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Interim report Q3 January–September 2025 Presenters: Jacob Karlsson, CEO, and Martin Larsson, CFO 7 November 2025 K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved P R O F I TA B I L I T Y O V E R V O L U M E
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H I G H L I G H T S K-Fast Holding AB 2025 – Delårsrapport jan–sep 2025. All rights reserved • Järfälla Veddesta 2:65. Approximately 330 homes and 782 sq m of premises. The rental value amounts to approximately SEK 67.4 million and construction is expected to start in the second half of 2026. • Eskilstuna Förvaltaren 2. The building right covers approximately 4,894 sq m of rentable area divided into approximately 92 homes. When fully completed, the rental value is estimated to be approximately SEK 12.4 million and construction is expected to start in the first half of 2026.. • Strängnäs, Ale och Ballerup. During the period, the group completed a project in Strängnäs of 72 apartments, a partial stage in Ale of 40 apartments and a partial stage in Ballerup (DK) of 59 apartments. • Göteborg. After the end of the quarter, K-Fastigheter entered into a 50/50 joint venture with Gothenburg-based Alhem Fastigheter. The intention is to build approximately 260 apartments in Björlanda on Hisingen. • Projekt i Stockholm och Malmö. K-Fastigheter has signed a letter of intent for a joint venture with ByggVesta, and is investigating the conditions for jointly developing, building and later selling together. A total of around 500 apartments. • Helsingborg Långeberga. K-Fastigheter has a legally binding detailed plan for the construction of 194 rental apartments on the property Helsingborg Långeberga 4:6 in Östra Ramlösa, Helsingborg. 2 New rental apartments in Strängnäs In the Måsen project, the focus will be on greenery and proximity to green areas and parks. The neighborhood is located in the Ulvhäll district and consists of mixed-use buildings that border the open landscape towards Ulvhälls manor. Göteborg Björlanda K-Fastigheter and Alhem Fastigheter intend to build 260 rental apartments in Björlanda on Hisingen. Building permits have been obtained for the first two blocks. Groundbreaking is expected in January 2026. .
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K-Fastigheter makes another transaction with the real estate investor Viga Real Estate (“Viga”), to which K-Fastigheter has previously divested a property portfolio in Copenhagen. The transaction totals 681 apartments, 264 completed which were vacated on November 4 and 417 apartments under construction which are being sold on forward sale, vacated upon completion in 2026 and 2027. In total, the deal releases nearly SEK 600 million in net cash for K-Fastigheter from today until the final vacated in the spring of 2027. K-Fastigheter and Viga Real Estate are also part of a joint venture with K-Fastigheter as a partner, with 40 percent in Viga's fund investment in Sweden. Together with Viga, K-Fastigheter will manage the future property fund. This allows the JV to combine K-Fastigheter's knowledge of the property market and associated property management with Viga's expertise in capital raising and management of institutional capital. M A J O R T R A N S A C T I O N A N D J V W I T H V I G A K-Fast Holding AB 2025 – Delårsrapport jan–sep 2025. All rights reserved 3 Viga was founded in 2021 by Niels Heering, Kristian Vinther and Swiss Finance & Property Group and is active in real estate investment with a focus on the Copenhagen area. The investment strategy involves a focus on centrally located residential properties (both completed and under construction) with good communications and low vacancy risk. Viga has established partnerships with inter- national investors and has now established a Swedish subsidiary with K-Fastigheter as partner. The intention is for the parties to manage a real estate fund based on the total of 681 apartments covered by the November agreement. The ambition is for the joint company's assignments to grow in number and scope, with a focus initially on residential properties in Swedish metropolitan regions. Kristian Vinther, partner in Viga, and Jacob Karlsson, CEO of K-Fastigheter signed the agreement for the joint investment in Swedish properties.
