===== SIDA 1 ===== Interim report Q1 2024 ===== SIDA 2 ===== 1 Ratos Interim Report Q1 2024 Interim report January–March 2024 Q1 2024  Adjusted 1) EBITA amounted to SEK 359m (324)  All business areas improved their EBITA. Industry reported EBITA of SEK 307m (303), Construction & Services reported EBITA of SEK 297m (284) and Consumer reported EBITA of SEK -194m (-213)  Operating profit amounted to SEK 329m (285)  Profit for the period amounted to SEK 125m (57)  Diluted earnings per share amounted to SEK 0.06 (-0.09)  Cash flow from operating activities amounted to SEK -137m (507)  Leverage excluding finance leases was 0.8x (2.2x)  New reporting structure for the business areas with breakdown by segment 2) Ratos Group, SEKm Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Net sales 7,825 7,817 0% 33,756 33,748 0% EBITDA 717 661 8% 5,364 5,308 1% EBITA, adjusted/one.sups ⁾ 359 324 11% 2,279 2,244 2% EBITA %, adjusted/one.sups ⁾ 4.6% 4.1% 6.8% 6.7% EBITA 359 324 11% 3,935 3,901 1% EBITA % 4.6% 4.1% 11.7% 11.6% Operating profit/three.sups ⁾ 329 285 15% 3,054 3,010 1% Profit before tax 176 90 94% 2,358 2,273 4% Profit for the period/three.sups ⁾ 125 57 120% 2,074 2,006 3% Basic earnings per share, SEK 0.06 -0.09 pos 3.89 3.73 4% Diluted earnings per share, SEK 0.06 -0.09 pos 3.87 3.72 4% Cash flow from operating activities -137 507 -127% 3,63 1 4,275 -15% Leverage excl. financial leasing 0.8x 2,2x 0.7x Return on capital employed excl. financial leasing 10.4% 10.0% 10.0% Change% Change% Change% Change% Change% Change% Change% Change% 1) For reconciliation of EBITA, adjusted see page 19. For definition see page 21. 2) Ratos Group consists of three business areas which are reported in five segments from Q1 2024. The Industry business area consists of two segments, Industrial Services and Product Solutions. Industrial Services consists of Aleido, Knightec, Semcon, Speed Group and TFS, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. The Construction & Services business area consists of two segments, Critical Infrastruture and Construction. Critical Infrastructure consists of Aibel, Expin Group and Presis Infra, and Construction Services consists of airteam, HENT and SSEA Group. The business area and segment Consumer consists of KVD and Plantasjen. See Note 5 for segment reporting. 3) Operating profit and profit for the period was net positively affected in december 2023 by a reversal of a previous impairment of the holding in Aibel of SEK 1,656m and negatively affected by an impairment of goodwill and book values in Expin Group of SEK -524m as well as an impairment of goodwill in Plantasjen of SEK -250m. ===== SIDA 3 ===== 2 Ratos Interim Report Q1 2024 CEO comments on performance in the first quarter of 2024 Strong start to 2024 EBITA increased 11% for the quarter. All business areas improved their earnings in the seasonally weakest quarter for Ratos. Sales in the quarter were at the same level as in the preceding year, while cash flow decreased. The Group’s leverage remains low. I am pleased with our performance in the quarter. The demand has been slightly better than I expected and all business areas improved their earnings, and our order intake was favourable. Cash flow was adversely impacted by major changes in working capital in our construction companies and the fact that Easter fell at the end of the quarter. The return on capital employed and invested capital improved. EBITA for the quarter includes restructuring costs of SEK 18m. As of this quarter, we will be extending our reporting for Ratos’s business areas. The Industry and Construction & Services business areas are each reported in two segments, where we now report key figures per segment in the interim report under Note 5. We also report the order intake and order backlog for Construction & Services. Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas Industry Industry Industry Industry The Industry business area consists of the Industrial Services Industrial Services Industrial Services Industrial Services and Product Solutions Product Solutions Product Solutions Product Solutions segments. EBITA for the business area was SEK 307m (303). The EBITA margin was 11.3% (11.1). The improvement in earnings was attributable to the Product Solutions segment, which was positively impacted by both acquired and organic EBITA growth. HL Display continued to deliver an impressive performance, with strong EBITA growth both organically and through a synergistic add-on acquisition, strengthening its market-leading position in Europe. In the Industrial Services segment, earnings were negatively impacted by SEK -13m due to the calendar effect of one less working day than in the corresponding quarter last year. Adjusted for the calendar effect, EBITA rose 5% in Industrial Services. In summary, this was a good quarter for Industrial Services. Negative organic growth in several Product Solutions companies, including a particularly weak wind market for Diab, impacted sales in the business area. Add-on acquisitions, primarily within HL Display, made a positive contribution of approximately 6%. Construction & Services Construction & Services Construction & Services Construction & Services The Construction & Services business area consists of the Critical Infrastructure Critical Infrastructure Critical Infrastructure Critical Infrastructure and Construction Construction Construction Construction segments. EBITA for the business area was SEK 297m (284). The EBITA margin was 6.9% (6.7). The Critical Infrastructure and Construction segments both improved their earnings. Demand in Critical Infrastructure was strong, while Construction increased its profitability in a challenging construction market. Organic sales growth was positive and amounted to 2%, with strong organic growth reported for the Critical Infrastructure segment. Order intake exceeded sales in the quarter and the order backlog remained favourable. Consumer Consumer Consumer Consumer The Consumer business area consists of Plantasjen and KVD. EBITA amounted to SEK -194m (-213), and the EBITA margin was -23.0% (-25.6). Plantasjen posted