<a id="bm-comp-114dfad8-95a6-4a85-acec-ae9a58c4b29e" name="bm-comp-114dfad8-95a6-4a85-acec-ae9a58c4b29e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="114dfad8-95a6-4a85-acec-ae9a58c4b29e" style="vertical-align: top; width:100.000000%;"><ul><li>Q3 NAV 2% above ABGSCe</li><li>Private valuation gains signal underlying strength</li><li>P/NAV higher, discount still above 5Y average</li></ul></td></tr></table><a id="bm-comp-6f73096d-9fdb-4a4a-997d-7aa5b3d35058" name="bm-comp-6f73096d-9fdb-4a4a-997d-7aa5b3d35058" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6f73096d-9fdb-4a4a-997d-7aa5b3d35058" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Green Landscaping weighed on Q3 NAV</h3><p>Byggm&#228;staren&#8217;s Q3 NAVPS was SEK 305, 2% above our estimate, with the beat driven by positive valuation revisions. NAV fell 4% q-o-q, primarily due to a weak quarter for Green Landscaping stock, in which Byggm&#228;staren increased its holdings following the company&#8217;s Q3 release. Q3 total shareholder return was +2% as the NAV discount narrowed by 6pp to 11%. We believe the tightening largely reflected the 30 September capital allocation announcement (see separate note). Over the past five years, Byggm&#228;staren has delivered a 14% annual NAV total return, ahead of SIXRX at 10%, and amongst the best in our coverage.</p><h3 class="bm-h3">Continued strong momentum in the private portfolio</h3><p>Private asset valuations increased by SEK 39m, driven by Team Olivia and DP Patterning (DPP). Safe Life was held unchanged (EUR terms) vs. the recent transaction level and continues to perform well, with total growth of 57% and an adj. EBITA margin of 10.5% in Q3. DPP delivered promising, profitable growth, and Byggm&#228;staren added to its investment. Team Olivia saw a higher valuation on stronger earnings and higher peer multiples, and continues to carry a significant net cash position. Fasticon posted a smaller valuation increase, performing well despite a still-challenging market.</p><h3 class="bm-h3">11% NAV discount above historical average</h3><p>The shares trade at an 11% NAV discount, vs a 9% five-year average and the gap is wider than for many peers. We fine-tune our fair value range to SEK 240-360 (from 244-359). The company will host Byggm&#228;stardagen 2025 on 10 November.</p></td></tr></table>