Slide 1: Presentation Q1 2026
Presentation Q1 2026 26-05-04 Title 1
Slide 2: Solid growth in mixed markets
Solid growth in mixed markets +3.4% Organic growth Solid start of 2026 especially for industrial products • Diab and HL Display in healthy growth numbers • On the industrial services side, both Knightec Group and Aleido faced challenging market conditions the quarter 417 9.3% Adj. EBITA MSEK Adj. EB
Slide 3: New strategy launched at CMD - Ratos 2030
New strategy launched at CMD - Ratos 2030 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 • New strategy launched • Significant orders in Q1 • Increased industry/externa
Slide 4: Company categories
Company categories Core companies Non-core companies Majority Companies Minority Holdings Companies to Platform companies Unlisted Non-core develop for organic growth & Listed companies & add-ons
Slide 5: Industrial products
Industrial products Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of 16% • Organic growth of 4% • Organic growth of 1% • Increased volumes within the • Positive sales growth in • Growth within the indoor defense segment North America business, however the outdoor business continue
Slide 6: Industrial services
Industrial services Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of -4% • Organic growth of -2% • Organic growth of 12% • Organic growth of 18%, driven by increased share of • A cautious market and lower • Utilization challenges due to • Automation projects pass-through revenues.
Slide 7: Infrastructure
Infrastructure Adj EBITA Quarter Net sales LTM X% EBITA margin • Divested as of Q2 2026 • Organic growth of 2% • Somewhat lower profitability due to project mix and timing • Robust order backlog • ROCE excl. cash: 13.3% (15.1%) +57% 152 -5% 119 114 -10 -24 -85 12.9% 12.2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 8: Minorities
Minorities • Awarded a major framework • The share price has agreements with Equinor increased by over 40% since (fixed duration of five years, the listing in June 2025 with options for extension). The total value is estimated • Expected to receive a to NOK 20bn for the fixed dividend from Sentia in
Slide 9: Non-core companies (Consumer)
Non-core companies (Consumer) Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of -3% • Organic growth of 12% • Organic growth of 4% where both the Swedish and • Lower used cars volumes • Inventory build-up ahead of Norwegian markets showed in quarter the peak season in Q2 growth • S
Slide 10: Financials
Click to edit Master title style Financials
Slide 11: Net sales and EBITA-development
Growth (org. + M&A) Net sales and EBITA-development +3.9% Net sales growth excl. FX-impact Net Sales, SEKm Adjusted EBITA, SEKm LTM LTM Profitability +3.4%* 416 Adj. EBITA MSEK 4,786 4,472 4,497 +21% Profitability margin 5.1% Adj. EBITA % excl. associated 417 345 companies 226 Cash conversion Q1 202
Slide 12: Net sales and Adj EBITA development year-over-year
Growth Net sales Net sales and Adj EBITA development year-over-year Organic Structure +3.4% +0.5% Org + str +3.9% Currency -3.4% +4% Other - NET SALES 4,646 Total +0.6% +21 -150 +153 4,497 4,472 0% +21% ADJ EBITA 417 +6 +67 345 347 -11 +13 -3 Q1 2025 Organic M&A Majority growth FX Sentia Aibel Q1 20
Slide 13: Net sales and Adj EBITA development year-over-year
Net sales and Adj EBITA development year-over-year 3.4%* -10 +28 -12 +7 NET SALES -10 +6 -10 +8 -20 +31 4,497 -20 +28 -3 4,472 Q1 25 Q1 26 21% 417 +11 -4 -3 +5 ADJ EBITA +5 -4 -1 +67 -21 +30 345 -21 +13 -6 +6 -7 Q1 25 Diab HL LEDiL Aleido Knightec Speed TFS Expin Presis Aibel Sentia KVD Plantasjen O
Slide 14: Sequential inventory build-up was offset by other (dividends)
Sequential inventory build-up was offset by other (dividends); stable relative and absolute development y-o-y SEKm NWC 4QTR average % LTM net sales (continuing operations) Net working capital, 2026 2025 Change SEKm Mar Dec % 1 616 Inventories 1,901 1,602 19% 1 187 9.7% 1 029 Trade receivables 2,245
Slide 15: Low cash conversion in Q1 however positive LTM-trend
Low cash conversion in Q1 however positive LTM-trend Reported cash flow, SEKm LTM • Solid contribution from consumer- 165% 174% and infrastructure-companies whilst timing and slightly higher Pos. inventory build-up negatively impacted cash flow for industrial- companies compared with last year • Neg
Slide 16: Sequential increase of net debt; leverage at lower-end of the targeted range
Sequential increase of net debt; leverage at lower-end of the targeted range Net debt Leverage SEKm Times (x) 4,500 2.0 • Net debt increased sequentially in 4,000 1.6x 1.5x line with normal seasonality whilst 1.4x 1.5 it decreased compared with last 3,500 year 3,000 1.0 • Adjusted leverage at 1.6x •
Slide 17: Underlying ROCE improvement
Underlying ROCE improvement ROCE % 11 10.1% 10 • The decline in ROCE post Q1 25 is 9.1% mainly attributable to the divestment 9 8.6% of Sentia and airteam 8 7.0% • ROCE declined across all Industrial 7 Services companies compared with 6.2% 6 LY 5.1% 5 • Strong ROCE development in Diab with contribut
Slide 18: Strong adj. EPS growth with accretion throughout P&L
Strong adj. EPS growth with accretion throughout P&L EPS SEK (adjusted, diluted Ratos Group Total) P&L continuing operations MSEK Q1 2026 Q1 2025 Δ Adj. EBIT 387 308 +26% 3.11 Net financial items -108 -164 +34% LTM 2.67 Adj. pre-tax profit 279 144 +94% 2.57 Taxes -7 -35 +81% 1.85 +81% Adj. net profi
Slide 19: Solid start of 2026
Solid start of 2026 New strategy and new financial targets launched focused on delivering increased shareholder value Organic growth and result uplift on the back of strong Industrial products-companies Focus on continuing to drive improvements and execute on strategy in Q2 and onwards 26-05-04 Capi
Slide 20: Q&A
RATOS Q&A
Slide 21: Thank you!
Thank you! 26-05-04 Title 21