ByggPartner Gruppen AB (publ)

Välkomna till Big Partner Gruppens presentation av Q3 2025. Med oss idag har vi vd Sture Nilsson och CFO Karin Mellegård-Järf. Under första delen av mötet är deltagarna i lyssnarläge och därefter kommer det finnas tid att ställa frågor till talarna. Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon eller använda rutan under presentationen på webbsändningen. Jag lämnar nu över ordet till vd Sture Nilsson. Varsågod.

Tack för det. Då hälsar vi er välkomna till vår kvartalsgenomgång, kvartal 3 2025. Med mig har Karin Mellegård, Järf CFO. Vi tänkte att dra igenom och ge en brief av hur kvartal 3 utvecklades. Då tänkte jag faktiskt som vanligt att jag vill gärna börja med en kort beskrivning av byggpartnergruppen. how it looks, despite the fact that nothing dramatic has happened during the period when it comes to that structure. We are a clean-roasted construction entrepreneur that today has three large companies that we run, strongly locally anchored, where we want and feel that entrepreneurship is the basis of the respective companies that we have today. We have a total of 900 employees in the company. We account for almost 5 billion, 4.9 billion we have today. Vi är etablerade i Mellansverige, framför allt i Meddalarna som bas, genom byggpartner, det största bolaget. Sedan finns vi som det ledande byggbolaget i Östergötland genom Olin Ekeroth, som har fem kontor i Östergötland. Sedan har vi närvaro efter hela västkusten genom Flodels. If we say the north of our focus area, I would like to highlight again, among our focus areas, what characterizes 60% of our business is made up of collaboration, partnering businesses together with our customers. This is because we strive to, together with our customers, develop the conditions for the project early in order to then work in open collaboration together with our customers. This is a endeavor we have that As I said, about 60% of our business is in that form of partnership. Tree building is an important part of our offer. We have a lot of experience in all companies, and we also have the combined expertise in our own company, Dalarusgruppen. We clearly see an increased interest in tree building in the market, so we find it really fun to have that focus and expertise. Then we work with sustainability issues, successively strengthen it in the entire company. And of course, there will be three offers that are an important component, also in sustainability work. Then I thought I would go into summarizing the third quarter. And then I can directly say that I am incredibly pleased with the quarter. We have taken important steps forward in the quarter, despite the fact that it contains a semester period in July and early August. Vi fortsätter en positiv trend på alla fronter, vill jag säga. Därför är det naturligt att ta tillfället i akt att tacka alla våra duktiga engagerade medarbetare som faktiskt står bakom denna prestation. Vi har en stark position idag, tack vare den drivkraft vi har i vår organisation. Stort tack till våra medarbetare som är helt avgörande för det här. If I draw some highlights, Karin will get to the economic development in more detail, but I already want to raise a few overarching parts. Starting with the fact that we now have a really strong base of initial phase 1 collaboration with our customers. And that is a collaboration that has not yet been orderly started in production. But in that early stage, we have a collected potential production volume over time forward. which we have calculated to be 5 billion, which is still not in order, but which is a clear signal of where we have built future opportunities. We have not had such a large base before, so it is interesting to highlight that part. We had two strong quarter earlier in order entry and now we have almost the same strong quarter again, the third quarter, so we have a really strong actual order entry also during three quarters. And therefore, the order stock is also strengthened further, so we are up to 4.8 billion in order stock today. The turnover after these strong order entries that we have had now during three quarters, we now see the effect that the turnover has also begun to increase. So the quarterly turnover of 1.1 billion was actually 18% higher than last year. So we now see that as a result of this. The result is 45 million EBITDA. That's 3.9% up today. And it is important that all three segments we have now, all three companies, improve profitability, even if it is from different levels. And that is incredibly important for us. Then we especially raised the cash flow during the period. You know that in the construction industry, the cash flow fluctuates quite a lot between quarters, but we have 98 million in positive cash flows this quarter, and that is incredibly strong for us, confirmed by the trend we have in the company. So it's a little exaggerated, but you understand that we have a positive development in the quarter that KARA has come back to. I think it's natural to talk about some of the great projects we have that are at the heart of our entire business. And then I think that among the projects that we have listed, we'll start with the new site in Kvarnsveden in Bolänge, where we have now followed our customer Ekodatacenter after having a long-term collaboration in Falun. We are now building the fifth and sixth hall in Falun. Now it is a new site that on the data center in Kvarnsveden. So in Q3, we signed an order for 800 million, which covers the first data hall in Borlänge, as well as parts of the next hall. So you can see a picture of a fully built facility here in Borlänge. But as I said, it is the first and second hall that we are now building. And we have also renewed a long-term collaboration agreement with our customer. We can see that there is a high pressure on the demand for data capacity, which is really driven by AI in the market. We are really happy to have this long customer cooperation, which is the highest pressure right now. Since a long time, we have had a long and close collaboration with Saab. And as is well known now, SAAB is conducting a strong expansion within the defence side. And that means that in the summer we have started a large collaboration initiative together with SAAB. Especially now to build a new large office for 900 people. And it has started, or the design is underway now and the start of construction is expected to be in the spring of 2026. It also feels like a very exciting segment right now to be in this extensive part of the market. I would also like to mention another order in Gothenburg, where we are building a new sports hall that we ordered for 100 million SEK in quarter three. Production starts there immediately and the sports hall is expected to be completed in the summer of 2027. Then it is natural to mention some other projects that we are working on, that we are very proud of now. Here I want to say that in Linköping we are building student housing. It is in full production in 112 apartments. It is one of the few new construction projects of housing we have in the company today. It is very minimal with housing construction. So we are very happy to be able to build this. Then we have a long-term collaboration with Varbergs Bostad, where we successfully renovate housing. We continue to design in Gävle the big new reconstruction project for the hospital in Gävle. We expect it to be built in 2026, but it will be built in five years. But it's a really big project. We build a lot of trees with tree stumps. This is a really big project in Bålänge, where we are building a large sports hall. It will be completed next year. We are building a large office building in Motala in Fyraplan with KL trees. We have just started up in Gothenburg, a new building of elderly residents. Helt i trä med riktigt ambitiösa klimatmål i det projektet också. Det är lite grann vad som präglar vår verksamhet i dag underliggande när vi nu tittar på siffror. Därför tänkte jag lämna över till Karin.

