Slide 1: The Perpetual Owner – Interim report January - June 2025
The Perpetual Owner Interim report January - June 2025 17 July 2025 1
Slide 2: Röko in 2025
Röko in 2025 Growth in EBITA1 +11% Change in Net Debt / EBITDA2 no change Source: Company information Note: Based on actual reported information. 1) Reported Adj. EBITA increased 11% for the six-months period in 2025, from MSEK 635 to 708 driven by organic growth and acquisitions, partly offset with
Slide 3: Financial development
Financial development MSEK FY2022 FY2023 FY2024 YTD’24 YTD’25 Net sales 4,316 5,614 6,182 3,066 3,259 Organic growth1) 12% 2% 3% 3% 0% Organic o/w FX 4% 4% 1% 2% -3% growth in local currency +3% Adj. EBITA 2) 787 1,047 1,227 635 708 Adj. EBITA margin 18% 19% 20% 21% 22% Net debt / LTM Adj. 4.2x 2.2x
Slide 4: Cash flow and capital efficiency
Cash flow and capital efficiency Cash flow from operations and cash conversion Capital employed and ROCE SEKm YTD 24 YTD 25 SEKm June 24 June 25 Operating cash flow less CAPEX 527 477 Equity 5,393 5,555 Adj. EBITA 635 708 Interest-bearing debt 718 1,030 Cash conversion1) 83% 67% Leasing 431 566 Put/
Slide 5: Appendix
ROKO Appendix
Slide 6: KPIs
KPIs SEKm YTD 24 YTD 25 Change Net sales 3,066 3,259 6% Adj. EBITA 635 708 11% Adj. EBITA margin, % 21% 22% +1 p.p Adj. EBITDA 707 790 12% Adj. EBITDA margin, % 23% 24% +1 p.p Capital employed 8,704 9,475 9% Return on capital employed, % 13.5% 14.1% +0.6 p.p Return on equity, % 12.3% 13.1% +0.8 p.p
Slide 7: Profit and loss statement
Profit and loss statement Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2024 2025 Net sales 23 614 2,083 4,316 5,614 6,182 3,066 3,259 Cost of goods sold -15 -310 -1,293 -2,668 -3,343 -3,543 -1,727 -1,807 Gross profit 8 304 790 1,648 2,271 2,639 1,339 1,451 Selling expenses -5 -109 -203 -474
Slide 8: Balance sheet
Balance sheet December June December June SEKm 2019 2020 2021 2022 2023 2024 2025 SEKm 2019 2020 2021 2022 2023 2024 2025 ASSETS EQUITY AND LIABILITIES Fixed assets Equity Intangible assets 955 1,506 3,984 7,339 7,481 8,337 8,433 Equity attributable to Röko’s 350 719 1,991 3,653 4,942 5,501 5,555 sh
Slide 9: Cash flow statement
Cash flow statement Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2024 2025 Operating activities Operating profit -11 89 312 612 821 969 514 546 Adjustment for non-cash items 2 44 107 262 358 404 191 205 Net financial items -1 -14 -26 -67 -106 -58 -31 -28 Paid tax 0 -40 -86 -189 -224 -261 -12
Slide 10: Overview of acquisitions
Overview of acquisitions Röko has made 29 platform acquisitions to date Year Company Description Business area Country Ownership1) Net sales at acquisition2) Segment split – no. of Companies H2 2019 Arboritec3) Varnish and floor maintenance products B2B Sweden 100% SEK 30m H2 2019 Hot Screen Heat tr
Slide 11: Disclaimer
Disclaimer The Manager have not conducted any independent review or verification of the information in the Presentation and although efforts have been made to accurately describe Röko, the Manager disclaims any and all liability for the content being correct, accurate and complete. In addition to in
Slide 12: The Perpetual Owner
ROKO The Perpetual Owner