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?

To begin with, it feels very safe and stable to have that liquidity position, and we also expect some flows from parts of the portfolio during the coming quarter, six to twelve months. So of course we have good opportunities. We are looking at running and active, but we have no worries, we feel no stress. It is important that it is right. And we have to look carefully. We are looking for companies where we can become a significant owner. We want to be able to have influence. We want to be able to see high growth and be able to build larger companies. And then you have to find good management teams where business models can be scaled in large markets with products and services that we understand and that we can add value to. With those criteria, you understand that we have to look carefully and be selective.

Yes, it will be very exciting to see what it looks like. I was thinking about when it comes to the new policy around the distribution and to mention the growth of the distribution in line with the value of substance over time. Can you explain this more closely? How should you look at substance value growth in practice and, for example, during individual years. And then it becomes more, what should I say, that you have to adapt to the situation than what you have for the balance sheet for the time and the outlook. Or how should you see and how fixed this goal is related to growth?

Now we have decided to share out 70 euros per share after the split. And that will then be calculated to be an approximate percentage of direct casting, so to speak. And if it then grows on average with the substance value, then you have a little more predictability of what you can expect. Then, we are long-term, we work for long-term substance value growth, which means that it will be able to fluctuate within the years, of course. We also work with a fairly concentrated portfolio, and then it is even more natural, perhaps, that it turns a little more. But of course, we aim to maintain the level that we have had in the last five years, where we have had between 13 and 15 percent annual substance value growth. So that's what you can expect, and that's what we aim for.

Clear and good. I also thought a little connected to the allocation and resale. How do you think about the pace and triggers to accelerate the resale? Is it linked to a substance discount, liquidity in the stock after waiting for the split, or something like that?

Som du säger, vi höll på ungefär en månad och vi fick tag på aktier för 2 miljoner kronor. Och nu kommer vi när rapporten är ute återuppta dessa igen. Men det är klart att vi givetvis visste om att så som regelverket ser ut kring återköp så kommer det vara begränsade volymen. Och det är väl på ett sätt glädjande att det inte finns några aktieägare som vill sälja block. This is almost completely repurchased in the market. I think we will not reach 50 million if nothing happens. This is a way to signal our view of our portfolio and our value in the future. We think it is a good investment on these levels.

I think you mentioned earlier that there were some interesting opportunities out there when it comes to capital investment. I was thinking about the deal flow side there. How does it look today for a player compared to a year ago, for example, when it comes to pricing and competition with other buyers? How do you experience that market?

Det är väldigt blandat, ska jag säga. Det kommer in saker som, och vi får inspel på saker som inte alls passar. Det är kanske de som kommer med möjligheten inte har läst på riktigt vad vi arbetar med, men det kommer också saker som vi blir nyfikna på, och vi har som princip att alltid dubbelklicka och ta ett extra möte eller en extra titt, för att man ofta erfarenhetsmässigt så you learn a lot by taking the meetings and listening to different possibilities. DP Pattern came, for example, in that way. It initially looked, maybe not out of the way, but when we met a few times, we felt that this was very, very exciting and we had missed some in the first analysis. So it's about being active and curious and looking at many possibilities.

Yes, and when it comes to DP patterning here, it was very pleasing to see that you wrote up the valuation here in the quarter and also invested further in the company as well. You had a larger order, as I remember correctly, or the company had. How fast is the delivery of it and the income management?

De fortlöper väl, följer den planen och den orden som är lagd. Det glädjande att se takten i Q3. Jag tror bolaget omsatte 15 miljoner med 3 miljoner i BDA och positivt kassaflöde, vilket var dubbla takten från första halvåret. Jag tror jag uttrycker i rapporten också att de If the plans follow what we see in Q4, there is a possibility of doubling again in the fourth quarter. So it's a ramp-up of those deliveries, and it's also an expansion of the company's capacity. Both in terms of machine capacity, but of course also people and locations and abilities to meet this need, and this particular customer has har stora behov framöver också. Det pågår diskussioner om ytterligare beställningar. Vi ser positivt på det där. Vi har investerat ytterligare 29 miljoner i kvartalet, där 21 var en del av den option vi skaffade oss i samband med instegsinvesteringen i november förra året. Sedan har vi löpande had an offer to minority shareholders to sell existing shares and we have picked up some more of those. So now we own 75% of the company and are very active and interested in how it goes for them.

A very exciting case and back to one of your major assets. We saw yesterday that you, as I said, bought several shares in Green Landscaping and the share has also, as you mentioned, unfortunately had a a tough period. How do you assess the prospects for the company and what is it really that will drive the recovery?

We are thinking a lot about that, of course, and Green will have a weaker year 2025, that's for sure. You have to keep the proportions a little too, so Q3 for Green Landscaping they are delivered in pieces at just over 7% and I think rolling 12, they are at 7.5% in pieces, which in this market, as it looks in Sweden and Norway, macro-wise, it is weaker than expected and weaker than previous years, but it is not weak, if I put it that way. The company has a tested model of growth and there are some different reasons for the weakness of 2025. On the one hand, there is an efficiency program in Sweden, where the costs are running above the result, so to speak. It was a very mild winter in the first quarter, and it is a fairly continuous slow recovery in the conjecture. I think you see several companies with this exposure who report, who also testify Norway is a bit of the same pattern. There it was in the quarter a one-time decline in a project of 21 million that burdened the result, but the Norwegian market is also slow. I am probably more positive to the Swedish market than for 2026 than I am to the Norwegian. And then the company grows in Europe, not least in Germany, where the company continues to recruit profitable, healthy entrepreneurs, which they also express will continue. So when we look at the valuation, we think it looks attractive. We believe in the possibilities. We bought a little more shares yesterday. Great.

I think those were the questions we had at the time. Thank you so much, Thomas. Jag förklarar därmed konferenssamtalet avslutat. Tack så mycket.