Overview
Catena AB reported full-year 2025 results that marginally beat consensus on earnings per share but missed dividend expectations, according to a research note published alongside the company figures. The logistics-focused property owner recorded EPRA earnings per share of SEK25.62 for the year, a 20% improvement versus the prior year and roughly 1% above analyst forecasts. Net profit per share rose 41% to SEK27.24.
Operating performance
Rental income increased 21% year-over-year to SEK2,651 million. Like-for-like rental growth for the year was 4%, up from 3.4% in the first nine months of 2025. The company reported a 23% rise in net operating surplus to SEK1,789 million, and profit from property management climbed 28% to SEK1,613 million. On a per-share basis, profit from property management reached SEK26.72, up 18% year-over-year.
Occupancy and asset values
Occupancy at the end of December 2025 remained stable at 96.7%, unchanged from the prior year. Catena reported like-for-like asset values up 1.1%, in line with estimates. EPRA net tangible assets per share increased 5% year-over-year to SEK431, but this measure fell short of analyst expectations by 1%.
Portfolio activity and capital allocation
During 2025 the company acquired four properties valued at SEK1,906 million, adding 138,000 square meters of space. Investment in new builds, conversions and extensions totalled SEK1,147 million. The company sold three properties for SEK98 million. Separately, Catena confirmed the acquisition of a Nordic portfolio comprising 20 properties for SEK8.8 billion, primarily located in Sweden.
Balance sheet and funding metrics
At year-end the loan-to-value ratio stood at 39%. Management expects this ratio to rise to approximately 44% once the recently announced Nordic portfolio acquisition is accounted for. The interest coverage ratio remained at 3.9 times and net debt-to-EBITDA was reported at 7.8 times. The company’s average cost of debt was 3.2% for the period. Catena currently trades at 18 times price-to-funds from operations.
Dividend
The board proposed a dividend of SEK9.5 per share for 2025, an increase from SEK9.0 in 2024. Despite the raise, the proposed payout was about 6% below market expectations.
Bottom line
Catena’s full-year results show solid underlying rental and profit growth alongside stable occupancy and modest asset-value appreciation. However, the proposed dividend failed to meet market expectations and the planned SEK8.8 billion portfolio purchase will lift leverage metrics, factors that will shape investor focus in the near term.