Sweden's Castellum Q1 net income rises as rental income falls

Castellum AB

24/04/2026 07:11

Overview

Sweden commercial property firm's Q1 rental income and NOI declined yr/yr

Net income after tax rose sharply, supported by positive property revaluations

Company repurchased 23.8 mln shares in 2026 for SEK 2.7 bln

Outlook

Castellum plans to scale back properties not expected to deliver a 10% return on equity

Company expects a higher pace of property transactions and continued share buybacks

Castellum to divest nine properties, expected to be vacated in Q2 and Q3 2026

Result Drivers

PROPERTY REVALUATIONS - Net income after tax rose sharply, mainly due to positive changes in the value of investment properties

PORTFOLIO REFOCUS - Co said it is scaling back properties not expected to deliver a 10% return on equity and increasing transaction pace, per CEO Pål Ahlsén

SHARE BUYBACKS - Co returned capital to shareholders through repurchasing 23.8 mln shares in 2026 for SEK 2.7 bln

Company press release: ID:nMFN6TQdXv

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
SEK 1.30 bln
Q1 Investments
SEK 679 mln
Q1 Operating Income
SEK 1.52 bln
Q1 Profit From Property Management
SEK 1.08 bln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "hold" and 5 "sell" or "strong sell"

The average consensus recommendation for the real estate rental, development & operations peer group is "buy."

Wall Street's median 12-month price target for Castellum AB is SEK130.00, about 7.1% above its April 23 closing price of SEK121.40

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)