Q3 | NOVEMBER 2018 COMPANY PRESENTATION

1 | Today’s presenters and agenda

FREDRIK LEO, CEO Joined in 2017 as EVP Construction, background from NCC Construction 1. Business Update Q3 2. Financial Update Q3 3. Q&A

HELENA BLOM, CFO & EVP Services & Scaffolding Joined in 2018, background from ABB and SSAB

2 | Q3 | November 2018 BUSINESS UPDATE

3 | BUSINESS UPDATE

Q3 Financials in summary

Strong ORDER INTAKE, the ORDER The order book >billion 2 SEK is BOOK > billion 2 SEK driving REVENUES

• Order intake Q3 | 547 MSEK (209) • Revenues Q3 | 352,4 MSEK (291,9) • Jan-Sep | 1 745 MSEK (1 058) +21% • LTM* | 2 139 MSEK (1 452) • Jan-Sep | 1 141 MSEK (902,6)+26% • Order book 2 205 MSEK (1 620) • LTM* | 1 555 MSEK (1 317 MSEK)

Project impairments affected the Robust CASH-FLOW creates operating profit, EBIT-margin opportunity for dividend

• EBIT 6,0 MSEK (8,7) | Margin 1,7% (3,0) • Operating cash-flow 30,6 MSEK (6,8) • Jan-Sep | 29,4 MSEK (27,8) | Margin • Jan-Sep | 71,2 MSEK (60,2) 2,6% (3,1) • LTM* | 89,0 MSEK (78,1) • LTM* | 42,4 MSEK (40,8)

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

Core construction company - no project development Order book analysis | High activity social properties Care homes 2.205 MSEK

Projects Customers Partnering project Social Properties 60% Arboga Kommun

Housing 23% (BRF 5%) Rodret Bostads AB Sala Kommun 57% Commercial incl. service and renovation 17% HEFAB Stockholmshem Geography Falu Kommun Gamla Byn AB 50% LudvikaHem Stockholm/Uppsala/ Mälardalen 50% Micasa 43% Danviks Hospital Partnering Regular contracts Lundbergs

Specialfastigheter 5 | BUSINESS UPDATE

Focus on turning the order book into profitable top-line growth > increasing the EBIT-margin

6 | BUSINESS UPDATE

1. Picking the right projects 2. Improving our core processes 3. Developing our organization

7 | BUSINESS UPDATE

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

8 | BUSINESS UPDATE

Picking the right customers and keep our focus on creating value for our customers

9 | BUSINESS UPDATE Picking the right projects & creating trust for long term relationship |Partnering project

FINALIZED PROJECT Q3 Customer EcoDataCenter

10 | BUSINESS UPDATE Picking the right projects & creating trust for long term relationship | New orders in Q3

ARBOGA KOMMUN Strategic partnering Social properties 2017-2022

Phase 1 > Phase 2 Q3 Order Preschools 78 MSEK

Care homes 239 MSEK

11 | BUSINESS UPDATE Picking the right projects & creating trust for long term relationship | New order in Q3

RODRET BOSTADS AB Partnering projects Student housing

Phase 2 Q3 Student housing 105 MSEK

12 | BUSINESS UPDATE Picking the right projects & creating trust for long term relationship | New order in Q3

SALA KOMMUN Partnering projects Sport facility Phase 1> Phase 2 Q3 Social Property 51 MSEK

13 | BUSINESS UPDATE

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.

14 | FINANCIAL UPDATE 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 • Preliminary contract with Gamla Byn AB in • Preliminary contract with Landstinget Dalarna for reconstructing parts of hospital • Nominating committee established 15 | BUSINESS UPDATE

Strategy & financial targets

SALES GROWTH

10-15% Organic growth in focus markets MID-TERM TARGET - Leverage market leading position in Dalarna, grow in Stockholm, Uppsala and Mälardalen - Convert our orderbook into profitable growth - (Opportunistic acquisitions)

EBIT MARGIN Strengthen partnering position 5% - Continue to build on strong position and reputation in partnering - Develop our partnering model, organization & core processes MID-TERM TARGET

Leverage brand recognition OVER - Increased awareness and reputation among clients and suppliers - Strengthen recruitment proposition among prospective employees 50% TARGET PAYOUT RATIO

16 | BUSINESS UPDATE

Scaffholdings

• Stable turnover with good profitability • Focus on continued growth • Increase efficiency in material management

17 | BUSINESS UPDATE

Construction services

• Challenging quarter • Focus is on increased profitability • Review geographical focus

18 | Q3 | November 2018 FINANCIAL UPDATE

19 | FINANCIAL UPDATE

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)

20 | FINANCIAL UPDATE Order intake & Order Book Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK 600 546,6 2500 2000 2500 2500 2500 1745 1800 2139,3 500 2000 1600 2000 2000 2000 1400 1597 400 1200,8 1452,5 1500 1200 1058,1 1500 1500 1500 300 254,3 1000 208,8 1000 800 1000 1000 1000 200 600 500 400 500 500 500 100 200 0 0 0 0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 LTM

