Byggmästare Anders J Ahlström Holding AB (publ)

Välkomna till ABG. Det är fredagen den 22 augusti. Jag heter Derek Laliberté, analytiker som bakar investmentbolag, operatörer och mediebolag. På agendan idag så har vi andra kvartalets webcast med bolaget Byggmästaren. Jag kommer att hålla i en frågestund efter presentationen. Med mig från Byggmästaren har jag Thomas Bergström, vd. Varsågod Thomas, att presentera andra kvartalet.

Thank you, Erik. I will start with a short summary before your questions. We have identified a substance value per share of 319 kronor last June, compared to 307 kronor in the change of year and 297 kronor after the first quarter. This means about 7% in the quarter and about 4% increase from the change of year. Our total substance value is now about 2.3 billion. Under the quarter, we have had a value increase of 160 million, largely due to our appreciation of Safelife, which I will return to shortly. We had an additional investment in DP Patterning during the quarter, and we bought a number of existing shares for a total of 9 million. And we had, when the quarter ended, just under 30 million in liquid funds. but completely untrained and unused credits. Essential events during the period, of course, at the time of the quarter, the transaction we publicly made in early June with Bridgepoint. They come in as new large owners in Safelife, where we release 525 million in liquidity. But thereafter, there are still about 12% of the shares in Safelife. And it will still be our largest content. After the end of the quarter, that is, last night, the board made a decision to start buying back up to 50 million kronor. from the time of September 1 to December 25. If we zoom out on a longer horizon, the last five years have doubled the value of substances by 102%, which corresponds to about 15% of annual average nerve growth. Our shares have developed slightly less, just under 100%, which is still a double index, which I think is 47% for OMX-PI in the same period. Double-clicking on the substance table, you can see that the noted portfolio had a little positive development, Infrea plus something and Green up something less than two. But it is mainly in the unnoted portfolio that we had a big adjustment in Safelife. And since the business closes in the near future, but did not close last June, we have taken up all of our assets to the transaction value, which means a total of 1.2 billion. As soon as the business closes, 525 million will be exchanged from minus the investment column and plus the liquidity column. But then the remaining shares will be taken over to the transaction value for Safe Life. To sum up the highlights or the main points in the second quarter, it is of course the Safe Life transaction where the 264 million we have so far invested in Safe Life has grown to 1.2 billion. a nice value growth over five years. When we came into the company in 2020, they amounted to 60 million in two companies. Today, we have almost 40 companies and 2.7 billion crowns in revenue on three continents. For us, it has been a phenomenal development with 58% oil emissions, which we are very pleased with. We are also convinced that the development will continue with Bridgepoint as a new partner, which now offers significant primary capital for continued growth. And Proforma for us, this will still be the biggest contribution, with 29% of substance, everything else equal, adjusted for the liquidity that will come in here in the near future. If we look at the lower portfolio, Green Landscaping has had an unsatisfying share price development during the last year. I think it is 30%. And for our part, when this is the next largest content, it of course has a negative effect. If we look at the business, it is for some reason something organically weaker in Q1 and Q2. But in the long term, we think they have very good conditions for continued growth and value creation with Structural trends in the back, a tested growth model and a good and well-invested management. We have had a lot of activity in our latest content, DP Patterning, where we came in in November and there the company has now, since we came in the last half year, turned over the business model towards product sales instead of originally machine sales. Bolaget har trefaldigat personalstyrkan, vi har tagit ett antal investeringsbeslut i bland annat ökad kapacitet, nya lokaler och ett antal andra saker. Serieleveranser har påbörjats till en stor internationell kund och även om det är låga tal så växer det relativt snabbt nu då i andra kvartalet. Vi tror att det där kommer fortsätta med ökad kapacitet under hösten och in i 2026. Det är inte utan risk eller osäkerhet när man skalar sådär snabbt. Men vi ser positivt på det och tror att det kan bli ett stort bolag. Övriga har en blandad utveckling, men i och förlag skulle jag säga positiva trender i alla fyra övriga innehav. Vi jobbar med samtliga och tror på sikt att det kan komma olika typer av strukturaffärer i dessa bolag. Nu har vi fokus på hur vi sysselsätter 525 miljoner kronor i likviditet för att skapa fortsatt avkastning. Vårt huvudfokus är på investeringar i lönsamma tillväxtbolag med beprövade modeller ledda av välinvesterade duktiga ledningar. Men styrelserna har också inledningsvis beslutat att de inte återköper 50 miljoner. Sedan kommer det säkert vara en intressant diskussion under hösten om hur vi tar allokeringen vidare. Jag stannar där direkt så får vi öppna för frågor.

Tack Thomas. Väldigt spännande nyheter de senaste månaderna, givetvis med transaktionen med Bridgepoint och Safelife här och också igår kväll med nyheterna kring återköp. And I understand that it is a focus on effective capital allocation with repurchase. Then we'll see if there will be more in the future, but above all focus on new investments. And in the light of that, I could tell you a little about how Deel Blue has looked in recent times compared to maybe a few years ago and where you are looking when it comes to new investment candidates.