K-Fast Holding AB (publ)

A warm welcome to our presentation of the Booking Communique from the year of action 2024. 2024 was the year of the hands, while we were still struggling with a tough market climate, but where the market has stabilized and has also begun to turn upward and you feel that there are conditions for spring to come in the real estate industry, not least for housing and housing production. The biggest event during the year was undoubtedly our business with Brnova, which we presented in December. We have signed a contract to exchange our property portfolio in the southern region with a total property value of 10.8 billion. Payment is done in the form of newly-invented shares in Brnova, where the share of the shareholder of the K-fasthead will be at most 58.4%, which makes us the largest owners after the transaction. The exact number of shares that the K-fasthead will retain is dependent on the relationship in the exchange portfolio after the transaction is completed on the day of the first April 2025. Brnova will be consolidated in the K-fastheads' management and will be a subsidiary of our subsidiary. Through the transaction, new Brnova will be created, a significant property stock with a focus on housing in the southern region. Through the transaction, new Brnova will also provide better conditions for increased revenue, among other things through the overlap between the existing region south and the current Brnova. I shall share this and we will determine that the K-fasthead will be able to achieve greater economic development in the ownership of Brnova than the ownership of its own property in the southern region. A larger company with higher stock value and in view, given a more diversified ownership base, is expected to provide higher liquidity in the share, more attention from the capital markets and that in view, conditions are given to include in large cap and property-related share index such as Epra. I can also note that K-fastheads through the transaction increase the ability to get in touch with the administration and finished properties, but with around 15%. Based on the company's results on September 30, 2024 and K-fastheads ownership in Brnova of 58.4%. Apart from the big deal with Brnova, we have during spring 2024 presented a new business plan that extends to the end of 2028. A significant part of the new business plan is to start building thousands of properties per year, with a successive rise to 2028. And where we are at the beginning of 2028, we have the goal to deliver 54 per share in results from our entrepreneurship. In order to make that goal possible and increase the degree of self-financing, the decision was taken to remove the stock to be able to reinvest in a new project. Already in the half-year shift, in 2024, we started a portfolio in Copenhagen with a value of 1.1 billion to buy Vega Real Estate. To change the supply is now more of a daily part in the survival of the new business plan. We have initiated the process of changing other parts of the remaining portfolio after the business with Brnova. During the year of entrepreneurship, we started building 928 properties, which we will relate to the fact that we only started building 450 properties during 2023. In management, we have done a lot of hard work to reduce our vacancies by a lot. The degree of self-financing at the beginning of 2024 rose to 96.4%, in relation to .9% at the beginning of 2024. The hard work was fast and we were led into 2025 with a positive net of 28 properties to be related to the 450 during 2023. During the last quarter, we started a project in Lund with 72 properties. A project that we start on the housing rights calculation, but see a significant upside in realizing as housing rights further ahead, closer to completion. This will be a typical attack in the housing and family and a strategy to revive the new business plan. All projects start on a housing rights calculation, where our internal requirements are a yield cost of 6% remaining. This means a direct discharge in relation to project costs, which is at least 6% at the start of the project. Closer to completion is a assessment of the type of operation that maximizes the project's profitability. In general, the construction of the building has taken place in some larger cities than we previously built, where we assess the accesses as more liquid at completion. In total, we have at the end of the year 2052 properties in relation to production, divided into 18 different projects. Our entrepreneurial activity has gone through a tough period, where we ourselves have started a project in order to maintain the current situation. Now we begin to fill the order books in prefab with a large number of external customers, which is incredibly pleasing. The order book was built at the beginning of 2024 for 1.56 billion kronor in prefab, where about two-thirds of its external customers are within the housing, defense, social property and infrastructure. Even after the change of year, we have managed to start new orders, which starts from good facilities during 2025 and onwards. In the construction industry, apart from our concept house, at the end of the year, we had at the beginning of the year 2052 properties divided into 18 projects in order, with a recurring order value of 1.97 billion, that is 52% higher than the corresponding number at the beginning of 2023. At the end of the year, the project development portfolio consisted of close to 1,900 properties in different stages, of which almost 700 were in the