Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Q1 2025 Earnings Presentation
14 slides from Ratos Ab Class A's earnings presentation, May 5, 2025
Slide 1: Interim Report Q1 2025
Interim Report Q1 2025 5 May 2025
Slide 2: Ratos Group Quarter 1, 2025 Highlights
Ratos Group Quarter 1, 2025 Highlights Strong start of the year Adj EBITA • Adj EBITA +32% +32% • Adj EBITA increase in all Business Areas • ROCE 10.8% (10.4) • Divestment of airteam • Completed reconstruction of Plantasjen showing positive results • Strong order intake for Construction & Adj EBITA
Slide 3: Adjusted EBITA development 2018–2025
Adjusted EBITA development 2018–2025 SEKm CAGR • Adjusted EBITA SEK 474m (359) 2,444 • All Business Areas improved 2,329 +28% 2,244 adjusted EBITA 1,966 1,802 S • EBITA SEK 594m (359) 1,468 – EBITA impacted by SEK +120m mainly attributable to composition gains 702 425 2018 2019 2020 2021 2022 2023 2
Slide 4: Net sales
Net sales SEKm LTM 31,834 • Net sales -4%, SEK 7,535m (7,825) -4% • Discontinued operations in Plantasjen and Expin Group 7,817 7,825 7,535 • Negative calender effect for S Industrial Services • A structural effect of SEK 150m (2%) explained by add-on acquisitions within Industry • Net sales for Pro
Slide 5: Ratos business areas, segments and companies
Ratos business areas, segments and companies Industry Construction & Services Consumer Industrial Services Product Solutions Construction Critical Infrastructure Consumer 5
Slide 6: Ratos business areas & segments
Ratos business areas & segments Highlights in the segments Quarter 1, 2025 Industry Construction & Services Consumer Industrial Services Product Solutions Construction Critical Infrastructure Consumer Adj. EBITA SEKm 126 Adj. EBITA SEKm 187 Adj. EBITA SEKm 129 Adj. EBITA SEKm 208 Adj. EBITA SEKm -12
Slide 7: Completed reconstruction of Plantasjen
Completed reconstruction of Plantasjen Consumer segment Reconstruction process – August 2024 reconstruction process initiated to ensure long-term financial stability – February 2025 reconstruction completed Key changes and outcomes – Reduction of stores, from 124 to 89 in Norway and Sweden – Discont
Slide 8: Items Affecting Comparability Q1 2025
Items Affecting Comparability Q1 2025 Total IAC in Ratos Group SEK +120m • Industrial Services SEK -38m - Speed Group – related to restructuring provision in the staffing business (SEK -26m) - Knightec Group – related to the merger of Knightec and Semcon (SEK -6m) - TFS – related to severance cost /
Slide 9: Cash flow from operating activities
Cash flow from operating activities LTM SEKm Cash conversion Cash flow from operating activities, SEKm Q1 2025 Q1 2024 FY 2024 -9% 3,631 EBIT 563 329 1,670 3,298 Adjustment for non-cash 138 382 1,568 items 2,317 Received dividends and 159% 194 159 -225 financial items, net 135% Income tax paid -163
Slide 10: Adj EBITA up 32%
Adj EBITA up 32% Q1 Net sales bridge, SEKm Net sales 150 • Net sales -4% 7,825 -187 • Negative organic sales growth of -2% -96 • Negative FX-effect -1% -157 7,535 • Other: discontinued operations in Expin Group and Plantasjen Q1 2024 Acquired/disposed Organic FX Other Q1 2025 Adj EBITA bridge, SEKm
Slide 11: Financial targets
Financial targets Targets 2025 Outcomes Q1 2025 EBITA growth SEK 3 bn SEK 2,444m EBITA is to amount of at least SEK 3 bn by 2025 (Adjusted EBITA LTM) Leverage 1.5 – 2.5x 1.5x Net debt, excluding financial lease liabilities, in relation to EBITDA should normally range from 1.5 to 2.5x Dividend payout
Slide 12: Quarter 1, January - March 2025 Summary
Quarter 1, January - March 2025 Summary • Adj EBITA +32% • Adj EBITA increase in all Business Areas • Divestment of airteam • Completed reconstruction of Plantasjen showing positive results • Strong order intake for Construction & Services 12
Slide 13: Ratos going forward
Ratos going forward • A more focused Group with fewer platforms with high operating margin, high return on capital employed and stable cash flow growth in attractive markets • Continued strong focus on value-creating add- on acquisitions • New financial targets to be released H2-2025 13
Slide 14: Q&A
Q&A 14 .