sales growth and improved earnings during the first quarter, which is the seasonally weakest quarter of the calendar year. The earnings improvement was attributable to higher sales volumes, with Easter falling in the first quarter, as well as the introduction of a savings programme that will continue for the rest of the year. KVD continued to perform well. Organic growth amounted to 3% for the business area. Sustainability Sustainability Sustainability Sustainability We are increasing the focus on our sustainability reporting in line with the upcoming Corporate Sustainability Reporting Directive (CSRD) by setting and following up climate targets for the entire Group. At present, 29% of the Group’s companies have set climate targets in line with the Paris Agreement that have been validated by the Science Based Targets initiative (SBTi). One inspiring example from the quarter was the news that Speed Group is achieving its target faster than expected by making conscious investments in renewable energy supply and sustainable transport. At the end of the year, the Ratos Group will have joint climate targets in place for all subsidiaries. Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position Our strong financial position is presenting good opportunities for achieving our goal of becoming a strong group that offers competitive technological and infrastructure solutions with improved profitability and a higher return on investment. Falling inflation combined with eventually lower interest rates will present opportunities for structural transactions in a more active market. This is essential for achieving our long-term targets. Geopolitical tensions are causing great uncertainty, however. We are ready to act when the transaction market improves. Until then, we will focus on continuing to improve earnings and return on investment in our existing structure, including more add-on acquisitions. All with the aim of creating shareholder value. Jonas Wiström, President and CEO ===== SIDA 4 ===== 3 Ratos Interim Report Q1 2024 Group performance Q1 2024 Net sales Net sales for the period amounted to SEK 7,825m (7,817), up 0.1% year on year. Organic sales growth was negative and amounted to -0.8%. Construction & Services and Consumer posted organic growth of 2.4% and 2.7%, respectively, while Industry posted negative organic sales growth of -6.8%. Currency effects had a negative effect of SEK -85m (-1.1%) on net sales. The structural effect amounted to SEK 156m (2.0%) and was primarily attributable to add-on acquisitions in the Industry business area. Profit Adjusted EBITA during the quarter amounted to SEK 359m (324). The adjusted EBITA margin was 4.6% (4.1). Earnings growth was due to improved earnings in all business areas. The Industry business area reported earnings growth, with the Product Solutions segment continuing to perform well and reporting strong earnings driven by acquired and organic EBITA growth. The calendar effect had a negative impact on the Industrial Services segment during the quarter. The Construction & Services business area reported an increase in adjusted EBITA as a result of improved earnings for the Construction and Critical Infrastructure segments. Earnings for the Consumer business area was better than in the year-earlier period. Financial performance Q1 2024 Adjusted EBITA, quarterly and LTM, SEKm Sales bridge Q1 Adjusted EBITA, LTM, SEKm Net sales, LTM, SEKbn Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023 Industry 2,714 2,728 -1% 10,548 10,563 307 303 1% 967 963 Construction & Services 4,269 4,259 0% 17,308 17,298 297 2 84 5% 1,304 1,291 Consumer 843 830 2% 5,901 5,888 -194 -213 9% 154 136 Group costs -51 -50 -3% -147 -146 Elimination of internal sales -2 -0 -2 -0 Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 0% 33,756 33,756 33,756 33,756 33,748 33,748 33,748 33,748 359 359 359 359 324 324 324 324 11% 2,279 2,279 2,279 2,279 2,244 2,244 2,244 2,244 Items affecting comparability 1,656 1,656 Amortisation and impairment of intangible assets in connection with company acquisitions -30 -39 23% -881 -890 Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 329 329 329 329 285 285 285 285 15% 3,054 3,054 3,054 3,054 3,010 3,010 3,010 3,010 Finance net -153 -195 21% -696 -737 Profit before tax Profit before tax Profit before tax Profit before tax 176 176 176 176 90 90 90 90 94% 2,358 2,358 2,358 2,358 2,273 2,273 2,273 2,273 Tax -50 -33 -51% -284 -267 Profit for the period Profit for the period Profit for the period Profit for the period 125 125 125 125 57 57 57 57 120% 2,074 2,074 2,074 2,074 2,006 2,006 2,006 2,006 Net sales EBITA, adjusted Change% Change% Change% Change% Change% Change% Change% Change% 253 963 432 318 324 1,078 517 326 359 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 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 LTM Net sales 2023, SEKm 7,817 Structure, % 2% Currency, % -1% Organic growth, % -1% Total, % 0% 2024, SEKm 7,825 1,879 1,807 1,874 1,966 2,038 2,153 2,237 2,244 2,279 7.7% 7.0% 6.8% 6.6% 6.5% 6.5% 6.6% 6.7% 6.8 % Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 EBITA % 24.3 25.8 27.4 29.9 31.5 33.1 34.0 33.7 33.8 7.9% 5.9% 6.5% 8.9% 5.3% 5.0% 2.8% -0.7% 0.0 % Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Growth % ===== SIDA 5 ===== 4 Ratos Interim Report Q1 2024 Industry The Industry business area consists of the Industrial Services and Product Solutions segments. See Note 5 for segment reporting. Net sales The business area’s net sales for the first quarter amounted to SEK 2,714m (2,728), down -0.5% year on year, of which the structural effect accounted for a positive 5.7%, corresponding to SEK 156m that mainly pertained to add-on acquisitions within HL Display. The Product Solutions segment continued to perform well and reported sales growth of 4%. The Industrial Services segment were negatively impacted by the calendar effect of one less working day than in the same quarter last year. Profit EBITA for the business area amounted to SEK 307m (303) for the quarter, up 1% year on year. The EBITA margin was 11.3% (11.1). The improvement in earnings was