Slide 1: Annual General Meeting 2025
Jonas Wiström, President and CEO Annual General Meeting 2025 26 March 2025 1 .
Slide 2: Annual General Meeting 2025
Annual General Meeting 2025 • Ratos 2024 • Ratos going forward • Ratos and sustainability • The Ratos share in 2024 • Ratos’ focus 2025 2 .
Slide 3: 2024: A strong and significant year for Ratos
2024: A strong and significant year for Ratos • Strong earnings for full-year 2024 and an even better fourth quarter in a year of recession • The streamlining of Ratos began in 2024 with synergistic mergers and the first divestment process in parallel with a reconstruction starting at Plantasjen S •
Slide 4: 2024: Increased earnings and strong cash flows
2024: Increased earnings and strong cash flows • Net sales decreased -5% in comparison, of which organic -5%. Structural effect of +1%. • Adjusted EBITA of SEK 2,329m (2,244) • Adjusted EBITA margin of 7.2% (6.7) • Cash flow from operating activities amounted to SEK 3,445m (4,275) corresponding to a
Slide 5: Ratos' adjusted debt and EBITA development 2018–2024
Ratos’ adjusted debt and EBITA development 2018–2024 2244 2329 +33% 1966 1802 1468 702 425 2018 2019 2020 2021 2022 2023 2024 3.4x Net debt / EBITDA excl. finance leases 2.3x 1.1x 1.2x 5
Slide 6: Ratos business areas and operating segments / subsidiaries
Ratos business areas and operating segments / subsidiaries Industry Construction & Services Consumer Industrial Services Product Solutions Critical Infrastructure Construction Consumer Divestment expected to be completed in Q2 2025 6
Slide 7: Industry: Profitability continued to increase in a weaker market
Industry: Profitability continued to increase in a weaker market Net sales LTM, SEKm Adjusted EBITA LTM, SEKm Comments -1% 10563 10414 Adjusted EBITA margin (LTM) 1045 • Net sales growth -1%, -5% organic 963 • Continued low sales in the wind segment for Diab 7755 • Organic growth of 5% for technolo
Slide 8: Construction & Services: Continued growth in profitability and order intake
Construction & Services: Continued growth in profitability and order intake Net sales LTM, SEKm Adjusted EBITA LTM, SEKm Comments -5% 17298 Adjusted EBITA margin (LTM) 1366 • Net sales growth -5% 1291 15730 16375 • Adjusted EBITA SEK 1,366m (1,291), 1130 increased 6% • Adjusted EBITA margin increas
Slide 9: Consumer: Completed reconstruction creates new conditions for Plantasjen
Consumer: Completed reconstruction creates new conditions for Plantasjen Net sales LTM, SEKm Adjusted EBITA LTM, SEKm Comments Adjusted EBITA margin (LTM) • Net sales growth -9%, 326 of which -7% organic 6392 -9% • EBITA SEK 60m (136 LY) 5888 • Decline in sales due to ongoing 5337 reconstruction in
Slide 10: Annual General Meeting 2025
Annual General Meeting 2025 • Ratos 2024 • Ratos going forward • Ratos and sustainability • The Ratos share in 2024 • Ratos focus 2025 10 .
Slide 11: Ratos' strategy and focus moving forward
Ratos’ strategy and focus moving forward • Streamlining the Group’s subsidiaries with focus on industrial and technological solutions • Fewer platforms with higher operating margins and good cash flow profiles in attractive markets • Increased synergies and opportunities for collaboration between
Slide 12: M&A and IPO markets show signs of improvement
M&A and IPO markets show signs of improvement Number of new listings in Sweden per year 144 47 36 14 2 2020 2021 2022 2023 2024 12 Source: Affärsvärlden; EY
Slide 13: Divestment of airteam
Divestment of airteam airteam’s development under Ratos’s ownership • Organic growth and through acquisitions (1 acquisition in DK, 4 in SE) 3.8x • Establishment in Sweden • Strengthened its offering in pre-design and design of energy-efficient ventilation solutions Money multiple EBITA (SEKm) Net d
Slide 14: 2024: Several steps taken towards a more profitable Group
2024: Several steps taken towards a more profitable Group March 2025 Merger of Merger of HENT Divestment of Semcon and and SSEA airteam Knightec The merger of Knightec and Sentia marks the creation of a airteam was divested as part of the Semcon created a leading strategic leading Nordic constructio
Slide 15: With low debt, the focus going forward is on synergistic add-on acquisitions
With low debt, the focus going forward is on synergistic add-on acquisitions Examples of “platforms” with an active ownership agenda, pipeline and good conditions for strengthening their positions through acquisitions 15
Slide 16: 2024: Completed add-on acquisitions
2024: Completed add-on acquisitions 16 .
