<a id="bm-comp-33c84b6a-1e77-4256-822b-d0d099b70207" name="bm-comp-33c84b6a-1e77-4256-822b-d0d099b70207" class="BMCustomAnchor"></a><table><tr><td bm-component-id="33c84b6a-1e77-4256-822b-d0d099b70207" style="vertical-align: top; width:100.000000%;"><ul><li>Internal efficiency development to continue</li><li>34% adj. EBITA CAGR '24-'27e</li><li>9-5x EBITA '25e-'27e, 16-19% FCF yields</li></ul></td></tr></table><a id="bm-comp-31467e20-5ad2-4982-bd0e-5bbc08c739ed" name="bm-comp-31467e20-5ad2-4982-bd0e-5bbc08c739ed" class="BMCustomAnchor"></a><table><tr><td bm-component-id="31467e20-5ad2-4982-bd0e-5bbc08c739ed" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Has started the journey, but there is more to come.</h3><p><font style="background-color:#ffffff;">Today, we welcomed Infrea's CEO, Martin Reinholdsson, to ABGSC's Investor Days. As well as emphasising the core of Infrea's decentralised business model and its historical growth through M&A, he highlighted the group's development of its own business over the past year. During this time, Infrea has paused M&A activity in order to focus on internal efficiency and development, and Mr Reinholdsson says that its companies have performed better and stably over the last five quarters as a result. However, he believes that the journey has only just begun, and that knowledge sharing and referencing between the companies are just two important areas for improvement.</font></p><h3 class="bm-h3">Diversified geographical and consumer base</h3><p>Mr Reinholdsson also provided an update on the diversification of the consumer base: 41% municipalities and other LOU contracts; 18% Swedish Transport Administration; 18% construction; and 23% other. Having this broad base of both public and private consumers, operating in around 30 locations across Sweden, and completing approximately 10,000 service assignments per year and 400 projects simultaneously provides Infrea with stability and robustness.</p><h3 class="bm-h3">Margins to improve and FCF to stabilise</h3><p>We believe that Infrea is well-positioned to grow organically and improve its margins given its exposure to underlying demand and to public customers (~60%), as well as support from M&A (13% sales CAGR in '21-'24). For '24-'27e, we expect Infrea to deliver growth and FCF in line with peers with slightly lower margins. The share is trading at 9-5x adj. EBITA 25e-27e with a 16-19% FCF yield, while peers are trading at 7-6x.</p></td></tr></table>pagebreak <a id="bm-comp-ebc4cd40-8c09-4a75-88c1-4b1c3d75d85c" name="bm-comp-ebc4cd40-8c09-4a75-88c1-4b1c3d75d85c" class="BMCustomAnchor"></a><a id="bm-comp-ff99a73f-ab92-49d2-8a72-5abef14395c7" name="bm-comp-ff99a73f-ab92-49d2-8a72-5abef14395c7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ebc4cd40-8c09-4a75-88c1-4b1c3d75d85c" style="vertical-align: top; width:50.000000%;"><table id="bm-img-74f1fa44-6915-44b7-bca5-7dc5c59e17e4" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales split per segment</td></tr><tr><td><img bm-img-encrypt="74f1fa44-6915-44b7-bca5-7dc5c59e17e4" bm-img-original-height="452" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_4445b7a3-3956-43c1-ad80-b425086684f9.svg" bm-img-width-hint="100%" draggable="false" id="bm-id-74f1fa44-6915-44b7-bca5-7dc5c59e17e4" src="https://abgsc.bluematrix.com/images/image_upload/87769_4445b7a3-3956-43c1-ad80-b425086684f9_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_4445b7a3-3956-43c1-ad80-b425086684f9.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data.</td></tr><tr><td class="xslt-img-footnote">*From 2024 Land & Construction is divided into two segments; Paving Services and Land & Construction.</td></tr></table></td><td bm-component-id="ff99a73f-ab92-49d2-8a72-5abef14395c7" style="vertical-align: top; width:50.000000%;"><table id="bm-img-e59f9694-f258-4bc9-8b38-ba859bce98a3" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Consumer split (ABGSCe)</td></tr><tr><td><img bm-img-encrypt="e59f9694-f258-4bc9-8b38-ba859bce98a3" bm-img-original-height="447" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_af6f5076-2eb7-4bfa-82f9-b21ef1eada41.svg" bm-img-width-hint="100%" draggable="false" id="bm-id-e59f9694-f258-4bc9-8b38-ba859bce98a3" src="https://abgsc.bluematrix.com/images/image_upload/87769_af6f5076-2eb7-4bfa-82f9-b21ef1eada41_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_af6f5076-2eb7-4bfa-82f9-b21ef1eada41.