Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Shareholder Meeting (March 2026)
29 slides from Ratos Ab Class A's shareholder meeting presentation, Mar 25, 2026
Slide 1: Annual General Meeting 2026
Annual General Meeting 2026 March 25, 2026 26-03-31 Title 2
Slide 2: CEO-Intro
Click to edit Master title style CEO-Intro 2025 Ratos Strategy 2030 26-03-31 Title 3
Slide 3: 2025 – An active and important year
2025 – An active and important year • Several strategic milestones achieved towards a more value-creating Ratos • Implemented measures are gaining traction and improving profitability (EBITA) • Increased demand within the defense and energy sectors • Several large and strategically important orders
Slide 4: 2025 – Milestones towards a more value creating Ratos
2025 – Milestones towards a more value creating Ratos Q1 Q2 Q3 Q4 Q1 airteam divested Sentia listed at the Expin divested Stock Exchange in Oslo The reconstruction of HL Display Plantagen is finalized conducts an add- on acquisition
Slide 5: Q1/Q2 airteam
Q1/Q2 airteam • airteam, one of the Nordic’s leading providers of technical ventilation solutions was divested • airteam doubled its revenue and earnings during Ratos’ ownership period
Slide 6: Q1 – Plantagen
Q1 – Plantagen • Plantagen’s reconstruction final • Operations in Finland discontinued • One third of the stores closed • Better positioned for future growth • Are Ellingsve, new CEO, as of April 2026 7
Slide 7: Q2 - Sentia listed
Q2 - Sentia listed • Listing of Sentia in Oslo • Share price up >30% since listing • Ratos’ current ownership stake is 40% and contributed to Ratos’ result 8
Slide 8: Q4 - HL Display conducted an add-on acquisition
Q4 - HL Display conducted an add-on acquisition • HL Displays grows organically and through add-on acquisitions • HL Display acquired the German company Deinzer and strengthened its market position in Europe • Closing is expected in April 2026.
Slide 9: Q1 2026 - Expin divested
Q1 2026 - Expin divested • Expin Group divested to Baneservice, Norway’s leading railway contractor
Slide 10: Important trends during the year
Important trends during the year Increased investments Continued within the defense electrification and sector digitalization The use of Artificial Intelligence (AI) 26-03-31 Title 11
Slide 11: Diab grows its business towards the defense industry
Diab grows its business towards the defense industry • Diab Group delivered strong revenue growth • The company’s acquisition of Subsea Composite Solutions contributed to a strong year • Increased delivery to the defense industry
Slide 12: Knightec Group drives digitalization and electrification
Knightec Group drives digitalization and electrification • Knightec Group increasingly operates at the intersection of electrification and technology • Combines business strategy and technological development to create sustainable, future-proof solutions for companies • Increased demand from the def
Slide 13: Aleido works actively with AI solutions och communication platforms
Aleido works actively with AI solutions och communication platforms • Aleido works actively with AI and automation • Streamlining the creation, structure, and maintenance of technical and aftermarket information
Slide 14: Large orders were secured during the year
Large orders were secured during the year • Aibel A five-year framework agreement of approximately NOK 20 billion with Equinor • HL Display Two contracts worth approximately SEK 500 million over a period of two to three years in the US and the UK • Presis Infra A five-year contract worth NOK 900 mil
Slide 15: Ratos Sustainability Targets
Ratos Sustainability Targets Climate targets, actual 2025 Target Reduction of absolute CO2-emissions Renewable electricity Scope 1 2030 2050 2030 2050 -42% -90% 100% 100% Scope 2 Actual 2025 -42% Actual 2025 80% Reduction of relative CO2-emissions Scope 3 2030 2050 As a responsible owner, Ratos has
Slide 16: Ratos Sustainability Targets
Ratos Sustainability Targets Gender equality targets, actual 2025 Ratos strives for a more balanced gender distribution in leadership positions, with the goal of achieving at least a 40/60 balance between women and men by 2030. The target applies to both Board members and executive management at Rat
Slide 17: Net Sales
Net Sales Continuing operations -1%* 20,057 18,832 • Muted demand during 2025 • Cautious markets for many of our companies • Some improvement in Q4 and +3% cautious optimism heading into 4,683 4,601 2026 FY 2024 FY 2025 Q4 2024 Q4 2025
Slide 18: EBITA 2025
EBITA 2025 Continuing operations +17% 1,931 1,654 542 * • Adjusted EBITA increased by 17% 434 +57% • Adjusted EBITA margin, excluding 346 minority holdings, amounted to 220 7.4% (6.1) 1,220 1,389 • Efficiency measures were implemented across the Ratos companies. FY 2024 FY 2025 Q4 2024 Q4 2025
Slide 19: EPS growth and proposed dividend payout ratio of 50%
EPS growth and proposed dividend payout ratio of 50% EPS adjusted, diluted – total for the Ratos Group +19% 2.80 2.36 The Board of Directors proposes a dividend of SEK 1.40 (1.35) per share, corresponding to 50% of the profit for 2025 FY FY 2024 2025
Slide 20: The Ratos Strategy 2030
Click to edit Master title style The Ratos Strategy 2030
Slide 21: 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 22: 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 23: 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 24: 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 25: Ratos Strategic Objectives and Mission
Ratos Strategic Objectives and Mission 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 26-03-31 Title 26
Slide 26: Building a more focused Ratos
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 26-03-31
Slide 27: Building a more focused Ratos
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 LEDiL
Slide 28: 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 29: Ratos 2030
Click to edit Master title style Ratos 2030