K2A Knaust & Andersson Fastigheter (K2A) Q4 2025 earnings summary

Executive summary

• Achieved positive net income after tax in all four quarters of 2025, reversing previous years' losses and reflecting operational improvements and market normalization.

• Focused on strengthening balance sheet, improving liquidity, and expanding external property management assignments.

• Ranked first globally among listed residential property companies in GRESB sustainability ranking.

Financial highlights

• Full-year 2025 rental income was SEK 306.5m (426.9), with a decrease mainly due to the disposal of 2,990 student apartments in October 2024.

• Operating surplus for 2025 was SEK 221.2m (292.3), and profit from property management was SEK 126.5m (-170.9).

• Net income after tax for 2025 was SEK 204.5m (-202.4), with EPS of SEK 1.89 (-2.99).

• Ongoing projects and joint ventures contributed SEK 114.9m (-140.1) to results.

• Value changes in investment properties totaled SEK 197.0m (-79.9).

Outlook and guidance

• No dividend proposed for common or preference shares for 2025, prioritizing financial stability and development.

• Plans to initiate new construction in 2026, starting with a major student housing project in Stockholm.

• Continued focus on capital allocation to high-value projects and further property transactions expected in 2026.