Catella Q2 2025: Kaktus divestment and solid performance - Redeye

Redeye provides an initial comment on the Q2 2025 report from Catella. Investment Management delivered a solid quarter, with quarterly AUM inflows of SEK6.5bn and an improvement in profitability. Corporate Finance showed a sequential improvement against the seasonally weak first quarter, where we argue that intra-group revenue from the company’s advisory role in the sale of Kaktus highlights the synergies in the current set-up. We will mostly maintain our estimates following the report, although with a slight positive tilt. With a net cash position representing more than half of the market capitalisation, and a transaction market that seems to be improving from low levels, we believe the share remains attractively priced.

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