attributable to the Product Solutions segment, which was positively impacted by both acquired and organic EBITA growth. In the Industrial Services segment, earnings were negatively impacted by SEK -13m due to the calendar effect of one less working day than in the same quarter last year. Financial performance Adjusted EBITA, LTM, SEKm Sales bridge, net sales Net sales, LTM, SEKm Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Net sales 2,714 2,728 -1% 10,548 10,563 0% EBITA, adjusted 307 303 1% 967 963 0% whereof Industrial Services 140 146 -4% 417 423 -1% whereof Product Solutions 168 157 6% 550 540 2% EBITA %, adjusted 11.3% 11.1% 9.2% 9.1% EBITA 307 303 1% 967 963 0% EBITA % 11.3% 11.1% 9.2% 9.1% Operating profit 289 284 2% 894 889 1% Operating profit % 10.7% 10.4% 8.5% 8.4% Cash flow from operating activities 85 226 -62% 1,233 1,374 -10% Return on capital employed, business area % 10.8% 10.6% 10.9% Average number of employees 6,785 Change% Change% Change% Change% Change% Change% Change% Change% 582 548 552 671 824 901 929 963 967 8.7% 8.0% 7.9% 8.6% 9.4% 9.3% 9.0% 9.1% 9.2% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 EBITA % 6,672 6,816 7,014 7,755 8,754 9,641 10,279 10,563 10,548 3.6% 2.2% 2.9% 10.6% 12.9% 10.1% 6.6% 2.8% -0.1% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Growth % Q1 Q1 Q1 Q1 2024 2024 2024 2024 2023, SEKm 2,728 Structure, % 6% Currency, % 1% Organic growth, % -7% Total, % -1% 2024, SEKm 2,714 ===== SIDA 6 ===== 5 Ratos Interim Report Q1 2024 Construction & Services The Construction & Services business area consists of the Critical Infrastructure and Construction segments. See Note 5 for segment reporting. Order situation Order intake for the business area/one.sups⁾ amounted to SEK 4,679m (SEK 4,870) for the quarter, an organic decrease of -1.5%. An increased order intake in the Critical Infrastructure segment was recognised for the quarter. At the end of the quarter, the LTM order intake for the business area amounted to SEK 14,755m and the order backlog to SEK 27,916m (30,231). Net sales Net sales for the first quarter amounted to SEK 4,269m (4,259), a year on year increase of 0.2%. Organic sales growth was positive and amounted to 2.4%, with strong organic growth reported for the Critical Infrastructure segment. Profit and cash flow Adjusted EBITA for the business area amounted to SEK 297m (284) for the quarter, up 5%, and the EBITA margin was 6.9% (6.7). The Critical Infrastructure segment reported earnings growth of 2% for the quarter, and the Construction segment reported earnings growth of 8%. Cash flow from operating activities was negatively impacted by working capital fluctuations in Construction in the quarter. Financial performance Adjusted EBITA, LTM, SEKm Sales bridge, net sales Net sales, LTM, SEKm Order backlog and order intake, SEKm Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Net sales 4,269 4,259 0% 17,308 17,298 0% EBITA, adjusted 297 284 5% 1,304 1,291 1% whereof Construction 133 123 8% 789 779 1% whereof Critical Infrastructure 164 161 2% 515 512 1% EBITA %, adjusted 6.9% 6.7% 7.5% 7.5% EBITA 297 284 5% 2,960 2,947 0% EBITA % 6.9% 6.7% 17.1% 17.0% Operating profit 286 265 8% 2,407 2,386 1% Operating profit % 6.7% 6.2% 13.9% 13.8% Cash flow from operating activities -6 496 -101% 1,726 2,228 -23% Return on capital employed, business area % 17.8% 15.1% 17.2% Order intake /one.sups⁾ 4,679 4,870 14,755 14,947 Order backlog /one.sups⁾ 27,916 30,231 26,792 Average number of employees 7,464 Change% Change% Change% Change% Change% Change% Change% Change% 1) Aibel´s order intake and order backlog is not consolidated in the business area. Refer to note 5 for information about Aibel´s order intake and backlog. 706 862 995 1,130 1,156 1,198 1,338 1,291 1,304 6.1% 6.9% 7.1% 7.2% 6.9% 6.9% 7.5% 7.5% 7.5% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 EBITA % Q1 Q1 Q1 Q1 2024 2024 2024 2024 2023, SEKm 4,259 Currency, % -2% Organic growth, % 2% Total, % 0% 2024, SEKm 4,269 11,516 12,573 13,996 15,730 16,629 17,400 17,767 17,298 17,308 11.3% 9.2% 11.3% 12.4% 5.7% 4.6% 2.1% -2.6% 0.1% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Growth % Order intake has been reported from January 1, 2022. The first period with 12 reported months is thus Q4 2022 30,254 32,733 34,697 34,915 30,231 31,498 29,144 26,792 27,916 21,069 19,991 18,545 14,646 14,947 14,755 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Order intake, LTM ===== SIDA 7 ===== 6 Ratos Interim Report Q1 2024 Consumer The Consumer business area and segment consists of KVD and Plantasjen. See Note 5 for segment reporting. Net sales The business area’s net sales for the first quarter amounted to SEK 843m (830), a year on year increase of 1.6%. Organic sales growth was positive and amounted to 2.7%, due to positive organic growth in both Plantasjen and KVD. Plantasjen’s net sales for the first quarter amounted to SEK 552m, up 2% year on year despite a weak consumer market. Profit EBITA for the business area amounted to SEK -194m (-213) for the quarter, and the EBITA margin was -23.0% (-25.6). Plantasjen reported earnings of SEK -198m (-215) for the first quarter. The earnings improvement was due to a higher sales volume. Plantasjen’s cost-saving programme for 2024 has begun and is proceeding according to plan. Financial performance EBITA, LTM, SEKm Sales bridge, net sales Net sales, LTM, SEKm Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Net sales 843 830 2% 5,901 5,888 0% EBITA, adjusted -194 -213 9% 154 136 14% EBITA %, adjusted -23.0% -25.6% 2.6% 2.3% EBITA -194 -213 9% 154 136 14% EBITA % -23.0% -25.6% 2.6% 2.3% Operating profit/loss -195 -214 9% -100 -119 16% Operating profit/loss % -23.2% -25.8% -1.7% -2.0% Cash flow from operating activities -176 -202 13% 773 746 3% Return on capital employed, business area % -0.9% 1.3% - 1.3% Average number of employees 1,638 1) Refer to page 16 for Plantasjens Net sales and EBITA, adjusted. Change% Change% Change% Change% Change% Change% Change% Change% 750 561 480 326 218 212 135 136 154 12.2% 8.8% 7.5% 5.1% 3.6% 3.5% 2.3% 2.3% 2.6% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 