Byggmästare Anders J Ahlström Holding AB (publ)

Hello and welcome to the ABG webcast. My name is Derek Lalluberté and I am a stock analyst who monitors Byggmästaren. And on the agenda today we have just Byggmästaren's fourth quarter webcast. And I am with me in the lead, Thomas Bergström, who will present the quarter. After Thomas has presented, we will have a question time and you are warmly welcome to If there are any questions in the function in Teams, we will take them then. With that said, I will let you, Thomas, present the fourth quarter.

Thanks for that. We released the report for the fourth quarter this morning, 8.30, and we then provided a substance value per last December of 67 kronor, which is a decrease during the quarter by about 3%, and it is also a decrease by about 3% during the year compared to a year earlier. So our total substance is 1.9 billion SEK per last December 2025. We originally had liquid funds of 244 million SEK. The board has also proposed to the board of directors a share of SEK 70 per share, which is in line with what we communicated earlier this fall. If we look at some capital activities during the fourth quarter, we have carried out an additional allocation of a total of 233 million kronor, which is after a split of 4 to 1, 8 kronor per share. And it is after the changes that the decrease is 3%. We also extended our resale program during the autumn with a total of SEK 50 million until the end of June. And until last December, we had almost SEK 6 million in resale during the autumn. So there is a lot left to do. If we look at the portfolio in terms of flow, we invested a total of SEK 40 million in Q4, SEK 33 million in 750,000 shares in Green Landscaping, another SEK 4 million in DP Patterning and some repurchased shares. If we take the whole year's perspective, in 2025 we had total investments of SEK 123 million in the portfolio, again in Green Landscaping, DP Patterning, a loan to GT Media and earlier this year a smaller amount in Safelife. Safe Life was also the company where we shared a bigger post during 2025. In August we sold shares for 525 million kronor. If we look at the content and dive into some of them, we can see that Safelife is still our largest company, even after the change we made in 2025. It is about a third of our substance and we own almost 12% of Safelife today. The company has had a good development during the autumn. It has carried out four more acquisitions and has made quite good progress into 2026. We have not really reduced the valuation of this report, especially much compared to Q3, and not even Q2, but it is very close to the transaction value from August last year. It is worth mentioning that the company is now reporting in Euro, so we will get a small currency factor when we look at the content from our perspective and transferred to our substance value in the future. In the quarter, there was a small negative effect due to the currency. Green landscaping has been a special chapter, perhaps. If you scratch the surface for 2025, the decline in green landscaping was what which made us back 3% in total. Green has had a tough time in the stock market in 2025, with a drop of 37%, which for our part is equivalent to SEK 8. If we were to put those SEK 8 back, the rest of the portfolio would have gone up 14% in 2025. But you have to count all your companies, and that can be done with a concentrated portfolio. We have thought that it has been time to increase a bit and have bought shares during Q4 for about 33 million kronor. This week, after their Q4, we bought another 100,000 shares. So right now we own about 10 million shares. Our new content under 2025, DP Patterning, where we have successfully invested so that we now own 77% and we have a total of about SEK 70 million around this company and we have now In both Q3 and Q4, the value has been raised somewhat. The company ended in 2025 in a good way, and also as expected, where the turnover in the fourth quarter was almost twice as high as for the previous nine months. So the total turnover for DP is about 60 million, and they make an EBITDA of 10 million for the entire year 2025. In both cases, several hundred percent compared to the year before. We have also done an activity at the end of 2025 about our content in GT Media, which we have owned since 2020. And there we have, just before Christmas, agreed with Bonnie News Local to sell the company to them. Den affären kommer nu i närtid att slutföras. Vi tycker det också kan summera vårt engagemang i GT Media på ett bra sätt, där vi förutsatt att den tilläggsköperskyddning som finns i den här affären faller ut, så har vi haft en avkastning på denna investering på cirka 24 procent i årlig avkastning. Det känns bra att de här tidningarna nu får ett hem i Bonnier-koncernen. Let's take a look at 2026. As I wrote in my report, we have a number of focus areas for 2026. Of course, we will continue to support and follow our current core assets, especially Green Landscaping, Safe Life and DPP. We will also continue to work with the rest of the portfolio, which very soon will consist of another three assets when we have ended up in the middle of the business. And we believe that under 2026, as we have also expressed earlier, there may be some liquidity from that part of the portfolio. And then, of course, with a quarter of a billion on the bank and an unused credit facility of 230, we are of course open for new investments. And we look actively, carefully and patiently for the next exciting core content. So that is the focus for 2026. With that, I think I'll stop with the summary for the fourth quarter and will let in any questions, Derek.

Thank you very much, Thomas. As a summary, you are very welcome to send in questions about Om ni har några så ska jag vidarebefordra dem till Thomas. Men så länge börjar jag och tar gärna fasta vid, det har varit väldigt händelserikt generellt sett här men en stor och kanske mest The latest news was the announcement by GT Media in the middle of the newspapers. You can say whatever you want about the business model in today's world, but the investment has delivered really well. You mentioned a 24% annual drop. Can you tell us a little bit about the background to why this investment was so successful for you?