Tack Sture. Om vi börjar titta på vår orderingång så har vi nämnt tidigare att vi har ju en väldigt stark orderingång även i kvartal 1-3. It goes up to almost 3.6 billion, and we are going to compare that by looking at how it looked in the previous three quarters. Then the goal was 0.8, so that's a double. In the 12th quarter, our order is at almost 5.9 billion, and if we compare that to how it looked at the start of 2024, the goal is 3.4 billion. This is a result of an increased demand during the quarter, inom vår dominerande marknadsegment samhällsfastigheter och industri. Vår orderstock visar vår framtida produktionsvolym i bekräftade åtaganden. Precis som Sture sa, till följd av den höga orderingången så har vi även detta kvartal en förbättrad och höjd orderstock. När vi stänger kvartalet så uppgår den till närmare 4,8 miljarder. När vi stängde vid årsskiftet så uppgick den till 3,2. As we have previously communicated, and as Sture also mentioned, there is a large proportion of ongoing phase 1 projects in our order stack. And that is the collaboration that has not yet been order registered. And when we closed in the third quarter, they rose to almost 5 billion. And for us, this means that the accumulated potential volume of future jobs rises to almost 10 billion. And that for us means that we have a stable platform for the future. Men med det sagt så vill vi även poängtera att vi håller fast vid vår selektiva ordning avseende vilka projekt vi ska räkna på i kombination med att vi prioriterar samverkansprojekt. Det innebär att vår nuvarande projektbas fortsätter att ha en hög lönsamhetspotential med en lägre risknivå. Fördelningen av when you look at it, the percentage has always been superior to social housing, and we also see that in this quarter. The proportion goes up to 50% compared to Q2 when it was at 57%. The commercial proportion now goes up in the quarter to 44%, so it has increased compared to Q2 when it was at 35%. Exponeration towards rental properties drops to 6%. Our turnover in the quarter goes up to approximately 1.1 billion, which means that we have an increase of 18%. This growth is a result of our strong order entry. Vårt resultat fortsätter att successivt förbättras, vilket även lönsamheten gör, och för tionde kvartalet i rad kan vi visa ett positivt resultat. I Q2 uppgick resultatet till 45 miljoner kronor, vilket motsvarar en marginal på 3,9. And if you compare it with the same quarter last year, we had a result of 16 million kronor and a profitability of 1.7. And all segments improve their results in the quarter, and this is something that Sture will return to very soon when we look at the segment. Vår finansiella ställning fortsätter också att förstärkas i kvartalet. Vi har ett kassaflöde som utvecklades positivt och slutade på plus 98 miljoner. Vår bedömning är att i kombination med att vi har en fortsatt positiv resultatutveckling så ska kassaflödet från den löpande verksamheten följa den utvecklingen. Due to our positive cash flow, our debt, net debt through EBITDA, has decreased to 0.6. And even the solidity has improved during the quarter and ended at 30.6. These were our figures on an overarching level study. I think then it's time for you to go down to the segment.