EBITA % 6,152 6,377 6,424 6,392 6,090 6,011 5,938 5,888 5,901 6.6% 3.7% 0.7% -0.5% -4.7% -1.3% -1.2% -0.8% 0.2% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Growth % Q1 Q1 Q1 Q1 2024 2024 2024 2024 2023, SEKm 830 Currency, % -1% Organic growth, % 3% Total, % 2% 2024, SEKm 843 ===== SIDA 8 ===== 7 Ratos Interim Report Q1 2024 Financial overview, Ratos Group Cash flow Q1 Cash flow from operating activities amounted to SEK -137m (507). Cash flow from investing activities amounted to SEK -289m (-163) and cash flow from financing activities to SEK -328m (-749). Cash flow for the quarter amounted to SEK -754m (-405). The change in cash flow for the quarter was mainly due to an increase of SEK -884m (-54) in working capital and was negatively impacted by working capital fluctuations in Construction, SEK -174m (-48) in acquired companies, SEK -69m (-494) in changes in external loans and SEK 317m (122) in dividends from associates. Financial position and leverage The Group’s cash and cash equivalents at the end of the period amounted to SEK 1,639m (2,360 at 31 December 2023) and interest-bearing net debt excluding financial lease liabilities totalled SEK 3,346m (2,720 at 31 December 2023). The Group’s leverage excluding financial lease liabilities at the end of the period amounted to 0.8x (0.7x at 31 December 2023). The adjusted leverage as of 31 March 2024 amounted to 1.4x (1.1x on 31 December 2023) after a reversal of impairment totalling SEK 1,656m pertaining to the holding in Aibel. The Group’s interest-bearing net debt including financial lease liabilities totalled SEK 9,057m (8,118 at 31 December 2023). The Group’s leverage including financial lease liabilities at the end of the period amounted to 1.7x (1.5x at 31 December 2023). The total translation effect of currency tied to interest-bearing liabilities amounted to SEK 58m, of which SEK 31m related to liabilities to credit institutions and SEK 28m to financial lease liabilities. At the end of the period, the Group’s interest-bearing liabilities to credit institutions amounted to SEK 4,479m (4,509 at 31 December 2023). Net financial items Q1 Net financial items amounted to SEK -153m (-195). Net financial items in the year-earlier period were negatively impacted by changes in exchange rates and the revaluation of synthetic options. Tax Q1 The tax expense for the Group amounted to SEK -50m (-33) and profit before tax to SEK 176m (90). The effective tax rate for the quarter was 29% (37). The lower effective tax rate is primarily attributable to higher capitalisation of loss carry- forwards in the Parent Company, though it was also negatively impacted by uncapitalised tax loss carry-forwards in certain countries. Ratos’s equity At 31 March 2024, Ratos’s equity (attributable to owners of the parent) amounted to SEK 11,945m (12,314 at 31 December 2023), corresponding to SEK 37 (38) per share outstanding. Parent company The parent company’s operating loss amounted to SEK -51m (-49) for the period. The parent company’s loss before tax amounted to SEK -43m (132). The previous year’s earnings were positively impacted by dividends from Group companies of SEK 192m. Cash and cash equivalents in the parent company amounted to SEK 673m (876 at 31 December 2023). The parent company has a related party relationship with its Group companies. For more information, refer to Note 28 in the 2023 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 period amounted to SEK 0.06 (-0.09) before dilution and to SEK 0.06 (-0.09) after dilution. The closing price for Ratos’s Class B shares on 31 March 2024 was SEK 35.18. The total return on Class B shares for the period amounted to 1.2%, compared with the performance for the SIX Return Index, which was 7.9%. Number of shares and repurchased/sold shares At the beginning of the year, Ratos owned no treasury shares. During the period, 569,200 new Class B shares were issued in connection with the exercise/conversion of warrants and a convertible debenture. At 31 March 2024, the total number of shares and shares outstanding in Ratos (Class A and B shares) amounted to 327,085,688 and the number of votes to 108,881,923. Resolutions at the 2024 Annual General Meeting Information on resolutions passed at the 2024 Annual General Meeting is available at www.ratos.com. The Annual General Meeting resolved on a dividend for the 2023 financial year of SEK 1.25 (0.84) per Class A and B share, in total amount to SEK 409m. The dividend was paid through Euroclear Sweden on 4 April 2024. The Annual General Meeting resolved on changes to the Board of Directors where Mats Granryd and Cecilia Sjöstedt were elected as new Board members and Karsten Slotte declined re-election. The meeting resolved, in accordance with the proposal from the Board, to introduce the long-term incentive programme 2024/2028 for the CEO and other key personnel, which will include convertibles and warrants. ===== SIDA 9 ===== 8 Ratos Interim Report Q1 2024 Significant events during and after the end of the quarter No significant events to report. Interest-bearing net debt and leverage 1) , SEKm Diluted earnings per share, SEK 1) Excluding financial lease liabilities 1,485 1,006 1,824 4,798 4,826 3,750 3,254 2,720 3,346 0.9x 0.6x 0.9x 2.5x 2.2x 1.6x 1.3x 0.7x 0.8x Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Leverage 2.11 2.17 8.10 1.68 3.72 3.87 -2.00 2019 2020 2021 2022 2023 2024 LTM ===== SIDA 10 ===== 9 Ratos Interim Report Q1 2024 Financial statements Summary 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Net sales 7,825 7,817 33,748 Other operating income 31 31 223 Cost of goods and services sold -4,255 -4,393 -19,102 Employee benefit costs -2,170 -2,102 -8,657 Depreciation/amortisation and impairment of property, plant and equipment and intangible assets and right-of-use assets -388 -376 -2,298 Other external costs -812 -762 -2,997 Capital gain/loss from Group companies 3 Reversal of a previous write-down for investments recognised according to the equity method 1,656 Share of profit/loss from investments recognised according to the equity method 98 69 433 Operating profit