Catella, the Swedish real estate investment group, posted a 47% year-over-year decline in second-quarter 2026 revenue to SEK 400 million, reflecting a distorted comparison with prior-year asset disposals. Underlying net revenue, excluding one-off gains from 2025 transactions, rose 5% to SEK 310 million, while gross profit improved by the same margin.
The company’s EBIT fell 97% to SEK 8 million, compressing margins to 2% from 40% in the same period last year. Net loss totaled SEK 12 million, or SEK -0.14 per share, compared with a profit of SEK 3.62 per share in Q2 2025. Operating expenses declined 6% to SEK 310 million, supported by lower variable compensation and cost savings from prior disposals.
Segment performance highlighted divergent trends. Investment Management revenue dropped 10% to SEK 231 million, though EBIT margin remained steady at 15%. Management fees fell 4% to SEK 199 million, while variable fees plunged 55% to SEK 17 million amid subdued transaction activity in Germany. Assets under management stood at SEK 160.8 billion, down from prior peaks but reflecting a 15% compound annual growth rate since 2016.
Corporate Finance activity surged 31% to SEK 11.4 billion in transaction volumes, with Continental Europe volumes up 120% to SEK 2.6 billion. Balance Sheet Investments revenue collapsed 83% to SEK 62 million due to prior-year capital gains, while the Metz-Eurolog logistics project advanced on schedule.
Catella repurchased 2.53 million Class B shares at an average price of SEK 20.50, deploying SEK 52 million of a SEK 100 million buyback mandate. The firm also appointed a new Director of Capital Raising and Chief Digital Officer, while announcing a phased rebranding of its French Investment Management operations and a joint venture in Denmark.
The company’s shares fell 3.9% to SEK 18.56, near a 52-week low of SEK 18.20. Analysts at DNB CAR maintained a Hold rating with a SEK 27 target, while Redeye maintained a Buy rating with a SEK 42 base case target. Claesson & Anderzén remains the largest shareholder with a 49.4% stake.
European real estate transaction volumes remain subdued, with 12-month totals around €200 billion as of Q2 2026, well below the 2021 peak of approximately €350 billion. Sweden, Denmark, and Spain showed positive momentum, while Germany lagged.
