Kvartalsrapport Q1 2023

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===== SIDA 1 =====

Interim report  
Q1 2023

===== SIDA 2 =====

1        Ratos Interim Report Q1 2023 
Interim report January-March, 2023
 
Q1 2023 
 Adjusted 1)  EBITA amounted to SEK 324m (253) 
 Operating profit amounted to SEK 285m (5) 
 Profit in the year-earlier period was negatively impacted by an unrealised loss of  
SEK -100m related to the revaluation of shares in Dun & Bradstreet Holding Inc and 
restructuring costs of SEK -130m attributable to Diab 
 Diluted earnings per share amounted to SEK -0.09 (-0.66) 
 Cash flow from operating activities amounted to SEK 507m (-379) 
 Leverage excluding finance leases was 2.2x (0.9x) 
 
 
Significant events during and after the end of the quarter
 HL Display, which is part of the Industry business area, acquired the company 
Akriform Plast AB on 15 February, and the companies Oechsle Display Systems and 
werba print & display were acquired on 3 April 
 During the quarter, Ratos initiated the process for a compulsory buy-out of the 
remaining shares in Semcon. The process is expected to be completed in the second 
quarter of 2023  
 
 
Ratos Group, SEKm 
 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 7,817 6,220 26% 31,472 29,875 5% 
EBITDA 661 334 98% 3,285 2,958 11% 
EBITA, adjusted/one.sups⁾ 324 253 28% 2,038 1,966 4% 
EBITA %, adjusted/one.sups⁾ 4.1% 4.1% 6.5% 6.6% 
EBITA 324 22 pos 2,020 1,718 18% 
EBITA % 4.1% 0.4% 6.4% 5.8% 
Operating profit 285 5 pos 1,898 1,618 17% 
Profit/loss before tax 90 -98 pos 1,367 1,178 16% 
Profit/loss for the period 57 -139 141% 1,075 879 22% 
Basic earnings per share, SEK -0.09 -0.66 86% 2.26 1.69 34% 
Diluted earnings per share, SEK -0.09 -0.66 86% 2.26 1.68 35% 
Cash flow from operating activities/two.sups⁾ 507 -379 pos 2,317 1,431 62% 
Leverage excl. financial leasing 2.2x 0.9x 2.2x 2.5x 
Return on capital employed excl. financial leasing 10.0% 11.3% 10.0% 10.2% 
Change% Change% Change% Change% Change% Change% Change% Change% 
/two.sups⁾ Cash flow metric is changed from 1 January 2023 retroactively, for more information see page 15 "Note 1 Accounting principles". 
/one.sups⁾ For reconciliation of EBITA, adjusted see page 18. For definition see page 21.

===== SIDA 3 =====

2        Ratos Interim Report Q1 2023 
CEO comments on performance in the first quarter of 2023 
Adjusted EBITA up 28% in the first quarter – sales growth 
remains favourable 
 
Adjusted EBITA amounted to SEK 324m (253) for the quarter, up 28%. EBITA was negatively impacted by 
Plantasjen, whose earnings declined SEK 111m, mainly due to adverse weather in March. The Group’s sales in 
the quarter increased 26% to SEK 7,817m, of which 8% was organic growth. Demand remained favourable, with a 
high order intake in the quarter. Our acquired companies performed well and have already created synergies 
with other group companies. Cash flow improved, and Ratos’s leverage declined to 2.2x.   
 
Demand in the first quarter remained favourable. Net sales for the 
period amounted to SEK 7,817m (6,220), up 26% year on year. Organic 
sales growth in the period amounted to 8%. Demand remained high, 
and our order books were at record-breaking levels. 
 
The first quarter is a quiet quarter for Ratos due to seasonal effects. 
Adjusted EBITA amounted to SEK 324m, up 28%. Reported EBITA 
totalled SEK 324m, compared with SEK 22m in the year-earlier 
period. 
 
All companies performed well with the exception of Plantasjen and 
Speed Group. Aibel’s EBITA also declined, but only due to phasing of 
its projects. The company has good prospects to deliver yet another 
record-breaking year in 2023. 
 
Ratos’s leverage declined to 2.2x in the quarter as a result of higher 
EBITDA and improved operational cash flow.  
 
To make it easier to analyse the Ratos Group, we decided to report 
sales and EBITA for Plantasjen separately. The seasonally dependent 
Plantasjen is a relatively large company in the Group, whose sales 
and EBITA vary considerably between quarters. 
    
Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas    
EBITA for the Construction & Services Construction & Services Construction & Services Construction & Services business area amounted to 
SEK 284m (292), down 2%, and the EBITA margin was 6% (8). Aibel’s 
EBITA declined during the quarter compared with the preceding year. 
The company generates limited earnings at the start of major 
projects. The construction companies continued to deliver a strong 
performance, and it bears repeating that these projects almost 
exclusively comprise commercial and public properties. The exposure 
to residential construction is very limited. The business area’s net 
sales for the first quarter amounted to SEK 4,515m, a year-on-year 
increase of 23%. Organic growth amounted to 19%. The structural 
effect was 6% and pertained to the acquisition of NVBS. 
 
EBITA for the Consumer Consumer Consumer Consumer business area amounted to SEK -162m  
(-75). The decline in earnings in Plantasjen was significantly lower 
than in the year-earlier period. Other companies improved their 
earnings during the quarter compared with the year-earlier period. 
Plantasjen posted EBITA of SEK -215m (-103) for the quarter. 
Plantasjen’s sales in March were negatively impacted by adverse 
weather in Norway and Sweden. Net sales for the business area 
amounted to SEK 1,017m (1,279) for the quarter, down 21% year on 
year. The consumer market continued to be negatively impacted by 
high inflation, with a decline in household purchasing power, 
particularly with respect to durable consumer goods. 
 
Adjusted EBITA for the Industry Industry Industry Industry business area amounted to SEK 
252m (87) for the quarter, and the adjusted EBITA margin was 11% (7). 
This significant improvement in earnings was attributable to acquired 
EBITA in Semcon and Knightec and to the fact that all other 
companies in the business area improved their earnings in the 
quarter compared with the earlier-period. Net sales in Industry 
amounted to SEK 2,285m for the quarter, up 79%. This increase was 
primarily attributable to acquisitions and to growth in all other 
companies. Organic growth amounted to 7% and the structural effect 
amounted to 66%. The collaboration between Knightec and Semcon 
developed quickly, with the companies working together to create a 
stronger and more complete offering, which resulted in new business 
during the quarter. 
 
HL Display signed agreements for three acquisitions in the quarter. 
HL Display has since its acquisition journey started in 2021 acquired 
seven companies which have generated, and will continue to 
generate, major industrial synergies. 
    
Sustainability and partnerships Sustainability and partnerships Sustainability and partnerships Sustainability and partnerships    
Corporate Sustainability Reporting Directive (CSRD) is part of EU’s 
agenda for sustainable financing and a key component for meeting 
the targets of the European Green Deal. As the new directive is 
implemented the requirements for sustainability reporting will 
increase. Going forward, sustainability reporting will require greater 
transparency and comparability. Ratos plans to devote a great deal of 
focus to this area during the year. 
 
