1 |

COMPANY

PRESENTATION

Q3 | NOVEMBER 2018

2 |

Today’s presenters and agenda

1. Business Update Q3

2. Financial Update Q3

3. Q&A

FREDRIK LEO, CEO

Joined in 2017 as EVP Construction,

background from NCC Construction

HELENA BLOM, CFO & EVP Services &

Scaffolding

Joined in 2018, background from ABB

and SSAB

3 |

BUSINESS UPDATE

Q3 | November 2018

4 |

• Order intake Q3 | 547 MSEK (209)

• Jan-Sep | 1 745 MSEK (1 058)

• LTM* | 2 139 MSEK (1 452)

• Order book 2 205 MSEK (1 620)

Q3 Financials in summary

• EBIT 6,0 MSEK (8,7) | Margin 1,7% (3,0)

• Jan-Sep | 29,4 MSEK (27,8) | Margin

2,6% (3,1)

• LTM* | 42,4 MSEK (40,8)

• Operating cash-flow 30,6 MSEK (6,8)

• Jan-Sep | 71,2 MSEK (60,2)

• LTM* | 89,0 MSEK (78,1)

• Revenues Q3 | 352,4 MSEK (291,9)

+21%

• Jan-Sep | 1 141 MSEK (902,6)+26%

• LTM* | 1 555 MSEK (1 317 MSEK)

* LTM = Last twelve months 1 Oct 2017 – 30 Sep 2018, comparison full year 2017

Strong ORDER INTAKE, the ORDER

BOOK > billion 2 SEK

The order book >billion 2 SEK is

driving REVENUES

Project impairments affected the

operating profit, EBIT-margin

Robust CASH-FLOW creates

opportunity for dividend

BUSINESS UPDATE

5 |

Core construction company - no project

development Order book analysis | High activity social properties

Care homes 2.205 MSEK

Partnering Regular contracts

Projects

Social Properties 60%

Housing 23% (BRF 5%)

Commercial incl. service and

renovation 17%

Customers

Arboga Kommun

Rodret Bostads AB

Sala Kommun

HEFAB

Stockholmshem

Falu Kommun

Gamla Byn AB

LudvikaHem

Micasa

Danviks Hospital

Lundbergs

Specialfastigheter

Partnering project

43%

57%

Geography

Dalarna 50%

Stockholm/Uppsala/

Mälardalen 50%

BUSINESS UPDATE

6 |

Focus on turning the order book into

profitable top-line growth

> increasing the EBIT-margin

BUSINESS UPDATE

7 |

1. Picking the right projects

2. Improving our core processes

3. Developing our organization

BUSINESS UPDATE

8 |

Actions taken to increase efficiency in

our organization• Increased awareness, frequency and accountability within the

organization for projects and internal follow up

• Increased focus on project management & business skills

• New organization in Stockholm

• New procurement manager – 80% of business is outsourced

• New executive management – accountability Construction

Services & Scaffholding

BUSINESS UPDATE

9 |

Picking the right customers and

keep our focus on creating value for

our customers

BUSINESS UPDATE

10 |

Picking the right projects & creating trust for long

term relationship |Partnering project

BUSINESS UPDATE

FINALIZED PROJECT Q3

Customer EcoDataCenter

Falun

11 |

Picking the right projects & creating trust for long

term relationship | New orders in Q3

BUSINESS UPDATE

ARBOGA KOMMUN

Strategic partnering

Social properties

2017-2022

Phase 1 > Phase 2 Q3

Order Preschools 78 MSEK

Care homes 239 MSEK

12 |

Picking the right projects & creating trust for long

term relationship | New order in Q3

BUSINESS UPDATE

RODRET BOSTADS AB

Partnering projects

Student housing

Phase 2 Q3

Student housing 105 MSEK

13 |

Picking the right projects & creating trust for long

term relationship | New order in Q3

BUSINESS UPDATE

SALA KOMMUN

Partnering projects

Sport facility

Phase 1> Phase 2 Q3

Social Property 51 MSEK

14 |

No changes in our view of the market

• So far, the construction industry is stable in most of our segments and

markets we focus on

• The public sector, mainly municipalities, county councils and public

housing rental companies continue to order

• We see resources being moved into construction of social, commercial

and rental properties. We expect the competition to increase in our

segments.