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table><a id="bm-comp-558aceb0-101b-4a9c-a208-bb2a850c221d" name="bm-comp-558aceb0-101b-4a9c-a208-bb2a850c221d" class="BMCustomAnchor"></a><a id="bm-comp-d82a50a0-9a80-42bb-9c8f-2e8a1c3f959e" name="bm-comp-d82a50a0-9a80-42bb-9c8f-2e8a1c3f959e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="558aceb0-101b-4a9c-a208-bb2a850c221d" style="vertical-align: top; width:50.000000%;"><table id="bm-img-aab408a3-9ab7-4a81-ac7f-6d9614bebe43" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales & organic growth</td></tr><tr><td><img bm-img-encrypt="aab408a3-9ab7-4a81-ac7f-6d9614bebe43" bm-img-original-height="454" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_52fbdf74-3e6c-4812-9e03-1c01cd53cc3e.svg" bm-img-width-hint="100%" id="bm-id-aab408a3-9ab7-4a81-ac7f-6d9614bebe43" src="https://abgsc.bluematrix.com/images/image_upload/87769_52fbdf74-3e6c-4812-9e03-1c01cd53cc3e_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_52fbdf74-3e6c-4812-9e03-1c01cd53cc3e.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data.</td></tr></table></td><td bm-component-id="d82a50a0-9a80-42bb-9c8f-2e8a1c3f959e" style="vertical-align: top; width:50.000000%;"><table id="bm-img-ca7986d1-1e2d-40b8-80a0-b20da892ac65" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Adj. EBITA & margin</td></tr><tr><td><img bm-img-encrypt="ca7986d1-1e2d-40b8-80a0-b20da892ac65" bm-img-original-height="452" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_dc9e0908-9508-45ca-a323-8048fe8fa785.svg" bm-img-width-hint="100%" id="bm-id-ca7986d1-1e2d-40b8-80a0-b20da892ac65" src="https://abgsc.bluematrix.com/images/image_upload/87769_dc9e0908-9508-45ca-a323-8048fe8fa785_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_dc9e0908-9508-45ca-a323-8048fe8fa785.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data.<br /></td></tr></table></td></tr></table><a id="bm-comp-b9922453-b66a-4934-8ac3-f6c6e7ea6434" name="bm-comp-b9922453-b66a-4934-8ac3-f6c6e7ea6434" class="BMCustomAnchor"></a><a id="bm-comp-22ec8356-c426-4b46-a798-b76fed59432b" name="bm-comp-22ec8356-c426-4b46-a798-b76fed59432b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b9922453-b66a-4934-8ac3-f6c6e7ea6434" style="vertical-align: top; width:50.000000%;"><table id="bm-img-93e6cf09-43eb-4e67-b98d-ef00b84c50a6" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">F12m EV/EBITA vs. peer groups</td></tr><tr><td><img bm-img-encrypt="93e6cf09-43eb-4e67-b98d-ef00b84c50a6" bm-img-original-height="451" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_a021860b-1385-41c9-9c48-46f112ea7be6.svg" bm-img-width-hint="100%" id="bm-id-93e6cf09-43eb-4e67-b98d-ef00b84c50a6" src="https://abgsc.bluematrix.com/images/image_upload/87769_a021860b-1385-41c9-9c48-46f112ea7be6_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_a021860b-1385-41c9-9c48-46f112ea7be6.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet</td></tr></table></td><td bm-component-id="22ec8356-c426-4b46-a798-b76fed59432b" style="vertical-align: top; width:50.000000%;"><table id="bm-img-3fc17513-4d61-4d47-8511-2dffc6f10678" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">ABGSC sales growth breakdown</td></tr><tr><td><img bm-img-encrypt="3fc17513-4d61-4d47-8511-2dffc6f10678" bm-img-original-height="447" bm-img-original-width="793" bm-img-svg="image:image_upload/87769_1c18248c-09d3-4d6f-bcb6-5da0ebf334ea.svg" bm-img-width-hint="100%" id="bm-id-3fc17513-4d61-4d47-8511-2dffc6f10678" src="https://abgsc.bluematrix.com/images/image_upload/87769_1c18248c-09d3-4d6f-bcb6-5da0ebf334ea_733.png" svg="/nas/web/clients/abgsc/images/image_upload/87769_1c18248c-09d3-4d6f-bcb6-5da0ebf334ea.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>