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Ratos
Quarterly Report • Oct 21, 2025
2957_10-q_2025-10-21_20bd8e75-1d9e-4b50-8a07-9ee55a3fa2d1.pdf
Quarterly Report
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Interim report Q3 2025
Interim report January–September 2025
Increased earnings and stability in a subdued market
Q3 2025
Continuing operations
- Net sales amounted to SEK 4,165m (4,596)
- Adjusted1) EBITA amounted to SEK 373m (286)
- The adjusted EBITA margin was 9.0% (6.2)
- Operating profit amounted to SEK 606m (-25)
- Operating profit was impacted by items affecting comparability3) of SEK +263m (-34)
- Profit for the period amounted to SEK 444m3) (-219)
Group total
- Adjusted diluted earnings per share amounted to SEK 0.43 (0.40)
- Diluted earnings per share4) amounted to SEK 1.20 (-0.45)
- Cash flow from operating activities amounted to SEK 868m (783)
- Adjusted leverage excluding finance leases was 1.6x (1.2x)2)
January–September 2025
Continuing operations
- Adjusted1) EBITA amounted to SEK 1,586m (1,434)
- Operating profit amounted to SEK 1,874m (1,064)
- Operating profit was impacted by items affecting comparability3) of SEK +380m (-34)
- Profit for the period3) amounted to SEK 1,234m (352)
Group total
- Adjusted diluted earnings per share amounted to SEK 2.45 (2.32)
- Diluted earnings per share4) amounted to SEK 11.70 (1.47)
- Cash flow from operating activities amounted to SEK 1,652m (2,042)
Significant events during the quarter
On 25 July, an arbitration award was issued in a dispute involving Diab as one of the parties. As a result of the award and in line with Ratos's ongoing strategy, a decision was made to decrease the capacity in Diab's PET production and to impair certain assets directly linked to the dispute. Overall, this resulted in a positive outcome of SEK +300m for Diab.
Ratos Group, SEKm
| Q3 | Q3 | Change | Q1-3 | Q1-3 | Change | LTM | Full Year | Change | |
|---|---|---|---|---|---|---|---|---|---|
| Continuing operations | 2025 | 2024 | % | 2025 | 2024 | % | Rolling | 2024 | % |
| Net sales | 4,165 | 4,596 | -9% | 14,231 | 15,374 | -7% | 18,914 | 20,057 | -6% |
| EBITDA | 1,159 | 550 | 111% | 3,065 | 2,358 | 30% | 3,447 | 2,740 | 26% |
| EBITA, adjusted1⁾ | 373 | 286 | 31% | 1,586 | 1,434 | 11% | 1,805 | 1,654 | 9% |
| EBITA %, adjusted1⁾ | 9.0% | 6.2% | 11.1% | 9.3% | 9.5% | 8.2% | |||
| EBITA | 636 | 252 | pos | 1,965 | 1,400 | 40% | 1,929 | 1,365 | 41% |
| EBITA % | 15.3% | 5.5% | 13.8% | 9.1% | 10.2% | 6.8% | |||
| Operating profit/loss3⁾ | 606 | -25 | pos | 1,874 | 1,064 | 76% | 1,806 | 995 | 81% |
| Profit/loss before tax | 497 | -210 | pos | 1,457 | 509 | pos | 1,217 | 269 | pos |
| Profit/loss for the period3⁾ | 444 | -219 | pos | 1,234 | 352 | pos | 976 | 94 | pos |
| Basic earnings per share, SEK⁴⁾ | 1.21 | -0.79 | pos | 3.25 | 0.50 | pos | 2.30 | -0.45 | pos |
| Diluted earnings per share, SEK⁴⁾ | 1.20 | -0.79 | pos | 3.23 | 0.50 | pos | 2.29 | -0.45 | pos |
| Group total | |||||||||
| Basic earnings per share, SEK⁴⁾ | 1.21 | -0.45 | pos | 11.83 | 1.47 | pos | 11.12 | 0.76 | pos |
| Diluted earnings per share, SEK⁴⁾ | 1.20 | -0.45 | pos | 11.70 | 1.47 | pos | 11.02 | 0.76 | pos |
| Cash flow from operating activities | 868 | 783 | 11% | 1,652 | 2,042 | -19% | 3,055 | 3,445 | -11% |
| Leverage excl. financial leasing | 0.6x | 0.7x | 1.3x | ||||||
| Return on capital employed excl. financial leasing | 9.3% | 10.2% | 10.1% |
1) For a reconciliation of adjusted EBITA, see page 22. For definitions, see page 24. 2) Leverage for Q3 2025 has been adjusted for capital gains and items affecting comparability. Leverage for Q3 2024 has been adjusted for a reversal of impairment totalling SEK 1,656m pertaining to the holding in Aibel.
3) Operating profit and profit for the period were positively impacted by items affecting comparability of SEK +263m in Q3 2025 and positively impacted by items affecting comparability of SEK +380m in Q1–3 2025. Operating profit and profit for the period for full-year 2024 were negatively impacted by items affecting comparability of SEK -289m, primarily attributable to the reconstruction of Plantasjen as well as impairment of goodwill in Plantasjen of SEK -246m. Refer to page 22 for information on items affecting comparability.
4) Earnings per share were positively impacted by items affecting comparability of SEK +263m in Q3 2025 and positively impacted in an amount of SEK +380m in Q1–3 2025. Earnings per share for the Group as a whole were positively impacted in Q1–3 2025, mainly by capital gains from the divestments of airteam and Sentia. Earnings per share pertain to the majority share of the items affecting comparability.
CEO comments on performance of continuing operations in the third quarter
Increased earnings and stability in a subdued market
The quarter was characterised by generally subdued demand as a result of geopolitical uncertainty, trade policies, and the business cycle. For Ratos, this resulted in lower sales in the quarter. At the same time, we saw that the measures we have taken to improve cost control, operational efficiency and optimisation of our companies' production resources have yielded results. Both EBITA and the operating margin improved further during the quarter. Organic net sales decreased by just over 3%, primarily due to a decline in Construction & Services.
Development of Ratos's business areas
Industry
The business area's sales and EBITA were entirely in line with the year-earlier period. It was gratifying to note that the Product Solutions segment increased its sales by 3% organically and its EBITA by 17% in the quarter. Order intake also increased year-on-year, a sign of strength particularly from Diab and HL Display. Diab is adjusting its production to focus on emerging markets, while also reducing its tied-up capital.
Sales in the Industrial Services segment declined 2% organically in a generally weak market. EBITA decreased 21% due to the implementation of automation processes in the expanding Speed Group and a challenging biotech market for TFS HealthScience. Our consultancy companies also faced a weaker market, particularly in the automotive industry. The integration of Knightec Group was completed in September and generated significant savings as a result of synergies that exceeded the levels presented when the project commenced in September 2024. The results of these synergies will gradually have a positive impact on comparative figures until Q4 2026.
Construction & Services
The business area reported lower sales in the quarter due to fewer add-on orders in Presis Infra, and Expin Group was negatively impacted by a weaker market in the railway sector in Finland. Aibel is continuing to grow and is on track for another record-breaking year.
Despite weaker sales, the business area reported improved earnings for the quarter, with the share of profit from Sentia making the largest contribution.
Following the streamlining carried out in the spring, the business area now consists of wholly owned infrastructure companies – Expin Group and Presis Infra – as well as the associates Sentia and Aibel.
Consumer
Plantagen's remaining stores reported stable sales on par with the year-earlier period. Earnings improved significantly as a result of reduced costs following the reconstruction and higher gross margins. While Kvdbil continued to deliver a stable performance, its deliberate reduction in inventory levels had a negative impact on sales.
Continued steps towards a more focused and profitable Ratos
We are continuing to make improvements in the companies in parallel with our ambition to streamline Ratos's operations. The long-term aim is that Ratos will consist of companies that are or can become market leaders in their niche and region and thus have good conditions for profitable growth, strong margins and high returns. The improvements we are implementing are a prerequisite both for Ratos's streamlining and for our long-term development.
Overall, I am satisfied with our performance during the quarter, during which Ratos continued to deliver improved earnings thanks to its streamlining efforts in a weak market characterised by uncertainty.
Jonas Wiström, President and CEO
Group performance Q3 2025
Net sales
The performance in the third quarter was varied, with several positive signs such as a favourable trend in the defense industry. However, the market remained uncertain, with prolonged decision-making processes for capital-intensive projects. The third quarter is also seasonally weak for several businesses, resulting in a lower activity level. Overall, organic sales growth was negative and amounted to -3%.
Profit
Adjusted EBITA for continuing operations amounted to SEK 373m, with the share of profit from Sentia being one of the largest drivers compared with the year-earlier period. Adjusted for this, EBITA increased 10% as a result of a strong performance in the Product Solutions segment, particularly for HL Display and Diab, and significant improvements in Plantasjen. In Construction & Services, Sentia's profit share was the main profit driver, along with improvements in Expin Group, which were partly offset by lower earnings in Presis Infra due to fewer additional orders. In the Industrial Services segment, weak demand was noted for consulting activities, particularly in the automotive and biotech sectors. Group costs increased compared with the previous year, mainly due to a timing difference related to variable remuneration. For the period January to September, Group costs were in line with the previous year. Operating profit improved significantly due to stronger underlying earnings, the positive non-recurring effect related to Diab, and lower financial expenses due to falling market interest rates. The effective tax rate for the quarter was 11% (neg.).
