K-Fast (KFAST) Q2 2026 earnings summary

Executive summary

• Total income for January–June 2026 reached SEK 1,294.7 million, up from SEK 858.4 million year-over-year.

• Group earnings for the period were SEK 127.8 million, a significant turnaround from a loss of SEK -54.5 million in the prior year.

• Brinova Fastigheter AB, now 57.6% owned, is integrated and contributes to scale and synergies in property management.

• Transformation to a capital-light business model is underway, with focus on divestments to strengthen the balance sheet and reduce leverage.

• First half of 2026 was marked by geopolitical uncertainty, impacting interest rates and property markets, but transaction volumes increased towards period end, highlighted by a SEK 793 million property sale.

Financial highlights

• Property Management income rose 20% to SEK 567.9 million; Construction income was SEK 1,018.8 million.

• Gross profit for the group was SEK 399.7 million, up from SEK 382.2 million year-over-year.

• Earnings per share improved to SEK 0.59 from SEK 0.40.

• Investment properties valued at SEK 21,984.1 million, mainly due to deconsolidation of K-Fast Kilen AB.

• Long-term NAV per share was SEK 24.45, up 1% from December 2025.

Outlook and guidance

• Construction starts are expected to remain at or above the projected full-year 2026 level, with a target of 800 starts and 299 started in H1.

• Prefab order book is SEK 1.26 billion, up 25% year-over-year, with 77% external orders.

• Positive development anticipated in both construction and property management segments, with stabilized costs and improved occupancy.