Slides
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CATELLA Q4-25 FEBRUARY 17, 2026 Investor Presentation
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Today’s presenters Catella | Interim Report Oct – Dec 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 Oct – Dec 2025 SEK 155 Bn ASSETS UNDER MANAGEMENT LTM REVENUE SEK 2.7 Bn EUROPEAN COUNTRIES 12 OPERATIONS IN 470 EMPLOYEES
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Investment highlights Catella | Interim Report Oct – Dec 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 51% 25% 22% 2% INVESTMENT MANAGEMENT CORPORATE FINANCE PRINCIPAL INVESTMENTS OTHER 53% RECURRING NET REVENUES
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GROUP KEY HIGHLIGHTS
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Key progress during 2025 Catella | Interim Report Oct – Dec 2025 6 OPERATIONAL FINANCIAL STRUCTURAL New CEO ▪ Rikke Lykke assumed the role as new CEO Head of CF / Head of IM ▪ Dominik Röhrich appointed Head of Investment Management, effective 1 March 2026. ▪ Daniel Gorosch appointed Head of Corporate Finance ▪ EBIT of 277 M (128) ▪ EBIT of 394 M (156) excluding items affecting comparability related to impairment of project development, divestment of Valuation France & restructuring ▪ AUM stable despite FX headwinds, adjusting for currency, +6% ▪ Equity ratio of 46% (36%) ▪ Earnings per share of 0.54 SEK (0.34) ▪ Dividend of 0.9 SEK/share (0.9) ▪ Merger of two German fund platforms realizing synergies ▪ Sale of Kaktus reducing exposure to one single development project and new investments in accordance with new investment criteria for Balance Sheet investments (Vega) • Divestment of Valuation France ▪ Integration of PI / Core operations ▪ Progress on common IT - platform 135 128 277 2023 2024 2025 152,4 155,1 155,3 2023 2024 2025 EBIT (SEK M) AUM (SEK Bn)
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European quarterly transaction volumes Catella | Interim Report Oct – Dec 2025 P. 7 ▪ LTM figures supporting continued market recovery ▪ Slow recovery with only slightly higher transaction volumes compared to last year ▪ Office transaction volumes remain low 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 12/2025 Office Log&ind Retail Residential Senior & care Dev site Hotel
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Key financial and operational highlights – Q4 2025 Catella | Interim Report Oct – Dec 2025 8 ▪ Cost efficiencies resulting in increased EBIT despite lower net revenues and FX headwinds ▪ FX headwinds impacting both AUM and revenues Net revenue* SEK 497 M (SEK 495 M) EBIT SEK 11 M (SEK 69 M) EBIT margin 2% (14%) Earnings per share SEK - 0.69 kr (SEK 0.67) ▪ Impairment of KöTower resulting in a negative EBIT effect of SEK 151 M ▪ Continued progress according to plan in the property investments and positive contribution from fund investments ▪ Focus on finalizing and reducing larger balance sheet investments ▪ Evaluating new investment opportunities to generate returns and fuel AUM growth ▪ Positive EBIT effect of SEK 51 M from sale of Valuation ▪ Increased transaction appetite in Sweden and Finland ▪ EBIT +15 M YoY, when adjusting for all items affecting comparability INVESTMENT MANAGEMENT CORPORATE FINANCECATELLA GROUP PRINCIPAL INVESTMENTS *Net revenue: Total revenue after deducting provisions. direct assignment - and production costs
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INVESTMENT MANAGEMENT
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160,0 155,3 2,0 - 3,0 0,7 - 3,1 Q3-25 Inflows Outflows Revaluations Currency Q4-25 Currency adjusted AUM growth of 6% in 2025 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 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 ** 155,1 155,3 15,6 - 5,3 - 0,4 - 9,7 Q4-24 Inflows Outflows Revaluations Currency Q4-25 LTM AUM (SEK Bn) Q4 AUM (SEK Bn) *** Catella | Interim Report Oct – Dec 2025
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Stability in fixed fees and cost control 11 ▪ Currency adjusted, total fixed fees increased 1% compared to Q4 2024 ▪ Performance fee in Catella Aquila ▪ EBIT +37% despite a - 3% drop in net revenues 188 185 198 198 222 219 225 225 206 215 218 208 211 208 209 202 200 122 35 67 53 160 22 55 21 45 25 35 41 72 13 38 28 71 5 204 23 8 81 13 2 3 0 0 0 0 11 0 50 100 150 200 250 300 350 400 450 500 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 Q4-25 Fixed fees Variable fees Performance fees * * 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 2025 Q4 2024 Change % Property Funds ** 223 241 - 7% Asset Management ** 87 78 12% Eliminations - 25 - 31 - 20% Total revenue 285 288 - 1% Thereof fixed fee revenue 200 211 - 5% Assignment expenses and commission - 40 - 36 11% Net revenue 245 252 - 3% Variable expenses - 27 - 38 - 29% Operating expenses - 171 - 180 - 5% EBIT 46 34 37% EBIT margin, % 19% 13% 5 p.p. Catella | Interim Report Oct – Dec 2025
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PRINCIPAL INVESTMENTS