Financial performance Q3 2025
| Net sales | EBITA, adjusted | ||||||
|---|---|---|---|---|---|---|---|
| Q3 | Q3 | Change | Q3 | Q3 | Change | ||
| SEKm, Continuing operations | 2025 | 2024 | % | 2025 | 2024 | % | |
| Industry | 2,440 | 2,428 | 1% | 235 | 235 | 0% | |
| Construction & Services | 750 | 1,015 | -26% | 172 | 135 | 28% | |
| Consumer | 975 | 1,154 | -16% | 9 | -56 | 116% | |
| Group costs | -43 | -28 | -52% | ||||
| Elimination of internal net sales | -O | -0 | |||||
| Net sales and EBITA, adjusted | 4,165 | 4,596 | -9% | 373 | 286 | 31% | |
| Discontinued operations, Construction segment | 2,858 | -100% | 183 | -100% | |||
| Net sales and EBITA, adjusted Group total | 4,165 | 7,454 | -44% | 373 | 469 | -20% | |
| Items affecting comparability 1) | 263 | -34 | |||||
| Amortisation and impairment of intangible assets in connection with | |||||||
| company acquisitions | -30 | -276 | 89% | ||||
| Consolidated operating profit | 606 | -25 | pos | ||||
| Finance net | -109 | -185 | 41% | ||||
| Profit/loss before tax | 497 | -210 | pos | ||||
| Tax | -52 | -9 | neg | ||||
| Profit/loss for the period, continuing operations | 444 | -219 | pos | ||||
| Profit for the period, discontinued operations 2) | 164 | -100% | |||||
| Profit/loss for the period | 444 | -54 | pos |
<sup>1) Refer to page 22 for information on items affecting comparability
Adjusted EBITA, quarterly and LTM, SEKm, continuing operations
Sales bridge Q3
| Net sales | |
|---|---|
| 2024, SEKm | 4,596 |
| Structure, % | 2% |
| Currency, % | -2% |
| Other, %* | -5% |
| Organic growth, %** | -3% |
| Total, % | -9% |
| 2025, SEKm | 4,165 |
* Pertains to Expin Group and Plantasjen, attributable to dissolved operations and store closures
Net sales, quarterly and LTM, SEKm, continuing operations
2) Pertains to the Construction segment
** Volume, price and mix
Group performance January-September 2025
Net sales
Demand in the period was weak in most of Ratos's segments, impacted by continued macroeconomic and geopolitical uncertainty. This was partly offset by robust trends in some areas, such as the defence industry. Organic net sales declined a total of 2% to SEK 14,231m. In the Industrial Services segment, the technology consultancy operations were negatively impacted by a lower number of working days. Store closures in Plantasjen contributed to a decrease of -5% compared with the year-earlier period. Around +2% was attributable to acquisitions and divestments, mainly in Industry. Unfavorable exchange rate effects due to a stronger Swedish krona (SEK) had a negative impact of -2% on net sales.
Profit
Adjusted EBITA increased 11% to SEK 1,586m, mainly driven by a strong performance in Construction & Services, but also by Consumer. Last year's restructuring work in Plantasjen resulted in a significantly more resilient and profitable business. Construction & Services' profitability improved due to operational improvements in Expin Group and the minority holding in Sentia, partly offset by lower earnings in Presis Infra. Earnings in Industrial Services were negatively impacted by a lower number of working days and weak demand in the biotech sector. However, Product Solutions' EBITA increased due to strong performances in HL Display and Diab. Net financial items amounted to SEK -418m, up 25%, mainly as a result of lower financing costs. The effective tax rate for the period was 15% (31)
Financial performance January-September 2025
| • | Net sales | EBITA, adjusted | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEKm, Continuing operations | Q1-3 2025 |
Q1-3 2024 |
Change % |
Rolling LTM |
Full Year 2024 |
Q1-3 2025 |
Q1-3 2024 |
Change % |
Rolling LTM |
Full Year 2024 |
| Industry | 7,825 | 7,837 | 0% | 10,402 | 10,414 | 805 | 819 | -2% | 1,030 | 1,045 |
| Construction & Services | 2,717 | 3,160 | -14% | 3,864 | 4,307 | 573 | 473 | 21% | 791 | 691 |
| Consumer | 3,689 | 4,378 | -16% | 4,649 | 5,337 | 343 | 269 | 28% | 134 | 60 |
| Group costs | -134 | -127 | -6% | -149 | -142 | |||||
| Elimination of internal sales | -0 | -2 | -0 | -2 | ||||||
| Net sales and EBITA, adjusted | 14,231 | 15,374 | -7% | 18,914 | 20,057 | 1,586 | 1,434 | 11% | 1,805 | 1,654 |
| Items affecting comparability 1) | 380 | -34 | 124 | -289 | ||||||
| Amortisation and impairment of intangible assets | ||||||||||
| in connection with company acquisitions | -91 | -337 | 73% | -124 | -369 | |||||
| Consolidated operating profit | 1,874 | 1,064 | 76% | 1,806 | 995 | |||||
| Finance net | -418 | -554 | 25% | -589 | -726 | |||||
| Profit before tax | 1,457 | 509 | pos | 1,217 | 269 | |||||
| Tax | -222 | -157 | -42% | -241 | -176 | |||||
| Profit for the period, continuing operations | 1,234 | 352 | pos | 976 | 94 | |||||
| Profit for the period, discontinued operations 2) | 3,031 | 453 | pos | 3,145 | 568 | |||||
| Profit for the period | 4,265 | 806 | pos | 4,121 | 662 |
1) Refer to page 22 for information on items affecting comparability
Adjusted EBITA, LTM, SEKm, continuing operations
Sales bridge, January-September
| Net sales | |
|---|---|
| 2024, SEKm | 15,374 |
| Structure, % | 2% |
| Currency, % | -2% |
| Other, %* | -5% |
| Organic growth, %** | -2% |
| Total, % | -7% |
| 2025, SEKm | 14,231 |
* Pertains to Expin Group and Plantasjen, attributable to dissolved operations and store closures
Net sales, LTM, SEKbn, continuing operations
<sup>2) Pertains to the Construction segment and related capital gains
** Volume, price and mix
Industry
The Industry business area consists of two segments: Industrial Services and Product Solutions. Industrial Services includes Aleido, Knightec Group, Speed Group and TFS HealthScience, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. For further information, refer to Note 5.
Order intake and net sales
Organic net sales for the Industry business area were stable compared with the year-earlier period. The Product Solutions segment achieved organic sales growth, mainly driven by Diab and HL Display, both of which benefited from favourable demand in several industries and geographic regions. LEDiL continued to face a subdued market, and Oase Outdoors' delivered weaker sales than in the preceding year but reported a strong order intake for the coming year. In Industrial Services, demand for consulting activities remained subdued. The impact of the number of working days in the seasonally weak quarter was neutral. The automotive and biotech sectors were weak, while demand increased in the energy and defense industries. Overall, the Industrial Services segment posted negative organic sales growth.
Profit
Adjusted EBITA amounted to SEK 235m, in line with the year-earlier period. Product Solutions reported a 17% increase in adjusted EBITA, driven by a strong sales trend in Diab and HL Display and lower depreciation and amortization in Diab following the impairment of assets related to PET production. This was offset by a 21% decline in Industrial Services, mainly due to lower earnings in TFS HealthScience and Speed Group. Speed Group was impacted by several major automation projects, which are expected to contribute positively to profitability next year. Knightec Group maintained its profitability as a result of integration-related cost synergies. Reported EBITA was positively impacted, primarily by a legal settlement of SEK 700m pertaining to Diab, although this was partly offset by asset impairment and restructuring costs of SEK 400m.
Strategic agenda
As a result of the legal settlement, Diab initiated capacity reductions in its PET production in several markets. TFS HealthScience and Aleido launched cost-saving programmes in response to uncertain market conditions. Knightec Group continued its integration process, with full cost synergies expected to be achieved by the end of 2026, and the majority of the savings expected to be realized in the first quarter of 2026.
Financial performance
| Q3 | Q3 | Change | Q1-3 | Q1-3 | Change | LTM | Full Year | Change | |
|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | % | 2025 | 2024 | % | Rolling | 2024 | % |
| Net sales | 2,440 | 2,428 | 1% | 7,825 | 7,837 | 0% | 10,402 | 10,414 | 0% |
| EBITA, adjusted 1) | 235 | 235 | 0% | 805 | 819 | -2% | 1,030 | 1,045 | -1% |
| whereof Industrial Services | 82 | 104 | -21% | 270 | 332 | -19% | 403 | 466 | -13% |
| whereof Product Solutions | 153 | 131 | 17% | 535 | 487 | 10% | 627 | 579 | 8% |
| EBITA %, adjusted | 9.6% | 9.7% | 10.3% | 10.5% | 9.9% | 10.0% | |||
| EBITA | 498 | 215 | 132% | 1,031 | 799 | 29% | 1,202 | 970 | 24% |
| EBITA % | 20.4% | 8.9% | 13.2% | 10.2% | 11.6% | 9.3% | |||
| Operating profit | 478 | 196 | 144% | 970 | 743 | 30% | 1,119 | 893 | 25% |
| Operating profit % | 19.6% | 8.1% | 12.4% | 9.5% | 10.8% | 8.6% | |||
| Cash flow from operating activities | 1,019 | 395 | pos | 1,402 | 958 | 46% | 1,721 | 1,277 | 35% |
| Return on capital employed, business area % | 10.9% | 11.3% | 11.4% | ||||||
| Average number of employees | 6,899 |
1) Refer to page 22 for information on adjusted EBITA.
