K-Fast Holding AB (publ)

Welcome to our presentation of the third quarter of 2024. We can see that the conditions are moving towards a better one, where the rates are falling and inflation is starting to establish itself at an increasingly controlled level. Despite this, we still need to get a big dose of the weakness when the recovery happens from low levels. In daily business, we work hard to make the new business plan possible that extends to the end of the year. As part of the new business plan, we have funded one portfolio in Copenhagen consisting of 311 apartments and a underlying property value of close to 1.1 billion SEK. We have funded a number of smaller development properties and also sold an apartment consisting of 100 apartments in Nyköping to our joint company together with Kilenkrysset, that is, a partial sales company. In addition, we are working on sales processes for further properties in accordance with the goals in the new business plan. As a shareholder, you can expect that the new normal means that we will constantly have ongoing sales processes. This as a lead is to deliver on the new business plan which means additions to forms of self-financed development and where we can hopefully present further sales in the not too distant future. In addition to the front page of the Danish portfolio that I mentioned on the previous page and the partial sales in Nyköping to Kofast Kilen, our joint company with Kilenkrysset, we also bought our prefab factory in Strängnäs from Kilenkrysset. This means that we now own all the properties of the factory where we operate our prefab business today. I also think that the extra joy is that we extend the cooperation with Kilenkrysset, a cooperation that gives us great joy and not least a good experience and a change of competence with a very strong actor in Mälardalen. During the quarter we started building the project the protection office 3 in Malmö, which consists of 154 apartments and a lamel house that completed a total of 140 apartments in the project located in Göteborg, Hässleholm and Höganäs. In addition to the start of the protection office in Malmö, we started a project consisting of 74 apartments in Valentina, a half owned joint venture with Titania. Since we do not consolidate this project, we prepare it as an external production. I am extra proud that despite the lower market conditions, we managed to reach production cost levels, which makes both the project in Malmö and the joint venture in Valentina, on some of the cost excess 6% and a production to value ratio on levels from 69% in Malmö to 76% in Valentina. In the management area, everything begins to suffer from fantastic employees carrying fruit. Despite the fact that we have completed a project during the quarter with a certain influence vacation, we reduce the total vacation and go through the quarter with a cost of .3% compared to .9% at the end of 2023. We will not complete more apartments during the remaining part of the year, so I feel safe that before the end of the year we will be able to get closer to a more normalized vacation in our portfolio of completed properties. The result of the period was minus 12.7 million, which is loaded with negative value development on, among other things, derivatives that do not reflect the development of substance values that were developed positively to 24.80 per share. The management result landed on 42 euros per share, and the result per share in the entrepreneurship area landed on 94 euros per share. During the quarter, we have previously started one project in Kirseberg, Malmö, at the housing and protection office 3, which we have acquired from ICANU and also joined during the quarter. The project covers 154 apartments and the project calculation shows a yield cost of .42% and a ratio between production costs to value of 69%. We are very proud of the levels and are the result of hard work from skilled, responsible employees. In addition, we have a joint venture with Titania, built by Valentina Rikkeby, a project covering 74 apartments and the yield cost of .16% and a ratio between production costs to value of 76%. In total, during the first nine months of the year, we have built 621 apartments and we do not include the apartments that are included in the joint venture with Titania. In total, at the end of the quarter, we have 745 apartments in ongoing production divided into 15 different projects. During the quarter, we have also completed 140 apartments divided into three projects, where some are simply stages of larger projects that have been completed. These projects are in Gothenburg, Häslaholm and Höganäs. However, we do not have any projects that will be completed during the fourth quarter of the year. In addition to the projects already started, our project development organization has kept a contract for one project in Central Lund, the district of Sandryggen, one project in Örebro, in the district of Almby, and one project in Gävle, in the district of Sätra. In our entrepreneurial activity, Prefab has gone through a tough period, but thanks to our hard sales work, we have managed to turn the development. Prefabs order book rose to 990 million per quarter, which should be compared to 457 million corresponding to the time period. We are now working hard to scale up after a period with a lower price to get into the fourth quarter with a significantly better location and support, where we in Prefab work with a total of 76 ongoing large enterprises. Our construction company, Avsöende Koncepthus, has, after a top in completion in the last quarter of 2023, had a period with a slightly lower pace. However, I can clearly see that we are also changing within the construction company, and we are changing with nearly 200 more housing buildings now than during the year shift. We started building 621 housing buildings so far this year, plus the 74 housing buildings together with Titania. At the end of the period, we had 745 housing buildings in the ongoing building, plus the 74 with Titania, and thus a recurring order value of almost 1.6 billion. Our project development organization is actively working with our project bank, which in the