K-Fast Holding AB (publ)

A warm welcome to our presentation of the first quarter of 2025. During the quarter, we have put a lot of effort into leading our big business with Brunovac across the finish line. With this business we have now done with Brunovac, we are taking a big step towards getting back to our origin. Since the start in 2010, KFAST has focused on developing its own region, projects and building some of the most attractive housing in the market to a cost level that strongly undermines the general In the process of building a larger housing portfolio, the market begins to see our balance and our housing as the identity of our business. But those who are watching in the rearview mirror or who have been on the journey for some time know that we have earned our money and built up the business through an effective project development and the ability to industrialize large parts of the building process. 80% of our income comes from what we call entrepreneurship since our 2019 rating. At the same time, the market and many other observers have focused on our housing management, which has only been 20% of our income since our 2019 rating. During the quarter, the improvement in the management area has been very good, where the management result increased by 35% thanks to the reduction of the number of vacancies to .6% and .7% a year ago. Moreover, the cost has also decreased, which results in an increase in the surplus rate from 60% to 66% in a quarter that otherwise is characterized by slightly higher costs with regard to less favorable weather and temperature. In the entrepreneurship area, the income for the period with 15% increased, and through the business area Prefab we managed to get back from the bottom levels that we knew from 2023 and the first half of 2024. We went out of the quarter with our largest external order ever, and where we happily after the quarter's exit, a contract was signed with our only largest entrepreneur ever in Prefab. A project in Lund of 45,000 square meters with deliveries during 2026 and 2027. In entrepreneurship, the success rate of the profit calculation is relatively low. Partly because we have not started any projects during the quarter, but also because of the revised cost prognosis in a number of projects related to the depletion of an entrepreneur who did not succeed in delivering the expected level in relation to the demand. Very happy is that we landed further in deep cooperation with the Chilean crisis. This is through our joint venture K-fast Chile, which owns 51% of K-fastness and 49% of the Chilean crisis, occupies a property portfolio in Gävle, Uppsala, the municipality of us. In total, 288 apartments in Gävle and Uppsala, 133 apartments during construction in Gävle, 176 buildings but not yet started apartments in Gävle, and 242 apartments in the planning stage, including those in Gävle. Our joint venture with Chilean crisis is now starting to be well-established, after we have completed the ongoing construction and construction of the joint construction rights, K-fast Chile has developed its own housing properties of 4.7 billion based on today's estimates. We have gone through a tough period with low housing prices in the plan, especially in the pre-fab during 2023 and the first half of 2024. Now the income of the housing is increasing, where we have increased the income by 15% during the period. In the pre-fab, we have really managed to come back in terms of funding. Our star order stock in the pre-fab is, as mentioned earlier, at All Time High, where we work to fill out the order books for 2026 and 2027, where our business with an important partner in cooperation with a project in Lund, which I mentioned earlier, after the quarter's exit, is a step in the right direction. In the pre-fab, we have just now 85 ongoing stock deliveries, including the relevant stock entrepreneurs, with a remaining order value of 1.143 billion. In our building business, we have 17 ongoing entrepreneurs of their own concept size, including nearly 2,000 apartments, with a recurring order value of 1.719 billion. As mentioned earlier, the success in the profit calculation for the Netherlands was low, because we did not start any apartments during the quarter, but also because of revised cost forecasts, based on the pre-fab of this under-entrepreneur we have chosen to end the cooperation with. On the project development portfolio, we stood at the exit of 1,860 apartments in different stages, where we work or have maintained a building permit for about half of them. We are actively working on a large project in Väddästa, Stockholm, close to 350 apartments, which we expect to start building as soon as we maintain a building permit, which is at the end of the year or at the beginning of the next year. During the quarter, the management result increased by 35%, thanks to the fact that we have reduced the vacancies to 3.6%, in relation to the vacancies of .7% a year ago. In addition, the costs have also decreased, which results in the excess rate increasing from 60% to 66%, in a quarter that otherwise is characterized by slightly higher costs, mainly due to less favorable weather and temperature. A large part of our focus during the past quarter has been on the business we presented in December, the re-requisition of the Brno The K-facility has almost 246 million shares, which means that you as a shareholder in the K-facility own about 0.54 Brno shares for each K-facility share, or 18 kronor of Brno's substance value per share in the K-facility. Alternatively, 9 kronor based on Brno's share price on 31 March, depending on how you want to look at it. Far from everyone has understood the logic in the business, and the questions have been many. Not only as CEO, but also as one of the larger owners of the K-facility, I am undoubtedly sure that the business is good for all shareholders in the K-facility. It is said that numbers are spoken in clear languages, so the case is also here. The K-facility's revenue in management per quarter's output rose to 198.6 million kronor, that is, K-facility before the business with Brno was carried out. The K-facility's revenue, including our share of new Brno shares, rose to 263.1 million from and with the first of April, an increase of 32% of revenue in management per night. There is logic that speaks in combination with the new Brno from Geographic Perfect Match, and where the industrial logic says that working with low-marginal products and such as housing, it takes size to achieve efficiency and scale distribution. We come from the first of April this year, consolidates Brno as a subsidiary and an integrated part of the K-facility of the family. With these words, I would like to hand over the floor to Martin.

