Interim report
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INTERIM REPORT JULY – SEPTEMBER 2026 Sharpening Catella for long-term value creation ” While market conditions remained mixed during the quarter, Catella’s Total In- come fell by SEK 34 million, while reported gross profit grew by 4%. Adjusted for disposals and fair value changes, underlying third quarter growth was 13%. Profita- bility is not yet where it needs to be, and we have therefore taken concrete actions to reduce our fixed cost base and improve efficiency across the Group. These measures are an important step towards strengthening earnings quality and build- ing a more focused and scalable Catella. The priority now is disciplined execution and delivering the benefits of the current and future actions. " Rikke Lykke, Group CEO Progress during the quarter Progress during the year Financial results • Net sales in the quarter amounted to SEK 351 M (378). • Gross profit amounted to SEK 296 M (285). The year-on-year increase was primarily driven by higher gross profit in Corpo- rate Finance, partly offset by lower gross profit in Investment Management and Balance Sheet Investments. • Operating result was SEK -16 M (7 M) on a reported basis. • Operating result, adjusted for items affecting comparability, was SEK 15 M in Q3’26, an improvement by SEK 20 M compared to the adjusted Q3’25 results. The adjustments are SEK 8 M in Fair Value changes, SEK 11M of one-off opex items and SEK 1M re- lated to the Catella Valuations disposal. • Earnings per share before and after dilution was SEK -0.23 (-0.32). Assets under management • Assets under management (AUM) amounted to SEK 162 Bn at the end of the period, an increase of SEK 1 Bn compared with the second quarter of 2026. Financial results • Net sales for the first nine months of 2026 amounted to SEK 1,047 M (1,425). • Gross profit amounted to SEK 854 M (1 197). • Operating result was SEK -53 M (279). • Earnings per share before and after dilution amounted to SEK -0.94 (1.23). Assets under management • Assets under management (AUM) amounted to SEK 162 Bn at the end of the period, an increase of SEK 2 Bn compared with the same period last year. • The year-on-year increase includes a reporting change intro- duced in 2026, under which assets under development of ap- proximately SEK 5 Bn are included in AUM. Total income Operating result Assets under management SEK 1,651 M SEK -42 M SEK 162 Bn Last 12 months Last 12 months End of period
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INTERIM REPORT JULY – SEPTEMBER 2026 2 CEO COMMENTS Decisive actions to strengthen earnings quality, improve effi- ciency, profit margins and build a more scalable Catella Group. We operate in a challenging market. While the timing of a recov- ery remains uncertain, we are confident that conditions will im- prove. We will not, however, rely on a market recovery to deliver stronger profitability. Our priority is to make Catella more profita- ble even in a weak market, and we are taking decisive action across the Group to improve our efficiency and profit margins through softer market cycles. My first twelve months have confirmed Catella’s strong capabili- ties, attractive market positions and talented people. They have also given me the opportunity to listen closely to our businesses and assess our markets and operating model. The priorities are clear: improve performance, simplify the organisation and strengthen long-term shareholder value. We have identified and prioritised actions by impact and execu- tion time. The three priorities set out at this year’s Annual General Meet- ing remain our guide for 2026: resilience and quality of earnings, operational excellence, and targeted investments in capabilities, track record and operational efficiency. Strengthening earnings quality During the year, we have conducted a thorough review of our ac- tivities, resource allocation and strategic priorities. This review has already resulted in a number of decisive measures, including the restructuring of our UK fundraising platform and our develop- ment management team in Germany during the quarter. These measures simplify the Group and strengthen future earn- ings quality. While the measures taken so far in 2026 entail one-off costs this year of 30 million SEK, they are expected to deliver an- nual efficiency gains of SEK 40 million on a 12-month run-rate ba- sis from 2027 onwards. These actions only mark the first phase of our work to strengthen earnings quality. We see further opportunities to im- prove efficiency and profit margins and will revert with more de- tails as the work progresses. During Q3, we signed an agreement to divest a completed Danish residential development and reinvest alongside an interna- tional investor in a new residential development through a newly established joint venture. The divestment is expected to generate a profit when it closes in early Q1 2027, while the joint venture is expected to generate future management fees. Driving operational excellence A key conclusion from my first year as CEO is that Catella can op- erate more efficiently by leveraging its scale and capabilities across the Group. From 1 January 2027, we will adopt a federated operating model that combines local entrepreneurship and market expertise with clearer Group-wide support and governance. Over time, this will reduce duplication, improve coordination and create a more scala- ble platform, allowing client-facing teams to spend more time with clients, managing investments and generating business. Making targeted investments in capabilities to support continued performance and efficiency Alongside our efficiency initiatives, we continue to invest selec- tively in technology, data, cyber security and AI capabilities to strengthen Catella's long-term competitiveness and operational ef- fectiveness. This is not simply about cutting costs. It is about build- ing a platform that improves productivity, supports growth and delivers better client outcomes. Our current IT landscape was not designed to support the Group as one coherent organisation, resulting in fragmented pro- cesses and limited standardisation. As we strengthen Group-wide capabilities, some recently implemented systems may therefore become redundant. Our employees are our most important resource and central to Catella’s continued development. I would therefore also like to welcome our new Chief People Officer, Lee Baz- Sanchez, as the latest senior appointment to help drive Catella’s transformation. Quarterly financial performance Benefits from the 2026 restructuring measures are beginning to emerge, with substantial effects expected from 2027 onwards. Market conditions remained mixed during the quarter. Client activity within Corporate Finance continued to improve despite renewed interest rate uncertainty, and significant new mandates support future revenue generation. Corporate Finance net reve- nues increased by SEK 31 million compared with the correspond- ing quarter last year. Fundraising within Investment Management remained challeng- ing. Higher interest rates and attractive fixed-income yields contin- ued to influence investor allocations, limiting demand for funds with lower-yielding underlying assets. Redemptions exceeded in- flows for the third consecutive quarter. Net outflows increased to approximately 3% of AUM on a constant-currency basis. Balance Sheet Investments gross profits declined by SEK 14 mil- lion year on year, primarily due to a legacy investment. This re- flects our strategic decision to mitigate risk and limit balance sheet exposure to selectively deploy capital to seed investments where we see attractive long-term opportunities. We redeemed SEK 532 million of our own bonds during the quarter, reducing annual borrowing costs by more than SEK 30 million and improving capital allocation efficiency. Operating costs in Q3’26 were affected by a SEK 21 million negative fair value adjustment and one-off transformation costs of SEK 11 M. Delivering on our priorities The past year has been about scrutinising the business, challenging assumptions, establishing clear priorities and setting the transfor- mation in motion. The coming year 2027 will be about disciplined execution and delivering the benefits.
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INTERIM REPORT JULY – SEPTEMBER 2026 3 We are taking decisive actions to strengthen earnings quality, improve operational efficiency and focus resources on the areas where Catella can create the greatest value. While market condi- tions remain uneven, the actions taken in 2026 are building a more focused and scalable Catella, positioned to deliver sustainable profitability and long-term shareholder value. Catella will be presenting the Interim Report and answering questions today at 10 a.m. CEST. To participate in the conference, please see: https://catella.events.inderes.com/q3-report-2026 Rikke Lykke, Group CEO Stockholm, Sweden 5 November2026
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INTERIM REPORT JULY – SEPTEMBER 2026 4 Our business areas Catella comprises the business areas Investment Management and Corporate Finance, which are described in more detail below. Catella also reports its Balance Sheet Investments separately. Investment Management Catella is a leading specialist in property investment management with investments in 16 geographical markets in Europe, and present in 12. Catella offers institutional and other professional investors attractive, risk-adjusted returns through regulated property funds and frequently sustainability-focused asset management services through two service areas: Property Funds and Asset Management. Property Funds offers funds with various investment strategies in terms of risk and return, type of property and location. Through more than 20 specialised property funds, investors gain access to fund management and efficient allocation between different European markets. Catella’s Asset Management business area provides asset management services to property funds, other institutions and family offices. For more information about the business area, see page 7-8. Corporate Finance Catella provides quality capital markets services to property owners and advisory services for all types of property-related transactions to various categories of property owners and investors. Operations are carried out on five markets and offer local expertise about the property markets in combination with European reach. For more information about the business area, see page 9. Balance Sheet Investments Catella makes own sustainability-focused real estate investments together with partners and external investors. The goal of the investments is to grow AUM in Investment Management and create a strong base of recurring income. This is done through seed investments in new in-house funds, co-investments with external capital partners to secure long-term asset management mandates, and investments in development projects alongside majority-owning capital partners. In addition to growing managed capital and fixed fees, the return requirements are a minimum of 15% IRR on own investments. For more informa tion about Balance Sheet Investments, see page 10-11.
