Ratos Ab Class A · OMXSTO:RATO_A
Ratos Ab Class A — Q3 2026 Earnings Presentation
22 slides from Ratos Ab Class A's earnings presentation, Oct 23, 2026
Slide 1: Presentation Q3 2026
Presentation Q3 2026 26-10-23 1
Slide 2: Delivering profitable growth…
Delivering profitable growth… +5.9% Organic growth Continued robust sales development +6% • Strong performance for our portfolio companies in Industrial products and Infrastructure • Order situation improving for Industrial services 480 10.8% • Continued growth in defense related orders and projects
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 Broad-based improvement Achievements Work continues to divest • Majority of compani
Slide 4: Overview portfolio company development
Overview portfolio company development Q3 2026 vs Q3 2025 Organic growth Adj. EBITA margin ROCE¹ Company Q3 26 Q3 25 Q3 26 Q3 25 Δ pp Q3 26 Q3 25 Δ pp Industrial products Diab +1% +7% 13.0% 10.9% ▲ +2.1 16.6% 7.4% ▲ +9.2 HL Display +3% +4% 14.9% 14.2% ▲ +0.7 21.0% 20.6% ▲ +0.4 LEDiL +4% −4% 15.1% 14
Slide 5: Industrial products
Industrial products Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of +1%, strong • Organic growth of +3% • Organic growth of +4% contribution from defense; supported by ESL-projects and deliberate decline in Chinese price increases • Growth in the indoor business, wind while outdo
Slide 6: Industrial services
Industrial services Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of -7%, • Slight sentiment improvement • Organic growth of +32%, • Organic growth of +8%, driven persistently cautious market in the quarter mainly for heavy larger new contracts including by increased share of pass
Slide 7: Infrastructure Minorities
Infrastructure Minorities Adj EBITA Quarter Net sales LTM X% EBITA margin • Robust order backlog • Improving sentiment for • The share price has increased European energy following by almost 40% YTD and ~50% • Organic growth of +20% primarily the Middle East conflict since the listing in June 2025 d
Slide 8: Non-core companies (Consumer)
Non-core companies (Consumer) Adj EBITA Quarter Net sales LTM X% EBITA margin • Organic growth of +4% with • Organic growth of +19%, • Organic growth of +3%, volume growth for private- supported by solid order book primarily driven by a positive segment and motorhomes entering 2026 in a seasonally d
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 +6%* 416 Adj. EBITA MSEK +29% 4,596 4,427 4,165 Profitability margin 5.1% 480 Adj. EBITA % excl. associated 373 companies 286 Cash conversion Q3 2024
Slide 11: Net sales and Adj EBITA development year-over-year
Growth Net sales Organic +5.9% Net sales and Adj EBITA development year-over-year Structure -2.6% Org + str +3.3% Currency +3.0% Total +6.3% NET SALES +3% 4,427 0 0 -107 4,302 +125 +244 4,165 +19% +29% ADJ EBITA 480 443 +20 -10 +28 +18 373 +51 Q3 2025 Organic M&A Majority growth FX Sentia Aibel Q3 2
Slide 12: Net sales and adj. EBITA development year-over-year
Net sales and adj. EBITA development year-over-year +6%* +57 -34 4,427 +11 +24 +16 NET SALES +45 +5 -9 +9 -186 +175 +130 4,165 +19 Q3 25 Q3 26 +29% 480 +5 +11 -10 +2 ADJ EBITA +4 +28 +31 +8 -10 +2 +3 -4 +4 +24 373 +10 Q3 25 Diab HL LEDiL Aleido Knightec Speed TFS Expin Presis Aibel Sentia KVD Oase P
Slide 13: Decreasing relative NWC Y/Y due to higher sales
Decreasing relative NWC Y/Y due to higher sales and slight NWC build-up sequentially NWC 4QTR average % LTM net sales (continuing operations) Cash flow from operating Q3 Q3 FY activities, SEKm 2026 2025 2025 EBIT 450 606 3,331 Adjustment for non-cash items 119 553 10 8.2% Received dividends and -209
Slide 14: Broad-based improvement of the underlying cash flow
Broad-based improvement of the underlying cash flow Reported cash flow, SEKm Underlying cash flow, SEKm LTM 868 -69% +23 -700 868 +52% +100 -104 289 +30 190 +35 +39 270 Q3 Q4 Q1 Q2 Q3 Q3’25 Disc. Ops Diab Q3’25 Infra- Consumer Industrial Industrial Group Q3’26 2025 2026 reported +Expin settlement Un
Slide 15: Underlying ROCE improvement
Underlying ROCE improvement ROCE % 11 10 • Diab delivered strong ROCE 9.1% 9.0% 9.1% 9 improvement but also HL Display continued to improve 7.9% 8 • ROCE decreased year-on-year 7 6.3% across all Industrial services 6 companies driven by lower result 5.2% 5 • The decline in reported ROCE post Q1 25 i
Slide 16: Slight uptick in net debt and leverage
Slight uptick in net debt and leverage Net debt Leverage SEKm Times (x) 4,500 2.5 4,000 • Slight sequential increase driven by half each 3,500 2.0 • Acquisition of UFO in HL Display 3,000 1.6x • Operational needs especially for 1.5 2,500 Consumer-companies 1.2x 1.1x 2,000 • However, past twelve mont
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 Q3 2026 Q3 2025 Δ 3.83 Adj. EBIT 450 343 +31% LTM Net financial items -101 -109 +7% Adj. pre-tax profit 349 234 +49% 2.46 2.48 +96% Taxes -22 -52 +58% 1.97 Adj. net profi
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 PICTURE HL Continued healthy demand in Product & Infrastructure, while our Service companies continue to face subdued market conditions Continued focus on add-on acquisitions in our
Slide 19: Q&A
RATOS Q&A
Slide 20: Thank you!
Thank you! 26-10-23 Title 20
Slide 21: Appendix
Click to edit Master title style Appendix
Slide 22: Portfolio companies – YTD 2026 vs YTD 2025
Portfolio companies – YTD 2026 vs YTD 2025 Organic growth Adj. EBITA margin ROCE¹ Company YTD 26 YTD 25 YTD 26 YTD 25 Δ pp YTD 26 YTD 25 Δ pp Industrial products Diab +12% +8% 14.0% 9.6% ▲ +4.4 16.6% 7.4% ▲ +9.2 HL Display +4% −2% 13.7% 13.8% ▼ −0.1 21.0% 20.6% ▲ +0.4 LEDiL +2% −4% 15.2% 14.9% ▲ +0.