Catella's Q1 2026 print came in materially below both Redeye's below-consensus estimate and FactSet consensus. Group EBIT of -SEK46m missed Redeye's -SEK21m by SEK25m. EPS of -SEK0.57 missed Redeye's -SEK0.36. The miss is concentrated in Investment Management, where revenue of SEK223m undershot Redeye's SEK253m by 12% and FactSet's SEK298m by ~25%. The revenue miss is related to Investment Management where the driver is 1.4% lower AUM than anticiapted and 2bps lower revenue/aum than forecasted by Redeye. Resulting in an Investment Management EBIT miss of SEK2m/12%. Corporate Finance was 11% above on revenue whilst 26% below on EBIT. Redeye anticiaptes a slight negative reaction to the print, whilst noting Q1 is the least consequential year for the full year.
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