===== SIDA 1 ===== Interim report Q1 2025 ===== SIDA 2 ===== 1 Ratos Interim report Q1 2025 Interim report January–March 2025 Strong start to the year Q1 2025  Adjusted 1) EBITA amounted to SEK 474m (359)  Operating profit 2) amounted to SEK 563m (329)  Operating profit was impacted by items affecting comparability 2) of SEK +120m  Profit for the period 2) amounted to SEK 342m (125)  Adjusted diluted earnings per share amounted to SEK 0.37 (0.06)  Diluted earnings per share 2) amounted to SEK 0.76 (0.06)  Cash flow from operating activities amounted to SEK -285m (-137)  Leverage excluding finance leases was 1.5x (0.8x) 3) Significant events during the quarter  The reconstruction of Plantasjen gained legal force on 18 February and is thus completed. As a result, Plantasjen has reduced its costs, liabilities and capital requirements. The expected annual cost savings are estimated at approximately SEK 400m. Lease liabilities have declined by about SEK 1,500m  On 18 March, Ratos entered into an agreement to divest airteam  On 26 March, the Annual General Meeting resolved on a dividend for the 2024 financial year of SEK 1.35 (1.25), totalling SEK 442m (409) Ratos Group, SEKm 1) For a reconciliation of adjusted EBITA, see page 20. For definitions, see page 22. 2) In Q1 2025, items affecting comparability, primarily attributable to gains from the reconstruction of Plantasjen, had a net positive impact of SEK +120m on operating profit and profit for the period. Operating profit and profit for the period for full-year 2024 were negatively impacted by items affecting comparability of SEK -289m, primarily attributable to the reconstruction of Plantasjen as well as impairment of goodwill in Plantasjen of SEK -246m. The impact on earnings per share pertains to the majority share of the items affecting comparability. Refer to page 20 for information on items affecting comparability. 3) Leverage for Q1 2024 was positively impacted by a reversal of impairment totalling SEK 1,656m pertaining to the holding in Aibel. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Change Change Change Change LTM LTM LTM LTM Full Year Full Year Full Year Full Year Change Change Change Change 2025 2025 2025 2025 2024 2024 2024 2024 % % %% Rolling Rolling Rolling Rolling 2024 2024 2024 2024 %% %% Net sales 7,535 7,825 -4% 31,834 32,125 -1% EBITDA 913 717 27% 3,719 3,523 6% EBITA, adjusted/one.sups ⁾ 474 359 32% 2,444 2,329 5% EBITA %, adjusted/one.sups ⁾ 6.3% 4.6% 7.7% 7.2% EBITA 594 359 65% 2,274 2,039 12% EBITA % 7.9% 4.6% 7.1% 6.3% Operating profit/two.sups ⁾ 563 329 71% 1,905 1,670 14% Profit before tax 411 176 134% 1,255 1,020 23% Profit for the period/two.sups ⁾ 342 125 pos 879 662 33% Basic earnings per share, SEK/two.sups ⁾ 0.76 0.06 pos 1.46 0.76 91% Diluted earnings per share, SEK/two.sups ⁾ 0.76 0.06 pos 1.45 0.76 91% Cash flow from operating activities -285 -137 -107% 3,29 8 3,445 -4% Leverage excl. financial leasing/three.sups ⁾ 1.5x 0.8x 1.3x Return on capital employed excl. financial leasing 10.8% 10.4% 10.1% ===== SIDA 3 ===== 2 Ratos Interim report Q1 2025 CEO comments on performance in the first quarter of 2025 Strong start to the year In the first quarter, adjusted EBITA rose 32% while the EBITA margin increased and all business areas reported improved adjusted EBITA. The completed reconstruction of Plantasjen already yielded results in the first quarter. Adjusted for the composition dividend related to the reconstruction of Plantasjen, cash flow improved year on year. Ratos reports a strong result for the first quarter. The quarter was characterised by numerous activities to streamline the Group with the aim of achieving a higher operating margin, a higher return on capital and more stable cash flow growth. As part of these streamlining efforts, an agreement was signed in March to divest airteam, which will generate approximately SEK 1.2 billion for Ratos. Net sales decreased by 4%, mainly as a result of discontinued operations in Plantasjen and Expin Group as well as currency effects. One less working day negatively impacted Industrial Services. Product Solutions increased sales by 9%. Sales to the defense industry have increased. The completed reconstruction of Plantasjen improved the Group’s EBITA in the first quarter, while the Group’s sales declined due to store closures. The business environment was characterised by economic and geopolitical uncertainty and the effects of potential trade tariffs, primarily with the U.S. However, Ratos has limited direct exposure to the U.S. In 2024, 2% of Ratos’s net sales were attributable to operations that are geographically based in the U.S. The indirect impact of this is currently difficult to assess. Cash flow from operating activities was seasonally weak and declined during the quarter due to the composition dividend paid for Plantasjen. The majority of companies reported positive operating cash flow. The return on capital employed improved, and the balance sheet remains strong. 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 EBITA in the business area increased 2%. Adjusted EBITA amounted to SEK 313m (307), with an EBITA margin of 11.6% (11.3%). In the Industrial Services segment, EBITA declined with 10% and the EBITA margin amounted to 9.7% (9.9%) primarily due to a decline in net sales in TFS as a result of a weak biotech market. The calendar effect in the quarter, SEK -8m, which had one less working day, primarily impacted Knightec Group. The company is continuing to create significant synergies, which is expected to continue in the second quarter. In the Industrial Services segment, EBITA were adjusted for non-recurring items totalling SEK -38m pertaining to restructuring, with notice of termination served in the logistics company Speed Group, terminations carried out in the CRO company TFS and costs incurred to achieve additional synergies in Knightec Group. In the Product Solutions segment, net sales rose 9% and EBITA 12%. The EBITA margin was 13.1% (12.8%). Year on year, net sales increased and EBITA improved for all companies in the segment. Overall, this was a good quarter for Product Solutions. Construction & Services Construction & Services Construction & Services Construction & Services The business area reported a strong quarter, with EBITA up 14%. Adjusted EBITA amounted to SEK 337m (297) and the EBITA margin improved to 8.2% (6.9%). The order intake increased 122% (excluding Aibel). The order backlog amounted to SEK 34,847m (27,916), excluding Aibel, which has an order backlog of SEK 23,854 (33,836). The Construction segment posted slightly lower EBITA, down 3%, compared with the preceding year. Currency effects and costs for the creation of Sentia (the merger of HENT and SSEA Group) resulted in increased costs, as expected. The activity level within tenders was high, and Sentia reported a significantly stronger order intake in the quarter and enters the following quarter with a robust order backlog. In the Critical Infrastructure segment, EBITA increased 27% and the order intake increased 20%. Earnings improved in Expin Group, and Aibel and Presis Infra continued to deliver strong earnings. The order intake in the segment improved year on year. Consumer Consumer Consumer Consumer The business area posted EBITA of SEK -127m (-194), an improvement of SEK 67m. The reconstruction led to an improvement in earnings of SEK 60m for Plantasjen in a seasonally weak quarter with low customer traffic. Earnings continued to increase for KVD, with the company’s EBITA up from SEK 5m to SEK 11m in the quarter. Earnings in Consumer were adjusted for