A lot of hard work. We came into this in 2020, right in the middle of the pandemic, and invested in a few different steps. As far as the newspapers are concerned, the aim is to carry out a consolidation of the local newspaper market in Stockholm, which we succeeded in in the fall of 2020. And then we continued to work with the company, which then consisted of two parts. Partly a direct advertising business, which was the larger part, and then this publishing business. After some work, we then managed to sell the direct advertising business in December 2023 to a an industrial buyer and have since then continued to work with the newspapers. So two years later we also managed to place them in an industrial home and thus be able to sum up an annual reduction of 24%. So it has been exciting and eventful and educational.

I just want to congratulate you. Then I would like to come back to Green Landscaping. You mentioned that it has been a tough year for the stock market in 2025, but you have successively increased the exposure. According to you, what needs to happen for the trend to turn for the stock market in 2026?

As everyone knows, the stock market is one thing and the company is another. If you look at 2025 and perhaps the fourth quarter, as they released this week, they delivered a bit of margin in the quarter at 8%. And the whole year 2025 is 7.1%, if I remember correctly. That's about 1% in both cases compared to the year before. So, of course, it has been a somewhat weaker year, but I wouldn't say that it is weak, but it is partly due to the market, not least in Norway, which is quite pressed, and to some extent also Sweden. So, there are a lot of activities in the company, of course, and they write about it themselves, about various improvements in Sweden and Norway, and at the same time they continue to grow in Europe with acquisitions. Vi ser fortfarande att det finns en massa spännande möjligheter här på lång sikt med spännande trender och vi är också ganska övertygade om att de aktiviteter som sker i Sverige kommer att bära frukt under 2026. Norge kan man nog Maybe not as positive as the market. It's still tough on the Norwegian market. It's not just about green landscaping. It's about construction, facilities, installation in general. The business climate in Norway is quite challenging for many companies. But Green's companies in Norway are nice companies and they need to work through it. Then we think that 2026 can be a comeback for Green.

Thank you, we will follow the developments. We have received a question from Kristoffer. He asks, based on what you are assessing today, do you see that some of your current non-core assets can become core assets in the long term?

And what would be required in such cases? That should not be ruled out. We're talking about Infria, Fastikon and Team Olivia. And if you take them one by one, you can say that Team Olivia is under some kind of of structuring forward, where we have sold the Norwegian business and part of the Swedish business. And now the company is two parts, Denmark and Sweden. So it's a nice company with a good flow and good management. We have a relatively small company. Lönsamt, bra kassaflöden, bra ledning. Ska det kunna bli ett kärneinnehav så behöver det hända något transformativt strukturellt kring bolaget så att det blir större. And even if we take in Fria, which is on the right track with many things, even if the absolute profitability level is still too low, they now have eight quarters in a row with positive changes, and carried out in December a part of the expansion of a business area, and are therefore debt-free. So that company is a candidate for för olika former av transformativa strukturer framåt, tror vi. Parallellt med att de fortsätter utveckla sin organiska modell. Det ska inte uteslutas, men tiden får utvisa.

Great. We have another question from Kristoffer. A question about GDP. You end the year with a very strong growth and good profitability. At the same time, you invest in some of the capacity expansion and the net cash fell by 20 million quarter over quarter. You have also invested about 4 million under Q4. Do you see that this capital consumption will continue for a few quarters during their continued capacity expansion? And how much are you currently ready to shoot into the GDP, given where they are in their business cycle?

Of the around 70 million that we have invested in both With new and existing stocks, about 42 million have entered the company as new stocks. It is exciting to see that a large part of the capital during 2025 has been invested in CapEx, in building out the production capacity. And we have come a bit on the way there. There are some remaining investments planned for under 2026. We do not see right now that there will be a need for additional capital subsidies, but underlying business is profitable and creates good cash flows. So it is a self-financing company and this has been a one-time under 2025 to expand capacity to the level that we think is required to meet the customer needs that exist now.

And then we have a question from Oliver Usitalo here. Safelife, we see a gap between reported and adjusted EBITDA. What costs are there and will the gap decrease during 2026?

So we have already from the beginning, since we invested in Safelife 2020, chosen that our quarterly reports always have legally reported statistics. And then we have successfully completed that information with a Proforma-adjusted profitability. And we have continued with that. And it is completely correct that the Proforma turnover and Proforma EBITDA is about 270, respectively 28 million euros, corresponding margin of about 10%. If you look at it legally, it looks different, partly because there are acquisitions on the way and also because you are further down in the results calculation under quite a lot of adjustment posts linked to acquisitions and also around the large transaction that we carried out during 2025. Of course, when the company grows and becomes larger and the acquisitions as a part of the company's business becomes smaller, Proforma will approach the legal ones. But this company will continue to grow, so we assess that there will be a difference, but it will decrease.

We look forward to the follow-up of the transition to service agreements at Serif Life. We wonder how it will go and what the income mix looks like today.

What we call solutions, which is what recurring revenue is, from outsourcing and service contracts, continues to grow well and grows faster than product sales and education. I don't think we have an exact number, but it's growing well. Then you need to know that it's a large number, so it will grow before that part becomes an essential part of the entire income mix. But it's growing well.

