“Back to basics means a clear focus on scaling back properties that cannot be expected to deliver a 10 percent return on equity. In practice, this means a higher pace of transactions. Back to basics also means discipline in how we manage the capital entrusted to us by our shareholders. In practice, this means returning capital that we cannot earn a 10 percent return on. At present, given the share’s discount to net asset value, share buybacks are the better alternative,” says Pål Ahlsén, CEO of Castellum.

January-March 2026

• Income totalled SEK 2,321 M (2,386). In the like-for-like portfolio, rental income decreased 2.0 per cent (0.2), excluding currency effects.
• Net operating income (NOI) totalled SEK 1,519 M (1,572). Net operating income in the like-for-like portfolio decreased 5.8 per cent (−2.8), excluding currency effects.
• Income from property management totalled SEK 1,079 M (1,064), an increase of 1.4 per cent (−7.3).
• Changes in value of investment properties totalled SEK 416 M (−368), corresponding to 0.3 per cent (−0.3). The value of the property portfolio amounted to SEK 138.1 Bn (136.9) at the end of the period.
• Net income after tax for the period totalled SEK 1,299 M (2), corresponding to SEK 2.66 (0.00) per share before and after dilution.
• New leases were concluded for 97,000 square metres (62,000) with an annual rent of SEK 271 M (137). Net leasing totalled SEK 82 M (−184) for the period and SEK 126 M (−174) for the last 12 months.
• Net investments totalled SEK 679 M (358), of which SEK 886 M (498) pertained to investments in existing properties, SEK — M (19) to acquisitions and SEK −207 M (−159) to sales.
• Investments in associated companies and joint ventures totalled SEK — M (387).
• The loan-to-value ratio was 37.5 per cent (36.5).
• The interest coverage ratio for the latest twelve-month period was 3.2 (3.2) and interest-rate hedging (more than 1 year) was applied to 65 per cent (68) of the loan portfolio at the end of the period.

Important events during the period

• Castellum has signed an agreement with AP7 to divest a portfolio of nine public sector properties located in Borås, Gothenburg, Jönköping, Malmö, Mölndal and Örebro for a total underlying property value of SEK 5.6 Bn. The properties are expected to be vacated during the second and third quarters of 2026.
• During the quarter, the Company repurchased 17,723,097 of its own shares at an average price of SEK 111.20 per share, for a total consideration of SEK 1,972 million.
• Castellum has let 24,000 sq. m. in the Sorbonne 1 (Infinity) property in Hagastaden, Stockholm, of which half is contingent on the tenant’s right to reduce the space rented.

Important events after the end of the period

• Subsequent to the end of the quarter, the Company repurchased 6,125,778 of its own shares at an average price of SEK 118.49 per share, for a total consideration of SEK 726 million. Together with repurchases completed during the first quarter, a total of 23,848,875 own shares have been repurchased during 2026 at an average price of SEK 113.07 per share, corresponding to a total consideration of SEK 2,697 million.

For further information, please contact:
Pål Ahlsén, Chief Executive Officer, Castellum AB, +46 76 807 97 02
Christoffer Strömbäck, Acting CFO and Acting Head of Transactions, Castellum AB, +46 70 249 72 55