Slides
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Half-year report January-June 2025 Q2
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CASTELLUM Recent events Acquisition of five properties in Uppsala, Örebro and Linköping for a total of SEK 1.7 Bn Continued investing in new project development and Entra Refinancing of bank loans SEK 10 Bn Notice EGM 18 July Tullen 8, Örebro
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CASTELLUM Castellum in brief 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20253 ▪ Leading listed property company in the Nordic region ▪ Property value approx. SEK 159 Bn* ▪ Office, warehouse/light industry and public sector properties ▪ 5.3 million sq. m. lettable area ▪ Yearly contracted rent of SEK 9.5 Bn ▪ High sustainability focus Gothenburg * Including holdings in associated companies (including Entra and Halvorsäng) Operational regions Indirect operational regions (via Entra) Oslo Stockholm MalmöCopenhagen Helsinki
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CASTELLUM , 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Office Public sector Warehouse/Light industry Retail Projects & land Property portfolio 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20254
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CASTELLUM Well-diversified tenant base 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20255 Contract value from public sector tenants 26% A selection of tenants in our well-diversified customer base 1 Country ratings for public sector tenant. Largest tenants Contract value, SEK M Contract value, % S&P rating 1 The Swedish Police Authority 262 2.8 AAA AFRY 198 2.1 Not rated ABB 165 1.7 A The Swedish Social Insurance Agency 155 1.6 AAA The Swedish National Courts Administration 142 1.5 AAA Handelsbanken 133 1.4 AA- Region Stockholm 91 1.0 AAA E.ON Nordic 90 1.0 BBB+ The Swedish Migration Board 87 0.9 AAA Hedin 81 0.8 Not rated Contract value 10 largest tenants 1,404 14.8
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CASTELLUM Update on certain larger tenants ABB ▪ In 2023, ABB announced the construction of a new Robotics Campus that will replace existing buildings where Castellum is the landlord. ▪ During Q2, Castellum and ABB extended lease agreements with new end dates of 31 December 2027 and 30 June 2028. ▪ These agreements represent an annual rental value of SEK 58 M, corresponding to 35% of Castellum’s total rental value from ABB. ▪ The new leases include a waiver of possession protection, giving Castellum greater flexibility to negotiate with new tenants for the premises. ▪ The planned move is not reflected in Castellum’s net leasing figures. AFRY ▪ After the end of the period, tenant AFRY announced plans to vacate Castellum’s property in Solna, Stockholm. ▪ The lease covers approximately 23,000 sq. m. with an annual rental value of SEK 93 M. ▪ The agreement runs until 30 September 2028 and has not been terminated. ▪ The planned move is not reflected in Castellum’s net leasing figures. Northvolt ▪ In the previous interim report, all rental income from Northvolt was reported as negative net leasing. ▪ Since then, the bankruptcy administrator has paid SEK 21 M for the premises that are still in use (compared to SEK 32 M for Q1). ▪ According to information in media there are several potential buyers of Northvolt’s business. ▪ We have good reasons to believe that the strong market demand in Västeråswill allow us to find customers for the premises. 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20256
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CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20257 Summary January-June Income -3.8% SEK 4,789 M NOI -5.5% SEK 1,572 M Income from property management -8.7% SEK 2,222 M Changes in property values -0.9% SEK – 1,168 M Net leasing SEK -182M Total contract value SEK 9,458M Economy occupancy rate 90.3% Net investments SEK 2,823M
