EL7.AI
StocksMediumUpdated×2•Originally published 23 October 2026•Updated 23 October 2026•
4 min read

Catena beats expectations with quarterly rental income of SEK 837 million

Key Facts

1Third-quarter rental income was SEK 837 million, compared with consensus of SEK 821 million.
2Rental income for the first nine months rose 20% to SEK 2,347 million.
3Economic occupancy was 95.3% at the end of September, up 70 basis points from the second quarter.
4The loan-to-value ratio was 43.2% at the end of the third quarter, compared with 44.5% in the first half.

Catena reported results for the first nine months of 2026 on October 23, recording third-quarter rental income of SEK 837 million, net operating surplus of SEK 705 million and profit from property management of SEK 498 million. All three figures exceeded the analyst consensus compiled by Modular Finance: SEK 821 million for rental income, SEK 688 million for net operating surplus and SEK 477 million for profit from property management, according to MarketScreener. Year on year, quarterly rental income rose from SEK 675 million, net operating surplus from SEK 548 million and profit from property management from SEK 401 million. The company reported pre-tax profit of SEK 780 million, compared with SEK 577 million a year earlier, and net profit of SEK 614 million, versus SEK 457 million. The quarterly results reflect growth in revenue and operating profit, alongside improved occupancy compared with the previous quarter.

For the January-to-September period, rental income increased 20% to SEK 2,347 million, net operating surplus rose 21% to SEK 1,972 million, and profit from property management grew 18% to SEK 1,414 million, according to Catena's report. Earnings per share from property management were SEK 21.46, compared with SEK 19.91 in the corresponding period, while EPRA earnings per share reached SEK 20.58, versus SEK 18.93. In the first half, the company had reported a 17% increase in rental income to SEK 1,510 million and 14% growth in profit from property management to SEK 916 million. The comparison shows like-for-like rental growth accelerating from 2% in the first half to 3% in the first nine months, according to Investing.com. Like-for-like rental growth was 3% year on year during the period, distinguishing the performance of existing assets from the overall increase in revenue.

Economic occupancy improved to 95.3% at the end of September, up 70 basis points from the second quarter, but remained 140 basis points lower since the start of the year, according to Investing.com. This trajectory links the quarterly improvement in space occupancy with like-for-like rental growth, while occupancy remains below its level at the start of the year. In the first quarter, rental income was SEK 701 million, compared with SEK 644 million a year earlier, and profit from property management was SEK 424 million, versus SEK 398 million, according to the company's report. First-quarter rental income also rose 9% year on year, while like-for-like rental growth was 2%, according to the published draft of that period's results. Across 2025, rental income increased 21% and profit from property management reached SEK 1,613 million, according to the company's year-end report. These figures provide context for assessing Catena's expansion during 2026, with total revenue growth diverging from growth in existing assets.

Chief Executive Jörgen Eriksson said: "The external environment remains uncertain, and market interest rates rose sharply during the quarter." He added that Catena is committed to maintaining a strong balance sheet and intends to keep its loan-to-value ratio at 45% or lower. The actual ratio was 43.2% at the end of the third quarter, down from 44.5% in the first half, while the interest coverage ratio was 3.6 times and the average cost of debt was 3.2%, according to Investing.com. These indicators put the debt ceiling set by management in the context of rising interest rates, with the reported ratio remaining below the target limit. The company said net lettings for the nine months were negative, despite turning positive in the third quarter, according to the points covered in the source materials. This shows how the lettings trend in the latest quarter differed from the result for the period since the start of the year.

In October, Catena acquired 10 properties in Finland from Urban Partners for about SEK 2.15 billion, according to Investing.com. The deal adds to the revenue growth drivers that included acquisitions and completed projects, alongside like-for-like property growth, as reported for the first nine months. The company released the report at 08:00 Central European Time on October 23 and scheduled a presentation of its results for 10:00 the same day. The next financial milestone listed on its investor relations page is the 2026 year-end report, scheduled for February 19, 2027, at 08:00. The upcoming annual report follows a period in which Catena recorded growth in rental income and operating profit, with quarterly occupancy improving and the loan-to-value ratio declining.