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Swedish commercial real estate company owning office, logistics and public-sector properties across the Nordics.
Swedish commercial real estate company owning office, logistics and public-sector properties across the Nordics.
Collects rent from companies and public bodies in office, logistics and service buildings, largely on multi-year leases, run locally in Nordic cities. Sweden is the largest base. Heavy borrowing against its properties means financing costs and property values shape profit; it has sold properties to reduce debt.
In one line: A Swedish diversified commercial REIT.
Moat: narrow (installed base, scale). A large, diversified Nordic commercial property portfolio, though exposed to office demand shifts.
Headquarters: Gothenburg, Sweden · Founded: 1994 · Employees: 485
Size Castellum (CAST.ST) is a Sweden Real Estate company (Real Estate Development) with a market value of $5.94B, the 43rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 135.25 on 6 Nov 2026.
Performance Over six months the shares gained 10.0%, against -7.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +9.1%); the operating margin is 66.8% (peer median 24.5%).
Valuation It trades at 16.1× forward earnings against a peer median of 14.0× (7th most expensive of 18).
Credit Castellum has 3 bonds outstanding ($2.00B), rated Baa2 by the agencies and trading like BB+ at a weighted spread of 145 bp.
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 9.38B | SEK 9.56B | SEK 9.73B | SEK 9.74B | SEK 8.91B |
| Revenue growth | — | -2% | 0% | +9% | — |
| Gross profit | SEK 6.44B | SEK 6.50B | SEK 6.67B | SEK 6.50B | SEK 5.82B |
| EBITDA | n/a | SEK 6.19B | SEK 6.40B | SEK 6.22B | SEK 5.66B |
| Net income | SEK 2.76B | SEK 938M | SEK 2.36B | -SEK 11.6B | SEK 1.75B |
| Free cash flow | SEK 3.93B | SEK 3.99B | SEK 4.22B | SEK 4.87B | SEK 4.54B |
| Capital expenditure | SEK 15.0M | SEK 12.0M | SEK 22.0M | SEK 93.0M | SEK 85.0M |
| Total debt | SEK 67.5B | SEK 68.3B | SEK 70.3B | SEK 73.3B | SEK 88.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Castellum CAST.ST | $5.94B | +10% | -3% | 67% | 16.1× | n/a |
| Fastighets AB Balder BALD-B.ST | $6.43B | -2% | +4% | 66% | 12.2× | n/a |
| AB Sagax SAGA-A.ST | $6.96B | +5% | +5% | 78% | 15.7× | n/a |
| Fabege FABG.ST | $2.02B | -16% | +27% | 59% | 14.7× | n/a |
| Wihlborgs Fastigheter WIHL.ST | $2.28B | -14% | +7% | 70% | 10.8× | n/a |
| Platzer Fastigheter PLAZ-B.ST | $776M | -12% | +1% | 74% | 9.2× | n/a |
| Hufvudstaden HUFV-A.ST | $2.14B | -5% | -4% | 47% | 20.9× | n/a |
| Catena CATE.ST | $2.61B | -11% | +17% | 82% | 13.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CAST.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +4.8% | 6th highest of 21 |
| 6-month return | +10.0% | -7.1% | 3rd highest of 21 |
| Distance from 52-week high | -1.5% | -23.2% | highest of 21 |
| Revenue growth (TTM) | -2.6% | +9.1% | 4th lowest of 21 |
| Operating margin | 66.8% | 24.5% | 3rd highest of 21 |
| Forward P/E | 16.1× | 14.0× | 7th most expensive of 18 |
| Bond spread | 145 bp | 161 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Castellum CAST.ST | Sweden | $5.94B | +10% | -3% | 67% | 16.1× | n/a | n/a |
| Godrej Properties GODREJPROP.NS | India | $5.77B | -4% | +17% | 21% | 24.5× | n/a | n/a |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | China | $5.71B | -33% | +89% | 26% | 36.4× | n/a | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | Japan | $5.69B | -7% | +6% | 14% | 8.6× | n/a | n/a |
| NEPI Rockcastle NRP.AS | Netherlands | $6.34B | +9% | +20% | 62% | 12.1× | n/a | n/a |
| Fastighets AB Balder BALD-B.ST | Sweden | $6.43B | -2% | +4% | 66% | 12.2× | n/a | n/a |
| FirstService FSV.TO | Canada | $6.46B | +18% | +3% | 6% | 23.6× | n/a | n/a |
| China Vanke 000002.SZ | China | $5.36B | -17% | -32% | -24% | n/a | n/a | n/a |
| Oberoi Realty OBEROIRLTY.NS | India | $6.66B | +4% | +16% | 57% | 20.0× | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |
| UOL U14.SI | Singapore | $5.23B | -23% | +2% | 25% | 13.8× | n/a | n/a |
| Nomura Real Estate 3231.T | Japan | $5.17B | -12% | +19% | 14% | 8.8× | n/a | n/a |
| Cpi Property O5G.DE | Germany | $6.85B | -1% | -8% | 41% | n/a | n/a | n/a |
| City Developments C09.SI | Singapore | $5.13B | -11% | +36% | 14% | 14.1× | n/a | n/a |
| AB Sagax SAGA-A.ST | Sweden | $6.96B | +5% | +5% | 78% | 15.7× | n/a | n/a |
| Deutsche Wohnen DWNI.DE | Germany | $7.05B | -20% | 0% | 48% | 11.0× | n/a | n/a |
| Daito Trust Construction 1878.T | Japan | $7.10B | -7% | +6% | 7% | 9.7× | n/a | n/a |
| Shanghai Lujiazui Finance & Trade Zone Development 600663.SS | China | $4.81B | -10% | -21% | 21% | 14.0× | n/a | n/a |
| Prestige Estates Projects PRESTIGE.NS | India | $7.42B | +10% | +66% | 24% | 38.5× | n/a | n/a |
| Ctp CTPNV.AS | Netherlands | $7.43B | -18% | +12% | 67% | 13.0× | n/a | n/a |
| Howard Hughes HHH | United States | $4.64B | +18% | +32% | 15% | 29.6× | n/a | n/a |
Castellum has 3 bonds outstanding with $2.00B face value. The agencies rate it Baa2; its bonds trade like BB+. Weighted yield 4.43%, a spread of 145 bp over government bonds.