Slides
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CATELLA Q4 FEBRUARY 12, 2025 Investor Presentation
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Today’s presenters Catella | Interim Report October – December 2024 11/02/2025 P. 2 Daniel Gorosch Interim CEO Michel Fischier CFO
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Catella at a glance Catella | Townhall Madrid P. 3 Catella | Interim Report October – December 2024 SEK155Bn ANNUAL REVENUE EUROPEAN COUNTRIES ASSETS UNDER MANAGEMENT SEK 2.3Bn 473 EMPLOYEES 12 Your sustainable investment partner – together building the link between property and capital OPERATIONS IN
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Catella | Interim Report October – December 2024 11/02/2025 P. 4 Leading European group in property and alternative investments STRONG PAN -EUROPEAN BRAND 35 years of experience, 25+ offices across 12 countries, and a comprehensive pan-European offering OPERATES IN A LONG -TERM GROWTH MARKET Increased capital inflows into real estate investments and strong demand for inflation-hedged assets and sustainable investments CREATING LONG -TERM VALUE THROUGH SUSTAINABILITY Delivery on long-term ESG strategy and progress in energy-efficient real estate projects PARTNERSHIPS THAT DELIVER VALUE Co-ownership, strong local presence and synergies drive growth and recurring revenues PROFITABLE AND STABLE GROWTH RECURRING NET REVENUES 69%Three business areas delivering steady income and long-term value creation 63% 24% 11% 3% 69% RECURRING INVESTMENT MANAGEMENT PRINCIPAL INVESTMENTS CORPORATE FINANCE OTHER Investment Highlights
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GROUP KEY HIGHLIGHTS
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European quarterly transaction volumes (€ bn) Catella | Interim Report October – December 2024 11/02/2025 P. 6 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Office Log&ind Retail Residential Senior & care Dev site Hotel Comments Volumes picked up by 22% in Q4 compared to 2023 Strongest growth was seen in Residential, +45% LTM figures indicate a slow but stable improvement Post Global Financial Crisis, it took 10 quarters from peak to reach a meaningful deal volume growth. This time: 12 quarters Some markets experienced a relatively active Q4 – partly driven by large individual transactions Smaller markets are still struggling Source: MSCI
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Key financial and operational highlights – Q4 2024 Catella | Interim Report October – December 2024 11/02/2025 P. 7 Positive AUM development throughout the year and quarter Launch of Catella APAM Strategic Equities fund with SEK 1.4 bn in investable capital Targeted capital commitment of nearly SEK 6 bn reached in Catella Logistic Deutschland Plus Merger of our two German fund platforms to one creating one SEK 115 bn European Investment Manager Transfer of fund assets in France to Catella Aquila Net revenue* SEK 495 M (SEK 356 M) EBIT SEK 69 M (SEK 10 M) EBIT margin 14% (3%) Earnings per share SEK 0.67kr (SEK -0.85) Sale of French logistic development Polaxis New residential investment project together with a larger institutional investor securing long-term mandate and attractive returns Kaktus project is progressing according to plan Overall increase in transaction volumes with strong activity in Spain Efficiency improvements resulting in improved EBIT despite lower revenue INVESTMENT MANAGEMENT CORPORATE FINANCECATELLA GROUP PRINCIPAL INVESTMENTS *Net revenue: Total revenue after deducting provisions. direct assignment- and production costs Dividend proposal of 0.90 SEK per share (0.90)
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Our Key Priorities to simplify, reduce risks and grow Catella | Interim Report October – December 2024 11/02/2025 P. 8 De-concentrate and re-focus Principal Investments by optimizing the existing portfolio and implement a new strategic direction for investments. Improve profitability within Corporate Finance and put a structure in place that supports growth. Grow AUM in Investment Management by growing existing funds and launching new international scalable sustainable products (supported by a "Catella house view") by raising capital from global institutional investors.