It is gratifying to see new partnerships developing between the 
companies in the Group – in specific business areas and between the 
companies in general. Earlier, I mentioned the ongoing collaboration 
between Semcon and Knightec. Another example is HL Display and 
Speed Group, which have entered into a long-term partnership 
agreement concerning logistics services. 
 
Overall, Ratos’s performance in the quarter was significantly better 
than I dared to hope for a year ago when the full-scale invasion of 
Ukraine and all of its consequences became a reality. The strength of 
our management model, based on follow-up and earnings generation 
in a highly decentralised group, is becoming clear as our companies 
create synergies between themselves, on their own initiative. 
However, our progress towards becoming a group focused on 
infrastructure and technological solutions is moving somewhat more 
slowly than planned due to significantly weaker M&A and capital 
markets. Ratos continued to deliver improved earnings despite a 
turbulent global backdrop. 
 
 
Jonas Wiström, President and CEO

===== SIDA 4 =====

3        Ratos Interim Report Q1 2023 
Group performance Q1 2023 
Net sales 
Net sales in the period amounted to SEK 7,817m (6,220), up 26% year on year. Organic sales growth in the period amounted to 8%. 
Construction & Services and Industry reported organic sales growth, while Consumers’ sales declined organically. Currency effects 
had a positive impact of SEK 6m  (0%) on net sales. The structural effect amounted to SEK 1 ,083m (17%) and was mainly attributable 
to the acquisitions of Semcon and Knightec in the Industry business area and NVBS in the Construction & Services business area.  
 
EBITA 
Adjusted EBITA during the quarter amounted to SEK 324m (253). The adjusted EBITA margin was 4.1% (4.1). The change in earnings 
was due to higher earnings in the Industry business area and pertains to organic EBITA growth as well as acquired EBITA through 
Semcon and Knightec. Construction & Services was impacted by a seasonally weak quarter, with Aibel reporting low earnings due to 
the phase of its projects. Earnings in the Consumer business area declined during the quarter, primarily due to lower sales in 
Plantasjen. Construction & Services was impacted in the quarter by non-recurring costs of SEK 21m for efficiency programmes in 
Speed Group. 
 
Financial performance Q1 2023 
Adjusted EBITA, quarterly and LTM, SEKm 
 
 
 
Adjusted EBITA, LTM, SEKm 
 
 
Sales bridge Q1 
 
 
 
 
Net sales, LTM, SEKbn  
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Construction & Services 4,515 3,668 23% 17,749 16,901 284 292 -2% 1,269 1,276 
Consumer 1,017 1,279 -21% 6,724 6,986 -162 -75 -115% 337 424 
Industry 2,285 1,280 79% 7,007 6,002 252 87 pos 610 445 
Group costs -50 -50 1% -179 -179 
Elimination of internal sales -0 -7 -8 -15 
Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA 7,817 7,817 7,817 7,817 6,220 6,220 6,220 6,220 26% 31,472 31,472 31,472 31,472 29,875 29,875 29,875 29,875 324 324 324 324 253 253 253 253 28% 2,038 2,038 2,038 2,038 1,966 1,966 1,966 1,966 
Revaluation and gain/loss listed shares -100 100% -18 -118 
Items affecting comparability -130 100% -130 
Amortisation and impairment of intangible assets in 
connection with company acquisitions -39 -17 -127% -122 -100 
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 285 285 285 285 5 5 55 pos 1,898 1,898 1,898 1,898 1,618 1,618 1,618 1,618 
Finance net -195 -103 -88% -531 -440 
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 90 90 90 90 -98 -98 -98 -98 pos 1,367 1,367 1,367 1,367 1,178 1,178 1,178 1,178 
Tax -33 -41 18% -292 -299 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 57 57 57 57 -139 -139 -139 -139 141% 1,075 1,075 1,075 1,075 879 879 879 879 
Net sales EBITA, adjusted 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
176 
1,035 
365 226 253 
963 
432 
318 324 
1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 
0
200 
400 
600 
800 
1,000 
1,200 
1,400 
Q1 
2021 
Q2 Q3 Q4 Q1 
2022 
Q2 Q3 Q4 Q1 
2023 
LTM 
1,655 1,733 
1,777 1,802 1,879 1,807 1,874 1,966 2,038 
8.0% 8.2% 8.2% 8.0% 7.7% 7.0% 6.8% 6.6% 6.5 
%
Q1 
2021 
Q2 Q3 Q4 Q1 
2022 
Q2 Q3 Q4 Q1 
2023 
EBITA % 
Net sales 
2022, SEKm 6,220 
Structure, % 17% 
Currency, % 0% 
Other, % 0% 
Organic growth, % 8% 
Total, % 26% 
2023, SEKm 7,817 
20.7 21.1 21.6 22.6 
24.3 25.8 
27.4 
29.9 31.5 
-1.3% 
2.3% 
2.4% 4.2% 
7.9% 5.9% 6.5% 8.9% 5.3 
%
Q1 
2021 
Q2 Q3 Q4 Q1 
2022 
Q2 Q3 Q4 Q1 
2023 
Growth %

===== SIDA 5 =====

4        Ratos Interim Report Q1 2023 
Construction & Services 
Net sales 
Net sales for the first quarter amounted to SEK 4,515m, a year-on-year increase of 23%. Of this increase, 19% was driven by strong 
organic growth of services in construction and critical infrastructure and 6% was driven by completed acquisitions. 
 
The business area is well equipped with record-breaking order books in an uncertain market. Both projects in progress and the order 
books in the construction operations contain a large share of partnering projects and have very limited exposure to the housing 
market. 
 
EBITA 
EBITA for the business area amounted to SEK 284m (292) for the quarter, down 2%, and the EBITA margin was 6.3% (8.0). The decline 
in earnings was attributable to lower earnings generation in Aibel due to the phase of its projects and to non-recurring costs of SEK 
21m for efficiency programmes in Speed Group. 
 
