Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Investor Day (March 2026)
78 slides from Ratos Ab Class A's investor day presentation, Mar 19, 2026
Slide 1: Ratos Strategy and mid-term financial targets
Ratos Strategy and mid-term financial targets Capital Markets Day March 19, 2026 26-03-19 Title 1
Slide 2: Today’s speakers
Today’s speakers Gustaf Salford Anna Vilogorac Eivind Iden Jonas Magnusson Johan Arvidsson Dimitris Gioulekas President and CEO CFO & IR CEO CEO (as of May 2026) CEO CEO Ratos Ratos Presis Infra HL Display Diab Group Knightec Group 26-03-19 Title 2
Slide 3: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 4: Ratos Strategy 2030
Click to edit Master title style Ratos Strategy 2030
Slide 5: We focus on being a long-term active owner
We focus on being a long-term active owner Focus on private majority holdings Majorities/Minorities of EBITA 2025 • Founded 1866 in Stockholm Minorities 28% Majorities 72% • 13 Portfolio Companies across the Nordics 28% • Long-term active owner partnering with CEOs and Boards to develop companies 72
Slide 6: We have a Nordic heritage and footprint
We have a Nordic heritage and footprint Nordics: 70% of sales Revenue by geography 2025 8% 37% Sweden 23% Norway Other Nordic Europe Other 3% 29% 26-03-19 6
Slide 7: Financial performance – 2022-2025
Financial performance – 2022-2025 Revenue CAGR EBITA CAGR ROCE% +3% +8% -100bps Priority for the new strategy is to improve financial performance and increase shareholder value in 2026-2028 and onwards 26-03-19 Title 7
Slide 8: Ratos 160 years of owning and developing companies
Ratos 160 years of owning and developing companies 1866 1934 1954 1995 1999 2018 – 2025 2026- Investment Investment Private Holding Operating Investment Wholesaler Company Company Equity Company Company Company Mixed Listed Company Söderberg & Haak founded, Ratos founded Sweden’s first by Ragnar Tra
Slide 9: Becoming an Investment Company 2026
Becoming an Investment Company 2026 From To Operating Company Investment Company (2018-2025) (2026-) Hybrid between Operating Company and Becoming a focused and long-term Private Equity Company, Investment Company owning majority and resulting in unclarity and less disciplined minority shares in Nor
Slide 10: A more focused structure and governance model, and an investment strategy with more options
A more focused structure and governance model, and an investment strategy with more options From To Structure: Operating Company with Focused portfolio of three Business Areas stand-alone companies Investment Industry, Construction Segment Agnostic Segments: Consumer, Infrastructure Main focus Indus
Slide 11: Balanced financial targets and increased transparency
Balanced financial targets and increased transparency From To Revenue growth Main financial Absolute EBITA in MSEK metric: EBITA% vs. Target ROCE% Reporting by individual companies Revenue/EBITA/ROCE Reporting by (from Q1, 2026) Reporting: Business Area segments Reporting NAV* by company (from 2027)
Slide 12: Ratos Strategic Objectives and Mission
Ratos Strategic Objectives and Mission 1 2 3 Drive profitable and Strategic Build a more capital-efficient growth Develop Ratos Objectives focused Ratos from organic initiatives ways of working 2026 – 2028 and add-ons Long-term Long-term active ownership for value creation Mission 26-03-19 Title 12
Slide 13: Building a more focused Ratos
1 Building a more focused Ratos Clarity on company categories Core Companies Majority Companies Minority Holdings Non-core Companies to Platform Companies Unlisted Companies Develop for Organic Growth & Listed & Add-ons 26-03-19
Slide 14: Building a more focused Ratos
1 Building a more focused Ratos Platform Companies for Minority Holdings Non-core Companies Companies to Develop Organic Growth & Add-ons (unlisted & listed) EBITA EBITA MSEK MSEK 500 500 371 387 400 400 300 273 300 192 195 200 200 158 137 100 77 100 100 63 65 37 13 0 0 Oase KVD Plant Speed TFS LEDi
Slide 15: Drive profitable and capital-efficient growth from organic initiatives and add-ons
2 Drive profitable and capital-efficient growth from organic initiatives and add-ons EBITA Growth from Organic Growth, Add-ons and Exit/Divestures 2022-25 2026-28 est. 1.931 167 Organic: Main focus on 1.522 165 20% Organic EBITA growth, 77 but complemented by attractive Add-ons/ Add-ons: Adjacencies
Slide 16: Develop our Ways of Working in three key areas