Order intake MSEK Order book MSEK Order intake MSEK Order book MSEK Order intake MSEK Order book MSEK Revenues Q3 | MSEK ACC | MSEK LTM | YEAR | MSEK 500 1200 1141,2 1800 1555,4 1600 450 1000 911,1 902,6 1316,8 1400 1246,7 400 800 1200 352,4 1000 350 600 800 291,9 300 400 600 254 400 250 200 200 0 200 0 2016 2017 2018 LTM 2016 2017 2018 2016 2017 2018

21 | FINANCIAL UPDATE Profitability & Operating result

Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK 10 3,5 33 32,5 4 60 4,5 8,7 50,5 9 32 3,5 4 3 50 8 31 3 40,8 42,4 3,5 7 6,3 2,5 6 40 3 6 30 29,4 2,5 2 2,5 5 29 2 30 1,5 27,8 2 4 28 1,5 20 1,5 3 1 27 1 2 1 0,5 10 1 26 0,5 0,5 0 0 25 0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 LTM

EBIT MSEK Gross Margin (%) EBIT MSEK Gross Margin (%) EBIT MSEK Gross Margin (%) Cash-flow Q3 | MSEK ACC | MSEK LTM | YEAR | MSEK 35 30,6 100 80 71,2 89 30 90 60,2 78,1 25 60 80 70 20 40 60 15 50 10 6,8 20 40 26,8 5 30 0 20 0 2016 2017 2018 2016 2017 2018 10 -5 -4,3 -20 0 -10 2016 2017 2018 LTM -28,8 22 | -40 FINANCIAL UPDATE Efficient Capital Management Net working capital end of quarter, MSEK| Average -15 MSEK LOW

60 51

40 19 20 20 DIVIDEND POLICY 0 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 The goal is to deliver a dividend corresponding -20 to 50 percent of net profit given no need to -24 -22 -24 -40 -27 finance further investments in operations.

-60 -51

-80 -77 -100 Earnings per share NWC Q3 | MSEK ACC | MSEK LTM | YEAR ON YEAR MSEK

0,6 0,56 2,5 4 2,21 3,53 3,5 0,5 2 1,85 0,41 1,77 3 2,57 2,65 0,4 0,37 1,5 2,5 0,3 2

1 1,5 0,2 1 0,5 0,1 0,5

0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 LTM

EPS SEK EPS SEK EPS SEK 23 | FINANCIAL UPDATE

Low capital requirement increasing returns

Strong return on capital…

ROE ROE ROE ROE ROCE1 ROCE1 ROCE1 ROCE1 52% 34% 24% 27% 48% 36% 29% 33%

SEKm SEKm 160 140 142 129 132 140 127 121 140 129 120 100 120 100 100 80 80 63 52 51 60 43 60 41 42 40 31 32 40 20 20 0 0 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM Capital Employed² (avg) EBIT Equity (avg) Net Income

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

Revenues per segment EBIT per segment Jan – Sep 2018 Jan – Sep 2018 3%

11% 17%

11%

72% 86%

Construction Services Scaffolding Construction Services Scaffolding

2018 2017 2018 2017 SEK millions Jan-Sep Jan-Sep Change SEK millions Jan-Sep Jan-Sep Change Revenues Operating Profit Construction 993,3 776,7 28% Construction 21,3 20,3 5% Construction Services 124,1 100,2 24% Construction Services 3,4 3,9 -13% Scaffolding 37,7 36,7 3% Scaffolding 5,0 4,7 8%

25 | FINANCIAL UPDATE

Revenues & EBIT-margin – Our track record

MSEK 1 800 9% 10% 1 555 1 600 7% 7% 8% 6% 1 247 1 317 1 400 5% 1,294 5% 6% 5% 1,168 4% 4% 1 200 3% 1,126 3% 3% 4% 1 000 949 695 1,045 2% 800 2% 871 561 789 601 0% 600 474 418 -3% 400 -2% -5% 200 -4% 0 -6% 2003/ 2004/ 2005/ 2006/ 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 2004² 2005² 2006² 2007 2018 (18mth)³ IFRS

Revenue EBIT margin

26 | 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 FINANCIAL UPDATE

Stable order intake and backlog development

Growing order intake and backlog… SEKm 2 139 SEK 2 100 Order intake, LTM¹ 1, 900 1 801 Order book¹ 1,3…1 615 1 616 2 010 1 700 1 500 2,205m , 1,468 1,334 1 454 1 452 1 838 1 500 1,150 1,383 1 384 1 704 1,2253 1 616 1 621 1 601 order book 1, 300 1,018 1,094 1,086 1,465 1 100 1,404 1,404 877 873 1,292 1,286 1,213 900 735 1,130 1,115 1,088 1,006 700 Q4 2013 – Q3 2018 500 6… 794 770 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Order intake 20 % 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 CAGR Order book 28 %