• The Swedish election has not yet impacted timing and local decision

making.

BUSINESS UPDATE

15 |

Important events Q3

• Fredrik Leo is the new CEO from August 1

• New Partnering agreement with Sala kommun

• Appointment Helena Blom EVP Services & Scaffholding

• Björn Gruvsjö recruited and appointed Procurement and Calculation Manager

• Partnering projects with Arboga Kommun moved into Fas 2 (236 MSEK & 78

MSEK)

• Partnering project with Rodrets Bostad AB moved into Fas 2 (105 MSEK)

Important events Q4• Framework contract with Specialfastigheter medium-sized contacts middle of

Sweden

• Preliminary contract with Gamla Byn AB in Avesta

• Preliminary contract with Landstinget Dalarna for reconstructing parts of

Ludvika hospital

• Nominating committee established

FINANCIAL UPDATE

16 |

Strategy & financial targets

Strengthen partnering position- Continue to build on strong position and reputation in partnering

- Develop our partnering model, organization & core processes

Organic growth in focus markets- Leverage market leading position in Dalarna, grow in Stockholm, Uppsala and Mälardalen

- Convert our orderbook into profitable growth

- (Opportunistic acquisitions)

- Increased awareness and reputation among clients and suppliers

- Strengthen recruitment proposition among prospective employees

Leverage brand recognition

EBIT MARGIN

5%MID-TERM TARGET

SALES GROWTH

10-15%MID-TERM TARGET

OVER

50%TARGET PAYOUT RATIO

BUSINESS UPDATE

17 |

Scaffholdings

BUSINESS UPDATE

• Stable turnover with good profitability

• Focus on continued growth

• Increase efficiency in material management

18 |

Construction services

BUSINESS UPDATE

• Challenging quarter

• Focus is on increased profitability

• Review geographical focus

19 |

FINANCIAL UPDATE

Q3 | November 2018

20 |

Jan-Sep 2018 in summary

• Strong order intake 1 745 MSEK (1058)

• All time high orderbook 2 205 MSEK (1 621)

• Sales Growth 1 141 MSEK (902,3) +26% (-1)

• Increased operating profit EBIT 29,4 MSEK (27,8)

• Decreased EBIT-margin 2,6% (3,1)

• Robust cash-flow 71,2 MSEK (60,2)

FINANCIAL UPDATE

21 |

254

291,9

352,4

200

250

300

350

400

450

500

2016 2017 2018

911,1 902,6

1141,2

0

200

400

600

800

1000

1200

2016 2017 2018

Q3 | MSEK

1246,71316,8

1555,4

0

200

400

600

800

1000

1200

1400

1600

1800

2016 2017 2018 LTM

ACC | MSEK LTM | YEAR | MSEK

Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK

254,3

208,8

546,6

0

500

1000

1500

2000

2500

0

100

200

300

400

500

600

2016 2017 2018

Order intake MSEK Order book MSEK

1200,8

1058,1

1745

0

500

1000

1500

2000

2500

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2016 2017 2018

Order intake MSEK Order book MSEK

15971452,5

2139,3

0

500

1000

1500

2000

2500

0

500

1000

1500

2000

2500

2016 2017 2018 LTM

Order intake MSEK Order book MSEK

Order intake & Order Book

Revenues

FINANCIAL UPDATE

22 |

Q3 | MSEK

26,8

78,1

89

0

10

20

30

40

50

60

70

80

90

100

2016 2017 2018 LTM

ACC | MSEK LTM | YEAR | MSEK

Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK

6,3

8,7

6

0

0,5

1

1,5

2

2,5

3

3,5

0

1

2

3

4

5

6

7

8

9

10

2016 2017 2018

EBIT MSEK Gross Margin (%)

32,5

27,8

29,4

0

0,5

1

1,5

2

2,5

3

3,5

4

25

26

27

28

29

30

31

32

33

2016 2017 2018

EBIT MSEK Gross Margin (%)