3 Develop our Ways of Working in three key areas Governance, Talent Acquisition & Incentive Systems Analysis, Disciplined Valuation Capital Allocation & Transactions & Treasury 26-03-19 Title 16
Slide 17: Towards Ratos 2030
Towards Ratos 2030 2028-29 2025-27 Streamlining to Industry & Develop & grow core companies ~2030+ Infrastructure & Add-ons & Add-ons Long-term ambition Maximize long-term shareholder returns 2025: Exits & IPO 2026 – through active ownership and value creation Strategic in our companies • airteam,
Slide 18: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 19: Looking back as we set direction – building on wins and closing gaps
Looking back as we set direction – building on wins and closing gaps Success in selected areas… Value-creating add-on Reduced direct Solid EPS growth acquisitions to date construction exposure … with improvement potential in others Address Accelerate add-on Stringent capital allocation underperforma
Slide 20: Success in selected areas…
Success in selected areas… Value-creating add-on Reduced direct Solid EPS growth acquisitions to date construction exposure No of acquisitions Average multiple Return +10% (EV) IRR % 2.4 2.4 2.8 14 ~5x 2.1 2022-25 EV/EBITA 2.2x 10% 6.1x* 18%* EBITA % ROCE % Topline ~12% ~20% ~0.5 2022 2023 2024 2025
Slide 21: …With improvement potential in others
…With improvement potential in others Address underperformance Stringent capital Accelerate add-on quicker allocation acquisition pace Expin Group (MSEK) No. of add-ons Improve current Time of 7 pipeline in platform acquisition Three NEW ~30% of capital companies (HL the allocated towards 6 200 cons
Slide 22: Different challenges for different companies
Different challenges for different companies ROCE% GROW GROW • Sizable and scalable • Market position and further internationalization potential • Solid underlying growth, EBITA and returns • M&A eligible DEVELOP / IMPROVE • Potential to improve, with aim of becoming a platform company • Focus on or
Slide 23: Introduction, capital allocation principles, financial targets, summary
• Introduction • Capital allocation principles • Financial targets • Summary
Slide 24: Disciplined capital allocation for improved value-creation
Disciplined capital allocation for improved value-creation Clear order of priority* Capital allocation for incremental value creation Organic initiatives and improvements – the preferred option M&A add-ons and adjacencies based on eligibility – not all companies are in scope Return to shareholders *
Slide 25: Capital allocation focused on improved balance of risk vs. value
In practice, capital allocation focused on improved balance of risk vs. value Estimated capital allocation 2026-2028 Organic & ~40% operational* No new platform acquisitions in the period ~30% M&A add-ons & adjacencies ~30% Return to shareholders 26-03-19 Capital Markets Day 2026-28e *incl. financia
Slide 26: Capital to be deployed towards organic initiatives and add-ons
Capital to be deployed towards organic initiatives and add-ons for platform companies • Limited risk Scope Timing 1. • Avoid greenfield development / large lease commitments • ROI All 2026- ongoing • Strategic fit, organic route too slow/risky 2. • New geographies/customer base • Complementary produ
Slide 27: Ratos financial targets 2028 and value drivers ahead
Ratos financial targets 2028 and value drivers ahead 27
Slide 28: The investment company structure offers flexibility for shareholder value creation
The investment company structure offers flexibility for shareholder value creation – will evolve beyond 2028 as strategy is executed Core majority ~60% companies Ratos market cap Re-investments Exits Non-core Add-on M&A • Centrally financed • Diversified • Grow and develop Potential Ratos Return to
Slide 29: New targets to strengthen value creation
New targets to strengthen value creation Consideration for financial targets Growth (Organic + M&A) Targets 2026-28 Accelerating growth without risking margin and diluting ROCE Revenue growth EBITA % Margin focus without ROCE uplift without losing growth appetite slowing down growth Margin Earnings
Slide 30: New targets well-balanced for value creation
New targets well-balanced for value creation 2025 base year Ratos new financial targets UP UNTIL Targets 20282028 Longer-term Revenue EBITA %¹ ROCE %¹ Leverage³ Dividend4 growth¹ ≥ 5% ≥ 10% ≥ 10% 1.5 – 2.5x 30 – 50% Organic and M&A, Target to be reached in Target to be reached in Net debt / EBITDA 3
Slide 31: EPS expected to grow faster than EBITA p.a.
