Swedish real estate giant Castellum reported a fourth-quarter net loss of 114 million Swedish crowns, reversing a 1.99 billion crown profit from the same period last year. The loss was driven by negative property revaluations totaling 1.05 billion crowns, as revised expectations for future cash flows and rental levels weighed on asset values.

The company's rental income totaled 2.4 billion crowns, slightly below the previous year's 2.44 billion, while like-for-like rental income increased 1.2% excluding currency effects. Income from property management rose 4.4% year over year to 1.13 billion crowns, providing a bright spot in the results. However, net operating income declined 1% on a like-for-like basis to 1.6 billion crowns.

For the full year, Castellum's net income after tax fell to 938 million crowns from 2.36 billion in 2024, with the property portfolio valued at 136.9 billion crowns at year-end. Despite the challenges, the company's board adopted a capital distribution policy returning at least 25% of income from property management to shareholders, amounting to approximately 1.2 billion crowns this year through dividends and share buybacks.