K-Fast Holding AB (publ)

Welcome to our presentation of the first quarter of 2026. As you have been informed, 2026 is a transformation journey. The goal is to take our company to a new position as one of Sweden's leading players in project development and entrepreneurship. During the first quarter, we have taken a few important steps in the right direction. During the quarter, we have, among other things, made a sale of our half-owned property, Valentina-Rickeby, and we have deducted 1.2% of our shares in the joint-owned company, K-Fast Chile. This means that from the first quarter of 2026, we no longer consolidate K-Fast Chile as a subsidiary company, and thus provide K-Fast Chile with results from interest companies. In addition, we have launched two projects, more about that later, and we have also, during the quarter, started the process of looking at the possibility of canceling completed and ongoing projects in Västerås, whose possible implementation, together with the liquidity we maintain through previously implemented businesses of the character Forward Sale, is an important step to be able to share our shares in Brnova. As previously mentioned, our goal is to create a larger real estate company with a significant amount of rental properties in southern Sweden through Brnova, where K-Fast Holding, after the issuance of Brnova, will be a leading player in project development and entrepreneurship. Our project development consists of a good project bank for both 2026 and 2027, where our plans are to start about 800 properties this year and as many during 2027. During the first quarter, we started the first stage in Björlanda, Gothenburg, which comprises 169 apartments and is within the framework of our joint-owned company with Alhem. We have also started a project in central Eskilstuna, of 92 apartments, which are for our own books. In the prefab business, we had a starting order in Stockholm of about 1.2 billion, and where the entire 79% receives external orders and thus only 21% internal. We have a reassuring and nearly full support in our six factories during this year and a good bit into next year and are now working hard to sell projects for the business year 2027 and forward. We see that demand for sustainable housing projects is beginning to recover, especially in the metropolitan regions. But above all, it is infrastructure and security-classed objects that are increasing. Omsättningen och beläggningen är nu uppe i nivåer där vi kan ångjuta full effektivitet. Det i kombination med en större andel externa projekt, som har bättre marginaler än interna projekt, ger oss all anledning att kunna förvänta oss bättre totalmarginal, allt eftersom året löper. In addition, Prefab is a company with seasonal variations, where the second half of the year usually has better conditions compared to fewer weeks with red days. Our construction business started in 1941 with apartments in ongoing production and a recurring order value of close to 1.3 billion. In building, we try to pair the project so that we finish the project before we start a new one, so that we don't have to build the organization in such a way, but can keep the organization tight and maintain the competence we have. I have mentioned before, but we have started building a total of 261 apartments divided into two projects during the first quarter. In addition, we have increased our 1.2% in K-fast Kilen, but I would like to emphasize that we will also continue to be long-term in K-fast Kilen, even though we will not consolidate it in the future. In Kofferskilen, we have a long-term ambition to reinvest 50% of the administrative results and share 50% of the administrative results. I mentioned it on the first slide, but we have sold our share in Valentina-Rickeby, a project where we ended up with a sales price of SEK 75,000 per square meter after the issuance of latent tax. A record in our history. During the quarter, we started the work with building vests in the joint-owned company Aventure Holding. Initially, we work with starting up 500 apartments, divided into one project in Malmö and one project in Stockholm. Our common goal is to start building 500 apartments per year within the framework of Aventure Holding. We would also like to highlight that our subsidiary Brunova, during the quarter, carried out a sale of a housing project in Ballerup, Denmark. One of the projects that was included in the deal that Brunova did during the previous business year. The sales price is 637 million Swedish kronor, which is 10% more than the real estate value and 15% more than the level that K-Fastigheter sold in the project. If anything, this proves the value in the business that K-Fastigheter promised to carry out earlier. At the end of the quarter, we have started the process by looking at the possibility of canceling completed and ongoing projects in Västerås, whose possible implementation, together with the liquidity we maintain through previously implemented businesses, of the character Forward Sale, is an important step in the transformation journey by strengthening the balance and enabling the allocation of our shares in Bedrova to our shareholders. It is a full understanding that you as a shareholder can have a hard time getting a hold of yourself when there are so many parts involved. Whole-owned companies, share-owned companies and whole-owned business areas. But I will try to go through it part by part so that you get the big brushstrokes. Brinova, where K-Fastet today owns and controls 56.7% of the shares, accounts for a total of 18.2 kronor per K-Fastet stock in substance value. Considered stock price, given Brinova at 14 kronor per share, it accounts for about 7.6 kronor per share. If we look at the K-Fast Kilen, per day it is 2.46 kronor per K-Fast share set in substance value. But in the K-Fast Kilen, more than half of the portfolio is under ongoing construction, where both value creation and increase in the management result is to be expected. Project development, construction and prefab, what we call entrepreneurship, is the full-owned business area that has historically stood for about 80% of our results since the notation. Many parts, but in and of themselves, they are quite easy to analyze. Among many shareholders, we get the question when we can share Brinova. I would say that this is more of an event management Our action plan is to sell our wholly owned properties where we have three or four businesses left to do. When we have received the liquidity and carried out those sales, together with maintaining liquidity from the already carried out sales, on Forward Sale, it gives us the space to share the shares and then be able to lower our debt to reasonable levels and be able to look forward as a strong project developer with strategic entrepreneurial resources. So next year, we are, given delivery at different points, a completely different animal. I hope that you will continue to be with us on this transformation journey and with those words, I'll hand it over to Martin.