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K-Fastigheter’s goal is to distribute Brinova when the conditions are deemed to be best for the shareholders. K-Fastigheter will then focus on business within Project Development, Construction and Prefab respectively. In addition to its own operations, K-Fastigheter is a long-term owner of the subsidiary K-Fast Kilen. The company is 51 percent owned by K-Fastigheter and the remaining share is owned by Kilenkrysset. In addition to the subsidiaries Brinova and K-Fast Kilen, K-Fastigheter is the owner of several joint-venture companies and associated companies. K - F A S T I G H E T E R A N D I T S M A R K E T • A cost savings program is underway, the first part of which is to adapt the workforce in all business areas and at the central level, with full effect to be achieved by the end of the first quarter of 2026. The second part of the program aims to reduce other overhead costs by 15 percent by 2026. • The Swedish National Board of Housing, Building and Planning’s forecast regarding population growth and demographic development. • Profitability before volume, waiting for project starts for the rest of 2025. • A new capital-light K-Fastigheter with a higher turnover rate regarding projects and where long-term ownership is channeled towards K-Fast Kilen and Brinova. • Work has begun on updating K-Fastigheter's current business plan. K-Fastigheter and partners focus on locations with expected population growth and demand for good and sustainable housing. • Important factors are population growth, demographic development and expected opportunity to divest. 4 K-Fast Holding AB Subsidiaries: Brinova (57.6%) K-Fast Kilen (51.2%) Joint-ventures: Viga (40% share) Alhem Fastigheter (50% share) Associated companies:: Mjöbäcks Entreprenad (21% share) Novum Samhällsfastigher (50% share) Project Development Construction Prefab K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved
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SEK million 2025 Jan–Sep 2024 Jan–Sep Income 1,436.6 1,280.6 Expenses -1,303.2 -969.9 Gross profit 133.4 310.7 Central administration -42.1 -28.6 Depreciation/amortization and impairment -39.4 -40.1 Profit from holdings in associated companies* 24.6 9.2 Net financial items -23.8 -21.7 Profit before changes in value 52.7 229.5 Earnings per share 0.21 0.94 Change in value of investment properties 0.0 0.0 Change in value, derivatives 0.0 -2.0 Profit before tax 52.7 227.4 Tax on profit for the year -47.7 -71.8 Profit/loss for the year 5.1 155.6 Total assets 6,158.5 4,140.4 Total liabilities 4,869.6 4,031.6 of which interest-bearing liabilities 2,820.5 1,979.1 of which other liabilities 2,049.0 2,052.5 Debt-to-equity ratio 45.8% 47.8% 5 *Profit from participations in associated and jointly controlled companies. K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved C O N S T R U C T I O N • Income amounted to SEK 1,437 million, +12% • External construction / K-Prefab SEK 503 million, +51% • Order value +30%, boosts results going forward • Concept buildings SEK 934 million, -2% • 1,869 apartments in construction, on par with previous year • Lower percentage of completion revenue recognition for ongoing new construction on the back of fewer construction starts, -65% to SEK 83 million • Gross profit SEK 133 million, -133% • Fewer construction starts • Adverse development of costs in a few individual projects • Profit before value changes SEK 53 million, -78% • Operating profit partly offset by positive contribution from associated companies • SEK 0.21 per share, -77% • Forward – positive development • Order value External operators • Planned construction starts of Concept buildings • Stabilized cost situation
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SEK million 2025 Jan–Sep 2024 Jan–Sep Income 765.8 456.5 Expenses -232.9 -152.7 Gross profit 532.9 303.8 Central administration -36.8 -11.5 Depreciation/amortization and impairment -6.7 -4.6 Profit from holdings in associated companies* 0.0 0.0 Net financial items -291.2 -185.4 Profit before changes in value 198.3 102.2 Earnings per share 0.81 0.42 Change in value of investment properties -143.5 -153.3 Change in value, derivatives -82.0 -115.3 Profit before tax -27.2 -166.4 Tax on profit for the year 46.4 55.3 Profit/loss for the period 19.2 -111.1 Total assets 20,518,3 12,649.5 Total liabilities 15,506.1 9,957.4 of which interest-bearing liabilities 12,681.4 7,690.3 of which other liabilities 2,824.7 2,267.0 Debt-to-equity ratio 61.8% 60.8% 6 * Profit from participations in associated and jointly controlled companies. K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved P R O P E R T Y M A N A G E M E N T • Income amounted to SEK 766 million, +68% • Including Brinova Fastigheter AB • Completed 359 apartments, divested 294 apartments • Gross profit SEK 533 million, +75% • Including Brinova Fastigheter AB • Occupancy rate 93.9% – challenging market • Surplus ratio 69.3% – efficiency • Profit from property management SEK 198 million, +94% • Operating result • Lower average interest during the year • SEK 0.52 per share • Value changes • Completed investment properties SEK -144 million – impairment in connection with completed and at the end of the period agreed but not completed sales • Derivat SEK -82 million – lower interest rate environment • Forward – positive development • Improved occupancy rate and surplus ratio • Stabilized interest rates
