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Q1 INTERIM REPORT 2019 | MAY 2019 COMP MPAN ANY Y PR PRES ESENT ENTATION TION 1 | Todays presenters and agenda In brief COMMON SENSE FROM DALARNA FREDRIK LEO, CEO HELENA BLOM, CFO & Joined in 2017 as EVP EVP Services

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COMP MPAN ANY Y PR PRES ESENT ENTATION TION

Q1 INTERIM REPORT 2019 | MAY 2019

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Today’s presenters and agenda

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.

HELENA BLOM, CFO & EVP Services & Scaffolding Joined in 2018, backgrund from ABB and SSAB. FREDRIK LEO, CEO Joined in 2017 as EVP Construction, background from NCC Constructions. CEO from August 2018.

Q1 INTERIM REPORT 2019 ▪ Business Update ▪ Financial Update ▪ Q&A

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BU BUSINES INESS S UPD PDATE

Fredrik Leo, CEO

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Jan-Mar 2019 in summary

  • Order intake 325 MSEK (605) - 44% (RTM +25%)
  • Orderbook 1 877 MSEK (1 838) +2%
  • Sales Growth 491,5 MSEK (367,3) +34%
  • Increased operating profit EBIT 17,0 MSEK (12,0) +42%
  • Increased EBIT-margin 3,5% (3,3)
  • Cash-flow -13,7 MSEK (7,3)

| BUSINESS UPDATE

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▪

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.

▪

Business as usual in Stockholm, Dalarna and Mälardalen. One exception, we experience a lower level of activity in Uppsala.

No changes in our view of our market

| BUSINESS UPDATE

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Core construction - no property development

1.8 .877 MSE 7 MSEK

Partnering Regular contracts

Projects cts

Social Properties 51% Housing 39% (BRF 5%) Commercial incl. service and renovation 10%

Cust stome mers

Arboga Kommun Rodret Bostads AB Sala Kommun HEFAB Svenska Bostäder Falu Kommun Gamla Byn AB LudvikaHem Micasa Danviks Hospital Lundbergs Specialfastigheter

Par Partnerin ering project ect

43% 57%

Geograph phy

Dalarna 40% Stockholm/Uppsala/ Mälardalen 60%

▪ Order book analysis ▪ High activity in social properties ▪ Focus on partnering projects

| BUSINESS UPDATE

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Core Construction – Projects 50-300 MSEK

Ongoing

  • ing projects

cts in Q1 | exampl ples es Arboga Kommun – Pre school Arboga Kommun – Care homes Rodret Bostads AB – Student housing Sala Kommun – Sport facility Hefab – Housing Sala Kommun – School Svenska Bostäder – Housing Fastighets AB L E Lundberg – Social properties Micasa – Social property Stiftelsen Danvikshem – Social properties New orders s in Q1 | exampl ples es Gamla Byn Avesta | Housing News in Q2 | so fa far Falu Kommun – Care homes Surahammars Kommun – Care homes EcoDataCenter - Commercial

| BUSINESS UPDATE

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Turning the order book into profitable growth

▪ Increased awareness, frequency and accountability within the organization ▪ 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

▪ Picking the right projects ▪ Improving our core processes ▪ Developing our organization

▪ Strengthen project steering – decision to implement educational program ”Partner” ▪ Professionalizing of procurement of purchases ▪ Close dialogue with our customers – the sustainability day ▪ New operational support group focused on processes, quality and risk ▪ Increased focus on Scaffolding, merged Avesta and Hedemora in Construction services

Q32018

| BUSINESS UPDATE

Q1

▪ Strengthen project steering – start-up of the educational program ”Partner”; training in cost-planning and timetable for production ▪ Re-organization Uppsala & Mälardalen ▪ Continued development of our Partnering concept

Q42018 Q12019 Q22019

▪ Strengthen project steering – educational program ”Partner”: training in contract law and forecasting projects ▪ Continued focus on profitability throughout the entire

  • rganization
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Performance Q1 2019 vs Mid-Term Financial Targets

Strengthen partnering position Organic growth in focus markets Increased focus on project management

EBIT MARGIN

5%

MID-TERM RM TARGET SALES GROWTH

10 10-15 15%

MID-TERM RM TARGET OVER

50 50%

TARGET PAYOUT RATIO EBIT MARGIN

3,5%

Q1 2019 SALES GROWTH

34 34%

Q1 2019 OVER

50 50%

2018 2018 PAYOUT RATIO

| BUSINESS UPDATE

MID-TER ERM M TARGETS ETS PERFOR ORMANCE NCE STRATEGIES EGIES FOR INCREASED ASED AND SUSTAI AINABL NABLE E PROFITABIL ABILIT ITY