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
| Q3 2025 |
Q1-3 2025 |
|
|---|---|---|
| 2024, SEKm | 2,428 | 7,837 |
| Structure, % | 3% | 4% |
| Currency, % | -3% | -2% |
| Organic growth, %* | 0% | -2% |
| Total, % | 1% | -0% |
| 2025, SEKm | 2,440 | 7,825 |
*Volume, price and mix
Net sales, LTM, SEKm
Construction & Services
The Construction & Services business area and segment consists of the companies Expin Group and Presis Infra as well as the associates Aibel and Sentia. airteam was divested in May 2025, and Sentia is reported as an associate as of 16 June 2025. See Note 5 for segment reporting.
Order intake2) and net sales
For Presis Infra, the market conditions for infrastructure maintenance were generally stable during the quarter. As expected, the third quarter was seasonally weaker, with few or no major orders, although the order backlog at the end of the period was higher than in the year-earlier period. The year-on-year decrease in organic sales was mainly attributable to a lower number of add-on orders. In Expin Group, the Swedish electrification market remained positive, with several major projects in progress contributing to strong organic sales growth. The order backlog remained strong. Market conditions in Finland deteriorated further. Net sales decreased a total of 12% organically.
Profit
Adjusted EBITA increased 28% to SEK 172m, mainly due to the contribution from the share of profit in Sentia. Excluding this effect, adjusted EBITA decreased 16%, with Presis Infra accounting for the majority of the decline due to a lower share of higher-margin add-on orders in a seasonally weak quarter. Expin Group continued to deliver a stronger performance despite lower sales, reflecting the operational improvements implemented since last year. Excluding the effects of the minority holdings in Sentia and Aibel, the adjusted EBITA margin was 3.0% (4.7).
Strategic agenda
In Expin Group, the new Finnish management team initiated a number of operational improvement measures to ensure the company's profitability despite deteriorating market conditions.
Financial performance
| Q3 | Q3 | Change | Q1-3 | Q1-3 | Change | LTM | Full Year | Change | |
|---|---|---|---|---|---|---|---|---|---|
| SEKm, Continuing operations | 2025 | 2024 | % | 2025 | 2024 | % | Rolling | 2024 | % |
| Net sales | 750 | 1,015 | -26% | 2,717 | 3,160 | -14% | 3,864 | 4,307 | -10% |
| EBITA, adjusted 1) | 172 | 135 | 28% | 573 | 473 | 21% | 791 | 691 | 14% |
| EBITA %, adjusted | 23.0% | 13.3% | 21.1% | 15.0% | 20.5% | 16.0% | |||
| EBITA | 172 | 156 | 10% | 549 | 495 | 11% | 767 | 712 | 8% |
| EBITA % | 23.0% | 15.4% | 20.2% | 15.6% | 19.9% | 16.5% | |||
| Operating profit | 164 | 145 | 13% | 524 | 463 | 13% | 731 | 670 | 9% |
| Operating profit % | 21.8% | 14.3% | 19.3% | 14.7% | 18.9% | 15.6% | |||
| Cash flow from operating activities | -44 | -5 | neg | 281 | 345 | -19% | 561 | 625 | -10% |
| Return on capital employed, business area % | 17.9% | 11.0% | 15.6% | ||||||
| Order intake 2) | 25 | 45 | -44% | 3,401 | 3,872 | -12% | 3,740 | 4,212 | -11% |
| Order backlog 2) | 9,020 | 8,790 | 3% | 8,261 | |||||
| Average number of employees | 5,853 |
1) Refer to page 22 for information on adjusted EBITA.
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
| Q3 | Q1-3 | |
|---|---|---|
| 2025 | 2025 | |
| 2024, SEKm | 1,015 | 3,160 |
| Structure, % | 0% | 0% |
| Currency, % | -2% | -3% |
| Other, %* | -13% | -9% |
| Organic growth, %** | -12% | -2% |
| Total, % | -26% | -14% |
| 2025, SEKm | 750 | 2,717 |
* Pertains to Expin Group, attributable to dissolved operations
Net sales, LTM, SEKm
Order backlog and order intake, SEKm
<sup>2) Sentia's and Aibel's order intakes and order backlogs are not consolidated in the business area. See Note 5 for information about Aibel's order intake and order backlog
*Volume, price and mix
Consumer
The Consumer business area consists of KVD and Plantasjen. For further information, refer to the information on segment reporting in Note 5.
Net sales
Consumer confidence was stable or slightly stronger in the quarter. While the volume of used vehicles increased slightly, this was offset by an unfavorable price trend, which had a negative impact on KVD's sales performance. The effect was further heightened by deliberately low inventory levels. Plantasjen performed in line with the year-earlier period on an organic basis, excluding the impact of a smaller store network. The business area's net sales decreased a total of 4% organically.
Profit
Adjusted EBITA for the business area improved considerably in the quarter, driven by savings from the reconstruction of Plantasjen and stronger gross margins in the operations. As a result of improved gross margins, KVD succeeded in maintaining its profitability despite lower sales. The reconstruction has made Plantasjen resilient and improved its ability to maintain profitability despite fluctuating demand. For the business area as a whole, the adjusted EBITA margin improved to 0.9%, compared with -4.8% in the year-earlier period.
Strategic agenda
Plantasjen launched several targeted sales campaigns in Sweden and Norway in order to drive growth and increase customer traffic over both the short and long term. The company is also reviewing its logistics management with the aim of strengthening the service level and increasing cost efficiency.
Financial performance
| Q3 | Q3 | Change | Q1-3 | Q1-3 | Change | LTM | Full Year | Change | |
|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | % | 2025 | 2024 | % | Rolling | 2024 | % |
| Net sales 1) | 975 | 1,154 | -16% | 3,689 | 4,378 | -16% | 4,649 | 5,337 | -13% |
| EBITA, adjusted 1)2) | 9 | -56 | 116% | 343 | 269 | 28% | 134 | 60 | 124% |
| EBITA %, adjusted | 0.9% | -4.8% | 9.3% | 6.1% | 2.9% | 1.1% | |||
| EBITA | 9 | -90 | 110% | 519 | 234 | 122% | 109 | -176 | pos |
| EBITA % | 0.9% | -7.8% | 14.1% | 5.3% | 2.3% | -3.3% | |||
| Operating profit/loss | 7 | -337 | 102% | 516 | -16 | pos | 105 | -426 | 125% |
| Operating profit/loss % | 0.8% | -29.2% | 14.0% | -0.4% | 2.3% | -8.0% | |||
| Cash flow from operating activities | -119 | -89 | -33% | 126 | 585 | -78% | 193 | 652 | -70% |
| Return on capital employed, business area % | -3.1% | -2.9% | -7.1% | ||||||
| Average number of employees | 1,389 |
1) See Note 5 for Plantasien's adjusted net sales and EBITA
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
| Q3 | Q1-3 | |
|---|---|---|
| 2025 | 2025 | |
| 2024, SEKm | 1,154 | 4,378 |
| Currency, % | -1% | -2% |
| Other, %* | -10% | -11% |
| Organic growth, %** | -4% | -3% |
| Total, % | -16% | -16% |
| 2025, SEKm | 975 | 3,689 |
* Pertains to Plantasjen, attributable to closed stores and dissolved operations
Net sales, LTM, SEKm
<sup>2) Refer to page 22 for information on adjusted EBITA
*Volume, price and mix
Financial overview, Ratos Group Cash flow Q3
Cash flow from operating activities amounted to SEK 868m (783). Cash flow from investing activities amounted to SEK -96m (-116). Cash flow from financing activities amounted to SEK -1,393m (-305). Cash flow for the period amounted to SEK -622m (362).
The change in cash flow for the quarter was mainly attributable to repayments of external loans (SEK -1,140m, net). The arbitration in Diab had a positive impact of approximately SEK 700m on cash flow for the quarter.
Cash flow January–September
Cash flow from operating activities amounted to SEK 1,652m (2,042) and was negatively impacted of an amount of approximately SEK 200m due to the composition dividend paid for Plantasjen and positively impacted of an amount of approximately SEK 700m by the arbitration in Diab. Cash flow from investing activities amounted to SEK -229m (-693). Cash flow from financing activities amounted to SEK -2,646m (-1,566). Cash flow for the period amounted to SEK -1,223m (-216).
The change in cash flow for the period was mainly due to a change in working capital (SEK -592m) and lower investing activities (SEK +464m), mainly attributable to a lower number of add-on acquisitions compared with the year-earlier period and higher dividends to non-controlling interest (SEK -581m).