50,5

40,8 42,4

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

0

10

20

30

40

50

60

2016 2017 2018 LTM

EBIT MSEK Gross Margin (%)

Profitability & Operating result

Cash-flow

-4,3

6,8

30,6

-10

-5

0

5

10

15

20

25

30

35

2016 2017 2018

-28,8

60,2

71,2

-40

-20

0

20

40

60

80

2016 2017 2018

FINANCIAL UPDATE

23 |

Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK

0,41

0,56

0,37

0

0,1

0,2

0,3

0,4

0,5

0,6

2016 2017 2018

EPS SEK

2,21

1,771,85

0

0,5

1

1,5

2

2,5

2016 2017 2018

EPS SEK

3,53

2,57 2,65

0

0,5

1

1,5

2

2,5

3

3,5

4

2016 2017 2018 LTM

EPS SEK

Efficient Capital Management

D I V I D E ND P O L I C Y

The goal is to deliver a dividend corresponding

to 50 percent of net profit given no need to

finance further investments in operations.

51

19 20

-24 -22 -24 -27

-51

-77

-100

-80

-60

-40

-20

0

20

40

60

2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3

NWC

Net working capital end of quarter, MSEK| Average -15 MSEK LOW

Earnings per share

FINANCIAL UPDATE

24 |

Low capital requirement increasing returns

100

127129

121

5243

31 32

0

20

40

60

80

100

120

140

2015 2016 2017 2018 LTM

Equity (avg) Net Income

SEKm

Strong return on capital…

132140 142

129

6351

41 42

0

20

40

60

80

100

120

140

160

2015 2016 2017 2018 LTM

Capital Employed² (avg) EBIT

SEKm

52%ROE

Note: (1) ROCE defined as EBIT/average of period’s opening and closing capital employed; (2) Defined as equity plus interest bearing liabilities

24%ROE

48%ROCE1

36%ROCE1

34%ROE

29%ROCE1

27%ROE

33%ROCE1

FINANCIAL UPDATE

25 |

86%

11%

3%

Construction Services Scaffolding

72%

11%

17%

Construction Services Scaffolding

Revenues per segment

Jan – Sep 2018EBIT per segment

Jan – Sep 2018

SEK millions

2018

Jan-Sep

2017

Jan-Sep Change

Revenues

Construction 993,3 776,7 28%

Construction Services 124,1 100,2 24%

Scaffolding 37,7 36,7 3%

SEK millions

2018

Jan-Sep

2017

Jan-Sep Change

Operating Profit

Construction 21,3 20,3 5%

Construction Services 3,4 3,9 -13%

Scaffolding 5,0 4,7 8%

FINANCIAL UPDATE

26 |

Revenues & EBIT-margin – Our track record

Source: ByggPartner’s audited financial and annual reports and reviewed interim reports

Note: (2) Financial year from July 1–June 30; (3) Financial year includes 18 months, from July 1, 2006–December 31, 2007

474 418

561

949

789 601

695

1,2941,168

871

1,045

1,126

1 247 1 317

1 555

6%5%

7% 7%

5%

9%

2%

-3%

-5%

3%4%

5%4%

3% 3%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2003/2004²

2004/2005²

2005/2006²

2006/2007

(18mth)³

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM2018

Revenue EBIT margin

IFRS

MSEK

FINANCIAL UPDATE

27 |

877 873735

1,0181,2253

1,094

1,4681,150

1,086

1,383 1,334 1 384

1,3…1 6151 500 1 454 1 452

1 616

1 801

2 139

6… 794 770

1,088 1,1301,006

1,292 1,2861,115

1,213

1,404 1,404 1,4651 616

1 7041 621 1 601

1 8382 010

500

700

900

1 100

1 300

1 500

1 700

1 900

2 100

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Order intake, LTM¹

Order book¹

SEKm

Stable order intake and backlog development

Growing order intake and backlog…

… provides stable revenue growth over time

SEK

2,205morder book

871 889 927 9501,045 1,062 1,090 1,069 1,101

1,1761,223

1 265 1,247 1 212 1 200 1 2381 317

1 394

1 4951 555

800

900

1 000

1 100

1 200

1 300

1 400

1 500

1 600

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016IFRS

Q42016IFRS

Q12017IFRS

Q22017IFRS

Q32017IFRS

Q42017IFRS

Q12018IFRS

Q22018IFRS

Q32018IFRS

Revenue, LTM²

SEKm

12% CAGRQ4 2013 – Q3 2018

Source: (1) Unaudited management accounts; (2) ByggPartner’s audited annual reports and reviewed interim reports; (3) Differs from reported figure (SEK 1,529m) in audited annual report due to reporting principles