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INTERIM REPORT JULY – SEPTEMBER 2026 5 Comments on the Group’s progress Results and comments on page 5-11 relate to operating result attributable to Catella AB’s shareholders. The difference to the Group’s formal Income Statement is that deductions have been made in the Income Statement for results attributable to shareholders with non-controlling inter- ests. A complete reconciliation can be found in Note 1. * Net profit/loss for the period is reconciled in Note 1. Income Statement by business area - Profit/loss attributable to the Parent Company Catella AB’s shareholders. Group net sales and profit/loss Third quarter 2026 Net sales for the Group amounted to SEK 351 M (378), with the change compared to the previous year primarily attributable to Balance Sheet Investments, which did not make any divestments during the period. Last year Metz-Eurolog revenue recognized SEK 57 M for completed milestones and a gross profit of zero. Investment Management's net sales were slightly lower, due to lower transaction-based fees compared to the previous year. Fixed management fees were in line with the previous year. Corporate Finance reported a strong quarter, with net sales in- creasing by SEK 37 M to SEK 119 M (81). Excluding Catella Valua- tion Advisors, which was divested in November 2025, net sales for the period increased by SEK 47 M. The operations in Spain and France accounted for the largest increases in both net sales and gross profit. Operating expenses increased primarily due to consultancy costs for the ongoing review of the Group’s operations and struc- ture, severance payments, and higher performance-based com- pensation within Corporate Finance. In addition, the result for the period was impacted by negative changes in fair value of SEK -17 million (16) related to the holding in Pamica. Comments on the progress of each business area is found on pages 7-11. The Group’s net financial income/expense amounted to SEK 1 M (-33) and include positive exchange rate differences of SEK 20 M (-11). Interest expenses for the period decreased by SEK 6 M to SEK 21 M (27) as a result of Catella AB's repurchase and re- demption of bonds during the last 13-month period and thus lower borrowing volume. Premium paid for the redemption of bonds in September 2026, SEK 6 M, as well as capitalized loan ar- rangement costs attributable to the redeemed volume, SEK 4 M, was expensed during the period. Profit/loss for the period was SEK -20 M (-28), corresponding to earnings per share of SEK -0.23 (-0.32) attributable to the Par- ent Company’s shareholders. Significant events in the quarter During the period August-September, Catella AB repurchased an additional 1,392,066 own Class B shares for an amount of SEK 25.5 M. On September 16, Catella AB redeemed its entire outstanding bond loan, which had a nominal value of SEK 600 M—of which bonds with a nominal value of SEK 73.75 M had previously been repurchased by the company—at a redemption price of 101.17 percent of the nominal amount. The transaction resulted in a cash outflow of SEK 532 M. 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 SEK M Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Net sales 229 235 119 81 5 62 -2 -0 351 378 Other operating income 2 2 6 1 -1 11 1 1 8 15 Total income 231 237 125 83 3 73 -1 0 359 393 Provisions, direct assigment and production costs -33 -32 -29 -18 -1 -57 0 -0 -63 -107 Gross profit 199 204 96 65 2 16 -1 -0 296 285 Other external expenses -50 -47 -25 -19 -1 -7 -6 -1 -81 -73 Personnel costs -116 -121 -65 -55 0 -1 -17 -13 -197 -190 Depreciation -10 -13 -4 -5 0 -0 -4 -3 -18 -21 Other operating expenses -1 -1 -0 0 -14 6 3 -0 -12 5 Share of profit/loss from associated companies 2 2 0 0 -6 -0 0 0 -4 1 Less profit attributable to non-controlling interests -0 -0 0 0 0 0 0 0 0 0 Operating profit/loss 23 24 3 -14 -19 14 -24 -18 -16 7 Interest income 10 10 Interest expenses -21 -27 Other financial items 12 -16 Financial items—net 1 -33 Profit/loss before tax -15 -26 Tax -5 -3 Net profit/loss for the period * -20 -28 Balance Sheet Investments Other and group eliminations Group Investment Management Corporate Finance
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INTERIM REPORT JULY – SEPTEMBER 2026 6 Catella appointed Lee Baz-Sanchez as new Chief People Of- ficer, effective November 2 and based in London. Lee will join the Executive Management. During September 634 shares of class A was converted into the same number of class B shares, reducing the total number of votes by 2,536 to 97,703,804. Significant events after the end of the quarter On October 13, it was announced that the German open-ended real estate investment fund Catella MAX is being wound up and liquidated in an orderly manner. Group net sales and profit/loss Nine-month period 2026 The comparison of the Group’s total income and gross profit for the nine-month period of 2026 with the corresponding period of the previous year is affected by a number of items affecting com- parability in 2025, such as the sale of Kaktus Towers and the hold- ing in CatWave, the divestment of the subsidiary Catella Valuation Advisors, and an income linked to the acquisition of shares in Ca- tella Aquila. The Group's total income and gross profit for the nine-month period of 2025, adjusted for these items affecting comparability, amounted to SEK 1,102 M and SEK 826 M respec- tively. Personnel costs for the period were SEK 43 M lower than in the previous year; however, after adjusting for items affecting comparability related to divested operations, personnel costs were SEK 8 M lower, driven by a decrease in variable remuneration. Fixed salary costs were however higher in the current year. In addition, the operating result for the period was impacted by negative changes in fair value of SEK -33 M (-1) related to the holding in Pamica. The Group’s financial net improved significantly during the nine- month period 2026, mainly due to positive exchange rate changes of some SEK 122 M (31). Funding to subsidiaries and associated companies is provided by Catella Holding AB in local currency. Outstanding loan receivables in foreign currency as well as the Swedish holding companies’ cash positions in foreign currency, give rise to currency exposure, the effects of which are reported in the consolidated income statement. The positive exchange rate differences during the period are due to the fact that the EUR, DKK and GBP exchange rates strengthened in relation to the Group's reporting currency SEK. Improved financial net is also due to lower interest expenses as a result of the sale of Kaktus in May 2025 as well as Catella AB's lower borrowing volume in the bond market during 2026. The high tax expense in relation to the Group’s profit/loss be- fore tax was mainly due to limited opportunities for tax offset be- tween various Group operations and jurisdictions. 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 SEK M Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Net sales 679 718 306 273 68 460 -6 -26 1 047 1 425 Other operating income 7 20 8 3 4 11 2 30 21 64 Total income 686 738 314 276 73 471 -4 4 1 068 1 489 Provisions, direct assigment and production costs -96 -99 -63 -50 -57 -168 1 24 -214 -292 Gross profit 590 639 251 226 16 303 -3 29 854 1 197 Other external expenses -153 -153 -73 -67 -2 -12 -14 -1 -242 -233 Personnel costs -330 -368 -184 -184 0 -9 -52 -48 -566 -610 Depreciation -30 -41 -13 -14 0 0 -11 -8 -54 -63 Other operating expenses -5 -4 -1 -1 -32 -9 4 6 -35 -8 Share of profit/loss from associated companies 5 2 0 0 -15 -6 0 0 -10 -4 Less profit attributable to non-controlling interests -1 -3 0 0 1 -11 0 0 -0 -13 Operating profit/loss 77 74 -20 -41 -33 256 -77 -24 -53 266 Interest income 24 30 Interest expenses -66 -94 Other financial items 29 -91 Financial items—net -12 -155 Profit/loss before tax -65 111 Tax -17 -2 Net profit/loss for the period * -82 109 Group Other and group eliminations Corporate Finance Investment Management Balance Sheet Investments
