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Castellum AB
(CAST)
Castellum AB (CAST) vs. iShares MSCI Sweden ETF (EWD)
Castellum AB Business Overview & Revenue Model
Castellum AB Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.59B | 9.73B | 9.81B | 8.99B | 6.35B |
| Gross Profit | 6.52B | 6.67B | 6.57B | 5.76B | 4.32B |
| EBITDA | 3.52B | 6.49B | -12.27B | 1.30B | 12.48B |
| Net Income | 938.00M | 2.36B | -11.59B | 1.75B | 11.83B |
Balance Sheet | |||||
| Total Assets | 155.89B | 157.86B | 159.34B | 179.73B | 177.63B |
| Cash, Cash Equivalents and Short-Term Investments | 120.00M | 2.40B | 2.09B | 858.00M | 1.20B |
| Total Debt | 69.39B | 60.10B | 63.11B | 78.44B | 72.57B |
| Total Liabilities | 87.74B | 78.69B | 82.16B | 100.75B | 94.00B |
| Stockholders Equity | 68.15B | 79.17B | 77.18B | 78.98B | 82.94B |
Cash Flow | |||||
| Free Cash Flow | 3.98B | 4.20B | 4.72B | 5.13B | -14.63B |
| Operating Cash Flow | 3.99B | 4.30B | 4.81B | 4.30B | 2.60B |
| Investing Cash Flow | -5.23B | 46.00M | 800.00M | -2.53B | -13.97B |
| Financing Cash Flow | -1.01B | -4.07B | -4.38B | -2.16B | 12.40B |
Castellum AB Technical Analysis
Castellum AB Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | kr37.87B | 12.52 | 6.23% | 2.15% | 2.86% | ― | |
67 Neutral | kr28.85B | 13.25 | 9.74% | 3.60% | 5.18% | 349.60% | |
63 Neutral | kr25.80B | -73.91 | 0.76% | 2.39% | -3.46% | ― | |
62 Neutral | kr79.18B | 9.67 | 10.31% | ― | 7.72% | ― | |
60 Neutral | kr55.54B | 63.05 | 4.49% | 1.77% | -2.45% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
Castellum AB Corporate Events
Castellum has been included in The Sustainability Yearbook for the tenth consecutive year, ranking first in Europe and 14th globally in the Real Estate Management & Development category. The recognition underscores its position as one of only three Swedish companies honored this year and highlights its long-term integration of sustainability into its strategy and business model.
The Sustainability Yearbook, based on S&P Global’s Corporate Sustainability Assessment of 9,200 companies across 59 industries, selects only the top 15 percent in each sector as leaders in managing financially material ESG issues. Castellum’s repeated inclusion reinforces its status as a sustainability frontrunner in the real estate sector and may strengthen its appeal to investors seeking more sustainable and transparent property investments.
The most recent analyst rating on (SE:CAST) stock is a Sell with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum AB will launch a share buy-back programme of up to SEK 3.4 billion, following its recently announced divestment of properties worth SEK 5.6 billion. The board is using an existing mandate to repurchase up to 10 percent of shares, aiming to enhance long-term shareholder value while keeping the current loan-to-value ratio intact.
Management said the divestment supports the strategy to concentrate on assets that best drive the company’s long-term return on equity target and strengthens its financial position and flexibility. The buy-backs, to be executed on Nasdaq Stockholm in cash and in line with market rules until the 2026 AGM, are intended to adjust the capital structure, with ABG Sundal Collier appointed as advisor on the programme.
At the time of the announcement, Castellum had 492,601,452 issued shares and held 499,403 of its own shares. The initiative underscores a disciplined, return-focused capital allocation strategy amid current market conditions and the company’s valuation, signalling a prioritisation of shareholder returns over alternative uses of capital.
The most recent analyst rating on (SE:CAST) stock is a Sell with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum, a major Swedish commercial property owner and developer focused on growth cities, is listed on Nasdaq Stockholm Large Cap and holds a Green Equity Designation, underscoring its sustainability profile in the real estate sector. The company manages a portfolio worth approximately SEK 137 billion and is the only Swedish property company in the Dow Jones Sustainability Indices.
The company has agreed to sell nine fully let public-sector properties, primarily serving the judicial sector in several Swedish cities, to pension fund AP7 for an underlying property value of SEK 5.6 billion. The deal, which is expected to generate an estimated total earnings effect of about SEK 750 million and supports Castellum’s capital allocation target of a 10 percent return on equity, remains subject to regulatory and tenant approvals, with most assets scheduled to close on 29 April 2026 and the remainder later in the second or third quarter.