quarter's output consisted of 2,257 housing buildings, and where we, as mentioned earlier, have been building three different projects that have not yet been started, including 572 housing buildings. This gives us a certain relationship with the upcoming project start-ups. Finally, we delivered a gross result of 311 million in the entrepreneurial area for the first nine months of the year, to the gross result of 416 million for the whole year 2023. Within the management area, we reduced the number of housing buildings during the management with the second quarter, as a result of the fact that we removed 311 housing buildings in Denmark and only completed 140 housing buildings during the quarter. This resulted in 4,987 housing buildings in management during the quarter's output. Compared to the corresponding time, the housing value has increased by 25% to approximately 655 million. At the end of the quarter, the economic output was 95.3%, which is comparable to .3% at the end of the second quarter, and .9% at the beginning of the year. The fact that we were able to continue to reduce the number of housing buildings while adding new production with certain influence on housing makes it look like a profit, given that the goal-oriented work within the management organization is fruitful. I see that we have good conditions to reach a more normalised level of housing during the year's output. This is because we have continued the hard work with the eviction and the fact that no more housing buildings will be completed during the remaining part of the year. The rents for the first nine months of the year increased to 452.9 million and the management result to 102.2 million, an improvement of 13% since the corresponding time. The successively improved eviction and lower rents contributed to strengthening the management result. The excess eviction, which increased to 67.1%, will be improved successively in the course of the eviction. We continue to measure, crores after crores, to reduce the cost base in management while reducing eviction. Management is a sport where every crore is counted and where the latest year's inflation together with higher rents has affected us along with the business colleagues. On the revenue side, it looks like the rent increases between 2024 and 2025 land in the interval of 4-5%, which will help compensate for increased costs during the coming year. For the sake of the above, it is realistic that we will successfully deliver better results in management during the coming quarter, if the winter half of the year is a little heavier than the cost of eviction. With that said, I would like to hand over the floor to Martin.

Thank you, Jakob, and a really good morning to our listeners. Even though it is a grey and cloudy day here in Hesleholm today, we, as a business in the housing industry, feel that the sun has begun to warm from an ever-clearing sky. The management industry is shaking like a calf on a green and the entrepreneurship industry is starting to get up after a long winter. If we then move from the weather report to our period report, we start with the management industry. There, our rents increased by 29% to 457 million. And despite the fact that we sold a Danish portfolio of 311 apartments during July, the number of managed apartments increased during the period with 22% to 4,987 apartments at the end of the period. The rent value increased at the same time with 25% to 655 million kronor. The good news is that we have increased the rents during 2024. We entered the year with a pressure of 92%, which is followed by a high flow rate at the end of 2023 and is now up 95% despite the previously mentioned growth during the year. The rents we have still the highest focus on and we think we can cut further a few percentages towards the end of the year. The increased rents and the rents are measured both in the surplus rate and the management result upwards. The surplus rate was increased by 67% at the end of the period compared to 65% for the corresponding period 2023. The management result increased by 102 million, which is an increase of 13% compared to the corresponding period before then, which in itself corresponds to 0.42 kronor per share. The management result increased despite increased rents, where the financial net for the period increased to 185 million kronor, which is an increase of 35% compared to the corresponding period before then. The rents are driven by increased rents with debt, which is followed by more apartments in management, as well as higher average rents, even if the growth rate in average rents now decreases, which is followed by lower market rates. I will come back to this a little later. During the period, we have a value change for the completed management assets of a total of minus 153 million, divided by minus 208 million related to downscales in the transferred transactions, where the sales of the Danish portfolios were the most recent, as well as plus 55 million in unrealized value changes for our completed management assets. The direct demand for the completed management assets has been relatively stable during the period and was at its output of .4% compared to .3% at the beginning of the year. A recent increase in the value change in the derivative during the quarter where the downfall in long market rates led to the value of the concern's interest rate derivative to decrease. The value of the derivative during the period was reduced by 115 million. However, we are very pleased with our management efficiency and above all the increase in the amount of expenses. We hope to be able to improve the result further in the future, in time for the increase in the amount of expenses. The entrepreneurial business has a heavy period behind it, with a heavily reduced income level. The total amount of income has increased to 1.28 billion, which is a reduction of 30% compared to the corresponding period last year. In the construction of its own concept houses, the activity is still high, even though the income during the period has fallen to 948 million, including the unforeseen value change of 239 million crowns. We started building 621 apartments and completed 425 