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INTERIM REPORT JULY – SEPTEMBER 2026 7 Investment Management Net sales and profit/loss Third quarter 2026 Net sales were SEK 229 M (235), and gross profit amounted to SEK 199 M (204). Net sales for the business area decreased by SEK 5 M, with recurring management fees providing a stable reve- nue base. Transaction-related revenues were affected by the tim- ing of acquisitions and disposals during the quarter. Total income decreased by SEK 5 M compared with the same pe- riod last year, reflecting lower transaction-related revenues. Operating expenses decreased compared with last year, mainly re- flecting lower personnel costs, partly offset by higher other exter- nal expenses, primarily related to office rent, group management fees, lease-related costs and IT expenses. Several operations con- tinued to adjust expenditure in line with the current level of busi- ness activity. Operating profit amounted to SEK 23 M (24). Recurring manage- ment fees and contributions from transaction, letting and perfor- mance-related fees supported earnings during the quarter. Nine-month period 202 6 Net revenues decreased compared with the corresponding pe- riod in 2025, mainly reflecting lower variable revenues. Lower op- erating expenses partly offset the decline, supported by continued cost discipline and adjustments to the current level of business ac- tivity. Investment Management SEK M 2026 2025 2026 2025 Rolling 2025 INCOME STATEMENT—CONDENSED Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec Management fees 201 200 595 614 794 813 Development fees 9 5 25 21 34 29 Variable fees 19 31 53 82 124 153 Performance fee 1 0 5 0 16 11 Other net sales 0 -1 0 1 0 1 Net sales 229 235 679 718 969 1 007 Other income 2 2 7 20 10 24 Total income 231 237 686 738 979 1 031 Assignment expenses and commission -33 -32 -96 -99 -136 -139 Gross profit 199 204 590 639 843 892 Operating expenses -178 -182 -518 -565 -729 -777 Share of profit/loss from associated companies 2 2 5 2 9 6 Less profit attributable to non-controlling interests 0 0 -1 -3 -1 -3 Operating profit/loss 23 24 77 74 121 118 KEY FIGURES Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec Operating margin, % 10 10 11 10 12 11 Assets under management at end of period, SEK Bn 162,2 160,0 162,2 160,0 - 155,3 of which Property Funds 111,4 111,0 111,4 111,0 - 107,8 Whereof Asset Management 42,5 49,0 42,5 49,0 - 47,4 whereof Development 8,3 0,0 8,3 0,0 - 0,0 No. of employees, at end of period 305 310 305 310 - 306 3 Months 9 Months 12 Months OPERATING PROFIT TOTAL INCOME ASSETS UNDER MANAGEMENT 0 100 200 0 10 20 30 40 50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Operating profit SEK M 920 940 960 980 1 000 1 020 1 040 1 060 1 080 1 100 0 100 200 300 400 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Revenues SEK M 0,0% 0,2% 0,4% 0,6% 0,8% 1,0% 1,2% 1,4% 1,6% 140 150 160 170 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Fee/AUM SEK Bn
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INTERIM REPORT JULY – SEPTEMBER 2026 8 Assets under management by service area and country Total AUM was SEK 162 Bn, of which SEK 111 Bn related to Property Funds, SEK 43 Bn to Asset Management and SEK 8 Bn to Development. Germany is Property Funds' largest market with the highest proportion of invested capital. ASSETS UNDER MANAGEMENT BY SERVICE AREA ASSETS UNDER MANAGEMENT BY COUNTRY Change in assets under management AUM increased from SEK 160.0 Bn to SEK 162.2 Bn compared with the same period last year, a net increase of SEK 2.1 Bn. The increase was primarily driven by the newly introduced reporting of assets under development, which contributed SEK 8.3 Bn, and higher AUM in Property Funds. This was partly offset by lower AUM in Asset Management, mainly reflecting mandate termina- tions, disposals and redemption activity. AUM increased from SEK 160.8 Bn in Q2 to SEK 162.2 Bn in Q3, representing a net increase of SEK 1.3 Bn during the quarter. The increase was driven by positive currency effects of SEK 3.5 Bn and inflows of SEK 0.7 Bn. This was partly offset by outflows of SEK 2.5 Bn and negative market revaluations of SEK 0.4 Bn. In Property Funds, AUM increased by SEK 1.7 Bn compared with the previous quarter and by SEK 0.3 Bn year-on-year. In Asset Management, AUM decreased by SEK 0,5 Bn compared with the previous quarter and decreased by SEK 6.5 Bn year-on-year. In Development, AUM increased by SEK 0.2 Bn compared with the previous quarter and by SEK 8.3 Bn year-on-year, reflecting the newly introduced reporting of assets under development. ASSETS UNDER MANAGEMENT, LAS-T 12 MONTHS, SEK BN ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN 69% 26% 5% Property Funds Asset Management Project Development SEK 162,2 bn Germany 35% Denmark 13% Netherlands 12% France 11% UK 10% Spain 5% Austria 4% Finland 4% Other 4% SEK 162,2 bn 162,2- 12,0 - 1,8 4,5160,0 11,5 SEK Bn 162,2- 2,5 -0,4 3,5160,8 0,7 SEK Bn
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INTERIM REPORT JULY – SEPTEMBER 2026 9 Corporate Finance Net sales and profit/loss Third quarter 2026 The European transaction market recorded higher transaction vol- umes in the third quarter than in the corresponding period last year and the second quarter of 2026. Property transactions in which Catella acted as advisor totalled SEK 5.4 Bn (4.3) during the quarter. Of this volume, SEK 1.9 Bn (3.0) related to the Nordic region and SEK 3.5 Bn (1.3) to Conti- nental Europe. Sweden accounted for SEK 1.7 Bn, Spain SEK 1.3 Bn, France SEK 0.9 Bn, Denmark SEK 0.8 Bn and Finland SEK 0.4 Bn. Corporate Finance’s net sales increased to SEK 119 M (81), driven by Continental Europe, where net sales rose to SEK 98 M (56), while Nordic net sales decreased to SEK 21 M (25). Gross profit increased to SEK 96 M (65). The stronger performance was primarily attributable to higher transaction activity in Spain and France. Spain completed several sizeable transactions during the quarter, while the French opera- tions reported particularly strong activity in residential capital mar- kets and selected commercial-property transactions. Operating expenses increased to SEK 94 M (79), partly reflecting higher variable personnel and other operating costs. Operating profit consequently amounted to SEK 3 M (-14), corresponding to an operating margin of 2% (-16%). Nine-month period 202 6 On an underlying basis, adjusting the 2025 results for commission income related to the disposals of Kaktus and Catella Valuation Advisors, Corporate Finance reported SEK 38 M higher net reve- nues. SEK M 2026 2025 2026 2025 Rolling 2025 INCOME STATEMENT—CONDENSED Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec Net sales - Nordic 21 25 92 107 143 158 Net sales - Continental Europe 98 56 214 165 356 308 Net sales 119 81 306 273 500 466 Other income 6 1 8 3 60 56 Total income 125 83 314 276 560 522 Assignment expenses and commission -29 -18 -63 -50 -105 -92 Gross profit 96 65 251 226 455 429 Operating expenses -94 -79 -271 -266 -387 -382 Share of profit/loss from associated companies 0 0 0 0 0 0 Less profit attributable to non-controlling interests 0 0 0 0 0 0 Operating profit/loss 3 -14 -20 -41 68 472026 2025 2026 2025 Rolling 2025 KEY FIGURES Jul-Sep Jul-Sep Jan-Sep Jan-Sep 12 Months Jan-Dec Operating margin, % 2 -16 -6 -15 12 9 Property transaction volume for the period, SEK Bn 5,4 4,3 20,5 16,4 28,9 24,8 of which Nordic 1,9 3,0 13,2 13,1 18,6 18,5 of which Continental Europe 3,5 1,3 7,3 3,3 10,3 6,3 No. of employees, at end of period 146 150 146 150 - 141 3 Months 9 Months 12 Months TRANSACTION VOLUMES TOTAL INCOME OPERATING PROFIT 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 0,0 2,0 4,0 6,0 8,0 10,0 12,0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Transaction volumes SEK M 0 100 200 300 400 500 600 700 0 50 100 150 200 250 300 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Revenues SEK M -60 -40 -20 0 20 40 60 80 100 120 -40 -20 0 20 40 60 80 100 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 LTM - Operating profit SEK M
