Slides
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CATELLA Q3 NOVEMBER 7, 2025 Investor Presentation
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Today’s presenters Catella | Interim Report Jul – Sept 2025 P. 2 Michel Fischier CFO Rikke Lykke Group CEO
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CATELLA GROUP AT A GLANCE Leading European group in property and alternative investments CORPORATE FINANCE Leading European advisor within real estate related corporate finance INVESTMENT MANAGEMENT Regulated fund products, custom made indirect products and regional asset management services PRINCIPAL INVESTMENTS Direct investments and co-investments with partners in real estate projects. Project Management of real estate development Catella | Interim Report Jul – Sept 2025 SEK160Bn ASSETS UNDER MANAGEMENT LTM REVENUE SEK 2.5Bn EUROPEAN COUNTRIES 12 OPERATIONS IN 486 EMPLOYEES
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Investment highlights Catella | Interim Report Jul – Sept 2025 PROFITABLE AND STABLE GROWTH Three business areas delivering steady income and long-term value creation RECURRING NET REVENUES CREATING LONG-TERM VALUE THROUGH SUSTAINABILITY Delivery on long-term ESG strategy and progress in energy-efficient real estate projects OPERATES IN A LONG-TERM GROWTH MARKET Increased capital inflows into real estate investments and strong demand for inflation- hedged assets and sustainable investments PARTNERSHIPS THAT DELIVER VALUE Co-ownership, strong local presence and synergies drive growth and recurring revenues STRONG PAN-EUROPEAN BRAND Over 35 years of experience, 25+ offices across 12 countries, and a comprehensive pan-European offering 52% 24% 21% 3% INVESTMENT MANAGEMENT PRINCIPAL INVESTMENTS CORPORATE FINANCE OTHER 55% RECURRING NET REVENUES
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GROUP KEY HIGHLIGHTS
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European quarterly transaction volumes (€ bn) - LTM Catella | Interim Report Jul – Sep 2025 P. 6 LTM figures supporting continued market recovery Recovery is, however, slow due to continued market uncertainties Transaction volumes up 15% compared to the same period last year Source: MSCI COMMENTS) European LTM transaction volumes (€ bn) 0 50 100 150 200 250 300 350 400 3/2008 6/2008 9/2008 12/2008 3/2009 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 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 3/2014 6/2014 9/2014 12/2014 3/2015 6/2015 9/2015 12/2015 3/2016 6/2016 9/2016 12/2016 3/2017 6/2017 9/2017 12/2017 3/2018 6/2018 9/2018 12/2018 3/2019 6/2019 9/2019 12/2019 3/2020 6/2020 9/2020 12/2020 3/2021 6/2021 9/2021 12/2021 3/2022 6/2022 9/2022 12/2022 3/2023 6/2023 9/2023 12/2023 3/2024 6/2024 9/2024 12/2024 3/2025 6/2025 9/2025 European LTM transaction volumes (€ bn) Office Log&ind Retail Residential Senior & care Dev site Hotel
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Key financial and operational highlights – Q3 2025 Catella | Interim Report Jul – Sept 2025 7 Continued AUM growth Strong inflows through new AM mandates, mainly in Denmark Decrease in transactional revenue largely mitigated by lower OPEX Net revenue* SEK 285 M (SEK 325 M) EBIT SEK 7 M (SEK 19 M) EBIT margin 2% (6%) Earnings per share SEK -0.32kr (SEK -0.26) Continued progress according to plan in current 8 property investments and 4 fund investments Substantial liquidity headroom to pursue new investments meeting return criteria Forward usage of own balance sheet to fuel AUM growth Seasonally weaker quarter, strong pipeline going into Q4 Nordics performing better than continental Europe in the quarter INVESTMENT MANAGEMENT CORPORATE FINANCECATELLA GROUP PRINCIPAL INVESTMENTS *Net revenue: Total revenue after deducting provisions. direct assignment- and production costs
