Q2 2026 Catella AB Earnings Call Transcript
Key Points
- Underlying gross profit improved 5% year-over-year, excluding divested businesses.
- Corporate Finance revenue rose SEK28 million year-over-year, driven by increased transaction activity.
- Operating expenses decreased 6%, mainly from lower variable salary costs and divestment-related savings.
- Initiated a SEK100 million share repurchase program, with over SEK52 million already deployed.
- Announced strategic asset swap in Denmark to acquire a new residential development site, supporting future growth.
- Reported revenues fell significantly from SEK754 million to SEK400 million due to divestments.
- Investment Management revenue declined SEK21 million, with continued net outflows and downward valuations in AUM.
- Net loss of SEK12 million for the quarter, impacted by negative fair value adjustments and bond repurchase costs.
- Variable fees in Investment Management remain low due to limited fund dispositions and no expected major performance fees in H2 2026.
- AUM growth is only supported by an accounting change including assets under development, masking underlying outflows.
Good morning, and welcome to our Q2 2026 earnings call. As just announced, I'm Rikke Lykke, Group CEO of Catella, and I'm joined by our CFO, Gustav Jansson. Let me start with a brief introduction to Catella. We're a leading European real estate investment and advisory firm. What sets us apart is our combination of local market insight, long-standing strong client relationships, and our cross-border execution power.
Today, we manage SEK161 billion of assets, have just under 500 employees across 12 countries, and we generated SEK1.7 billion in revenues over the past 12 months. Since we announced our strategic opportunities -- priorities, sorry, in May, our focus has been clear. We want to improve quality of earnings. We want to strengthen operational excellence, and we want to invest in capabilities that make Catella more competitive over time.
A stronger base of recurring predictable revenue gives us a greater resilience and a better platform for profitable long-term growth. So we're also simplifying the group. We want to
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