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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

IFRS

MSEK

| BUSINESS UPDATE

Our financial track record – Revenues & EBIT-margin

▪ Strong order intake ▪ Record high order book is driving revenues ▪ Stabilization of EBIT-margin

474 418 561 949 789 601 695 1,294 1,168 871 1,045 1,126 1 247 1 317 1 655 1 780 6% 5% 7% 7% 5% 9% 2%

  • 3%
  • 5%

3% 4% 5% 4% 3% 3% 3%

  • 6%
  • 4%
  • 2%

0% 2% 4% 6% 8% 10% 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000

2003/ 2004² 2004/ 2005² 2005/ 2006² 2006/ 2007 (18mth)³ 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2019

Revenue EBIT margin

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Stable order intake and backlog development

Growing order intake and backlog… … provides stable revenue growth over time

SEK 1,877 m

  • rder book

14% CAGR

Q4 2013 – Q1 2019

Source: ByggPartner’s audited annual reports 2013-2015 adjusted for comparison reporting principles and disclosed interim and year-end reports 2016- 2018 (including auditors reviews and audited annual report for 2016 and 2017.

Q4 2013 – Q1 2019

CAGR

Order intake Order book

14 % 21 %

| BUSINESS UPDATE

877 873 735 1,018 1,2253 1,094 1,468 1,150 1,086 1,3831,3341 384 1,3841 6151 5001 4541 452 1 616 1 801 2 1392 098 1 818 646 794 770 1,0881,1301,006 1,2921,286 1,1151,213 1,4041,4041,465 1 6161 7041 6211 601 1 838 2 010 2 2052 098 1 877 500 700 900 1 100 1 300 1 500 1 700 1 900 2 100 2 300 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Order intake, LTM¹ Order book¹

MSEK

871 889 927 950 1,0451,0621,0901,0691,1011,1761,2231 2651,2471 2121 2001 2381 3171 394 1 4951 555 1 656 1 780 800 1 000 1 200 1 400 1 600 1 800 2 000 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 IFRS Q4 2016 IFRS Q1 2017 IFRS Q2 2017 IFRS Q3 2017 IFRS Q4 2017 IFRS Q1 2018 IFRS Q2 2018 IFRS Q3 2018 IFRS Q4 2018 IFRS Q1 2019 IFRS Revenue, LTM²

MSEK

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Scaffholdings

| BUSINESS UPDATE

▪ Stable revenues in Q1 ▪ Customer loss of 0,5 MSEK in Q1 ▪ Focus on continued growth and profitability ▪ Digitalization for increased efficiency in material management ▪ Working environment is a top priority

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Construction services

▪ Strong quarter, increased revenues and all time high operating profit, EBIT ▪ Focus on increased profitability ▪ Avesta and Hedemora merged as Södra Dalarna

| BUSINESS UPDATE

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FI FINAN ANCIAL CIAL UPD PDATE

Helena Blom, CFO & EVP

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325 290 367 492 200 250 300 350 400 450 500 550 600 2016 2017 2018 2019 1247 1317 1655 1780 200 400 600 800 1000 1200 1400 1600 1800 2000 2016 2017 2018 2019 LTM

Q1 | MSEK YEAR ON YEAR | MSEK Q1 | MSEK YEAR ON YEAR | MSEK

423 441 605 325 200 400 600 800 1000 1200 1400 1600 1800 2000 100 200 300 400 500 600 700 2016 2017 2018 2019 Order intake MSEK Order book MSEK 1597 1453 2098 1818 500 1000 1500 2000 2500 500 1000 1500 2000 2500 2016 2017 2018 2019 LTM Order intake MSEK Order book MSEK

Order intake & Order Book Revenues

| FINANCIAL UPDATE

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Q1 | MSEK YEAR ON YEAR | MSEK Q1 | MSEK YEAR ON YEAR | MSEK

16,4 8,7 12 17 1 2 3 4 5 6 2 4 6 8 10 12 14 16 18 2016 2017 2018 2019 EBIT MSEK Gross Margin (%) 50,5 40,8 45,8 50,8 0,5 1 1,5 2 2,5 3 3,5 4 4,5 10 20 30 40 50 60 2016 2017 2018 2019 LTM EBIT MSEK Gross Margin (%)