construction process. Finally, we delivered a gross result in the business sector of 400 million, which is 17 million lower than 2023, but which marks the bottom in relation to what we see ahead. In the business sector of management, the number of properties increased during management to 4,985, corresponding to plus 2%. This despite the fact that in connection with the half-year shift, the front line is larger than the portfolio in Denmark. We begin to see that all hard work begins to bear fruit, and I can not thank enough all those responsible who have worked dedicated and deliberately to close vacancies and reduce costs in our administration. Thanks to this fantastic team, we leave 2024 with an economic recovery rate in the property stock of 96.4%. This should be compared with the incoming balance, where we were up to .9% in the eviction rate. As a result of the improved eviction rate, the surplus rate increased from 64% to .5% during the year, and the management result increased to 135.1 million. We have continued positive net eviction and are working rapidly to improve the eviction rate further and do not make the assumption that we can get to zero. In our world, eviction was a failure and a profit we could not get again, but we can make sure that we do not lose even in the future. The rent increases from 2024 to 2025 reached an average of 4.4%, and the absolute majority of the increase was already satisfied from January 1. I can also note that the K-facility through the transaction with Brnova increases the incoming income in the management of completed properties by around 15%, based on Brnova's results per the third quarter of 2024, and the incoming share of the K-facility in Brnova by a maximum of 58.4%. With these terms, I would like to hand over the floor to Martin.

Thank you, Jakob. 2024 was an eventful year. It was also a year with a clear division between the first and second half of the year, where the conditions during the first half of the year were really difficult and characterized by high vacancies, high rents, weak demand-level prefab business, while the second half of the year was much lighter with a successively increasing eviction rate and thus a higher excess rate, lower rents and significant growth in the K-facility. The results were also successfully improved during the year. Throughout the year, we have also continued to build new projects, successfully reduced the tax and now also improved the rate of tax return. But, to avoid the events in advance, we start with our management. The rents increased during the year by 26% to 603 million, despite the fact that during the summer we sold a Danish portfolio of 311 housing units with a rent value of 64 million. At the end of the year, we had 4,985 units in management with a total rent value of 679 million kroner. The eviction rate has increased successively during the year from 92% at the beginning of the year to .4% at the end of the year. We have thus proved that we can reduce the eviction rate in relation to the fact that we have moved into almost 1,000 housing units around the year-shifters 23-24. This, together with several managed housing units during the year, has meant that the excess rate has increased from 64% to 66.5%. Even though the market rates have dropped during the autumn, the financial system has continued to deteriorate, which primarily depends on increased debt of interest related to several housing units in management. The financial system has decreased by 34% to minus 243 million. Despite this, our management resultatum grows by 20% to 135 million, which is primarily due to the fact that we will be able to cope with the eviction rate in the stock. The management resultatum per share has increased to 0.55 kroner per share, and considering the development of the eviction rate and the rent situation during the first half of the year, the financial system has been speaking a lot about the level we will hit during 2025, even though it is now in line with Brnova. The value change for completed housing units has increased by 159 million this year, and is affected by real estate changes of minus 220 million, which primarily depends on the depreciation of the sales of the Danish portfolio. Unrealized estate changes have increased on the other hand to 61 million, which has been primarily affected by higher than expected rents in 2025. Direct eviction of our completed properties has increased by .4% this year, and has during the year increased by about .15% on individual property levels. The entrepreneurial business has had a tough year, but will go strong in 2025. The construction of the concept house has been affected by the high completion rate in the end of 2023, which has meant that during 2024 we have had a relatively large number of projects in early project phase, where the processing is relatively low. Income in construction has increased to 1.36 billion, which is a decrease of 23% compared to 2023. We have, however, built another 928 housing units during the year, and the number of housing units in the construction of the year has increased to 2,052 housing units, which is a record high level. The recurring annual value of ongoing construction has during the year also increased from 1.3 billion to 2 billion at the end of the year, or 52%. Unrealized value changes in our construction and concept house increased during the year to 302 million, and the direct eviction requirement for our properties during construction was .3% at the end of the year, which is at a level with previous