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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.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.
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