Profitability & Operating result Cash-flow

3 1 7
  • 14
  • 20
  • 15
  • 10
  • 5
5 10 2016 2017 2018 2019 LTM 27 78 124 103 20 40 60 80 100 120 140 2016 2017 2018 2019 LTM

| FINANCIAL UPDATE

▪ Cash-flow depends on project portfolio, both character and phase ▪ Strong cash of 134,7 MSEK (March 31st) ▪ Continued strong internal focus on cash-flow

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89% 9% 2% Construction Services Scaffolding 79% 21% 0% Construction Services Scaffolding

Revenues per segment Jan – Mar 2019 EBIT per segment Jan – Mar 2019

SEK millions 2019 Jan-Mar 2019 Jan-Mar Change Revenues Construction 439,1 316,5 39% Construction Services 46,4 43,9 6% Scaffolding 10,4 10,2 2% SEK millions 2019 Jan-Mar 2019 Jan-Mar Change Operating Profit Construction 13,5 12,8 6% Construction Services 3,6 1,1 227% Scaffolding 0,6

  • 100%

| FINANCIAL UPDATE

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Q1 | MSEK YEAR ON YEAR | MSEK

1,0 0,6 0,8 1,1 0,0 0,2 0,4 0,6 0,8 1,0 1,2 2016 2017 2018 2019 EPS SEK 3,53 2,57 2,88 3,22 0,5 1 1,5 2 2,5 3 3,5 4 2016 2017 2018 2019 LTM 2016 2017 2018 2019 LTM

Efficient Capital Management

DIVIDEND POLICY The goal is to deliver a dividend corresponding to 50 percent of net profit given no need to finance further investments in operations.

19 20
  • 24
  • 22
  • 24
  • 27
  • 51
  • 77
  • 111
  • 85
  • 120
  • 100
  • 80
  • 60
  • 40
  • 20
20 40 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 NWC

Net working capital end of quarter, MSEK| Average -38 MSEK

Earnings per share

| FINANCIAL UPDATE

2,5 2,5 2,75 2,35 2,4 2,45 2,5 2,55 2,6 2,65 2,7 2,75 2,8 2016 2017 2018 DIVIDEND SEK

DIVIDEND YEAR ON YEAR | SEK

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Low capital requirement increasing returns

127 129 132 130 43 31 35 39 20 40 60 80 100 120 140 2016 2017 2018 2019 LTM Equity (avg) Net Income SEKm

Strong return on capital…

140 142 139 140 51 41 46 51 20 40 60 80 100 120 140 160 2016 2017 2018 2019 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

30%

ROE

36%

ROCE1

| FINANCIAL UPDATE

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ByggPartner as an investment

CORE CONSTRUCTION – NO PROPERTY DEVELOPMENT PARTNERING STRATEGY – SUSTAINABLE BUSINESS MODEL DEBT FREE – OPERATIONAL EXCELLENCE STRONG CASH-FLOW – FINANCIAL MODEL CUSTOMER ORIENTED – EFFICIENT OVERHEAD

1. 1. 2. 2. 3. 3. 4. 4. 5. 5.

Stoc

  • ckholm

holm Up Uppsala ala Mälar larda dalen len Dalar larna

52%

(36%) %)

48% 48%

(64%) 4%)

✓ Market leader

14%

(28%) %)

25% 25%

(25%) %)

9% 9%

(10% 0%) | BUSINESS UPDATE

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Q&A

Fredrik Leo CEO

Fredrik.leo@byggpartner.se +4676 677 66 10

Helena Blom CFO & EVP

helena.blom@byggpartner.se +4670 658 50 90
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Project for EcoDataCenter in Falun

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Projects with Arboga Kommun

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Project Vallaskolan, Sala Kommun

CO2 savings in project Vallaskolan correspond to appr. 40 tours in a mid-sized car around the globe.

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Project for Fastighets AB L E Lundberg

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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.

