Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Q3 2025 Earnings Presentation
18 slides from Ratos Ab Class A's earnings presentation, Oct 21, 2025
Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 21 October 2025
Slide 2: Ratos Group Q3, 2025
Ratos Group Q3, 2025 Increased earnings and stability in a subdued market • Uncertain markets with early signs of improvements • Improved profitability and margin in mixed markets • Successful implementation of initiatives to enhance operational efficiency delivers results • Strong performance in Pr
Slide 3: Adjusted EBITA development 2022–2025
Adjusted EBITA development 2022–2025 Continuing operations, SEKm CAGR • Adj EBITA SEK 373m (286) • Positively affected by the contribution +6% 1,805 from the minority holding in Sentia 1,615 1,654 1,522 • Adj EBITA-margin 9.0% (6.2) S • Improved EBITA-margins in all segments, except Industrial Servi
Slide 4: Net sales Q3, 2023-2025
Net sales Q3, 2023-2025 Continuing operations, SEKm • Net sales -9%, SEK 4,165m (4,596) LTM • Structural changes in Plantasjen and Expin Group -5% • Organic growth of -3% -9% • Construction & Services -12% • Presis Infra had fewer change orders than LY and 4,653 4,596 continued decrease for Finnish
Slide 5: Industry: Strong development for Product Solutions but subdued market for Industrial Services
Industry: Strong development for the Product Solutions segment but overall subdued market for Industrial Services Net sales LTM SEKm Segments: Product Solutions and Industrial Service +1% 2,465 • Product Solutions had positive organic growth +3% 2,428 2,440 with EBITA-growth of 17% • HL Display and
Slide 6: Construction & Services: Weak quarter due to timing, continued solid order backlog
Construction & Services: Weak quarter due to timing, continued solid order backlog Net sales LTM SEKm • Underlying sentiment for Infrastructure remained overall -26% unchanged 1,015 • Positive growth for Aibel¹ 838 750 • The timing of change orders was different for Presis Infra, Q2 vs. Q3 • Worseni
Slide 7: Consumer: Plantasjen in much better shape – reconstruction in line with plan
Consumer: Plantasjen in much better shape – reconstruction in line with plan Net sales SEKm LTM Segment: Consumer -16% • Net sales decreased 16%, whereof -4% organic, -1% FX and -10% driven closed stores in Plantasjen 1,351 1,154 975 • Plantasjen sales like-for-like was in line with last year • Plan
Slide 8: Financials
Financials .
Slide 9: Net sales and EBITA development year-over-year
Growth Net sales Net sales and EBITA development year-over-year Organic -3% Structure +2% Org + str -2% -2% 4,596 Currency -2% NET SALES 4,512 Other -5% -161 +76 Total -9% -246 -101 4,165 Negatively impacted by lower Presis Infra contribution, automation projects in Speed and central costs (periodiz
Slide 10: Organic sales growth impacted mainly by timing of change orders in Presis Infra
Organic sales growth impacted mainly by timing of change orders in Presis Infra -2% 4,596 NET SALES 4,512 -161 +76 -246 -101 4,165 Q3 ’24 Organic M&A Total growth Closed stores FX Minorities Q3 2025 cont.ops. growth Plantasjen -2% +3% -4% -0% • Driven mainly by Presis Infra - seasonally slow sales q
Slide 11: Stable NwC post Sentia/airteam disposal, slight sequential increase due to timing
Stabile NwC post Sentia/airteam disposal, slight sequential increase due to timing (AP) SEKm NWC 4QTR average % LTM net sales (continuing operations) Net working capital, 2025 2024 2024 2,388 SEKm Sep Sep Dec -4% Inventories 1,596 1,839 1,851 11.9% 1,643 1,584 8.2% Trade receivables 1,990 2,915 3,02
Slide 12: Seasonally weaker cash-flow quarter; underlying improvement of +200%
Seasonally weaker cash-flow quarter; underlying improvement of +200% Reported cash flow, SEKm Underlying development Y/Y, SEKm LTM +198% -99 144 +11% +35 +204 862 868 783 48 -44 Q3 Construction Consumer Industry Central Q3 2024 & Services companies 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Main
Slide 13: 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 0.6x in Q3 2025 impacted positively by mainly capital gains of SEK 2.8 bn. related to the divestment of airteam and Sentia in Q2 2025 1.7x • Adjusting for IAC leverage was 1.6x, to be
Slide 14: A more profitable and resilient Ratos
A more profitable and resilient Ratos • Uncertain market with early signs of improvements • Increased EBITA and margin • Continued focus on operational improvements 14
Slide 15: Q&A
Q&A 15 .
Slide 16: Appendix
APPENDIX 16 .
Slide 17: Q3 Financial summary
Q3 Financial summary Continuing operations, MSEK Q3 2025 Q3 2024 Change Growth Net sales Net sales 4,165 4,596 -3%* Organic -3% Structure +2% Adjusted EBITA 373 286 +31% Org + str -2% Adjusted EBITA % 9.0 6.2 +2.75ppts Currency -2% IAC +263 -34 pos. Other -5% Net financial items -109 -185 +41% Total
Slide 18: 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 * 18 * Reported as associated company as of mid-June 2025