Byggmästare A J Ahlström H (AJA) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) per share rose to SEK 67.58 as of March 31, 2026, up nearly 2% from year-end 2025, driven by value gains in the unlisted portfolio, partially offset by weak Green Landscaping share performance.

• Total NAV reached SEK 1,961 million, an increase of SEK 25 million from Q4 2025.

• Q1 result was SEK 27.4 million (compared to -70.9 million in Q1 2025), with EPS of SEK 0.94 (-2.43).

• No loans or drawn credit as of March 31, 2026; cash and available credit total SEK 465 million.

• Board proposes a dividend of SEK 0.7 per share (up from 0.425) for both A and B shares.

Financial highlights

• Value changes in financial assets amounted to SEK 33.7 million (compared to -65.1 million in Q1 2025).

• Investments during the quarter totaled SEK 24 million: SEK 12 million in Green Landscaping, SEK 9 million in Fasticon, and SEK 2 million in share buybacks.

• Cash and equivalents at period end were SEK 235 million.

• Annual NAV growth since listing: 14.2%; annual total shareholder return: 14.7%.

Outlook and guidance

• Management is actively evaluating new investments, seeking a fourth core holding, but stresses disciplined criteria and no urgency.

• M&A activity in Safe Life expected to continue throughout the year.

• Market risks remain elevated, with management maintaining preparedness for prolonged uncertainty.