Castellum AB

Latest Results (15.05.2026):

Castellum AB — Interim report Q1 (January–March) 2026: Castellum reported solid first‑quarter operating performance with income of SEK 2,321 M and net operating income (NOI) of SEK 1,519 M, while net income after tax rose to SEK 1,299 M (SEK 2.66 per share) driven by property disposals and positive valuation effects; the company continued active capital allocation (substantial share repurchases) and kept a conservative balance sheet with a loan‑to‑value of 37.5% at 31 March 2026.

Key operating figures

Income totalled SEK 2,321 M (Q1 2025: 2,386), NOI was SEK 1,519 M (1,572) and income from property management was SEK 1,079 M (1,064). Net leasing for the quarter was positive SEK 82 M (vs −184 M a year earlier).

Profit, EPS and returns

Net income after tax was SEK 1,299 M (2), corresponding to SEK 2.66 per share before and after dilution. Return on equity LTM was 2.9% (3.3%). EPRA NRV per share was SEK 164 (159).

Valuation and one‑offs

Changes in value of investment properties were +SEK 416 M (−368). Management cites the divestment of nine properties to AP7 (sales price SEK 5.6 Bn, profit impact ~SEK 750 M of which ~SEK 250 M recognised this quarter) and valuation movements related to the Infinity/Ericsson lease among the drivers of the quarter’s value changes.

Portfolio and occupancy

Portfolio fair value was SEK 138.1 Bn (136.9) across 669 properties. Economic occupancy was 88.0% (down ~2 percentage points year‑on‑year and ~1 point vs end‑2025). The company continues project activity (ongoing projects ~SEK 3.4 Bn total, SEK ~1.7 Bn remaining).

Investments and cash flow

Net investments were SEK 679 M (358) in Q1 — SEK 886 M in existing properties, no acquisitions and SEK −207 M in sales. Cash flow from operations before working capital was SEK 917 M for the quarter and the LTM cash‑flow metrics remain solid.

Capital allocation — share repurchases

Castellum repurchased 17,723,097 shares in Q1 at an average SEK 111.20 (cost SEK 1,972 M). Subsequent to quarter‑end a further 6,125,778 shares were repurchased at SEK 118.49 (SEK 726 M). Total repurchased during 2026 to date: 23,848,875 shares (avg SEK 113.07, SEK 2,697 M).

Financing and liquidity

Loan‑to‑value was 37.5% (36.5), interest coverage ratio LTM 3.2 (3.2). Average closing interest rate on the debt portfolio was ~3.1% and interest‑rate hedging (>1 year) covered 65% of the loan portfolio. Unutilised credit facilities totalled SEK 17.6 Bn at period end.

Associated holdings & impairments

Castellum’s share of Entra and Halvorsäng earnings contributed to income from associated companies; an impairment was recognised in Entra as noted in the report. Castellum holds ~67.3 million Entra shares (37.0% of capital).

Sustainability and operations

Property sustainability certifications cover ~59% of area and Castellum reports continued energy optimisation (like‑for‑like normalised energy −4% LTM). The company reiterates its climate target (net zero by 2040) and ongoing investment in solar installations.