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INVESTMENT MANAGEMENT
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Positive net inflows for the quarter and FY24 Catella | Interim Report October – December 2024 11/02/2025 P. 10 -100 100 300 500 700 900 1 100 1 300 1 500 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Property Funds Property Asset Management APAM CAM FR AQUILA Total revenue LTM * AUM (SEK Bn) Total revenue LTM (SEK M) *Acquisition of APAM (UK) adding SEK 16 bn to AUM ** Divestment of CAM (FR) reducing AUM by SEK 14 bn *** Acquisition of Aquila Group (FR) adding 15 bn to AUM ** 152.4 155.1 16.7 -14.9 -5.4 6.4 Q4-23 Inflows Outflows Revaluations Currency Q4-24 LTM AUM (SEK Bn) 151.4 155.15.1 -2.9 -1.2 2.7 Q3-24 Inflows Outflows Revaluations Currency Q4-24 Q4 AUM (SEK Bn) ***
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Stable fixed fees and increased transaction-based fees 11/02/2025 P. 11 Catella | Interim Report October – December 2024 Stability in fixed fees throughout the year, increasing bottom-line profitability One-off restructuring costs of SEK 9 M impacting the fourth quarter Increased transaction activity reflected in increased transaction-based fees in the fourth quarter 162 154 160 173 188 185 198 198 222 219 225 225 206 215 218 208 211 74 43 118 83 122 35 67 53 160 22 55 21 45 25 35 41 72 5 204 23 8 81 13 2 3 0 0 50 100 150 200 250 300 350 400 450 500 Fixed fees Acquisition and Disposal fees Performance fees* +30% in fixed fee revenue * Performance fees part of Acquisition and Disposal fees until reported separately in Q1/22 ** Includes internal revenue. Internal revenue has been eliminated in total revenue * SEK M Q4 2024 Q4 2023 Change. % Property Funds ** 241 195 24% Asset Management ** 81 83 -2% Other 5 8 -38% Total revenue 288 255 13% Thereof fixed fee revenue 211 206 2% Assignment expenses and commission -36 -43 -16% Net revenue 252 212 18% Variable expenses -35 -22 59% Operating expenses -183 -171 6% EBIT 34 19 79% EBIT margin, % 13% 9% 4 p.p.
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PRINCIPAL INVESTMENTS
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Continued progress in current projects and progressing sale dialogues Catella | Interim Report October – December 2024 11/02/2025 P. 13 Denmark (Direct Investment) Residential. Kaktus, Copenhagen Residential. Vega, Copenhagen United Kingdom (Catella APAM) Mixed use. The Maltings, Salisbury Retail. Mander Centre, Wolverhampton Germany (Catella Project Capital) Residential. Seestadt, Düsseldorf Residential. Düssel-Terrassen, Düsseldorf Office. KöTower, Düsseldorf Residential. Silbersteinstrasse, Berlin France (Catella Logistic Europe) Logistics. Metz-Eurolog Catella Fastighetsfond Systematisk C Strategic Equities Fund 1/UK REIT Fund Pamica Ûpeka Fund 9 Investment Projects 4 Fund Investments Invested equity, project IRR and targets Current status Long term Target Catella invested equity (SEK Bn) 1.6 1.5 Project IRR 15-20% Income statement SEK M Q4 2024 Q4 2023 LTM Q4 2024 LTM Q4 2023 Total revenue 591 106 845 756 Assignment expenses and production costs -503 -98 -648 -606 Net revenue 88 8 197 150 Operating Expenses -78 -12 -171 -104 Deducted result from non-controlling operations 7 4 8 -5 EBIT 17 0 34 42 EBIT margin, % 19% 0% 17% 28%
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CORPORATE FINANCE
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Revenue and results of operations Catella | Interim Report October – December 2024 15 KEY TAKE-AWAYS Efficiency improvements resulting in improved EBIT despite lower revenue Overall market slowly picking up, with higher probability of more closed transactions during 2025 REVENUE SPLIT PER COUNTRY Q4 REVENUE SPLIT PER ADVISORY SERVICES Q4 Transaction 77% Valuation 22% Letting 1% France Spain Finland Sweden Denmark SEK M Q4 2024 Q4 2023 Change. % Total revenue 169 180 -6% Assignment expenses and commission -36 -44 -18% Net revenue 133 136 -2% Operating expenses -102 -122 -16% EBIT 31 14 121% EBIT margin, % 23% 10% -13 p.p. Property transaction volume, SEK Bn 10.7 9.1 18% Of which Nordic 4.9 3.9 26% Of which Continental Europe 5.8 5.3 9% 169 MSEK 169 MSEK
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FINANCIALS
