Byggmästare Anders J Ahlström Holding AB (publ)

VD Thomas Bergström will present the third quarter and after that we will have time for a question time. If you have any questions, it is highly appreciated if you put them in via the Q&A function as soon as you have them. It goes well whenever. With that said, please, Thomas, to present the third quarter.

Thank you, Derek. Summary of Q3. We have a substance value of 305 kronor per share last September 2025. That is approximately 2.2 billion kronor in total. During the quarter, we have invested approximately 30 million kronor in total. The majority of our latest investment, DP Patterning, was 29 million kronor. And then we have had a significant increase in liquidity due to the fact that the sale of the shares in Safelife was completed during the quarter, so 525 million kronor in there. So at the beginning of the quarter, we had approximately 500 million in liquid funds and including the unused credit facility of 230 million, we have about 750 million in available liquidity. Essential events during the period included, of course, the completion of the Safelife transaction. During the quarter, we launched a buyback of up to a total of 50 million kronor. It runs until the change of year 2025. And on the last day of the quarter, we announced a plan that during an extra stock market here in November, An extra share of SEK 32 per share and a split of SEK 4 per share. In terms of relative terms, our substance value is down 4% compared to Q2. And one year back, we are basically unchanged during the last year in terms of substance value. And in five years, we are now at an increase of 66%. If we double-click on how these changes are distributed, we can see that the total change is almost 100 million kronor, where more than 100 come from the noted portfolio, 131 million down, where Green Landscaping, of course, has been the largest negative shareholder, with 111 million kronor down. It also frees up a little during the quarter. Some lower values in the unnoted portfolio. We have taken up DP patterning a little now for the first time since our acquisition in November last year and then running under 2025. Even Team Olivia has seen a small increase based on a little better performance and increased multiples. Same thing with Fasticon. And then we have our costs of approximately SEK 4 million per quarter, which then sums up to a substance value of SEK 305 per share or SEK 2.2 billion. If we then look a little deeper around the content and comment on it briefly, then we can say about Safelife, our still largest content, where we now own 12% of that company after we have realized SEK 525 million in liquidity. Den nya ägargruppen är i full gång, aktiviteten är hög, styrelsen är omformerad och det har hunnit ske två förvärv redan sedan den här affären genomfördes i slutet på augusti. Och jag tror att vi kan räkna med mer framöver. Tradingmässigt så växer de mot föregående år och har en mängd strategiska aktiviteter igång. If we say something about Green Landscaping, they came out with a report yesterday and it was on the weaker side, but in total, we believe that the company performs relatively well in a continued challenging market. We believe that the valuation is low. We look positively at the opportunities forward and we have, after the report, acquired more and more shares in the company. DP Patterning. Vårt tredje kärninnehav, som vi numera ser på dessa tre, har fortsatt sin utveckling i det tredje kvartalet, förvisso från fortsatt låga nivåer, men tillväxten är god och bolaget omsätter i Q3 nästan dubbla nivån från hela det första halvåret till god lönsamhet och vi ser att den utvecklingen kommer fortsätta i Q4. A lot of focus, of course, on the growth of the company's organization, capacity and capabilities, and it is growing rapidly right now, which is exciting. But as I said, it is still small, and we have still taken up the rating of about 20% in Q3 to reflect this development. If we look at the other group of assets, four of them, we can summarizedly say that it is an overarching side lead to positive development. performance-wise in that group. We are actively working to improve all of these four companies, and we expect to see liquidity flows from this group of companies in the coming quarters. If we go to the right side, on this side, for the rest of the year, capital allocation, I mentioned the extra allocation, a total of 233 million kronor. That is to say, almost 10% of substance, equivalent to SEK 32 per share before split. We will put forward this on Extra Bolagstämma on November 3rd and have good reason to believe that it will be approved. Therefore, the share will be split four to one after that. In connection with this, the board also updated the division policy in the future, where they have already expressed an intention that by the end of the year 2026, a division of 280 will be proposed before the split, i.e. 70 years after the split, and also stated that the ambition is that the division from then on will increase with the average value of the substance to the growth. Of course, with the strong liquidity position we have now, we have increased the focus on new investments. We see an increased inflow of opportunities. I believe both as a result of that we have increased focus on it, but also because we have experienced that the market, there is a little more activity in the market and we get to see more opportunities. We have a structured process for evaluation and quite clear criteria, so there are few opportunities that pass the criteria, but those who do, we look at actively. When, how and if something happens is too early to answer. Then we have invited you to our annual building master day. It will be held on November 10th in the afternoon. It is possible to participate both physically and digitally. Link to the application is on social media and on our website. At the end of the day, you can see that we, with this Q3, will be in the rest of the report tsunami of reports at the end of October already before the autumn law. And we had an early Q1 as well, it came in April already, while we in Q2 were after the semesters. In the future, you can expect that we will keep this pace and come in the month after with our reporting. Frida Åkerblom, our CFO, and the team are doing an incredible job of getting this together quickly. After the quarter, our companies are good at reporting. This time it is only Fria that comes after us, so to speak. We have also had the process with the reviewers and the part where our valuations are validated and processed by the management's valuation team. So it's good work to get this together in three weeks. With that, I will stop and thank you and open up for questions.

Thank you so much, Thomas, and as a reminder to the audience, you are welcome to ask questions via the Q&A function, whenever you like. I think there have been many and big news lately, especially about Serif Life transactions, but also The majority of news came with the capital allocation decision that you made. So I thought after Safe Life, extra allocation and also ongoing resale, you have about 500 million for new investments, including credit. How should you think about the pace to put this capital into work during the coming year, for example?