Ratos AB (publ) (RATO_A) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining us today. I will start by taking you through the main events in the quarter before Anna walks through the financials in more detail. I would say that overall Q2 was a strong quarter for Ratos. We deliver profitable growth in what is typically the largest and most important quarter of the year, supported by solid development in our industrial products companies and signs of stabilization in our industrial services companies. Net sales increased by 3.4%. Adjusted EBITDA came in at 988 ms, corresponding to a margin of 17.3% and an EBITDA growth of 14%. Adjusted earnings per share was 1 krona and 97 öre, an increase of 20% compared to last year. We had a strong cash flow and cash conversion in the quarter with underlying cash flow growing by 20% and a cash conversion reaching more than 100%. During the quarter, we continued to execute on Ratos 2030. The strategy we launched at our capital markets day in March, and I will now highlight the key actions we took in Q2 and how they linked to our strategic objectives. Under a strategic objective of building a more focused Ratos, we took several important steps during the quarter. We reduced our ownership in Sentia from 40% to 31%, bringing our stake to a level consistent with our long-term ownership ambition. Sentia has been one of Ratos' stronger investments. With an IRR of around 30% over 13 years, we have owned and developed the company. We're also pleased to be able to report that we received 200 million SEC from our M&A insurance linked to the Xfin Group transaction with a positive cash flow effect in the quarter. During the quarter, we have also been focusing on our divestment processes related to our non-core companies. TURNING TO OUR STRATEGIC OBJECTIVE OF DRIVING PROFITABLE AND C...