Financial performance 
 
 
 
EBITA, LTM, SEKm 
 
 
 
 
Net sales, LTM, SEKm 
 
 
 
Sales bridge, net sales 
 
 
 
 
The Construction & Services business area’s focus is on 
building and maintaining a sustainable society. The service 
offering ranges from constructing new sustainable buildings 
and maintaining critical infrastructure to energy supply and 
managing material flows. The business area’s operations 
benefit from current social developments and trends such as 
urbanisation, growing populations, the need for renewable 
energy and efficient resource management. The business 
area comprises the companies Aibel, airteam, HENT, NVBS, 
Presis Infra, Speed Group and SSEA Group. 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 4,515 3,668 23% 17,749 16,901 5% 
EBITA, adjusted 284 292 -2% 1,269 1,276 -1% 
EBITA %, adjusted 6.3% 8.0% 7.1% 7.6% 
EBITA 284 292 -2% 1,269 1,276 -1% 
EBITA % 6.3% 8.0% 7.1% 7.6% 
Operating profit 264 276 -4% 1,188 1,199 -1% 
Operating profit % 5.9% 7.5% 6.7% 7.1% 
Cash flow from operating activities /one.sups⁾ 521 182 pos 1,910 1,691 13% 
Return on capital employed excl. financial leasing % 16% 25% 16% 16% 
Average number of employees   7,816 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
/one.sups⁾ Cash flow metric is changed from 1 January 2023 retroactively, for more information see page 15 "Note 1 Accounting principles". 
490 526 567 
677 
842 
992 
1,136 
1,276 1,269 
4.7% 4.9% 5.3% 
5.9% 
6.6% 
7.2% 7.5% 7.6% 7.1% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
EBITA % 
10,396 
10,744 10,785 
11,406 
12,664 
13,765 
15,189 
16,901 
17,749 
-2.8% 
3.3% 
0.4% 
5.8% 
11.0% 
8.7% 10.3% 11.3% 5.0% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
Growth % 
Q1 Q1 Q1 Q1 
2023 2023 2023 2023 
2022, SEKm 3,668 
Structure, % 6% 
Currency, % -2% 
Other, % 0% 
Organic growth, % 19% 
Total, % 23% 
2023, SEKm 4,515

===== SIDA 6 =====

5        Ratos Interim Report Q1 2023 
Consumer 
Net sales 
Net sales in the business area for the first quarter amounted to SEK 1,017m (1,279), down 21% year on year. Organic growth was 
negative and amounted to -20%. Plantasjen’s net sales for the first quarter amounted to SEK 542m, down 18% year on year. 
Plantasjen’s sales were negatively impacted by adverse weather in March and a general decline in consumer purchasing power. 
 
EBITA 
EBITA for the business area amounted to SEK -162m (-75) for the quarter, 
 and the EBITA margin was -16.0% (-5.9). The decline in 
earnings was attributable to weaker earnings in Plantasjen, which reported EBITA of SEK -215m compared with SEK -103m in the 
year-earlier period. Plantasjen’s earnings for the quarter were primarily negatively impacted by the adverse weather in March. Other 
companies in the business area improved their earnings during the quarter compared with the year-earlier period. 
 
Financial performance 
 
 
EBITA, LTM, SEKm 
 
 
Sales bridge, net sales 
 
Net sales, LTM, SEKm 
 
 
 
 
 
 
The Consumer business area works to simplify and improve 
life for consumers. To us, simplifying and improving life 
means, for example, making life healthier and more 
sustainable, and saving time. The business area consists of 
companies that  are well positioned in relation to strong 
prevailing macrotrends such as spending holidays at home, 
growing interest in outdoor activities and interior design and 
horticulture. The business area comprises the companies 
KVD, Oase Outdoors and Plantasjen. 
 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales /one.sups⁾ 1,017 1,279 -21% 6,724 6,986 -4% 
EBITA , adjusted /one.sups⁾ -162 -75 -115% 337 424 -20% 
EBITA %, adjusted -16.0% -5.9% 5.0% 6.1% 
EBITA -162 -75 -115% 337 424 -20% 
EBITA % -16.0% -5.9% 5.0% 6.1% 
Operating profit/loss -163 -77 -114% 333 420 -21% 
Operating profit/loss % -16.1% -6.0% 4.9% 6.0% 
Cash flow from operating activities /two.sups⁾ -276 -507 46% 134 -97 pos 
Return on capital employed excl. financial leasing % 4% 18% 4% 6% 
Average number of employees   1,609 
/one.sups⁾ Refer to page 19 for Plantasjens Net sales and EBITA, adjusted.
/two.sups⁾ Cash flow metric is changed from 1 January 2023 retroactively, for more information see page 15 "Note 1 Accounting principles". 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
738 
826 845 845 834 
660 
581 
424 
337 
13.4% 14.9% 14.2% 13.6% 12.6% 
9.5% 
8.3% 
6.1% 
5.0% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
EBITA % 
5,492 5,553 
5,934 
6,232 
6,643 
6,953 7,004 6,986 
6,724 
1.8% 1.1% 
6.9% 5.0% 6.6% 4.7% 
0.7% -0.3% 
-3.8% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
Growth % 
Q1 Q1 Q1 Q1 
2023 2023 2023 2023 
2022, SEKm 1,279 
Structure, % 0% 
Currency, % 0% 
Organic growth, % -20% 
Total, % -21% 
2023, SEKm 1,017

===== SIDA 7 =====

6        Ratos Interim Report Q1 2023 
Industry 
Net sales 
Net sales in the business area for the first quarter amounted to SEK 2,285m (1 ,280), up 79%. The increase was attributable to the 
acquired companies Semcon and Knightec and to growth in all other companies. Organic growth amounted to 7% for the quarter. The 
structural effect amounted to 66% and pertained to the acquisitions of Semcon and Knightec. 
 
EBITA 
Adjusted EBITA for the business area amounted to SEK 252m (87) for the quarter, up 190% year on year. The adjusted EBITA margin 
was 11.0% (6.8). The improvement in earnings was mainly attributable to the acquired companies Semcon and Knightec. All 
companies in the business area improved their earnings during the quarter compared with the year-earlier period. 
 
 
Financial performance 
 
 
 
Adjusted EBITA, LTM, SEKm 
 
 
Sales bridge, net sales 
 
 
Net sales, LTM, SEKm 
 
 
 
 
The Industry business area develops market-leading 
industrial companies that are based in the Nordics but 
export to the entire world. The companies are active in more 
than 30 countries across five continents. The companies in 
the Industry business area are exposed to high-growth 
markets such as energy-efficient lighting, lightweight 
material, renewable energy, grocery, product development in 
Swedish industry and pharmacology. The business area 
comprises the companies Diab, HL Display, Knightec, LEDiL, 
Semcon, and TFS Healthcare.  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 2,285 1,280 79% 7,007 6,002 17% 
EBITA, adjusted 252 87 pos 610 445 37% 
EBITA %, adjusted 11.0% 6.8% 8.7% 7.4% 
EBITA 252 -43 pos 610 315 94% 
EBITA % 11.0% -3.4% 8.7% 5.3% 
Operating profit/loss 234 -44 pos 581 303 92% 
Operating profit/loss % 10.2% -3.4% 8.3% 5.1% 
Cash flow from operating activities /one.sups⁾ 271 79 pos 475 284 67% 
Return on capital employed excl. financial leasing % 9% 7% 9% 9% 
Average number of employees   5,659 
/one.sups⁾ Cash flow metric is changed from 1 January 2023 retroactively, for more information see page 15 "Note 1 Accounting principles". 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
571 538 
501 
432 
371 
329 336 
445 
610 
11.9% 
11.1% 
10.2% 
8.8% 
7.4% 
6.5% 6.4% 
7.4% 
8.7% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
EBITA % 
4,785 4,842 4,921 4,913 5,039 5,060 
5,254 
6,002 
7,007 
-1.5% 
1.2% 1.6% -0.2% 
2.6% 
0.4% 
3.8% 
14.2% 
16.7% 
Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 
Growth % 
Q1 Q1 Q1 Q1 
2023 2023 2023 2023 
2022, SEKm 1,280 
Structure, % 66% 
Currency, % 6% 
Other, % 0% 
Organic growth, % 7% 
Total, % 79% 
2023, SEKm 2,285