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Appendix

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Q1 Interim Report 2019 | Key Ratios

▪ It was a very strong quarter ▪ Our partnering strategy provides the right conditions for sustainable construction ▪ High growth and profitability in a stable market

| BUSINESS UPDATE

KEY RATIOS

Q1 2019 Q1 2018 RTM* 2019 2018 Re Revenues, MSEK 491, 491,5 367, 367,3

34% 34%

1 1 779, 779,7 1 1 655, 655,5

8% 8%

EBIT (Earnings before interest and tax), MSEK 17,0 12,0

42%

50,8 45,8

11%

EB EBIT-margin, % 3, 3,5 3, 3,3

6% 6%

2, 2,9 3, 3,1

  • 6
  • 6%

EBT (Earnings before tax), MSEK 16,9 11,8 50,4 45,4

11%

Cash-flow from operations, MSEK

  • 13,7

7,3 103,0 124,0

  • 17%

Equity/Debt ratio, %** 28 34 25 Cash, MSEK 134,7 72,3 151,1 Or Order intake, MSEK 325, 325,4 605, 605,0

  • 4
  • 46%

1 818,4 2 2 097, 097,9

  • 1
  • 13%

Or Order book

  • ok, MSEK

1 1 877, 877,2 1 1 838, 838,5

2% 2%

2 2 047, 047,6 2 2 043, 043,2

0% 0%

*Rolling Twelve Months **IFRS 16 impact

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KEY RATIOS

SEK millions 2014 2015 2016 2017 2018 2019-03 Revenues 1 020,7 1 125,6 1 246,7 1 316,8 1 655,5 491,5 Production and operating costs

  • 956,9 -1 037,4 -1 167,3 -1 244,7
  • 1 575
  • 465,7

Gross profit 63,8 88,2 79,4 72,1 80,4 25,7 Selling and administrative expenses1)

  • 25,0
  • 25,6
  • 28,8
  • 31,3
  • 34,6
  • 8,7

Operating profit (EBIT) 38,8 62,6 50,6 40,8 45,8 17,0 Operating margin 3,8% 5,6% 4,1% 3,1% 2,8% 3,5% Profit before taxes (EBT) 40,3 61,8 50,2 40,3 45,4 16,9 Net profit 31,8 51,8 42,7 31,1 34,9 13,2 Order intake 1 225,0 1 086,0 1 597,0 1 452,5 2 097,9 325,4 Order book 1 130,0 1 114,7 1 465,1 1 600,8 2 043,2 1 877,2 Net Working Capital, MSEK 19,9

  • 7,1

18,9

  • 24,1
  • 111,4
  • 84,7

Capital Employed, MSEK 126,5 136,9 144,0 139,1 139,4 164,5 Equity, MSEK 74,1 125,8 128,5 129,3 133,9 146,9 Return on equity (ROE) 54,7% 51,8% 33,6% 24,1% 26,5% e.t. Return on Capital Employed (ROCE) 34,8% 47,6% 36,0% 36,1% 33,1% e.t. Total assets 344,0 360,9 354,4 405,8 527,8 524,4 Fixed assets 126,7 111,1 113,9 107,6 106,1 118,6

  • f which goodwill

88,0 88,0 88,0 88,0 88,0 88,0 Number of employees 341,0 354,0 377,0 428,0 446,0 440

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OWNERSHIP STRUCTURE

Sharehol holder ders in in Byg yggP gPar artn tner er i Dalarna na Holding ng AB (publ ubl) ) as of

  • f

March 31, 1, 2019

Surditet AB (Bo Olsson) 24,66% Länsförsäkringar Fondförvaltning AB 13,40% Nordea Livförsäkring Sverige AB 4,74% Försäkringsaktiebolaget Avanza Pension 4,31% LGT BANK LTD (GADD) 3,72% Hallersbo, Tore 2,63% Aktiebolaget Pom Sandelius 2,61% Dalakvartetten Huskonsult AB 1,92% Lirfo Invest AB 1,92% Sjulsarvet Invest AB 1,92% Övriga 38,17%

Source: Euroclear data
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EX EXEC ECUTIVE UTIVE MA MANAGEMENT NAGEMENT TEAM EAM

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

and Uppsala

  • Jörgen Munk, Business Manager Stockholm
  • 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
  • Christer Käll, Operational Support
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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
  • wn 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: Vidbynäs
Golfanläggning AB
  • Prior positions: CEO of ByggPartner
1992-2008
  • 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, Storyfire Skåntorp&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 Morberg Fastigheter AB, Berg & Gren Arkitekter AB, Aktea Energi AB
  • Independent vs the company, its management and major
shareholders
  • 31 300 shares

OU OUR BO BOARD D OF OF DIRECTORS RECTORS