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Our Key Priorities to simplify, reduce risks and grow Catella | Interim Report Jul – Sept 2025 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. D I G
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INVESTMENT MANAGEMENT
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156,5 160,04,7 -0,2 0,5 -1,5 Q2-25 Inflows Outflows Revaluations Currency Q3-25 New AM mandates main driver of AUM growth in the quarter and LTM 10 -100 100 300 500 700 900 1 100 1 300 1 500 0 20 40 60 80 100 120 140 160 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Property Funds Property Asset Management 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 ** 151,4 160,0 18,7 -5,3 -0,9 -3,8 Q3-24 Inflows Outflows Revaluations Currency Q3-25 LTM AUM (SEK Bn) Q3 AUM (SEK Bn) *** Catella | Interim Report Jul – Sept 2025
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Stability in fixed fees and cost control 11 Stability in fixed fees Decreased transactional activity in the quarter 173 188 185 198 198 222 219 225 225 206 215 218 208 211 208 209 202 83 122 35 67 53 160 22 55 21 45 25 35 41 72 13 38 285 204 23 8 81 13 2 3 0 0 0 0 0 50 100 150 200 250 300 350 400 450 500 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Fixed fees Variable fees Performance fees * +17% 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 Q3 2025 Q3 2024 Change % Property Funds ** 184 211 -13% Asset Management ** 68 71 -4% Eliminations -20 -23 -14% Total revenue 231 259 -11% Thereof fixed fee revenue 202 208 -3% Assignment expenses and commission -32 -39 -17% Net revenue 200 220 -9% Variable expenses -26 -24 8% Operating expenses -143 -163 -13% EBIT 31 33 -5% EBIT margin, % 16% 15% 1 p.p. Catella | Interim Report Jul – Sept 2025
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PRINCIPAL INVESTMENTS
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Continued progress in current projects 07/11/2025 13 Denmark (Co-Investment) 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 I Pamica Ûpeka Fund Investment Projects Fund Investments Invested equity, project IRR and targets Current status Long term Target Catella invested equity (SEK Bn) 1.1 1 - 1.5 - whereof investment projects 0.8 - whereof fund investments 0.3 Project IRR >15% SEK M Q3 2025 Q3 2024 LTM Q3 2025 LTM Q3 2024 Total revenue 78 41 1 077 360 Assignment expenses and production costs -58 -6 -669 -243 Net revenue 20 34 408 117 Operating Expenses -13 -32 -149 -105 Deducted result from non-controlling operations 0 1 -4 5 EBIT 7 3 255 17 EBIT margin, % 37% 10% 62% 15% Catella | Interim Report Jul – Sept 2025
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CORPORATE FINANCE
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Revenue and results of operations 15 KEY TAKE-AWAYS Lower revenues Y oY due to exceptionally strong quarter in Spain LY LY positively impacted by reversal of provisions amounting to 10M REVENUE SPLIT PER COUNTRY Q3 REVENUE SPLIT PER ADVISORY SERVICES Q3 Transaction 89% Valuation 9% Letting 2% France Sweden Spain Finland Denmark 65 MSEK 65 MSEK SEK M Q3 2025 Q3 2024 Change % Total revenue 83 89 -7% Assignment expenses and commission -18 -18 1% Net revenue 65 71 -9% Operating expenses -79 -78 1% EBIT -14 -6 >100% EBIT margin, % -21% -9% -12 p.p. Property transaction volume, SEK Bn 4.3 2.3 88% of which Nordic 3.0 1.2 142% of which Continental Europe 1.3 1.0 24% Catella | Interim Report Jul – Sept 2025
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FINANCIALS