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INTERIM REPORT JULY – SEPTEMBER 2026 10 Balance Sheet Investments Net sales and profit/loss Third quarter 2026 Income totalled SEK 3 M (73), a decrease of SEK 69 M, primarily due to that no projects were divested during the period. Last year Metz-Eurolog revenue recognized SEK 57 M for completed mile- stones and a gross profit of zero. Operating loss for the business area amounted to SEK -19 M (14), mainly reflecting fair value changes of SEK -17 M (16) and a share of loss from associated companies of SEK -6 M (0). As of 30 September, Catella had invested SEK 973 M in prop- erty development projects and other investments across Europe, an increase of SEK 113 M during the quarter, mainly related to the KöTower project. See page 11 for further information. Nine-month period 202 6 The decrease in income and operating result compared with the corresponding period last year was mainly attributable to the di- vestment of Kaktus in 2025, as well as negative fair value changes and losses from associated companies in the current period. S EK M 2026 2025 2026 2025 Rolling 2025 I N C O M E ST A T EM EN T — C O N D EN SED J ul-S ep J ul-S ep J an-S ep J an-S ep 12 Months J a n-Dec Rental income 4 5 12 45 17 51 Net capital gain/ loss 1 57 56 414 43 401 N et sales 5 62 68 460 60 452 Fair value changes -3 6 0 6 58 64 Dividends and other income 1 5 4 5 7 8 Total income 3 73 73 471 125 524 P rovis ions , direct as s ig ment and production cos ts -1 -57 -57 -168 -61 -172 Gros s profit 2 16 16 303 65 352 O ther operating expenses -1 -14 -1 -29 -5 -34 Fair value changes -14 13 -33 -1 -46 -13 S hare of profit/ los s from as s ociated companies -6 0 -15 -6 -143 -134 Les s profit a ttributa ble to non-controlling interes ts 0 0 1 -11 0 -11 Ope ra ting profit/los s -19 14 -33 256 -129 160 KEY FI G U RES Opera ting ma rg in, % -552 20 -45 54 -103 31 Catella invested capital 973 814 973 814 - 835 3 Months 9 Months 12 Months INVESTED CAPITAL BY COUNTRY* INVESTED CAPITAL BY ASSET CLASS* OPERATING PROFIT * The figures indicate the share of Balance Sheet Investments’ total investment and what proportion consists of capital contributions and loans issued, respectively. Germany 63% UK 20% France 5% Denmark 9% Finland 3% =?SEK 973 M Residential 33% Office 37% Retail 20% Logistics 9% Industri 1% =?SEK 973 M -150 -100 -50 0 50 100 150 200 250 300 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 SEK M
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INTERIM REPORT JULY – SEPTEMBER 2026 11 Balance Sheet Investments The following table shows the investment status for ongoing prop- erty development projects and other investments as of 30 Sep- tember 2026. The project company’s total investment includes invested capital from Catella, partners and external financing. Ca- tella’s total investment refers to both capital contributed and loans provided. Seestadt and Düssel-Terrassen include a number of phases in each project, which will be completed at different times. Catella’s total investment volume increased by SEK 113 M in the third quarter, amounting to SEK 973 M at the end of the period. The majority of this increase relates to the KöTower project. . In addition to investments in property development projects, Ca- tella also invested in funds valued at fair value according to the fol- lowing table. During the third quarter, changes in fair value amounted to SEK -17 M (16) primarily attributable to the holding in Pamica. No new transactions in the holdings were completed during the period. See also Note 4 and 5. Catella’s commitments in Balance Sheet Investments that have not been included in the Statement of Financial Position are specified in Note 6. Pledged assets and contingent liabilities. Property Development Projects Country Investment type Project start Estimated completion Catella capital share, % Project company's total investment, SEK M Catella's total investment, SEK M * PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES** Maltings UK Retail Q4 2021 2027 88 249 91 Mander Centre UK Retail Q1 2022 2027 63 102 102 Silbersteinstrasse Germany Residential Q1 2026 2028 100 17 17 Total Direct Investments 368 210 Metz-Eurolog**** France Logistics Q3 2020 2027 100 42 42 Polaxis France Logistics Q4 2022 2024 100 5 5 Mer Logistique France Logistik Q1 2020 Q4 2022 100 0 - Other Catella Logistic Europé France Logistics 5 5 Total Catella Logistic Europe 47 47 Subtotal Subsidiaries 415 257 PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES*** Seestadt Germany Residential Q1 2019 2030+ 45 915 167 Düssel-Terrassen Germany Residential Q4 2018 2030+ 45 337 70 KöTower Germany Office Q2 2021 2028 23 1 365 357 Total Catella Project Capital 2 616 594 Vega Denmark Residential Q4 2024 2028 20 395 66 Subtotal Associated companies 3 012 660 PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES Le Perouse France Hotel Ej tillämpligt Ej tillämpligt 0.4 - - Hotel Clichy France Hotel Ej tillämpligt Ej tillämpligt 13 - 1 Nice Hotelinvest France Hotel Ej tillämpligt Ej tillämpligt 5 - - Finnish Light Industrial Finland Industrial Ej tillämpligt Ej tillämpligt 40 - 12 Hamlet Danmark Logistics Ej tillämpligt Ej tillämpligt 5 - 22 Blizzard Finland Logistics Ej tillämpligt Ej tillämpligt 5 - 16 Gloss Denmark Residential Ej tillämpligt Ej tillämpligt 5 - 5 Total Co-Investments 56 Total 3 426 973 * Refers to both capital injections and loans provided ** The project is consolidated as a subsidiary with full consolidation *** The project is accounted for as an associated company according to the equity method **** The project is sold through forward-funding arrangement with investor. Catella's profit is realized over time with the completion of the project 2026 2025 2025 SEK M 30-sep 30-sep 31-dec Pamica 120 130 154 Catella Fastighetsfond Systematisk C 18 21 21 Catella APAM Strategic Equities Fund I 26 25 24 UPEKA 106 107 104 Total fund holdings 270 283 303
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INTERIM REPORT JULY – SEPTEMBER 2026 12 Other financial information The Group’s financial position Third quarter 2026 The following information relates to the Group formal accounts. In the third quarter, the Group's total assets decreased by SEK 517 M and amounted to SEK 3,131 M as of 30 September, 2026, where major changes related to cash and cash equivalents. Group financing Catella AB has issued senior unsecured bonds totalling SEK amount 1,300 M, of which SEK 600 M with maturity in March 2028 and SEK 700 M with maturity in March 2029. The loans ac- crue variable interest at 3-month Stibor plus 390 b.p. and 450 b.p. respectively. Financing is conditional on a minimum Group equity and liquidity requirement from time to time of SEK 1,000 M and SEK 200 M respectively. These covenants were met in the nine- month period and as of 30 September 2026. In September 2026, Catella AB redeemed the entire bond loan of SEK 600 M, of which SEK 73.75 M had been repurchased dur- ing 2025. Following redemption and previous repurchases, the nominal amount of outstanding bonds totals just under SEK 534 M. The bond is listed on Nasdaq Stockholm. In addition to the bonds, the wholly owned subsidiary Catella Holding AB has a credit facility of SEK 200 M which serves as the company’s liquidity reserve. The entire credit facility was unutilized both during the nine-month period and as of 30 September, 2026. In addition, the Group’s property development company holds loans from credit institutions relating to ongoing property projects. As of 30 September 2026, these loans amounted to SEK 137 M. Group cash flow Third quarter 2026 The Group’s cash flow in the third quarter amounted to SEK -608 M (-84), with major outflows relating to Catella AB's redemption of outstanding bonds and repurchase of own shares for SEK 532 M and SEK 26 M, respectively. In addition, further investments were made in the KöTower project, amounting to SEK 91 M. Cash and cash equivalents at the end of the period was SEK 574 M (1,590), of which cash and cash equivalents relating to the Group’s Swedish holding company amounted to SEK 89 M (1,119). Nine-month period 2026 Cash flow for the nine-month period amounted to SEK –1,058 M (713) and was affected, in addition to redemption and repurchase of bonds and own shares and dividends to shareholders, also by the period's operating loss and changes in operating receivables and operating liabilities. Cash flow from property projects amounted to SEK -60 M (973), primarily relating to additional in- vestments in the KöTower and Vega projects, while positive cash flows were generated from continued partial completion of the Metz project. During the previous year, Project Kaktus was di- vested, generating inflows totaling SEK 952 M. Group employees At the end of the period, there were 467 (486) employees, ex- pressed as full-time equivalents. Parent Company Third quarter 2026 Catella AB's operating result amounted to SEK -21.1 M (-15.4), where the change compared to the previous year is due to in- creased costs for external consultants, legal advice and IT opera- tions. Interest expenses decreased by SEK 5.4 M to SEK 15.5 M (20.9) as a result of the repurchase of bonds in September 2025 and in April 2026 and the redemption of bonds in September 2026. Pre- mium paid for the redemption of bonds in September, SEK 6.2 M, as well as capitalized loan arrangement costs, SEK 3.5 M, was ex- pensed during the period. The number of employees at the end of the period was 14 (21). Nine-month period 2026 The parent company's operating profit for the nine-month period 2026 amounted to SEK -65.6 M (-48.1), driven by certain costs af- fecting comparability for the review of the group's operations, agreements etc., as well as increased costs for a common IT plat- form and applications. Risks and uncertainties Macroeconomic conditions relating to inflation