Operating profit Operating profit Operating profit 329 329 329 329 285 285 285 285 3,010 3,010 3,010 3,010 Net financial items/one.sups⁾ -153 -195 -737 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 176 176 176 176 90 90 90 90 2,273 2,273 2,273 2,273 Income tax -50 -33 -267 Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations 125 125 125 125 57 57 57 57 2,006 2,006 2,006 2,006 Profit/loss for the period attributable to: Owners of the parent 21 -28 1,218 Non-controlling interests 105 85 788 Earnings per share, SEK - basic earnings per share 0.06 -0.09 3.73 - diluted earnings per share 0.06 -0.09 3.72 /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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 125 125 125 125 57 57 57 57 2,006 2,006 2,006 2,006 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit pension obligations, net -25 Tax attributable to items that will not be reclassified to profit or loss 1 -24 -24 -24 -24 Items that may be reclassified subsequently to profit or loss: Translation differences for the period -147 -342 -432 Change in hedging reserve for the period 5 5 -53 Tax attributable to items that may be reclassified subsequently to profit or loss -2 -1 -2 -144 -144 -144 -144 -339 -339 -339 -339 -487 -487 -487 -487 -144 -339 -487 Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period -144 -144 -144 -144 -339 -339 -339 -339 -510 -510 -510 -510 -144 -339 -510 Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period -19 -19 -19 -19 -282 -282 -282 -282 1,496 1,496 1,496 1,496 -19 -282 1,496 Total comprehensive income for the period attributable to: Owners of the parent -19 -280 828 Non-controlling interest -0 -2 667 ===== SIDA 11 ===== 10 Ratos Interim Report Q1 2024 Summary consolidated statement of financial position SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 ASSETS Non-current assets Non-current assets Non-current assets Non-current assets Goodwill 14,301 14,580 14,047 Other intangible non-current assets 1,899 2,027 1,931 Property, plant and equipment 1,647 1,726 1,617 Right-of-use assets 5,121 5,228 4,816 Financial assets 2,820 1,410 3,307 Deferred tax assets 507 376 477 Total non-current assets Total non-current assets Total non-current assets Total non-current assets 26,295 26,295 26,295 26,295 25,348 25,348 25,348 25,348 26,195 26,195 26,195 26,195 Current assets Current assets Current assets Current assets Inventories 2,263 2,661 1,868 Accounts receivable 3,476 3,640 3,277 Current receivables 2,537 2,691 2,430 Cash and cash equivalents 1,639 2,072 2,360 Total current assets Total current assets Total current assets Total current assets 9,915 9,915 9,915 9,915 11,063 11,063 11,063 11,063 9,935 9,935 9,935 9,935 Total assets Total assets Total assets Total assets 36,210 36,210 36,210 36,210 36,411 36,411 36,411 36,411 36,129 36,129 36,129 36,129 EQUITY AND LIABILITIES Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests 13,963 13,963 13,963 13,963 13,099 13,099 13,099 13,099 14,451 14,451 14,451 14,451 Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities Interest-bearing liabilities 9,415 11,358 9,141 Non-interest bearing liabilities 1,221 1,669 1,875 Pension provisions 65 59 65 Other provisions 45 45 45 Deferred tax liabilities 837 741 801 Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 11,584 11,584 11,584 11,584 13,871 13,871 13,871 13,871 11,927 11,927 11,927 11,927 Current liabilities Current liabilities Current liabilities Current liabilities Interest-bearing liabilities 1,289 1,374 1,306 Non-interest bearing liabilities 8,812 7,586 7,936 Provisions 562 480 509 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 10,663 10,663 10,663 10,663 9,440 9,440 9,440 9,440 9,751 9,751 9,751 9,751 Total liabilities Total liabilities Total liabilities Total liabilities 22,247 22,247 22,247 22,247 23,312 23,312 23,312 23,312 21,678 21,678 21,678 21,678 Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 36,210 36,210 36,210 36,210 36,411 36,411 36,411 36,411 36,129 36,129 36,129 36,129 ===== SIDA 12 ===== 11 Ratos Interim Report Q1 2024 Summary statement of changes in consolidated equity SEKm SEKm SEKm SEKm Owners Owners Owners Owners of the of the of the of the parent parent parent parent Non- Non- Non- Non- controll controll controll controll ing ing ing ing 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- controll controll controll controll ing ing ing ing 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- controll controll controll controll ing ing ing ing interest interest interest interest Total Total Total Total equity equity equity equity Opening equity Opening equity Opening equity Opening equity 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 Total comprehensive income for the period -19 -0 -19 -280 -2 -282 828 667 1,496 Dividends -409 -93 -502 -274 -61 -335 -274 -177 -451 Non-controlling interests’ share of capital contribution and new issue 0 0 1 1 Conversion of options/convertible loan to shares 14 14 15 15 The value of the conversion option of the convertible debentures 3 3 Option premiums 6 6 Put options, future acquisitions from non- controlling interests 54 -25 29 -64 32 -33 -549 200 -349 Acquisition of shares in subsidiaries from non- controlling interests -10 -1 -11 -1 -39 -40 -6 -64 -70 Disposal of shares in subsidiaries to non- controlling interests 2 11 13 Closing equity Closing equity Closing equity Closing equity 11,945 11,945 11,945 11,945 2,018 2,018 2,018 2,018 13,963 13,963 13,963 13,963 11,670 11,670 11,670 11,670 1,429 1,429 1,429 1,429 13,099 13,099 13,099 13,099 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 ===== SIDA 13 ===== 12 Ratos Interim Report Q1 2024 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Operating activities Operating activities Operating activities Operating activities Operating profit 329 285 3,010 Adjustment for non-cash items 382 423 565 711 708 3,575 Received dividends from associated companies 317 122 122 Interest and financial items, net -158 -138 -552 Income tax paid -123 -132 -316 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 747 747 747 747 560 560 560 560 2,829 2,829 