===== SIDA 8 =====

7        Ratos Interim Report Q1 2023 
Financial outlook, Ratos Group 
Cash flow Q1 
Cash flow for the quarter amounted to SEK -405m (-465), of 
which cash flow from operating activities accounted for SEK 
507m (-379). Cash flow from investing activities amounted to 
SEK -163m (-126) and cash flow from financing activities to 
SEK -749m (41).  
 The change in cash flow for the quarter was mainly 
attributable to operating activities, with operating profit 
amounting to SEK 285m (5), dividends received from 
associates amounting to SEK 122m (-) and changes in 
working capital amounting to SEK -54m (-581). Financing 
activities were mainly impacted by the change in external 
loans, which amounted to SEK -730m (435) for the quarter.  
 
Tax Q1  
The tax expense for the Group amounted to SEK -33m (-41) 
and profit before tax to SEK 90m (-98). The effective tax rate 
for the quarter was thus 37% (negative), primarily because tax 
loss carry-forwards in certain countries were not capitalised. 
 
Financial position and leverage 
The Group’s cash and cash equivalents at the end of the 
period amounted to  SEK 2,072m (2,532 at 31 December 2022) 
and interest-bearing net debt including financial lease 
liabilities totalled SEK 10,614m (10,468 at 31 December 2022). 
Including financial lease liabilities, the Group’s leverage at 
the end of the period amounted to 3.2x (3.5x at 31 December 
2022). The Group’s interest-bearing net debt excluding 
financial lease liabilities amounted to SEK 4,826m (4,798 at 
31 December 2022). Leverage excluding financial lease 
liabilities at the end of the period amounted to 2.2x (2.5x at 31 
December 2022). The total translation effect of currency for 
interest-bearing liabilities amounted to approximately SEK  
-200m, of which approximately SEK -70m related to liabilities 
to credit institutions and approximately  
SEK -130m to financial lease liabilities. 
 At the end of the period, the Group’s interest-bearing 
liabilities to credit institutions amounted to SEK 6,316m 
(6,869 at 31 December 2022). 
  
Ratos’s equity 
At 31 March 2023, Ratos’s equity (attributable to owners of 
the parent) amounted to SEK 11,670m (12,289 at 31 December 
2022), corresponding to SEK 36 (38) per share outstanding. 
 
Parent company 
  
The parent company’s operating loss amounted to SEK -49m 
(-34) for the period. The parent company’s profit before tax 
amounted to SEK 132m (-21) and was positively impacted by 
dividends from Group companies of SEK 192m. Cash and 
cash equivalents in the parent company amounted to SEK 
956m (410 at 31 December 2022). 
 The parent company has a related party relationship with 
its Group companies. For more information, refer to Note 28 
in the 2022 Annual Report. No new types of 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 amounted to SEK -0.09 (-0.66) before 
dilution and SEK -0.09 (-0.66) for the period. Profit for the 
period attributable to owners of the parent was negative and 
was impacted by lower earnings in Plantasjen and Aibel. The 
closing price for Ratos’s Class B shares on 31 March 2023 
was SEK 31.62. The total return on Class B shares in the first 
quarter amounted to -21.7%, compared with the performance 
for the SIX Return Index, which was 8.7%.  
 
Number of shares and 
repurchased/sold shares  
At the beginning of the year, Ratos owned no treasury shares. 
No new shares were issued during the period. At 31 March 
2023, the total number of shares and shares outstanding in 
Ratos (Class A and B shares) amounted to 325,898,988 and 
the number of votes to 108,763,253. 
 
Resolutions at the 2023 Annual General 
Meeting 
Information on resolutions passed at the 2023 Annual 
General Meeting is available at www.ratos.com. The Annual 
General Meeting resolved on a dividend for the 2022 financial 
year of SEK 0.84 (1.20) per Class A and B share. The dividend 
was paid through Euroclear Sweden on 4 April 2023. The 
Meeting resolved, in accordance with the proposal from the 
Board, to introduce the long-term incentive programme 
2023/2027 for the CEO and other key personnel, which will 
include convertibles and warrants.

===== SIDA 9 =====

8        Ratos Interim Report Q1 2023 
Significant events during and after the 
end of the quarter 
HL Display, which is part of the Industry business area, 
acquired the Swedish company Akriform Plast AB on 15 
February. The company is a producer of bulk bins and 
custom-made solutions for grocery retail and branded goods 
suppliers throughout the Nordics. 
 On 3 April, HL Display acquired the German company 
Oechsle Display Systems, a manufacturer of communication 
and shelf management solutions, and werba print & display, a 
provider of print and display solutions.  
 During the quarter, Ratos initiated the process for a 
compulsory buy-out of the remaining shares in Semcon. The 
process is expected to be completed in the second quarter of 
2023. 
 
 
 
 
 
 
 
 
Interest-bearing net debt and leverage1) , SEKm 
 
1)  Excluding financial lease liabilities 
 
 
 
 
 
 
 
 
Diluted earnings per share, SEK 
 
 
-1,442 
-2,549 
-1,962 
342 1,485 
1,006 
1,824 
4,798 4,826 
-0.4x -0.7x -0.5x 0.1x 0.9x 0.6x 0.9x 
2.5x 2.2x 
Q1 
2021 
Q2 Q3 Q4 Q1 
2022 
Q2 Q3 Q4 Q1 
2023 
Leverage 
-1.40 
2.11 2.17 
8.10 
1.68 2.26 
-2.00 
2018 2019 2020 2021 2022 2023 
LTM

===== SIDA 10 =====

9        Ratos Interim Report Q1 2023 
Financial statements 
Consolidated income statement   
 
 
 
