Q1 2026 Castellum AB Earnings Call Transcript
Key Points
- Castellum AB (CWQXF) achieved a profit of SEK750 million from the disposal of nine properties to AP7.
- The company repurchased almost 24 million shares, demonstrating a commitment to returning capital to shareholders.
- Administrative costs were reduced by SEK100 million compared to the first quarter of the previous year.
- Positive net leasing of SEK82 million was achieved, with a significant contribution from a lease to Ericsson.
- The company maintains a high sustainability focus, with a 4% reduction in energy consumption in its like-for-like portfolio.
- Income and net operating income both decreased by approximately 3% compared to the previous year, primarily due to higher vacancies and direct property costs.
- Occupancy rates decreased to 88.0%, slightly lower than the previous quarter.
- The company experienced a negative change in rent of 7.1% during lease renegotiations.
- Property costs increased by SEK45 million, with SEK38 million attributed to higher heating and snow costs due to a colder winter.
- The company faces a slow leasing market, with only modest positive net leasing figures.
Good morning, everyone, and welcome to this presentation of Castellum's Q1 report. There will be a Q&A session in the end of the webcast (Operator Instructions)
So let's start. Please go ahead, Pal.
Good morning. As you probably all know by now, we are -- the main target in Castellum is to achieve a return on equity of 10% over the business cycle. And during the autumn, we launched a new strategy, one could say, which we call Back to Basics. And one of the main principles in Back to Basics is to increase the transaction pace. And during the quarter, we conducted two transactions, one smaller in Linkoping and one bigger with the disposal of nine properties to AP7 with a profit of SEK750 million.
Another principle in Back to Basics is to be very prudent with the capital that the shareholders have given us. And if we can't return it, we will -- if we can't earn it, we will return it. And during the quarter, we have repurchased almost 24 million shares. Another principle of Back to Basics is
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