K-Fast (KFAST) Q4 2025 earnings summary

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.