Thank you, Jakob. I will continue, Jakob, and we will deepen our development in the business management. I want to start by stating that the outcome I will present is the outcome, including our property portfolio in the southern region, which was converted to Brno on the first of April. Business management has a good quarter behind it, where the management result increased by 35% to 34 million SEK, corresponding to 0.14 SEK per share. The background to the positive development is that the rent income increased by 10% to 161 million SEK, which is driven by rent increases by 2025, which went up to .4% and higher rents. The rents increased at the end of the period to 96.4%, compared to .3% one year earlier. This, together with the positive development of the costs during the quarter, and the increase in the rate of excess for the period, increased from 60% to 66%, and the gross profit increased by 21% to 106 million SEK. The financial network was reduced during the period with 13% to 67 million SEK, which primarily depends on the fact that we have since December begun to devalue our rent derivative portfolio to adapt the size of the derivative portfolio after the debt portfolio we have after the Brno affair. Devaluing of the derivative portfolio leads to lower rent income, but also to realized value. Realized value changes for our pre-established administrative properties increased by the period to minus 42 million SEK, driven by a slightly higher direct excise demand, as well as higher expected cost inflation. In average, the direct excise demand for our pre-established properties is .44% at the end of the period, compared to .42% one year ago. We continue with business and entrepreneurship, where the revenues for the period increased by 15% to 520 million SEK, which primarily depends on the positive sales and development of our pre-established properties, while the external revenues in the period increased by 109% to 163 million SEK compared to the previous year. K-Prefab is now out of the increase that parts of 2023 and 2024 mean, and the order book for the remaining 2025 and early 2026 looks really good. Considering the development of our concept houses, the operational results are good during the period, but we do not get realized value changes in the project in the same way as the corresponding period the previous year. The irrefutable value change for the period has now increased to 29 million SEK, compared to 148 million SEK the previous year. This is partly due to the fact that we have not started any projects during the period, partly because we, as Jakob mentioned earlier, have received cost inquiries in some specific projects, which negatively affect the value changes. In summary, the results of the business and entrepreneurship are at 49 million SEK, equivalent to 0.20 SEK per share. Some comments on the outcome of the results at the concern level. The central administration is decreasing during the period, which has to do with savings in the context of the Benore affair. Further, during the quarter we have been forced to a greater decline in a previous shareholder company where the collaboration has been terminated during the last year, which has a negative effect on the result of 9 million SEK. We have, in collaboration with the Benore affair, also realized demands on our Danish subsidiary, which through the more successive stronger crown has received a negative result effect with 8 million SEK per quarter. Despite the limited value changes in the management facilities and derivatives, we have relatively high tax revenues during the period, which is due to tax deduction restrictions. In the context of these primary technical effects, the result for the period has increased to minus 5 million SEK, or 0.02 SEK per share. The financial situation of the concern is relatively unchanged during the first quarter. The value of the concern's management facilities increases by 3% to 16 billion SEK, driven by finished and ongoing construction. In total, we have invested about 490 million SEK in new, time-consuming construction. In the same way, the tax revenue is increasing by 3% to 10.6 billion SEK, primarily through increased use of construction capital. In capital, which has been expanded to 5.3 billion SEK at the end of the period, something is decreasing during the period due to the negative result of the period, while the value of the substance has increased to 6.2 billion SEK, corresponding to 25.34 SEK per share, which is an increase of 5% in the last 12 months. Solidity, debt rate and credit rate are decreasing marginally during the period due to the result development and its effect on own capital, in combination with the growth in the balance of the finished and ongoing construction of management facilities. The joy is, however, that the tax rate has stabilized, now that the operational results in both management and entrepreneurship have been improved, and for the period, the tax rate rose to 1.7 and in the following 12 months to 1.6. Regarding the company's financing, it is at the end of the period characterized by the deal with Brnova, where we have chosen not to write any longer loan agreements with our banks since the deal with Brnova was announced, since we were of the opinion, which has been said to have been proven, that Brnova would maintain better loan conditions in new Brnova. This has an effect on the share of short-term interest in the debt, as well as on the capital investment, which has been expanded to 0.9 years during the period. We have also chosen not to detect new gaps in December in the course of the completion of new management facilities, but instead to successively develop the report portfolio to adjust the size of the upcoming debt portfolio. As mentioned earlier, it has affected the interest rate during the period, but as you can see, also -the-way tax binding and share of real interest, which is the outcome of the period, up to 1.4 years respectively 59%. To summarize, it is at operational level a good quarter with a management result that increases by 35% and external income in corporate revenues that increases by 109%. Due to relatively low unrealized value changes and low result-affected income posts, we do not really get the result, which is negative for the period. However, we are convinced that the positive development in the underlying operational activities, primarily in the corporate benefit of our administration, which now in large part takes over Brnova, will drive the result at the concern level during the remaining year. With these words, I would like to thank our listeners and leave it back to Jakob to end the day.

Thank you very much, Martin. In summary, it is much better if we need a large dose of profitability with the thought of the opposite cast in our environment. The number of employees increases in entrepreneurship and we work hard to improve efficiency and pace in order to achieve new high volumes. We have done many business in different forms through the change in Denmark last year, our big business with Brnova, a part-time sales in Gävle and Uppsala, to our joint business with Kofas Kilen, and as shareholders, we can expect a continued smooth business pace from us in the future, to strengthen the balance, clean up the loan and create the opportunity to be a little more forward-looking. Finally, I would also like to thank all of Kofas Kilen and Brnova, who have done a good job in connection with our business, and I look forward to a continued work to develop new Brnova as part of the Kofas Kilen family. With these words, we thank you for any questions, email us at er at kbindesäktsfastigheter.se