Q2 2026 Castellum AB Earnings Call Transcript
Key Points
- Castellum AB (CWQXF) successfully divested properties worth 24 billion SEK, including significant transactions in Stockholm and Skona.
- The company reported a positive net leasing of 110 million SEK for the first six months of 2026, driven by a major lease agreement with Ericsson.
- Castellum AB (CWQXF) has been actively conducting share buybacks, purchasing 39 million shares for 4.6 billion SEK in the first half of 2026.
- The company is focused on sustainability, achieving a 2% reduction in energy consumption in the first half of the year.
- Income from property management per share increased by 7.3% compared to the same period last year, indicating improved operational efficiency.
- The company's vacancy rate increased to 87.5%, reflecting challenges in maintaining occupancy.
- Net leasing, excluding projects, remains negative, indicating ongoing difficulties in securing new tenants.
- Rental income growth was negative for the quarter, with a 4.8% decline due to increased costs and higher vacancy rates.
- The average interest rate on debt increased to 3.5% from 3.1% in Q1, driven by the redemption of eurobonds with low fixed coupons.
- Return on equity is at 5.2%, which is below the company's target of over 10%, highlighting the need for improved financial performance.
Good morning, everyone, and welcome to this presentation of Castellum's Q2 report.
There will be a Q&A session in the end of the webcast.
And if you'd like to ask a question by phone, please dial 5 on your telephone keypad and ask your question.
But let's start.
Go ahead, Paul.
Thank you, Christopher, and let's start with some highlights from the second quarter, divestment to the boys, we sold all our properties in the Arizon region minus Copenhagen to the voice.
Sales price was 13.3 billion.
We also sold the portfolio in Stockholm with 2 buildings and sold it to Alexa and the sales price was 5 billion.
And the sort of common denominator for both of those transaction where that there is a good price, and we think that we will not be able to return targets, given the price which it goes to, transactions.
We have conducted, continued to conduct conduct share buybacks, so for the 1st 6 months of 2026, we purchased 39 million shares
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