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CASTELLUM P&L in brief 15/7/2025HALF-YEAR REPORT JANUARY-JUNE 20258 ▪ Divestments, other income and vacancies reduced NOI ▪ Income from associated companies increased due to higher net reinstatement value for Entra Malski, Lahti SEK M 2025 Jan-Jun 2024 Jan-Jun Change, SEK Change, % Income 4,789 4,977 -188 Direct property costs -1,194 -1,205 11 Lease and property administration expenses -389 -381 -8 Net operating income 3,206 3,391 -185 -5.5% Central administrative expenses -136 -128 -8 Income from associated companies 510 -542 1,052 Net financial items -1,086 -1,056 -30 Income including associated companies 2,494 1,665 829 of which income from property management 2,222 2,435 -213 -8.7%
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CASTELLUM Development in operating income 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 20259 1 Current period translated at the exchange rate of the comparative period. Development of income, SEK M 2025 Jan-Jun 2024 Jan-Jun Change, % Like-for-like portfolio 4,546 4,541 0.1 Development properties 160 173 Transactions 3 115 Coworking 124 134 Group elimination -31 -50 Currency adjustment1 -13 - Rental and service income 4,789 4,913 -2.5 Other income - 64 Total income 4,789 4,977 -3.8 Development of costs, SEK M 2025 Jan-Jun 2024 Jan-Jun Change, % Like-for-like portfolio 1,134 1,120 1.2 Development properties 62 56 Transactions 2 29 Currency adjustment1 -4 - Direct property costs 1,194 1,205 -0.9 Property administration 281 286 Coworking 139 145 Group elimination -31 -50 Total lease and property administration costs 389 381 Central administration 136 128 Total costs 1,719 1,714 0.3 -200 -150 -100 -50 0 Change in NOI Other income Other Transactions Development properties Like-for-like portfolio Development in NOI, SEK M
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CASTELLUM Renegotiations, prolongations and net leasing Renegotiations SEK 135 M, with an average increase in rent of 1 per cent Prolongations SEK 801 M extended with no changes to terms Net leasing New leasings SEK 389 M and terminations SEK -571 M, net SEK -182 M 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202510 Werket, Jönköping
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CASTELLUM Mölnlycke, Gothenburg 500 co-workers Støberigade 14, Copenhagen Area: 6,596 sq. m. Götaland 5, Jönköping Area: 7,719 sq. m. Lundbyvassen 8:3, Gothenburg Area: 9,288 sq. m.
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CASTELLUM Rental income and net leasing 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202512 -200 -150 -100 -50 0 50 100 150 , 2,000 4,000 6,000 8,000 10,000 12,000 2018 2019 2020 2021 2022 2023 2024 2025 Rental income, rolling annual value, SEK M Net leasing, quarterly value, SEK M
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CASTELLUM Changes in property values 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202513 Unrealised changes in value SEK–1,150M Property portfolio 30 June 2025 SEK136,999M -367 -1 150 -183 1 288 1 700 Currency translation Unrealised changes in value Divestments New constructions, extensions and reconstructions Acquisitions SEK M
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CASTELLUM Financial highlights ▪ Refinanced approximately SEK 10 Bn of secured debt during the quarter – Annual cost saving of SEK 20 M ▪ Good financial market – Credit margins at historically low levels and attractive term premium ▪ Received Baa2 with stable outlook from Moody’s ▪ Increased the use of commercial paper from SEK 0.15 Bn to SEK 2.95 Bn during the quarter – Currently 3m on Stibor +45bps ▪ Average interest rate at 3.2%, down from 3.3% in Q1 2025 – Stable to slightly decreasing going forward HALF-YEAR REPORT JANUARY-JUNE 202515/7/202514 4,398 5,824 4,348 3,449 9,797 7,224 536 ,899 ,717 4,552 2,676 13,461 , 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2025 2026 2027 2028 2029 >2029 30 June 2025, SEK M Bonds & CP Bank loans SEK 22.9 Bn in cash and unutilised credit facilities
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CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202515 Financial key ratios Q2 (Q4 2024) LTV 36.7% (35.6) ICR 3.2 (3.3) Average effective rate 3.2% (3.2) Credit ratings Moody’s: Baa2 stable outlook S&P: BBB stable outlook Average debt maturity 4.6years (4.4) Average fixed interest rate term 3.6years (3.6) Hedge ratio (>1Y) 74% (70) Interest-bearing liabilities SEK 57,881 M (58,633)
