Slide 1: Interim Report Q4 2025
Interim Report Q4 2025 16 February 2026
Slide 2: Ratos Group FY 2025: Continued steps towards a more focused Ratos
Ratos Group FY 2025 Continued steps towards a more focused Ratos Strategic milestones Operational improvements 2025 market situation Sale of airteam Plantasjen reconstruction Macroeconomic and Listing of Sentia geopolitical uncertainty Divestment after Q4 Overall demand was Diab’s focus on subdued i
Slide 3: Ratos Group Q4: Key events in the quarter
Ratos Group Q4 Key events in the quarter • Gradual improvement in net sales in Q4, mainly from demand in the defense and energy • Several strategically important orders were secured during/post Q4 – HL Display SEK ~500m in UK and North America – Aibel NOK ~ 20bn framework agreement – Presis Infra NO
Slide 4: Net sales FY and Q4
Net sales FY and Q4 Continuing operations SEKm Q4 2025 • Organic growth of 3% -1%* • Two out of three business areas reported 20,057 growth 18,832 – Industry: 2% – Construction & Services: 9% +3%* S – Consumer: -4% 4,683 4,601 Full year 2025 • Organic growth -1% – Industry: -1% – Construction & Serv
Slide 5: Adjusted EBITA FY and Q4
Adjusted EBITA FY and Q4 Continuing operations SEKm Q4 2025 • Adj. EBITA increased by 57% in Q4 • EBITA was positively affected: +17% – By lower losses in Plantasjen 1,931 – Contribution from minority holding in Sentia 1,654 – Diab delivered robust sales growth with 542* improved profitability 434 *
Slide 6: EPS growth in 2025 and proposed dividend of 50% of profit after tax
EPS growth in 2025 and proposed dividend of 50% of profit after tax EPS (adjusted, diluted Ratos Group Total) (SEK) +19% 2.80 EPS adjusted, diluted Ratos Group Total 2.36 • Increased 19% compared with LY S • Improved earnings, and lower effective tax rate +640% 0.37 0.05 Q4 Q4 FY FY 2024 2025 2024 2
Slide 7: Industry: Organic growth of 2%
Industry: Organic growth of 2% due to strong performance in Product Solutions, however weaker performance in Industrial Services Net sales SEKm +2%* Q4 2025 2,577 2,548 Industry organic net sales growth 2% • Product Solutions +6% with EBITA-growth of 23% – Diab benefited from strong demand across se
Slide 8: Construction & Services: Net sales growth and improved EBITA
Construction & Services: Net sales growth and improved EBITA Net sales SEKm +9%* Q4 2025 1,147 1,212 Construction & Services organic net sales growth 9% – Presis Infra reported net sales growth, but lower profitability due to project mix – Worsening market for rail electrification in Finland impacti
Slide 9: Consumer: Plantasjen improving in its new structure
Consumer: Plantasjen improving in its new structure Net sales SEKm Q4 2025 -4%* 959 Consumer organic net sales growth -4% 842 • Plantasjen declining -6% vs. last year Q4, however “like-for- like” sales was slightly positive vs. last year and EBITA increased as a result of the executed reconstruction
Slide 10: Financials
Slide 11: Net sales and Adj EBITA development year-over-year
Growth Net sales Net sales and Adj EBITA development year-over-year Organic +3% Structure +0% +3% Org + str +3% 4,830 Currency -4% NET SALES +16 -60 Other -1% +131 Total -2% 4,683 -169 4,601 +19% 57% -16 346 ADJ EBITA +59 -14 +55 262 +5 220 +37 Q4 ’24 Organic M&A Total growth Closed stores FX Sentia
Slide 12: Goodwill impairment in Plantasjen following vastly changed structure post reconstruction
Goodwill impairment in Plantasjen following vastly changed structure post reconstruction Implications of the structural changes and sales development in 2025 Old Plantasjen New Plantasjen Goodwill impairment of -1 BSEK in the quarter A conservative assessment however reflects current structure bette
Slide 13: Streamlining continued – Expin Group to be divested
Streamlining continued – Expin Group to be divested Rational Construction & Services Critical infrastructure Critical Infrastructure • Lowered direct exposure towards construction-industries • Lower volatility in earnings and cash but robust dividend contribution from minorities (~400 MSEK) • Ratos
Slide 14: Relative NwC decreased, whilst it slightly increased in absolute terms
Relative NwC decreased, whilst it slightly increased in absolute terms YoY due to timing for AP SEKm NWC 4QTR average % LTM net sales (continuing operations) 2025 2024 Net working capital, SEKm Dec Dec 1,700 Inventories 1,602 1,851 10.9% 1,130 Trade receivables 2,150 3,025 1,026 7.2% 7.7% Contract a
Slide 15: Underlying cash flow improvement of +67% and strong cash conversion
Underlying cash flow improvement of +67% and strong cash conversion (normal for a Q4) Reported cash flow, SEKm Underlying development Y/Y, SEKm LTM 186% 175% 1 403 -54% 1,403 -835 +67% 642 569 +141 882 -185 +93 384 642 -118 +140 Q4 Discon- Q4 2024 Effect Q4 2024 C&S Consumer Industry Central Q4 2024
Slide 16: Increased adjusted leverage following the Sentia-listing in Q2
Increased adjusted leverage following the Sentia-listing in Q2; however almost back on pre-listing level at ~1.4x Leverage Leverage reported Leverage adjusted • Leverage at 0.6x in Q4 2025 impacted positively by mainly capital gains of SEK 2.8 bn. related to the divestment of airteam and Sentia in Q
Slide 17: Financial targets outcome
Financial targets outcome Targets EBITA growth Leverage Dividend payout SEK 3 bn 1.5-2.5x 30-50% EBITA is to amount of at Net debt, excluding financial lease The dividend payout ratio should least SEK 3 bn by 2025 liabilities, in relation to EBITDA should amount to 30-50% of profit after tax normall
Slide 18: Summary: Continued steps towards a more focused Ratos
Summary: Continued steps towards a more focused Ratos • 2025 - A year of transformation marked by several key strategic milestones and operational initiatives towards a more focused Ratos • In Q4 we started to see a gradual improvement – Returning to net sales – Improved EBITA – Large new orders – A
Slide 19: Capital Markets Day 2026
Capital Markets Day 2026 Date: 19 March 2026 Time: 13:00 – 16:00 CET Location: GT30 Grev Ture Grev Turegatan 30, Stockholm Agenda highlights • Strategy update • New financial targets Registration Please register by emailing anna.ringberg@ratos.com Presenters Ratos CEO and CFO Representatives from: 1
Slide 20: Q&A
Q&A 20 .
Slide 21: APPENDIX
APPENDIX 21 .
Slide 22: Q4 Financial summary
Growth Net sales Q4 Financial summary Organic +3% Structure +0% Org + str +3% Continuing operations, MSEK Q4 2025 Q4 2024 Change Currency -4% Net sales 4,601 4,683 +3%* Other -1% Adjusted EBITA 346 220 +57% Total -2% Adjusted EBITA % 7.5 4.7 +2.8ppts IAC -288 -256 Net financial items -129 -171 +25%
Slide 23: Lower exposure towards the construction-industry via strategic actions
Lower exposure towards the construction-industry via strategic actions Continuing operations Discontinued operations Industry Construction & Services Consumer Industrial Services Product Solutions Minorities * 23 * Reported as associated company as of mid-June 2025