non-recurring items of SEK +157m, mainly attributable to gains from the reconstruction of Plantasjen. A A A A strong strong strong strong quarter for Ratos quarter for Ratos quarter for Ratos quarter for Ratos The year began with a strong first quarter. The streamlining of Ratos proceeded according to plan with the divestment of airteam, and we see healthy growth opportunities for our core holdings. As mentioned, the business environment is uncertain, but Ratos has limited direct exposure to the U.S. Combined with a robust order intake in the quarter, Ratos’s strong financial position means that the Group is well positioned for future growth despite these turbulent times. Jonas Wiström, President and CEO ===== SIDA 4 ===== 3 Ratos Interim report Q1 2025 Group performance Q1 2025 Net sales Net sales for the quarter amounted to SEK 7,535m (7,825), down -4% year on year. The quarter included one less working day compared with the previous year, which negatively impacted sales. Organic sales growth was negative and amounted to -2%. Sales for the Consumer segment decreased SEK -121m during the quarter as a result of a decline in sales in Plantasjen due to store closures carried out in conjunction with the previous year’s reconstruction. Currency effects had a negative impact of SEK -96m (-1%) on net sales as a result of the strong SEK. The structural effect amounted to SEK 150m (2%) and was attributable to add-on acquisitions in the Product Solutions and Industrial Services segments. Profit Adjusted EBITA amounted to SEK 474m (359) for the quarter, up 32%, and the adjusted EBITA margin increased 1.7 percentage points to 6.3% (4.6%). The improvement in adjusted EBITA was attributable to the Consumer, Critical Infrastructure and Product Solutions segments. In the Consumer segment, Plantasjen posted an improvement in earnings as a result of lower personnel and premises costs following the completed reconstruction. In the Critical Infrastructure segment, Expin Group posted a fair improvement in earnings for the quarter. All companies in the Product Solutions segment posted improved earnings. Earnings in the Industrial Services segment declined due to a calendar effect and a weak market for clinical trials. EBITA were adjusted for non-recurring items of SEK +120m, mainly attributable to gains from the reconstruction of Plantasjen. Reported earnings for the quarter amounted to SEK 594m (359). Net financial items amounted to SEK -153m (-153). Net interest income improved in the quarter due to loan renegotiations and lower market rates. The Group’s financial items were negatively impacted by currency effects and the revaluation of synthetic options. Financial performance Q1 2025 1) Refer to page 20 for information on items affecting comparability. 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 2025 2025 2025 2025 2024 2024 2024 2024 LTM LTM LTM LTM 2024 2024 2024 2024 2025 2025 2025 2025 2024 2024 2024 2024 LTM LTM LTM LTM 2024 2024 2024 2024 Industry 2,706 2,714 0% 10,407 10,414 313 307 2% 1,051 1,045 Construction & Services 4,106 4,269 -4% 16,212 16,375 337 297 14% 1,407 1,366 Consumer 722 843 -14% 5,216 5,337 -127 -194 35% 127 60 Group costs -49 -51 3% -140 -142 Elimination of internal sales -0 -2 -0 -2 Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted 7,535 7,535 7,535 7,535 7,825 7,825 7,825 7,825 -4% 31,834 31,834 31,834 31,834 32,125 32,125 32,125 32,125 474 474 474 474 359 359 359 359 32% 2,444 2,444 2,444 2,444 2,329 2,329 2,329 2,329 Items affecting comparability/one.sups⁾ 120 -170 -289 Amortisation and impairment of intangible assets in connection with company acquisitions -30 -30 -1% -370 -369 Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 563 563 563 563 329 329 329 329 71% 1,905 1,905 1,905 1,905 1,670 1,670 1,670 1,670 Finance net -153 -153 0% -649 -650 Profit before tax Profit before tax Profit before tax Profit before tax 411 411 411 411 176 176 176 176 134% 1,255 1,255 1,255 1,255 1,020 1,020 1,020 1,020 Tax -69 -50 -36% -376 -358 Profit for the period Profit for the period Profit for the period Profit for the period 342 342 342 342 125 125 125 125 pos 879 879 879 879 662 662 662 662 Net sales EBITA, adjusted Change Change Change Change % % % % Change Change Change Change % % % % 324 1,078 517 326 359 1,101 469 401 474 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 LTM Net sales 2024, SEKm 7,825 Structure, % 2% Currency, % -1% Other, % -2% Organic growth, %* -2% Total, % -4% 2025, SEKm 7,535 *Volume, price and mix 2,038 2,153 2,237 2,244 2,279 2,302 2,254 2,329 2,444 6.5% 6.5% 6.6% 6.7% 6.8% 7.0% 7.0% 7.2% 7.7 % Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 EBITA % 31.5 33.1 34.0 33.7 33.8 32.9 32.4 32.1 31.8 5.3% 5.0% 2.8% -0.7% 0.0% -2.6% -1.6% -0.7% -0.9% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Growth % ===== SIDA 5 ===== 4 Ratos Interim report Q1 2025 Industry The Industry business area consists of the Industrial Services and Product Solutions segments. Industrial Services consists of Aleido, Knightec Group, Speed Group and TFS, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. See Note 5 for segment reporting. Net sales Net sales in the business area amounted to SEK 2,706m (2,714) for the first quarter. Structural effects made a positive contribution of 6%, corresponding to SEK 155m, and pertained to add-on acquisitions in Diab, HL Display, LEDiL and Speed Group. Organic sales growth was negative for the period and amounted to -6%. The quarter included one less working day compared with the previous year, which negatively impacted sales. All companies in the Product Solutions segment increased their sales in the quarter. Volumes in clinical trials remained low due to a challenging biotech market. Profit Adjusted EBITA for the business area amounted to SEK 313m (307) for the quarter, up 2%. The EBITA margin was 11.6% (11.3%). The Product Solutions segment posted a 12% increase in profit, corresponding to SEK 20m, with all of the companies in the segment reporting healthy earnings improvements. The Industrial Services segment reported a 10% decrease in profit, corresponding to SEK -14m. The calendar effect in the quarter and the weak clinical trials market negatively impacted earnings. EBITA were adjusted for non-recurring items of SEK -38m, whereof SEK -26m pertained to redundancy costs attributable to the staffing operations in Speed Group and SEK -6m to redundancy costs in TFS (clinical trials). In Knightec Group was SEK -6m attributable to create additional synergies in the merger of Semcon and Knightec. Financial performance 1) Refer to page 20 for information on adjusted EBITA. 