Executing on strategic priorities through an unpredictable market

During the second quarter, markets remained shaped by on-going global conflicts and elevated uncertainty. Against this backdrop, we continued to develop and execute on our strategy.
In May, I outlined our priorities going forward: strengthening the resilience and quality of our earnings over time, driving operational excellence, and making targeted investments in capabilities that support both our track record and efficiency. During the quarter, these priorities remained in focus across the Group, to further strengthen the foundations for long-term value creation.
Across all three priorities, we also continued to build Catella as one integrated European platform, enabling us to leverage local expertise, client relationships and investment capabilities more effectively across markets.

Strengthening earnings quality
A key priority is to increase the share of recurring and predictable revenues. In markets that remain selective, a stronger base of fixed fee income provides greater resilience and a platform for profitable long-term growth. During the quarter, fixed fees represented 59 percent of total revenues, reflecting a balanced and consistent earnings profile.
Within Investment Management, we continued to align our European platform, including the rebranding of our French investment management business to support a consistent client offering across Europe, and reinforce our market position. Together, these initiatives contribute to a stronger, more scalable earnings base over time.

Driving operational excellence
We are taking decisive steps to improve efficiency and simplify the Group. Our leadership team now more clearly reflects our European footprint, strengthening our ability to operate as one integrated platform and leverage expertise across markets. As part of this agenda, we welcomed Nils Sommersel as Chief Digital Officer, reinforcing our digital capabilities and supporting continued operational improvements.
We continue to review and streamline our structure to support greater efficiency, accountability and speed of execution, translating our strategic priorities into concrete operational improvements.
Within Corporate Finance, we optimised our French operations, including the move to a new office and a more integrated structure. Together with other initiatives, these actions are expected to generate annual savings of approximately SEK 6 million while contributing to a more focused and efficient organisation.
We also discontinued Catella Property Investment Management in Sweden and returned its AIFM licence, reducing organisational complexity, supporting further cost efficiencies and an opportunity to free up some SEK 20 million of cash.

Making targeted investments in capabilities to support continued performance and efficiency
Alongside improving our operating model, we continue to invest selectively in capabilities that strengthen our competitiveness and position Catella for long-term growth.
Within Corporate Finance, we have continued to invest in people despite a slow market cycle, which puts us in a strong position as activity now begin to pick-up.
Client engagement and mandate flows are developing positively as clarity on pricing and asset positioning improves. Momentum strengthened during the quarter, particularly in Sweden, Denmark and Spain. In Sweden we advised on a major office transaction, reinforcing our role in complex mandates and in markets undergoing structural change. In Spain, Catella acted as an exclusive advisor on one of the largest residential land transactions of the year.
In Investment Management, we strengthened our capital raising capabilities through the appointment of a Director of Group Capital Raising Strategy and Partnerships, further enhancing our ability to connect investors with attractive opportunities across our European platform.
Across both business areas, closer collaboration across markets, continues to strengthen our client offering and improve our ability to capture opportunities through one integrated European platform.

Financial performance during the quarter
Against this backdrop, our financial performance reflects the continued shift towards more stable revenues and improved underlying earnings quality, supported by disciplined cost control and stable fixed fees.
Operating profit amounted to SEK 8 million (303) for the quarter. On an underlying basis this represents a year-over-year improvement of SEK 43 million. The result reflects the combined impact of portfolio revaluations and ongoing value creation activities, as well as our continued efforts to strengthen earnings quality, improve efficiency and maintain a disciplined focus on value creation.
Corporate Finance reported gross profit of SEK 102 million (101) and operating profit of SEK 6 million (6). Excluding the fees generated in 2025 for the Kaktus disposal and income related to Catella Valuations, this is an improvement of 38 percent.
Investment Management reported gross profit of SEK 204 million (225) and operating profit of SEK 35 million (37). The drop is largely from lesser variable fees compared to previous year.
Assets under management amounted to SEK 161 billion as of 30 June 2026, compared with SEK 160 billion at the end of the first quarter, as a net outflow of funds were offset by positive currency effects.
Our focus remains on disciplined capital allocation, progressing existing projects and realising value from legacy investments while selectively deploying capital to seed investments where we see attractive long-term opportunities. During the quarter, we also initiated a SEK 100 million share repurchase programme, reflecting a disciplined approach to capital allocation and a continued focus on shareholder value. By end of June, a total of 2.5 million own shares had been repurchased, representing 2.95 percent of shares outstanding.

Although market conditions remain mixed, the actions we are taking today are strengthening Catella beyond the current cycle. By focussing on recurring revenues, simplifying our organisation, strengthening our integrated European platform, allocating capital with discipline and investing in capabilities, we are building a more resilient business with a stronger platform for sustainable long-term value creation.

Catella will be presenting the Interim Report and answering questions today at 10 a.m. CEST. To participate in the conference, please see: https://financialhearings.com/event/54587

Rikke Lykke, Group CEO
Stockholm, Sweden 20 August 2026