K2A Knaust & Andersson Fastigheter (K2A) Q2 2025 earnings summary

Executive summary

• Achieved positive net income of 35.3 MSEK for Jan–Jun 2025, reversing a loss of -96.2 MSEK year-over-year, with improved financial position and liquidity following strategic asset sales and capital allocation to value-creating projects.

• Hyresintäkter (rental income) and total managed units declined due to the divestment of 2,990 student apartments, but like-for-like rental income rose 7.7% driven by successful leasing and lower vacancies.

• Focus remains on Stockholm and university cities, with new project launches and management contracts supporting future growth.

Financial highlights

• Rental income for Jan–Jun 2025 was 152.4 MSEK (234.5), and operating surplus was 111.0 MSEK (159.3) year-over-year.

• Net income after tax reached 35.3 MSEK (-96.2) and EPS was 0.17 SEK (-1.49) for the period.

• Value changes in investment properties totaled 40.5 MSEK (-79.7) for Jan–Jun 2025.

• Cash flow from investing activities was 418.0 MSEK (425.6) for Jan–Jun 2025, with period-end cash at 305 MSEK (132).

Outlook and guidance

• Management sees signs of stabilization in the Swedish real estate market and expects continued demand for energy-efficient, climate-smart housing.

• Updated financial and operational targets will be communicated in Q3 2025.