Financial position and leverage
The Group's cash and cash equivalents at the end of the period amounted to SEK 891m (2,186 at 31 December 2024) and interest-bearing net debt excluding financial lease liabilities totalled SEK 3,613m (2,815 at 31 December 2024). Excluding financial lease liabilities, the Group's leverage at the end of the period amounted to 0.6x (1.3x at 31 December 2024). Adjusted leverage excluding finance leases at the end of the period amounted to 1.6x (1.2x at 31 December 2024) after capital gains and items affecting comparability. Ratos's remaining holding in Sentia, which amounts to 39.77% and was valued at SEK 2.5 billion at the end of the period, is not included in the calculation of leverage.
The Group's interest-bearing net debt including financial lease liabilities totalled SEK 7,099m (6,820 at 31 December 2024). The Group's leverage including financial lease liabilities at the end of the period amounted to 1.1x (1.9x at 31 December 2024). The total translation effect of currency tied to interest-bearing liabilities amounted to SEK -87m, of which SEK -1m related to liabilities to credit institutions and SEK -86m to financial lease liabilities.
At the end of the period, the Group's interest-bearing liabilities to credit institutions amounted to SEK 4,237m (4,506 at 31 December 2024).
During the quarter, Ratos signed an agreement to refinance its existing revolving credit facility of SEK 3 billion with a maturity of 3+1+1 years. The new credit facility is sustainability-linked, with a clear connection to Ratos Group's established short- and long-term sustainability targets: a CO2 emissions reduction target and a gender equality target. The annual KPIs are linked to these targets, and the interest margin on the facility can be impacted positively or negatively, depending on whether the KPIs are met.
Net financial items Q3
Net financial items amounted to SEK -109m (-185). Net interest income was SEK 58m lower than in the year-earlier period, mainly due to lower market interest rates.
Net financial items January–September
Net financial items amounted to SEK -418m (-554). Net financial items for the year were negatively impacted by exchange rate movements of SEK 29m. Net interest income was SEK 117m lower than in the year-earlier period.
Tax Q3
The tax expense for the Group's continuing operations amounted to SEK 52m (9) and profit before tax to SEK 497m (-210). The effective tax rate for the quarter was 11% (neg.) and was positively impacted by approximately 6% during the quarter as a result of shares of profit in associates.
Tax January–September
The tax expense for the Group's continuing operations amounted to SEK 222m (157) and profit before tax to SEK 1,457m (789). The effective tax rate for the January– September period was 15% (31). Items affecting comparability in the January–September period of SEK +380m did not have any material impact on the Group's effective tax rate.
Ratos's equity
At 30 September 2025, Ratos's equity (attributable to owners of the parent) amounted to SEK 15,182m (12,270 at 31 December 2024), corresponding to SEK 46 per share outstanding (37 at 31 December 2024).
Parent company
The parent company's operating loss amounted to SEK -135m (-127) for the January–September period. The loss before tax amounted to SEK -447m (-110) and was negatively impacted by an impairment of intra-group receivables of SEK -357m attributable to the completed reconstruction of Plantasjen. The impairment in the parent company did not impact the Group's earnings. Cash and cash equivalents in the parent company amounted to SEK 149m (246 at 31 December 2024).
The parent company has a related party relationship with its Group companies. For more information, refer to Note 28 in the 2024 Annual Report. No significant transactions were carried out with related parties during the year compared with those presented in the most recent Annual Report.
Ratos share data
Earnings per share for the January–September period amounted to SEK 11.83 (1.47) before dilution and to SEK 11.70 (1.47) after dilution. Accordingly, earnings per share for continuing operations amounted to SEK 3.25 (0.50) before dilution and to SEK 3.23 (0.50) after dilution.
The closing price for Ratos's Class B shares on 30 September 2025 was SEK 36.86. The total return on Class B shares for the quarter amounted to 22.5%, compared with the performance for the SIX Return Index, which was 5.8%.
Number of shares
No new shares were issued during the January–September period. At 30 September 2025, the total number of shares and shares outstanding in Ratos (Class A and B shares) amounted to 327,385,688 and the number of votes to 108,911,923.
Incentive programmes
During the period, the parent company issued warrants and a convertible debenture in accordance with the resolution of the Annual General Meeting (AGM) on 26 March 2025. In total, 375,000 warrants and 976,400 convertibles were issued.
Significant events during the quarter
On 25 July, an arbitration award was issued in a dispute involving Diab as one of the parties. As a result of the award and in line with Ratos's ongoing strategy, a decision was made to decrease the capacity in Diab's PET production and to impair certain assets directly linked to the dispute. Overall, this resulted in a positive outcome of SEK +300m for Diab.
Interest-bearing net debt and leverage1), SEKm, Group total
Leverage
1) Excluding financial lease liabilities
Diluted earnings per share, SEK Group total
Financial statements
Summary consolidated income statement
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 4,165 | 4,596 | 14,231 | 15,374 | 20,057 |
| Other operating income | 736 | 39 | 1,012 | 89 | 142 |
| Cost of goods and services sold | -1,869 | -2,459 | -6,185 | -6,861 | -8,985 |
| Employee benefit costs | -1,547 | -1,570 | -4,905 | -5,068 | -6,849 |
| Depreciation/amortisation and impairment of property, plant and equipment and intangible assets and right-of-use assets |
-553 | -575 | -1,190 | -1,294 | -1,745 |
| Other external costs | -476 | -207 | -1,472 | -1,537 | -2,125 |
| Capital gain/loss from Group companies | 0 | 63 | -10 | 63 | 62 |
| Capital gain/loss from Associated companies | -0 | 33 | |||
| Share of profit/loss from investments recognised according to the equity method | 149 | 88 | 360 | 297 | 439 |
| Operating profit | 606 | -25 | 1,874 | 1,064 | 995 |
| Net financial items1⁾ | -109 | -185 | -418 | -554 | -726 |
| Profit/loss before tax | 497 | -210 | 1,457 | 509 | 269 |
| Income tax | -52 | -9 | -222 | -157 | -176 |
| Profit/loss for the period, continuing operations2⁾ | 444 | -219 | 1,234 | 352 | 94 |
| Profit/loss for the period, discontinued operations | 164 | 3,031 | 453 | 568 | |
| Profit/loss for the period | 444 | -54 | 4,265 | 806 | 662 |
| Profit/loss for the period attributable to: | |||||
| Owners of the parent | 395 | -146 | 3,873 | 482 | 249 |
| Non-controlling interests | 49 | 92 | 392 | 323 | 414 |
| Earnings per share, SEK | |||||
| - basic earnings per share | 1.21 | -0.45 | 11.83 | 1.47 | 0.76 |
| - diluted earnings per share | 1.20 | -0.45 | 11.70 | 1.47 | 0.76 |
| Earnings per share from continuing operations, SEK | |||||
| - basic earnings per share | 1.21 | -0.79 | 3.25 | 0.50 | -0.45 |
| - diluted earnings per share | 1.20 | -0.79 | 3.23 | 0.50 | -0.45 |
| 1⁾ See page 23 for a specification of the finance net |
1⁾ See page 23 for a specification of the finance net
Consolidated statement of comprehensive income
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit/loss for the period | 444 | -54 | 4,265 | 806 | 662 |
| Items that will not be reclassified to profit or loss: | |||||
| Remeasurement of defined benefit pension obligations, net | 0 | -1 | -3 | ||
| Tax attributable to items that will not be reclassified to profit or loss | 0 | ||||
| 0 | 0 | 0 | -1 | -3 | |
| Items that may be reclassified subsequently to profit or loss: | |||||
| Translation differences for the period | -63 | -200 | -443 | -68 | 133 |
| Change in hedging reserve for the period | -0 | 94 | -117 | 109 | 79 |
| Tax attributable to items that may be reclassified subsequently to profit or loss | -1 | 2 | 3 | 0 | -2 |
| -64 | -104 | -556 | 41 | 210 | |
| Other comprehensive income for the period | -64 | -104 | -556 | 40 | 207 |
| Total comprehensive income for the period | 380 | -158 | 3,709 | 846 | 869 |
| Total comprehensive income for the period attributable to: | |||||
| Owners of the parent | 349 | -233 | 3,446 | 531 | 434 |
| Non-controlling interest | 31 | 74 | 263 | 315 | 436 |
2⁾ Profit for the period from continuing operations attributable to the owners of the parent for Q3 2025 amounts to SEK 395m and for Q1-Q3 2025 to SEK 1,064m. Profit for the period from continuing operations attributable to non-controlling interests for Q3 2025 amounts to SEK 49m and for Q1-Q3 2025 to SEK 171m.
