* Q2 EBIT of SEK 315m, +11% vs. ABGSC and +7% vs. consensus * Announces buyback of bonds of max SEK 600m - positive * AUM growth & reduced interest cost drive pos. revisions, stock up today Q2 EBIT of SEK 315m, +11% vs. ABGSC and +7% vs. consensus Catella reported an EBIT of SEK 315m (34m) in Q2’25, which was 11% above ABGSC forecast of SEK 283m and 7% above FactSet consensus, which forecasted SEK 294m. The quarter was boosted by the divestment of property development project Kaktus in Denmark. This divestment was pre-announced. The main deviation compared to ABGSC forecast was the Corporate Finance segment, which was stronger than expected following a pick-up in transaction activity. The earnings contribution within Investment management came very much in line with our expectations. Following the divestment of Kaktus, the cash position in Catella more than doubles q-o-q to SEK 1.7bn (~66% of the market cap). In connection to the report the company announces that they plan and aim to repurchase bonds for max SEK 600m thereby improving their capital efficiency and reducing interest expenses, which we view as positive. We expect this will boost consensus EPS by ~8-10%, all else equal. AUM up 6% q-o-q, 4% above ABGSC forecast Net sales in Q2 came in at SEK 722m (428m), which was 6% above ABGSC's forecast and 38% above consensus. Reported EBITDA came in at SEK 335m, 10% above ABGSC at SEK 303m and 6% above FactSet consensus at SEK 316m. The AUM came in at SEK 156.5bn, up 6% q-o-q (SEK 8.4bn), which was 4% above ABGSC forecast. The increase compared to the end of the first quarter, was primarily driven by new mandates in DK, UK & Fin. We believe this will trigger mid-single digit positive consensus earnings revisions for 2026-27e. Positive consensus revisions to follow, stock up today We expect consensus to raise their 2026-‘27e pre-tax profit 10-15% driven by the strong AUM growth in Q2 and the reduced interest cost following the bond buyback announcement. Given the earnings beat in Q2 and as the share has been soft since mid-May and given that we expect positive consensus revisions following the report, we expect the share to be up a high single-digit number today. Conf. Call at 10.00.
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