apartments during the period, and the total number of apartments in the construction period was 1,745, which is approximately 200 more than the annual shift. The decrease in the income despite this is primarily due to the fact that many of our construction projects are in a relatively early construction phase, which does not drive income in the same amount as later in the project. During the period, we have increased the corresponding order value to 1.592 million crowns, or 35% compared to the corresponding period last year. This is for good income and further development of results. In the construction of the upper entrepreneur, which is primarily the external prefab business, the income was reduced by 30% to 333 million crowns. This is completely and completely related to the weak construction structure during the last years, and above all the decrease in the housing construction. With that said, we see that the construction has begun more and more again, and the order value for the upper entrepreneur has during the period increased to 990 million, compared to 457 million at the same period last year, which is an increase of more than 100%. Even here we are going to a brighter future. In total, the enterprise as an entrepreneur is preparing a result before the changes in value of 230 million crowns, corresponding to 0.94 crowns per share. Supporting the increased order value at FA is our image that this result will rise properly. Let's take a quick look at the concern's result, which was raised to minus 13 million, compared to minus 239 million at the corresponding period 2023. The result is negative, despite the stable positive development in the underlying operative business, primarily depends on the value changes in the derivative, which I have previously mentioned. The income-tec level was raised at the end of the period to 1.5 in the past 12 months, and with the positive result development in the management business, and the successively improved order value in the entrepreneurial business, we see that this target will be improved in the future. If we continue with the concern's financial position, the value of the concern's management facilities increased by 1% during the period to 15 billion crowns. This includes the sales of the Danish portfolio during July, which corresponds to a value of approximately 1.1 billion. As I have described earlier during the result development for the primary entrepreneurial business, the ongoing new construction is the primary driving force for growth. The debt of the borrower decreases during the period with 2% to 9.9 billion. The debt of the borrower continues to increase as we re-build the financing to long-term financing in relation to the completion of new management facilities. But during the period we have had a still high running amortization rate. In addition, we have amortized the financing of the world of the borrower by approximately 330 million crowns. In the same way as the sales of the Danish portfolio, we amortized the loan by approximately 900 million crowns. The total debt of the concern increased to 58% at the end of the period, against 60% at the beginning of the year. And the isolation of the loan rate for the concern's completed management facilities increased to 61% at the end of the period, against 61% at the beginning of the year. The concern's own capital increased during the period with 2% to 5.2 billion and long-term substance value with 2% to 6.1 billion against 24.8 crowns per share. The solidity improved during the period with 31% against 30% at the beginning of the year. In other words, our financial resources continue to be improved. This brings us in on the concern's financing. I have previously mentioned the development of the debt of the borrower, which is primarily driven by the renovation and completion during the period, and amortization related to the financing of the borrower and the sales of the Danish portfolio. We continue to maintain a high level of pension for our completed management facilities, and at the end of the period the level of pension increased to 80%. However, we have chosen to be a little more vigilant to sign new interest rates, which are followed by a growing reduction in market rates, and therefore a decrease in the average pension time during the period. Also, a decrease in capital, which is partly to do with the fact that we in the current market position are a little shorter in our financing, and partly because the financing related to the Danish portfolio was relatively long and drew up the average. I now return to the average pension, which I hastily mentioned earlier. This increased during the period from .2% to 3.5%, despite decreased market rates. This is entirely due to the fact that the key figures are increasing in a successive way, while we are rebuilding financing to long-term financing, where the current long-term financing is at about 4.5%. In summary, we are coming out of a tough period for our entrepreneurship with a good annual value and we have a good speed in our management activities with increased performance and improved management results, where our picture is that both the management facilities will develop positively in the future, on the back of the current development. All our financial key figures are developing in the right direction. Therefore, I would like to say that we have not only passed the eastern border, but are now approaching the mid-day, even if there is a bit left until the full-midday. With these words, I would like to thank our listeners, wish you a fantastic autumn and a wonderful weekend, and for those of you who are going to have autumn vacation next week, I hope you will enjoy it. And with that, I hand over to Jakob.

Thank you, Martin. In summary, we need to turn to the better, if there are still some challenges on the way. But we strive to become a little better and stronger for every quarter that goes. We have begun to deliver on the new business plan, which includes additions to the form of self-financed development, where the quarter is stemmed from the Danish portfolio of 1.1 billion, which is a step in the right direction. Visit IR at -fastheter.se