We cut our Q3 Corporate Finance forecast to a SEK22m EBIT loss (previously SEK9m loss) but raise Investment Management to SEK32m (previously SEK30m) ahead of Catella's Q3 report on 5 November. We expect a stronger euro to lift reported AUM to SEK163bn while core funds keep seeing net outflows. Catella's decision to close its German retail fund Catella MAX shows that open-ended property funds still face redemptions. Since May 2025 Catella has replaced its chair, CEO and CFO and built a new European management team, which is working through many overdue internal fixes and developing new products to stem outflows. Corporate Finance faces weaker transaction markets after a deal-driven Q2. From Q4, lower interest costs and buybacks support earnings per share.
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