First Read Castellum AB 2Q26: Soft market leaves capital allocation in driving seat

研报英文原文证据摘录

First Read Castellum AB 2Q26: Soft market leaves capital allocation in driving seat

Global Research

15 July 2026ab

First Read

EquitiesCastellum AB

2Q26: Soft market leaves capital allocation in Sweden

driving seat Real Estate

12-month rating Neutral

12m price target SKr145.00

A tough market, for both operations and transactions

Operations remained soft into Q2, flagged in our recent downgrade note, reflected by

rising vacancy and negative LFL rental growth. However, reported earnings were Price (14 Jul 2026) SKr128.35

stronger, with EPRA EPS increasing to SEK 2.36 ps, supported by cost efficiencies, RIC: CAST.ST BBG: CAST SS

buybacks and transaction activity. Occupancy declined a further 50bps q/q to 87.5%,

Trading data and key metrics

while LFL GRI fell 2.0% y/y. Property values declined by SEK 147m in the quarter (-0.1%),

although this masks significant transaction-driven movements, including positive value 52-wk range SKr133.10-102.75

creation from the Infinity project and disposals above book value, partly offset by lower Market cap. SKr60.9b/US$6.30b

expected cash flows in the standing portfolio. Management also flagged that they see Shares o/s 474m (ORD)

limited reinvestment opportunities at sufficiently high yields, indicative of a constrained Free float 89%

toolbox for recycling disposal capital. There will be a conference call today at 8am UKT / Avg. daily volume ('000) 1,505

9am CET - register for the webinar/teleconference. Avg. daily value (m) SKr186.1

Common s/h equity (12/26E) SKr69.4b

Leasing trends stabilising, but occupancy still drifting lower P/BV (12/26E) 0.7x

Vacancy pressure continues to be concentrated in office markets, with occupancy falling

EPS (UBS, diluted) (SEK)

50bps q/q (and 170bps YTD) to 87.5%. Management highlighted underlying market