Byggmästaren will publish its Q3 report on Friday, October 23, the same day Green Landscaping reports its own Q3 results. We estimate NAV per share declined ~5% q/q to SEK 61.4 (Q2'26: SEK 64.5). Green Landscaping's share price fell a further ~39% during the quarter, which more than outweighs the upward revaluation we expect for DP Patterning. At the current share price of around SEK 45.8, the stock trades at a discount of ~25% to our estimated Q3 NAV, well above the 5-year historical average of ~9%. With Green now down to roughly a tenth of NAV and the unlisted core holdings continuing to deliver, we believe the current discount increasingly reflects sentiment around a single holding rather than the portfolio.

Green drags the listed portfolio again, while DP Patterning lifts the unlisted holdings

Based on the listed assets' closing share prices at quarter-end, we estimate a net value change of around -110 MSEK in Byggmästaren's listed holdings. The decline is driven primarily by Green Landscaping, whose share price fell ~39% during Q3'26. The fall included a ~15% drop on September 22 following the announcement of 79 MSEK in one-off costs. Based on unchanged share ownership, we estimate Byggmästaren's Green holding at ~172 MSEK (Q2'26: 281 MSEK), or ~10% of NAV (15%). Infrea's share price declined ~9% over the quarter, and it continues to trade relatively in line with the agreed Netel exchange terms (17 Netel shares per 4 Infrea shares) less a modest deal-risk spread of ~3%. We also include the 10 MSEK subscribed in Netel's new share issue, carried at cost.

For the unlisted portfolio, visibility between reporting periods is limited. However, we expect another upward revaluation of DP Patterning of ~ +14% (~35 MSEK), driven by continued strong financial development and a still conservative implied EBITDA multiple. For Safe Life, Team Olivia and Fasticon, we expect valuations to remain relatively stable quarter-on-quarter. For Safe Life, continued bolt-on activity and growth should be broadly balanced against the margin pressure seen in H1.

Green's one-offs cloud Q3, while DP Patterning and Safe Life should keep growing

Green Landscaping's Q3 will be dominated by the 79 MSEK* in one-off costs announced in September. Green will report these as items affecting comparability, and we therefore focus on adjusted figures. We estimate Q3 revenue of 1,720 MSEK (Q3'25: 1,605 MSEK, +7% y/y) and adjusted EBITA of 120 MSEK (7% margin), implying reported EBITA of ~41 MSEK after the one-offs. The comparison period included a 21 MSEK project write-down in Norway, so our estimate implies a marginally lower underlying EBITA year-on-year. That is more cautious than management's steer for positive year-on-year EBITA growth in H2 for both Sweden and Norway, which we believe reflects the still soft pricing environment and the weak Norwegian subsidiaries. Beyond the numbers, we expect the key focus areas to be the Green Performance program, any further details on the German unit, Q3 cash flow, and whether leverage (Q2'26: 3.4x, target <2.5x) has started to come down as guided.

For Safe Life, we estimate Q3 revenue of 81 MEUR (Q3'25: 55 MEUR), implying ~47% growth year-on-year, driven by the bolt-on acquisitions completed during H1 and continued organic growth. We forecast EBITA of 7.7 MEUR (9.5% margin), up from a negative EBITA of -2 MEUR in the comparison period. This reflects a gradual recovery from the one-off and integration costs that weighed on Q2, as the investment phase in back-end systems and commercial capabilities nears completion. We consider it important that Safe Life demonstrates margin expansion in the coming quarter, with pro forma-adjusted EBITA converging toward reported, to support the current valuation, which we view as quite rich at current levels.

For DP Patterning, we estimate Q3 revenue of 50 MSEK (Q3'25: 15 MSEK) and EBITDA of 11.5 MSEK (23% margin; Q3'25: 3 MSEK, 20%). While this implies strong growth year-on-year, it is a sequential step down from the exceptional Q2 (revenue 71 MSEK, EBITDA 31 MSEK). We do not believe the Q2 level should simply be projected forward given lumpy deliveries and a concentrated customer base. We continue to view broadening the customer base and converting active sales dialogues into long-term agreements as key to sustaining high capacity utilization.

Steady buybacks and Netel commitment completed, Team Olivia's Danish exit still pending

Byggmästaren entered Q3 with 418 MSEK in available liquidity (188 MSEK in cash and 230 MSEK in undrawn credit facilities). During the quarter, we estimate the company repurchased shares worth ~4 MSEK under its 50 MSEK buyback program, a slower pace than in Q2 (~17 MSEK) but consistent with the low liquidity in the share. We continue to view buybacks as a highly accretive capital allocation tool at the current discount. Based on publicly available information, Byggmästaren made no further investments in Green during Q3. It completed its 10 MSEK subscription in Netel's new share issue as part of the Infrea–Netel merger, which is expected to close in Q4'26 and leave Byggmästaren with ~13% of the combined group. After buybacks, the Netel rights issue investment, and OpEx, we estimate closing cash of ~168 MSEK (Q2'26: 188 MSEK).

As for Team Olivia's divestment of its Danish operations to Carelink Gruppen (282 MDKK, cash- and debt-free), we remain cautious about the timing until closing is confirmed. We do not expect the transaction to have a material NAV impact, given that a lower valuation of the remaining, smaller company should be offset by the cash proceeds, which act as a buffer and could pave the way for a capital distribution. Finally, management has previously noted that several candidates for a fourth core holding are being evaluated, and we believe the strong liquidity position leaves room for both new investments and continued buybacks.

Our Q3'26 NAV estimate points to a ~5% decline as the P/NAV discount widens to ~25%

After incorporating estimated value changes in holdings, completed corporate transactions, and the impact of operating expenses, we estimate Q3'26 NAV** of ~1,764 MSEK, down from ~1,851 MSEK in Q2'26 (-5%), corresponding to a NAVPS of SEK 61.4 (SEK 64.5). The decline is driven by the listed holdings (-108 MSEK), mainly Green, which more than offsets the expected revaluation of DP Patterning (+35 MSEK). Relative to the benchmark index (SIXRX), which returned +2.7% q/q and +17.5% y/y, both Byggmästaren's NAV development (-5% q/q) and total shareholder return (-8% q/q) clearly lagged the benchmark again.

At the current share price of SEK 45.8 and our estimated NAVPS of SEK 61.4, the P/NAV discount stands at ~25%, wider than the ~20% at the end of Q2. Unlike last quarter, the widening reflects a falling share price rather than a lower NAV alone. We believe it is largely explained by sentiment around Green, despite Green now accounting for only ~10% of NAV, against more than 70% for the unlisted portfolio, which continues to develop well. The discount remains well above the 5-year historical average of ~9%, a gap we continue to view as excessive given Byggmästaren's portfolio composition, net cash position, and long-term track record. In our view, key watchpoints for the Q3 report include the outcome and outlook for Green following the one-offs, the sustainability of DP Patterning's delivery pace, margin progression in Safe Life, the closing of Team Olivia's Danish divestment and any capital distribution, and further capital deployment, including buybacks and a potential fourth core holding.

*These consist of 40 MSEK in write-downs on two completed multi-year projects in Sweden, 25 MSEK related to a German company acquired in 2023 (where a police report has been filed against the former owner), 8 MSEK for the former CEO's notice period, and 6 MSEK in restructuring of Group function.

**Our Q3'26 NAV estimate is not a reflection of our view of the portfolio's fair value, but rather an assessment of what we believe Byggmästaren will report, based on observable listed asset price movements and our best approximation of unlisted asset developments quarter-on-quarter.