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.

Vi tittar på många olika möjligheter. Vi har både inkommande flöde och en del uppsökande flöde. Vi försöker träffa så mycket människor som möjligt och exponera sig för diverse olika situationer. Vi har våra kriterier och det viktigaste skulle jag nästan säga är att tidigt säga nej och lägga tiden där man verkligen tror man kan komma framåt. Vi har en strukturerad process för det. Vi jobbar mer eller mindre CRM-wise, with an incoming flow, where we sort them on different criteria, move on to step two and step three, turn them over to the board, get some input before we move on and possibly continue to work. We have structured the process with clear criteria. In general, I would say that the flow over the past year has been of different quality, you could say. There are a lot of possibilities. I think that many investors and companies are still waiting for a little more secure outlook and better conditions and other things. So I would say it's not an enormous activity in the market right now, but you have to be active and curious and look for opportunities.

It sounds like a promising and structured process. I wonder, when it comes to cash flows and allocations, you have had a lot of income from portfolio companies lately. So I wonder if you are expecting more in 2025. You have mentioned that Timo Olivia has a significant net and cash flow, which we can also see in the calculations.

This is an example where we look at different ways to optimize the capital structure in the company. Just now, Olivia is also divided into two essentially independent sub-concerns, the Danish and the Swedish business. As a continuation of what was introduced last year with deductions to Attender and Humana, we are of course working on those issues. in the company, and then we'll see when capital can be exchanged in different ways. Then, when we look at the other portfolio, we see a lot of smaller cash flows from them as well. And as I wrote in the report, I think that when the economy becomes If the activity increases, I think that some of them are candidates for different types of structures or consolidations in different ways. And then the liquidity situation can arise.

Thank you very much. If we go back to a major topic, Safe Life. It has been exciting with the transaction, the valuation and the upcoming liquidity. But there has also been a very impressive acquisition pace in the last few months. There have been five additional acquisitions that have been signed. The company is growing more than 10% organically and more than 10% in white margin. Can you say something about the short-term performance and what to expect from the company in the future?

Exactly. After the end of the quarter, Safe Life has made two more acquisitions. One in Singapore, where it opened up the Asian market, which is very exciting, and also went into Spain through the acquisition of a nice company with a very high percentage of recurring revenues, and added about 160 million in revenue after the end of the quarter, to a significantly higher margin than the average of the company. The performance during 2025 has been good. The growth is two-digit, organic, and we see strengthening margins as a result of work with purchase divisions and scale divisions and others. In recent times, I would say that the USA has been strong for the company, Europe a little weaker, which fits with the overall picture, maybe, macro-wise. And now it will be added significant primary capital and there is still a very long M&A pipeline that will surely be fast here now in autumn and winter and into 2026. There are very high ambitions for growth, so it will be very exciting.

Yes, it will be incredibly exciting to follow up from abroad. Just a quick question there on Asia. You should not, as an investor now with your trip to Singapore, be worried that the company will be too sparse or something. It may not be a problem, considering how the business model looks and so on. But I have had examples earlier when companies are sparing too much.

As CIFLAF does, they focus on start-ups. They dig deeper into what they can. So they are not yet broadening the product, but they are digging into the starters. And Asia has been on the radar for a long time. It is important to choose the right country to enter and the right platform. And now they thought they found the right platform in Singapore as a hub to move on to Asia. There are many countries down there either with already high penetration of the starters or with conditions for high penetration. So this is not the final acquisition in Asia, but it will continue to be focused on and around JATS data.

I understand. And if we take a quick look at Fasticon as well, you report here or mention that you have a division of about 4.5 million and at the same time a value description with the same amount. Could you explain that? What does that have to do with it?

Yes, we have seen that we think that if we keep the value we have had before, then it will be the mathematical effect, so to speak. At the same time, the company has a running positive cash generation, so the company has more than generated its share during the year, and therefore has the increasing net and cash, increased the value. Our model for valuing Fastikon is that we look at and PEERS, noted PEERS, in the crew recruitment sector, and then we apply a significant discount on that and apply it to fixed-end rolling LTM profitability and the technology we use.

Very reasonable, just good with a clarification. And finally, I wonder if you have We have seen some thoughts and reflections. Despite your strong development, the substance discount has increased a lot lately. The stock market is strong today, but still over 15% discount. Do you have any thoughts on what you can do to reduce this gap?

It seems to be a little smaller now in the afternoon, but of course, You can have a lot of views on it, but it's not so much to put energy on, but what we can do is to optimize the portfolio, work with the companies and drive value development. Then I think that a resale program is a signal of what we ourselves think about the valuation of the portfolio. We have a lot of trust in our valuation and the outlook for the portfolio, and then we have decided that it is En god investering att köpa den egna aktien just nu. Vi jobbar på med det vi kan kontrollera och arbeta med bolagen. Perfekt.

Det är ju så det brukar vara. Man får göra det man kan från sitt tag så brukar marknaden belöna det hela allt eftersom. Stort tack Thomas. Tack till alla som lyssnar in. Jag förklarar det här med telefonkonferensen, webcasten avslutad. Trevlig helg allihopa. Tack.