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Continued progress in current projects 16/02/2026 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 Q4 2025 Q4 2024 LTM Q4 2025 LTM Q4 2024 Total revenue 59 591 545 845 Assignment expenses and production costs - 4 - 503 - 170 - 648 Net revenue 55 88 375 197 Operating Expenses - 155 - 70 - 230 - 166 Deducted result from non - controlling operations 1 - 1 - 5 3 EBIT - 98 17 140 34 EBIT margin, % - 178% 19% 37% 17% Catella | Interim Report Oct – Dec 2025
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CORPORATE FINANCE
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Revenue and results of operations 15 KEY TAKE-AWAYS ▪ Increased revenues YoY, a combination of the sale of Valuation in France and increased transaction activity in Sweden and Finland ▪ LY positively impacted by reversal of provisions amounting to 11M ▪ Adjusted EBIT, excluding items affecting comparability, increased by 15M compared to last year REVENUE SPLIT PER COUNTRY Q4 REVENUE SPLIT PER ADVISORY SERVICES Q4 Transaction Valuation Letting France Spain Sweden Finland Denmark SEK M Q4 2025 Q4 2024 Change % Total revenue 246 169 46% Assignment expenses and commission - 42 - 36 19% Net revenue 204 133 53% Operating expenses - 116 - 102 14% EBIT 88 31 >100% EBIT margin, % 43% 23% 20 p.p. Property transaction volume, SEK Bn 8.4 10.7 - 22% of which Nordics 5.3 4.9 9% of which Continental Europe 3.0 5.8 - 48% Catella | Interim Report Oct – Dec 2025
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FINANCIALS
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Financial summary 17 INVESTMENT MANAGEMENT PRINCIPAL INVESTMENTS CORPORATE FINANCE OTHER & ELIMINATIONS GROUP Var’ GROUP Var’ SEK M Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4’25 vs Q4’24 Full year 2025 Full year 2024 2025 vs 2024 Total revenue 285 288 59 591 246 169 - 8 - 2 582 1 045 - 463 2 017 2 307 - 236 Direct assignment costs - 40 - 36 - 4 - 503 - 42 - 36 0 24 - 85 - 550 465 - 378 - 844 466 Net revenue 245 252 55 88 204 133 - 7 22 497 495 2 1 693 1 464 230 Operating expenses* - 199 - 218 - 153 - 71 - 116 - 102 - 18 - 34 - 486 - 425 - 61 - 1 417 - 1 336 - 80 EBIT 46 34 - 98 17 88 31 - 25 - 12 11 69 - 59 277 128 149 EBIT margin, % 19% 13% - 178% 19% 43% 23% n.a. n.a. 2% 14% - 12 p.p 16% 9% 7 p.p Financial items – net - 43 - 6 - 37 - 198 - 94 - 104 Whereof FX - effects** - 26 31 - 57 - 101 53 - 154 EBT 33 63 - 96 78 33 45 Tax - 28 - 4 - 24 - 30 - 3 - 27 Net profit/loss - 61 59 - 120 48 30 18 Net profit/loss (excluding FX - effects) - 35 28 - 63 149 - 23 172 Earnings per share, SEK - 0.69 0.67 0.54 0.34 * 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 Oct – Dec 2025
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Investment Management Balance Sheet Investments Corporate Finance Property Funds Asset Management Mandates Development Mandates Fund Administration Mandates Value Drivers Fixed Fee Revenue Variable Revenue Performance Fees Balance Sheet Investments Support growth in Assets under Management Investments Returns Transactional Advisory Transaction based Revenues Catella’s value drivers are fee profits in IM and CF and investment returns from balance sheet investments Development Fees Fund Administration Fees P. 18 Catella | Interim Report Oct – Dec 2025
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Investment Management Investment Returns EBITDA incl. Investment Returns Corporate Finance EBITDA excl. Other & Eliminations Other & Eliminations EBITDA EBITDA Bridge P. 19 Catella | Interim Report Oct – Dec 2025
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SUMMARY AND KEY TAKE AWAYS
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Summary and key take - aways 21 Continued transition towards a focused and renewed Catella Foundation for growth supported by solid liquidity and equity ratio AUM growth in a cautious but recovering real estate market Catella | Interim Report Oct – Dec 2025
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→ THANK YOU! www.catella.com
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INVESTOR RELATIONS Most recent equity research Date Institution Recommendation TP 2026 - 02 - 12 ABGSC - - 2026 - 02 - 10 Redeye Buy SEK 51 (Base case) 2026 - 02 - 09 DNB CAR Hold SEK 27 (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 - 01 - 31 Capital Votes Claesson & Anderzén 49.4% 49.2% Gran Fondo Capital 7.4% 7.2% Symmetry Invest 3.5% 3.2% Alcur Fonder 3.1% 2.8% Avanza Pension 2.8% 2.6% Nordnet Pension Insurance 2.4% 2.3% Kavaljer Fonder 1.2% 1.1% Familjen Hedberg 1.1% 1.0% Swedbank Insurance 1.1% 1.0% Nordea Funds 1.1% 1.0% Other 26.9% 28.6% More information: www.catella.com/en/investor - relations MICHEL FISCHIER, CFO +46 (0)70 799 53 39 michel.fischier@catella.com Catella | Interim Report Oct – Dec 2025
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COMMENTS ▪ Catella’s investments amount to SEK 1.1 bn ( 1.8 ) − 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 24 NET CASH POSITION OF SEK 1.6 BN Catella has a strong recovery profile, with a large net cash position 333 69 329 75 510 1 611 1 191 133 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 1 603 M SEK 1 316 M SEK 1 324 M 303 M Fund Investments and Co - Investments 148 M Mander 11 M Visa pref. shares Loan Portfolios Catella Project Capital 15 M CPC 96 M Metz 222 M Maltings Catella | Interim Report Oct – Dec 2025