K2A Knaust & Andersson Fastigheter (K2A) Q3 2025 earnings summary

Executive summary

• Net profit after tax reached 36.5 MSEK for Jan–Sep 2025, a significant turnaround from -147.3 MSEK year-over-year.

• Hyresintäkter (rental income) decreased to 228.1 MSEK from 351.7 MSEK, mainly due to the divestment of 2,990 student apartments.

• Driftsöverskott (operating surplus) was 168.8 MSEK, down from 242.2 MSEK, but the surplus margin improved to 74.0% from 68.9%.

• Forvaltningsresultat (profit from property management) improved to 81.5 MSEK from 23.5 MSEK.

• The company continues to focus on strengthening its balance sheet, reducing net loan-to-value to 55% from 66.9%.

Financial highlights

• Rental income for Q3 2025 was 75.7 MSEK (117.2 MSEK Q3 2024); for Jan–Sep 2025, 228.1 MSEK (351.7 MSEK Jan–Sep 2024).

• Operating surplus for Q3 2025 was 57.8 MSEK (82.9 MSEK); for Jan–Sep 2025, 168.8 MSEK (242.2 MSEK).

• Net profit after tax for Q3 2025 was 1.2 MSEK (–51.1 MSEK); for Jan–Sep 2025, 36.5 MSEK (–147.3 MSEK).

• Value changes in investment properties for Jan–Sep 2025 were +38.7 MSEK (–74.1 MSEK).

• Number of managed apartments at period end: 2,034 (5,098 previous year).

Outlook and guidance

• Updated financial targets: net loan-to-value to remain below 55% (previously 70%), interest coverage ratio above 1.5x, and NRV per share to reach 30 SEK by 2030.

• Focus on asset divestments to strengthen the balance sheet and free up liquidity for future investments.

• Major project launches planned in Stockholm and Lund, totaling 850 new apartments.