Slide 1: The Perpetual Owner – Interim report January - September 2025
The Perpetual Owner Interim report January - September 2025 24 October 2025 1
Slide 2: Röko in 2025
Röko in 2025 Growth in EBITA1 +11% Change in Net Debt / EBITDA2 -0.1x 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 neg
Slide 3: Financial development
Financial development MSEK FY2022 FY2023 FY2024 YTD’24 YTD’25 Net sales 4,316 5,614 6,182 4,513 4,776 Organic growth1) 12% 2% 3% 2% 0% Organic o/w FX 4% 4% 1% 0% -3% growth in local currency +3% Adj. EBITA 2) 787 1,047 1,227 889 983 Adj. EBITA margin 18% 19% 20% 20% 21% 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 Sep ‘24 Sep ‘25 Operating cash flow less CAPEX 709 664 Equity 5,405 5,528 Adj. EBITA 889 983 Interest-bearing debt 858 1,000 Cash conversion1) 80% 68% Leasing 498 573 Put/
Slide 5: Appendix
ROKO Appendix
Slide 6: KPIs
KPIs SEKm YTD 24 YTD 25 Change Net sales 4,513 4,776 6% Adj. EBITA 889 983 11% Adj. EBITA margin, % 20% 21% +1 p.p Adj. EBITDA 1,004 1,110 11% Adj. EBITDA margin, % 22% 23% +1 p.p Capital employed 8,834 9,245 5% Return on capital employed, % 13.8% 14.5% +0.7 p.p Return on equity, % 13.5% 13.1% -0.4
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 4,513 4,776 Cost of goods sold -15 -310 -1,293 -2,668 -3,343 -3,543 -2,586 -2,666 Gross profit 8 304 790 1,648 2,271 2,639 1,927 2,110 Selling expenses -5 -109 -203 -474
Slide 8: Balance sheet
Balance sheet December Sep December Sep 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 8,298 Equity attributable to Röko’s 350 719 1,991 3,653 4,942 5,501 5,528 shar
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 89 312 612 821 969 706 758 Adjustment for non-cash items 2 44 107 262 358 404 293 311 Net financial items -1 -14 -26 -67 -106 -58 -45 -44 Paid tax 0 -40 -86 -189 -224 -261 -15
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