and interest rates affect transaction levels and AUM, impacting results of operations in Investment Management and Corporate Finance. Lower trans- action volumes can also affect Balance Sheet Investments' ability to divest projects at acceptable prices. Our development projects have an indirect exposure to surrounding world risks such as the ongoing war in Ukraine and tension in the Middle East. These un- certainty factors may affect future returns. Catella AB is indirectly exposed to the same risks as the Group through its holding of shares in subsidiaries. For more information, see the section Risks and uncertainties in the Directors’ Report of the Annual Report for 2025. Seasonal variations Seasonal variations are significant in the Corporate Finance busi- ness area. Transaction volumes and income have historically been highest in the fourth quarter. Accounting principles This Interim Report has been prepared in compliance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Consolidated Financial Statements have been prepared in compliance with IFRS Accounting Standards as endorsed by the EU, the Annual Accounts Act and RFR 1 Complementary Ac- counting Rules for Groups issued by RFR, the Swedish Sustainabil- ity and Financial Reporting Board. Information according to IAS 34.16A also appears, in addition to in the financial reports and as- sociated notes, in other parts of the Interim Report. Catella primarily invests through co-investments with partners to grow assets under management in the Investment Manage- ment business area. Subsidiaries that engage in project develop- ment are included in Investment Management from 2026 and comparative periods have been adjusted accordingly. Previously, these subsidiaries were included in the Balance Sheet Investments business area. IFRS 18 is a new standard for presentation and disclosure in fi- nancial statements, replacing IAS 1. The standard is effective for fi- nancial years beginning on or after 1 January 2027 and is expected
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INTERIM REPORT JULY – SEPTEMBER 2026 13 to have a significant impact on the presentation of Catella’s finan- cial statements, primarily the income statement, with income and expenses classified into operating, investing and financing catego- ries. Catella has initiated preparations to adapt its financial report- ing to the new standard. From 1 January 2027, Catella will also report two reportable segments instead of three: Investment Management and Corpo- rate Finance. Balance Sheet Investments will therefore no longer be presented as a separate reportable segment. The Parent Company applies the Annual Accounts Act and rec- ommendation RFR 2 Accounting for legal entities from the Swe- dish Corporate Reporting Board. The Group’s and Parent Company’s accounting principles are unchanged compared to the previous year and are presented in Catella’s Annual Report for 2025. Figures in tables and comments may be rounded. Related party transactions During the second quarter 2026, 525.000 warrants were trans- ferred to members of Group Management under LTIP 2024 (se- ries 2026/2030), which was adopted at an extraordinary general meeting of Catella AB in 2024, for a total purchase price of SEK 897,750. The warrants have been transferred on market terms at a price calculated on the basis of the Black & Scholes valuation model. For more information see Note 12 and 38 in the Annual Report 2025. Forecast Catella does not publish forecasts. This information is mandatory for Catella AB to publish in accord- ance with EU’s Market Abuse Regulation. This information was submitted to the market, through the agency of the below con- tact, for publication on 5 November 2026 at 07:00 a.m. CEST. This Report has been subject to review by the Company’s Auditors Stockholm, Sweden, 5 November 2026 Catella AB (publ) Rikke Lykke Group CEO
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INTERIM REPORT JULY – SEPTEMBER 2026 14 Review report To the Board of Directors of Catella AB (Publ) Corp. id. 556079-1419 Introduction We have reviewed the condensed interim financial information (interim report) of Catella AB (Publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this in- terim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 5 of November 2026 KPMG AB Johanna Hagström Authorized Public Accountant Auditor in charge
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INTERIM REPORT JULY – SEPTEMBER 2026 15 Consolidated Income Statement Information on the Income Statement by business area can be found in Note 1. Consolidated Statement of Comprehensive Income 2026 2025 2026 2025 2025 SEK M Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales 351 378 1 047 1 425 1 890 Other operating income 8 15 21 64 181 Total income 359 393 1 068 1 489 2 071 Provisions, direct assigment and production costs -63 -107 -214 -292 -378 Other external expenses -81 -73 -242 -233 -329 Personnel costs -197 -190 -566 -610 -834 Depreciation -18 -21 -54 -63 -89 Other operating expenses -12 5 -35 -8 -23 Share of profit/loss from associated companies -4 1 -10 -4 -128 Operating profit/loss -16 7 -53 279 291 Interest income 10 10 24 30 40 Interest expenses -21 -27 -66 -94 -120 Other financial items 12 -16 29 -91 -118 Financial items—net 1 -33 -12 -155 -198 Profit/loss before tax -15 -26 -65 124 92 Tax -5 -3 -17 -2 -30 Net profit/loss for the period -20 -28 -82 122 62 Profit/loss attributable to: Shareholders of the Parent Company -20 -28 -82 109 48 Non-controlling interests -0 0 0 13 14 -20 -28 -82 122 62 Earnings per share attributable to shareholders of the Parent Company, SEK - before dilution -0,23 -0,32 -0,94 1,23 0,54 - after dilution -0,23 -0,32 -0,94 1,23 0,54 Number of outstanding shares at end of the period 84 428 075 88 348 572 84 428 075 88 348 572 88 348 572 Weighted average number of shares before dilution 85 552 461 88 348 572 87 259 507 88 348 572 88 348 572 Weighted average number of shares after dilution 85 552 461 88 348 572 87 259 507 88 348 572 88 348 572 2026 2025 2026 2025 2025 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net profit/loss for the period -20 -28 -82 122 62 Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Fair value changes in Visa preferred stock -0 6 -1 6 7 Items that will be reclassified subsequently to profit or loss: Translation differences 24 -16 54 -55 -80 Other comprehensive income for the period, net after tax 24 -10 54 -49 -72 Total comprehensive income/loss for the period 4 -39 -29 73 -10 Total comprehensive income/loss attributable to: Shareholders of the Parent Company 3 -36 -28 64 -19 Non-controlling interests 0 -2 -1 9 8 4 -39 -29 73 -10
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INTERIM REPORT JULY – SEPTEMBER 2026 16 Consolidated Statement of Financial Position – condensed Information on financial position by business area can be found in Note 2. 2026 2025 2025 SEK M Note 30 Sep 30 Sep 31 Dec ASSETS Non-current assets Intangible assets 561 552 541 Contract assets leasing agreements 112 141 121 Property, plant and equipment 26 28 27 Holdings in associated companies 93 137 69 Non-current receivables from associated companies 219 275 219 Debt instruments, fund and share holdings 3, 4, 5 486 463 510 Deferred tax receivables 55 65 47 Other non-current receivables 56 53 54 1 606 1 715 1 588 Current assets Development and project properties 296 312 333 Receivables from associated companies 221 96 110 Accounts receivable and other receivables 351 402 426 Loan portfolios 3, 4, 5 81 77 75 Cash and cash equivalents * 574 1 590 1 611 1 524 2 478 2 556 Total assets 3 131 4 192 4 144 EQUITY AND LIABILITIES Equity Share capital 177 177 177 Other contributed capital 298 297 297 Reserves 87 54 32 Profit brought forward including net profit for the period 1 131 1 449 1 386 Equity attributable to shareholders of the Parent Company 1 692 1 976 1 892 Non-controlling interests 19 32 36 Total equity 1 710 2 008 1 927 Liabilities Non-current liabilities Borrowings from credit institutions 0 131 1 Bond issue 532 1 191 1 191 Lease liabilities 71 99 83 Other non-current liabilities 142 153 139 Deferred tax liabilities 14 16 15 759 1 590 1 429 Current liabilities Borrowings from credit institutions 137 8 132 Other current interest-bearing liabilities 18 0 16 Lease liabilities 52 52 51 Accounts payable and other liabilities 446 519 574 Tax liabilities 9 16 14 661 594 787 Total liabilities 1 420 2 184 2 216 Total equity and liabilities 3 131 4 192 4 144 * Of which pledged and blocked liquid funds 65 92 90