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 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling 2024 2024 2024 2024 Net sales 2,706 2,714 0% 10,407 10,414 0% EBITA , adjusted /one.sups⁾ 313 307 2% 1,051 1,045 1% whereof Industrial Services 126 140 -10% 451 466 -3% whereof Product Solutions 187 168 12% 599 579 3% EBITA %, adjusted 11.6% 11.3% 10.1% 10.0% EBITA 276 307 -10% 938 970 -3% EBITA % 10.2% 11.3% 9.0% 9.3% Operating profit 255 289 -12% 859 893 -4% Operating profit % 9.4% 10.7% 8.3% 8.6% Cash flow from operating activities 59 85 -31% 1,251 1,277 -2% Return on capital employed, business area % 11.3% 10.8% 11.4% Average number of employees 6,899 Change Change Change Change % % % % Change Change Change Change % % % % 824 901 929 963 967 986 1,028 1,045 1,051 9.4% 9.3% 9.0% 9.1% 9.2% 9.4% 9.9% 10.0% 10.1% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 EBITA % 8,754 9,641 10,279 10,563 10,548 10,446 10,409 10,414 10,407 12.9% 10.1% 6.6% 2.8% -0.1% -1.0% -0.4% 0.0% -0.1% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Growth % Q1 Q1 Q1 Q1 2025 2025 2025 2025 2024, SEKm 2,714 Structure, % 6% Currency, % -0% Organic growth, %* -6% Total, % -0% 2025, SEKm 2,706 *Volume, price and mix ===== SIDA 6 ===== 5 Ratos Interim report Q1 2025 Construction & Services The Construction & Services business area consists of the Critical Infrastructure and Construction segments. Critical Infrastructure consists of Aibel, Expin Group and Presis Infra, and Construction Services consists of airteam and Sentia. See Note 5 for segment reporting. Order status 2) At the end of the quarter, the order backlog amounted to SEK 34,847m (27,916), up 25% year on year. The business area’s order intake for the first quarter amounted to SEK 10,386m (4,679), driven by the Construction segment, which posted an order intake of SEK 8,220m (2,871). Sentia reported a strong order intake, of which SEK 2,650m pertained to the secured project NRK Oslo and SEK 1,970m pertained to the secured project Oslo Spektrum. In Critical Infrastructure, the order intake increased 20%. Net sales Net sales in the business area for the first quarter amounted to SEK 4,106m (4,269), down 4% year on year. Currency effects had a negative impact of SEK -81m (-2%) on net sales, primarily as a result of the weak NOK. Profit EBITA for the business area amounted to SEK 337m (297) for the quarter, up 14%. The EBITA margin increased 1.3 percentage points and amounted to 8.2% (6.9%). In the Critical Infrastructure segment, EBITA increased 27%. Earnings in the Construction segment were in line with the year-earlier period. The project portfolio in the Construction segment remained stable. Financial performance 1) Refer to page 20 for information on adjusted EBITA. 2) Aibel’s order intake and order backlog are not consolidated in the business area. See Note 5 for information about Aibel’s order intake and order backlog. 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 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling 2024 2024 2024 2024 Net sales 4,106 4,269 -4% 16,212 16,375 -1% EBITA , adjusted /one.sups⁾ 337 297 14% 1,407 1,366 3% whereof Construction 129 133 -3% 671 675 -1% whereof Critical Infrastructure 208 164 27% 736 691 6% EBITA %, adjusted 8.2% 6.9% 8.7% 8.3% EBITA 337 297 14% 1,428 1,387 3% EBITA % 8.2% 6.9% 8.8% 8.5% Operating profit 329 286 15% 1,388 1,345 3% Operating profit % 8.0% 6.7% 8.6% 8.2% Cash flow from operating activities 59 -6 pos 1,828 1,763 4% Return on capital employed, business area % 19.8% 17.8% 19.0% Order intake /two.sups⁾ 10,386 4,679 122% 23,902 18,194 31% Order backlog/two.sups⁾ 34,847 27,916 25% 29,285 Average number of employees 7,600 Change Change Change Change % % % % Change Change Change Change % % % % 1,156 1,198 1,338 1,291 1,304 1,364 1,274 1,366 1,407 6.9% 6.9% 7.5% 7.5% 7.5% 8.1% 7.7% 8.3% 8.7% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 EBITA % Q1 Q1 Q1 Q1 2025 2025 2025 2025 2024, SEKm 4,269 Structure, % -0% Currency, % -2% Other, % -2% Organic growth, %* -0% Total, % -4% 2025, SEKm 4,106 *Volume, price and mix 16,629 17,400 17,767 17,298 17,308 16,773 16,491 16,375 16,212 5.7% 4.6% 2.1% -2.6% 0.1% -3.1% -1.7% -0.7% -1.0% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Growth % 30,231 31,498 29,144 26,792 27,916 32,686 29,580 29,285 34,847 19,991 18,545 14,646 14,947 14,755 18,396 18,326 18,194 23,902 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Order intake, LTM ===== SIDA 7 ===== 6 Ratos Interim report Q1 2025 Consumer The Consumer business area and segment consists of KVD and Plantasjen. See Note 5 for segment reporting. The reconstruction of Plantasjen was completed during the quarter and has yielded significant results. Plantasjen has reduced its costs, liabilities and capital requirements. As part of these measures, 36 stores have been closed (including all of the stores in Finland) and staff has been reduced, leading to expected annual cost savings of approximately SEK 400m. Lease liabilities have declined by about SEK 1,500m. During the quarter, gains from the reconstruction of approximately SEK 230m were realised, which were recognised as an item affecting comparability. Net sales The business area’s net sales for the first quarter amounted to SEK 722m (843), a year on year decrease of -14%. The decline was attributable to weaker sales in Plantasjen due to store closures carried out in conjunction with the previous year’s reconstruction. Plantasjen’s net sales for the period amounted to SEK 411m (552), down SEK -141m, corresponding to -26% year on year. Profit Adjusted EBITA for the business area amounted to SEK -127m (-194) for the quarter, and the EBITA margin was -17.6% (-23.0%). Plantasjen reported an adjusted EBITA of SEK -138m (-198). Despite lower sales volumes, Plantasjen posted an earnings improvement in the quarter, following its completed reconstruction, primarily due to lower personnel and premises costs. Earnings were adjusted for non-recurring items of SEK +157m, of which approximately SEK +230m is attributable to gains from the reconstruction and approximately SEK -73m is attributable to costs relating to the reconstruction in Plantasjen. Financial performance 1) See Note 5 for Plantasjen’s adjusted net sales and EBITA. 2) Refer to page 20 for information on adjusted EBITA. 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 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling 2024 2024 2024 2024 Net sales /one.sups⁾ 722 843 -14% 5,216 5,337 -2% EBITA , adjusted /one.sups⁾/two.sups⁾ -127 -194 35% 127 60 113% EBITA %, adjusted -17.6% -23.0% 2.4% 1.1% EBITA 30 -194 116% 48 -176 127% EBITA % 4.2% -23.0% 0.9% -3.3% Operating profit/loss 29 -195 115% -202 -426 53% Operating profit/loss % 4.0% -23.2% -3.9% -8.0% Cash flow from operating activities -477 -176 neg 351 652 -46% Return on capital employed, business area % -4.5% -0.9% -7.1% Average number of employees 1,389 Change Change Change Change % % % % Change Change Change Change % % % % 218 212 135 136 154 91 103 60 127 3.6% 3.5% 2.3% 2.3% 2.6% 1.6% 1.9% 1.1% 2.4% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 EBITA % 6,090 6,011 5,938 5,888 5,901 5,652 5,455 5,337 5,216 -4.7% -1.3% -1.2% -0.8% 0.2% -4.2% -3.5% -2.2% -2.3% Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Growth % Q1 Q1 Q1 Q1 2025 2025 2025 2025 2024, SEKm 843 Currency, % -1% Other, % -11% Organic growth, %* -2% Total, % -14% 2025, SEKm 722 *Volume, price and mix ===== SIDA 8 ===== 7 Ratos Interim report Q1 2025 Financial overview, Ratos Group Cash flow Q1 Cash flow from operating activities amounted to SEK -285m (-137) and was negatively impacted by about SEK 200m due to composition dividend paid for Plantasjen. Cash flow from investing activities amounted to SEK -26m (-289). Cash flow from financing activities amounted to SEK -239m (-328). Cash flow for the period amounted to SEK -550m (-754). The change in cash flow for the quarter was mainly due to the change in working capital of SEK -1,016m (-884) as well as add-on acquisitions and divestments of SEK 34m (-174). Financial position and leverage The Group’s cash and cash equivalents (including assets held for sale) at the end of the period amounted to SEK 1,548m (2,186 at 31 December 2024) and interest-bearing net debt excluding financial lease liabilities totalled SEK 3,665m (2,815 at 31 December 2024). Excluding financial lease liabilities, the Group’s leverage at the end of the period amounted to 1.5x (1.3x at 31 December 2024). The Group’s interest-bearing net debt including financial lease liabilities