Q4 2013 – Q3 2018

CAGROrder intake

Order book

20 %

28 %

,

,

,

,

,

,

,

FINANCIAL UPDATE

28 |

Byggpartner as an investment

Exposure to a pure construction company (no project development)

focused on attractive markets and segments 1

3

Superior return on equity from low asset base and minimal gearing4

5

Historical sales growth with profitability and clear financial targets

2

Stable margins and low capital requirements providing high dividend

capacity

Strong position within partnering, customer-focused organization and

risk management

29 |

Q&A

30 |

In brief”COMMON SENSE FROM DALARNA”

ByggPartner is a Swedish construction

company with the competence to serve

its customers throughout the entire

construction process, creating value

through personal commitment, sound

expertise and common sense.

INTRODUCTION

31 |

Appendix

32 |

KEY RATIOSSEK millions 2014 2015 2016 2017 2018-09

Revenues 1 020,7 1 125,6 1 246,7 1 316,8 1141,2

Production and operating costs -956,9 -1 037,4 -1 167,3 -1 244,7 -1087,2

Gross profit 63,8 88,2 79,4 72,1 53,9

Selling and administrative

expenses1) -25,0 -25,6 -28,8 -31,3 -24,5

Operating profit (EBIT) 38,8 62,6 50,6 40,8 29,4

Operating margin 3,8% 5,6% 4,1% 3,1% 2,6%

Profit before taxes (EBT) 40,3 61,8 50,2 40,3 29,0

Net profit 31,8 51,8 42,7 31,1 22,4

Order intake 1 225,0 1 086,0 1 597,0 1 452,5 1 745,0

Order book 1 130,0 1 114,7 1 465,1 1 600,8 2 204,7

Net Working Capital, MSEK 19,9 -7,1 18,9 -24,1 -76,9

Capital Employed, MSEK 126,5 136,9 144,0 139,1 127,7

Equity, MSEK 74,1 125,8 128,5 129,3 121,4

Return on equity (ROE) 54,7% 51,8% 33,6% 24,1% e.t.

Return on Capital Employed

(ROCE) 34,8% 47,6% 36,0% 36,1% e.t.

Total assets 344,0 360,9 354,4 405,8 428,9

Fixed assets 126,7 111,1 113,9 107,6 104,0

of which goodwill 88,0 88,0 88,0 88,0 88,0

Number of employees 341,0 354,0 377,0 428,0 432,0

FINANCIAL UPDATE

33 |

EXECUTIVE MANAGEMENT TEAM

Helena Blom, CFO

& EVP Services &

Scaffholding

• Joined ByggPartner in 2018

• ~15 years experience from ABB.

