Q4 & YEAR-END 2018 | FEBRUARY 2019 COMPANY PRESENTATION

1 | Today’s presenters and agenda

In brief

FREDRIK LEO, CEO HELENA BLOM, CFO & ”COMMON SENSE FROM ” Joined in 2017 as EVP EVP Services & Construction, Scaffolding background from NCC Joined in 2018, ByggPartner is a Swedish Constructions. backgrund from ABB CEO from August and SSAB. construction company with the 2018. competence to serve its customers Q4 & YEAR-END 2018 throughout the entire construction § Business Update process, creating value through § Financial Update personal commitment, sound § Q&A expertise and common sense.

2 | Snapshot of ByggPartner

1. CUSTOMER ORIENTED – EFFICIENT OVERHEAD

DEBT FREE – OPERATIONAL 2. EXCELLENCE 48% 52% (64%) (36%) CORE CONSTRUCTION – Market leader ü Uppsala 3. NO PROPERTY DEVELOPMENT Dalarna 14% incl. (28%) Arboga 9% Stockholm STRONG CASH-FLOW – (10%) 25% 4. FINANCIAL MODEL (25%)

PARTNERING STRATEGY – Mälardalen 5. SUSTAINABLE BUSINESS MODEL

3 | | BUSINESS UPDATE No changes in our view of our 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. § Business as usual in Stockholm, Dalarna and Mälardalen. One exception, we experience a lower level of activity in Uppsala.

4 | | BUSINESS UPDATE Core Construction – Projects 30-300 MSEK

Ongoing projects in Q4 | examples Arboga Kommun – Pre school Arboga Kommun – Care homes Rodret Bostads AB – Student housing Sala Kommun – Sport facility Hefab – Housing Sala Kommun – School Stockholms hem – Housing Fastighets AB L E Lundberg – Social properties Micasa – Social property Stiftelsen Danvikshem – Social properties

New orders in Q4 | examples Specialfastigheter – Commercial and social properties Gamla Byn AB – Commercial and social properties Stora Tunbyggen AB – Housing Lasarett – Social property

5 | | BUSINESS UPDATE Q4 & Year-End 2018 | Key Ratios

§ It was a stable quarter § Continued strong cash generation - the board propose an increased dividend § Our partnering strategy provides the right conditions for sustainable construction

6 | | BUSINESS UPDATE Performance 2018 vs Mid-Term Financial Targets

MID-TERM TARGETS PERFORMANCE 2018

SALES GROWTH SALES GROWTH Organic growth in focus markets - Leverage market leading position in Dalarna, grow in Stockholm, Uppsala and Mälardalen 10-15% 26% - Convert our orderbook into profitable growth MID-TERM TARGET 2018 - (Opportunistic acquisitions)

EBIT MARGIN EBIT MARGIN Strengthen partnering position 5% 3% - Continue to build on strong position and reputation in partnering MID-TERM TARGET 2018 - Develop our partnering model, organization & core processes

OVER OVER Leverage brand recognition 50% 50% - Increased awareness and reputation among clients and suppliers TARGET PAYOUT RATIO 2018 PAYOUT RATIO - Strengthen recruitment proposition among prospective employees

7 | Our financial track record – Revenues & EBIT-margin

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

MSEK 1 800 9% 1 656 10% 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% IFRS 200 -4% 0 -6% 2003/ 2004/ 2005/ 2006/ 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2004² 2005² 2006² 2007 (18mth)³

Revenue EBIT margin 8 | Source: ByggPartner’s audited financial and annual reports and reviewed interim reports | BUSINESS UPDATE Note: (2) Financial year from July 1–June 30; (3) Financial year includes 18 months, from July 1, 2006–December 31, 2007 Turning the order book into profitable growth

§ Picking the right projects Q1 § Improving our core processes § Developing our organization Q12019 § Strengthen project steering – start-up of the educational program ”Lyftet” § Re-organization Uppsala & Mälardalen

Q42018 § Strengthen project steering – decision to implement educational program ”Lyftet” § 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 2018 Q3 § Merged and in Construction services § 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

