Wednesday, 18 February 2026
Catella closed 2025 with a stronger fourth quarter, concluding what the company described as a transitional year marked by restructuring measures and selected divestments. Adjusted for items affecting comparability, the final quarter supported the full-year result and reflected progress in efforts to create a more focused and operationally efficient group. The company stated that with a clearer direction for profitable growth it is positioned to benefit from gradually improving market conditions. The divestment of the Kaktus Towers project in Copenhagen was highlighted as one of the year’s most significant transactions.
After a temporary slowdown in real estate transaction volumes during the third quarter, activity increased again toward year-end. Across 2025, the European property market showed what the company described as a slow but steady recovery, supported by lower long-term interest rate expectations and contained inflation across the Eurozone and wider European markets. Catella said it focused on strengthening its financial position and reducing debt while retaining flexibility for future investments.
A key milestone was the sale of the Kaktus Towers development in the second quarter, which contributed positively to earnings and marked a strategic shift. As previously announced, Catella Group will no longer independently own or develop real estate assets. By the end of 2025, the Principal Investments business area was integrated into core operations, with future activity expected to focus on property investments alongside third-party partners through funds or co-investments where Catella holds minority stakes and generates fee-based income.
During the fourth quarter, Catella also completed the divestment of Catella Valuation Advisory France to Newmark Group Inc. The transaction was presented as a step toward refining the advisory business while maintaining local corporate finance expertise. In Germany, the front offices of two fund management companies were consolidated into Catella Investment Management GmbH at the start of the year to improve cost efficiency and capital-raising capacity.
Organisational changes continued in the autumn with new leadership appointments at group level. Dominik Röhrich was named Head of Investment Management, effective March 1, 2026, while Daniel Gorosch was appointed Head of Corporate Finance Europe, reflecting plans for further pan-European expansion.
For the fourth quarter, Catella reported an operating profit of SEK 11 million compared with SEK 69 million a year earlier. The decline was primarily attributed to an impairment of the KöTower project of SEK 151 million following an updated property valuation. The sale of the French valuation business contributed SEK 51 million positively. Excluding items affecting comparability, fourth-quarter operating profit reached SEK 118 million compared with SEK 82 million in the prior year. For the full year, operating profit amounted to SEK 277 million, or SEK 394 million when adjusted for comparability, compared with SEK 128 million and SEK 156 million respectively in 2024.
Assets under management remained broadly stable during the fourth quarter when adjusted for currency movements. Over the full year, AUM increased slightly from SEK 155.1 billion to SEK 155.3 billion despite currency headwinds from a stronger Swedish krona. Excluding currency effects, AUM rose by approximately 6 percent to SEK 165 billion.
Within Investment Management, operating profit for the fourth quarter reached SEK 46 million, up from SEK 34 million in the same period of the previous year, while full-year operating profit totalled SEK 138 million compared with SEK 135 million.
Corporate Finance recorded stronger activity in the final quarter as transaction volumes recovered. Operating profit for the fourth quarter reached SEK 88 million compared with SEK 31 million a year earlier. For the full year, operating profit totalled SEK 47 million compared with a loss of SEK 17 million in 2024. Excluding the SEK 51 million impact from the sale of the valuation business, restructuring costs and a prior-year bonus reversal of SEK 20 million, the underlying increase was SEK 15 million.
The Principal Investments segment reported its final results as a separate business area, having been integrated into the wider organisation as of 1 January 2026. During the fourth quarter, activities focused on completing projects intended for sale and assessing co-investment opportunities supported by the company’s balance sheet.
Looking ahead, Catella said it expects continued gradual growth in transaction activity in 2026 and sees opportunities across its core business areas as investor capital increasingly returns to Europe. The company stated that its financial position and balance sheet provide capacity to pursue selective investments.
The Board of Directors has proposed a dividend of SEK 0.90 per share. When adjusted for items affecting comparability, the proposal aligns with the company’s policy of distributing 50 percent of net profit over time while maintaining financial flexibility for future investments.
Photo: Daniel Gorosch, Head of Corporate Finance Europe, Catella
