Byggmästare A J Ahlström H (AJA) investor relations material

Executive summary

• NAV was SEK 1,798m at 30 Sep 2026, down SEK 52m in Q3; NAV per share fell 2.8% QoQ to SEK 62.64 and 5.9% since year-end.

• Portfolio value declines were led by Green Landscaping, whose Q3 valuation fell SEK 109m; unlisted holdings gained about SEK 70m, led by DP Patterning.

• Q3 net loss was SEK 52.3m, compared with SEK 95.9m a year earlier; 9M net loss was SEK 98.0m versus net income of SEK 5.7m.

Financial highlights

• Q3 fair-value changes in financial assets were -SEK 47.3m (-SEK 91.4m); 9M changes were -SEK 80.8m versus +SEK 16.5m.

• Q3 operating costs excluding depreciation were SEK 4.8m, compared with SEK 4.3m; 9M costs were SEK 16.8m versus SEK 14.5m.

• 9M diluted EPS was -SEK 3.39 versus SEK 0.19; Q3 diluted EPS was -SEK 1.82 versus -SEK 3.29.

• Green Landscaping Q3 revenue rose 11% to SEK 1,788m, including 3% organic growth; reported EBITA was SEK 44m and adjusted EBITA SEK 123m.

Outlook and guidance

• Infrea-Netel merger was expected to complete in Q4 2026; the combined business is expected to generate annual revenue of about SEK 5bn and annual cost synergies of about SEK 50m.

• DP Patterning is working toward SEK 1bn revenue by 2030; strategy work will set priority activities and investments, with customer pilots increasing but longer-term visibility lower into 2027.

• Further Team Olivia loan repayments were expected after the planned Danish business sale, which was anticipated to close before year-end subject to approval.

• More than SEK 200m of cash and expected inflows over the following six months support potential investment in existing holdings, share buybacks or selective new opportunities.