 
Consolidated statement of comprehensive income 
  
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Net sales 7,817 6,220 29,875 
Other operating income 31 44 155 
Cost of goods and services sold -4,393 -3,822 -18,186 
Employee benefit costs -2,102 -1,492 -6,494 
Depreciation/amortisation and impairment of property, plant and equipment and intangible 
assets and right-of-use assets -376 -329 -1,340 
Other external costs -762 -602 -2,529 
Capital gain/loss from Group companies -0 -0 
Share of profit/loss from investments recognised according to the equity method 69 88 255 
Revaluation and capital gain/loss listed shares -100 -118 
Operating profit Operating profit Operating profit Operating profit 285 285 285 285 5 5 55 1,618 1,618 1,618 1,618 
Net financial items/one.sups⁾ -195 -103 -440 
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 90 90 90 90 -98 -98 -98 -98 1,178 1,178 1,178 1,178 
Income tax -33 -41 -299 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 57 57 57 57 -139 -139 -139 -139 879 879 879 879 
Profit/loss for the period attributable to: 
Owners of the parent -28 -215 548 
Non-controlling interests 85 76 331 
Earnings per share, SEK 
- basic earnings per share -0.09 -0.66 1.69 
- diluted earnings per share -0.09 -0.66 1.68 
/one.sups⁾ See page 20 for a specification of the finance net
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 57 57 57 57 -139 -139 -139 -139 879 879 879 879 
Items that will not be reclassified to profit or loss: 
Remeasurement of defined benefit pension obligations, net 46 
Tax attributable to items that will not be reclassified to profit or loss -4 
42 42 42 42 
Items that may be reclassified subsequently to profit or loss: 
Translation differences for the period -342 236 392 
Change in hedging reserve for the period 5 -10 -9 
Tax attributable to items that may be reclassified subsequently to profit or loss -1 2 1
-339 -339 -339 -339 228 228 228 228 384 384 384 384 -339 228 384 
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period -339 -339 -339 -339 228 228 228 228 426 426 426 426 -339 228 426 
Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period -282 -282 -282 -282 89 89 89 89 1,305 1,305 1,305 1,305 -282 89 1,305 
Total comprehensive income for the period attributable to: 
Owners of the parent -280 -24 913 
Non-controlling interest -2 113 392

===== SIDA 11 =====

10        Ratos Interim Report Q1 2023 
Summary consolidated statement of financial position 
 
 
 
  
SEKm SEKm SEKm SEKm 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-03-31 2022-03-31 2022-03-31 2022-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
ASSETS 
Non-current assets Non-current assets Non-current assets Non-current assets 
Goodwill 14,580 10,353 14,811 
Other intangible non-current assets 2,027 1,424 2,096 
Property, plant and equipment 1,726 1,525 1,725 
Right-of-use assets 5,228 5,199 5,100 
Financial assets 1,410 2,203 1,675 
Deferred tax assets 376 318 357 
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 25,348 25,348 25,348 25,348 21,022 21,022 21,022 21,022 25,764 25,764 25,764 25,764 
Current assets Current assets Current assets Current assets 
Inventories 2,661 2,531 2,477 
Accounts receivable 3,640 3,095 3,699 
Current receivables 2,691 1,115 2,703 
Cash and cash equivalents 2,072 1,836 2,532 
Total current assets Total current assets Total current assets Total current assets 11,063 11,063 11,063 11,063 8,577 8,577 8,577 8,577 11,411 11,411 11,411 11,411 
Total assets Total assets Total assets Total assets 36,411 36,411 36,411 36,411 29,599 29,599 29,599 29,599 37,175 37,175 37,175 37,175 
EQUITY AND LIABILITIES 
Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests 13,099 13,099 13,099 13,099 12,858 12,858 12,858 12,858 13,788 13,788 13,788 13,788 
Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities 
Interest-bearing liabilities 11,358 7,458 11,318 
Non-interest bearing liabilities 1,669 910 1,668 
Pension provisions 59 75 60 
Other provisions 45 38 44 
Deferred tax liabilities 741 442 742 
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 13,871 13,871 13,871 13,871 8,924 8,924 8,924 8,924 13,832 13,832 13,832 13,832 
Current liabilities Current liabilities Current liabilities Current liabilities 
Interest-bearing liabilities 1,374 1,562 1,723 
Non-interest bearing liabilities 7,586 5,711 7,393 
Provisions 480 544 439 
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 9,440 9,440 9,440 9,440 7,817 7,817 7,817 7,817 9,555 9,555 9,555 9,555 
Total liabilities Total liabilities Total liabilities Total liabilities 23,312 23,312 23,312 23,312 16,741 16,741 16,741 16,741 23,387 23,387 23,387 23,387 
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 36,411 36,411 36,411 36,411 29,599 29,599 29,599 29,599 37,175 37,175 37,175 37,175

===== SIDA 12 =====

11        Ratos Interim Report Q1 2023 
Summary statement of changes in consolidated equity 
 
 
 
 
 
  
SEKm SEKm SEKm SEKm 
Owners of Owners of Owners of Owners of 
the parent the parent the parent the parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Owners of Owners of Owners of Owners of 
the parent the parent the parent the parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Owners Owners Owners Owners 
of the of the of the of the 
parent parent parent parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Opening equity Opening equity Opening equity Opening equity 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 11,940 11,940 11,940 11,940 1,387 1,387 1,387 1,387 13,326 13,326 13,326 13,326 11,940 11,940 11,940 11,940 1,387 1,387 1,387 1,387 13,326 13,326 13,326 13,326 
Total comprehensive income for the 
period -280 -2 -282 -24 113 89 913 392 1,305 
Dividends -274 -61 -335 -390 -147 -537 -390 -262 -651 
Non-controlling interests’ share of 
capital contribution and new issue 0 0  -0 -0 
Transfer of treasury shares  2 2 2 2
Conversion of convertible loan to shares   33 33 
The value of the conversion option of the 
convertible debentures   7 7
Option premiums   9 9
Put options, future acquisitions from 
non-controlling interests -64 32 -33 -2 -21 -23 -227 -567 -794 
Acquisition of shares in subsidiaries 
from non-controlling interests -1 -39 -40 4 -10 -6 
Disposal of shares in subsidiaries to 
non-controlling interests  -1 2 1 -1 36 35 
Non-controlling interests at acquisition 
 0 0 522 522 
Closing equity Closing equity Closing equity Closing equity 11,670 11,670 11,670 11,670 1,429 1,429 1,429 1,429 13,099 13,099 13,099 13,099 11,525 11,525 11,525 11,525 1,333 1,333 1,333 1,333 12,858 12,858 12,858 12,858 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 
2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-03-31 2022-03-31 2022-03-31 2022-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31