Thank you, Jacob. I will go through in more detail, focusing on our two business areas, entrepreneurship and real estate administration. After that, I will go into the concerns and the financial position. As usual, I will start with the segment management, since it better reflects how we actually run and manage the business. If we start with entrepreneurship, then the total revenue during the quarter increases to 513 million kronor, which is a level with a corresponding period the previous year. Behind the relatively stable total, however, there are a few important exceptions. External entrepreneurship, that is, prefab, increases its revenue by 8%, which is a clear sign of strength. The value of the order increases at the end of the quarter to just over 1.17 billion kronor, and almost 80% of this is covered by external customers. This is exactly the development we want to see. An increased external business focus and a supply chain that gives better productivity in the future. Income from concept houses decreases somewhat, which has to do with fewer apartments in active production compared to previous years. At the same time, we have built 261 apartments during the quarter, which gives a positive effect in the form of successful profit calculation that goes up to 39 million kronor. This means that we will have a lagging effect, where the construction companies, together with the stock market, will successively break through in both revenues and results in the coming quarter. The gross profit has risen to SEK 58 million, which is lower than the previous year, but the result before value changes landed at SEK 49.5 million, equivalent to SEK 0.20 on the stock market, which in principle is unchanged compared to Q1 2025. Here it is important to emphasize that the central administration is decreasing. We have a positive contribution from interest companies, among other things linked to construction companies in Björnland via our JV, and the productivity in the prefab business continues to improve. In summary, the entrepreneurial business is now clearly on its way into a more stable and scalable phase, where the order situation and construction companies give good visibility forward. If we instead go over to property management, this is a strong quarterly operation. The total revenue has risen to 282 million kronor, which is an increase of 75% compared to the previous year. The loss includes Brunovas properties, but is exclusive to K-Fast Kilen, which is now listed as an interest company. The gross profit rose to 165 million kronor, an increase of 55%. The exit rate is at 94.3%, where we continue to experience challenging markets in some places, but we have a positive net income during the quarter. The surplus rate is lower than the previous year and goes up to 58.4%, and this is mainly explained by a cold and snowy first quarter, as well as the effects of the deconsolidation of K-fast kylen. The average interest rate has dropped to 3.53% and the administrative result has doubled to SEK 71 million, which corresponds to SEK 0.20 per share compared to the shareholder of the fashion company. We also see positive value changes in properties linked to rents for 2026, as well as derivatives due to higher market interest rates. Looking ahead, and with improved issuance, high finishing pace and stabilized interest rates, it is our assessment that the administrative result will continue to be strengthened during the rest of the year. If we then zoom out to the company as a whole, the results before valuation changes to SEK 70.5 million will occur compared to 33 million in previous years. The period result will increase to SEK 112 million, equivalent to SEK 0.23 per share, clean up for assets without specific influence. Some short points here. The central administration went up to 21 million kronor, which includes Benova. Exclusively in Benova, the administration clearly decreased. The financial net is still high in absolute numbers, but affected by lower average interest rates and stable interest rates. The interest rate went up to 1.7 on the quarter and 1.6 on the last 12 months. Finally, a few words about the balance sheet. Concernens fastighetsvärde har uppgått till cirka 22,3 miljarder kronor och både pågående byggnation och färdigställda fastigheter minskar något till följd av avkonsolideringen av K-fastkilen. The interest-bearing debt rises to 14.6 billion kronor, which is a decrease of about 7%. We have a stable solidity of 30.9%, a debt rate of 58.1% and a stock value of 24.05 kronor. Liquidity is low at the end of the quarter, but we still have good access to unused credit frames and mortgage loans. Finally, to summarize my part, Entreprenad has laid the groundwork for a stronger 2026 through order blocks and construction projects. The property administration delivers a strong operational quarter, and on a corporate level, we see a clear improvement in underlying results and financial stability. And with that, I'll hand it back to Jakob for conclusion and questions.

Tack för det Martin. Vi kan tydligt konstatera att vi har det värsta bakom oss och att en marginalexpansion är att invänta. Vi ser ljuset i tunneln och det kommer allt närmare. Fokus framöver är på att skapa utrymme för att kunna dela ut Brinova aktierna. Nycklen till detta är ett antal försäljningar för att stärka balansen och därefter kunna ha fortsatt fokus som en stark entreprenad och projektutvecklare. Eventuella frågor på vår rapport eller på vår presentation är ni välkomna att mejla in på ir1k-fastigheter.se. Tack för att ni tog er tid att lyssna!