Catella's Q3 showed group EBIT of SEK-16m against our SEK-10m and consensus SEK21m, with Investment Management EBIT of SEK23m (SEK32m est.) and Corporate Finance SEK3m (SEK-22m est.). AUM of SEK162.2bn was 0.6% below our SEK163.2bn at a fee rate of 14bp, in line with our 14bp, as currency added SEK3.5bn and net flows and revaluations took SEK2.2bn (our SEK0.8bn). Corporate Finance income of SEK125m was 67% above our SEK75m, because Spain and France closed more deals. Catella announced SEK40m of annual cost savings from 2027. We are likely to lower our AUM forecasts, but the cost savings could offset this, leaving our EBIT estimates broadly unchanged. We see the shares 0 to -10% today on AUM trajectory.
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