Slides
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CATELLA Q3 2026 NOVEMBER 5, 2026 Investor Presentation
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Today’s presenters Catella | Interim Report Jul – Sep 2026 P. 2 Gustav Jansson CFO Rikke Lykke Group CEO
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CATELLA GROUP AT A GLANCE Leading European group in property and alternative investments Catella | Interim Report Jul – Sep 2026 SEK 162 Bn ASSETS UNDER MANAGEMENT LTM REVENUE SEK 1.7 Bn EUROPEAN COUNTRIES 12 OPERATIONS IN 467 EMPLOYEES CORPORATE FINANCE Leading European real estate advisor built on strong local expertise with cross - border capabilities and global investor reach. INVESTMENT MANAGEMENT Regulated fund solutions, tailored indirect investment products, and regional asset management services alongside co - investment opportunities in real - estate development projects.
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4 Resilience and quality of earnings over time • Restructuring of fundraising platform • Restructuring of project development team 1 3 2 Operational excellence • Enabling functions structured as a matrix organisation working pan-European Selected targeted investments in capabilities, track record and operational efficiency • Transforming technology and data to enable digital effectiveness Our strategic focus Catella | Interim Report Jul – Sep 2026
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GROUP KEY HIGHLIGHTS
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Key financial and operational highlights - Q3 2026 Catella | Interim Report Jul – Sep 2026 6 FINANCIAL INVESTMENT MANAGEMENT CORPORATE FINANCE Total Income SEK 359 M (SEK 393 M) ▪ Strategic asset swap of Green Point, a completed and fully let 445 rental apartments development, and in return acquire a development site in Copenhagen ▪ Completion of €215.5 million sale of the remaining 923 - unit Dutch residential portfolio of the Panta Rhei Dutch Residential fund to an affiliate of Lone Star Real Estate Fund VII, concluding a 14 - year Core+ investment strategy that generated an average annual net return of more than 5.5% for investors. ▪ Strong performance, with revenues higher compared to both Q2’26 and Q3’25 ▪ In Spain, Q3 was the strongest quarter of the year, with the main transaction being the sale of a 123 - room hotel on Gran Vía in Madrid (EUR 81m). ▪ In Sweden, as per Q3 ranked #2 sales advisor with 12% market share, #1 in no. of deals (31) and 66% of Stockholm inner city office transactions volume. Operating profit / EBIT SEK - 16 M (SEK 7 M) EBIT margin - 4% (2%) Earnings per share SEK - 0.23 kr (SEK - 0,32)
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Share buy back progress 7 ▪ The program progressed well in Q3 and will continue in the last quarter of the year ▪ A traditional scheme with first purchases made on the 28 th May and active since ▪ As per 30 th September a total of 3’920’497 class B shares have been repurchased at an average price of SEK 19.722 ▪ In total SEK 77 M has been utilised of the AGM approved SEK 100 M mandate Catella | Interim Report Jul – Sep 2026
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INVESTMENT MANAGEMENT
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0 200 400 600 800 1000 1200 1400 1600 0 20 40 60 80 100 120 140 160 180 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q2 2026 Q3 Property Funds Asset Management Development Total revenue LTM 160,0 162,2 11,5 - 12,0 - 1,8 4,5 Q3-25 Inflows Outflows Revaluations Currency Q3-26 AUM growth driven by “Development” offset by redemptions & valuation 9 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 ** 160,8 162,2 0,7 - 2,5 - 0,4 3,5 Q2-26 Inflows Outflows Revaluations Currency Q3-26 Q3 AUM (SEK Bn) LTM AUM (SEK Bn) *** Catella | Interim Report Jul – Sep 2026 * AuM CAGR 16 %
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Investment Management: incomefalling on the back of lower variable fees & offset by maintained cost control 10 ▪ Management fees were broadly stable in SEK, while variable fees fell 39% YoY. ▪ EBIT fell 4% to SEK 23m as lower operating expenses partly offset weaker revenue. 185 198 198 222 219 225 225 206 215 218 208 211 216 209 202 200 204 208 201 35 67 53 160 22 55 21 45 25 35 41 72 12 38 28 71 17 17 19 5 204 23 8 81 13 2 3 0 0 0 0 11 0 4 1 0 50 100 150 200 250 300 350 400 450 500 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 Q1-26 Q2-26 Q3-26 Fixed fees Variable fees Performance fees * * Performance fees part of Acquisition and Disposal fees until reported separately in Q1/22 SEK M Q3 2026 Q3 2025 Change % Management fees 201 200 0% Development fees 9 5 79% Variable fees 19 31 - 39% Performance fees 1 0 2312% Other net sales 0 - 1 - 112% Net Sales 229 235 - 2% Other income 2 2 - 1% Total revenue 231 237 - 2% Assignment expenses and commission - 33 - 32 1% Net revenue 199 204 - 3% Operating expenses - 178 - 182 - 2% Non - controlling interests 0 0 - 17% Share of profit, associates 2 2 43% EBIT 23 24 - 4% EBIT margin, % 10% 10% - 0.2 p.p Catella | Interim Report Jul – Sep 2026
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CORPORATE FINANCE