Yes, then we'll take a look at the different segment companies and start with Byggpartner. which is the largest company and Byggparten continues to be a strong development on a very active market in Dalarna. It is mainly in Dalarna that we have our business today. The majority of the collaboration in the business is a very large proportion of collaboration and we also have a large phase 1 base. Stor del av den här som Karin nämnde ligger i Dalarna. Vi har en rejält ökad orderstock, bland annat genom datahallarna som vi registrerade i kvartalet. Så 2,6 miljarder orderstock är riktigt bra för byggpartner. Omsättningen gick upp också faktiskt med 40% om man jämför med föregående år. Nu ser vi effekten av den starka orderingången vi haft, att omsättningen verkligen drar iväg också. But then there is the fact that we have continued to have a really good profitability, and that is the overarching goal. As you can see here, the profitability is now in the last five quarters at between 4.5% and 5%. And we have 4.8% margin in the quarter. And it shows stability, and it is a great strength for the company that we have that base. Fortsatt en trygg och bra resa i byggpartner, som vi ser det, och bra framförhållning. På Linnekrot börjar vi se ljusningar i den under ganska lång tid tuffare marknaden just i Ötland. Det är framförallt det genombrott vi haft med de här två stora uppstartade samverkansprojektet. Multisporthallen i Linköping som vi registrerade förra kvartalet och nu det här stora SAV-projektet. This means that the order stack we have, which looks relatively bleak today at 800 million, will add to these two joint projects when they start next year. So the picture will look much better in terms of our progress through these projects. But as I said, the market is also starting to move in Östgötland, so we are also happy that profitability has strengthened during the last quarter. We are approaching 4% in profitability now in the last quarter and we think that is very strong with the conditions we have had in the market. So further evidence that we have an underlying stable business in Östergötland and now profitability is starting to come too. So I look forward to the continued development in Östergötland. Then we come to Flodens. We have had a really strong order flow that we have built up after a really strong marketing work during this year. We have really built a platform for the future. We will see the effect of that order flow in increased production first in Q1 next year. So just now we have a gap between projects that does not go fully and has not yet started on a full scale. So we have a lower turnover now during this quarter and we expect to also be able to have a somewhat lower turnover even next quarter. So this is a mid-year we have now where we have left the big losses behind us and have a result that has balanced out to plus minus zero this year. Men vi har verkligen skapat bra förutsättningar inför 2026. Det känns oerhört viktigt när vi har gjort den här vändningen nu i Flodén. Även där, goda förutsättningar inför det kommande året. Då tänkte jag att vi är dags att summera upp lite grann det vi har sagt, både Karin och jag. Det är klart att komma tillbaka till att vi har en pipeline av nya projekt som är väldigt starkt framåt. Since we work in collaboration, we have these early stages, and that is very important for us, that we work with customers in a really early stage. And there is, as we have said a few times now, a potential of 5 billion in production volume. However, it is a bit uncertain when it will occur and how long the time is, but we still see a signal that the potential is there. We are in the early stages and have the confidence to work with customers in these early processes. In addition, we have had a record high order volume during three quarters. It is doubled compared to the previous year in these three quarters. This means that the order volume is almost 5 billion as well. I think we have a very strong situation to look forward to. We think it is a healthy and free project. We have it in our stock as well now. The profitability improvement continues in the quarter. And it is now up 3.9%. We have a target of 5% in total margin. And we see through, when we look at companies, that we have a continued potential for improvement to reach this target level in the future. But we are taking it step by step and I am very happy that we can do it successively. Then I would like to remind again that it is very fun to see that the cash flow is so strong during the quarter. And it's a strong work that has been done in the company to prove that the underlying result also has reality in the cash register. So in conclusion, a strong quarter and also a stronger base for the future, I think this quarter has shown. So we continue with our strategy to work with cooperation, raise our tree competence, work with sustainability issues, be close to the market och tar rätt affärer så att lönsamheten på 5% är ett högt realistiskt mål för oss framöver. Tillväxt som sagt är vi fortfarande selektiva i så att vi ska känna att vi har en sund bas framöver med oss. Ja, det var lite grann sammanfattningen av kvartal 3. Så då lämnar vi gärna ut till frågeställningar.

