Q2 Adj. EBIT came in at SEK 113m, vs. ABG at SEK 69m
Catella reported a Q2’21 EBIT of SEK -31m (39m), compared to ABGSC which expected SEK -111m. Adjusting for the negative EO item of the wind down of IPM, the adjusted EBIT came in at 113m, up 55% y-o-y and 65% above ABGSC adjusted EBIT expectation of SEK 69m. Looking at the deviation in the current operational segments, the operating profit in Corporate Finance was among the strongest reported quarter in many years, and came in at SEK 43m, compared to ABGSC which expected SEK 9m. The property investment management segment reported operating profit of SEK 84m, which was 17% higher than ABGSC at SEK 72m. Just as last year, the operating profit in the PIM segment was strengthen by performance fees from the property fund called Catella European Residential Fund, which has achieved a level where it attracts performance-based fees.
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