2,829 2,829 Cash flow from change in working capital Increase (-)/Decrease (+) in inventories -361 -330 571 Increase (-)/Decrease (+) in operating receivables -34 90 25 Increase (+)/Decrease (-) in operating liabilities -489 187 850 Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities -137 -137 -137 -137 507 507 507 507 4,275 4,275 4,275 4,275 Investing activities Investing activities Investing activities Investing activities Acquisition, group companies -174 -48 -333 Disposal, group companies -2 Investments and disposal, intangible assets/property, plant and equipment -80 -114 -231 Investments and disposal, financial assets -35 -0 24 Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -289 -289 -289 -289 -163 -163 -163 -163 -542 -542 -542 -542 Financing activities Financing activities Financing activities Financing activities Non-controlling interests' share of issue/capital contribution 0 1 Transactions regarding options 9 -0 -80 Acquisition and disposal of shares in subsidiaries from non-controlling interests -10 -4 -24 Dividends paid -274 Dividends paid, non-controlling interests -2 -15 -194 Borrowings 17 777 1,884 Amortisation of loans -86 -1,271 -4,141 Amortisation of financial lease liabilitities -257 -236 -970 Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -328 -328 -328 -328 -749 -749 -749 -749 -3,798 -3,798 -3,798 -3,798 Cash flow for the period Cash flow for the period Cash flow for the period Cash flow for the period -754 -754 -754 -754 -405 -405 -405 -405 -65 -65 -65 -65 Cash and cash equivalents at the beginning of the period 2,360 2,532 2,532 Exchange differences in cash and cash equivalents 33 -56 -108 Cash and cash equivalents at the end of the period 1,639 2,072 2,360 ===== SIDA 14 ===== 13 Ratos Interim Report Q1 2024 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Other operating income 0 9 Administrative expenses -51 -49 -151 Depreciation of property, plant and equipment -0 -0 -1 Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -51 -51 -51 -51 -49 -49 -49 -49 -142 -142 -142 -142 Dividends from group companies 192 192 Net financial items/one.sups⁾ 8 -12 9 Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items -43 -43 -43 -43 132 132 132 132 59 59 59 59 Group contribution, recieved 158 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -43 -43 -43 -43 132 132 132 132 217 217 217 217 Income tax 25 14 75 Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -18 -18 -18 -18 145 145 145 145 292 292 292 292 /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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -18 -18 -18 -18 145 145 145 145 292 292 292 292 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 -18 -18 -18 -18 145 145 145 145 292 292 292 292 ===== SIDA 15 ===== 14 Ratos Interim Report Q1 2024 Summary parent company balance sheet Summary parent company statement of changes in equity SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 ASSETS Non-current assets Non-current assets Non-current assets Non-current assets Property, plant and equipment 3 4 4 Financial assets 10,736 10,754 10,736 Receivables from group companies 4,458 4,875 3,919 Deferred tax assets 230 144 205 Total non-current assets Total non-current assets Total non-current assets Total non-current assets 15,427 15,427 15,427 15,427 15,776 15,776 15,776 15,776 14,864 14,864 14,864 14,864 Current assets Current assets Current assets Current assets Current receivables 34 47 38 Receivables from group companies 2,921 2,728 2,975 Cash and cash equivalents 673 956 876 Total current assets Total current assets Total current assets Total current assets 3,628 3,628 3,628 3,628 3,730 3,730 3,730 3,730 3,889 3,889 3,889 3,889 Total assets Total assets Total assets Total assets 19,056 19,056 19,056 19,056 19,507 19,507 19,507 19,507 18,752 18,752 18,752 18,752 EQUITY AND LIABILITIES Equity Equity Equity Equity 9,604 9,604 9,604 9,604 9,846 9,846 9,846 9,846 10,016 10,016 10,016 10,016 Non-current liablities Non-current liablities Non-current liablities Non-current liablities Interest-bearing liabilities, group companies 147 81 150 Interest-bearing liabilities 4,447 6,178 4,423 Convertible debentures 111 79 110 Deferred tax liabilities 3 3 3 Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 4,707 4,707 4,707 4,707 6,341 6,341 6,341 6,341 4,687 4,687 4,687 4,687 Current provisions Current provisions Current provisions Current provisions 31 31 31 31 95 95 95 95 16 16 16 16 Current liabilities Current liabilities Current liabilities Current liabilities Interest-bearing liabilities, group companies 4,213 2,781 3,940 Interest-bearing liabilities 24 100 24 Non-interest bearing liabilities, group companies 1 0 0 Non-interest bearing liabilities 475 344 69 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 4,713 4,713 4,713 4,713 3,225 3,225 3,225 3,225 4,033 4,033 4,033 4,033 Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 19,056 19,056 19,056 19,056 19,507 19,507 19,507 19,507 18,752 18,752 18,752 18,752 SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 Opening equity Opening equity Opening equity Opening equity 10,016 10,016 10,016 10,016 9,975 9,975 9,975 9,975 9,975 9,975 9,975 9,975 Comprehensive income for the period -18 145 292 Dividends -409 -274 -274 Conversion of options/convertible loan to shares 14 15 The value of the conversion option of the convertible debentures 4 Deferred tax, conversion option -1 Option premiums 6 Closing equity Closing equity Closing equity Closing equity 9,604 9,604 9,604 9,604 9,846 9,846 9,846 9,846 10,016 10,016 10,016 10,016 ===== SIDA 16 ===== 15 Ratos Interim Report Q1 2024 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. From the first quarter of 2024, Ratos has changed its segment reporting to better reflect the Group’s business focus. The new segments are Industrial Services, Product Solutions, Construction, Critical Infrastructure and Consumer. They comprise the Group’s business areas, which are presented on pages 4–6. The change does not entail any restatement of previous financial reports, but rather provides additional information about the new segments that reflects