Om du vill ställa en fråga, tryck firkant. 5. På din telefon för att ställa dig i kön. Om du vill dra tillbaka din fråga, vänligen tryck 4x6. Du kan även skriva din fråga i rutan under presentationen på webbsändningen. Vänligen uppge ditt namn och företag. Varsågod, din linje är nu öppen.

God morgon, Sture och Karin. Det här är Oliver från Aktiespararna. My first question is related to Flodens. It's a strong report, of course, but that segment was hacked a little bit, as you addressed during the presentation. I'm thinking a little bit. A few months ago, a fairly large agreement was announced related to Vallåskolan. Does that have anything to do with the quarter's I mean, swagare lönsamhet eller prestation som sådan?

Svar direkt, ja. Valdeskolan är ett av de projekt som verkligen har kommit igång idag. Där är det jobbat med markarbeten idag, och det går enligt plan, den produktionsstaten. Så det är snarare andra projekt som inte har kommit igång i... Inte överraskande, men vi saknar byggstart på ett par projekt till. Det är en mellanperiod. Men just Valdeskolan är det som har dragit igång.

Just det. Det här blir en stor del av den totala orderstocken. Då kan man kanske vänta sig en ganska snabb återgång.

Ja, vi kommer ju att se effekt redan nästa år, som sagt, av en stark volym tillväxt i Flodens. Absolut. Just det.

Kul att höra. Jag tänkte lite grann, ni är ju inne på splitten här mellan kommersiella fastigheter och samhällsfastigheter och att nu växer ni ganska mycket på den kommersiella sidan. Hur skiljer sig lönsamheten här överlag?

No, we don't see a definite difference in profitability between those types of segments. We don't actually do that. When we say commercial properties, the industry side is in it. And on the industry side, we have expanded to several areas. The data hall is one, SAB is another, we work with Hitachi, among other things. So it's good to know that when we say commercial, we also mean including the industry area. Men vi ser ingen generell lönsäkerhetsförändring mellan segmenten, det gör vi inte.

Okej. Och sen sista frågan är kopplat till balansräkningen. Den här har ju verkt mycket successivt under senaste tiden. Det vore lite intressant att höra hur du tänker kring capital allocation in the future, distribution, purchase or acquisition? What level do you want to get down to when you feel that you can start pushing a little bit?