totalled SEK 7,617m (6,820 at 31 December 2024). The Group’s leverage including financial lease liabilities at the end of the period amounted to 2.0x (1.9x at 31 December 2024). The total translation effect of currency tied to interest-bearing liabilities amounted to SEK -68m, of which SEK -2m related to liabilities to credit institutions and SEK -66m to financial lease liabilities. At the end of the period, the Group’s interest-bearing liabilities to credit institutions amounted to SEK 4,737m (4,506 at 31 December 2024). Net financial items Q1 Net financial items amounted to SEK -153m (-153). Net financial items for the year were negatively impacted by changes in exchange rates and the revaluation of synthetic options. Net interest income was SEK 25m lower than in the year-earlier period. Tax Q1 The tax expense for the Group amounted to SEK 69m (50) and profit before tax to SEK 411m (176). The effective tax rate for the quarter was 17% (29%). Items affecting comparability in the quarter of SEK +120m did not have any material impact on the Group’s effective tax rate. The slightly lower effective tax rate in the quarter compared with the Group’s nominal tax rate (approximately 20%) was primarily due to the share of earnings from associates and the capitalisation of loss carry- forwards in the parent company. Ratos’s equity At 31 March 2025, Ratos’s equity (attributable to owners of the parent) amounted to SEK 11,529m (12,270 per 31 December 2024), corresponding to SEK 35 per share outstanding (37 at 31 December 2024). Parent company The parent company’s operating loss amounted to SEK -49m (-51) for January–March. The loss before tax amounted to SEK -397m (-43) and was negatively impacted by an impairment of intra-group receivables of SEK -357m attributable to the completed reconstruction of Plantasjen. The impairment in the parent company did not impact the Group’s earnings. Cash and cash equivalents in the parent company amounted to SEK 215m (246 at 31 December 2024). The parent company has a related party relationship with its Group companies. For more information, refer to Note 28 in the 2024 Annual Report. No significant transactions were carried out with related parties during the year compared with those presented in the most recent Annual Report. Ratos share data Earnings per share for the quarter amounted to SEK 0.76 (0.06) before dilution and to SEK 0.76 (0.06) after dilution. The closing price for Ratos’s Class B shares on 31 March 2025 was SEK 32.16. The total return on Class B shares for the quarter amounted to 6.9%, compared with the performance for the SIX Return Index, which was -0.2%. Number of shares No new shares were issued during the first quarter. At 31 March 2025, the total number of shares and shares outstanding in Ratos (Class A and B shares) amounted to 327,385,688 and the number of votes to 108,911,923. Resolutions at the 2025 Annual General Meeting Information on resolutions passed at the 2025 Annual General Meeting is available at www.ratos.com. The Annual General Meeting resolved on a dividend for the 2024 financial year of SEK 1.35 (1.25) per Class A and B share, totalling SEK 442m (409). The dividend was paid through Euroclear Sweden on 2 April 2025. The Annual General Meeting resolved on changes to the Board of Directors, with Gunilla Berg elected as a new Board member and Ulla Litzén declining re-election. The meeting resolved, in accordance with the proposal from the Board, to introduce the long-term incentive programme 2025/2029 for the CEO and other key personnel, which will include convertibles and warrants. Significant events during and after the end of the quarter The reconstruction of Plantasjen gained legal force on 18 February and is thus completed. As a result, Plantasjen has reduced its costs, liabilities and capital requirements. The expected annual cost savings are estimated at approximately SEK 400m. Lease liabilities have declined by about SEK 1,500m. On 18 March, Ratos entered into an agreement to divest airteam to Nalka Invest. The purchase price amounted to approximately SEK 1,700m (for 100% of the shares in the company), corresponding to an EV/EBITA ratio of around 10x. The divestment pertains to Ratos’s entire holding in airteam, which amounts to 70% of the shares. The transaction is expected to be completed in the second quarter of 2025. airteam’s assets and liabilities have been reclassified to assets and liabilities held for sale in the Group’s statement of financial position as of 31 March 2025. ===== SIDA 9 ===== 8 Ratos Interim report Q1 2025 Interest-bearing net debt and leverage 1) , SEKm Diluted earnings per share, SEK 1) Excluding financial lease liabilities 4,826 3,750 3,254 2,720 3,346 3,091 2,755 2,815 3,665 2.2x 1.6x 1.3x 0.7x 0.8x 0.7x 0.7x 1.3x 1.5x Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Leverage 2.17 8.10 1.68 3.72 0.76 1.45 -2.00 2020 2021 2022 2023 2024 2025 LTM ===== SIDA 10 ===== 9 Ratos Interim report Q1 2025 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Net sales 7,535 7,825 32,125 Other operating income 240 31 146 Cost of goods and services sold -4,213 -4,255 -18,164 Employee benefit costs -2,161 -2,170 -8,754 Depreciation/amortisation and impairment of property, plant and equipment and intangible assets and right-of-use assets -350 -388 -1,853 Other external costs -593 -812 -2,331 Capital gain/loss from Group companies -11 62 Share of profit/loss from investments recognised according to the equity method 116 98 439 Operating profit Operating profit Operating profit Operating profit 563 563 563 563 329 329 329 329 1,670 1,670 1,670 1,670 Net financial items/one.sups⁾ -153 -153 -650 Profit before tax Profit before tax Profit before tax Profit before tax 411 411 411 411 176 176 176 176 1,020 1,020 1,020 1,020 Income tax -69 -50 -358 Profit for the period Profit for the period Profit for the period Profit for the period 342 342 342 342 125 125 125 125 662 662 662 662 Profit for the period attributable to: Owners of the parent 248 21 249 Non-controlling interests 95 105 414 Earnings per share, SEK - basic earnings per share 0.76 0.06 0.76 - diluted earnings per share 0.76 0.06 0.76 /one.sups⁾ See page 21 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Profit for the period Profit for the period Profit for the period Profit for the period 342 342 342 342 125 125 125 125 662 662 662 662 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit pension obligations, net -3 Tax attributable to items that will not be reclassified to profit or loss 0 -3 -3 -3 -3 Items that may be reclassified subsequently to profit or loss: Translation differences for the period -483 -147 133 Change in hedging reserve for the period -102 5 79 Tax attributable to items that may be reclassified subsequently to profit or loss 3 -2 -2 -583 -583 -583 -583 -144 -144 -144 -144 210 210 210 210 -583 -144 210 Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period -583 -583 -583 -583 -144 -144 -144 -144 207 207 207 207 -583 -144 207 Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period -241 -241 -241 -241 -19 -19 -19 -19 869 869 869 869 -241 -19 869 Total comprehensive income for the period attributable to: Owners of the parent -234 -19 434 Non-controlling interest -7 -0 436 ===== SIDA 11 ===== 10 Ratos Interim report Q1 2025 Summary consolidated statement of financial position SEKm SEKm SEKm SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 ASSETS Non-current assets Non-current assets Non-current assets Non-current assets Goodwill 12,990 14,301 14,286 Other intangible non-current assets 1,704 1,899 1,785 