9 | | BUSINESS UPDATE Core construction - no property development

§ Order book analysis § High activity in social properties § Focus on partnering projects 2.043 MSEK Projects Customers Partnering project Social Properties 55% Arboga Kommun Rodret Bostads AB Housing 32% (BRF 5%) 60% Sala Kommun Commercial incl. service and renovation 13% HEFAB Stockholmshem Geography Falu Kommun Gamla Byn AB Dalarna 50% LudvikaHem Stockholm/Uppsala/ Mälardalen 50% Micasa 40% Danviks Hospital Partnering Regular contracts Lundbergs

Specialfastigheter 10 | | BUSINESS UPDATE Our partnering strategy provides the right conditions for sustainable construction

§ 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 § During Q4 | Close dialogue with our customers and stakeholders ”Sustainability Day”

11 | | BUSINESS UPDATE Scaffholdings

• Working environment and quality is key • Increased revenues with profitability • Focus on continued growth • Continue to focus on efficiency in material management

12 | | BUSINESS UPDATE Construction services

• Strong revenue growth in 2018 and maintained profitability • Stable quarter • Focus is on increased profitability • Avesta and Hedemora merged

13 | | BUSINESS UPDATE Financials Jan-Dec 2018 in summary

• Strong order intake 2 098 MSEK (1 453) +44% • Orderbook 2 043 MSEK (1 601) +28% • Sales Growth 1 655 MSEK (1 317) +26% • Increased operating profit EBIT 45,8 MSEK (40,8) +12% • Stable EBIT-margin 2,8% (3,1) • Robust cash-flow 124,0 MSEK (78,1)

14 | | FINANCIAL UPDATE Order intake & Order Book Q4 | MSEK YEAR ON YEAR | MSEK 400 396 394 2500 2500 2500 2098 390 2000 2000 2000 380 1597 1452

370 1500 1500 1500

360 353 1000 1000 1000 350 500 500 500 340

330 0 0 0 2016 2017 2018 2016 2017 2018

Order intake MSEK Order book MSEK Order intake MSEK Order book MSEK Revenues Q4 | MSEK YEAR ON YEAR | MSEK 600 1800 1655 1600 550 514 1317 500 1400 1247 1200 450 414 1000 400 800 350 336 600 300 400 250 200 200 0 2016 2017 2018 2016 2017 2018

15 | | FINANCIAL UPDATE Profitability & Operating result

Q4 | MSEK YEAR ON YEAR | MSEK 20 6 60 4,5 18 18 16,4 50,5 4 5 50 45,8 16 3,5 40,8 14 13 4 40 3 12 2,5 10 3 30 2 8 2 20 1,5 6 4 1 1 10 2 0,5 0 0 0 0 2016 2017 2018 2016 2017 2018

EBIT MSEK Gross Margin (%) EBIT MSEK Gross Margin (%) Cash-flow Q4 | MSEK YEAR ON YEAR | MSEK 60 52 53 140 124 50 120

40 100 78 30 80

20 18 60

40 10 27 20 0 2016 2017 2018 0 16 | 2016 2017 2018 | FINANCIAL UPDATE Efficient Capital Management

Net working capital end of quarter, MSEK| Average -33 MSEK 40 19 20 20

0 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 -20 DIVIDEND POLICY -24 -22 -24 The goal is to deliver a dividend corresponding -40 -27 to 50 percent of net profit given no need to -60 -51 finance further investments in operations. -80 -77 -100 Board proposal 2,75 SEK per share (2,50)

-120 -111 Earnings per share NWC Q4 | MSEK YEAR ON YEAR | MSEK

1,4 1,31 4 3,53 1,2 3,5 1,03 2,88 3 1 2,57 0,8 2,5 0,8 2 0,6 1,5 0,4 1

0,2 0,5

0 0 2016 2017 2018 2016 2017 2018

EPS SEK EPS SEK 17 | | 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 160 129 132 140 142 139 140 127 140 132 120 100 120 100 100 80 80 63 52 51 46 60 43 60 41 35 40 31 40 20 20 0 0 2015 2016 2017 2018 2015 2016 2017 2018 Capital Employed² (avg) EBIT Equity (avg) Net Income

18 | 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 – Dec 2018 Jan – Dec 2018 3%