• M. Sc. Engineer Uppsala University and

Bachelor Business Administration, Dalarna

University

Ann-Louise

Holmbom, HR

Manager

• Joined ByggPartner in 2010

• Previous experience from Stora Enso, ManPower

Leksands Sparbank and Falun municipality

• Social sciences, Dalarna University

• Johan Karlsson, Business Manager Dalarna

• Mattias Eriksson, Business Manager Mälardalen

• Jörgen Munk, Business Manager Stockholm

• Martin Huss, Business Manager Uppsala

• Alf Lilletofte, Business Manager Service

Fredrik Leo,

CEO

• Joined ByggPartner in 2017 as EVP Construction,

appointed CEO in 2018

• ~18 years construction experience

• Former head of NCC Building, several senior leading

positions within NCC since 1998

• Education from Dalarna University

Extended operational management team

• Johan Thurin, Business Manager JUF

• Björn Gruvsjö, Procurement and Calculation

Manager

• Patrik Fredin, Business Controller

34 |

OWNERSHIP STRUCTURE

Shareholders in ByggPartner i Dalarna Holding AB (publ) as of

Sep 30, 2018

Surditet AB (Bo Olsson) 21,81%

Länsförsäkringar Fondförvaltning AB 9,81%

Priveq Investment Fund III KB 8,65%

Nordea Livförsäkring Sverige AB 4,74%

Priveq Investment Fund III AB 4,62%

Försäkringsaktiebolaget Avanza Pension 4,17%

LGT BANK LTD (GADD) 4,05%

Dalakvartetten Huskonsult AB 1,92%

Lirfo Invest AB 1,92%

Sjulsarvet Invest AB 1,92%

Övriga 36,39%

Source: Euroclear data

FINANCIAL UPDATE

35 |

Tore Hallersbo, Director

• Elected to join the Board of ByggPartner in November 2016

• Other board assignments: Bengt Dahlgren Göteborg AB, Norvatek Invest AB, Sprängteknik I Norden AB, Envac AB, Sigicom AB, Con-Form AS, Tore Hallersbo AB, AcobaiFLUX AB

• Independent vs the company, its management and major shareholders

• 70 540 shares

Elisabeth Norman, Director

• Elected to join the Board of ByggPartner in May 2018• Other board assignments: Amasten Fastighets AB,

Chairman Nivika Fastigheter AB, board member Örndalen Holding AB, Cibus AB, Elevenate AB and her own company Salnecke Slott AB.

• Independent vs the company, its management and major shareholders.

Louise Nilsson, Director

• Joined the Board of ByggPartner in 2006• CEO of Priveq Investment V, Chairman of Priveq

Investment Fund III, Director of Priveq Advisory• Other board assignments: 21 Grams, Csam Health,

House of Ports, QleanAir Scandinavia• 1 606 452 shares through Priveq Investment Fund III AB

and KB

Bo Olsson, Director

• Founder of ByggPartner and a board member since 1992

• Other board assignments: VidbynäsGolfanläggning AB

• Prior positions: CEO of ByggPartner1992-2008

• 2 641 122 shares

Helena Skåntorp, Director

• Joined the Board of ByggPartner in October 2016

• CEO of Skåntorp&Co AB, other board assignments: Mekonomen AB, StoryfireSkåntorp&Co AB

• Independent vs the company, its management and major shareholders

• 10 000 shares

Torsten Josephson, Chairman of the Board

• Joined the Board of ByggPartner in 2011• Other board assignments: Stiftelsen för Olle Engqvist

Priset, Samhällsbyggarna Sverige AB, Clarence MorbergFastigheter AB, Berg & Gren Arkitekter AB, Aktea EnergiAB

• Independent vs the company, its management and major shareholders

• 31 300 shares

OUR BOARD OF DIRECTORS

36 |

Active across three attractive business areas… …and four attractive geographies

Stockholm

Uppsala

Mälardalen

BYGGPARTNER 2018 VS 2016

Source: Annual Report 2016 and Q3 Interim Report 2018

Dalarna 52% (36%)

48%(64%)

86% Construction− Housing, trade/logistics, industrial

facilities, offices, public buildings

11%Construction services− Smaller construction projects

3%Scaffolding− JUF Byggnadsställningar AB1

✓ Market leader

% of Sales

2018 LTM

14%(28%)

25%(25%)

9%(10%)

85%

2016

11%

4%

FINANCIAL UPDATE

37 |

STRATEGY | VALUE

Sustainability is an important cornerstone for

creating value

• The foundation for sustainable entrepreneurship is profitability.

• We take environmental and social issues into account during the entire

process of the construction process.

• We are building for a sustainable society

In example| Arboga

CUSTOMERS

EMPLOYEES

SHAREHOLDERS

SOCIETY AT

LARGE

38 |

NEXT STEP – OUR FOCUS RIGHT NOW

1 Convert our order book into profitable growth | Develop our organization & Core processes

2

Step forward in the value chain | Take our partnering offering to the next level3

Profitable growth in Construction Services & Scaffholding | Focus & Accountability4

STRATEGY | VALUE

Picking the right projects | Continue the order intake