===== SIDA 13 =====

12        Ratos Interim Report Q1 2023 
Summary consolidated statement of cash flows 
 
 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Operating activities Operating activities Operating activities Operating activities 
Operating profit 285 5 1,618 
Adjustment for non-cash items 423 457 1,227 
708 462 2,845 
Received dividends from associated companies 122 
Interest and financial items, net -138 -153 -476 
Income tax paid -132 -107 -301 
Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital 560 560 560 560 202 202 202 202 2,068 2,068 2,068 2,068 
Cash flow from change in working capital 
Increase (-)/Decrease (+) in inventories -330 -641 -487 
Increase (-)/Decrease (+) in operating receivables 90 -179 -1,062 
Increase (+)/Decrease (-) in operating liabilities 187 238 913 
Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities 507 507 507 507 -379 -379 -379 -379 1,431 1,431 1,431 1,431 
Investing activities Investing activities Investing activities Investing activities 
Acquisition, group companies -48 -53 -4,542 
Disposal, group companies 5 5
Investments and disposal, intangible assets/property, plant and equipment -114 -78 -405 
Investments and disposal, financial assets -0 685 
Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -163 -163 -163 -163 -126 -126 -126 -126 -4,257 -4,257 -4,257 -4,257 
Financing activities Financing activities Financing activities Financing activities 
Non-controlling interests' share of issue/capital contribution 0 0
Transfer of treasury shares 2 2
Option premiums paid 17 
Repurchase/final settlements options -0 -11 
Acquisition and disposal of shares in subsidiaries from non-controlling interests -4 1 -0 
Dividends paid -390 -390 
Dividends paid, non-controlling interests -15 -8 -248 
Borrowings 777 852 9,957 
Amortisation of loans -1,271 -192 -5,519 
Amortisation of financial lease liabilitities -236 -225 -816 
Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -749 -749 -749 -749 41 41 41 41 2,991 2,991 2,991 2,991 
Cash flow for the period Cash flow for the period Cash flow for the period Cash flow for the period -405 -405 -405 -405 -465 -465 -465 -465 165 165 165 165 
Cash and cash equivalents at the beginning of the period 2,532 2,230 2,230 
Exchange differences in cash and cash equivalents -56 72 138 
Cash and cash equivalents at the end of the period 2,072 1,836 2,532

===== SIDA 14 =====

13        Ratos Interim Report Q1 2023 
Summary parent company income statement 
 
 
 
 
Parent company statement of comprehensive income 
 
 
 
 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Other operating income 0 7 15 
Administrative expenses -49 -41 -149 
Depreciation of property, plant and equipment -0 -0 -1 
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -49 -49 -49 -49 -34 -34 -34 -34 -135 -135 -135 -135 
Gain from sale of participating interests in group companies 110 
Dividends from group companies 192 102 
Net financial items/one.sups⁾ -12 14 94 
Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items 132 132 132 132 -21 -21 -21 -21 172 172 172 172 
Group contribution, recieved 92 
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 132 132 132 132 -21 -21 -21 -21 264 264 264 264 
Income tax 14 3 56 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 145 145 145 145 -18 -18 -18 -18 320 320 320 320 
/one.sups⁾ See page 20 for a specification of the finance net 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 145 145 145 145 -18 -18 -18 -18 320 320 320 320 
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period 00 00 0 0 00 0 0 00
Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period 145 145 145 145 -18 -18 -18 -18 320 320 320 320

===== SIDA 15 =====

14        Ratos Interim Report Q1 2023 
Summary parent company balance sheet 
 
 
 
Summary parent company statement of changes in equity 
 
SEKm SEKm SEKm SEKm 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-03-31 2022-03-31 2022-03-31 2022-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
ASSETS 
Non-current assets Non-current assets Non-current assets Non-current assets 
Property, plant and equipment 4 3 3
Financial assets 10,754 7,984 10,150 
Receivables from group companies 4,875 4,986 6,180 
Deferred tax assets 144 77 130 
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 15,776 15,776 15,776 15,776 13,050 13,050 13,050 13,050 16,464 16,464 16,464 16,464 
Current assets Current assets Current assets Current assets 
Current receivables 47 59 48 
Receivables from group companies 2,728 1,238 1,741 
Cash and cash equivalents 956 474 410 
Total current assets Total current assets Total current assets Total current assets 3,730 3,730 3,730 3,730 1,771 1,771 1,771 1,771 2,199 2,199 2,199 2,199 
Total assets Total assets Total assets Total assets 19,507 19,507 19,507 19,507 14,821 14,821 14,821 14,821 18,663 18,663 18,663 18,663 
EQUITY AND LIABILITIES 
Equity Equity Equity Equity 9,846 9,846 9,846 9,846 9,588 9,588 9,588 9,588 9,975 9,975 9,975 9,975 
Non-current liablities Non-current liablities Non-current liablities Non-current liablities 
Interest-bearing liabilities, group companies 81 948 206 
Interest-bearing liabilities 6,178 2,116 6,237 
Convertible debentures 79 76 79 
Deferred tax liabilities 3 2 3
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 6,341 6,341 6,341 6,341 3,142 3,142 3,142 3,142 6,524 6,524 6,524 6,524 
Current provisions Current provisions Current provisions Current provisions 95 95 95 95 70 70 70 70 86 86 86 86 
Current liabilities Current liabilities Current liabilities Current liabilities 
Interest-bearing liabilities, group companies 2,781 1,318 1,464 
Interest-bearing liabilities 100 652 590 
Non-interest bearing liabilities, group companies 0
Non-interest bearing liabilities 344 50 25 
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 3,225 3,225 3,225 3,225 2,020 2,020 2,020 2,020 2,079 2,079 2,079 2,079 
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 19,507 19,507 19,507 19,507 14,821 14,821 14,821 14,821 18,663 18,663 18,663 18,663 
SEKm SEKm SEKm SEKm 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-03-31 2022-03-31 2022-03-31 2022-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Opening equity Opening equity Opening equity Opening equity 9,975 9,975 9,975 9,975 9,994 9,994 9,994 9,994 9,994 9,994 9,994 9,994 
Comprehensive income for the period 145 -18 320 
Dividends -274 -390 -390 
Transfer of treasury shares 2 2
Conversion of convertible loan to shares 33 
The value of the conversion option of the convertible debentures 8
Deferred tax, conversion option -2 
Option premiums 9
Closing equity Closing equity Closing equity Closing equity 9,846 9,846 9,846 9,846 9,588 9,588 9,588 9,588 9,975 9,975 9,975 9,975

===== SIDA 16 =====

15        Ratos Interim Report Q1 2023 
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.  
 As of 1 January 2023, Ratos has changed the presentation 
of its cash flow statement to harmonise its reporting against 
comparable companies. The difference entails that, as of 1 
January 2023, interest rates and other incoming and outgoing 
financial payments are classified as operating activities 
rather than investing and financing activities, as was 
previously the case. The operation key figure “Cash flow from 
operations” has been replaced with “Cash flow from 
operating activities” in the tables for the Group and the 
business areas. All comparative figures have been changed in 
accordance with this amendment, and in all other respects, 
the reporting and measurement principles are unchanged 
compared with those applied in Ratos’s 2022 Annual Report. 
The new and revised IFRS standards which came into force in 
2023 have not had any material effect on the Ratos Group’s 
financial statements. 
 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. 
Note 2  Risks and uncertainties 
Ratos is a business group that makes it possible for 
independent mid-sized companies to develop more rapidly by 
being a part of something larger. A focus on people, 
leadership, culture and values is a key component of Ratos. 
These operations include inherent risks attributable to both 
Ratos and the companies. 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 several 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 
initiatives. 
 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 2022 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 31 March 2023, 
the net value of derivatives, level 2, amounted to SEK 7m (1 at 
31 December 2022), of which SEK 14m (7 at 31 December 
2022) was recognised as an asset and SEK 7m (6 at 31 
December 2022) as a liability. 
 In the statement of financial position at 31 March 2023, 
the total value of financial instruments measured at fair value 
in accordance with level 3 was SEK 2,105m (2,058 at 31 
December 2022). The change is presented in the table below. 
 
