in a cautious but recovering real estate market 21
Slide 22: Thank you!
→ THANK YOU! www.catella.com
Slide 23: Investor Relations
Catella | Interim Report Oct – Dec 2025 INVESTOR RELATIONS Largest shareholders 2025-01-31 Capital Votes Most recent equity research Claesson & Anderzén 49.4% 49.2% Date Institution Recommendation TP 2026-02-12 ABGSC - - Gran Fondo Capital 7.4% 7.2% 2026-02-10 Redeye Buy SEK 51 (Base case) Symmetry
Slide 24: Catella has a strong recovery profile, with a large net cash position
Catella | Interim Report Oct – Dec 2025 Catella has a strong recovery profile, with a large net cash position NET CASH POSITION OF SEK 1.6 BN COMMENTS ▪ Catella’s investments amount to SEK 1.1 bn SEK M SEK 1 324 M (1.8) 3 500 SEK 1 316 M − Property development projects, project capital and co-invest