Yesterday, Byggmästaren's largest listed holding, Green Landscaping, announced an improvement programme, "Green Performance", together with 79 MSEK of one-off costs that will hit its Q3 results. Green's share fell around 15% on the news and is now down roughly 60% for the year. As Green represents Byggmästaren's largest listed position (Q2'26: 15% of NAV), the recent share price decline is a notable swing factor in the investment company's net asset value. In our view, the announcement is a classic move by an interim/new CEO to "clear the decks" by recognizing historical project issues and restructuring operations after a weak stretch, particularly in Norway and Sweden. We will revisit our estimates for Green Landscaping and, ultimately, our Q3 NAV estimate for Byggmästaren in our preview comment ahead of the Q3 report (October 23rd).

79 MSEK of write-downs address legacy Swedish projects and a 2023 German acquisition

The 79 MSEK in one-off costs are primarily project-related write-downs. Of this, 40 MSEK relates to two completed multi-year projects in Sweden and 25 MSEK to a German company acquired in 2023, where a police report has also been filed against the former owner. On top of this, Green is booking 8 MSEK for the former CEO's notice period and 6 MSEK in restructuring costs for Group functions, with the restructuring expected to generate annual savings of roughly 10 MSEK going forward. Importantly for Byggmästaren's carried value, the company states these costs are non-recurring and will not materially impact Q3 cash flow, so the damage is largely to reported earnings and sentiment rather than to Green's underlying cash generation.

New group management aims to lift accountability and transparency

Alongside the cleanup, Green is promoting its Country Managers for Norway, Finland & Baltics, and the DACH region to Group Management. The move is aimed at bringing operational leadership closer to group-level decision-making and tightening organizational oversight regionally. By giving the regional heads a direct seat at the group table, Green sharpens accountability for local performance and shortens the line between where issues arise and where they are addressed. From Byggmästaren's standpoint as an active owner, we see these as constructive governance steps that strengthen accountability in the country organizations and give owners better visibility into underlying operational performance that has recently been clouded by legacy project and acquisition issues.

Share price slump cuts Green to around 11% of NAV, discount near 18%

Green has been the key drag on Byggmästaren's NAV in recent quarters and years. A share price slide of around 38% in Q2'26 alone pulled group NAV per share down roughly 5% quarter-on-quarter to SEK 64.5, even as the unlisted core holdings (DP Patterning, Safe Life, Fasticon) held up or revalued higher. With yesterday's drop of around 15%, Green is now down another ~32% in Q3, taking its performance for the year to minus 60%, following a decline of ~38% in 2025.

Based on Green's closing price yesterday (SEK 17.9), we estimate Byggmästaren's holding is currently worth around 190 MSEK, or SEK 6.6 per share, against SEK 9.8 and 281 MSEK in Q2'26. Under the assumption of stable valuations for the unlisted holdings, latest market prices for the listed holdings, and our assumptions on quarterly OpEx and buybacks, we estimate Byggmästaren's current reported NAVPS at around SEK 61, versus SEK 64.5 in Q2'26, with Green's share of NAV falling to around 11% (15%). To put this into context, the corresponding weight was as high as 30% in 2023 (worth 635 MSEK), and despite Byggmästaren adding to the position successively over the years (25 MSEK in H1'26 alone), we think the decline underlines how much the group's recent NAV weakness has been concentrated on this single name. Whether recent additions prove well-timed rather than value-destructive will be judged by the operational evidence at Green in the coming quarters, not by the current mark, in our view. Relative to Byggmästaren's last close of SEK 49.4, our estimated NAV (as of September 23rd) represents a P/NAV discount of around 19% (Q2'26: 20%).

In summary, we read yesterday's announcement from Green as mixed. On the surface, the 79 MSEK in one-offs and the write-downs on legacy Swedish projects and the German unit acquired in 2023 confirm the operational issues that already forced us to cut our fair value for Green by around 25% in Q2. However, the interim CEO's move to "clear the decks", the Green Performance programme, the roughly 10 MSEK of targeted annual savings, the strengthened group management and the shift to more transparent reporting are exactly the housekeeping steps needed to stabilize the holding and, ultimately, arrest the NAV drag. That said, in our view, the burden of proof is decisively on Green in the coming quarters, and it needs to show that the guided H2 profitability recovery and deleveraging are on track to regain investors' trust.