Slide 1: Presentation Q2 2026
Presentation Q2 2026 26-07-17 Title 1
Slide 2: Delivering profitable growth…
Delivering profitable growth… +3.4% Organic growth Continued robust sales development for industrial products, signs of stabilization for industrial services • Diab and HL Display in healthy growth numbers • On the industrial services side, Knightec Group showed early signs of stabilization 988 17.3
Slide 3: …while executing on our 2030-strategy
…while executing on our 2030-strategy 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 Sentia sell-down to ~31% Significant orders Increased industry expertise in Achieve
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 +5% partly • Organic growth of +2% strong contribution from supported by ESL-projects • Growth in the indoor business, defense • Margins impacted by product while outdoor demand mix and
Slide 6: Industrial services
Industrial services Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of -4%, • Organic growth of +2% (-0% • Organic growth of +23%, • Organic growth of +12%, driven persistently cautious market YTD), signs of stabilization in including a pricing re- by increased share of pass- with d
Slide 7: Infrastructure Minorities
Infrastructure Minorities Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of +4% • Record-high order backlog • The share price has increased and improving sentiment for by over 50% since the listing • Somewhat lower profitability due European energy following in June 2025 to project
Slide 8: Non-core companies (Consumer)
Non-core companies (Consumer) Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of -9% • Organic growth of +17%, • Organic growth of +3%, supported by a strong demand primarily driven by a positive • Continued decline in used cars and a solid order book entering development in the Nor
Slide 9: Financials
Click to edit Master title style Financials
Slide 10: 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 416 +3.4%* 5,991 5,594 5,703 Adj. EBITA+14% MSEK 988 923 867 Profitability margin 5.1% Adj. EBITA % excl. associated companies Cash conversion Q2 2024
Slide 11: Net sales
Growth Net sales Organic +3.4% Net sales and Adj EBITA development year-over-year Structure -2.7% Org + str +0.7% Currency +1.2% Other - +1% NET SALES Total +1.9% 5,703 +189 -149 0 0 5,634 +69 5,594 +3% +14% ADJ EBITA 988 +24 +56 896 867 +0 +12 +29 Q2 2025 Organic M&A Majority growth FX Sentia Aibel
Slide 12: Net sales and Adj EBITA development year-over-year
Net sales and Adj EBITA development year-over-year +3.4%* +32 -1 +29 NET SALES -6 -3 -195 -39 5,703 +102 +66 -45 +80 +24 +63 5,594 Q2 25 Q2 26 +14% 988 +8 -2 -6 +9 ADJ EBITA +56 -24 +2 +3 -1 +7 -2 +4 -12 +6 867 +27 Q2 25 Diab HL LEDiL Aleido Knightec Speed TFS Expin Presis Aibel Sentia KVD Oase Plan
Slide 13: Stable to slightly decreasing relative NwC Y/Y and release from NwC sequentially
Stable to slightly decreasing relative NwC Y/Y and release from NwC sequentially on the back of lower inventories NWC 4QTR average % LTM net sales (continuing operations) Cash flow from operating Q2 Q2 FY activities, SEKm 2026 2025 2025 EBIT 1,345 3,752 3,331 9.1% Adjustment for non-cash items -36 -
Slide 14: Strong cash generation in a seasonally important quarter
Strong cash generation in a seasonally important quarter Reported cash flow, SEKm Underlying cash flow, SEKm LTM +42% 1 519 1,519 1,397 +221 +21% 1,069 +200 1 069 1098 +64 -160 +47 909 -33 +156 -45 Q2’25 Disc. Ops Q2’25 Infra- Consumer Industrial Industrial Group Q2’26 M&A Sentia Q2’26 reported +Exp
Slide 15: Underlying ROCE improvement
Underlying ROCE improvement ROCE % 11 • The decline in reported ROCE post 10 9.2% 9.4% Q1 25 is mainly attributable to the 9 8.6% divestment of Sentia and airteam 8 • ROCE decreased year-on-year 7.3% across all Industrial Services 7 companies driven by lower result 6.1% 6 • Diab delivered strong ROC
Slide 16: Deleveraging mainly due to several one-off cash items during past year
Deleveraging mainly due to several one-off cash items during past year Net debt Leverage SEKm Times (x) 4,500 2.5 4,000 • Major drivers to deleveraging: 2.0 • Sentia sell-down 3,500 1.7x • M&A insurance Expin 3,000 1.5 • Sentia dividend 2,500 1.2x • Solid operational cash flow 2,000 1.0x 1.0 • Howev
Slide 17: 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 Q2 2026 Q2 2025 Δ +20% 3.43 Adj. EBIT 958 837 +14% LTM Net financial items -115 -145 +21% 2.63 Adj. pre-tax profit 843 692 +22% 2.46 Taxes -133 -135 +1% 1.97 1.85 1.64 Ad
Slide 18: Delivering profitable growth and executing on our 2030-strategy
Delivering profitable growth and executing on our 2030-strategy Improved performance in almost all portfolio companies and external competences added to portfolio company boards Successful sell-down from 40% to 31% in Sentia, now at long-term ownership Continued focus on add-on acquisitions in our p
Slide 19: Q&A
RATOS Q&A
Slide 20: Thank you!
Thank you! 26-07-17 Title 20
Slide 21: Appendix
Click to edit Master title style Appendix