Property, plant and equipment 1,395 1,647 1,547 Right-of-use assets 3,562 5,121 3,609 Financial assets 3,101 2,820 3,522 Deferred tax assets 571 507 555 Total non-current assets Total non-current assets Total non-current assets Total non-current assets 23,323 23,323 23,323 23,323 26,295 26,295 26,295 26,295 25,304 25,304 25,304 25,304 Current assets Current assets Current assets Current assets Inventories 1,980 2,263 1,851 Accounts receivable 2,940 3,476 3,025 Current receivables 1,938 2,537 2,170 Cash and cash equivalents 1,339 1,639 2,186 8,197 9,915 9,232 Assets held for sale 1,723 Total current assets Total current assets Total current assets Total current assets 9,921 9,921 9,921 9,921 9,915 9,915 9,915 9,915 9,232 9,232 9,232 9,232 Total assets Total assets Total assets Total assets 33,244 33,244 33,244 33,244 36,210 36,210 36,210 36,210 34,536 34,536 34,536 34,536 EQUITY AND LIABILITIES Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests 13,830 13,830 13,830 13,830 13,963 13,963 13,963 13,963 14,752 14,752 14,752 14,752 Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities Interest-bearing liabilities 8,041 9,415 7,613 Non-interest bearing liabilities 355 1,221 963 Pension provisions 68 65 68 Other provisions 34 45 43 Deferred tax liabilities 650 837 708 Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 9,149 9,149 9,149 9,149 11,584 11,584 11,584 11,584 9,395 9,395 9,395 9,395 Current liabilities Current liabilities Current liabilities Current liabilities Interest-bearing liabilities 1,078 1,289 1,393 Non-interest bearing liabilities 8,187 8,812 8,441 Provisions 567 562 555 9,833 10,663 10,388 Liabilities attributable to assets held for sale 432 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 10,265 10,265 10,265 10,265 10,663 10,663 10,663 10,663 10,388 10,388 10,388 10,388 Total liabilities Total liabilities Total liabilities Total liabilities 19,413 19,413 19,413 19,413 22,247 22,247 22,247 22,247 19,783 19,783 19,783 19,783 Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 33,244 33,244 33,244 33,244 36,210 36,210 36,210 36,210 34,536 34,536 34,536 34,536 ===== SIDA 12 ===== 11 Ratos Interim report Q1 2025 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 12,270 12,270 12,270 12,270 2,482 2,482 2,482 2,482 14,752 14,752 14,752 14,752 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451 Total comprehensive income for the period -234 -7 -241-19 -0 -19 434 436 869 Dividends -442 -330 -772 -409 -93 -502 -409 -281 -689 Non-controlling interests’ share of capital contribution and new issue 50 50 Purchase/redemption of treasury shares, net effect -1 -1 -2 Conversion of options/convertible loan to shares 1414 21 21 The value of the conversion option of the convertible debentures 4 4 Option premiums 6 6 Put options, future acquisitions from non- controlling interests 90 4 95 54 -25 29 598 323 921 Acquisition of shares in subsidiaries from non- controlling interests -1 -9 -10 -10 -1 -11 -529 -402 -931 Disposal of shares in subsidiaries to non-controlling interests -41 47 6 -12 64 52 Non-controlling interests share of dividends from associated companies -114 114 -156 156 Closing equity Closing equity Closing equity Closing equity 11,529 11,529 11,529 11,529 2,301 2,301 2,301 2,301 13,830 13,830 13,830 13,830 11,945 11,945 11,945 11,945 2,018 2,018 2,018 2,018 13,963 13,963 13,963 13,963 12,270 12,270 12,270 12,270 2,482 2,482 2,482 2,482 14,752 14,752 14,752 14,752 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 ===== SIDA 13 ===== 12 Ratos Interim report Q1 2025 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Operating activities Operating activities Operating activities Operating activities Operating profit 563 329 1,670 Adjustment for non-cash items 138 382 1,568 702 711 3,238 Received dividends from associated companies 320 317 318 Interest and financial items, net -126 -158 -544 Income tax paid -163 -123 -447 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 732 732 732 732 747 747 747 747 2,566 2,566 2,566 2,566 Cash flow from change in working capital Increase (-)/Decrease (+) in inventories -220 -361 130 Increase (-)/Decrease (+) in operating receivables -203 -34 351 Increase (+)/Decrease (-) in operating liabilities -594 -489 399 Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities -285 -285 -285 -285 -137 -137 -137 -137 3,445 3,445 3,445 3,445 Investing activities Investing activities Investing activities Investing activities Acquisition, group companies -28 -174 -608 Disposal, group companies 63 -25 Investments and disposal, intangible assets/property, plant and equipment -59 -80 -287 Investments and disposal, financial assets -2 -35 -52 Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -26 -26 -26 -26 -289 -289 -289 -289 -972 -972 -972 -972 Financing activities Financing activities Financing activities Financing activities Non-controlling interests' share of issue/capital contribution 50 Transfer of treasury shares -2 Transactions regarding options 9 -28 Acquisition and disposal of shares in subsidiaries from non-controlling interests -3 -10 -891 Dividends paid -409 Dividends paid, non-controlling interests -207 -2 -281 Borrowings 608 17 3,405 Amortisation of loans -375 -86 -3,403 Amortisation of financial lease liabilitities -262 -257 -1,060 Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -239 -239 -239 -239 -328 -328 -328 -328 -2,618 -2,618 -2,618 -2,618 Cash flow for the period Cash flow for the period Cash flow for the period Cash flow for the period -550 -550 -550 -550 -754 -754 -754 -754 -145 -145 -145 -145 Cash and cash equivalents at the beginning of the period 2,186 2,360 2,360 Exchange differences in cash and cash equivalents -88 33 -29 Cash and cash equivalents at the end of the period 1,548 1,639 2,186 ===== SIDA 14 ===== 13 Ratos Interim report Q1 2025 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Other operating income 1 8 Administrative expenses -50 -51 -150 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 -51 -51 -51 -51 -142 -142 -142 -142 Net financial items/one.sups⁾ -347 8 15 Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items -397 -397 -397 -397 -43 -43 -43 -43 -127 -127 -127 -127 Group contribution, recieved 177 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -397 -397 -397 -397 -43 -43 -43 -43 50 50 50 50 Income tax 25 25 48 Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -372 -372 -372 -372 -18 -18 -18 -18 98 98 98 98 /one.sups⁾ See page 21 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -372 -372 -372 -372 -18 -18 -18 -18 98 98 98 98 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 -372 -372 -372 -372 -18 -18 -18 -18 98 98 98 98 ===== SIDA 15 ===== 14 Ratos Interim report Q1 2025 Summary parent company balance sheet Summary parent company statement of changes in equity SEKm SEKm SEKm SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 ASSETS Non-current assets Non-current assets Non-current assets Non-current assets Property, plant and equipment 3 3 3 Financial assets 11,174 10,736 11,174 Receivables from group companies 2,004 4,458 3,130 Deferred tax assets 277 230 252 Total non-current assets Total non-current assets Total non-current assets Total non-current assets 13,458 13,458 13,458 13,458 15,427 15,427 15,427 15,427 14,560 14,560 14,560 14,560 Current assets Current assets Current assets Current assets Current receivables 27 34 26 Receivables from group companies 5,051 2,921 3,983 Cash and cash equivalents 215 673 246 Total current assets Total current assets Total current assets Total current assets 5,293 5,293 5,293 5,293 3,628 3,628 3,628 3,628 4,254 