Catella Interim Report January – September 2026

Progress during the quarter
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 Corporate 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 related 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.

Progress during the year
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 introduced in 2026, under which assets under development of approximately SEK 5 Bn are included in AUM.

Sharpening Catella for long-term value creation
While market conditions remained mixed during the quarter, Catella’s Total Income 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%. Profitability 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 building a more focused and scalable Catella. The priority now is disciplined execution and delivering the benefits of the current and future actions.

Decisive actions to strengthen earnings quality, improve efficiency, profit margins and build a more scalable Catella Group
We operate in a challenging market. While the timing of a recovery remains uncertain, we are confident that conditions will improve. We will not, however, rely on a market recovery to deliver stronger profitability. Our priority is to make Catella more profitable 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 capabilities, 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 execution time.
The three priorities set out at this year’s Annual General Meeting 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 activities, 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 development management team in Germany during the quarter.
These measures simplify the Group and strengthen future earnings quality. While the measures taken so far in 2026 entail one-off costs this year of 30 million SEK, they are expected to deliver annual efficiency gains of SEK 40 million on a 12-month run-rate basis from 2027 onwards.
These actions only mark the first phase of our work to strengthen earnings quality. We see further opportunities to improve efficiency and profit margins and will revert with more details as the work progresses.
During Q3, we signed an agreement to divest a completed Danish residential development and reinvest alongside an international 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 operate 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 scalable 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 selectively in technology, data, cyber security and AI capabilities to strengthen Catella's long-term competitiveness and operational effectiveness. This is not simply about cutting costs. It is about building 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 processes 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 revenues increased by SEK 31 million compared with the corresponding quarter last year.
Fundraising within Investment Management remained challenging. Higher interest rates and attractive fixed-income yields continued to influence investor allocations, limiting demand for funds with lower-yielding underlying assets. Redemptions exceeded inflows 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 million year on year, primarily due to a legacy investment. This reflects our strategic decision to reduce balance sheet exposure, mitigate risk and 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 transformation in motion. The coming year 2027 will be about disciplined execution and delivering the benefits.
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 conditions 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/register

Rikke Lykke, Group CEO
Stockholm, Sweden 5 November 2026