Summary consolidated statement of financial position
| ASSETS Non-current assets Goodwill 11,910 14,015 Other intangible non-current assets 1,611 1,799 Property, plant and equipment 1,177 1,582 Right-of-use assets 3,252 4,449 Financial assets 5,184 3,321 Deferred tax assets 567 553 Total non-current assets 23,700 25,719 Current assets Inventories 1,596 1,839 Accounts receivable 1,990 2,915 Current receivables 1,489 2,229 Cash and cash equivalents 891 2,121 Total current assets 5,967 9,105 Total assets 29,667 34,824 EQUITY AND LIABILITIES Equity including non-controlling interests 17,289 14,592 Non-current liabilities Interest-bearing liabilities 6,963 8,267 Non-interest bearing liabilities 361 1,068 Pension provisions 69 66 Other provisions 40 41 Deferred tax liabilities 344 898 Total non-current liabilities 7,778 10,340 Current liabilities Interest-bearing liabilities 978 1,412 Non-interest bearing liabilities 3,490 7,818 Provisions 132 662 Total current liabilities 4,600 9,891 Total liabilities 12,378 20,231 Total equity and liabilities 29,667 34,824 |
SEKm | 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|---|
| 14,286 | ||||
| 1,785 | ||||
| 1,547 | ||||
| 3,609 | ||||
| 3,522 | ||||
| 555 | ||||
| 25,304 | ||||
| 1,851 | ||||
| 3,025 | ||||
| 2,170 | ||||
| 2,186 | ||||
| 9,232 | ||||
| 34,536 | ||||
| 14,752 | ||||
| 7,613 | ||||
| 963 | ||||
| 68 | ||||
| 43 | ||||
| 708 | ||||
| 9,395 | ||||
| 1,393 | ||||
| 8,441 | ||||
| 555 | ||||
| 10,388 | ||||
| 19,783 | ||||
| 34,536 |
Summary statement of changes in consolidated equity
| 2025-09-30 2024-09-30 |
2024-12-31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| SEKm | Owners of the parent |
Non controll ing interest |
Total equity |
Owners of the parent |
Non controll ing interest |
Total equity |
Owners of the parent |
Non controll ing interest |
Total equity |
| Opening equity | 12,270 | 2,482 | 14,752 | 12,314 | 2,137 | 14,451 | 12,314 | 2,137 | 14,451 |
| Total comprehensive income for the period | 3,446 | 263 | 3,709 | 531 | 315 | 846 | 434 | 436 | 869 |
| Dividends | -442 | -858 | -1,300 | -409 | -280 | -689 | -409 | -281 | -689 |
| Non-controlling interests' share of capital contribution and new issue |
24 | 24 | 50 | 50 | |||||
| Purchase/redemption of treasury shares, net effect | -1 | -1 | -2 | -1 | -1 | -2 | |||
| Conversion of options/convertible loan to shares | 21 | 21 | 21 | 21 | |||||
| The value of the conversion option of the convertible debentures |
1 | 1 | 4 | 4 | 4 | 4 | |||
| Option premiums | -1 | -1 | 6 | 6 | 6 | 6 | |||
| Put options, future acquisitions from non controlling interests |
177 | 417 | 594 | -34 | -38 | -72 | 598 | 323 | 921 |
| Acquisition of shares in subsidiaries from non controlling interests |
-133 | -56 | -189 | -39 | -11 | -49 | -529 | -402 | -931 |
| Disposal of shares in subsidiaries to non-controlling interests |
-23 | 49 | 26 | -4 | 55 | 51 | -12 | 64 | 52 |
| Non-controlling interests at acquisition | 5 | 5 | 0 | 0 | |||||
| Non-controlling interests in disposals | -309 | -309 | |||||||
| Non-controlling interests share of dividends from associated companies |
-114 | 114 | -156 | 156 | -156 | 156 | |||
| Closing equity | 15,182 | 2,107 | 17,289 | 12,234 | 2,358 | 14,592 | 12,270 | 2,482 | 14,752 |
Summary consolidated statement of cash flows
| SEKm | Q3 2025 |
Q3 2024 |
Q1-3 2025 |
Q1-3 2024 |
Full Year 2024 |
|---|---|---|---|---|---|
| Operating activities | |||||
| Operating profit, continuing operations | 606 | -25 | 1,874 | 1,064 | 995 |
| Operating profit, discontinued operations | -0 | 183 | 3,047 | 494 | 675 |
| Adjustment for non-cash items | 553 | 570 | -1,895 | 1,238 | 1,568 |
| 1,158 | 729 | 3,026 | 2,796 | 3,238 | |
| Received dividends from associated companies | 2 | 320 | 318 | 318 | |
| Interest and financial items, net | -128 | -105 | -376 | -412 | -544 |
| Income tax paid | -68 | -50 | -322 | -255 | -447 |
| Cash flow from operating activities before change in working capital | 962 | 576 | 2,649 | 2,448 | 2,566 |
| Cash flow from change in working capital | |||||
| Increase (-)/Decrease (+) in inventories | 91 | 155 | 98 | 30 | 130 |
| Increase (-)/Decrease (+) in operating receivables | 121 | 75 | 76 | 501 | 351 |
| Increase (+)/Decrease (-) in operating liabilities | -307 | -24 | -1,171 | -936 | 399 |
| Cash flow from operating activities | 868 | 783 | 1,652 | 2,042 | 3,445 |
| Investing activities | |||||
| Acquisition, group companies | -1 | -24 | -42 | -412 | -608 |
| Disposal, group companies | -25 | 83 | -25 | -25 | |
| Investments and disposal, intangible assets/property, plant and equipment | -128 | -70 | -303 | -223 | -287 |
| Investments and disposal, financial assets | 3 | 3 | 3 | -33 | -52 |
| Cash flow from investing activities | -96 | -116 | -229 | -693 | -972 |
| Financing activities | |||||
| Non-controlling interests' share of issue/capital contribution | 24 | 24 | 50 | ||
| Transfer of treasury shares | -2 | -2 | -2 | ||
| Transactions regarding options | -1 | -11 | -128 | -21 | -28 |
| Acquisition and disposal of shares in subsidiaries from non-controlling interests | -31 | -1 | -130 | 3 | -891 |
| Dividends paid | 0 | -442 | -409 | -409 | |
| Dividends paid, non-controlling interests | 3 | -26 | -858 | -278 | -281 |
| Borrowings | 407 | 3,315 | 3,255 | 3,387 | 3,405 |
| Amortisation of loans | -1,496 | -3,263 | -3,537 | -3,381 | -3,403 |
| Amortisation of financial lease liabilitities | -275 | -341 | -805 | -889 | -1,060 |
| Cash flow from financing activities | -1,393 | -305 | -2,646 | -1,566 | -2,618 |
| Cash flow for the period | -622 | 362 | -1,223 | -216 | -145 |
| Cash and cash equivalents at the beginning of the period | 1,509 | 1,819 | 2,186 | 2,360 | 2,360 |
| Exchange differences in cash and cash equivalents | 5 | -60 | -72 | -23 | -29 |
| Cash and cash equivalents at the end of the period | 891 | 2,121 | 891 | 2,121 | 2,186 |
Summary parent company income statement
| SEKm | Q3 2025 |
Q3 2024 |
Q1-3 2025 |
Q1-3 2024 |
Full Year 2024 |
|---|---|---|---|---|---|
| Other operating income | 1 | 0 | 43 | 0 | 8 |
| Administrative expenses | -44 | -28 | -177 | -127 | -150 |
| Depreciation of property, plant and equipment | -0 | -0 | -1 | -1 | -1 |
| Operating profit/loss | -43 | -28 | -135 | -127 | -142 |
| Net financial items1⁾ | 22 | 2 | -312 | 18 | 15 |
| Profit/loss after financial items | -21 | -26 | -447 | -110 | -127 |
| Group contribution, recieved | 177 | ||||
| Profit/loss before tax | -21 | -26 | -447 | -110 | 50 |
| Income tax | 0 | 0 | 50 | 48 | 48 |
| Profit/loss for the period | -20 | -26 | -397 | -62 | 98 |
1⁾ See page 23 for a specification of the finance net
Parent company statement of comprehensive income
| SEKm | Q3 2025 |
Q3 2024 |
Q1-3 2025 |
Q1-3 2024 |
Full Year 2024 |
|---|---|---|---|---|---|
| Profit/loss for the period | -20 | -26 | -397 | -62 | 98 |
| Other comprehensive income for the period | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income for the period | -20 | -26 | -397 | -62 | 98 |
Summary parent company balance sheet
| SEKm | 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 3 | 4 | 3 |
| Financial assets | 9,267 | 10,794 | 11,174 |
| Receivables from group companies | 1,469 | 3,257 | 3,130 |
| Deferred tax assets | 301 | 252 | 252 |
| Total non-current assets | 11,039 | 14,306 | 14,560 |
| Current assets | |||
| Current receivables | 25 | 32 | 26 |
| Receivables from group companies | 4,051 | 2,935 | 3,983 |
| Cash and cash equivalents | 149 | 1,037 | 246 |
| Total current assets | 4,224 | 4,004 | 4,254 |
| Total assets | 15,263 | 18,310 | 18,814 |
| EQUITY AND LIABILITIES | |||
| Equity | 8,898 | 9,577 | 9,737 |
| Non-current liablities | |||
| Interest-bearing liabilities | 4,100 | 4,131 | 4,133 |
| Convertible debentures | 102 | 111 | 112 |
| Deferred tax liabilities | 3 | 4 | 4 |
| Total non-current liabilities | 4,206 | 4,246 | 4,249 |
| Current provisions | 26 | 5 | |
| Current liabilities | |||
| Interest-bearing liabilities, group companies | 1,925 | 3,980 | 4,140 |
| Interest-bearing liabilities | 172 | 408 | 419 |
| Non-interest bearing liabilities, group companies | 0 | 30 | 193 |
| Non-interest bearing liabilities | 63 | 43 | 71 |
| Total current liabilities | 2,160 | 4,461 | 4,824 |
| Total equity and liabilities | 15,263 | 18,310 | 18,814 |
Summary parent company statement of changes in equity
| SEKm | 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|
| Opening equity | 9,737 | 10,016 | 10,016 |
| Comprehensive income for the period | -397 | -62 | 98 |
| Dividends | -442 | -409 | -409 |
| Conversion of options/convertible loan to shares | 21 | 21 | |
| The value of the conversion option of the convertible debentures | 2 | 5 | 5 |
| Deferred tax, conversion option | -1 | -1 | -1 |
| Option premiums | -1 | 6 | 6 |
| Closing equity | 8,898 | 9,577 | 9,737 |
Note 1 Accounting principles
Ratos's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and associated interpretations (IFRIC), as endorsed by the EU. This interim report was prepared in accordance with IAS 34, Interim Financial Reporting, and applicable provisions in the Swedish Annual Accounts Act. The parent company also applies RFR 2 Accounting for Legal Entities.
