<a id="bm-comp-b0e7be2b-b7ef-442e-b9b6-903486ee1060" name="bm-comp-b0e7be2b-b7ef-442e-b9b6-903486ee1060" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b0e7be2b-b7ef-442e-b9b6-903486ee1060" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 NAV 6% above ABGSCe</li><li>DPP and Safe Life continued to impress</li><li>Discount still wider than history</li></ul></td></tr></table><a id="bm-comp-029a15fc-5f0e-48ae-ab67-d389fe1fa220" name="bm-comp-029a15fc-5f0e-48ae-ab67-d389fe1fa220" class="BMCustomAnchor"></a><table><tr><td bm-component-id="029a15fc-5f0e-48ae-ab67-d389fe1fa220" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2: NAV beat, but Green Landscaping weighed</h3><p>Byggm&#228;staren reported Q2 NAVPS of SEK 64.46, 6% above our estimate. However, NAV declined 4% q-o-q in total-return terms vs SIXRX +9.5%, as the continued weakness in Green Landscaping &#8212; currently 17% of total asset value &#8212; weighed heavily. TSR was flat, as the NAV discount narrowed from 22% to 20%. Ownership activity was high: Infrea announced a merger with Netel, Team Olivia is divesting its Danish operations to Carelink, and Byggm&#228;staren added to its holding in Green Landscaping. The balance sheet remains solid, with around SEK 420m in available liquidity including unutilised credit facilities (ABGSCe net cash SEK 232m). Management reiterated its ambition to add another core holding, while maintaining strict investment criteria, and remains focused on reversing the negative trend in Green Landscaping.</p><h3 class="bm-h3">Private portfolio momentum remained strong</h3><p>Despite the drag from Green Landscaping, the private portfolio continued to perform well. Private-asset valuations increased by SEK 119m, driven mainly by DP Patterning (DPP) and smaller changes elsewhere. Operationally, DPP delivered substantial sales growth, supported by its largest customers and broader customer demand, while the Q2 EBITDA margin reached 44%. Safe Life also maintained high activity, announcing four acquisitions in Q2, while Q2 YTD sales grew 33% y-o-y, and the trailing pro forma EBITA margin was 9.4%.</p><h3 class="bm-h3">Discount remains wide</h3><p>The shares are trading at a 16% NAV discount, vs an historical average of around 10%, despite the strong private-portfolio performance and Byggm&#228;staren&#8217;s impressive track record. In our view, the weakness in Green Landscaping explains some caution, but not the full discount. We fine-tune our fair value range to SEK 54&#8211;64 (53&#8211;64), reflecting NAV changes since our last update.</p></td></tr></table>