Redeye provides an initial comment on Catella’s Q1 2025 report. Lower variable revenue in Investment Management and certain one-off costs led to both top-line and profitability figures falling short of our estimates. AUM development was significantly impacted by FX effects during the quarter. However, we find it encouraging that inflows exceeded outflows, indicating that on a constant currency basis, the revenue-generating asset base continues to grow in a challenging market. We expect to make downward revisions following the report and the stronger Swedish krona, which negatively affected the starting point for AUM. Despite results coming in below estimates, we still argue that the quarter was better than it may initially appear.
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