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Financial summary 17 INVESTMENT MANAGEMENT PRINCIPAL INVESTMENTS CORPORATE FINANCE OTHER & ELIMINATIONS GROUP Va r’ SEK M Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3’25 vs Q3’24 Total revenue 232 259 78 41 83 89 0 -1 393 387 6 Direct assignment costs -32 -39 -58 -6 -18 -18 1 1 -107 -62 -46 Net revenue 200 220 20 34 65 71 1 -1 285 325 -40 Operating expenses* -168 -187 -13 -31 -79 -78 -18 -10 -278 -306 28 EBIT 31 33 7 3 -14 -6 -18 -11 7 19 -12 EBIT margin, % 16 15 37 10 -21 -9 n.a. n.a. 2 6 -4 p.p Financial items – net -33 -50 18 Whereof FX-effects** -11 -11 -1 EBT -26 -31 5 Ta x -3 8 -11 Net profit/loss -28 -23 -6 Net profit/loss (excluding FX-effects) -17 -12 -5 Earnings per share, SEK -0.32 -0.26 * Including deduction of profit attributable to non-controlling interests **FX-effects consists of the revaluation of monetary items, such as loans to subsidiaries and associates, as well as cash equivalents Catella | Interim Report Jul – Sept 2025
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COMMENTS Catella’s investments amount to SEK 1.1 bn (2.1) −Property development projects, project capital and co-investments are valued at cost −Fund investments are valued at market Following repurchase of SEK 100 M of outstanding bonds, cash on balance amounts to nearly SEK 1.6 bn Bond debt amounts to SEK 1.2 billion Reducing current investments with the total amount of debt within the Group, takes Catella to a net cash position exceeding SEK 1.6 bn Additional liquidity reserve through Credit Facility of SEK 200 M signed in Q1-25 18 NET CASH POSITION OF SEK 1.6 BN Catella has a strong recovery profile, with a large net cash position 312 137 370 77 463 1 590 1 191 139 0 500 1 000 1 500 2 000 2 500 3 000 3 500 Development & project companies Holdings in associated companies Receivables from associated companies Current Investments Other non-current securities Cash Bond Other borrowings Net Cash SEK M A total net cash position of SEK 1 619 M SEK 1 360 M SEK 1 330 M 283 M Fund Investments and Co-Investments 134 M Mander 11 M Visa pref. shares Loan Portfolios Catella Project Capital 10 M CPC 97 M Metz 205 M Maltings Catella | Interim Report Jul – Sept 2025
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SUMMARY AND KEY TAKE AWAYS
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Summary and key take-aways 20 Strong foundation for growth Solid liquidity and equity ratio Continued AUM growth through new AM-mandates Progress on refined and clarified strategy Catella | Interim Report Jul – Sept 2025
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→ THANK YOU! www.catella.com
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INVESTOR RELATIONS Most recent equity research Date Institution Recommendation TP 2025-10-31 ABGSC - - 2025-10-07 DNB CAR Hold 33 2025-08-21 Redeye Buy SEK 50 (Base case) Analyst coverage Financial Calendar Institution Recommendation ABGSC Patrik Brattelius DNB CAR Emil Jonsson Redeye Rasmus Jacobsson Year-end Report 2025 17 February 2026 Interim Report Jan-Mar 2026 8 May 2026 Annual General Meeting 12 May 2026 Interim Report Apr-Jun 2026 20 August 2026 Interim Report Jul-Sep 2026 5 November 2026 Largest shareholders 2025-10-31 Capital Votes Claesson & Anderzén 49.4% 49.2% Gran Fondo Capital 7.4% 7.2% Alcur Fonder 3.7% 3.3% Symmetry Invest 3.3% 3.0% Avanza Pension 2.5% 2.3% Nordnet Pension Insurance 2.3% 2.2% Familjen Hedberg 1.1% 1.0% Swedbank Insurance 1.1% 1.0% Nordea Funds 1.1% 1.0% MP Pension PK 1.0% 0.9% Other 27% 28.7% More information: www.catella.com/en/investor-relations MICHEL FISCHIER, CFO +46 (0)70 799 53 39 michel.fischier@catella.com Catella | Interim Report Jul – Sept 2025