“Although we had a positive net leasing in the third quarter of SEK 16 M, terminations have been far greater than new leases during the year. Our vacancy rate has increased by almost 4 percentage points since 2020. It’s a tough market, especially in the big cities, and we must adapt. For Castellum, it’s now ‘Back to Basics.’ Leasing, cutting costs both in property management and at headquarters. Owning the right commercial properties in the right locations. Selling and buying when good opportunities arise. More entrepreneurship and decreased bureaucracy”, says Pål Ahlsén, CEO of Castellum.

July-September 2025

• Income totalled SEK 2,407 M (2,428). In the like-for-like portfolio, rental income decreased 0.3 per cent (3.2), excluding currency effects.
• Net operating income (NOI) totalled SEK 1,702 M (1,743). Net operating income in the like-for-like portfolio decreased 2.4 per cent (3.3), excluding currency effects.
• Income from property management totalled SEK 1,253 M (1,300), a change of –3.6 per cent (4.0).
• Changes in value of investment properties for the quarter totalled SEK –232 M (–56), corresponding to –0.2 per cent (–0.0).
• Net income after tax for the period totalled SEK 858 M (471), corresponding to SEK 1.74 (0.96) per share before and after dilution.
• New leases were concluded for 57,000 square metres (78,000) and an annual rent of SEK 143 M (136). Net leasing totalled SEK 16 M (–16).
• Net investments totalled SEK 675 M (147), of which SEK 797 M (564) pertained to investments, SEK 331 M (2) to acquisitions and SEK –453 M (–419) to sales.

Important events during the quarter

• Castellum held an Extraordinary General Meeting on Friday, 18 July 2025. The meeting elected Marita Loft, Leif Norburg, Knut Rost, Ralf Spann and Stefan Wallander as new Board members for the period up until the end of the next Annual General Meeting. Anna-Karin Celsing and Henrik Käll, who were elected by the Annual General Meeting on 7 May 2025, remain as Board members. Ralf Spann was elected Chairman of the Board.
• Castellum’s Board of Directors appointed Pål Ahlsén as new CEO. Pål took office on 28 August 2025.
• On 8 September, Castellum’s credit rating of BBB with a stable outlook was confirmed by Standard & Poor’s Global Ratings (“S&P”).

January-September 2025

• Income totalled SEK 7,196 M (7,405). In the like-for-like portfolio, rental income excluding currency effects remained unchanged compared to previous year (2.8).
• Net operating income (NOI) totalled SEK 4,908 M (5,134). Net operating income in the like-for-like portfolio decreased 0.9 per cent (4.7), excluding currency effects.
• Income from property management totalled SEK 3,474 M (3,735), a change of –7.0 per cent (11.7).
• Changes in value of investment properties for the period totalled SEK −1,400 M (–1,632), corresponding to –1.0 per cent (–1.2). The value of the property portfolio amounted to SEK 137.3 Bn (135.7) at the end of the period.
• Net income after tax for the period totalled SEK 1,050 M (368), corresponding to SEK 2.13 (0.75) per share before and after dilution.
• Return on equity for the last 12 months amounted to 3.9 per cent (–7.6).
• New leases were concluded for 242,000 square metres (206,000) and an annual rent of SEK 532 M (399). Net leasing totalled SEK –166 M (–10) for the period and SEK –143 M (–61) for the last 12 months.
• Net investments totalled SEK 3,498 M (−327), of which SEK 2,085 M (1,588) pertained to investments, SEK 2,031 M (54) to acquisitions and SEK –618 M (–1,969) to divestments.
• Investments in associated companies and joint ventures amounted to SEK 836 M (—) for the period.
• The loan-to-value ratio was 36.5 per cent (35.6).
• The interest coverage ratio for the latest twelve-month period was 3.2 (3.3) and interest-rate liabilities hedged (more than 1 year) was applied to 71 per cent (70) of the loan portfolio at the end of the period.

Presentation of the report
Today at 9:00 am (CEST), CEO Pål Ahlsén and CFO Jens Andersson will present the report. Follow the presentation via this link: https://castellum.events.inderes.com/q3-report-2025

Annex: Interim report January-September 2025

For further information, please contact:
Pål Ahlsén, CEO, Castellum Aktiebolag, +46 8 503 052 00
Jens Andersson, CFO, Castellum Aktiebolag, +46 76 855 67 02