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CASTELLUM Sustainability performance 16 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025 -6% energy efficiency, like-for-like portfolio, LTM (normalised) 68% of property value sustainability-certified 23% self-generated electricity
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CASTELLUM Investments SEK 1,288 M Acquisitions SEK 1,700 M Property sales SEK -165 M Net investments SEK 2,823 M Investments and transactions January-June 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202517 -200 0 200 400 600 800 1 000 1 200 1 400 Stockholm West Central Mälardalen Öresund Finland Net investments per region, SEK M Property sales New constructions, extentions and reconstructions Acquisitions Acquired shares in Entra for SEK 770 M and hence indirectly properties for SEK 2.1 Bn
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CASTELLUM 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202518 Largest projects Category: O=Office P=Public sector property W=Warehouse R=Retail H=Hotel Örnäs 1:28, Stockholm Hotellet 8, Jönköping Property Category Location Project start Area, sq. m. Rental value, SEK M Econ. occ. rate, % Total inv. SEK M Remaining to invest Sunnanå 8:51 W Malmö Q3-25 22,400 26 0 291 238 Götaland 5 (Werket) P Jönköping Q3-25 7,700 20 100 166 164 Sorbonne 1 (Infinity O Stockholm Q3-25 20,100 107 0 1,716 1,217 Örnäs 1:28 W Stockholm Q3-25 13,100 15 0 229 163 Hotellet 8 H Jönköping Q1-26 7,400 18 100 198 192 Total not started projects over SEK 50 M 70,700 186 20 2,600 1,974 Property Category Location Completed Area, sq. m. Rental value, SEK M Econ. occ. rate, % Total inv., SEK M Remaining to invest, SEK M Litografen 1 R Örebro Q3-25 3,500 6 100 69 26 Backa 20:6 P Gothenburg Q4-25 9,000 40 100 503 106 Gladan 6 O Stockholm Q4-25 3,900 16 20 165 63 Bägaren 5 P Norrköping Q4-25 6,400 18 100 100 31 Gullbergsvass 1:15 H Gothenburg Q1-26 4,500 17 100 99 73 Rotterdam 1 O Stockholm Q3-26 17,100 74 100 300 256 Total ongoing projects over SEK 50 M 44,400 171 93 1, 236 555
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CASTELLUM /Sunnanå 8:51, Malmö Category Logistics, new construction Total investment SEK 291 M Lettable area 22,400 sq. m. Planned construction start Q3 2025 Planned occupancy Q4 2026
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CASTELLUM Continued to increase theshareholding in Entra in Q2 Shareholding ▪ Since 2020 a major shareholder in Norway's largest listed real estate company Entra ▪ Acquired shares in Q1 for NOK 383 M at an average price of NOK 115.5, increasing from 33.3% to 35.2% ▪ Acquired shares in Q2 for NOK 400 M at an average price of NOK 122.0, increasing to 37.0% Entra in brief ▪ Office and public sector properties of NOK 62 Bn - 77% in Oslo ▪ 52% of rental income backed by public sector ▪ Occupancy rate of 94.6% and average lease term of 5.9yrs ▪ 12 months rolling rent of NOK 3.0Bn ▪ High sustainability focus 20 Oslo 45 assets Sandvika 10 assets Drammen 6 assets Bergen/ Stavanger 10 assets 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
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CASTELLUM Acquisitions in attractive locations ▪ Acquisition of five properties in Uppsala, Örebro and Linköping ▪ Strengthening our market position in each location ▪ The tenants include government authorities, large companies and hotel operators ▪ Enhancing our sustainability profile by providing a higher share of green and environmentally certified buildings 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202521 SEK 1.7 Bn
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CASTELLUM Central locations near train stations and Castellum properties 22 Acquired properties Castellum’s properties Kungsängen 10:1 & 10:2, Uppsala Olaus Petri 3:250 & 3:234, Örebro Brevduvan 17, Linköping 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 2025