I don't have a clear answer to that question, really. We have been asked to pay down our debts here, so that we have a greater freedom of handling in the future. And of course, we create that through this situation now, that we have a completely different prerequisite for taking a step forward. But I have no comment on whether we have any around those plans. No, I don't.

Thank you very much for your answer. That was all I had for now. And congratulations to MS Dark.

Thank you, Oliver.

Som en påminnelse, om du vill ställa en fråga, tryck fyrkant 5 på din telefon. Det finns inga frågor på telefon, så jag lämnar över ordet till talarna för eventuella frågor från webben.

Ja, då har vi ju fått in några frågor i chatten här och jag tänker att jag läser upp dem even if they overlap a bit with what Oliver just asked. The first is from Fredrik Reiterhäll. He writes that you generate a lot of cash flows and it looks good also in the future. What do you think about capital allocation? Are there investments you can make in the business for a good return? Or is the acquisition back on the agenda?

Yes, that's the same question we come back to. We have struggled to get a strong balance situation again now. Of course, the conditions to take the next step have increased significantly with this. But we don't have such fixed plans today that we can Yes, and we also have from the same

All your three segments show improved profitability. When can we see that Flodens achieves your target of 5% in profitability?

The projects we take in Flodens today are taken to levels that enable 5% in profitability. However, the volume is very weak in the company today. It is around 600 million. So the volume increases that we see now with the order stock we have, is something that greatly increases the chance of reaching our goals. But we have made a strong change in Flodens. We have gone from a loss rate to a zero result. Vi ser inte så här offentligt om när vi når våra 5 procent. Det kommer ta ett tag, men vi är definitivt på rätt väg. Det är så jag kan säga idag.

Sen har vi också fått frågor från Johan på ITC. Stort grattis till ett fint Q3. Kan du utveckla lite mer hur du ser på kundaktiviteten, priser och konkurrenssituationen? Hur den känns under Q4 och in i Q1 2026?

We have talked a lot about this year, and also earlier, that we have been forced to be very selective. Because the competition for medium-sized projects, especially in fixed-price projects, has been very tough for several years now. And it has been important for us not to get stuck with a base of projects that lowers our profitability forward. Now we have seen, not least around the summer, that the activity in our segment, and that is mainly social building and industry, the activity has increased so that we have a different level of demand in all three of our segments today on the market. At the same time, housing shortages, housing construction is still on a very low level, so there is a strong competition in the industry to survive for many companies. The price pressure doesn't go down overnight, it absolutely doesn't. We can say that the activity is increasing, we can see that. But we are still selective and therefore it is natural that we prioritize working in cooperation, where we get the opportunity to work in a different way with the project and secure our margins.

And from the same person comes the question, are there any sectors that you feel are particularly exciting in 2026?

Yes, I can say that the defence industry is of course exciting. The infrastructure development that is happening in many areas in Sweden today also contributes to our construction business having increased speed. Säkerhetsområdet, säkerhetsfastigheter och försvarsfastigheter är väldigt spännande signal som vi ser nu och det som händer runt infrastruktursatsningar. Även om vi inte är inne på anläggningssidan så berör vi oss ändå på ett positivt sätt av det här. Vi ser ökade möjligheter i de bitarna. Sedan har vi som sagt en hel del industrisatsningar som går starkt idag och de kommer fortsätta som vi ser det. That's what I see that will increase, especially next year.

And then the last question. Do you see any greater cost inflation in the business?

We're coming from an extreme cost increase if we go back two years here in time. It's not at that level today. I think we see a balance today. That's what the signals are from our businesses, from our supplier base and in general. I think we have a healthy control over inflation and cost development today.

Yes, that was all the questions.

Yes, then we thank you for us. I hope you got something out of this report. And as I said, thank you to all the employees if you are also listening to what a strong contribution our association has made in creating this nice report. Thank you for listening to Q4. Thank you.