The most recent analyst rating on (SE:CAST) stock is a Sell with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum reported weaker full-year 2025 results, as income from property management fell and net profit dropped to SEK 938 million, driven by negative property value changes and slightly softer like-for-like net operating income. Despite signing more new leases by area, net leasing for the year was negative and the loan-to-value ratio edged up, while the company continued substantial net investments and improved energy performance across its portfolio.
In the fourth quarter, Castellum posted a small loss after tax as property values were written down, even though income from property management grew and interest coverage improved to 3.2 times. Management sharpened its focus on profitability and capital allocation through a head-office reorganisation and the sale of co-working unit United Spaces, and the board now plans share buybacks equal to a quarter of 2025 property management income instead of paying a cash dividend, signalling a shift toward capital returns and balance-sheet discipline.
The most recent analyst rating on (SE:CAST) stock is a Buy with a SEK135.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum’s Nomination Committee has proposed the re-election of all current board members, including Chairman Ralf Spann, Anna-Karin Celsing, Henrik Käll, Marita Loft, Leif Norburg, Knut Rost and Stefan Wallander, ahead of the company’s 2026 Annual General Meeting. The committee emphasises that all nominees are independent of the company and its executive management, with all except Spann also independent of major shareholders, and it represents about 36.6 percent of Castellum’s shares and votes, underscoring strong shareholder backing for continuity in governance.
The most recent analyst rating on (SE:CAST) stock is a Buy with a SEK135.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum AB will publish its year-end report for 2025 on 18 February at 8:00 a.m. CET and follow up with an English-language live presentation at 9:00 a.m. CET, led by CEO Pål Ahlsén and Acting CFO Christoffer Strömbäck. The company is providing access via webcast and teleconference, with a recording available afterward, signalling continued emphasis on transparent communication with investors, analysts and journalists as it reports on performance in a challenging commercial property market.
The most recent analyst rating on (SE:CAST) stock is a Buy with a SEK135.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum has secured a 15-year lease for the entire 24,000-square-metre Infinity office property in Hagastaden, Stockholm, which is currently under construction and scheduled for completion by the end of 2027. The unnamed tenant, which has opted to remain confidential, holds a unilateral right until 1 June 2026 to scale back its commitment to half the space on a shorter five-year term, meaning the final scope of the lease will not be fully confirmed until that option period expires; nonetheless, the agreement marks a significant pre-letting for Castellum’s Sorbonne 1 project and supports the company’s growth and occupancy prospects in a key Stockholm development area.
The most recent analyst rating on (SE:CAST) stock is a Buy with a SEK135.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum has been ranked 56th in the 2026 Global 100 list of the world’s most sustainable companies, making it one of only two Swedish firms to appear in the index unveiled at the World Economic Forum in Davos. The recognition highlights the company’s integrated sustainability programme—spanning investments, project development, administration and financing—and supports its ambition to achieve climate neutrality across its value chain by 2040, reinforcing Castellum’s positioning as a leading sustainability-focused player in the global real estate market.
The most recent analyst rating on (SE:CAST) stock is a Hold with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum has divested seven non-core properties in Sweden and Denmark for a total underlying value of SEK 500 million after determining they did not deliver sufficient returns to support its target of at least a 10% annual return on equity. Six assets, with a combined value of SEK 330 million, were transferred in the fourth quarter of 2025, while a seventh property worth SEK 170 million will be vacated in the first quarter of 2026; together, the mainly office, warehouse/light industrial and retail properties comprised 32,800 square metres with a 76% occupancy rate and a rental value of SEK 52 million, signalling an ongoing portfolio optimisation as Castellum reallocates capital from lower-yield assets to strengthen overall profitability.
The most recent analyst rating on (SE:CAST) stock is a Hold with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.
Castellum AB has secured bondholder approval to amend the terms of several series of its outstanding EMTN bonds, introducing changes to the “cessation of business” event of default and adding a divestment-linked interest rate step-up mechanism for the 2026 NOK, 2028 NOK, 2029 NOK and 2030 euro notes, effective 22 December 2025. However, similar amendments for the 2026 and 2029 euro notes issued by Castellum AB and Castellum Helsinki Finance Holding Abp did not receive sufficient support, meaning those series will continue under their existing terms, leaving Castellum with a mixed outcome in its effort to standardise and recalibrate covenants and pricing triggers across its bond portfolio.
The most recent analyst rating on (SE:CAST) stock is a Hold with a SEK120.00 price target. To see the full list of analyst forecasts on Castellum AB stock, see the SE:CAST Stock Forecast page.