Amounts are presented in SEK million (SEKm) unless otherwise stated. Rounding may apply in tables and calculations, which means that the stipulated total amounts are not always an exact amount of the rounded amounts.
As of the second quarter of 2025, Ratos is reporting the Construction segment as a discontinued operation since airteam was divested in May 2025 and Sentia was listed in June 2025. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the Construction segment's profit after tax is reported on a separate row in the income statement for 2024 and 2025. Following the listing of Sentia, Ratos's holding amounts to 39.77% and is thus recognised as an associate. The Construction & Services business area and segment consists of the companies Expin Group and Presis Infra as well as the associates Aibel and Sentia.
In all other respects, the reporting and measurement principles are unchanged compared with those applied in Ratos's 2024 Annual Report.
The new and revised IFRS standards which came into force in 2025 have not had any material effect on Ratos Group's financial statements.
Note 2 Risks and uncertainties
Operations at Ratos Group include inherent risks attributable to both the parent company and companies in the business areas. These mainly comprise market, operational and transaction risks and can include both general risks, such as
external factors and macroeconomic development, as well as company and sector-specific risks.
The financial risks consist of liquidity risk, interest rate risk, credit risk and currency risk. There are a number of financial risks to which most of the companies are exposed, primarily related to loans, trade receivables, trade payables and derivative instruments. The risks to which the companies are exposed are managed by each individual company.
Ratos is exposed to financial risks, mainly in terms of value changes in the companies and liquidity risk. Ratos's future earnings development is dependent to a large extent on the success of the underlying companies, which in turn is dependent on, among other things, how successful each company's management group and board of directors are at developing the company and implementing value-adding measures.
A more detailed description of the material risks and uncertainties to which the Group and the parent company are exposed is provided in the Directors' Report and in Notes 25 and 31 in the 2024 Annual Report.
Note 3 Financial instruments
Ratos applies fair value measurements to a limited extent and mainly for derivatives, synthetic options, contingent considerations and put options. These items are measured according to levels two and three, respectively, in the fair value hierarchy.
In the statement of financial position at 30 September 2025, the net value of derivatives (level two) amounted to SEK -6m (9 at 31 December 2024), of which SEK 2m (12 at 31 December 2024) was recognised as an asset and SEK 8m (3 at 31 December 2024) as a liability.
In the statement of financial position at 30 September 2025, the total value of financial instruments measured at fair value in accordance with level three was SEK 392m (1,270 at 31 December 2024). The change is presented in the table below.
| Change, level 3 | Synthetic options | Call and put options | Contingent considerations | |||
|---|---|---|---|---|---|---|
| SEKm | 2025-09-30 | 2024-12-31 | 2025-09-30 | 2024-12-31 | 2025-09-30 | 2024-12-31 |
| Opening balance | 190 | 149 | 968 | 1,869 | 112 | 141 |
| Recognised in comprehensive income | -33 | 86 | -21 | 20 | -1 | -10 |
| Recognised against equity | -77 | -41 | ||||
| Newly issued/subsequent expenditure | -71 | 80 | ||||
| Settlements | -127 | -45 | -9 | -880 | -21 | -99 |
| Divestments, Group Companies | -507 | -10 | ||||
| Closing balance | 30 | 190 | 353 | 968 | 9 | 112 |
Note 4 Acquired and divested companies
Acquisitions within business areas
During the first quarter, HL Display completed a minor asset acquisition pertaining to parts of LTG Display's business.
In December 2024, Diab acquired the Norwegian company Subsea Composite Solutions AS (SCS). During the first quarter of 2025, the acquisition analysis was updated and the final purchase price was paid.
Presis Infra acquired shares in its associate Sopihop AS during the second quarter, resulting in the company being consolidated as a subsidiary as of the acquisition date. Presis Infra's holding after the acquisition amounts to approximately 90%.
In October 2024, HL Display acquired the Canadian company Kost Klip Manufacturing Ltd. During the third quarter of 2025, the acquisition analysis was updated and the final contingent consideration was set.
Preliminary acquisition analyses for the add-on acquisitions carried out during the period and updated acquisition analyses are presented in the table.
Divestments within business areas
In January, Plantasjen divested its subsidiary Kaggen Gård AS, with a capital gain totalling SEK 2m for the divestment.
In March, Presis Infra divested its subsidiary Bergen Bydrift AS, with a capital loss totalling SEK 13m for the divestment.
The impact on the consolidated statement of financial position and statement of cash flows as a result of the divestments carried out during the period are presented in the table.
| SEKm | |
|---|---|
| Intangible assets | 6 |
| Property, plant and equipment | 4 |
| Right-of-use assets | 23 |
| Financial assets | 0 |
| Deferred tax asset | 1 |
| Trade receivables | 12 |
| Current assets | 6 |
| Cash and cash equivalents | 9 |
| Non-controlling interest | -5 |
| Non-current liabilities | -27 |
| Current liabilities | -21 |
| Net identifiable assets and liabilities | 8 |
| Goodwill | -24 |
| Purchase price | -16 |
| of which, paid in cash | 31 |
| of which, value of shares in associated company | 25 |
| of which, contingent consideration | -71 |
| Cash in the acquired companies | -9 |
| Paid contingent consideration previous acquisitions | 21 |
| Effect on Group´s cash and cash equivalents | 42 |
| SEKm | |
|---|---|
| Property, plant and equipment | 68 |
| Right-of-use assets | 10 |
| Financial assets | 0 |
| Trade receivables | 16 |
| Current assets | 1 |
| Cash and cash equivalents | 8 |
| Non-current liabilities and provisions | -10 |
| Current liabilities and provisions | -14 |
| Net assets and liabilities | 80 |
| Sales price | 70 |
| Cash in the divested companies | -8 |
| Effect on Group´s cash and cash equivalents | 63 |
| Sales price | 70 |
| Net assets (-) and liabilities (+) | -80 |
| Transactions costs | -1 |
| Capital gain (+) / loss (-) reported in income statement |
-10 |
Divestment of the Construction segment
As of the second quarter of 2025, Ratos is reporting the Construction segment as a discontinued operation since airteam was divested in May 2025 and Sentia was listed in June 2025.
A specification of the Construction segment's divested operations and the effect on the consolidated statement of financial position and statement of cash flows for the comparative year is presented in the tables below.
Income statement from discontinued operations
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Income | 2,858 | 5,555 | 9,023 | 12,072 | |
| Expenses | -2,647 | -5,266 | -8,442 | -11,321 | |
| Profit/loss before tax | 211 | 289 | 581 | 751 | |
| Tax | -46 | -71 | -128 | -183 | |
| Profit/loss after tax | 164 | 218 | 453 | 568 | |
| Capital gain from divestment of discontinued | |||||
| operations | 2,813 | ||||
| Total profit for the period | 164 | 3,031 | 453 | 568 | |
| Profit for the period attributable to: | |||||
| Owners of the parent | 113 | 2,809 | 318 | 395 | |
| Non-controlling interests | 51 | 221 | 135 | 174 | |
| Earnings per share, SEK | |||||
| - basic earnings per share | 0.35 | 8.58 | 0.97 | 1.21 | |
| - diluted earnings per share | 0.35 | 8.47 | 0.97 | 1.21 |
Cash flow statement from discontinued operations
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cash flow from operating activities | 505 | -195 | 303 | 1,138 | |
| Cash flow from investing activities | -5 | 12 | -20 | -29 | |
| Cash flow from financing activities | 3 | -1,057 | -506 | 159 | |
| Change in cash and cash equivalents | 503 | -1,240 | -224 | 1,268 |
Net assets at time of divestment
Assets and liabilities that were part of the discontinued Construction segment are presented below.
| SEKm | Q2 2025 |
|---|---|
| Goodwill | 2,086 |
| Other intangible non-current assets | 36 |
| Property, plant and equipment | 20 |
| Right-of-use assets | 239 |
| Financial assets | 41 |
| Deferred tax assets | 50 |
| Current receivables | 1,568 |
| Cash and cash equivalents | 3,071 |
| Non-controlling interest | -309 |
| Non-current interest-bearing liabilities | -162 |
| Non-current non-interest bearing liabilities | -387 |
| Current interest-bearing liabilities | -96 |
| Current non-interest bearing liabilities | -4,133 |
| Divested net assets | 2,025 |
| Capital gain, excluding transaction costs and | |
| translation difference | 2,975 |
| Consideration transferred | 5,000 |
| Fair value remaining shares in Sentia ASA | -1,909 |
| Less: cash in divested operations | -3,071 |
| Total effect on cash flow | 21 |
Note 5 Segment reporting
The Industry business area consists of two segments, Industrial Services and Product Solutions, that develop and sell their own products. Industrial Services consists of Aleido, Knightec Group, Speed Group and TFS HealthScience, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors.