 
 
  
Change, level 3 Change, level 3 Change, level 3 Change, level 3 
SEKm SEKm SEKm SEKm 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Opening balance 153 144 1,669 830 236 194 
Recognised in comprehensive income 24 18 -34 44 0 12 
Recognised against equity 33 221 
Newly issued/subsequent expenditure 2 566 47 49 
Acquisitions, Group companies 8 26 
Settlements 0 -11 -23 -46 
Closing balance Closing balance Closing balance Closing balance 176 176 176 176 153 153 153 153 1,668 1,668 1,668 1,668 1,669 1,669 1,669 1,669 260 260 260 260 236 236 236 236 
Synthetic options Synthetic options Synthetic options Synthetic options Call and put options Call and put options Call and put options Call and put options Contingent considerations Contingent considerations Contingent considerations Contingent considerations

===== SIDA 17 =====

16        Ratos Interim Report Q1 2023 
Note 4  Acquired and divested companies 
Acquisitions within business areas 
Construction & Services 
In 2022, NVBS acquired the companies Ratatek and TKBM 
Entreprenad AB. The preliminary acquisition analyses during 
the first quarter of 2023 were updated after the final 
acquisition balances were determined, which entailed an 
adjustment to the purchase price of SEK 31m. 
 In 2022, SSEA Group acquired the company Kiruna 
Målbygg AB. The preliminary acquisition analysis during the 
first quarter of 2023 was updated after the final acquisition 
balance was determined, which entailed an adjustment to the 
purchase price of SEK 1m. 
Consumer 
On 2022 March, Plantasjen acquired Flyinge Plantshop AB. 
The preliminary acquisition analysis during the first quarter of 
2023 was updated after the final acquisition balance was 
determined, which entailed an adjustment to the purchase 
price of SEK 3m. 
Industry 
HL Display, which is part of the Industry business area, 
acquired the Swedish company Akriform Plast AB on 15 
February. The company is a producer of bulk bins and 
custom-made solutions for grocery retail and branded goods 
suppliers throughout the Nordics. The company had sales of 
SEK 85m for the last 12 months as per 31 March 2023. 
 In the first quarter of 2023, TFS conducted a minor 
acquisition of assets and liabilities in its subsidiary in Israel. 
The total purchase price amounted to EUR 0.2m. 
 
The preliminary acquisition analyses for the add-on 
acquisitions carried out during the year and updated items 
pertaining to established acquisition analyses for previous 
acquisitions are presented below. 
 
 
Acquisition of Semcon 
In 2022, Ratos acquired Semcon AB (publ) through a public  
offer. The preliminary acquisition analysis during the first 
quarter of 2023 was updated after the final acquisition 
balance was determined. No material changes were 
identified. 
 During the quarter, Ratos initiated the process for a 
compulsory buy-out of the remaining shares in Semcon. The 
process is expected to be completed in the second quarter of 
2023. 
    
Final acquisition analysis Semcon Final acquisition analysis Semcon Final acquisition analysis Semcon Final acquisition analysis Semcon    
 
 
 
  
SEKm SEKm SEKm SEKm 
Intangible assets 3
Property, plant and equipment 10 
Right-of-use assets 10 
Financial assets 0
Trade receivables 14 
Current assets 10 
Cash and cash equivalents 3
Non-current liabilities -2 
Current liabilities -23 
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 24 24 24 24 
Goodwill 39 
Purchase price Purchase price Purchase price Purchase price 63 63 63 63 
of which, paid in cash 28 
of which, contingent consideration 35 
SEKm SEKm SEKm SEKm 
Intangible assets 427 
Property, plant and equipment 23 
Right-of-use assets 66 
Deferred tax asset 3
Trade receivables 306 
Current assets 249 
Cash and cash equivalents 203 
Non-controlling interest -36 
Deferred tax liability -157 
Non-current liabilities and provisions -36 
Current liabilities and provisions -440 
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 609 609 609 609 
Goodwill 2,125 
Purchase price Purchase price Purchase price Purchase price 2,734 2,734 2,734 2,734 
of which, paid in cash 2,734

===== SIDA 18 =====

17        Ratos Interim Report Q1 2023 
Key figures 
 
For definitions, see page 21 
  
 
 
 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Leverage excl. financial leasing 2.2x 0.9x 2.5x 
Leverage 3.2x 2.7x 3.5x 
Equity ratio, % 36.0 43.4 37.1 
Return on equity, % 6.1 6.3 4.6 
Return on capital employed excl. financial leasing, % 10.0 11.3 10.2 
Return on capital employed, % 8.6 9.2 8.6 
Key figures per share Key figures per share Key figures per share Key figures per share/one.sups/one.sups /one.sups/one.sups⁾⁾ ⁾⁾
Total return, % -21.7 -13.6 -26.6 
Dividend yield, % 2.0 
Market price, SEK 31.62 48.84 41.49 
Dividend, SEK 0.84 
Equity attributable to owners of the parent, SEK/two.sups⁾ 35.81 35.49 37.71 
Basic earnings per share, SEK -0.09 -0.66 1.69 
Diluted earnings per share, SEK -0.09 -0.66 1.68 
Average number of ordinary shares outstanding: 
– before dilution 325,898,988 324,685,348 325,223,889 
– after dilution 326,024,625 325,048,043 326,442,359 
Total number of registered shares 325,898,988 324,738,820 325,898,988 
Number of shares outstanding/three.sups⁾ 325,898,988 324,738,820 325,898,988 
– of which, Class A shares 84,637,060 84,637,060 84,637,060 
– of which, Class B shares 241,261,928 240,101,760 241,261,928 
/one.sups⁾ Relates to Class B shares unless specified otherwise 
/two.sups⁾ Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period 
/three.sups
⁾ After redemption and transfer of Ratos own shares

===== SIDA 19 =====

18        Ratos Interim Report Q1 2023 
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 sub-
components 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 21 of this report. 
 
