Third party research

Catella: Q1 burden by weak transaction market - ABG

This is a third party research report and does not necessarily reflect our views or values

* Q1 EBIT of SEK -45m, vs. ABGSC of SEK +18m and cons. SEK +9m
* SEK 100m share buyback announced, positive
* Negative consensus revisions to follow, stock slightly down today

Q1 EBIT SEK -45m, vs. ABGSC at +18m & consensus at +9m

The Q1’26 EBIT remained negative y-o-y and came in at SEK -45m (-43m), which was 63m below ABGSC and 54m below FactSet consensus. Looking at underlying development, both the Corporate Finance and Investment Management segment delivered weaker than expected results in Q1, with both lower top-line and EBIT in both segments, than ABGSC forecast.

AUM of SEK 159.8 bn in Q1, 1% below consensus forecast

Net sales in Q1 came in at SEK 296m (465m), which was 22% below ABGSC's forecast and 15% below consensus. Reported EBITDA came in at SEK -28m, 67m below ABGSC and 77m below FactSet consensus. The AUM came in at SEK 159.8bn, up 3% q-o-q (SEK +4.5bn), which was 2% below ABGSC forecast and 1% below consensus. The increase of 4.5bn sequentially is mainly driven by a reporting change implemented in 2026, under which assets under development are included in AUM.

Negative cons. revisions to follow, stock slightly down today

We expect consensus to cut their 2027-‘28e EBIT by ~1-3% driven by the lower AUM base. However, a positive announcement was that Catella will launch a share buyback program of SEK 100m (5% of mcap). Given the EBIT miss in Q1, we expect the share to come slightly down today, where some off the negative impact is offset by the positive buyback announcement. Conf. Call at 10.00.