The Construction & Services business area and segment's focus is on maintaining a sustainable society. Construction & Services consists of the companies Expin Group and Presis Infra as well as the associates Aibel and Sentia. The Consumer business area and segment consists of KVD and Plantasjen.
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
|---|---|---|---|---|---|---|
| Net sales, SEKm | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Industrial Services | 1,192 | 1,233 | 3,790 | 3,987 | 5,158 | 5,356 |
| Product Solutions | 1,259 | 1,203 | 4,074 | 3,880 | 5,293 | 5,099 |
| Elimination of internal net sales | -12 | -8 | -39 | -30 | -50 | -41 |
| Industry | 2,440 | 2,428 | 7,825 | 7,837 | 10,402 | 10,414 |
| Construction & Services | 750 | 1,015 | 2,717 | 3,160 | 3,864 | 4,307 |
| Consumer | 975 | 1,154 | 3,689 | 4,378 | 4,649 | 5,337 |
| - whereof Plantasjen | 591 | 730 | 2,480 | 3,210 | 3,056 | 3,785 |
| Elimination of internal net sales | -0 | -0 | -0 | -2 | -0 | -2 |
| Ratos group, continuing operations | 4,165 | 4,596 | 14,231 | 15,374 | 18,914 | 20,057 |
| Discontinued operations | 2,858 | 5,552 | 9,020 | 8,600 | 12,068 | |
| Ratos group | 4,165 | 7,454 | 19,783 | 24,394 | 27,514 | 32,125 |
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
| EBITA, adjusted, SEKm | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Industrial Services | 82 | 104 | 270 | 332 | 403 | 466 |
| Product Solutions | 153 | 131 | 535 | 487 | 627 | 579 |
| Industry | 235 | 235 | 805 | 819 | 1,030 | 1,045 |
| Construction & Services | 172 | 135 | 573 | 473 | 791 | 691 |
| Consumer | 9 | -56 | 343 | 269 | 134 | 60 |
| - whereof Plantasjen | -19 | -86 | 259 | 194 | 29 | -37 |
| Group costs | -43 | -28 | -134 | -127 | -149 | -142 |
| Ratos group, continuing operations | 373 | 286 | 1,586 | 1,434 | 1,805 | 1,654 |
| Discontinued operations | 183 | 234 | 494 | 415 | 675 | |
| Ratos group | 373 | 469 | 1,820 | 1,928 | 2,221 | 2,329 |
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
| EBITA %, adjusted | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Industrial Services | 6.9% | 8.4% | 7.1% | 8.3% | 7.8% | 8.7% |
| Product Solutions | 12.1% | 10.9% | 13.1% | 12.6% | 11.8% | 11.4% |
| Industry | 9.6% | 9.7% | 10.3% | 10.5% | 9.9% | 10.0% |
| Construction & Services | 23.0% | 13.3% | 21.1% | 15.0% | 20.5% | 16.0% |
| Consumer | 0.9% | -4.8% | 9.3% | 6.1% | 2.9% | 1.1% |
| Ratos group, continuing operations1⁾ | 9.0% | 6.2% | 11.1% | 9.3% | 9.5% | 8.2% |
| Ratos group1⁾ | 9.0% | 6.3% | 9.2% | 7.9% | 8.1% | 7.2% |
1) Ratos Group's adjusted EBITA margin also includes the parent company and central companies.
Note 5, cont.
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
|---|---|---|---|---|---|---|
| Operating profit/loss, SEKm | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Industrial Services | 26 | 65 | 155 | 257 | 215 | 317 |
| Product Solutions | 451 | 131 | 814 | 487 | 904 | 576 |
| Industry | 478 | 196 | 970 | 743 | 1,119 | 893 |
| Construction & Services | 164 | 145 | 524 | 463 | 731 | 670 |
| Consumer | 7 | -337 | 516 | -16 | 105 | -426 |
| Group costs | -43 | -28 | -134 | -127 | -149 | -142 |
| Ratos group, continuing operations | 606 | -25 | 1,874 | 1,064 | 1,806 | 995 |
| Discontinued operations | 183 | 3,047 | 494 | 3,228 | 675 | |
| Ratos group | 606 | 159 | 4,922 | 1,558 | 5,034 | 1,670 |
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
| Cash flow from operating activities, SEKm | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Industrial Services | 64 | 175 | 223 | 433 | 403 | 613 |
| Product Solutions | 955 | 221 | 1,179 | 524 | 1,319 | 664 |
| Industry | 1,019 | 395 | 1,402 | 958 | 1,721 | 1,277 |
| Construction & Services | -44 | -5 | 281 | 345 | 561 | 625 |
| Consumer | -119 | -89 | 126 | 585 | 193 | 652 |
| Parent company and central companies | 11 | -23 | 37 | -149 | -60 | -246 |
| Ratos group, continuing operations | 868 | 277 | 1,847 | 1,740 | 2,415 | 2,308 |
| Discontinued operations | 505 | -195 | 303 | 640 | 1,138 | |
| Ratos group | 868 | 783 | 1,652 | 2,042 | 3,055 | 3,445 |
| Q3 | Q3 | Q1-3 | Q1-3 | Rolling | Full Year | |
| Order intake, SEKm | 2025 | 2024 | 2025 | 2024 | LTM | 2024 |
| Construction & Services | 25 | 45 | 3,401 | 3,872 | 3,740 | 4,212 |
| Aibel1 ⁾ | 3,371 | 2,339 | 9,643 | 12,764 | 9,701 | 12,821 |
| Order backlog, SEKm | 2025-09-30 2024-09-30 | 2024-12-31 | ||||
| Construction & Services | 9,020 | 8,790 | 8,261 | |||
| Aibel1 ⁾ | 22,040 | 30,783 | 26,744 | |||
| Return on capital employed, % | 2025-09-30 2024-09-30 | 2024-12-31 | ||||
| Industrial Services | 12.5% | 14.1% | 14.8% | |||
| Product Solutions | 10.1% | 9.9% | 9.6% | |||
| Industry | 10.9% | 11.3% | 11.4% | |||
| Construction & Services | 17.9% | 11.0% | 15.6% | |||
| Consumer | -3.1% | -2.9% | -7.1% | |||
| Ratos group2⁾ | 9.3% | 10.2% | 10.1% |
1) Aibel's order intake and order backlog are not consolidated in the Construction & Services segment.
2) Ratos Group's return on capital employed also includes the parent company and central companies.
Key figures
For definitions, see page 24
| Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Leverage excl. financial leasing | 0.6x | 0.7x | 1.3x |
| Leverage | 1.1x | 1.4x | 1.9x |
| Equity ratio, % | 58.3 | 41.9 | 42.7 |
| Return on equity, % | 27.5 | 7.8 | 2.0 |
| Return on capital employed excl. financial leasing, % | 9.3 | 10.2 | 10.1 |
| Return on capital employed, % | 9.0 | 9.1 | 9.4 |
| Return on invested capital, % | 7.0 | 7.3 | 7.5 |
| Key figures per share1⁾ | |||
| Total return, % | 22.5 | -0.3 | -9.9 |
| Dividend yield, % | 4.3 | ||
| Market price, SEK | 36.86 | 34.66 | 31.34 |
| Dividend, SEK | 1.35 | ||
| Equity attributable to owners of the parent, SEK2⁾ | 46.37 | 37.37 | 37.48 |
| Basic earnings per share, SEK | 11.83 | 1.47 | 0.76 |
| Diluted earnings per share, SEK | 11.70 | 1.47 | 0.76 |
| Average number of ordinary shares outstanding: | |||
| – before dilution | 327,385,688 | 327,114,930 | 327,182,990 |
| – after dilution | 331,662,841 | 327,348,795 | 327,216,723 |
| Total number of registered shares | 327,385,688 | 327,385,688 | 327,385,688 |
| Number of shares outstanding3⁾ | 327,385,688 | 327,385,688 | 327,385,688 |
| – of which, Class A shares | 84,637,060 | 84,637,060 | 84,637,060 |
| – of which, Class B shares | 242,748,628 | 242,748,628 | 242,748,628 |
1⁾ Relates to Class B shares unless specified otherwise
2⁾ Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period
3⁾ After redemption and transfer of Ratos own shares
Reconciliations between alternative performance measures (APM) and IFRS
Ratos applies financial measures that are not defined in IFRS but are so-called alternative performance measures (APMs). The alternative performance measures presented are considered to be valuable supplementary information for analysts and other stakeholders for the evaluation and assessment of the Group's financial performance and position. Ratos's definitions of these performance measures may differ from other companies and, accordingly, these are
not always comparable with similar performance measures used in other companies.