EPS expected to grow faster than EBITA p.a. – driven by several factors and thereby reducing risk EPS growth, illustrative Value drivers 2025 of EPS growth ~50% Improved performance in all majority companies 1 Org. & M&A Net of acquisitions and disposals/exits in the period Low financing costs (cent
Slide 32: Leverage expected at lower end of the range
Leverage (ND/EBITDA) expected at lower end of the range driven by several factors Improvements in core majority Clear capital allocation principles Lower cost of capital companies Organic initiatives & improvements – the preferred option M&A add-ons based on eligibility – Favourable not all companie
Slide 33: In summary
In summary Key to improve each company’s Strengthened capital allocation Well-balanced targets for the first performance both organically and principles and clear order of priority phase of the transformation 2026-28 via add-ons for selected companies 26-03-19 33
Slide 34: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 35: Characteristics of Ratos Platform Companies
Characteristics of Ratos Platform Companies Organic Growth Opportunity to Attractive long Strong Market Levers & consolidate/ term market Position Geographic do add-on M&A dynamics expansion Strong CEO and Management team 26-03-19 Title 35
Slide 36: Today’s speakers – CEOs of Ratos platform companies
Today’s speakers – CEOs of Ratos platform companies TBD Eivind Iden Anna Vilogorac Johan Arvidsson Dimitris Gioulekas CEO Chair of Board CEO CEO Presis Infra HL Display Diab Group Knightec Group 26-03-19 Title 36
Slide 37: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 38: Presis Infra AS
Presis Infra AS Provides critical services by maintaining the transport infrastructure, securing a safe environment for the mobility of people and goods
Slide 39: Setting the scene
Setting the scene Leading infrastructure services group operating in Norway and Sweden with a decentralized model End customers are almost exclusively state / public entities Long-term contracts and strong order book with inflation protection Built on strong relationships with sub- contractors, clie
Slide 40: Achievements to date and financial outcome
Achievements to date and financial outcome D esp ite streng thening co m p etitio n, the m arket share has increased and we have had sig nificant top line g rowth while we have d efend ed our hig h m arg ins Revenue MNOK 3 454 Organic initiatives 18 Geographical expansion to mid Norway as well as Sw
Slide 41: Overview of historical M&A
Overview of historical M&A Presis has a proven track record of successful M&As, with significant growth made through acquired businesses, as well as high multiple arbitrage Revenue % EBITA CAGR (revenue) Financial overview A cq uisition log ic Multiple in initial investment #1 21 % 15 % • Entry into
Slide 42: Focus going forward – main goals and how to get there
Focus going forward – main goals and how to get there Presis will buy and build and defend margins while increasing top line, while maintaining the position as a service provider Geographical expansion (organic) Exploration of side market opportunities Accelerate the expansion in Eastern Norway, as
Slide 43: Summary
Summary Presis is a provider of critical transport infrastructure services with market leading profitability and growth, present in Norway and Sweden. The past years have given a significant top line growth with significantly increased revenue visibility and resilience in the order book. We will foc
Slide 44: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 45: HL Display
HL Display Ratos Capital Markets Day 19 March 2026 Anna Vilogorac, Chair of the Board of Directors 45 © HL Display 2026 – All rights reserved
Slide 46: Business overview
Business overview Business and market overview Financial overview • Founded in 1954, HL Display is a leader in in-store communication and merchandising solutions helping customers to build attractive, efficient, and more sustainable stores. • Our vision is to be the preferred partner for innovative
Slide 47: HL’s products
