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K-Fast
K-Fast (KFAST) investor relations material
K-Fast Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Net revenue for 2025 reached 1,896.9 MSEK, up from 1,141.2 MSEK year-over-year, driven by consolidation of Brinova Fastigheter AB and strong growth in rental income and construction activities.
2025 marked a major transformation with the reverse acquisition of Brinova, resulting in the divestment of 75% of the completed investment property portfolio for a 57.6% stake in Brinova.
Result before value changes for the group was 174.3 MSEK, a 75% increase compared to the previous year.
Workforce was reduced by 30 positions, generating annual savings of SEK 30 million, with further operating expense reductions planned for 2026.
Three divestments during 2025 are expected to provide SEK 1,100 million in liquidity, supporting new construction starts and balance sheet strength.
Financial highlights
Rental income rose 77% to 1,066.5 MSEK, mainly due to the consolidation of Brinova from April 2025.
Construction segment revenues increased 7% to 1,988.5 MSEK, with external construction and prefab up 38%.
Group result before tax was -76.2 MSEK, compared to +74.8 MSEK last year, with EPS at -0.56 SEK (0.20 SEK prior year), mainly due to negative derivative valuations and property write-downs.
Property Management income increased to 1,063.6 MSEK, with profit from property management up 96% to 264.9 MSEK.
Value of investment properties rose 56% to 24,431.1 MSEK, mainly from the Brinova acquisition.
Outlook and guidance
Order backlog for prefab at the start of 2026 is 1,254 MSEK, with 78% for external customers, indicating strong demand.
2026 will focus on further asset divestments, operational efficiency, and increased construction starts, especially in joint ventures.
No dividend proposed for 2025; priority is the in-kind distribution of Brinova shares to shareholders.
Construction starts expected to rise significantly in 2026 and 2027.
Positive development expected in property management with improved occupancy and efficiency.
Construction segment profit recovery plan?
What liquidity targets enable Brinova distribution?
What is the long-term growth strategy for Prefab?
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Latest events from K-Fast
- Income up on Brinova and Viga deals, profit down, focus on cost savings and efficiency.KFAST
Q3 20257 Nov 2025 - Brinova consolidation and property sales boosted liquidity, but profit fell on derivative losses.KFASTQ2 202522 Jul 2025
- SEK 10.8bn in properties divested for shares, creating a leading southern Sweden real estate group.KFASTInvestor Update13 Jun 2025
- K-Fastigheter sells SEK 10.8bn in assets to Brinova, doubling Brinova's portfolio and influence.KFASTM&A Announcement13 Jun 2025
- Rental income and occupancy improved, but construction income and profit declined year-over-year.KFASTQ3 202413 Jun 2025
- Profit rebounded to SEK 87.9m, driven by property growth and major asset sale.KFASTQ2 202413 Jun 2025
- Brinova deal shifts focus to contracting and boosts scale and earnings potential.KFASTQ1 20255 Jun 2025
- Profit turnaround and Brinova deal drive improved results and future outlook.KFASTQ4 20245 Jun 2025
Next K-Fast earnings date
Q1 202629 Apr, 2026
K-Fast
Next K-Fast earnings date
Q1 202629 Apr, 2026
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