4,254 4,254 4,254 Total assets Total assets Total assets Total assets 18,751 18,751 18,751 18,751 19,056 19,056 19,056 19,056 18,814 18,814 18,814 18,814 EQUITY AND LIABILITIES Equity Equity Equity Equity 8,923 8,923 8,923 8,923 9,604 9,604 9,604 9,604 9,737 9,737 9,737 9,737 Non-current liablities Non-current liablities Non-current liablities Non-current liablities Interest-bearing liabilities, group companies 147 Interest-bearing liabilities 4,709 4,447 4,133 Convertible debentures 113 111 112 Deferred tax liabilities 4 3 4 Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 4,826 4,826 4,826 4,826 4,707 4,707 4,707 4,707 4,249 4,249 4,249 4,249 Current provisions Current provisions Current provisions Current provisions 55 55 31 31 31 31 5 5 55 Current liabilities Current liabilities Current liabilities Current liabilities Interest-bearing liabilities, group companies 4,309 4,213 4,140 Interest-bearing liabilities 93 24 419 Non-interest bearing liabilities, group companies 90 1 193 Non-interest bearing liabilities 505 475 71 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 4,998 4,998 4,998 4,998 4,713 4,713 4,713 4,713 4,824 4,824 4,824 4,824 Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 18,751 18,751 18,751 18,751 19,056 19,056 19,056 19,056 18,814 18,814 18,814 18,814 SEKm SEKm SEKm SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 Opening equity Opening equity Opening equity Opening equity 9,737 9,737 9,737 9,737 10,016 10,016 10,016 10,016 10,016 10,016 10,016 10,016 Comprehensive income for the period -372 -18 98 Dividends -442 -409 -409 Conversion of options/convertible loan to shares 14 21 The value of the conversion option of the convertible debentures 5 Deferred tax, conversion option -1 Option premiums 6 Closing equity Closing equity Closing equity Closing equity 8,923 8,923 8,923 8,923 9,604 9,604 9,604 9,604 9,737 9,737 9,737 9,737 ===== SIDA 16 ===== 15 Ratos Interim report Q1 2025 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. In all other respects, the reporting and measurement principles are unchanged compared with those applied in Ratos’s 2024 Annual Report. The new and revised IFRS standards which came into force in 2025 have not had any material effect on 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 2024 Annual Report. Note 3 Financial instruments Ratos applies fair value measurements to a limited extent and mainly for derivatives, synthetic options, contingent considerations and put options. These items are measured according to levels two and three, respectively, in the fair value hierarchy. In the statement of financial position at 31 March 2025, the net value of derivatives, Level 2, amounted to SEK -7m (9 at 31 December 2024), of which SEK 10m (12 at 31 December 2024) was recognised as an asset and SEK 16m (3 at 31 December 2024) as a liability. In the statement of financial position at 31 March 2025, the total value of financial instruments measured at fair value in accordance with level three was SEK 1,109m (1,270 at 31 December 2024). The change is presented in the table below. 1) Pertains to liabilities attributable to assets held for sale. 2) On the transaction date for the sale of airteam, the call and put options pertaining to the minority holding in airteam will expire, which means that the liability will be reversed against equity. Change, level 3 Change, level 3 Change, level 3 Change, level 3 SEKm SEKm SEKm SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 Opening balance 190 149 968 1,869 112 141 Recognised in comprehensive income 0 86 -31 20 -6 -10 Recognised against equity -85 -41 Newly issued/subsequent expenditure 80 Settlements -45 -10 -880 -20 -99 Reclassification/one.sups ⁾ -9 Closing balance Closing balance Closing balance Closing balance 190 190 190 190 190 190 190 190 842 842 842 842 968 968 968 968 77 77 77 77 112 112 112 112 Synthetic options Synthetic options Synthetic options Synthetic options Call and put options Call and put options Call and put options Call and put options /two.sups/two.sups /two.sups/two.sups⁾⁾ ⁾⁾ Contingent considerations Contingent considerations Contingent considerations Contingent considerations ===== SIDA 17 ===== 16 Ratos Interim report Q1 2025 Note 4 Acquired and divested companies Acquisitions within business areas During the first quarter, HL Display completed a minor asset acquisition pertaining to parts of LTG Display’s business. In December 2024, Diab acquired the Norwegian company Subsea Composite Solutions AS (SCS). During the first quarter of 2025, the acquisition analysis was updated and the final purchase price was paid. Preliminary acquisition analyses for the add-on acquisitions carried out during the period and updated acquisition analyses are presented in the table. Divestments within business areas In January, Plantasjen divested its subsidiary Kaggen Gård AS, with a capital gain totalling SEK 2m for the divestment. In March, Presis Infra divested its subsidiary Bergen Bydrift AS, with a capital loss totalling SEK 13m for the divestment. The impact on the consolidated statement of financial position and statement of cash flows as a result of the divestments carried out during the period are presented in the table. Agreement to divest airteam In March, Ratos entered into an agreement to divest airteam to Nalka Invest. The divestment pertains to Ratos’s entire holding in airteam, which amounts to 70% of the shares. The purchase price amounted to approximately SEK 1,700m (for 100% of the shares in the company), corresponding to an EV/EBITA ratio of around 10x. The transaction is expected to be completed in the second quarter of 2025. A breakdown of airteam’s statement of financial position reclassified according to assets and liabilities held for sale is presented in the table. SEKm SEKm SEKm SEKm Intangible assets 6 Property, plant and equipment -0 Trade receivables -2 Current assets 5 Cash and cash equivalents 2 Current liabilities -6 Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 44 44 Goodwill 6 Purchase price Purchase price Purchase price Purchase price 11 11 11 11 of which, paid in cash 11 Cash in the acquired companies -2 Paid contingent consideration previous acquisitions20 Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents 28 28 28 28 SEKm SEKm SEKm SEKm Property, plant and equipment 68 Right-of-use assets 10 Financial assets 0 Trade receivables 16 Current assets 1 Cash and cash equivalents 8 Non-current liabilities and provisions -10 Current liabilities and provisions -14 Net assets and liabilities Net assets and liabilities Net assets and liabilities Net assets and liabilities 80 80 80 80 Sales price 70 Cash in the divested companies -8 Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents 63 63 63 63 Sales price 70 Net assets (-) and liabilities (+) -80 Capital gain (+) / loss (-) reported in income Capital gain (+) / loss (-) reported in income Capital gain (+) / loss (-) reported in income Capital gain (+) / loss (-) reported in income statement statement statement statement -11 -11 -11 -11 SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 ASSETS ASSETS ASSETS ASSETS Non-current assets Non-current assets Non-current assets Non-current assets Goodwill 1,010 Other intangible non-current assets 17 Property, plant and equipment 3 Right-of-use assets 35 Financial assets 5 Total non-current assets Total non-current assets Total non-current assets Total non-current assets 1,070 1,070 1,070 1,070 Current assets 445 Current receivables 0 Cash and cash equivalents 209 Total current assets Total current assets Total current assets Total current assets 654 654 654 654 Assets held for sale Assets held for sale Assets held for sale Assets held for sale 1,723 1,723 1,723 1,723 LIABILITIES LIABILITIES LIABILITIES LIABILITIES Interest-bearing liabilities 28 Non-interest bearing liabilities 64 Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 92 92 92 92 Interest-bearing liabilities 16 Non-interest bearing liabilities 324 Total current liabilities Total current liabilities Total current liabilities Total current liabilities 340 340 340 340 Liabilities attributable to assets held for sale Liabilities attributable to assets held for sale Liabilities attributable to assets held for sale Liabilities attributable to assets held for sale 432 432 432 432 ===== SIDA 18 ===== 17 Ratos Interim report Q1 2025 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 Group, 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 consists of airteam and Sentia. The Consumer business area and segment consists of KVD and Plantasjen. 