HL’s products 275x Price holders for 10+1x Store signage 20x Lighting 250x Pusher systems 80x Dividers 3x Signage frames Electronic shelf labels Frozen department in average Swedish supermarket: • 20 different HL products • 750 items in total • Sales value of 2.5k€ 4x Price & 60x Price holders for 1
Slide 48: We support our customers on their journey to more sustainable stores
We support our customers on their journey to more sustainable stores Reducing usage of virgin plastic Reducing packaging waste Reducing food waste … while reducing the footprint of our own operations 48 © HL Display 2026– All rights reserved
Slide 49: Achievements to date
Achievements to date Organic initiatives High impact No impact Net sales, MSEK 2 833 • Product: focus on growth pillars with positive momentum - ESL unlocking single biggest projects in company history, increasing penetration of shelf 37 897 automation in previously underserved markets (e.g., UK), g
Slide 50: HL’s Buy & Build journey to date
HL’s Buy & Build journey to date At acquisition Post acquisition Target Year Market Sales EURm Organic sales Synergies Deinzer 2026 30 too early too early LTG Display* 2024 3 kostklip 2024 18 → Effekt Grafik* 2024 7 PR trading 2024 21 werba 2023 14 (2X) Oechsle (OEK) 2023 14 → Akriform 2023 8 → APOS
Slide 51: Focus going forward
Focus going forward Organic growth Acquisitions Widest product portfolio in the Growth through add-on Growing market presence – market – over-proportional growth acquisitions – market European leader with global reach in defined growth pillars and move consolidation, geographical and into adjacent c
Slide 52: Wrap-up
Wrap-up 1 Our business We are a leader in in-store communication and merchandising solutions with a strong customer base amongst Europe’s grocery retailers and the widest assortment in the industry. 2 Our journey so far We have delivered five consecutive years of profitable growth, driven by a focus
Slide 53: A global partner in sandwich core solutions
Always at the core of your solution A GLOBAL PARTNER IN SANDWICH CORE SOLUTIONS Industry-leading competence and the broadest range of stronger, lighter, smarter core materials 53
Slide 54: Sandwich technology and Diab foam cores
SANDWICH TECHNOLOGY AND DIAB FOAM CORES Light- PVC PET Strong weight foam foam Sustain- PES PEI Smart able foam foam A sandwich construction consists of two thin, strong and Every application and manufacturing method has a stiff skins, of fiber reinforced plastics or solid material, special demand f
Slide 55: Diab’s products & services – expertise from start to end
DIAB'S PRODUCTS & SERVICES EXPERTISE FROM START TO END Make it light and strong Make it better – Core materials – Finishing & Kits Together with the highest quality standard, stability and Get a competitive edge, boost production, quality and commitment, Diab offers the best performance to the susta
Slide 56: Diab at a glance
DIAB AT A GLANCE 750 40 Founded in Sweden 1950 ESG leader 700 coworkers coworkers 8 manufacturing 14sales distributors sites companies Sales globally Americas 17% APAC 34% 49% EMEA 56
Slide 57: Markets
MARKETS Wind Aero- Marine Energy space Subsea Defence Industry 57
Slide 58: Achievements to date – focus on high-margin segments instead of volume business
ACHIEVEMENTS TO DATE - FOCUS ON HIGH-MARGIN SEGMENTS INSTEAD OF VOLUME BUSINESS Initiatives during 2022-2025 Net sales by segment Financial development 2022 2025 Wind (MSEK) • Focus on high-margin segments and creating value for customer Wind 19% Marine 30% 32% +10% 42% Marine 1.653 1.686 • More bal
Slide 59: Focus going forward
FOCUS GOING FORWARD Vision #1 in structural core technology for selected core materials, leading the innovation Challenge ourselves every day to make stronger, lighter, smarter core solutions Profitability before volume Focus areas Target position 2028 2025 2028 • Focus on organic growth Wind • Crea
Slide 60: Summary
SUMMARY 1. Our business 2. Our journey so far 3. Our future • A global partner in • Stronger focus on high-margin • Focus on organic growth by creating sandwich core solutions segments and creating value for value for our customers • Industry-leading competence and our customers • Add-on acquisition
Slide 61: Thank you!