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INTERIM REPORT JULY – SEPTEMBER 2026 17 Consolidated Statement of Cash Flows – condensed 2026 2025 2026 2025 2025 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Cash flow from operating activities Profit/loss before tax -15 -26 -65 124 92 Reclassification and adjustments for non-cash items: Other financial items -12 12 -31 87 114 Depreciation 18 21 54 63 89 Impairment / reversal of impairment of current receivables -4 0 -5 -5 1 Reported interest income from loan portfolios -5 -4 -12 -12 -15 Profit/loss from participations in associated companies 4 -1 10 4 128 Personnel costs not affecting cash flow 4 -0 3 18 24 Fair value changes and other non-cash items 17 -16 33 -8 -61 Other reclassifications 0 3 - -262 -297 Paid income tax 11 -10 -26 -36 -40 Cash flow from operating activities before changes in working capital 18 -18 -39 -26 35 Investments in property projects -103 -16 -159 -223 -284 Divestment of property projects 13 92 99 1 196 1 184 Cash flow from property projects -90 76 -60 973 900 Cash flow from changes in working capital Increase (–)/decrease (+) of operating receivables 43 -12 101 102 70 Increase (+) / decrease (–) in operating liabilities -1 -28 -136 -42 5 Cash flow from operating activities -29 18 -134 1 007 1 010 Cash flow from investing activities Net investments in tangible and intangible fixed assets -4 -5 -14 -18 -23 Acquisitions and divestments of operations and subsidiaries 0 -2 -30 -2 49 Dividend and other disbursements from associated companies 0 -0 1 4 7 Net investments in financial assets 8 26 22 40 44 Cash flow from investing activities 5 19 -21 25 76 Cash flow from financing activities Payments for warrants -0 0 1 1 1 Repurchase of own shares -26 -0 -77 -0 - Amortisation of loans -533 -105 -682 -160 -161 Amortisation of leasing debt -16 -15 -46 -44 -59 Dividends paid to shareholders of the parent company 0 0 -80 -80 -80 Dividends paid to non-controlling interests -8 -1 -19 -37 -42 Cash flow from financing activities -583 -121 -903 -319 -340 Cash flow for the period -608 -84 -1 058 713 746 Cash and cash equivalents at beginning of period 1 174 1 680 1 611 901 901 Exchange rate differences in cash and cash equivalents 8 -5 21 -23 -36 Cash and cash equivalents at end of the period 574 1 590 574 1 590 1 611
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INTERIM REPORT JULY – SEPTEMBER 2026 18 Consolidated Statement of Changes in Equity * Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. ** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. During the second and the third quarter of 2026, Catella AB repurchased 3 920 497 of its own shares for a total purchase price of SEK 77,390,470 including commission. As of 30 September 2026, total outstanding shares in the company amounted to 84 428 075. Furthermore, during the second quarter, a total of 570 500 warrants were transferred to participants under LTIP 2024 (series 2026/2030) which was adopted at an Extraordinary General Meeting of Catella AB in 2024, for a total purchase price of SEK 975,555. In addition, 187 250 warrants were repurchased from former employees for a total purchase price of SEK 68,363. All transactions are settled at market terms. As of 30 September 2026, there were a total of 1 552 333 outstanding warrants of five different series, which can be used to subscribe for an equal number of shares of series B during September 2027, 2028, 2029 and 2030. The exercise price for the different series varies and amounts to SEK 36.30, 35.90 and 24.80 per share. * Non-controlling interests are attributable to minority shares in the subsidiaries within all Group business areas. ** Relates to value changes in put options issued to minority holders in Catella Aquila Investment Management France SAS. During the second quarter of 2025, the Annual General Meeting of Catella AB adopted a new long-term incentive program of a maximum of 400 000 warrants directed to members of the Board of Direc- tors of Catella AB (LTIP 2025/2028). In June, a total of 300 000 warrants were transferred to participants under LTIP 2025/2028, for a total purchase price of SEK 777,000. Furthermore, during the second quarter, a total of 179 833 warrants were also transferred to participants under LTIP 2024 (series 2025/2029) which was adopted at the Extraordinary General Meeting of Catella AB in 2024, for a total purchase price of SEK 541,297. In addition, 175 000 warrants of series 2020/2025:B expired without being exercised for subscription of shares. As of 30 September 2025, there were a total of 1 169 083 outstanding warrants. SEK M Opening balance at 1 January 2026 177 297 -35 67 1 386 1 892 36 1 927 Comprehensive income for January - September 2026: Net profit/loss for the period -82 -82 0 -82 Other comprehensive income, net of tax -1 56 0 55 -1 54 Comprehensive income/loss for the period -1 56 -82 -28 -1 -29 Transactions with shareholders: Dividends paid to non-controlling interests 0 -13 -13 Change in value option debt ** -6 -6 -6 Other transactions with non-controlling interests -11 -11 -3 -14 Warrants issued 1 1 1 Repurchase of warrants issued 0 0 0 Repurchase of own shares -77 -77 -77 Dividends paid to shareholders of the parent company -80 -80 -80 Closing balance at 30 September 2026 177 298 -35 122 1 131 1 692 19 1 710 Equity attributable to shareholders of the Parent Company Share capital Other contributed capital Translation reserve Total Total equity Fair value reserve Profit brought forward incl. net profit/loss for the period Non- controlling interests * SEK M Opening balance at 1 January 2025 177 295 -20 141 1 404 1 997 42 2 039 Comprehensive income for January - September 2025: Net profit/loss for the period 109 109 13 122 Other comprehensive income, net of tax -16 -51 22 -45 -4 -49 Comprehensive income/loss for the period -16 -51 131 64 9 73 Transactions with shareholders: Dividends paid to non-controlling interests 0 -36 -36 Change in value option debt ** -5 -5 -5 Other transactions with non-controlling interests -1 -1 17 16 Warrants issued 1 1 1 Dividends paid to shareholders of the parent company -80 -80 -80 Closing balance at 30 September 2025 177 297 -36 89 1 449 1 976 32 2 008 Equity attributable to shareholders of the Parent Company Profit brought forward incl. net profit/loss for the period Non- controlling interests *Share capital Other contributed capital Translation reserve Total Total equity Fair value reserve
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INTERIM REPORT JULY – SEPTEMBER 2026 19 Note 1. Income Statement by business area * Profit/loss attributable to non-controlling interests for each business area is excluded in order to clarify the operating profit attributable to shareholders of the Parent Company by business area. This is consistent with the internal reports provided to management and the Board of Directors. This adjustment is reversed in the Group Elimination column so that the Group operating profit is consistent with the Group’s formal Income Statement prepared in accordance with the Group’s accounting principles. The business areas covered in this report, Investment Management, Corporate Finance and Balance Sheet Investments, are consistent with internal reporting submitted to management and the Board of Directors and thus represent the Group's operating segments in accordance with IFRS 8, Operating Segments. The Parent Company and other holding companies are presented under the category “Other”. Acquisition and financing costs and Catella’s trademark are also recognized in this category. Group eliminations also include the elimination of intra-group transactions between the various business areas. Transactions between the business areas are limited and relate mainly to financial transactions and certain onward invoicing of expenses. Such transactions are conducted on an arm’s length basis. Subsidiaries that engage in project development are included in Investment Management from 2026 and comparative periods have been adjusted accordingly. Previously, these subsidiaries were included in the Balance Sheet Investments business area. 