Correction: K2A publishes interim report for January-September 2023

Correction: In the previous press release regarding the interim report for January-September 2023, the previous year's interim report was attached. Below is the full press release that was sent out earlier together with the correct interim report.

Today K2A Knaust & Andersson Fastigheter published its interim report for January – September 2023. Net operating income for the period increased to SEK 227.7 million. Profit from property management decreased due to changes in the value of investment properties in joint ventures, but was still in the black: SEK 19.3 million.

This decrease depends on it also including the total profit from joint ventures, including changes in the value of investment properties. Adjusted for changes in value, profit from property management increased to SEK 50.6 million for January – September, compared with SEK 34.5 million in the same period last year. Profit after tax was SEK -371.2 million, as a result of changes in the value of investment properties of SEK -481.9 million during the period.

“2023 is a year of consolidation for K2A and our focus is on completing current construction projects, improving efficiency in management and strengthening the balance sheet and financial KPIs,” says Johan Knaust, CEO of K2A. “We can see that this work is successful and that operational activities are going very well. We will continue to adhere to this plan going forward.”

July to September 2023 in figures:

• Rental income increased to SEK 105.8 million (96.3).
• Net operating income increased to SEK 77.5 million (67.3).
• Profit from property management was SEK 7.7 million (16.7).
• Changes in value of investment properties were SEK -166.4 million (-30.4).
• Net profit was SEK -150.6 million (10.1), and earnings per ordinary share were SEK -1.99 (-0.08).

January to September 2023 in figures:

• Rental income increased to SEK 327.5 million (269.7).
• Net operating income increased to SEK 227.7 million (178.4).
• Profit from property management was SEK 19.3 million (140.8).
• Changes in value of investment properties were SEK -481.9 million (305.2).
• Net profit for the period was SEK -371.2 million (433.4) and earnings per ordinary share were
  SEK -5.00 (4.48).
• The total number of residential properties under management at the end of the period was 5,126 (4,885).

This disclosure contains information that K2A Knaust & Andersson Fastigheter AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 08-11-2023 14:22 CET.