how operations are monitored. In all other respects, the reporting and measurement principles are unchanged compared with those applied in Ratos’s 2023 Annual Report. The new and revised IFRS standards which came into force in 2024 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 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 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 2023 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 2024, the net value of derivatives (level two) amounted to SEK 3m (-14 at 31 December 2023), of which SEK 8m (5 at 31 December 2023) was recognised as an asset and SEK 5m (18 at 31 December 2023) as a liability. In the statement of financial position at 31 March 2024, the total value of financial instruments measured at fair value in accordance with level three was SEK 2,151m (2,158 at 31 December 2023). The change is presented in the table below. Change, level 3 Change, level 3 Change, level 3 Change, level 3 SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 Opening balance 149 153 1,869 1,669 141 236 Recognised in comprehensive income 5 76 26 -63 2 23 Recognised against equity -30 263 Newly issued/subsequent expenditure 69 Acquisitions, Group companies Settlements -80 -9 -187 Closing balance Closing balance Closing balance Closing balance 153 153 153 153 149 149 149 149 1,864 1,864 1,864 1,864 1,869 1,869 1,869 1,869 134 134 134 134 141 141 141 141 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 2024 Note 4 Acquired and divested companies Acquisitions within business areas In March, HL Display completed the acquisition of pr trading- Flekota A/S (pr trading), which had been its distribution partner in Denmark. The company delivers standard and customised display and store solutions to Danish grocery retailers as well as specialist retailers and brand manufacturers. The company has 38 employees and sales of approximately DKK 160m. The preliminary acquisition analysis for the add-on acquisition carried out during the period is presented to the right. Note 5 Segment reporting The Industry business area consists of two segments, Industrial Services and Product Solutions, that develop and sell their own products. The companies in this segment are active in markets with strong underlying growth such as technology consultancy services, energy-efficient lighting, sustainable lightweight structures and renewable energy, modern grocery retail, pharmacology and aftermarket solutions. Industrial Services consists of Aleido, Knightec, Semcon, Speed Group and TFS, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. The Construction & Services business area’s focus is on building and maintaining a sustainable society. The business area is divided into two segments – Construction, which focuses on community building (such as hospitals, schools and commercial buildings), and Critical Infrastructure, with a service offering primarily comprising maintenance of infrastructure within railway, road and energy solutions. Critical Infrastructure consists of Aibel, Expin Group and Presis Infra, and Construction Services consists of airteam, HENT and SSEA Group. Consumer consists of KVD and Plantasjen. SEKm SEKm SEKm SEKm Intangible assets 0 Property, plant and equipment 2 Right-of-use assets 8 Financial assets 2 Deferred tax asset Trade receivables 40 Current assets 19 Cash and cash equivalents 5 Deferred tax liability -0 Non-current liabilities Current liabilities -45 Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 30 30 30 30 Goodwill 140 Purchase price Purchase price Purchase price Purchase price 170 170 170 170 of which, paid in cash 170 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Net sales, SEKm Net sales, SEKm Net sales, SEKm Net sales, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Industrial Services 1,416 1,472 5,542 5,598 Product Solutions 1,310 1,256 5,035 4,981 Construction 3,039 3,359 13,362 13,682 Critical Infrastructure 1,231 900 3,947 3,616 Consumer 843 830 5,901 5,888 - whereof Plantasjen 552 542 4,291 4,281 Elimination of internal net sales -13 -0 -30 -17 Ratos group Ratos group Ratos group Ratos group 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 33,756 33,756 33,756 33,756 33,748 33,748 33,748 33,748 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Industrial Services 140 146 417 423 Product Solutions 168 157 550 540 Construction 133 123 789 779 Critical Infrastructure 164 161 515 512 Consumer -194 -213 154 136 - whereof Plantasjen -198 -215 57 40 Group costs -51 -50 -147 -146 Ratos group Ratos group Ratos group Ratos group 359 359 359 359 324 324 324 324 2,279 2,279 2,279 2,279 2,244 2,244 2,244 2,244 ===== SIDA 18 ===== 17 Ratos Interim Report Q1 2024 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Industrial Services 9.9% 9.9% 7.5% 7.6% Product Solutions 12.8% 12.5% 10.9% 10.8% Construction 4.4% 3.7% 5.9% 5.7% Critical Infrastructure 13.3% 17.9% 13.1% 14.2% Consumer -23.0% -25.6% 2.6% 2.3% Ratos group/one.sups⁾ 4.6% 4.1% 6.8% 6.7% Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Industrial Services 122 126 344 349 Product Solutions 168 157 550 540 Construction 133 118 786 770 Critical Infrastructure 153 147 -35 -41 Consumer -195 -214 -100 -119 Items affecting comparability 1,656 1,656 Group costs -51 -50 -147 -146 Ratos group Ratos group Ratos group Ratos group 329 329 329 329 285 285 285 285 3,054 3,054 3,054 3,054 3,010 3,010 3,010 3,010 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Industrial Services 94 220 491 617 Product Solutions -9 6 742 757 Construction -433 318 1,338 2,089 Critical Infrastructure 427 178 388 139 Consumer -176 -202 773 746 Parent company and central companies -40 -12 -101 -74 Ratos group Ratos group Ratos group Ratos group -137 -137 -137 -137 507 507 507 507 3,631 3,631 3,631 3,631 4,275 4,275 4,275 4,275 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Order intake, SEKm Order intake, SEKm Order intake, SEKm Order intake, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Construction 2,871 4,072 9,681 10,882 Critical Infrastructure 1,807 798 5,074 4,065 Construction & Services Construction & Services