Catena AB-Softer than expected, although massive property value increase-07/06/2026

Research evidence excerpt

Catena AB-Softer than expected, although massive property value increase-07/06/2026

Catena AB

NEWSFLASH | 6 JUL 2026

Softer than expected, although massive property value increase

Catena delivered a Q2 report slightly below our expectations with rental income -3/-4% below cons/PASe (up ~26% y/y). NOI

miss of 2/3% vs. cons/PAS estimates, corresponding to a y/y increase of 27.5%. IFPM came in 2/4% below cons/PAS, mainly

explained by softer NOI. LFL rental income growth amounts to 2.0% for the quarter. The economic occupancy rate decreased

slightly by 50bps q/q to 94.6%, however management expect vacancies to decline going forward. Property value change of

SEK 540m attributable to the effect of a deferred tax deduction upon acquisition, divestments exceeding previous valuations

and lower operating expenses going forward. We expect limited negative changes to our estimates on the back of the report.

Expecting shares to trade slightly below the broader real estate sector today. We rate Catena Buy, TP SEK 560.

Highlights from the report

• Rental income growth of ~26% y/y, coming 3/4% below cons/PASe

• 2/3% NOI miss vs. cons/PASe, although NOI margin 1.0/0.7pp above cons/PAS expectations (up 27.5% y/y)

• IFPM came in 2/4% below cons/PAS estimates, mainly explained by softer-than-expected NOI

• IFPM growth of 22.1% y/y and E.C. IFPM per share grew 10% y/y

• The economic occupancy rate decreased slightly by 50bps q/q to 94.6%, however management is expecting vacancies to decline going

forward

• Property value change of SEK 540m attributable to the effect of a deferred tax deduction upon acquisition, divestments exceeding previous

valuations and lower operating expenses going forward