AJA-BNasdaq StockholmIndustrialsIFRS · SEK

Byggmästare A J Ahlström H

Byggmästare Anders J Ahlström Holding AB is a Swedish investment holding company based in Botkyrka, Stockholm County. It owns and develops a portfolio of small and mid-sized businesses, with a focus on active ownership, long-term value creation, and selective exits when value can be realized.

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Revenue201m SEK
+1,435,614.3 %y/y
Net income-45.0m SEK
−121.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0200400600800m SEK2021: 741 m SEK20212022: 793 m SEK20222023: 778 m SEK20232024: 0.01 m SEK20242025: 201 m SEK2025201
RevenueOperating profit (EBIT)
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Business

Share of revenue
Investment holding70 %

Ownership and management of a portfolio of operating companies and assets.

Portfolio company support10 %

Strategic, financial, and operational support provided to holdings.

Real estate and asset ownership20 %

Direct and indirect ownership of property-related assets and entities.

Customers

The company does not sell to end customers in the usual operating-company sense; its 'customers' are the portfolio companies, their management teams, and ultimately the shareholders who benefit from value creation. It also interacts with buyers in the capital markets when it exits holdings or revalues its portfolio. The business model is therefore driven by investment selection, ownership influence, and realization of long-term value rather than recurring product demand.

Portfolio companies

Operating businesses in the group that receive capital, governance, and strategic support.

Public shareholders

Investors in the listed holding company who buy exposure to the portfolio and its value creation.

Exit counterparties

Strategic buyers or sponsors that acquire portfolio holdings when exits are executed.

Portfolio management teams

Management teams that partner with the holding company to scale businesses over time.

Strategy

The company’s strategy is to own businesses for the long term, support them actively, and realize value when market conditions and valuation are attractive. It emphasizes disciplined capital allocation, board-level influence, and a documented exit approach for each portfolio company. The portfolio is intended to combine mature assets with earlier-stage value creation opportunities.

Active ownership and governanceMedium term

Influence at board level helps shape strategy, execution, and capital discipline in holdings.

Disciplined exit managementShort term

Realizing value through exits is central to the holding-company model and capital recycling.

Portfolio value creationLong term

The company seeks to compound intrinsic value through ownership of quality businesses.

Geography

The company is headquartered in Sweden and operates as a Nordic-focused investment holding company. Its portfolio emphasis has been on Sweden and the wider Nordics, although individual holdings may have broader international exposure. Geography matters mainly through where portfolio companies operate, where assets are located, and which markets are available for exits.

Risks

The main risks come from concentrated exposure to a portfolio of individual holdings, where value depends on operating performance, valuation multiples, and successful exits. As an investment company, it is also exposed to market volatility, liquidity in capital markets, and impairment or fair-value swings in unlisted assets. Execution risk is important because the model relies on identifying attractive businesses, supporting them effectively, and exiting at the right time.

Sorted by severity
Valuation risk in unlisted portfolio companiesHigh

Reported value depends on assumptions, comparables, and exit expectations rather than quoted prices.

Exposure: Portfolio holdings

Exit timing and liquidity riskHigh

The business model depends on selling holdings when valuation is attractive and buyers are available.

Exposure: Portfolio exits

Concentration riskHigh

A limited number of holdings can drive a large share of net asset value and performance.

Exposure: Individual portfolio companies

Market and sentiment riskMedium

Listed holdings and exit valuations are influenced by equity-market conditions and investor appetite.

Exposure: Public markets

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Accounting

Judgemental items
Fair value measurement of portfolio holdings

The company records real and unrealized value changes on financial assets, which can materially affect profit.

Impact: Reported earnings and net asset value

Valuation of unlisted investments

Private holdings require model-based estimates and comparable transactions rather than market quotes.

Impact: Balance sheet carrying values

Consolidation and exit-related remeasurement

Changes in ownership structure or exit strategy can create one-off remeasurement effects.

Impact: Comparability of period-to-period results

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Last updated: 24/09/2026

Byggmästare A J Ahlström H (XSTO) – Industrials | Financial Analysis – Clarifo