"Castellum remains a very stable company. However, the global environment is uncertain, and we must adapt accordingly. Our focus is on what we can influence - our customer dialogues, the management of our properties, and our relationships in the capital market. This becomes even more important in a challenging rental market. I believe we should be proud of our strong performance.
In line with our previously stated ambition, we have increased our growth efforts during the quarter. We have continued to invest in our properties and projects, and have also completed the acquisition of high-quality properties in Uppsala, Örebro and Linköping with a total property value of SEK 1.7 Bn. Our net investment for the first half of the year amounts to SEK 2.8 Bn. These investments will contribute positively to our earnings going forward.
In the second quarter, net leasing was once again positive, though modest at SEK 2 M. Rental income in the like-for-like portfolio increased, and our balance sheet remains strong with a loan-to-value ratio of 36.7 per cent. The credit rating agency Moody's upgraded Castellum's rating to Baa2 with a stable outlook, and we refinanced bank loans totalling SEK 10 Bn. Given current market conditions, I believe we have navigated effectively and are well positioned for future opportunities", says Joacim Sjöberg, CEO of Castellum Aktiebolag.
January-June 2025
- Income totalled SEK 4,789 M (4,977). In the like-for-like portfolio, rental income increased 0.1 per cent (2.6), excluding currency effects.
- New leases were concluded for 185,000 square metres (128,000) and an annual rent of SEK 389 M (263). Net leasing totalled SEK -182 M (6) for the period and SEK -175 M (-30) for the last 12 months.
- Net operating income totalled SEK 3,206 M (3,391). Net operating income in the like-for-like portfolio decreased 0.1 per cent (5.6), excluding currency effects.
- Income from property management totalled SEK 2,222 M (2,435), a change of -8.7 per cent (16.3).
- Net income after tax for the period totalled SEK 191 M (-103), corresponding to SEK 0.39 (-0.21) per share before and after dilution.
- Return on equity for the last 12 months amounted to 3.4 per cent (-9.7).
- Net investments totalled SEK 2,823 M (-474), of which SEK 1,288 M (1,024) pertained to new construction, extensions and reconstructions, SEK 1,700 M (52) to acquisitions and SEK -165 M (-1,550) to sales.
- Investments in associated companies and joint ventures amounted to SEK 836 M (-) for the period.
- Changes in value of investment properties for the period totalled SEK -1,168 M (-1,576), corresponding to -0.9 per cent (-1.1). The value of the property portfolio amounted to SEK 137.0 Bn (135.7) at the end of the period.
- The loan-to-value ratio was 36.7 per cent (35.6).
- The interest coverage ratio for the latest twelve-month period was 3.2 (3.3) and interest-rate hedging was applied to 74 per cent (70) of the loan portfolio (more than 1 year) at the end of the period.
April-June 2025
- Income totalled SEK 2,403 M (2,528). In the like-for-like portfolio, rental income increased 0.4 per cent (2.4), excluding currency effects.
- New leases were concluded for 123,000 square metres (64,000) and an annual rent of SEK 252 M (135). Net leasing totalled SEK 2 M (3).
- Net operating income totalled SEK 1,634 M (1,773). Net operating income in the like-for-like portfolio decreased 0.2 per cent (2.9), excluding currency effects.
- Income from property management totalled SEK 1,158 M (1,287), a change of -10.0 per cent (19.5).
- Net income after tax for the period totalled SEK 189 M (77), corresponding to SEK 0.38 (0.16) per share before and after dilution.
- Net investments totalled SEK 2,465 M (-709), of which SEK 790 M (576) pertained to new construction, extensions and reconstructions, SEK 1,681 M (19) to acquisitions and SEK -6 M (-1,304) to sales.
- Changes in value of investment properties for the quarter totalled SEK -800 M (-557), corresponding to -0.6 per cent (-0.4).
Important events during the quarter
- Moody's upgraded Castellum's credit rating to Baa2 with a stable outlook.
- Akelius Apartments Ltd has requested an Extraordinary General Meeting of Castellum, which will be held on 18 July 2025. Prior to the meeting, Louise Richnau, Stefan Ränk, Pål Ahlsén and Ann-Louise Lökholm Klasson announced that they would be leaving their positions on Castellum's Board of Directors. The Nomination Committee proposes the election of Ralf Spann as new Chairman of the Board, and of Marita Loft, Leif Norburg, Knut Rost and Stefan Wallander as new Board members.
- Castellum acquired five properties in Uppsala, Örebro and Linköping from Corem at an underlying property value of SEK 1,740 M. The properties were also occupied during the quarter.
Presentation of the report
Today at 9:00 am (CEST), CEO Joacim Sjöberg and CFO Jens Andersson will present the report. Follow the presentation via this link: https://castellum.events.inderes.com/q2-report-2025/register
Annex: Half-year report January-June 2025
For further information, please contact:
Joacim Sjöberg, Chief Executive Officer, Castellum AB, +46 8 503 052 00
Jens Andersson, Chief Financial Officer, Castellum AB, +46 (0)76 855 67 02
About Castellum
Castellum is one of the Nordic region's largest commercial property companies, with a focus on office and logistics properties in Nordic growth cities. As of 30 June 2025, the property value, including the holdings in the Norwegian company Entra ASA and Halvorsäng, totalled approximately SEK 159 Bn. The company is listed on Nasdaq Stockholm Large Cap and is classified as green under the Green Equity Designation. Castellum is the only Nordic property company included in the Dow Jones Sustainability Indices (DJSI).
Beyond expectations.
www.castellum.com
This information is information that Castellum is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-15 08:00 CEST.
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Joacim Sjoberg Castellum