Always at the core of your solution THANK YOU! 61 diabgroup.com
Slide 62: Knightec Group
Slide 63: Knightec
Knightec “Group |: Ei ae ay ee Ph dea
Slide 64: Knightec Group at a glance
Knightec Group at a glance. Business overview Financial overview By Net Sales and EBITA 2,349 2,458 (2,369)1) We are the leading strategic 1,294 1,065 1,332 partner in product and 986 8.2% 9.2% (9.0%)1) 7.9% 8.8% 5.8% 11.9% digital service development. 2022 2023 2024 2025 At the intersection of busi
Slide 65: Creating the leading strategic partner in product and digital service development
Creating the leading strategic partner in product and digital service development. Merger rationale Achievements to form Knightec Group during 2025 • +25 new deals from each other’s client base 1 A stronger international client base across industries • +10 international client collaborations • 5 dec
Slide 66: Knightec Group showed a good performance in a challenging market during 2025
Knightec Group showed a good performance in a challenging market during 2025. Financial performance during 2025 Key takeaways Knightec Group performance during 2025 1. An industry highly affected by a rapidly changing environment -4.3% • Organic growth of -4.3%, (-3.5% adjusted) 2,349 • Strong EBITA
Slide 67: Knightec Group 2026 – A strong platform for growth
Knightec Group 2026 – A strong platform for growth. Top 20 clients Key takeaways Other Security & Defence 1. Top 20 clients could double our size Passenger Cars • Strong position with C-level relationships • Top 5 clients have on average 80% project-based deliveries Telecom & Media • High growth, to
Slide 68: Two proof points of how Knightec Group enables industrial transformation
Two proof points of how Knightec Group enables industrial transformation. Production on-demand Device-to-Cloud Additive manufacturing for field operations Connecting laboratory equipment to cloud-based services • Knightec Group developed a mobile WAAM-based microfactory • Knightec Group enabled devi
Slide 69: Knightec Group is well-positioned for growth
Knightec Group is well-positioned for growth. Growth strategy until December 2028 Organic initiatives Inorganic initiatives Net sales growth: International M&A Double digit Adj. EBITA margin: Local M&A Double digit Cross-country Project-based: • Find international collaboration +60% business partner
Slide 70: Knightec Group is a strong platform well-positioned for growth
Knightec Group is a strong platform well-positioned for growth. In summary A leading position Top 20 clients could Strong foundation 1 in new technologies 2 double our size 3 established for growth Electrification, AI, Data & Cloud, and With strong C-level relationships, a high The merger has create
Slide 71: Slide 71
Slide 72: Agenda
Agenda 13.00 Welcome 14.15 Presis Infra 15.50 Q&A session Eivind Iden, CEO 13.05 Ratos Strategy 16.05 Closing remarks Gustaf Salford, President & CEO 14.35 HL Display Gustaf Salford, President & CEO Jonas Magnusson, CEO 13.30 Ratos Capital Allocation and Anna Vilogorac, CoB ~16.15 Mingle with drinks
Slide 73: Ratos Strategy 2030
Click to edit Master title style Ratos Strategy 2030 26-03-19 Title 73
Slide 74: Ratos as long-term owner and value-creator
Ratos as long-term owner and value-creator Develop & grow core Efficient capital structure & Long-term with companies actively disciplined capital allocation financial strength • Organic growth initiatives • Efficient capital structure • Long-term ownership horizon • Strategic add-on acquisitions •
Slide 75: Thank you!
Thank you! 26-03-19 Title 75
Slide 76: Appendix
Appendix • List of Ratos Companies • Definitions financial targets 26-03-19 Title 76
Slide 77: List of Ratos Companies
A leading infrastructure service A leading and innovative supplier provider for the energy industry. of camping and outdoor equipment. A leader in aftermarket information, The leading Nordic retailer for a growing life. supported by AI, automation and domain-specific expertise. Presis Infra is a lea
Slide 78: Definitions financial targets
Definitions financial targets Baseline revenue, BSEK 2025 base year 19 -6 13 2025 Non-core 2025 baseline as reported Core EBITA% Baseline EBITA, BSEK baseline 8.7% 1.9 -0.5 1.4 -0.2 1.2 ¹ Compounded annual growth rate over the period excluding non-core companies 2025 Associates 2025 Non-core 2025 ²