 
 
Organic growth 
 
 
EBITDA, EBITA and operating profit  
    
 
Interest-bearing net debt 
    
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % 26% 26% 26% 26% 40% 40% 40% 40% 32% 32% 32% 32% 
Net sales Net sales Net sales Net sales 7,817 7,817 7,817 7,817 6,220 6,220 6,220 6,220 29,875 29,875 29,875 29,875 
Acquired net sales 1,083 1,102 4,629 
Effects from change in currency 6 209 914 
Other -3  -39 
Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 6,730 6,730 6,730 6,730 4,909 4,909 4,909 4,909 24,371 24,371 24,371 24,371 
Divested net sales in the comparison period 1 7
Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period 6,220 6,220 6,220 6,220 4,431 4,431 4,431 4,431 22,544 22,544 22,544 22,544 
Elimination of internal net sales 0 -7 -15 
Organic growth Organic growth Organic growth Organic growth 511 511 511 511 485 485 485 485 1,841 1,841 1,841 1,841 
Organic growth, % Organic growth, % Organic growth, % Organic growth, % 8% 8% 8% 8% 11% 11% 11% 11% 8% 8% 8% 8% 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
EBITDA EBITDA EBITDA EBITDA 661 661 661 661 334 334 334 334 2,958 2,958 2,958 2,958 
Depreciations and impairment -337 -312 -1,240 
EBITA EBITA EBITA EBITA 324 324 324 324 22 22 22 22 1,718 1,718 1,718 1,718 
Revaluation and capital gain/loss listed shares -100 -118 
Restructuring costs  -130 -130 
Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 324 324 324 324 253 253 253 253 1,966 1,966 1,966 1,966 
Amortisation and impairment of intangible assets in connection with company 
acquisitions -39 -17 -100 
Operating profit Operating profit Operating profit Operating profit 285 285 285 285 5 5 55 1,618 1,618 1,618 1,618 
SEKm SEKm SEKm SEKm 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2022-03-31 2022-03-31 2022-03-31 2022-03-31 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Interest-bearing liabilities, other 6,943 3,325 7,371 
Provisions for pensions 59 75 60 
Interest-bearing assets -106 -78 -101 
Cash and cash equivalents -2,072 -1,836 -2,532 
Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing 4,826 4,826 4,826 4,826 1,485 1,485 1,485 1,485 4,798 4,798 4,798 4,798 
Financial leasing liabilities 5,789 5,696 5,670 
Interest-bearing net debt incl. financial leasing Interest-bearing net debt incl. financial leasing Interest-bearing net debt incl. financial leasing Interest-bearing net debt incl. financial leasing 10,614 10,614 10,614 10,614 7,181 7,181 7,181 7,181 10,468 10,468 10,468 10,468

===== SIDA 20 =====

19        Ratos Interim Report Q1 2023 
Segments by quarter, summary 
 
 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Net sales, SEKm Net sales, SEKm Net sales, SEKm Net sales, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 4,515 3,668 4,098 4,059 5,077 16,901 
Consumer 1,017 1,279 3,018 1,540 1,148 6,986 
 - whereof Plantasjen 542 661 2,118 887 740 4,407 
Industry 2,285 1,280 1,310 1,441 1,971 6,002 
Elimination of internal net sales 0 -7 -6 -2 0 -15 
Ratos group Ratos group Ratos group Ratos group 7,817 7,817 7,817 7,817 6,220 6,220 6,220 6,220 8,420 8,420 8,420 8,420 7,039 7,039 7,039 7,039 8,195 8,195 8,195 8,195 29,875 29,875 29,875 29,875 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
EBITDA, SEKm EBITDA, SEKm EBITDA, SEKm EBITDA, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 383 374 369 410 493 1,646 
Consumer -15 62 799 162 -42 982 
Industry 341 178 142 195 239 754 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -49 -49 -53 -28 -45 -175 
Ratos group Ratos group Ratos group Ratos group 661 661 661 661 334 334 334 334 1,239 1,239 1,239 1,239 739 739 739 739 646 646 646 646 2,958 2,958 2,958 2,958 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 284 292 278 313 394 1,276 
Consumer -162 -75 664 25 -189 424 
 - whereof Plantasjen -215 -103 565 6 -142 325 
Industry 252 87 76 123 160 445 
Group costs -50 -50 -54 -29 -46 -179 
Ratos group Ratos group Ratos group Ratos group 324 324 324 324 253 253 253 253 963 963 963 963 432 432 432 432 318 318 318 318 1,966 1,966 1,966 1,966 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 264 276 259 292 373 1,199 
Consumer -163 -77 662 24 -191 420 
Industry 234 87 76 118 152 433 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -50 -50 -54 -29 -53 -186 
Ratos group Ratos group Ratos group Ratos group 285 285 285 285 55 55 925 925 925 925 406 406 406 406 282 282 282 282 1,618 1,618 1,618 1,618 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Profit/loss before tax, SEKm Profit/loss before tax, SEKm Profit/loss before tax, SEKm Profit/loss before tax, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 224 239 234 257 340 1,070 
Consumer -261 -134 592 -32 -294 132 
Industry 191 64 58 94 4 221 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -64 -37 -42 24 59 4
Ratos group Ratos group Ratos group Ratos group 90 90 90 90 -98 -98 -98 -98 825 825 825 825 343 343 343 343 109 109 109 109 1,178 1,178 1,178 1,178

===== SIDA 21 =====

20        Ratos Interim Report Q1 2023 
Specification of net financial items 
 
 
 
 
 
 
  
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Interest income 18 1 pos 15 
Interest expense -81 -17 neg -124 
Interest expense financial leasing -71 -66 -7% -266 
Net interest Net interest Net interest Net interest -134 -134 -134 -134 -82 -82 -82 -82 -64% -64% -64% -64% -375 -375 -375 -375 
Net exchange rate effects -27 0 neg -9 
Other financial items -34 -22 -53% -56 
Net financial items Net financial items Net financial items Net financial items -195 -195 -195 -195 -103 -103 -103 -103 -88% -88% -88% -88% -440 -440 -440 -440 
Change Change Change Change 
% % % % 
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year 
Parent company, SEKm Parent company, SEKm Parent company, SEKm Parent company, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Net interest 26 32 -19% 149 
Net exchange rate effects -16 -10 -60% -19 
Other financial items -22 -8 neg -36 
Net financial items Net financial items Net financial items Net financial items -12 -12 -12 -12 14 14 14 14 neg neg neg neg 94 94 94 94 
Change Change Change Change 
% % % %

===== SIDA 22 =====

21        Ratos Interim Report Q1 2023 
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 capital employed 
Adjusted EBITA for the last 12 months as a percentage of 
average capital employed 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. 
Adjusted EBITA 
EBITA adjusted for capital gains and the revaluation of listed 
shares and 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 full 
year restated as full-time positions. Also includes average 
number of employees in key associates. 
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 
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.

===== SIDA 23 =====

Investor presentation 
 
27 April 9:00 am 
Webcast: https://youtube.com/live/LKaop4fJ4Uk 
 
 
 
 Financial calendar 
 
2023 2023 2023 2023    
Interim report Q2 2023                                19 July 
Interim report Q3 2023                                23 October 
 
 
 
 
 
 
 
 
 
 
 
Stockholm, 27 April 2023 
Ratos AB (publ) 
 
 
 
Jonas Wiström 
President and CEO 
For further information, please contact: 
Jonas Wiström, President and CEO, +46 8 700 17 00 
Jonas Ågrup, CFO and IR, +46 8 700 17 00 
Josefine Uppling, 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 April 27, 
2023. 
 
 
 
 
 
 
 
 
 
 
Ratos AB (publ) 
Sturegatan 10, Mailbox 511 SE-114 11 Stockholm 
Tel: +46 8 700 17 00 
www.ratos.com 
Reg. no. 556008-3585 
 
 
 
 
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and 
Industry. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct 
corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About 
People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key 
focus areas.

===== SIDA 24 =====