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2026 2025 2026 2025 2025 SEK M Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jan-Dec Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Net sales 229 235 119 81 5 62 13 9 -14 -9 351 378 Other operating income 2 2 6 1 -1 11 1 1 -0 -0 8 15 Total income 231 237 125 83 3 73 14 10 -14 -9 359 393 Provisions, direct assigment and production costs -33 -32 -29 -18 -1 -57 -1 -0 1 -0 -63 -107 Other external expenses -50 -47 -25 -19 -1 -7 -17 -10 11 9 -81 -73 Personnel costs -116 -121 -65 -55 0 -1 -18 -13 1 0 -197 -190 Depreciation -10 -13 -4 -5 0 -0 -4 -3 0 0 -18 -21 Other operating expenses -1 -1 -0 0 -14 6 3 -0 0 0 -12 5 Share of profit/loss from associated companies 2 2 0 0 -6 -0 0 0 0 0 -4 1 Less profit attributable to non- controlling interests * -0 -0 0 -0 0 0 0 0 -0 0 -0 -0 Operating profit/loss 23 24 3 -14 -18 14 -23 -18 -1 0 -16 7 Interest income 10 10 Interest expenses -21 -27 Other financial items 12 -16 Financial items—net 1 -33 Profit/loss before tax -15 -26 Tax -5 -3 Net profit/loss for the period -20 -28 Profit/loss attributable to shareholders of the Parent Company -20 -28 Investment Management Balance Sheet Investments Other Corporate Finance Eliminations Group 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025 SEK M Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec Net sales 679 718 1 007 306 273 466 68 460 452 38 33 51 -44 -58 -87 1 047 1 425 1 890 Other operating income 7 20 24 8 3 56 4 11 72 2 32 32 -0 -2 -2 21 64 181 Total income 686 738 1 031 314 276 522 73 471 524 40 64 83 -44 -60 -88 1 068 1 489 2 071 Provisions, direct assigment and production costs -96 -99 -139 -63 -50 -92 -57 -168 -172 -1 -0 -1 2 25 25 -214 -292 -378 Other external expenses -153 -153 -220 -73 -67 -94 -2 -12 -18 -50 -34 -49 36 33 52 -242 -233 -329 Personnel costs -330 -368 -493 -184 -184 -266 0 -9 -9 -54 -49 -67 2 1 1 -566 -610 -834 Depreciation -30 -41 -57 -13 -14 -20 0 0 -0 -11 -8 -12 0 0 0 -54 -63 -89 Other operating expenses -5 -4 -7 -1 -1 -2 -32 -9 -20 3 5 5 0 1 1 -35 -8 -23 Share of profit/loss from associated companies 5 2 6 0 0 0 -15 -6 -134 0 0 0 0 0 0 -10 -4 -128 Less profit attributable to non- controlling interests * -1 -3 -3 0 0 0 1 -11 -11 0 0 0 0 13 14 0 0 0 Operating profit/loss 77 74 118 -20 -41 47 -33 256 160 -73 -23 -40 -4 12 5 -53 279 291 Interest income 24 30 40 Interest expenses -66 -94 -120 Other financial items 29 -91 -118 Financial items—net -12 -155 -198 Profit/loss before tax -65 124 92 Tax -17 -2 -30 Net profit/loss for the period -82 122 62 Profit/loss attributable to shareholders of the Parent Company -82 109 48 Investment Management Balance Sheet InvestmentsCorporate Finance Other Eliminations Group
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INTERIM REPORT JULY – SEPTEMBER 2026 20 Note 2. Financial position by business area 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025 SEK M 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec ASSETS Non-current assets Intangible assets 413 413 399 64 64 64 0 0 -0 84 75 78 561 552 541 Contract assets leasing agreements 49 52 49 26 43 29 0 -0 0 37 46 43 112 141 121 Property, plant and equipment 19 23 21 4 3 3 0 0 -0 2 2 3 26 28 27 Holdings in associated companies 53 31 31 0 0 0 40 107 38 0 0 0 93 137 69 Non-current receivables from associated companies 0 0 0 0 0 0 219 275 219 0 0 0 219 275 219 Debt instruments, fund and share holdings 30 30 30 0 0 0 443 421 469 13 11 11 486 463 510 Deferred tax receivables 29 33 25 24 31 20 1 1 1 1 1 1 55 65 47 Other non-current receivables 5 18 1 5 6 5 52 35 37 -6 -6 11 56 53 54 592 600 555 123 148 121 760 838 764 131 129 148 1 606 1 715 1 588 Current assets Development and project properties 0 0 0 0 0 0 328 331 359 -31 -19 -26 296 312 333 Receivables from associated companies 0 3 3 0 0 0 221 97 111 0 -4 -4 221 96 110 Accounts receivable and other receivables 427 287 274 131 141 210 20 166 135 -227 -192 -193 351 402 426 Loan portfolios 0 0 0 0 0 0 0 0 0 81 77 75 81 77 75 Cash and cash equivalents 306 395 433 69 40 98 52 74 69 148 1 082 1 011 574 1 590 1 611 734 685 710 200 181 308 620 668 675 -29 944 863 1 524 2 478 2 556 Total assets 1 326 1 285 1 265 323 329 429 1 380 1 506 1 439 101 1 073 1 011 3 131 4 192 4 144 EQUITY AND LIABILITIES Equity Equity attributable to shareholders of the Parent Company 190 114 131 53 34 106 -128 383 276 1 577 1 446 1 378 1 692 1 976 1 892 Non-controlling interests 21 30 33 3 7 8 -6 -5 -5 0 0 -0 19 32 36 Total equity 211 144 164 56 41 115 -134 378 271 1 577 1 446 1 378 1 710 2 008 1 927 Liabilities Non-current liabilities Borrowings from credit institutions 0 1 1 0 0 0 0 130 0 0 0 0 0 131 1 Bond issue 0 0 0 0 0 0 0 0 0 532 1 191 1 191 532 1 191 1 191 Lease liabilities 27 33 31 14 28 16 0 0 0 30 38 36 71 99 83 Other non-current liabilities 800 778 745 0 0 0 5 131 -0 -663 -757 -606 142 153 139 Deferred tax liabilities 4 6 5 0 0 0 0 0 0 10 10 10 14 16 15 831 818 782 14 28 16 5 261 -0 -91 482 631 759 1 590 1 429 Current liabilities Borrowings from credit institutions 0 1 0 0 7 3 137 0 128 0 0 0 137 8 132 Other current interest-bearing liabilities 0 0 0 0 0 0 18 0 16 0 0 0 18 0 16 Lease liabilities 27 23 23 13 18 18 0 0 0 11 11 11 52 52 51 Accounts payable and other liabilities 253 289 288 235 230 272 1 354 866 1 023 -1 396 -866 -1 009 446 519 574 Tax liabilities 3 11 8 5 5 6 1 0 0 0 0 0 9 16 14 284 323 319 253 260 299 1 510 866 1 168 -1 385 -855 -998 661 594 787 Total liabilities 1 115 1 141 1 101 267 288 315 1 515 1 128 1 168 -1 476 -373 -367 1 420 2 184 2 216 Total equity and liabilities 1 326 1 285 1 265 323 329 429 1 380 1 506 1 439 101 1 073 1 011 3 131 4 192 4 144 Investment Management Balance Sheet InvestmentsCorporate Finance Other Group
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INTERIM REPORT JULY – SEPTEMBER 2026 21 Note 3. Summary of Catella’s loan portfolios The loan portfolios comprise securitised European loans with pri- mary exposure in housing. The performance of the loan portfolios are closely monitored and re-measurements are contin- uously performed. The loan portfolios are recognized under the category Other. Pastor 2 In the sub-portfolio Pastor 2, the underlying loans are below ten percent of the issued amount and Catella expects the issuer to uti- lise its clean-up call. The administration of the portfolio is fre- quently unprofitable when it falls below ten percent of the issued amount, and this structure allows the issuer to avoid these addi- tional costs. Catella considers the credit risk in the portfolio to be low, although the precise timing of the exercise of the option is difficult to forecast due to various unknown factors relating to the issuer. Catella has assumed that the issuer will exercise its call option during the fourth quarter of 2026. The portfolio is valued at the full redeemable amount of EUR 5.0 M plus the subsequent quar- ter’s cash flow, totalling EUR 5.03 M. Lusitano 5 The time call affects sub-portfolio Lusitano 5 and constitutes an option held by the issuer that enables the sub-portfolio to be re- purchased at a specific point in time, and subsequently from time to time. The option has been available since 2015. Catella antici- pates that the time call will be exercised during the fourth quarter of 2026. The assumption is conservative due to this requiring no further cash flows other than the position's current capital amount of EUR 1.6 M plus the following quarter’s cash flow when exercis- ing the time call. The portfolio is hence valued at EUR 2.1 M. For more information see Note 3 and 22 in the Annual Report 2025. Actual cash flows from the loan portfolio SEK M Loan portfolio Country Pastor 2 Spain 57,1 70,6% 57,1 70,6% 0,0% 0,25 Lusitano 5 Portugal 23,8 29,4% 23,8 29,4% 0,0% 0,25 Total cash flow * 80,9 100,0% 80,9 100,0% 0,0% 0,3 Carrying amount in consolidated balance sheet ** 80,9 Duration, years * The discount rate recognised in the line “ Total cash flow” is the weighted average interest of the total discounted cash flow . ** Catella's loan portfolio also includes the portfolios Pastor 3, 4 and 5 as well as Lusitano 4 whose book value have been attributed a value of SEK 0. Forecast undiscounted cash flow Share of undiscounted cash flow Forecast discounted cash flow Share of discounted cash flow Discount rate SEK M Other Loan portfolio Pastor 2 Lusitano 5 Total Outcome Full year 2009-2024 31,1 73,3 267,0 371,4 Full year 2025 1,6 13,4 0,0 15,0 Q1 2026 0,3 3,8 0,0 4,1 Q2 2026 0,3 2,5 0,0 2,8 Q3 2026 0,4 4,9 0,0 5,3 Total 33,8 97,9 267,0 398,7 Spain Portugal
