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?