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Corporate Finance: Improving revenues and EBIT flat 12 ▪ Q3 net sales increased 46% year - on - year to SEK 119m, as growth in Continental Europe more than offset lower sales in the Nordics ▪ EBIT improved to SEK 3m from a loss of SEK 14m, as net revenue growth of 48% outpaced the 19% increase in operating expenses. REVENUE SPLIT PER COUNTRY Q3 2026 France Sweden Finland Spain Denmark SEK M Q3 2026 Q3 2025 Change % Net sales - Nordic 21 25 - 18% Net sales – Continental Europe 98 56 74% Net sales 119 81 46% Other income 6 1 339% Total revenue 125 83 51% Assignment expenses and commission - 29 - 18 62% Net revenue 96 65 48% Operating expenses - 94 - 79 19% EBIT 3 - 14 n.m. EBIT margin, % 2% - 16% +18.7 p.p Property transaction volume, SEK Bn 5.4 4.3 27% of which Nordics 1.9 3.0 - 36% of which Continental Europe 3.5 1.3 172% Catella | Interim Report Jul – Sep 2026
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BALANCE SHEET INVESTMENTS
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Continued progress in current projects 04/11/2026 14 Denmark (Co - Investment) ▪ Residential . Vega, Copenhagen (20%) United Kingdom (Catella APAM) ▪ Mixed use . The Maltings , Salisbury (88%) ▪ Retail . Mander Centre, Wolverhampton (63%) Germany (Catella Project Capital ) ▪ Residential . Seestadt , Düsseldorf (45%) ▪ Residential . Düssel - Terrassen, Düsseldorf (45%) ▪ Office. KöTower , Düsseldorf (23%) ▪ Residential . Silbersteinstrasse , Berlin (100%) France (Catella Logistic Europe) ▪ Logistics. Metz - Eurolog (100%) ▪ Catella Fastighetsfond Systematisk ▪ 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 ) 1.2 1 - 1.5 - whereof investment projects 1 - whereof fund investments 0.2 Project IRR >15% Catella | Interim Report Jul – Sep 2026 SEK M Q3 2026 Q3 2025 Change % Rental income 4 5 - 10% Net capital gain/loss 1 57 - 99% Fair value changes - 3 6 n.m. Dividends and other income 1 5 - 74% Total revenue 3 73 - 95% Assignment expenses and commission - 1 - 57 - 98% Net revenue 2 16 - 88% Operating expenses - 1 - 14 - 95% Other fair value changes - 14 13 n.m. Share of profit/loss, associates - 6 0 1599% Non - controlling interests 0 0 - 14% EBIT - 19 14 n.m. EBIT margin, % - 552% 20% - 571.3 p.p Source figures pending account and comparative - period checks.
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FINANCIALS
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Financial summary 16 INVESTMENT MANAGEMENT BALANCE SHEET INVESTMENTS CORPORATE FINANCE OTHER & ELIMINATIONS GROUP Var’ SEK M Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3’26 vs Q3’25 Total Income 231 237 3 73 125 83 - 1 0 359 393 - 34 Direct assignment costs - 33 - 32 - 1 - 57 - 29 - 18 0 0 - 63 - 107 45 Gross Profit 199 204 2 16 96 65 - 1 0 296 285 11 Operating expenses & other* - 175 - 180 - 20 - 2 - 94 - 79 - 23 - 18 - 313 - 278 - 34 Operating Profit 23 24 - 19 14 3 - 14 - 24 - 18 - 16 7 - 23 Operating Profit margin, % 10% 10% - 552% 20% 2% - 16% n.a. n.a. - 4% 2% - 6.3 p.p Financial items – net 1 - 33 34 Whereof FX - effects** 20 - 11 31 EBT - 15 - 26 11 Tax - 5 - 3 - 3 Net profit/loss - 20 - 28 8 Net profit/loss (excluding FX - effects) - 40 - 17 - 23 Earnings per share, SEK - 0.23 - 0.32 0.08 * 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 – Sep 2026 ADJUSTED NUMBERS Q3 2026 Q3 2025 Var Reported Gross Profit 296 285 Catella Valuations - 10 Fair Value (positive) - 12 Adjusted Gross Profit 296 264 +34 Reported Opex - 313 - 278 Catella Valuations +10 Fair Value (negative) +20 Transformation +11 Adjusted opex - 282 - 268 - 14 Adj. Operating Profit +15 - 4 +20 The above numbers contain items that complicate year - over - year comparisons • 2025 Gross Profit includes SEK 10M incomes related to Catella Valuations, which is since divested and a Positive Fair Value i mpa ct of SEK 12M. • 2025 Operating expenses contain SEK 10M of costs related to Catella Valuations which is since divested and positive one - off item s equal to SEK 5M • 2026 Operating expenses contain a negative fair value impact of SEK 15M and transformation related costs of SEK 11M
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SUMMARY AND KEY TAKE AWAYS
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→ THANK YOU! www.catella.com
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INVESTOR RELATIONS Most recent equity research Date Institution Recommendation TP 2026 - 09 - 04 ABGSC - - 2026 - 08 - 21 Redeye Buy SEK 41 (Base case) 2026 - 09 - 04 DNB CAR Hold SEK 20 (Base case) Analyst coverage Financial Calendar Institution Recommendation ABGSC Patrik Brattelius & Gustaf Jörgensen DNB CAR Emil Jonsson Redeye Rasmus Jacobsson Interim Report Oct - Dec 2026 ▪ 11 Feb 2027 Annual General Meeting ▪ 12 May 2027 Largest shareholders 2026 - 09 - 30 Capital Votes Claesson & Anderzén 49.4% 49.2% Gran Fondo Capital 8.4% 8.1% Avanza Pension 6.2% 5.6% Catella 4.4% 4.0% Nordnet Pension Insurance 2.9% 3.2% Kavaljer Fonder 1.4% 1.3% Symmetry Invest A/S 1.3% 1.2% Nordea Funds 1.2% 1.1% Familjen Hedberg 1.1% 1.0% Swedbank Insurance 1.1% 1.0% Other 22.6% 24.3% More information: www.catella.com/en/investor - relations GUSTAV JANSON, CFO +46 (0)733 522 533 gustav.jansson@catella.com Catella | Interim Report Jul – Sep 2026