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Financial summary Catella | Interim Report October – December 2024 17 Investment Management Principal Investments Corporate Finance Other & Eliminations Group Va r’ Group Var’ Group Var’ SEK M Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q 4’24 vs Q 4’23 YTD 2024 YTD 2023 YTD’2 4 vs YTD’2 3 YTD 2022 YTD’2 4 vs YTD’22 Total revenue 288 255 591 106 169 180 -2 -1 1 045 539 506 2 307 2 339 -32 2 549 -241 Direct assignment costs -36 -43 -503 -98 -36 -44 24 1 -550 -183 367 -844 -874 -30 -402 441 Net revenue 252 212 88 8 133 136 22 0 495 356 139 1 463 1 465 -2 2 147 683 Operating expenses* -218 -193 -71 -8 -102 -122 -34 -22 -426 -346 80 -1 335 -1 332 3 -1 516 -180 Whereof fixed expenses -166 -169 7 -15 -73 -86 -17 -19 -252 -288 -33 -1 026 -1 102 -76 -1 233 -207 Whereof variable expenses -35 -22 -78 6 -27 -36 -15 -2 -155 -54 101 -267 -219 48 -283 -16 Whereof restructuring costs -17 -3 0 0 -2 0 -2 -1 -19 -4 15 -44 -12 32 -1 43 EBIT 34 19 17 0 31 14 -12 -22 69 10 59 128 133 -5 630 -503 EBIT margin, % 13 9 19 0 23 10 <0 <0 14 3 11 p.p 9 9 0 p.p 29 -20 p.p Financial items – net -6 -77 71 -94 -103 9 8 -102 Whereof FX-effects** 31 -48 79 53 -25 78 66 -13 EBT 63 -67 130 33 29 4 638 -605 Tax -4 -9 5 -3 -51 48 -147 -144 Net profit/loss 59 -75 135 30 -21 51 491 461 Net profit/loss (excluding FX-effects) 28 -28 56 -23 4 -27 425 448 Earnings per share, SEK 0.67 -0.85 0.34 -0.24 5.55 **FX-effects consists of the revaluation of monetary items, such as loans to subsidiaries and associates, as well as cash equivalents * Including deduction of profit attributable to non-controlling interests
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COMMENTS Catella’s investments amount to over SEK 3 bn − Property development projects, project capital and co-investments are valued at cost − Fund investments are valued at market Cash on balance amounts to nearly SEK 900 M Reducing current investments with the total amount of debt within the Group, and making cash adjustments based on working capital needs and bonus accruals takes Catella to a net cash position of SEK 1.3 bn 18 CATELLA’S VALUE AT COST PROJECT EXCEEDS TOTAL GROUP DEBT BY MARGIN* Catella has a strong recovery profile, with a large net cash position Catella | Interim Report October – December 2024 2 196 105 345 80 494 901 1 288 1 261 269 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Development & project companies Holdings in associated companies Receivables from associated companies Current Investments Other non- current securities Cash Bond Other borrowings Cash adjustments Net Cash SEK M A total net cash position of SEK 1 303 M SEK 3 220 M SEK 2 818 M 1 772 M Kaktus 318 M Fund Investments and Co-Investments 147 M Mander 29 M Visa pref. shares 224 M Maltings Loan Portfolios Catella Project Capital 124 M Vega 68 M Metz 7 M CPC
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SUMMARY AND KEY TAKE AWAYS
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Summary and key take-aways Catella | Interim Report October – December 2024 11/02/2025 P. 20 AUM growth in a market with lower inflows Strong fourth quarter and FY EBIT in line with LY despite lower net revenues Divested several projects within Principal Investments supporting continued investments in attractive development projects in other product strategies Merger of CRIM and CREAG’s front office to form a 10bn Euro investment management platform under the new name CIM (Catella Investment Management) Refined and clarified strategy, centred around three key strategic focus areas to enhance shareholder value
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→ Thank you! catella.com
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Investor Relations Catella | Interim Report October – December 2024 2024 -11-07 22 Most recent equity research Financial Calendar Interim Report Jan-Mar 2025 9 May 2025 AGM 20 May 2025 Interim Report Apr-Jun 2025 21 Aug 2025 Interim Report Jul-Sep 2025 7 Nov 2025 Year-end Report 2025 13 February 2026 For more information: https://www.catella.com/en/investor-relations Date Institution Recommendation TP 2025-02-10 DNB Buy SEK 34 2024-11-12 ABGSC − − 2024-11-08 Redeye Buy SEK 56 (Base case) Analyst coverage Institution Analyst ABGSC Patrik Brattelius DNB Emil Jonsson Redeye Martin Wahlström Rasmus Jacobsson CFO MICHEL FISCHIER +46 (0)70 799 53 39 michel.fischier@catella.se Largest shareholders 2025 -01-30 Capital Votes Claesson & Anderzén 49.4% 49.2% Alcur Fonder 5.4% 4.9% Gran Fondo Capital 5.4% 5.4% Symmetry Invest 4.1% 3.7% Avanza Pension 2.7% 2.5% Nordnet Pension Insurance 2.4% 2.2% Nordea Funds 1.7% 1.5% Familjen Hedberg 1.1% 1.0% Swedbank Insurance 1.1% 1.0% MP Pension PK 1.0% 0.9% Other 25.6% 27.6%