years. The direct eviction requirement has not increased, primarily because we are building in an increasingly better condition, as Jakob mentioned earlier. Our prefab business is perhaps the part of our total business that has seen the biggest changes during the year, from a year that was brutal and that was afraid of the negative wave of total collapse in construction data during 2023, to an autumn that has filled the order books enormously by 2024-2025. The annual revenue is 494 million, which is a reduction of 16%, but the order book for 2024-2025 goes up to 1.1 billion. The total development result for the business as an entrepreneur is 285 million, including mentioned unrealized value changes of 302 million, which corresponds to 1.16 crowns per share. The order law speaks in clear language. The year's negative revenue level will not be repressed by 2025. At the concern level, we deliver a result of 75 million crowns, which is equivalent to approximately minus 400 million crowns for 2023. Noted at the concern level is that central costs have increased to apparently 12 million, or approximately 22%. However, the increase is primarily related to the fact that we have successively, in recent years, lifted costs from subsidiary companies to multinational companies, and thereafter distributed the costs on our business goals based on profit. This distribution is taken into account when the cost increase is more modest. We can also note that the revenue level has improved during the quarter, and from having been down and turned at 1.5 on the 12-month roll during the year, we ended the whole year at 1.6. It is primarily the positive development result in the management business that affects the development at the end of 2024, while the result development in the entrepreneurial business has the potential to lead to further improvements during 2025. Our financial position has been strengthened somewhat during the year, and both the solidity, debt rate and reward rates have been successfully improved. Primarily, this is due to continued high building rates, more stable development in the market value of our properties, and running amortization of our rent-based debts. The value of our administrative properties increased by 15.6 billion at the end of the year, which is an increase of 5% for the year. The increase is primarily related to ongoing new construction, which has increased from 1.8 to 2.3 billion, or 31%, which in turn depends on the already mentioned increased activity in the construction industry. The increase in finished properties is more modest seen throughout the year. The value of finished administrative properties increased by 12.6 billion at the end of the year, an increase of 1%. However, we should keep in mind that this, for KFAS part, relatively modest change, is strongly affected by the sale of the Danish portfolio and other properties of a total of 1.2 billion, which to a certain extent hides that we have invested the entire 1.5 billion in new, early and re-construction this year, and among other things completed 425 properties. Rent-based debt has increased by 2% this year to 10.3 billion, where the increase in finished properties accounts for more part of this increase. The value of our derivative instrument has turned the force during the year in the course of long interest rates fluctuating and in total it closed down. The value change for the whole year is roughly minus 60 million, and the value of the derivative portfolio rose by the end of the year to 40 million. Solidity rose by the end of the year to .4% and the debt rate to 59%. Access to liquid materials, including untreated This will, however, be strongly affected by the sale of Benova, because we already started a reduction in parts of our derivative portfolio in December. In total, we decreased the derivative by 1.9 billion in December and managed to time in a upward movement in long interest rates. This results in a rate of interest rate of only 54% in the year. Further, both capital-binding and interest-binding are affected by the coming business with Benova, where we are gradually adapting to a changing financial situation. To sum up, 2024 was an eventful year with two sides. One dark and one light. We hope that there will be more lights than dark periods in the future. Much meant in the near future. Higher interest rates and lower interest rates in the management business and a strong order in the construction and prefab business will be the basis for good results. Add to that improved financial situation with increased solidity, interest rate and lower interest rates and we are out in the sunshine again. In addition, we are looking forward to an incredibly exciting business with Benova that we will have a reason to return to. Here I want to make you aware that we will return with comprehensive information in a short time. This will happen through a separate press release and the content will contain combined financial information for KFAST and Benova. Keep an eye out! With these words, I want to thank our listeners and hand over to Jacob to conclude today's presentation. Thank

you! Thank you Martin! In summary, we must turn to the better if there are still some challenges on the way. But when we strive to become a little better and stronger for every quarter that goes. The it will be possible for K-fasthetor and our shareholder. With that said, I would like to thank you for showing interest. If you have any questions, you are welcome to ask them by e-mail to -fasthetor.se. Thank you for today!