Q3 2025 Castellum AB Earnings Call Transcript
Key Points
- Castellum AB (CWQXF) reported positive net leasing of 160 million crowns in Q3, indicating a turnaround from previous negative quarters.
- The company has a diverse property portfolio with strategic locations in Sweden, Copenhagen, and Helsinki, which are well-suited for their intended purposes.
- Castellum AB (CWQXF) has achieved a 7% improvement in energy efficiency, showcasing its commitment to sustainability.
- The company maintains a strong financial position with a loan-to-value ratio of 36.5% and an interest coverage ratio of 3.2 times.
- Castellum AB (CWQXF) has a stable credit rating of BBB from S&P, reflecting its financial stability and favorable market conditions.
- The company faces challenges with high vacancies and increasing vacancy rates, which are expected to worsen due to previous negative net leasing.
- Income from property management is negatively impacted by high financial costs and divestments.
- The economic occupancy rate has declined to 90%, down by 1.2% from the previous quarter.
- Property values have been written down by approximately 1.4 billion crowns, reflecting lower cash flow expectations and downward pressure on rental levels.
- The company is experiencing flat like-for-like rental growth due to increased vacancies and rental losses.
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Good morning everyone and welcome to this presentation of Castello's Q3 report.
My name is Christopher Steenbeck and I'm head of investor relations. (Operator Instructions)
Let's start. Please go ahead. Alan.
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Good morning.
The mission from the owners and from the board to all at Castello is crystal clear. Castello needs to be, become more profitable.
And I think that's an exciting and fun assignment, fun mission.
But I don't think it will be a walk in the park. I think everyone knows that the heyday of real estate is over for this time.
So now it's back to basics for Castello in the day to day business. So instead of yield compression, it's leasing instead of interest rates which are Which were almost zero. It's turning over every stone to find ways to become more efficient and more
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