Byggmästaren's Q2 NAV per share fell ~5% quarter-on-quarter to SEK 64.5, as a ~38% share price drop in Green Landscaping more than offset resilient unlisted core holdings. Total shareholder return was flat (~0% q/q vs. SIXRX: +9%), with the share at SEK 51.5, narrowing the P/NAV discount to ~20% (Q1'26: ~22%; 5Y avg. 9%). The key change this quarter is a ~25% cut to our fair value for Green. Revenue beat expectations again, but EBITA margins missed for a second consecutive quarter, leverage rose to 3.4x, and the CEO stepped down post-quarter. Together these prompted us to lower our margin, cash-flow, and M&A assumptions, and widen our risk premium. Partly offsetting this, DP Patterning again printed far above our estimates, resulting in a ~45% uplift in our fair value,  though not enough to counter the drag from Green. With a strong liquidity position*, a 50 MSEK buyback program, and several fourth-core-holding candidates under evaluation, we believe Byggmästaren remains well-positioned to capitalize on the elevated discount. Reflecting the lower Green valuation, we cut our fair value range to SEK 50-74 (was SEK 52-76) and target price to SEK 63 (was SEK 65), while reiterating our Buy recommendation.

Green decline drives NAV contraction, unlisted valuations hold up

Total NAV stood at ~1,851 MSEK at end-Q2, down 5% quarter-on-quarter, or SEK 64.5 per share (Q1'26: SEK 67.6). The decline was driven almost entirely by Green Landscaping (Q2'26: -38%), Byggmästaren's largest listed holding (15% of NAV), with the listed portfolio's net value change at -175 MSE. In our view, the unlisted portfolio held up well, with a sharp positive revaluation of DP Patterning and a broadly stable Safe Life. We view the NAV development as a function of listed market prices rather than any deterioration in the underlying holdings, whose operational progress remained intact.

Strong liquidity and active capital allocation

Byggmästaren stayed active in capital allocation during Q2. The board initiated a new buyback program of up to 50 MSEK, which we view as highly accretive given the elevated NAV discount. It also added ~13 MSEK to Green at depressed prices, committed 10 MSEK to the Infrea–Netel merger**, and paid a SEK 0.70 per share dividend (20 MSEK). Even after these outflows, the balance sheet remains strong (Q2'26: 418 MSEK available liquidity), leaving ample dry powder as management evaluates a fourth core holding.

Green's revenue beats again, but margins miss

Core holdings delivered mixed Q2 performance. Green again beat our top line estimates but missed on profitability for a second straight quarter on sub-target Swedish and Norwegian margins. In parallel, leverage kept rising, and the long-standing CEO stepped down post-quarter. In our view, the renewed margin dilution, continued high leverage, and CEO exit warrant a wider risk premium and, together with lower margin, cash flow, and M&A assumptions, these factors drove our ~25% Green fair value cut. We think management has much to prove over the rest of 2026 to show that the guided H2 recovery and deleveraging are on track, though we still see attractive upside at the depressed valuation should they materialize. The unlisted holdings fared better, with DP Patterning again printing far above estimates and Safe Life beating on revenue but missing on margins, though we stay cautious on extrapolating DPP's run-rate given the high customer concentration and long sales cycles. Net, post-Q2 revisions were negative as the Green cut outweighed the ~45% DPP uplift and a slight Safe Life trim, lowering our derived NAV.

Fair value range of SEK 50-74 per share

We value Byggmästaren via a sum-of-the-parts (SOTP) analysis, now indicating a fair value range of SEK 50-74 per share (was SEK 52-76). Net post-Q2 revisions were negative, primarily driven by the cut to Green, only partly offset by uplift to DP Patterning. Given Byggmästaren's track record, active ownership model, net cash position, and portfolio concentration, we apply a P/NAV in the range of -10% to -3% (-5% at midpoint). With the share at a ~20% discount to reported NAV (vs. 5-year average of ~9%), we believe the current discount still creates attractive risk/reward.