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Interim Report January-September 2025 Q3
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CASTELLUM Back to basics Profitability focus – ROE target 10% Owning the right commercial properties in the right locations Selling and buying when good opportunities arise Leasing, leasing, leasing Tullen 8, Örebro
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CASTELLUM Castellum in brief 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 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 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 20254 Summary January-September Income -2.8% SEK 7,196 M NOI -4.4% SEK 4,908 M Income from property management -7.0% SEK 3,474 M Changes in property values -1.0% SEK – 1,400 M Net leasing SEK -166M Total contract value SEK 9,445M Economy occupancy rate 90.0% Net investments SEK 3,498M
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CASTELLUM Development in operating income 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 20255 1 Current period translated at the exchange rate of the comparative period. Development of income, SEK M 2025 Jan-Sep 2024 Jan-Sep Change, % Like-for-like portfolio 6,850 6,851 0.0 Development properties 188 196 Transactions 44 169 Coworking 183 198 Group elimination -48 -73 Currency adjustment1 -21 – Rental and service income 7,196 7,341 -2.0 Other income – 64 Total income 7,196 7,405 -2.8 Development of costs, SEK M 2025 Jan-Sep 2024 Jan-Sep Change, % Like-for-like portfolio 1,656 1,616 2.5 Development properties 66 73 Transactions 11 47 Currency adjustment1 -7 – Direct property costs 1,726 1,736 -0.6 Property administration 403 397 Coworking 207 211 Group elimination -48 -73 Total lease and property administration costs 562 535 Central administration 176 178 Total costs 2,464 2,449 0.6 -250 -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 197 M, with an average increase in rent of 1.6 per cent Prolongations SEK 1,345 M extended with no changes to terms Net leasing New leasings SEK 532 M and terminations SEK -698 M, net SEK -166 M 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 20256 Werket, Jönköping Bägaren 5, Norrköping
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CASTELLUM Changes in property values 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 20257 Unrealised changes in value SEK–1,412M Property portfolio 30 September 2025 SEK137,328M -463 -1 412 -624 2 085 2 031 Currency translation Unrealised changes in value Divestments Investments in existing properties Acquisitions SEK M 2,031 2,085 -1,412
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CASTELLUM Financial highlights ▪ Good financial market – Credit margins at historically low levels and attractive term premium ▪ BBB with stable outlook confirmed by S&P ▪ Low refinancing activity during Q3 ▪ Average interest rate at 3.1%, down from 3.2% in Q2 2025 – Stable to slightly decreasing going forward INTERIM REPORT JANUARY-SEPTEMBER 202523/10/20258 3,919 5,806 4,348 3,451 9,737 7,172 51 ,899 ,516 4,553 2,673 14,372 , 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2025 2026 2027 2028 2029 >2029 30 Sep 2025, SEK M Bonds & CP Bank loans SEK 23.0 Bn in cash and unutilised credit facilities
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CASTELLUM 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 20259 Financial key ratios Q3 (Q4 2024) LTV 36.5% (35.6) ICR 3.2 (3.3) Average effective rate 3.1% (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 3.5years (3.6) Hedge ratio (>1Y) 71% (70) Interest-bearing liabilities SEK 57,497M (58,633)
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CASTELLUM Sustainability performance 10 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 2025 -7% energy efficiency, like-for-like portfolio, LTM (normalised) 69% of property value sustainability-certified 24% self-generated electricity
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CASTELLUM Investments SEK 2,085 M Acquisitions SEK 2,031 M Property sales SEK -618 M Net investments SEK 3,498 M Investments and transactions January-September 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 202511 -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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Q&A Year-end report 2025 18 Feb 2026 12
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CASTELLUM Appendix 15/7/2025 INTERIM REPORT JANUARY-SEPTEMBER 202513
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CASTELLUM Condensed consolidated statement of comprehensive income 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 202514 SEK M 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep LTM Oct 2024-Sep 2025 2024 Jan-Dec Rental and service income 2,407 2,428 7,196 7,341 9,638 9,784 Other income – – – 64 1 65 Income 2,407 2,428 7,196 7,405 9,639 9,849 Operating costs -306 -310 -1,077 -1,086 -1,414 -1,426 Maintenance -75 -76 -214 -218 -315 -318 Property tax -151 -145 -435 -432 -581 -578 Lease and property administration costs -173 -154 -562 -535 -768 -741 Net operating income 1,702 1,743 4,908 5,134 6,561 6,786 Central administrative costs -41 -50 -176 -178 -240 -241 Income from associated companies and joint ventures 58 130 568 -412 721 -260 Net financial items Net interest items -506 -498 -1,556 -1,525 -2,114 -2,083 Leasing costs/Site leasehold fee -18 -19 -54 -48 -78 -72 Income including associated companies and joint ventures 1,195 1,306 3,690 2,971 4,850 4,130 of which income from property management 1,253 1,300 3,474 3,735 4,558 4,819 Changes in value Properties -232 -56 -1,400 -1,632 -1,395 -1,627 Financial holdings - - -4 - -9 -5 Goodwill -21 -4 -60 -128 -121 -188 Derivatives 140 -684 -869 -483 65 451 Income before tax 1,082 562 1,357 728 3,390 2,761 Current tax -120 -54 -262 -170 -264 -172 Deferred tax -104 -37 -45 -190 -87 -232 Net income for the period 858 471 1,050 368 3,039 2,357 Other comprehensive income 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep LTM Oct 2024-Sep 2025 2024 Jan-Dec Net income for the period 858 471 1,050 368 3,039 2,357 Items that can be reclassified to net income for the period Translation difference of currencies -40 -304 -158 -237 -99 -178 Currency hedging 27 197 130 100 156 126 Comprehensive income for the period 845 364 1,022 231 3,096 2,305 Average number of shares, thousand 492,102 492,446 492,272 492,538 492,316 492,515 Earnings, SEK/share before and after dilution 1.74 0.96 2.13 0.75 6.17 4.79
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CASTELLUM Condensed consolidated balance sheet 23/10/2025 INTERIM REPORT JANUARY-SEPTEMBER 202515 SEK M 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Investment properties 137,328 135,824 135,711 Goodwill 4,247 4,367 4,307 Right-of-use assets 1,407 1,424 1,464 Participation in associated companies and joint ventures 11,064 9,331 9,924 Derivatives 1,373 1,744 2,539 Other fixed assets 162 206 181 Other receivables 1,522 1,610 1,333 Cash and cash equivalents 137 1,825 2,400 Total assets 157,240 156,331 157,859 SEK M 30 Jun 2025 30 Jun 2024 31 Dec 2024 EQUITY AND LIABILITIES Equity 78,663 77,109 79,174 Deferred tax liability 14.974 14,904 14,900 Other provisions 32 12 15 Derivatives 425 621 245 Interest-bearing liabilities 57,497 59,087 58,633 Lease liabilities 1,407 1,424 1,464 Non-interest bearing liabilities 4,242 3,174 3,428 Total equity and liabilities 157,240 156,331 157,859