K2A Knaust & Andersson Fastigheter (K2A) Q1 2025 earnings summary

Executive summary

• Net income turned positive at 18.2 MSEK in Q1 2025, up from -21.2 MSEK year-over-year, with EPS at 0.09 SEK (vs. -0.48 SEK).

• Hyresintäkter (rental income) decreased to 78.0 MSEK from 119.0 MSEK due to the divestment of 2,990 student apartments in October 2024.

• For comparable properties, rental income rose 8.7% and operating surplus increased 13.2% year-over-year.

• Financial position strengthened: net loan-to-value improved to 57.8% (from 66.8%), and no bond maturities until October 2028.

• Sale of Västerås project post-period will add 345 MSEK in liquidity in Q2 2025.

Financial highlights

• Operating surplus was 54.0 MSEK (down from 76.1 MSEK year-over-year).

• Result from joint ventures surged to 40.3 MSEK (from -0.6 MSEK year-over-year).

• Management result (Förvaltningsresultat) improved to 38.3 MSEK (from 12.2 MSEK year-over-year).

• Unrealized property value changes were 2.5 MSEK (vs. -31.4 MSEK year-over-year).

• Cash flow from operations was 32.2 MSEK (vs. 57.4 MSEK year-over-year); cash at period end was 45.4 MSEK.

Outlook and guidance

• Management sees continued stabilization in the property market, especially for modern, certified residential assets.

• New financial and operational targets to be communicated by Q3 2025.

• Focus remains on value-creating projects in Stockholm and growth regions.