Kvartalsrapport Q1 2025

===== 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