11% 18%

12%

70% 86%

Construction Services Scaffolding Construction Services Scaffolding

2018 2017 2018 2017 SEK millions Jan-Dec Jan-Dec Change SEK millions Jan-Dec Jan-Dec Change Revenues Operating Profit Construction 1448,9 1132,5 28% Construction 32,6 30,8 6% Construction Services 178,8 151,3 18% Construction Services 5,4 6,0 -10% Scaffolding 54,2 51,4 5% Scaffolding 8,3 7,9 5%

19 | | FINANCIAL UPDATE Stable order intake and backlog development

Growing order intake and backlog… SEKm 2 1392 098 SEK 2 100 Order intake, LTM 1, 900 1 801 Order book 1,3…1 615 1 6162 010 2 043 1 700 1 500 2,043m , 1,468 1,3341 384 1 4541 4521 838 1 500 1,150 1,383 1 704 1,2253 1 616 1 621 1 601 order book 1, 300 1,018 1,094 1,086 1,465 1 100 1,4041,404 877 873 1,2921,286 1,213 900 735 1,0881,130 1,115 700 1,006 Q4 2013 – Q4 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 Q4 Order intake 18 % 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 CAGR Order book 25 %

… provides stable revenue growth over time SEKm 1 656 1 700 Revenue, LTM 1 555 ,1 600 1 495 1 500 1 394 ,1 400 1 317 1,223 1 265 1,247 1 238 ,1 300 1,176 1 212 1 200 13% CAGR 1 200 1,062 1,090 1,069 1,101 ,1 100 1,045 Q4 2013 – Q4 2018 927 950 1 000 871 889 900 800 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS

20 | 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. | FINANCIAL UPDATE ByggPartner as an investment

1. CUSTOMER ORIENTED – EFFICIENT OVERHEAD

DEBT FREE – OPERATIONAL 2. EXCELLENCE 48% 52% (64%) Dalarna (36%) CORE CONSTRUCTION – ü Market leader Uppsala 3. NO PROPERTY DEVELOPMENT 14% (28%) 9% Stockholm STRONG CASH-FLOW – (10%) 25% 4. FINANCIAL MODEL (25%)

PARTNERING STRATEGY – Mälardalen 5. SUSTAINABLE BUSINESS MODEL

21 | | BUSINESS UPDATE Q&A Fredrik Leo Helena Blom CEO CFO & EVP [email protected] [email protected] +4676 677 66 10 +4670 658 50 90

22 | 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.

23 | Appendix

24 | KEY RATIOS

SE K millions 2014 2015 2016 2017 2018 Revenues 1 020,70 1 125,60 1 246,70 1 316,8 1655,5 P roduction and operating costs -956,9 -1 037,40 -1 167,30 -1 244,7 -1 575,10 Gross profit 63,8 88,2 79,4 72,1 80,4

Selling and administrative expenses1) -25 -25,6 -28,8 -31,3 -34,6 O perating profit (E BIT) 38,8 62,6 50,6 40,8 45,8 O perating margin 3,8% 5,6% 4,1% 3,1% 2,8%

P rofit before taxes (E BT) 40,3 61,8 50,2 40,3 45,4 Net profit 31,8 51,8 42,7 31,1 34,9

O rder intake 1 225,00 1 086,00 1 597,00 1 452,5 2097,9 O rder book 1 130,00 1 114,70 1 465,10 1 600,8 2043,2

25 | OWNERSHIP STRUCTURE

Shareholders in ByggPartner i Dalarna Holding AB (publ) as of Dec 31, 2018

Surditet AB (Bo Olsson) 24,66% Länsförsäkringar Fondförvaltning AB 9,89%

Priveq Investment Fund III KB 4,81% Nordea Livförsäkring Sverige AB 4,74% Försäkringsaktiebolaget Avanza Pension 4,19% LGT BANK LTD (GADD) 4,05% Priveq Investment Fund III AB 2,57% Växjö Entreprenad AB 2,16% Dalakvartetten Huskonsult AB 1,92% Lirfo Invest AB 1,92% Övriga 39,09%

26 | Source: Euroclear data 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 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 and Uppsala Manager • Jörgen Munk, Business Manager Stockholm • Patrik Fredin, Business Controller • Alf Lilletofte, Business Manager Service • Christer Käll, Operational Support 27 | OUR BOARD OF DIRECTORS

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

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

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