The following reconciliations and accounts pertain to subcomponents included in the material alternative performance measures used in this report. Reconciliation is made against the most reconcilable item, subtotal or total provided in the financial statements for the corresponding period. Definitions are available at www.ratos.com and on page 24 of this report.
Organic growth
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm, Continuing operations | 2025 | 2024 | 2025 | 2024 | 2024 |
| Growth Net Sales, % | -9% | -1% | -7% | 0% | 0% |
| Net sales | 4,165 | 4,596 | 14,231 | 15,374 | 20,057 |
| Acquired net sales | 85 | 67 | 356 | 287 | 437 |
| Effects from change in currency | -101 | -133 | -342 | -140 | -154 |
| Other1⁾ | -246 | -778 | 48 | ||
| Net sales, adjusted | 4,427 | 4,663 | 14,996 | 15,227 | 19,726 |
| Divested net sales in the comparison period | 9 | 3 | 27 | 10 | 11 |
| Net sales, adjusted in the comparison period | 4,587 | 4,650 | 15,347 | 15,322 | 20,056 |
| Organic growth | -161 | 13 | -351 | -96 | -330 |
| Organic growth, % | -3% | 0% | -2% | -1% | -2% |
1) For Q3 2025, SEK -128m pertains to Expin Group attributable to dissolved operations and SEK -118m to Plantasjen attributable to dissolved operations and store closures. For Q1–3 2025, SEK -290m pertains to Expin Group attributable to dissolved operations and SEK -488m to Plantasjen attributable to dissolved operations and store closures. For full-year 2024, SEK 100m pertains to Expin Group and SEK -52m to Plantasjen.
EBITDA, EBITA and operating profit
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |
|---|---|---|---|---|---|
| SEKm, Continuing operations | 2025 | 2024 | 2025 | 2024 | 2024 |
| EBITDA, Group total | 1,159 | 758 | 6,163 | 2,933 | 3,523 |
| Discontinuing operations | 208 | 3,098 | 574 | 783 | |
| EBITDA, continuing operations | 1,159 | 550 | 3,065 | 2,358 | 2,740 |
| Depreciations and impairment | -523 | -298 | -1,100 | -958 | -1,375 |
| EBITA | 636 | 252 | 1,965 | 1,400 | 1,365 |
| Reconstruction | -35 | 176 | -35 | -187 | |
| Restructuring | -37 | 1 | -89 | 1 | -54 |
| Transaction costs | -24 | ||||
| Other1⁾ | 300 | 316 | -49 | ||
| Adjusted EBITA | 373 | 286 | 1,586 | 1,434 | 1,654 |
| Impairment of goodwill | -246 | ||||
| Amortisation of intangible assets in connection with company acquisitions | -30 | -276 | -91 | -337 | -124 |
| Operating profit/loss | 606 | -25 | 1,874 | 1,064 | 995 |
1) For Q3 2025 and Q1-Q3 2025, SEK 300m relates to Diab, attributable to the outcome of the arbitration award as well as reduced capacity and impairment of assets in the company's PET production.
Interest-bearing net debt
| SEKm, Group total | 2025-09-30 2024-09-30 | 2024-12-31 | |
|---|---|---|---|
| Interest-bearing liabilities, other | 4,454 | 4,883 | 5,001 |
| Provisions for pensions | 69 | 66 | 68 |
| Interest-bearing assets | -19 | -74 | -68 |
| Cash and cash equivalents | -891 | -2,121 | -2,186 |
| Interest-bearing net debt excl. financial leasing | 3,613 | 2,755 | 2,815 |
| Financial leasing liabilities | 3,487 | 4,796 | 4,005 |
| Interest-bearing net debt inc. financial leasing | 7,099 | 7,550 | 6,820 |
Specification of net financial items
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |||
|---|---|---|---|---|---|---|---|
| SEKm, Continuing operations | 2025 | 2024 | Change% | 2025 | 2024 | Change% | 2024 |
| Interest income | 8 | 16 | -53% | 24 | 52 | -54% | 66 |
| Interest expense | -47 | -105 | 55% | -218 | -335 | 35% | -434 |
| Interest expense financial leasing | -58 | -66 | 12% | -178 | -207 | 14% | -266 |
| Net interest | -98 | -155 | 37% | -372 | -489 | 24% | -634 |
| Net exchange rate effects | -8 | -6 | -46% | -29 | -15 | -85% | -23 |
| Other financial items | -3 | -24 | 87% | -17 | -50 | 66% | -69 |
| Net financial items | -109 | -185 | 41% | -418 | -554 | 25% | -726 |
| Q3 | Q3 | Q1-3 | Q1-3 | Full Year | |||
|---|---|---|---|---|---|---|---|
| SEKm, Parent company | 2025 | 2024 | Change% | 2025 | 2024 | Change% | 2024 |
| Net interest | 38 | 7 | pos | 80 | 41 | 97% | 58 |
| Net exchange rate effects | -16 | 5 | neg | -26 | 1 | neg | -4 |
| Other financial items | 0 | -10 | 103% | -9 | -24 | 61% | -40 |
| Capital loss on intra-group receivable due to reconstruction | -357 | ||||||
| Net financial items | 22 | 2 | pos | -312 | 18 | neg | 15 |
Definitions
Dividend yield
Proposed dividend on ordinary shares expressed as a percentage of the Class B share's closing price at the period's last trading day.
Total return
Price development of Class B shares including reinvested dividends (this year's paid dividend) on ordinary shares.
Return on equity
Profit for the period attributable to owners of the parent for the last 12 months divided by average equity attributable to owners of the parent during the five most recent quarters.
Return on invested capital
Adjusted EBITA less tax paid for the last 12 months as a percentage of average capital invested during the five most recent quarters.
Return on capital employed
Adjusted EBITA for the last 12 months as a percentage of average capital employed during the five most recent quarters.
Return on capital employed, business area and segment
Adjusted EBITA for operating companies for the last 12 months as a percentage of average capital employed excluding financial lease liabilities during the five most recent quarters.
EBITDA
EBITA with depreciation, amortisation and impairment reversed (Earnings Before Interest, Tax, Depreciation and Amortisation).
EBITDA margin
EBITDA expressed as a percentage of net sales.
EBITA
Operating profit before impairment of goodwill as well as amortisation and impairment of other intangible assets that arose in conjunction with company acquisitions and similar transactions (Earnings Before Interest, Tax and Amortisation).
EBITA margin
EBITA expressed as a percentage of net sales.
Equity per share
Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period.
Invested capital
Non-current assets (including goodwill) and working capital.
Adjusted EBITA
EBITA adjusted for non-recurring items affecting comparability at the business area level.
Adjusted EBITA margin
Adjusted EBITA expressed as a percentage of net sales.
Cash flow from operating activities
Includes cash flow from operating profit, dividends received from associates, interest and financial items, income tax paid, and changes in working capital.
Average number of employees
Total number of hours worked during the most recent fullyear restated as full-time positions. Also includes average number of employees in key associates.
Order intake
The value of projects and contracts received, as well as changes in the value of existing projects and agreements during the current period. Order intake is only reported for the Construction & Services business area since it is considered a key performance measure for its operations.
Order backlog
The value of the remaining unearned project revenue in pending assignments at the end of the period. Order backlog is only reported for the Construction & Services business area since it is considered a key performance measure for its operations.
Organic growth
Net sales growth in comparable units. The effects of acquisitions, divestments and exchange rate changes are excluded.
Basic earnings per share
Profit for the period attributable to owners of the parent company divided by the average number of outstanding ordinary shares.
Diluted earnings per share
When calculating diluted earnings per share, earnings and the average number of shares are adjusted to take into account the effects of potential ordinary shares, which, for the reported periods, pertain to convertible debt instruments and warrants issued to employees.
Interest-bearing net debt
Interest-bearing liabilities (including financial lease liabilities) and pension provisions minus interest-bearing assets and cash and cash equivalents.
Capital employed
Equity, non-controlling interests and interest-bearing liabilities.
Leverage excl. finance leases
Interest-bearing net debt excluding finance leases in relation to EBITDA for the last 12 months.
Leverage
Interest-bearing net debt in relation to EBITDA for the last 12 months.
Equity ratio
Reported equity expressed as a percentage of total assets. Non-controlling interests are included in equity.
Last 12-month period
The most recent 12 months.
Investor presentation
21 October 9:00 a.m. CEST https://youtube.com/live/Q4RmvZKK4vc?feature=share
Financial calendar
2026
Year-end report 2025 16 February
Stockholm, 21 October 2025 Ratos AB (publ)
Jonas Wiström President and CEO
For further information, please contact:
Jonas Wiström, President and CEO, +46 8 700 17 00 Anna Vilogorac, CFO and IR, +46 8 700 17 00 Katarina Grönwall, Vice President Communication & Sustainability, +46 8 700 17 00
This report has not been reviewed by Ratos's auditors.
This is information that Ratos AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00 a.m. CEST on 21 October 2025.
Ratos AB (publ) Sturegatan 10, Mailbox 511 SE-114 11 Stockholm Tel: +46 8 700 17 00
www.ratos.com Reg. no. 556008-3585