Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Q2 2025 Earnings Presentation
19 slides from Ratos Ab Class A's earnings presentation, Jul 17, 2025
Slide 1: Interim Report Q2 2025
Interim Report Q2 2025 17 July 2025
Slide 2: Ratos Group Q2, 2025: A strategically important quarter
Ratos Group Q2, 2025 A strategically important quarter • Executed our strategy towards Industry Organic growth and Critical Infrastructure in subdued • Increased EBITA-margin by markets 3.5% • Lower volatility in cash flows and EBITA • Strong financial position • Improved profitability and stability
Slide 3: Adjusted EBITA development 2018–2025
Adjusted EBITA development 2018–2025 Continuing operations, SEKm CAGR • Adj EBITA SEK 867m (923) • Negatively affected by closed +29% 1,718 stores in Plantasjen in a quarter 1,615 1,654 1,464 1,522 with sales peak 1,170 S • Adj EBITA-margin 15.5% (15.4) • +3.5p.p. compared with the old Group structu
Slide 4: Net sales Q2, 2023-2025
Net sales Q2, 2023-2025 Continuing operations, SEKm • Net sales -7%, SEK 5,594m (5,991) LTM • Organic growth of 1.3% -7% 6,221 5,991 • Construction & Services 15.8% 5,594 • Significant organic growth in Presis Infra • Industry -0.7% S • Negative calendar effect for Industrial Services • Overall subd
Slide 5: Industry: Good development for the Product Solutions segment but negative calendar effect
Industry: Good development for the Product Solutions segment but negative calendar effect for Industrial Services Net sales LTM Segments: Industrial Services and Product Solutions SEKm -1% 2,798 2,696 2,679 • Net sales flat, whereof -0.7% organic, 3.7% structural and -3.7% FX • Negative calendar eff
Slide 6: Construction & Services: Successful divestment of the Construction segment
Construction & Services: Successful divestment of the Construction segment Net sales LTM SEKm • Net sales increased 1.0%, whereof organic growth +1% 15.8%, 915 924 FX -4.4% and Other effects -10.8% related to 794 dissolved businesses within Expin Group • Robust underlying sentiment for Infrastructur
Slide 7: Consumer: Plantasjen in much better shape
Consumer: Plantasjen in much better shape – reconstruction in line with plan Net sales SEKm LTM Segment: Consumer -16% 2,630 2,380 1,992 • Net sales decreased 16%, whereof -2% organic, -3% FX and -12% driven by Plantasjen and closed stores as a result of the finalized reconstruction • Adj EBITA SEK
Slide 8: Financials
Financials .
Slide 9: 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 * 9 * Reported as associated company as of mid-June 2025
Slide 10: Net sales and EBITA development year-over-year
Growth Net sales Net sales and EBITA development year-over-year Organic +1% Structure +2% +3.0% Org + str +3% 6,171 NET SALES Currency -3% 103 5,991 +77 Other -6% -376 Total -7% -200 5,594 +3.4% 954 +16 Negative impact 923 +15 -46 from Aibel EBITA fin.items -26 -15 867 Q2 ’24 Organic M&A Total growt
Slide 11: Plantasjen – a more resilient business
Plantasjen – a more resilient business Plantasjen – YTD perspective +6 +17 -25 EBITA EBITA % 923 (MSEK) -22% 400 15% 15 Approx. >50 MSEK associated with 11% closures 300 10 -57 200 280 279 5 867 100 +4 0 0 Q2 ’24 Const. Product Industrial Consumer Corp. Q2 2025 2024 YTD 2025 YTD cont.ops. services S
Slide 12: Margin expansion for almost all segments
Margin expansion for almost all segments; a result of organic growth as well as operational improvements +1.3 +1.7 20.8% 21.8% 23.1% 19.1% +0.2 13.8% 14.0% -1.7 8.7% 6.5% 4.8% Construction & Services Industrial Services Product Solutions Consumer Q2’ 24 old str. Q2 ’24 Q2 ’25 12
Slide 13: NWC decreased -4% - changed profile, with lower swings
NWC decreased -4% - changed profile, with lower swings, due to changed structure SEKm 2,222 Net working capital, 2025 2024 2024 SEKm Jun Jun Dec -4% 1,629 1,557 Inventories 1,697 2,025 1,851 Trade receivables 2,097 3,220 3,025 Contract assets 477 634 669 915 203 Accounts payable 1,094 2,687 2,676 Co
Slide 14: >100% cash conversion; higher predictability going forward
>100% cash conversion; higher predictability going forward SEKm Cash flow from LTM operating activities, SEKm Q2 2025 Q2 2024 FY 2024 EBIT 3,752 1,070 1,670 2,024 Adjustment for non-cash -2,586 286 1,568 items -23% Received dividends and 1,397 -122 -150 -225 financial items, net 1,069 Income tax pai
Slide 15: Increased adjusted leverage on the back of Sentia-listing
Increased adjusted leverage on the back of Sentia-listing Leverage Leverage reported Leverage adjusted • Leverage at 0.8x in Q2 2025 impacted positively by capital gains of SEK 2.8 billion • Adjusting for IAC leverage was 1.7x, to 1.7x be compared with 1.2x last year 1.6x 1.5xS 1.4x 1.3x • Total net
Slide 16: Q2 2025 Major milestones towards a more profitable and resilient Ratos
Q2 2025 Major milestones towards a more profitable and resilient Ratos • Executed our strategy towards Industry and Critical infrastructure • Increased EBITA-margin by 3.5% • Lower volatility in cash flows and EBITA • Strong financial position • The reconstruction of Plantasjen improves profitabilit
Slide 17: Q&A
Q&A 17 .
Slide 18: Appendix
APPENDIX 18 .
Slide 19: Q2 Financial summary
Q2 Financial summary Continuing operations, MSEK Q2 2025 Q2 2024 Change Growth Net sales Net sales 5 594 5 991 +1%* Organic +1% Adjusted EBITA 867 923 -6% Structure +2% Adjusted EBITA % 15.5 15.4 +10bps Org + str +3% IAC -3 0 nm. Currency -3% Net financial items -145 -177 +18% Other -6% Tax rate % 2