Comment from Castellum’s CEO, Pål Ahlsén:
“Net lettings for the year amounted to minus SEK 140 million. However, the fourth quarter recorded a positive SEK 26 million. Has the trend shifted? We hope so. Regardless, our operational focus remains clear: leasing, leasing, and leasing.”
“The value of our property portfolio declined by SEK 2.5 billion in 2025, of which SEK 1 billion in the final quarter. The decrease is primarily driven by revised expectations for future cash flows, mainly rental levels and vacancy assumptions.”
“Last fall, the Board revised the dividend policy to a broader capital distribution policy. At least 25 per cent of income from property management is to be returned to shareholders, either through dividends or share buybacks. The amount for this year is approximately SEK 1.2 billion, and the Board proposes buybacks. The rationale is straightforward: buybacks deliver higher value than dividends given the current discount on the share.”
January–December 2025
- Income totalled SEK 9,593 M (9,849). In the like-for-like portfolio, rental income increased 0.3 per cent (2.3), excluding currency effects.
- Net operating income (NOI) totalled SEK 6,524 M (6,786). Net operating income in the like-for-like portfolio decreased 1.0 per cent (4.5), excluding currency effects.
- Income from property management totalled SEK 4,606 M (4,819), a change of –4.4 per cent (10.2).
- Changes in value of investment properties totalled SEK –2,450 M (–1,627), corresponding to –1.8 per cent (–1.2). The value of the property portfolio amounted to SEK 136.9 Bn (135.7) at the end of the year.
- Net income for the year after tax totalled SEK 938 M (2,357), corresponding to SEK 1.91 (4.79) per share before and after dilution.
- Return on equity was 1.2 per cent (3.0).
- New leases were concluded for 332,000 square metres (287,000) and an annual rent of SEK 712 M (609). Net leasing for the year totalled SEK –140 M (13).
- Net investments totalled SEK 4,389 M (−634), of which SEK 3,215 M (2,502) pertained to investments, SEK 2,085 M (67) to acquisitions and SEK –911 M (–3,203) to sales.
- Investments in associated companies and joint ventures amounted to SEK 836 M (353).
- The loan-to-value ratio was 36.5 per cent (35.6).
- The interest coverage ratio was 3.2 (3.3) and interest-rate hedging (more than 1 year) was applied to 68 per cent (70) of the loan portfolio at the end of the year.
October–December 2025
- Income totalled SEK 2,398 M (2,444). In the like-for-like portfolio, rental income increased 1.2 per cent (1.0), excluding currency effects.
- Net operating income (NOI) totalled SEK 1,615 M (1,652). Net operating income in the like-for-like portfolio decreased 1.0 per cent (3.9), excluding currency effects.
- Income from property management totalled SEK 1,132 M (1,084), an increase of 4.4 per cent (5.2).
- Changes in value of investment properties for the quarter totalled SEK –1,051 M (5), corresponding to –0.8 per cent (0.0).
- Net income after tax for the period totalled SEK –114 M (1,989), corresponding to SEK –0.23 (4.04) per share before and after dilution.
- New leases were concluded for 90,000 square metres (81,000) and an annual rent of SEK 180 M (210). Net leasing totalled SEK 26 M (23).
- Net investments totalled SEK 891 M (–307), of which SEK 1,130 M (914) pertained to investments, SEK 54 M (13) to acquisitions and SEK –293 M (–1,234) to sales.
Important events during the quarter
- Castellum divested its wholly owned subsidiary United Spaces. The transaction is estimated to have a positive annual earnings effect of SEK 30 M for Castellum.
- A reorganisation took place at Castellum’s head office to create a more efficient structure, lower costs and increase profitability. A total of 30 people left the company in connection with the reorganization.
- The Board of Castellum adopted a new strategy with a clear focus on profitability and capital allocation.
Important events after the end of the year
- In accordance with the capital distribution policy, the Board announced its intention to carry out share repurchases corresponding to 25 per cent of the income from property management for 2025. The Board proposed that no cash dividend will be distributed for the financial year 2025.
- Castellum leased 24,000 square metres in the Sorbonne 1 (Infinity) office property in Hagastaden.
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