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SEK million Property Management Construction Other Eliminations Group Jan–Sep 2025 Group Jan–Sep 2024 Income 765.8 1,436.6 3.7 -844.4 1,361.8 820.7 Expenses -232.9 -1,303.2 -0.7 761.7 -775.1 -446.2 Gross profit 532.9 133.4 3.0 -82.7 586.7 374.5 Central administration -36.8 -42.1 -1.7 10.1 -70.5 -55.0 Depreciation/amortization and impairment -6.7 -39.4 -1.4 0.0 -47.5 -45.6 Profit from holdings in associated companies* 0.0 24.6 -9.3 0.0 15.3 9.2 Net financial items -291.2 -23.8 -16.7 0.0 -331.7 -204.7 Profit before changes in value 198.3 52.7 -26.1 -72.6 152.3 78.4 Earnings per share 0.81 0.21 -0.11 -0.30 0.62 0.32 Change in value of investment properties -143.5 0,0 0.0 82.7 -60.8 85.7 Change in value, derivatives -82.0 0.0 0.0 0.0 -82.0 -117.4 Profit before tax -27.2 52.7 -26.1 10.1 9.5 46.7 Tax on profit for the period 46.4 -47.7 -46.2 0.0 -47.4 -59.4 Profit/loss for the period 19.2 5.1 -72.2 10.1 -37.9 -12.7 Total assets 20,518.3 6,158.5 2,023.5 -1,771.7 26,928.6 16,972.5 Total liabilities 15,506.1 4,869.6 481.5 -1,771.7 19,085.4 11,758.0 of which interest-bearing liabilities 12,681.4 2,820.5 379.7 0.0 15,881.6 9,912.9 of which other liabilities 2,824.7 2,049.0 101,8 1,771.7 3,203.8 1,845.0 Debt-to-equity ratio 61.8% 45.8% 59.0% 58.4% 7 * Profit from participations in associated and jointly controlled companies. K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved G R O U P • Central administration SEK 71 million, +28% • Including Brinova Fastigheter AB • Excluding Brinova Fastigheter AB: -13% • Interest costs SEK 332 million, +62% • Interest-bearing liabilities, +60% • Gradual lower interest rate during the year • Interest coverage ratio, RTM: multiple of 1.6 • Profit/loss for the period: SEK -38 million • SEK -0.36 per share (-0.11)
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Financial position Equity/assets ratio: 29.1% (30.4) Debt-to-equity ratio 59.0% (59.1) Loan-to-value ratio 60.6 % (60,4) Interest coverage ratio (RTM) multiple: 1.6 (1.5) SEK million 2025 30 Sep 2024 30 Dec Assets Intangible assets 611.2 462.3 Investment properties 24,608.1 15,616.5 Business properties 553.1 517.0 Other short-term and long-term assets (inc. derivatives) 992.1 860.6 Cash and cash equivalents 164.0 9.5 Total assets 26,928.5 17,465.9 Equity and liabilities Total equity 7,843.1 5,304.6 Deferred tax liabilities 1,987.3 1,092.4 Interest-bearing liabilities 15,881.6 10,317.3 Other short-term and long-term liabilities 1,216.5 751.6 Total equity and liabilities 26,928.5 17,465.5 K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved C O N S O L I D A T E D S T A T E M E N T O F F I N A N C I A L P O S I T I O N 8 Investment properties: SEK 24,608 million, +58% • Including Brinova Fastigheter AB • Completed investment properties: SEK 20,914 million, +65% • Undeveloped land and building rights: SEK 781 million, +17% • Ongoing construction: SEK 2,913 million: +26% - Stable direct return requirement in the period, 4.7%, of which housing 4.5% - Acquisitions: SEK +291 million, divestments: SEK -891 million, new construction projects: SEK +959 million Interest-bearing liabilities: SEK 15,882 million (+54%) • First mortgage loan: SEK 12,511 million, +67%, • Operating and acquisition credits: SEK 868 million, -35% • Unutilized credits: SEK 1,916 million, +34% • Bonds: SEK 500 million • Green bond framework Cash and cash equivalents: SEK 164 million, excluding unutilized overdraft facility of SEK 252 million, of which SEK 152 million controlled by K-Fastigheter Total equity: SEK 7,843 million, +48%, of which SEK 5,152 million attributable to Parent company shareholders Long-term net asset value: SEK 6,069 million – SEK 24.67 per share, -2%, adjusted for the acquisition of Brinova
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IMPORTANT INFORMATION: This presentation has been prepared by K-Fast Holding AB solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially and adversely affected by other factors such as the effect of economic conditions, exchange- rate and interest rate movements, political risks, the impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of K-Fastigheter, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Questions? ir@k-fastigheter.se Y e a r- e n d r e p o r t 2 0 2 5 : 18 F e b r u a r y 2 0 2 6 K-Fast Holding AB 2025 – Interim report Jan–Sep 2025. All rights reserved