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INTERIM REPORT JULY – SEPTEMBER 2026 22 Note 4. Short and long-term investments Note 5. The Group’s assets and liabilities measured at fair value Financial instruments valued at fair value are classified in one of three levels. Quoted prices on an active market on the reporting date are applied for level 1. Observable market data for the asset or liability other than quoted prices are used for level 2. Fair value is determined with the aid of valuation techniques. For level 3, fair value is determined using various valuation techniques based on non-observable market data. Specific valuation techniques used for level 3 include, among others, the measurement of discounted cash flows to determine the fair value of financial instruments. The Group’s other financial assets and liabilities are measured at amor- tised cost, which is a reasonable approximation of fair value. For more information, see Note 22 in the Annual Report 2025. The Group's assets and liabilities measured at fair value as of 30 September 2026 are stated in the following table. 2026 2025 2025 SEK M 30-sep 30-sep 31-dec Visa preferred stock C series 13 11 11 Loan portfolios 81 77 75 Operation-related investments ** 473 451 499 Total * 566 539 586 * of which short-term investments SEK 81 M and long-term investments SEK 486 M. ** includes investments in shares and funds, co-investments and assets within segment Balance Sheet Investments being classified as financial assets. SEK M Tier 1 Tier 2 Tier 3 Total ASSETS Visa preferred stock C series 13 13 Loan portfolios 81 81 Other debt instruments 158 158 Fund investments 52 2 106 159 Unlisted shares 155 155 Total assets 52 14 500 566 LIABILITIES Conditional purchase price 0 0 Total liabilities 0 0 0 0 No changes between levels occurred the previous year. Change analysis, financial assets, level 3 for the first nine months 2026 as of 1 January 520 Purchases 5 Disposals -8 Revaluation through profit & loss -28 Translation differences 11 At 30 September 500
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INTERIM REPORT JULY – SEPTEMBER 2026 23 Note 6. Pledged assets, contingent liabilities and commitments Pledged assets Cash and cash equivalents include cash funds subject to minimum retention requirements, funds that are to be made available at all times for regulatory reasons and blocked funds for other purposes. Contingent liabilities Other contingent liabilities relate to guarantee commitments as collateral for loan facilities, and as collateral for completion under development agreements. Other contingent liabilities also relate to guarantees which were provided for rental con- tracts with landlords. Of the Group’s total contingent liabilities, SEK 263 M relates to Balance Sheet Investments. Commitments Investment commitments relate to five ongoing projects or hold- ings within Balance Sheet Investments. 2026 2025 2025 SEK M 30 Sep 30 Sep 31 Dec Cash and cash equivalents 65 92 90 Other pledged assets 0 0 0 65 92 90 2026 2025 2025 SEK M 30 Sep 30 Sep 31 Dec Other contingent liabilities 264 94 165 264 94 165 2026 2025 2025 SEK M 30 Sep 30 Sep 31 Dec Investment commitments 116 140 122 Other commitments 0 0 0 116 140 122
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INTERIM REPORT JULY – SEPTEMBER 2026 24 Parent Company Income Statement Parent Company Balance Sheet – condensed Catella AB has entered into guarantee commitments as security for completion under development agreements and for a loan fa- cility. All commitments relate to the German project companies KöTower, Seestadt and Düssel-Terrassen, at a total amount of SEK 157 M as of 30 September 2026. For the comparative period 30 September 2025, the Parent Company’s total contingent liabili- ties amounted to SEK 78 M. 2026 2025 2026 2025 2025 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales 11,9 9,2 37,7 32,1 50,5 Other operating income 1,1 0,6 2,4 2,0 2,7 Total income 13,1 9,7 40,1 34,1 53,2 Other external expenses -19,8 -12,0 -57,8 -39,7 -55,9 Personnel costs -12,3 -11,8 -42,6 -40,8 -56,8 Depreciation -1,9 -1,2 -4,7 -1,5 -2,8 Other operating expenses -0,3 -0,0 -0,6 -0,2 -0,4 Operating profit/loss -21,1 -15,4 -65,6 -48,1 -62,6 Profit/loss from participations in group companies 0,0 0,0 5,3 4,0 754,0 Interest income and similar profit/loss items 0,3 0,1 1,4 0,2 0,4 Interest expenses and similar profit/loss items -25,6 -26,3 -69,5 -71,7 -92,1 Financial items -25,3 -26,2 -62,8 -67,5 662,3 Profit/loss before tax -46,4 -41,6 -128,4 -115,6 599,6 Tax on net profit for the year 0,0 0,0 0,0 0,0 -0,1 Net profit/loss for the period -46,4 -41,6 -128,4 -115,6 599,6 2026 2025 2025 SEK M 30 Sep 30 Sep 31 Dec Intangible assets 34,1 25,0 28,2 Property, plant and equipment 2,4 1,6 2,8 Participations in Group companies 1 358,2 1 358,2 1 358,2 Current receivables from Group companies 20,2 66,8 737,1 Other current receivables 17,0 15,6 12,1 Cash and cash equivalents 3,3 0,1 0,1 Total assets 1 435,1 1 467,2 2 138,4 Restricted equity 176,7 176,7 176,7 Non-restricted equity 454,0 24,2 739,4 Non-current bond loan 531,6 1 190,6 1 191,5 Current liabilities to Group companies 246,7 50,0 1,1 Other current liabilities 26,0 25,7 29,7 Total equity and liabilities 1 435,1 1 467,2 2 138,4
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INTERIM REPORT JULY – SEPTEMBER 2026 25 Application of key performance indicators not defined by IFRS accounting standards The Consolidated Accounts of Catella are prepared in accordance with IFRS accounting standards, which only define a limited num- ber of performance measures. Catella, applies the European Secu- rities and Markets Authority’s (ESMA) guidelines for alternative performance measures. In summary, an alternative performance measure is a financial measure of historical or future profit pro- gress, financial position or cash flow not defined by or specified in IFRS. In order to assist corporate management and other stake- holders in their analysis of Group progress, Catella presents cer- tain performance measures not defined under IFRS. Corporate management considers that this information facilitates analysis of the Group’s performance. This additional information is comple- mentary to the information provided by IFRS and does not re- place performance measures defined in IFRS. Catella’s definitions of measures not defined under IFRS may differ from other com- panies’ definitions. All of Catella’s definitions are presented below. The calculation of all performance measures corresponds to items in the Income Statement and Balance Sheet. For more infor- mation, see Note 39 in the Annual Report 2025. Definitions Non-IFRS performance measures Description Reason for using the measure Operating profit attributable to Parent Company shareholders Group's operating profit for the period, less profit at- tributable to non-controlling interests. The measure illustrates the proportion of the Group’s oper- ating profit attributable to shareholders of the Parent Com- pany. Operating margin Operating profit attributable to the Parent Company shareholders divided by total income for the period. The measure illustrates profitability in underlying operations attributable to shareholders of the Parent Company. IRR Internal Rate of Return, a measure of the average annual return generated by an investment. The measure is calculated for the purpose of comparing the actual return on projects Catella invests in with the average expected return of 15 percent. Assets under management at year end AUM constitutes the value of Catella’s customers’ de- posited/invested capital. An element of Catella’s income in Investment Management is agreed with customers on the basis of the value of the un- derlying invested capital. Provides investors with insight into the drivers behind elements of Catella’s income. Property transaction volumes in the period Property transaction volumes in the period constitute the value of underlying properties at the transaction dates. An element of Catella’s income in Corporate Finance is agreed with customers on the basis of the underlying prop- erty value of the relevant assignment. Provides investors with insight into the drivers behind elements of Catella’s income. Items affecting comparability Items of such size, nature, or incidence that it is relevant to disclose them in order to understand the company’s financial performance when compared with comparative periods. Facilitates an understanding of the company’s financial perfor- mance in comparison with prior periods. Equity/Asset ratio Equity divided by total assets. Catella considers the measure to be relevant to investors and other stakeholders wishing to assess Catella’s financial stability and long-term viability.
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CATELLA AB (PUBL) P.O. BOX 5894, SE -102 40 STOCKHOLM, SWEDEN | VISITORS: BIRGER JARLSGATAN 6 CORP. ID NO. 556079– 1419 | REGISTERED OFFICE: STOCKHOLM, SWEDEN TELEPHONE +46 (0)8 -463 33 10| INFO@CATELLA.SE CATELLA.COM Financial calendar For further information, please contact Year-end Report Oct-Dec 2026 11 February 2027 Annual General Meeting 12 May 2027 Interim Report Jan-Mar 2027 6 May 2027 Interim Report Apr-Jun 2027 19 August 2027 Interim Report Jul-Sep 2027 29 October 2027 Year-end Report Oct-Dec 2027 10 February 2028 Gustav Jansson, CFO Tel. +46 (0)8-463 33 10 More information on Catella and all financial reports are availa- ble at catella.com.