Slide 1: Interim report January - December 2025
The Perpetual Owner Interim report January - December 2025 5 February 2026 1
Slide 2: Röko in 2025
Röko in 2025 Growth in EBITA1 +9% Change in Net Debt / EBITDA2 -0.1x Source: Company information Note: Based on actual reported information. 1) Reported Adj. EBITA increased 9% for the period in 2025, from MSEK 1,227 to 1,339 driven by organic growth and acquisitions but with negative exchange diffe
Slide 3: 2025 Financial development
2025 Financial development Fourth Quarter Full Year SEKm Q4 ‘24 Q4 ’25 Change FY ‘24 FY ‘25 Change Net Sales 1,669 1,675 0% 6,182 6,452 +4% Adj. EBITA 338 356 +5% 1,227 1,339 +9% Adj. EBITA margin 20% 21% +1%pts 20% 21% +1%pts +2% excluding Operating Cash Flow(1) 320 344 +8% 1,027 1,006 -2% 41 MSEK
Slide 4: Four-year financial development
Four-year financial development MSEK FY2022 FY2023 FY2024 FY2025 Net sales 4,316 5,614 6,182 6,452 Organic growth1) 8% -2% 2% 2% Adj. EBITA2) 787 1,047 1,227 1,339 Adj. EBITA margin 18% 19% 20% 21% ROCE3) 12.7% 13.1% 14.4% 14.8% Net debt / LTM Adj. EBITDA 4.2x 2.2x 2.1x 2.0x Acquired growth4) 81% 11
Slide 5: Cash flow and capital efficiency
Cash flow and capital efficiency Cash flow from operations and cash conversion Capital employed and ROCE SEKm FY24 FY25 SEKm Dec ‘24 Dec ’25 Operating cash flow less CAPEX 1,027 1,006 Equity 5,501 5,515 Adj. EBITA 1,227 1,339 Interest-bearing debt 629 844 Cash conversion1) 84% 75% Leasing 524 575 Pu
Slide 6: Our investment criteria have served us well
Our investment criteria have served us well • Röko has acquired companies at below 8x EBITA on average since 2019 ― Disciplined valuations since inception, across several industries and geographies ― Röko have completed five platform acquisitions per year on average ― Completed three acquisitions in
Slide 7: Acquisitions last 24 months
Acquisitions last 24 months Platform acquisitions last 24 months fulfil our investment criteria Country Description Net sales Detailed information Cleaning detergents and bar Locally strong market position serving many small customers with specific NL 9 MEUR soap manufacturer products. Customers val
Slide 8: Appendix
ROKO Appendix
Slide 9: KPIs
KPIs SEKm FY 24 FY 25 Change Net sales 6,182 6,452 4% Adj. EBITA 1,227 1,339 9% Adj. EBITA margin, % 20% 21% +1 p.p Adj. EBITDA 1,385 1,512 9% Adj. EBITDA margin, % 22% 23% +1 p.p Capital employed 8,969 9,130 2% Return on capital employed, % 14.4% 14.8% +0.4 p.p Return on equity, % 13.4% 13.7% +0.3
Slide 10: Profit and loss statement
Profit and loss statement Full-year SEKm 2019 2020 2021 2022 2023 2024 2025 Net sales 23 614 2,083 4,316 5,614 6,182 6,452 Cost of goods sold -15 -310 -1,293 -2,668 -3,343 -3,543 -3,567 Gross profit 8 304 790 1,648 2,271 2,639 2,884 Selling expenses -5 -109 -203 -474 -843 -940 -985 Administrative ex
Slide 11: Balance sheet
Balance sheet December December SEKm 2019 2020 2021 2022 2023 2024 2025 SEKm 2019 2020 2021 2022 2023 2024 2025 ASSETS EQUITY AND LIABILITIES Fixed assets Equity Intangible assets 955 1,506 3,984 7,339 7,481 8,337 8,354 Equity attributable to Röko’s 350 719 1,991 3,653 4,942 5,501 5,515 shareholders
Slide 12: Cash flow statement
Cash flow statement Full-year SEKm 2019 2020 2021 2022 2023 2024 2025 Operating activities Operating profit -11 89 312 612 821 969 1,051 Adjustment for non-cash items 2 44 107 262 358 404 422 Net financial items -1 -14 -26 -67 -106 -58 -45 Paid tax 0 -40 -86 -189 -224 -261 -319 Cash flow from operat
Slide 13: Overview of acquisitions
Overview of acquisitions Year Company Description Business area Country Ownership1) Net sales at acquisition2) Segment split – no. of Companies H2 2019 Arboritec3) Varnish and floor maintenance products B2B Sweden 100% SEK 30m H2 2019 Hot Screen Heat transfers to work- and sportswear B2B Sweden 58%
Slide 14: Disclaimer
Disclaimer The Manager have not conducted any independent review or verification of the information in the Presentation and although efforts have been made to accurately describe Röko, the Manager disclaims any and all liability for the content being correct, accurate and complete. In addition to in