Construction & Services Construction & Services 4,679 4,679 4,679 4,679 4,870 4,870 4,870 4,870 14,755 14,755 14,755 14,755 14,947 14,947 14,947 14,947 Aibel/two.sups ⁾ 6,052 11,823 11,594 17,365 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023 Construction 19,217 22,340 19,217 19,212 Critical Infrastructure 8,699 7,891 8,699 7,580 Construction & Services Construction & Services Construction & Services Construction & Services 27,916 27,916 27,916 27,916 30,231 30,231 30,231 30,231 27,916 27,916 27,916 27,916 26,792 26,792 26,792 26,792 Aibel/two.sups ⁾ 33,836 38,207 33,836 32,041 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year Return on capital employed, % Return on capital employed, % Return on capital employed, % Return on capital employed, % 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Industrial Services 13.8% 19.0% 14.3% Product Solutions 9.3% 6.8% 9.2% Construction 26.8% 15.3% 26.1% Critical Infrastructure 11.6% 15.0% 11.1% Consumer -0.9% 1.3% -1.3% Ratos group/one.sups⁾ 10.4% 10.0% 10.0% 1) The Ratos Group's EBITA-margin, adjusted and return on capital employed also includes the parent company and central companies. 2) Aibel´s order intake and order backlog is not consolidated in the segment Critical Infrastructure ===== SIDA 19 ===== 18 Ratos Interim Report Q1 2024 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Leverage excl. financial leasing 0.8x 2.2x 0.7x Leverage 1.7x 3.2x 1.5x Equity ratio, % 38.6 36.0 40.0 Return on equity, % 10.4 6.1 10.0 Return on capital employed excl. financial leasing, % 10.4 10.0 10.0 Return on capital employed, % 9.1 8.6 8.8 Return on invested capital, % 7.6 7.1 7.4 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, % 1.2 -21.7 -10.6 Dividend yield, % 3.5 Market price, SEK 35.18 31.62 36.08 Dividend, SEK 1.25 Equity attributable to owners of the parent, SEK/two.sups⁾ 36.52 35.81 37.71 Basic earnings per share, SEK 0.06 -0.09 3.73 Diluted earnings per share, SEK 0.06 -0.09 3.72 Average number of ordinary shares outstanding: – before dilution 326,719,890 325,898,988 326,042,022 – after dilution 327,173,966 326,024,625 329,731,610 Total number of registered shares 327,085,688 325,898,988 326,516,488 Number of shares outstanding/three.sups ⁾ 327,085,688 325,898,988 326,516,488 – of which, Class A shares 84,637,060 84,637,060 84,637,060 – of which, Class B shares 242,448,628 241,261,928 241,879,428 /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 20 ===== 19 Ratos Interim Report Q1 2024 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % 0% 0% 0% 0% 26% 26% 26% 26% 13% 13% 13% 13% Net sales Net sales Net sales Net sales 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 33,748 33,748 33,748 33,748 Acquired net sales 160 1,083 3,166 Effects from change in currency -85 6 -112 Other* -3 -194 Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 7,750 7,750 7,750 7,750 6,730 6,730 6,730 6,730 30,888 30,888 30,888 30,888 Divested net sales in the comparison period 3 2 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 7,813 7,813 7,813 7,813 6,220 6,220 6,220 6,220 29,873 29,873 29,873 29,873 Organic growth Organic growth Organic growth Organic growth -63 -63 -63 -63 511 511 511 511 1,014 1,014 1,014 1,014 Organic growth, % Organic growth, % Organic growth, % Organic growth, % -1% -1% -1% -1% 8% 8% 8% 8% 3% 3% 3% 3% *Corrections related to Expin Group of SEK -193m for "Full Year 2023" Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 EBITDA EBITDA EBITDA EBITDA 717 717 717 717 661 661 661 661 5,308 5,308 5,308 5,308 Depreciations and impairment -358 -337 -1,408 EBITA EBITA EBITA EBITA 359 359 359 359 324 324 324 324 3,901 3,901 3,901 3,901 Reversal of write-down in associates 1,656 Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 359 359 359 359 324 324 324 324 2,244 2,244 2,244 2,244 Amortisation and impairment of intangible assets in connection with company acquisitions -30 -39 -890 Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss 329 329 329 329 285 285 285 285 3,010 3,010 3,010 3,010 SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 Interest-bearing liabilities, other 4,993 6,943 5,049 Provisions for pensions 65 59 65 Interest-bearing assets -74 -106 -34 Cash and cash equivalents -1,639 -2,072 -2,360 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 3,346 3,346 3,346 3,346 4,826 4,826 4,826 4,826 2,720 2,720 2,720 2,720 Financial leasing liabilities 5,711 5,789 5,398 Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing 9,057 9,057 9,057 9,057 10,614 10,614 10,614 10,614 8,118 8,118 8,118 8,118 ===== SIDA 21 ===== 20 Ratos Interim Report Q1 2024 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Interest income 19 18 4% 76 Interest expense -78 -81 3% -340 Interest expense financial leasing -71 -71 0% -276 Net interest Net interest Net interest Net interest -131 -131 -131 -131 -134 -134 -134 -134 2% 2% 2% 2% -540 -540 -540 -540 Net exchange rate effects -0 -27 99% -70 Other financial items -22 -34 34% -127 Net financial items Net financial items Net financial items Net financial items -153 -153 -153 -153 -195 -195 -195 -195 21% 21% 21% 21% -737 -737 -737 -737 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 Net interest 18 26 -28% 79 Net exchange rate effects -1 -16 91% -21 Other financial items -9 -22 59% -49 Net financial items Net financial items Net financial items Net financial items 88 88 -12 -12 -12 -12 pos pos pos pos 99 99 Change% Change% Change% Change% ===== SIDA 22 ===== 21 Ratos Interim Report Q1 2024 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 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. 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. ===== SIDA 23 ===== Investor presentation 29 April 9:00 a.m. Webcast: https://youtube.com/live/m1pxBSsaufo?feature=share Financial calendar 2024 2024 2024 2024 Interim report Q2 2024 18 July Interim report Q3 2024 22 October Stockholm, 29 April 2024 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 29 April 2024. Ratos AB (publ) Sturegatan 10, Mailbox 511 SE-114 11 Stockholm Tel: +46 8 700 17 00 www.ratos.com Reg. no. 556008-3585 ===== SIDA 24 =====