Q4 2025
Continuing operations

• Net sales amounted to SEK 4,601m (4,683), of which organic growth corresponded to +3%
• Adjusted EBITA amounted to SEK 346m (220)
• The adjusted EBITA margin was 7.5% (4.7)
• The operating loss amounted to SEK -1,590m (-69) and was negatively impacted by items affecting comparability of SEK -1,905m (-256), mainly due to impairment of goodwill in Plantasjen (SEK -1,049m)
• The loss for the period amounted to SEK -1,733m (-258)

Group total

• Adjusted diluted earnings per share amounted to SEK 0.37 (0.05)
• Diluted earnings per share amounted to SEK -5.32 (-0.71)
• Cash flow from operating activities amounted to SEK 642m (1,403)
• Adjusted leverage excluding finance leases was 1.4x (1.2x)

Full-year 2025
Continuing operations

• Adjusted EBITA amounted to SEK 1,931m (1,654)
• Operating profit amounted to SEK 284m (995) and was negatively impacted by items affecting comparability of SEK -1,526m (-535), mainly due to impairment of goodwill in Plantasjen
• The loss for the period amounted to SEK -499m (94)

Group total

• Operating profit amounted to SEK 3,331m (1,670). Items affecting comparability had a net positive impact of SEK 1,287m (-535), mainly attributable to capital gains related to the divestments of Sentia and airteam as well as impairment of goodwill
• Adjusted diluted earnings per share amounted to SEK 2.80 (2.36)
• Diluted earnings per share amounted to SEK 6.46 (0.76)
• Cash flow from operating activities amounted to SEK 2,294m (3,445)
• The Board of Ratos proposes a dividend for full-year 2025 of SEK 1.40 per share (1.35), corresponding to 50% of adjusted earnings per share for the Group as a whole

Significant events during and after the end of the quarter

• On 1 December, Gustaf Salford took over as CEO of Ratos
• On 22 December, HL Display signed an agreement to acquire Deinzer Holding GmbH, which is expected to be completed during Q1 2026
• Plantasjen underwent extensive structural changes, resulting in smaller but more stable operation. Accordingly, impairment of goodwill of SEK 1,049m was recognised in the quarter in order to better reflect the company’s current business structure
• On 16 February 2026, an agreement was signed for the divestment of Expin Group to Baneservice, Norway’s leading railway contractor. The impact on operating profit in the fourth quarter amounted to SEK -795m and was non-cash. The transaction is expected to be completed during the second quarter of 2026

“The fourth quarter ended with improved underlying profitability, with stronger earnings and margins compared with last year and organic sales growth of 3%. Strategically important measures were also taken. HL Display signed an agreement to acquire the German player Deinzer, marking the largest acquisition in HL Display’s history. After the end of the quarter, an agreement was signed to divest Expin Group, in line with Ratos’s strategy to streamline its operations. Ratos ended the year with a cautiously optimistic outlook, supported by satisfactory underlying earnings despite an overall cautious market.”
Gustaf Salford, President & CEO, Ratos

A presentation of the interim report will be held today at 10.00 a.m. CET. The presentation will be held in English and will also be available as a audiocast on Ratos website, www.ratos.com.

To follow the presentation via audiocast, access this link:
https://events.inderes.com/ratos/q4-report-2025

To participate and verbally ask questions via teleconference, please register via link below. After registration you will be provided with phone numbers and a conference ID to access the conference.
https://events.inderes.com/ratos/q4-report-2025/dial-in

Stockholm 16 February 2026
Gustaf Salford
President & CEO