… provides stable revenue growth over time SEKm 1 555 1 600 Revenue, LTM² 1 495 , 1 500 1 394 ,1 400 1 317 1 265 1,247 1 300 1,223 1 212 1 200 1 238 , 1,176 1 200 1,090 1,101 12% CAGR 1,045 1,062 1,069 ,1 100 Q4 2013 – Q3 2018 1 000 927 950 871 889 900 800 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

27 | 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 Byggpartner as an investment

Exposure to a pure construction company (no project development) 1 focused on attractive markets and segments

Strong position within partnering, customer-focused organization and 2 risk management

3 Historical sales growth with profitability and clear financial targets

4 Superior return on equity from low asset base and minimal gearing

Stable margins and low capital requirements providing high dividend 5 capacity

28 | Q&A

29 | INTRODUCTION

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.

30 | Appendix

31 | FINANCIAL UPDATE KEY RATIOS

SEK 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

32 | EXECUTIVE MANAGEMENT TEAM

Fredrik Leo, Helena Blom, CFO Ann-Louise CEO & EVP Services & Holmbom, HR Scaffholding Manager

• Joined ByggPartner in 2017 as EVP Construction, • Joined ByggPartner in 2018 • Joined ByggPartner in 2010 appointed CEO in 2018 • ~15 years experience from ABB. • Previous experience from Stora Enso, ManPower • ~18 years construction experience • M. Sc. Engineer Uppsala University and Sparbank and Falun municipality • Former head of NCC Building, several senior leading Bachelor Business Administration, Dalarna • Social sciences, Dalarna University positions within NCC since 1998 University • Education from Dalarna University

Extended operational management team

• Johan Karlsson, Business Manager Dalarna • Johan Thurin, Business Manager JUF • Mattias Eriksson, Business Manager Mälardalen • Björn Gruvsjö, Procurement and Calculation • Jörgen Munk, Business Manager Stockholm Manager • Martin Huss, Business Manager Uppsala • Patrik Fredin, Business Controller • Alf Lilletofte, Business Manager Service

33 | FINANCIAL UPDATE 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%

34 | Source: Euroclear data OUR BOARD OF DIRECTORS

Torsten Bo Olsson, Helena Skåntorp, Josephson, Director Director Chairman of the Board

• Joined the Board of ByggPartner in 2011 • • • Other board assignments: Stiftelsen för Olle Engqvist Founder of ByggPartner and a board Joined the Board of ByggPartner in October Priset, Samhällsbyggarna Sverige AB, Clarence Morberg member since 1992 2016 • • Fastigheter AB, Berg & Gren Arkitekter AB, Aktea Energi Other board assignments: Vidbynäs CEO of Skåntorp&Co AB, other board AB Golfanläggning AB assignments: Mekonomen AB, Storyfire • • Independent vs the company, its management and major Prior positions: CEO of ByggPartner Skåntorp&Co AB • shareholders 1992-2008 Independent vs the company, its management • • 31 300 shares 2 641 122 shares and major shareholders • 10 000 shares

Louise Nilsson, Tore Elisabeth Director Hallersbo, Norman, Director Director

• Joined the Board of ByggPartner in 2006 • Elected to join the Board of ByggPartner in • Elected to join the Board of ByggPartner in May 2018 • CEO of Priveq Investment V, Chairman of Priveq November 2016 • Other board assignments: Amasten Fastighets AB, Investment Fund III, Director of Priveq Advisory • Other board assignments: Bengt Dahlgren Chairman Nivika Fastigheter AB, board member • Other board assignments: 21 Grams, Csam Health, Göteborg AB, Norvatek Invest AB, Sprängteknik I Örndalen Holding AB, Cibus AB, Elevenate AB and her House of Ports, QleanAir Scandinavia Norden AB, Envac AB, Sigicom AB, Con-Form AS, own company Salnecke Slott AB. • 1 606 452 shares through Priveq Investment Fund III AB Tore Hallersbo AB, AcobaiFLUX AB • Independent vs the company, its management and and KB • Independent vs the company, its management major shareholders. and major shareholders • 70 540 shares

35 | FINANCIAL UPDATE BYGGPARTNER 2018 VS 2016

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

% of Sales 2018 LTM 2016 Construction − Housing, trade/logistics, industrial 86% 85% facilities, offices, public buildings 48% Dalarna 52% (64%) ✓ Market leader (36%) Construction services 11% 14% Uppsala − Smaller construction projects 11% (28%) 9% Stockholm (10%) 25% (25%) Scaffolding 4% − JUF Byggnadsställningar AB1 3% Mälardalen

36 | Source: Annual Report 2016 and Q3 Interim Report 2018 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

37 | STRATEGY | VALUE NEXT STEP – OUR FOCUS RIGHT NOW

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

2 Picking the right projects | Continue the order intake

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

4 Profitable growth in Construction Services & Scaffholding | Focus & Accountability

38 |