1) Ratos Group’s adjusted EBITA margin also includes the parent company and central companies. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 Net sales, SEKm Net sales, SEKm Net sales, SEKm Net sales, SEKm 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Industrial Services 1,293 1,416 5,233 5,356 Product Solutions 1,427 1,310 5,216 5,099 Elimination of internal net sales -14 -12 -43 -41 Industry Industry Industry Industry 2,706 2,706 2,706 2,706 2,714 2,714 2,714 2,714 10,407 10,407 10,407 10,407 10,414 10,414 10,414 10,414 Construction 3,063 3,039 12,092 12,068 Critical Infrastructure 1,044 1,231 4,120 4,307 Construction & Services Construction & Services Construction & Services Construction & Services 4,106 4,106 4,106 4,106 4,269 4,269 4,269 4,269 16,212 16,212 16,212 16,212 16,375 16,375 16,375 16,375 Consumer Consumer Consumer Consumer 722 722 722 722 843 843 843 843 5,216 5,216 5,216 5,216 5,337 5,337 5,337 5,337 - whereof Plantasjen 411 552 3,644 3,785 Elimination of internal net sales -0 -2 -0 -2 Ratos group Ratos group Ratos group Ratos group 7,535 7,535 7,535 7,535 7,825 7,825 7,825 7,825 31,834 31,834 31,834 31,834 32,125 32,125 32,125 32,125 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Industrial Services 126 140 451 466 Product Solutions 187 168 599 579 Industry Industry Industry Industry 313 313 313 313 307 307 307 307 1,051 1,051 1,051 1,051 1,045 1,045 1,045 1,045 Construction 129 133 671 675 Critical Infrastructure 208 164 736 691 Construction & Services Construction & Services Construction & Services Construction & Services 337 337 337 337 297 297 297 297 1,407 1,407 1,407 1,407 1,366 1,366 1,366 1,366 Consumer Consumer Consumer Consumer -127 -127 -127 -127 -194 -194 -194 -194 127 127 127 127 60 60 60 60 - whereof Plantasjen -138 -198 23 -37 Group costs -49 -51 -140 -142 Ratos group Ratos group Ratos group Ratos group 474 474 474 474 359 359 359 359 2,444 2,444 2,444 2,444 2,329 2,329 2,329 2,329 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Industrial Services 9.7% 9.9% 8.6% 8.7% Product Solutions 13.1% 12.8% 11.5% 11.4% Industry Industry Industry Industry 11.6% 11.6% 11.6% 11.6% 11.3% 11.3% 11.3% 11.3% 10.1% 10.1% 10.1% 10.1% 10.0% 10.0% 10.0% 10.0% Construction 4.2% 4.4% 5.5% 5.6% Critical Infrastructure 20.0% 13.3% 17.9% 16.0% Construction & Services Construction & Services Construction & Services Construction & Services 8.2% 8.2% 8.2% 8.2% 6.9% 6.9% 6.9% 6.9% 8.7% 8.7% 8.7% 8.7% 8.3% 8.3% 8.3% 8.3% Consumer Consumer Consumer Consumer -17.6% -17.6% -17.6% -17.6% -23.0% -23.0% -23.0% -23.0% 2.4% 2.4% 2.4% 2.4% 1.1% 1.1% 1.1% 1.1% Ratos group Ratos group Ratos group Ratos group/one.sups/one.sups /one.sups/one.sups⁾ 6.3% 6.3% 6.3% 6.3% 4.6% 4.6% 4.6% 4.6% 7.7% 7.7% 7.7% 7.7% 7.2% 7.2% 7.2% 7.2% ===== SIDA 19 ===== 18 Ratos Interim report Q1 2025 Note 5, cont. 1) Aibel’s order intake and order backlog are not consolidated in the Critical Infrastructure segment. 2) Ratos Group’s return on capital employed also includes the parent company and central companies. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Industrial Services 70 122 265 317 Product Solutions 185 168 594 576 Industry Industry Industry Industry 255 255 255 255 289 289 289 289 859 859 859 859 893 893 893 893 Construction 129 133 671 675 Critical Infrastructure 200 153 717 670 Construction & Services Construction & Services Construction & Services Construction & Services 329 329 329 329 286 286 286 286 1,388 1,388 1,388 1,388 1,345 1,345 1,345 1,345 Consumer Consumer Consumer Consumer 29 29 29 29 -195 -195 -195 -195 -202 -202 -202 -202 -426 -426 -426 -426 Group costs -49 -51 -140 -142 Ratos group Ratos group Ratos group Ratos group 563 563 563 563 329 329 329 329 1,905 1,905 1,905 1,905 1,670 1,670 1,670 1,670 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Industrial Services 87 94 607 613 Product Solutions -28 -9 645 664 Industry Industry Industry Industry 59 59 59 59 85 85 85 85 1,251 1,251 1,251 1,251 1,277 1,277 1,277 1,277 Construction -324 -433 1,247 1,138 Critical Infrastructure 383 427 581 625 Construction & Services Construction & Services Construction & Services Construction & Services 59 59 59 59 -6 -6 -6 -6 1,828 1,828 1,828 1,828 1,763 1,763 1,763 1,763 Consumer Consumer Consumer Consumer -477 -477 -477 -477 -176 -176 -176 -176 351 351 351 351 652 652 652 652 Parent company and central companies 74 -40 -132 -246 Ratos group Ratos group Ratos group Ratos group -285 -285 -285 -285 -137 -137 -137 -137 3,298 3,298 3,298 3,298 3,445 3,445 3,445 3,445 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM 2024 2024 2024 2024 Order intake, SEKm Order intake, SEKm Order intake, SEKm Order intake, SEKm 2025 2025 2025 2025 2024 2024 2024 2024 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Construction 8,220 2,871 19,331 13,982 Critical Infrastructure 2,167 1,807 4,571 4,212 Construction & Services Construction & Services Construction & Services Construction & Services 10,386 10,386 10,386 10,386 4,679 4,679 4,679 4,679 23,902 23,902 23,902 23,902 18,194 18,194 18,194 18,194 Aibel/one.sups ⁾ 2,621 6,052 9,390 12,821 Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 Construction 25,351 19,217 21,024 Critical Infrastructure 9,496 8,699 8,261 Construction & Services Construction & Services Construction & Services Construction & Services 34,847 34,847 34,847 34,847 27,916 27,916 27,916 27,916 29,285 29,285 29,285 29,285 Aibel/one.sups ⁾ 23,854 33,836 26,744 Return on capital employed, % Return on capital employed, % Return on capital employed, % Return on capital employed, % 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 Industrial Services 14.1% 13.8% 14.8% Product Solutions 9.8% 9.3% 9.6% Industry Industry Industry Industry 11.3% 11.3% 11.3% 11.3% 10.8% 10.8% 10.8% 10.8% 11.4% 11.4% 11.4% 11.4% Construction 24.4% 26.8% 23.9% Critical Infrastructure 16.7% 11.6% 15.6% Construction & Services Construction & Services Construction & Services Construction & Services 19.8% 19.8% 19.8% 19.8% 17.8% 17.8% 17.8% 17.8% 19.0% 19.0% 19.0% 19.0% Consumer Consumer Consumer Consumer -4.5% -4.5% -4.5% -4.5% -0.9% -0.9% -0.9% -0.9% -7.1% -7.1% -7.1% -7.1% Ratos group Ratos group Ratos group Ratos group/two.sups/two.sups /two.sups/two.sups⁾ 10.8% 10.8% 10.8% 10.8% 10.4% 10.4% 10.4% 10.4% 10.1% 10.1% 10.1% 10.1% ===== SIDA 20 ===== 19 Ratos Interim report Q1 2025 Key figures For definitions, see page 22 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Leverage excl. financial leasing 1.5x 0.8x 1.3x Leverage 2.0x 1.7x 1.9x Equity ratio, % 41.6 38.6 42.7 Return on equity, % 3.9 10.4 2.0 Return on