Then Oliver has a question about GDP and wonders what the capacity of production and supply books look like.

The order book for 2026 is good in relation to the capacity that exists. During the first quarter, we are quite close to the production ceiling with the production that is happening. We see that we will have additional capacity online here in April. Then we will have a little more free capacity. The large customer that DP works with has about six months, rolling six months of orders and we expect that during the spring to see that the order book for the fall is filled up in a planned way with good growth in 2026 compared to 2025. And we will invest in capacity to meet it in the best way.

That sounds promising. Oliver also has a question for Team Olivia. He asks about what you can achieve in terms of margin development. He also notes that Humana has fallen by 5%.

When you look at the health and healthcare sector, you should be careful with the different segments. Today, Team Olivia consists of two parts. The Danish business, which in itself is a large part of personal assistance, but also a part of healthcare and a part of home services. The Swedish part is exclusively personal assistance. And I don't think that there are any actors in personal assistance today in Sweden who earn 5%, but that margin is somewhat lower. While there are other care units that can be on higher margins. And you can see that when you look at, for example, Attendo and Ambea, and also Humana's units that are not personal assistance. So, it's a segment in good care that has a lower margin, but on the other hand also a much lower bond of capital. The margin in personal assistance is largely also linked to the calculation that the state gives every year for these investments. And there are a lot of initiatives in this industry and among industry associations. And the entire industry looks forward to a situation that is likely to be indexed. Man trodde det skulle införas nu i höstbudgeten, så blev det inte. Branschen är ganska övertygad om att den kan komma under 2026 eller möjligen 2027. Då skulle intäktsutvecklingen bli mer förutsägbar.

Yes, and then Oliver also has a few questions on green here, back to that. And there he wonders how much was left of the transformation work in Sweden and Norway. He also wonders if you have any feelings for the business climate and if it has improved here during the quarter. I don't know if you mean in Q1 so far or under Q4.

Just details about Green, I think I will leave it to Green to answer. As the owner, I can see and comment that, and they write it themselves, that they have come a good bit with different activities in Sweden and that you will see the effects now during 2026. In terms of the market, they also comment that they don't see any underlying market changes. There is still quite a lot of competition in the different transactions. from different actors. However, macro-wise, most people agree that growth in Sweden in 2026 will take a step forward. I think there is a bit of uncertainty about Norway. But underlying, the assessment is that the market is improving in Sweden.

Yes, the indications are quite clear. Then we have another questioner who also wonders, you can answer as you like Thomas, but he also wonders about Green regarding the announced cancellation of a subsidiary company today. If you think that more subsidiaries will be cancelled within Green?

I can say that this company, which has now been announced, was a bit of an odd bird in in the Green portfolio. It was perhaps the only product company in the Green portfolio that had a product sales. So that should be seen as a reason for it to be canceled, that it doesn't really fit in. I don't think you should assume that this is something that will return, but this was a bit of a special case.

I understand, and then I would like to reconnect to, you mentioned here in your presentation a little bit about the focus for 2026, what you should focus on. I think if you look out for a few more years, I thought if you have a goal for the portfolio structure here, what you want to achieve for something. I mention three long-term plans for two third parties, How would you see that the portfolio is structured in terms of number of assets, concentration and balance calculation?

Our strategy is to have a concentrated portfolio. And then if there are four or five core assets, the future may tell. But in step one, it is to make us available to get into a fourth core asset. And to repeat the previous questions, it cannot be ruled out that one of the other three can become a core asset. But if not, then I think that those companies have made progress in some way. So we have a concentrated portfolio around the core of which we work very actively with.

Very clear. And then just on distributions, income potentially. It feels like we've been waiting for a while now, but what is it really that prevents you from not already having more from Team Olivia, given the cash register and so on.

Yes, it's about the right timing and the right structure. That's an expectation for 2026, to find an exchange rate of the surplus capital from Team Olivia. We also believe that there may be some smaller flows from the other investors in 2026, but especially Team Olivia.

Let's see, we've got a few last questions here from Kristoffer. He's wondering about the LTM figure in Safelife's Proforma. He's wondering if it differs from November or Q3 2025, considering that it coincides with the figure that Jimmy showed in connection with Building Master Day in November.

Without commenting on what he showed in November, my answer here is that the figure we have in our report is per last December. The LTM figure per last December 2025.

It could be that they just collapse when it comes to that. And then he also asks, during 2026, how do you look at the priorities between new investments, additional investments in existing assets, as well as the possible return of capital to the shareholders?

I don't see any major investment needs in the existing portfolio. In that prioritization, it is definitely a new investment. As for the return of capital to the shareholders, we have now suggested a division of 70 euros, which is an increase. compared to the year before, which was roughly 40 years. We have also established in our policy statement that it is possible to expect that our distribution on average will follow the development of the value of substance in the future. I think that's what we have said on the capital issue.

Right. Thank you very much, Thomas. And thank you to everyone who sent in very good questions. With this, I conclude this webcast.