<a id="bm-comp-d0b521de-70d5-420e-8677-1da889206656" name="bm-comp-d0b521de-70d5-420e-8677-1da889206656" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d0b521de-70d5-420e-8677-1da889206656" style="vertical-align: top; width:100.000000%;"><ul><li>Educational day with presentations from core holdings</li><li>DP Patterning: small initial investment, large potential</li><li>Ready to continue transformation after productive 2024</li></ul></td></tr></table><a id="bm-comp-6efba0f0-db2f-4017-9546-021654961245" name="bm-comp-6efba0f0-db2f-4017-9546-021654961245" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6efba0f0-db2f-4017-9546-021654961245" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Largest assets in great shape</h3><p>This afternoon, Byggm&#228;staren hosted Byggm&#228;stardagen 2024. The agenda included presentations from the Chairman and the CEO, and from the CEOs of Safe Life (46% of GAV), Green Landscaping (32% of GAV), and Infrea (3% of GAV). So far, 2024 has been an active year for the company, including the meaningful acquisition activity in Safe Life and Green Landscaping. The divestments in Team Olivia, Ge-Te Media, and Fasticon of late have furthermore facilitated dividends to Byggm&#228;staren, further strengthening its balance sheet. Byggm&#228;staren has, for example, also taken significant steps in refining its processes, strategy and communication, and it has completed its listing transfer to the Nasdaq Main Market. Despite temporary inventory challenges affecting distributor sales, Safe Life continues to capture market share. With a strong track record of organic growth (13&#8211;14%), substantial acquisition contributions, and high recurring revenue, it is solidifying its leadership in the fragmented global AED market. Green Landscaping is demonstrating robust growth and profitability despite market challenges, with increased acquisition activity year-over-year. The CEO highlighted opportunities to enhance margins in underperforming subsidiaries. Infrea, meanwhile, has made strides in improving efficiency across the group and remains optimistic about market opportunities and further progress. We also sense that acquisitions may soon be back on the table.</p><h3 class="bm-h3">DP Patterning: SEK 25m investment announced today</h3><p>Separately, Byggm&#228;staren announced a SEK 25m investment in DP Patterning (DPP), which offers patented dry-phase patterning technology for circuit boards. This innovation enables electronics manufacturers to produce circuit boards in-house, yielding substantial sustainability benefits. Byggm&#228;staren holds an option to invest an additional SEK 25m by 30 June 2025. Although this is a small investment for Byggm&#228;staren, the company sees significant long-term potential in DPP. Thus far, DPP has been self-financed and profitable, though its sales in 2023 amounted to just SEK ~20m. We expect further capital raises as it scales operations.</p><h3 class="bm-h3">Byggm&#228;staren: low valuation despite outperformance</h3><p>While Byggm&#228;stardagen 2024 offered limited news value, the presentations reinforced our confidence in the strong positioning of Byggm&#228;staren&#8217;s largest assets for continued value creation. Despite this, the discount to NAV remains elevated at 14%, above the historical average of 9% and our target range.</p></td></tr></table>