capital employed excl. financial leasing, % 10.8 10.4 10.1 Return on capital employed, % 10.1 9.1 9.4 Return on invested capital, % 7.9 7.6 7.5 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, % 6.9 1.2 -9.9 Dividend yield, % 4.3 Market price, SEK 32.16 35.18 31.34 Dividend, SEK 1.35 Equity attributable to owners of the parent, SEK/two.sups⁾ 35.22 36.52 37.48 Basic earnings per share, SEK 0.76 0.06 0.76 Diluted earnings per share, SEK 0.76 0.06 0.76 Average number of ordinary shares outstanding: – before dilution 327,385,688 326,719,890 327,182,990 – after dilution 330,272,440 327,173,966 327,216,723 Total number of registered shares 327,385,688 327,085,688 327,385,688 Number of shares outstanding/three.sups⁾ 327,385,688 327,085,688 327,385,688 – of which, Class A shares 84,637,060 84,637,060 84,637,060 – of which, Class B shares 242,748,628 242,448,628 242,748,628 /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 21 ===== 20 Ratos Interim report Q1 2025 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 22 of this report. Organic growth 1) For Q1 2025, SEK -64m pertains to Expin Group attributable to discontinued operations and SEK -93m to Plantasjen attributable to discontinued operations and store closures. For full-year 2024, SEK 100m pertains to Expin Group and SEK -52m to Plantasjen . 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % -4% -4% -4% -4% 0% 0% 0% 0% -5% -5% -5% -5% Net sales Net sales Net sales Net sales 7,535 7,535 7,535 7,535 7,825 7,825 7,825 7,825 32,125 32,125 32,125 32,125 Acquired net sales 155 160 437 Effects from change in currency -96 -85 -370 Other/one.sups⁾ -157 48 Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 7,633 7,633 7,633 7,633 7,750 7,750 7,750 7,750 32,010 32,010 32,010 32,010 Divested net sales in the comparison period 5 3 11 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 7,820 7,820 7,820 7,820 7,813 7,813 7,813 7,813 33,737 33,737 33,737 33,737 Organic growth Organic growth Organic growth Organic growth -187 -187 -187 -187 -63 -63 -63 -63 -1,727 -1,727 -1,727 -1,727 Organic growth, % Organic growth, % Organic growth, % Organic growth, % -2% -2% -2% -2% -1% -1% -1% -1% -5% -5% -5% -5% Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year SEKm SEKm SEKm SEKm 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 EBITDA EBITDA EBITDA EBITDA 913 913 913 913 717 717 717 717 3,523 3,523 3,523 3,523 Depreciations and impairment -319 -358 -1,483 EBITA EBITA EBITA EBITA 594 594 594 594 359 359 359 359 2,039 2,039 2,039 2,039 Reconstruction 157 -187 Restructuring -38 -54 Other -49 Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 474 474 474 474 359 359 359 359 2,329 2,329 2,329 2,329 Impairment of goodwill -246 Amortisation of intangible assets in connection with company acquisitions -30 -30 -124 Operating profit Operating profit Operating profit Operating profit 563 563 563 563 329 329 329 329 1,670 1,670 1,670 1,670 SEKm SEKm SEKm SEKm 2025-03-31 2025-03-31 2025-03-31 2025-03-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2024-12-31 2024-12-31 2024-12-31 2024-12-31 Interest-bearing liabilities, other 5,202 4,993 5,001 Provisions for pensions 68 65 68 Interest-bearing assets -67 -74 -68 Cash and cash equivalents -1,339 -1,639 -2,186 Interest-bearing assets/liabilities held for sale -200 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 3,665 3,665 3,665 3,665 3,346 3,346 3,346 3,346 2,815 2,815 2,815 2,815 Financial leasing liabilities 3,917 5,711 4,005 Financial leasing liabilities attributable to assets held for sale 35 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 7,617 7,617 7,617 7,617 9,057 9,057 9,057 9,057 6,820 6,820 6,820 6,820 ===== SIDA 22 ===== 21 Ratos Interim report Q1 2025 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Interest income 10 19 -45% 71 Interest expense -53 -78 33% -295 Interest expense financial leasing -64 -71 11% -274 Net interest Net interest Net interest Net interest -106 -106 -106 -106 -131 -131 -131 -131 19% 19% 19% 19% -498 -498 -498 -498 Net exchange rate effects -22 -0 neg -16 Other financial items -25 -22 -11% -136 Net financial items Net financial items Net financial items Net financial items -153 -153 -153 -153 -153 -153 -153 -153 0% 0% 0% 0% -650 -650 -650 -650 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 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 Net interest 19 18 2% 58 Net exchange rate effects -5 -1 neg -4 Other financial items -4 -9 58% -40 Capital loss on intra-group receivable related to reconstruction -357 Net financial items Net financial items Net financial items Net financial items -347 -347 -347 -347 88 88 neg neg neg neg 15 15 15 15 Change Change Change Change % % % % ===== SIDA 23 ===== 22 Ratos Interim report Q1 2025 Definitions Dividend yield Proposed dividend on ordinary shares expressed as a percentage of the Class B share’s closing price at the period’s last trading day. Total return Price development of Class B shares including reinvested dividends (this year’s paid dividend) on ordinary shares. Return on equity Profit for the period attributable to owners of the parent for the last 12 months divided by average equity attributable to owners of the parent during the five most recent quarters. Return on invested capital Adjusted EBITA less tax paid for the last 12 months as a percentage of average capital invested during the five most recent quarters. Return on capital employed Adjusted EBITA for the last 12 months as a percentage of average capital employed during the five most recent quarters. Return on capital employed, business area and segment Adjusted EBITA for operating companies for the last 12 months as a percentage of average capital employed excluding financial lease liabilities during the five most recent quarters. EBITDA EBITA with depreciation, amortisation and impairment reversed (Earnings Before Interest, Tax, Depreciation and Amortisation). EBITDA margin EBITDA expressed as a percentage of net sales. EBITA Operating profit before impairment of goodwill as well as amortisation and impairment of other intangible assets that arose in conjunction with company acquisitions and similar transactions (Earnings Before Interest, Tax and Amortisation). EBITA margin EBITA expressed as a percentage of net sales. Equity per share Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period. Invested capital Non-current assets (including goodwill) and working capital. Adjusted EBITA EBITA adjusted for non-recurring items affecting comparability at the business area level. Adjusted EBITA margin Adjusted EBITA expressed as a percentage of net sales. Cash flow from operating activities Includes cash flow from operating profit, dividends received from associates, interest and financial items, income tax paid, and changes in working capital. Average number of employees Total number of hours worked during the most recent 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 24 ===== Investor presentation 5 May 9:00 a.m. https://youtube.com/live/ynn4LS2l2bU?feature=share Financial calendar 2025 2025 2025 2025 Interim report Q2 2025 17 July Interim report Q3 2025 21 October Stockholm, 5 May 2025 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, +46 8 700 17 00 Katarina Grönwall, Vice President Communication & Sustainability, +46 8 700 17 00 This report has not been reviewed by Ratos’s auditors. This is information that Ratos AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00 a.m. CEST on 5 May 2025. Ratos AB (publ) Sturegatan 10, Mailbox 511 SE-114 11 Stockholm Tel: +46 8 700 17 00 www.ratos.com Reg. no. 556008-3585