Slide 17: Ratos' investment criteria
Ratos’ investment criteria What we value Negative ✓ Stable growth and good conditions for × Volatile/seasonal revenue, profitability increased profitability and cash flows ✓ Cost and revenue synergies × Low cash flow generation ✓ Strong cash flow generation × Dependence on few customers ✓ Structural
Slide 18: Example: HL's development from stability to journey of growth through add-on acquisitions
Example: HL’s development from stability to journey of growth through add-on acquisitions Financial performance HL Display (SEKm) Growth 2020–2024 Operational EBITA, % Operational EBITA Net sales SEK 1,239m 10 acquisitions since 2021 +33.9% 100% 14% Model based on 1) market consolidation, 12% 2,759
Slide 19: Annual General Meeting 2025
Annual General Meeting 2025 • Ratos 2024 • Ratos going forward • Ratos and sustainability • The Ratos share in 2024 • Ratos focus 2025 19 .
Slide 20: Sustainability at the core of Ratos' strategy and value creation process
Sustainability at the core of Ratos’ Industry Technical consultants assist in the implementation of strategy and value creation process practical, efficient and cost-effective solutions that benefit the climate as well as driving economic, social • Sustainability is both a responsibility and operati
Slide 21: Ratos's sustainability work in 2024
Ratos’s sustainability work in 2024 • Continued alignment with the new sustainability reporting legislation starting in 2025 • Sustainability reporting covers all subsidiaries except Aibel, which is an associate • We set new emissions reduction targets for 2030 and 2050 • Joined Science Based Target
Slide 22: Semcon's climate targets approved by SBTi
Semcon’s climate targets approved by SBTi Semcon committed to a 50% reduction in absolute GHG emissions in Scopes 1, 2 and 3 by 2030, with a base year of 2019. “At Semcon, we combine engineering, digital services and sustainability expertise, supporting our customers in the development of green tech
Slide 23: SSEA initiates pilot project in carbon-neutral construction with MKB Fastighets AB
SSEA initiates pilot project in carbon-neutral construction together with MKB Fastighets AB The pilot project involves the construction of 12 new apartments with a cross-laminated timber frame. The goal is to emit no more than 207 kg CO2/sq. m. and thus achieve the LFM30 threshold for housing, a pro
Slide 24: Annual General Meeting 2025
Annual General Meeting 2025 • Ratos 2024 • Ratos going forward • Ratos and sustainability • The Ratos share in 2024 • Ratos’ focus 2025 25 .
Slide 25: Ratos' Class B share in 2024
Ratos’ Class B share in 2024 -10% (SIX Return Index: 8.6%) Total return Number of 60,508 on 31 December 2024 shareholders (Class A and B) (compared with 65,536 on 31 December 2023) Share turnover 45% in 2024 vs. 49% in 2023 26
Slide 26: Annual General Meeting 2025
Annual General Meeting 2025 • Ratos 2024 • Ratos going forward • Ratos and sustainability • The Ratos share in 2024 • Ratos focus 2025 27 .
Slide 27: Objectives for 2025
Objectives for 2025 • Increased focus on add-on acquisitions • Higher EBITA margin • Divestment of companies not in alignment with the strategy going forward 28 .
Slide 28: Thank you!
Thank you! 29 .