Byggmästaren - Private momentum tempered by lower P/NAV

• Q1 NAV beat
• Strong performance, higher valuations in private assets
• P/NAV dislocation persists, well below historical levels

Q1: NAV outperformance, discount widened sharply

Byggmästaren reported Q1 NAVPS of SEK 67.58, 4% above our estimate. NAV increased by 2% q-o-q (SIXRX -1%), supported by valuation gains in private assets. Green Landscaping weighed on NAV (and is down further following its Q1 report), while Infrea continued to perform well. Despite this, total shareholder return was -14%, as the NAV discount broadened from 8% to 22%, highlighting continued market scepticism. During the quarter, Byggmästaren acquired the remaining shares in Fasticon, taking ownership to 100%. The balance sheet remains strong, with SEK 465m in available liquidity, and management reiterates its ambition to add another core unlisted holding.

DPP stood out with stellar quarter

Performance in the private portfolio was highly encouraging. DP Patterning (DPP) delivered an exceptional quarter, with sales of SEK 51m (vs. SEK 8m in Q1’25) and an EBITDA margin of 26%, driven by a large international customer, resulting in a SEK 51m valuation uplift. We see significant long-term potential in this asset. Safe Life continued to show strong growth and completed three acquisitions during the quarter. Fasticon improved margins y-o-y despite a challenging market and secured a multi-year agreement with a major customer. Team Olivia delivered a solid development, and we continue to see scope for future distributions. In total, private asset valuations increased by SEK 46m, largely driven by DPP.

Discount at 21% vs. 9% historical average

The shares trade at a 21% NAV discount – compared to a five-year average of 9% – despite the strong underlying performance and track record. We update our fair value range to SEK 53–64 (56–67), reflecting NAV changes since our last update.