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CASTELLUM Strong tenant base 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202523 56% 35% 4% 2% 2%1% Area by category, % Office Hotel Other Gym Storage area Health care 23% 17% 10%8% 5% 5% 32% Tenants, share of rental value, % Elite Hotels The County Administrative Board Scandic Hotel Global Connect The Swedish Transport Administration Swedbank Other tenants
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CASTELLUM 15/7/2025HALF-YEAR REPORT JANUARY-JUNE 202524 Olaus Petri, Örebro Olaus Petri, Örebro Olaus Petri, Örebro
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CASTELLUM Kungsängen, Uppsala Kungsängen, Uppsala Kungsängen, Uppsala
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CASTELLUM Key takeaways ▪ Challenging rental market – especially for offices in Stockholm ▪ Regional cities continue to be resilient ▪ Strong financial position ▪ Refinancing bank debt of SEK 10 Bn ▪ Acquisition SEK 1.7 Bn in Uppsala, Örebro and Linköping Öskaret 1, Stockholm
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Q&A EGM 18 July Interim report January-September 23 Oct 27
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Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
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CASTELLUM Appendix 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202529
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CASTELLUM Condensed consolidated statement of comprehensive income 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202530 SEK M 2025 Apr-Jun 2024 Apr-Jun 2025 Jan-Jun 2024 Jan-Jun LTM Jul 2024-Jun 2025 2024 Jan-Dec Rental and service income 2,403 2,464 4,789 4,913 9,660 9,784 Other income ─ 64 ─ 64 1 65 Income 2,403 2,528 4,789 4,977 9,661 9,849 Operating costs -356 -336 -770 -776 -1,420 -1,426 Maintenance -73 -74 -140 -142 -316 -318 Property tax -139 -143 -284 -287 -575 -578 Lease and property administration costs -201 -202 -389 -381 -749 -741 Net operating income 1,634 1,773 3,206 3,391 6,601 6,786 Central administrative costs -70 -60 -136 -128 -249 -241 Income from associated companies and joint ventures 322 -3 510 -542 792 -260 Net financial items Net interest items -516 -534 -1,050 -1,027 -2,106 -2,083 Leasing costs/Site leasehold fee -20 -14 -36 -29 -79 -72 Income including associated companies and joint ventures 1,350 1,162 2,494 1,665 4,959 4,130 of which income from property management 1,158 1,287 2,222 2,435 4,606 4,819 Changes in value Properties -800 -557 -1,168 -1,576 -1,219 -1,627 Financial holdings ─ ─ -4 ─ -9 -5 Goodwill -18 -72 -39 -124 -103 -188 Derivatives -417 -553 -1,009 201 -759 451 Income before tax 115 -20 274 166 2,869 2,761 Current tax -40 -87 -142 -116 -198 -172 Deferred tax 114 184 59 -153 -20 -232 Net income for the period 189 77 191 -103 2,651 2,357 Other comprehensive income 2025 Jan-Jun 2025 Jan-Jun 2025 Jan-Jun 2024 Jan-Jun LTM Jul 2024-Jun 2025 2024 Jan-Dec Net income for the period 189 77 191 -103 2,651 2,357 Items that can be reclassified to net income for the year Translation difference of currencies 4 120 -117 67 -362 -178 Currency hedging -25 -66 103 -97 326 126 Comprehensive income for the period 168 131 177 -133 2,615 2,305 Average number of shares, thousand 492,272 492,567 492,359 492,584 492,403 492,515 Earnings, SEK/share before and after dilution 0.38 0.16 0.39 -0.21 5.38 4.79
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CASTELLUM Condensed consolidated balance sheet 15/7/2025 HALF-YEAR REPORT JANUARY-JUNE 202531 SEK M 30 Jun 2025 30 Jun 2024 31 Dec 2024 ASSETS Investment properties 136,999 135,785 135,711 Goodwill 4,268 4,371 4,307 Right-of-use assets 1,427 1,445 1,464 Participations in associated companies and joint ventures 10,996 9,561 9,924 Derivatives 1,342 2,114 2,539 Other fixed assets 169 207 181 Other receivables 1,758 1,684 1,333 Cash and cash equivalents 174 739 2,400 Total assets 157,133 155,906 157,859 SEK M 30 Jun 2025 30 Jun 2024 31 Dec 2024 EQUITY AND LIABILITIES Equity 77,815 76,745 79,174 Deferred tax liability 14,879 14,821 14,900 Other provisions 32 16 15 Derivatives 518 326 245 Interest-bearing liabilities 57,881 59,222 58,633 Lease liabilities 1,427 1,445 1,464 Non-interest bearing liabilities 4,581 3,331 3,428 Total equity and liabilities 157,133 155,906 157,859