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Investing.com -- Swedish property company Castellum AB (ST:CAST) reported a 3.8% year-over-year decline in total income to SEK4,789 million for the first half of 2025, as vacancy rates increased by 100 basis points to 9.7% compared to the same period last year.
The company’s like-for-like rental growth was minimal at 0.1%, falling short of the 1.4% forecast for the full fiscal year 2025. While indexation provided some support, this was offset by rising vacancies.
Net operating income decreased by 5.5% year-over-year to SEK3,206 million, with a marginal 0.1% decline on a like-for-like basis when excluding currency effects.
Castellum’s property management income fell 8.7% compared to the first half of 2024, reaching SEK2,222 million. The EPRA earnings per share dropped 4.3% year-over-year to SEK4.27.
The company’s net leasing turned slightly positive in the second quarter at SEK2 million, though it remains negative at SEK-182 million for the first half of 2025.
During this period, Castellum signed new leases covering 185,000 square meters with an annual rental value of SEK389 million, up from SEK137 million in the first quarter.
However, notices of termination amounted to SEK-571 million, including SEK-107 million from bankruptcies, compared to just SEK-8 million in bankruptcies during the first half of 2024.
The economic occupancy rate deteriorated by 30 basis points quarter-over-quarter to 90.3%, representing a 100 basis point decline year-over-year.
Asset values decreased by 0.9% to a total of SEK137 billion, following a 0.3% decline in the first quarter. This performance is below the current forecast of a 0.5% decrease for the full year 2025.
The EPRA loan-to-value ratio increased by 140 basis points quarter-over-quarter to 50.8%, though it remains 130 basis points lower than the previous year.
Castellum’s EPRA net tangible assets per share remained stable quarter-over-quarter at SEK155, representing a 4.7% increase year-over-year.
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