K-Fast (KFAST) Q1 2026 earnings summary

Executive summary

• Focused on project development and construction, with significant steps toward sector leadership and recovery in operating margins driven by increased external orders and construction starts.

• Construction started on 261 apartments in Q1 2026, with over 800 apartments planned for 2026 and 2027, and 1,941 apartments under construction at period end.

• Strategic partnerships and asset management initiatives, including ByggVesta and Vigam AB, launched to expand market presence and support a more capital-light business model.

• Transformation continues with a focus on strengthening financial position and preparing for distribution of Brinova shares to shareholders.

• Divestments and strategic partnerships support business transformation and value creation.

Financial highlights

• Group income for Q1 2026 was SEK 617.3 million, up from SEK 329.9 million year-over-year.

• Profit before tax reached SEK 161.5 million, compared to SEK 23.7 million in Q1 2025.

• Group profit for the period was SEK 112.4 million (–5.3), or SEK 0.23 per share (–0.02), adjusted for non-controlling interests.

• Earnings per share rose to SEK 0.29 from SEK 0.13 year-over-year.

• Net asset value per share was SEK 24.05, slightly down from SEK 24.34 at year-end, mainly due to deconsolidation of K-Fast Kilen AB.

Outlook and guidance

• Positive outlook with stabilized costs, improved productivity, and upcoming construction starts.

• Sufficient building rights to commence construction of over 800 apartments in 2026 and a similar number in 2027.

• Continued focus on reducing debt and maintaining financial stability to support future growth.

• Brinova aims for 10% annual growth in profit from property management per share and a surplus ratio of at least 70%.