"We close 2024 with a 10.2% increase in income from property management and a positive net leasing for both the fourth quarter and the full year. Castellum maintains a strong financial position, and the Board of Directors proposes a dividend of SEK 2.48 per share. This is a clear testament to Castellum's stability and long-term value creation.
At the beginning of 2025, our project development accelerates as we take the next step in several strategic initiatives. This includes launching the Infinity office project in Hagastaden, Stockholm's fastest-growing inner-city district, with a remaining investment of approximately SEK 1.25 Bn. We are also increasing our holdings in Entra and have received a long-term BBB credit rating with a stable outlook from S&P. Additionally, Castellum has, for the first time, been awarded the highest rating in CDP's climate ranking, making us one of the few European property companies to achieve this distinction.
We are ready to continue acquiring, developing, and delivering value - with solid finances and an ambitious strategy," says Joacim Sjöberg, CEO of Castellum Aktiebolag.
January-December 2024
- Income totalled SEK 9,849 M (9,806), of which SEK 65 M (0) pertained to estimated indemnity. In the like-for-like portfolio, rental income increased 2.3 per cent (7.9), excluding currency effects.
- New leases were concluded for 287,000 square metres (307,000) and an annual rent of SEK 609 M (612). Net leasing for the year totalled SEK 13 M (-67).
- Net operating income totalled SEK 6,786 M (6,566), corresponding to an increase of 3.4 per cent. Net operating income in the like-for-like portfolio increased 4.5 per cent (8.7), excluding currency effects.
- Income from property management totalled SEK 4,819 M (4,373), corresponding to an increase of 10.2 per cent.
- Net income for the year after tax totalled SEK 2,357 M (-11,592), corresponding to SEK 4.79 (-25.68) per share before and after dilution.
- Net investments totalled SEK -634 M (-1,460), of which SEK 2,502 M (3,410) pertained to new construction, extensions and reconstructions, SEK 67 M (336) to acquisitions and SEK -3,203 M (-5,206) to sales.
- Changes in value of investment properties for the year totalled SEK -1,627 M (-14,534), corresponding to -1.2 per cent (-9.5). The value of the property portfolio amounted to SEK 135.7 Bn (137.6) at the end of the year.
- The loan-to-value ratio was 35.6 per cent (37.4).
- The interest coverage ratio for the year was 3.3 (3.0) and interest-rate hedging was applied to 70 per cent (73) of the loan portfolio at the end of the year.
October-December 2024
- Income totalled SEK 2,444 M (2,477). In the like-for-like portfolio, rental income increased 1.0 per cent (5.8), excluding currency effects.
- New leases were concluded for 81,000 square metres (79,000) and an annual rent of SEK 210 M (175). Net leasing totalled SEK 23 M (-51).
- Net operating income totalled SEK 1,652 M (1,627), corresponding to an increase of 1.5 per cent. Net operating income in the like-for-like portfolio increased 3.9 per cent (10.8), excluding currency effects.
- Income from property management totalled SEK 1,084 M (1,030), corresponding to an increase of 5.2 per cent.
- Net income after tax for the period totalled SEK 1,989 M (-6,302), corresponding to SEK 4.04 (-12.79) per share before and after dilution.
- Net investments totalled SEK -307 M (-397), of which SEK 914 M (1,089) pertained to new construction, extensions and reconstructions, SEK 13 M (9) to acquisitions and SEK -1,234 M (-1,495) to sales.
- Changes in value of investment properties for the period totalled SEK 5 M (-6,304), corresponding to 0.0 per cent (-4.4).
Important events during the quarter
- Castellum has signed a 15-year lease with television channel TV4 for approximately 16,000 square metres in Stockholm's port district. The property will be adapted for the new operations and occupancy is scheduled for autumn 2026.
- The Nomination Committee proposes that current member and Vice Chairman of the Board Louise Richnau be elected Chairman at Castellum's Annual General Meeting on 7 May 2025. Current Chairman of the Board Per Berggren has declined re-election.
Important events after the end of the year
- The Board of Directors proposes a dividend of SEK 2.48 per share, divided into four equal payouts of SEK 0.62 per share.
- Castellum acquired additional shares in the Norwegian property company Entra, and triggered a mandatory offer under Norwegian law.
- Work on the Infinity office project, with about 20,000 square metres of leasable area in the Hagastaden district of Stockholm, is starting with a remaining investment volume of SEK 1.25 Bn.
- Castellum has received a BBB credit rating from S&P, which improves the company's position in the capital market.
- For the first time, Castellum was awarded the highest score in the CDP climate ranking.
Annex: Year-end report 2024
For further information, please contact:
Joacim Sjöberg, Chief Executive Officer, Castellum AB, +46 8 503 052 00
Jens Andersson, Chief Financial Officer, Castellum AB, +46 (0)76 855 67 02
About Castellum
Castellum is one of the largest listed property companies in the Nordic region that develops flexible workplaces and smart logistics solutions. As of 31 December 2024, the property value totalled approximately SEK 155 Bn, including the ownership share of the Norwegian company Entra ASA. We are active in attractive Nordic growth regions. One of our sustainability goals is to become entirely climate neutral by 2030 at the latest. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap and is classified as green according to Green Equity Designation.
Beyond expectations.
www.castellum.com
This information is information that Castellum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-19 08:00 CET.
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Joacim Sjoberg Castellum
