Catena's performance exceeds expectations but dividends fall below expectations

LootboxPhobia · 2026-02-20T13:26:41+00:00

Catena AB's fiscal year 2025 performance exceeded profit expectations, with EPRA earnings per share increasing by 20% to 25.62 Swedish Krona, and rental income rising by 21%. Although the dividend proposed by the board of directors was below market expectations, the company's stable occupancy rate and financial indicators demonstrate its continued growth.

LootboxPhobia

2026-02-20 13:26:41

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Investing.com – Catena AB (OM:CATE) reported slightly higher-than-expected full-year results for fiscal 2025 on Friday, but dividends were below expectations, according to a research report released today.

The Swedish logistics real estate company announced an EPRA earnings per share of 25.62 SEK, up 20% year-over-year, exceeding analyst expectations by 1%. The company is trading at an 18x P/E ratio (based on operating funds). Net profit per share increased 41% to 27.24 SEK.

Full-year rental income grew 21% to 2.651 billion SEK, with same-store rent growth reaching 4%, higher than the 3.4% for the first nine months of 2025. Net operating surplus increased 23% to 1.789 billion SEK.

As of December 2025, occupancy rate remained stable at 96.7%, unchanged from the previous year.

Property management profit rose 28% to 1.613 billion SEK, with property management profit per share up 18% to 26.72 SEK.

During 2025, Catena acquired four properties valued at 1.906 billion SEK, adding 138,000 square meters of space. The company invested 1.147 billion SEK in new construction, renovations, and expansions. It sold three properties for 98 million SEK.

On Thursday, Catena confirmed the acquisition of an investment portfolio containing 20 properties valued at 8.8 billion SEK, mainly located in Sweden.

On a like-for-like basis, asset value increased by 1.1%, in line with expectations. Loan-to-value ratio stands at 39%, expected to rise to approximately 44% after acquiring the Nordic property portfolio.

Interest coverage ratio remains at 3.9x, with net debt to EBITDA ratio at 7.8x. Average cost of debt is 3.2%.

The board proposed a dividend of 9.5 SEK per share, higher than 9.0 SEK in 2024 but 6% below market expectations.

EPRA net tangible assets per share increased 5% year-over-year to 431 SEK, slightly below analyst expectations by 1%. EPRA net initial yield is 5.6%, up from 5.5% in 2024.

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