Kvartalsrapport Q3 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

Interim report  
Q3 2023

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

1          Ratos Interim report Q3 2023 
 
Interim report January–September 2023  
 
Q3 2023 
 Adjusted 1)  EBITA amounted to SEK 517m (432) 
 Operating profit amounted to SEK 481m (406) 
 Profit for the period amounted to SEK 287m (283) and was impacted by net financial items of SEK -172m (-63) 
 Diluted earnings per share amounted to SEK 0.57 (0.61) 
 Cash flow from operating activities amounted to SEK 862m (736) 
 
January–September 2023 
 Adjusted 1)  EBITA amounted to SEK 1,918m (1,648) 
 Operating profit amounted to SEK 1,804m (1,336) 2)  
 Profit for the period amounted to SEK 1,026m (834) and was impacted by net financial items of SEK -573m (-267) 
 Diluted earnings per share amounted to SEK 2.28 (1.79) 
 Cash flow from operating activities amounted to SEK 3,393m (1,411) 
 Leverage excluding finance leases was 1.3x (0.9x) 
 
Significant events during and after the end of the quarter 
 In October, Semcon completed the spin-off of its Product Information business area, which is now the new 
independent company Aleido. Both companies remain as wholly owned Ratos subsidiaries  
 
Ratos Group, SEKm 
 
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 7,971 7,039 13% 25,788 21,680 19% 33,984 29,875 14% 
EBITDA 896 739 21% 2,978 2,312 29% 3,624 2,958 22% 
EBITA, adjusted/one.sups ⁾ 517 432 20% 1,918 1,648 16% 2,237 1,966 14% 
EBITA %, adjusted/one.sups ⁾ 6.5% 6.1% 7.4% 7.6% 6.6% 6.6% 
EBITA 517 432 20% 1,918 1,400 37% 2,237 1,718 30% 
EBITA % 6.5% 6.1% 7.4% 6.5% 6.6% 5.8% 
Operating profit 481 406 18% 1,804 1,336 35% 2,086 1,618 29% 
Profit before tax 309 343 -10% 1,231 1,069 15% 1,339 1,178 14% 
Profit for the period 287 283 1% 1,026 834 23% 1,072 879 22% 
Basic earnings per share, SEK 0.57 0.61 -7% 2.28 1.79 27% 2.17 1.69 28% 
Diluted earnings per share, SEK 0.57 0.61 -7% 2.28 1.79 2 7% 2.17 1.68 29% 
Cash flow from operating activities/three.sups ⁾ 862 736 17% 3,393 1,411 141% 3,413 1,431 139% 
Leverage excl. financial leasing 1.3x 0.9x 1.3x 2.5x 
Return on capital employed excl. financial leasing 10.3% 10.5% 10.3% 10.1% 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
3) Cash flow metric is changed from January 1st 2023 retroactively, for more information see page 16 "Note 1 Accounting principles". 
1) For reconciliation of EBITA, adjusted see page 19. For definition see page 22. 
2) Operating profit in the year-earlier period was negatively impacted by an unrealised loss of SEK -118m related to the revaluation of shares in Dun & Bradstreet Holding Inc 
and restructuring costs of SEK -130m attributable to Diab.

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

2          Ratos Interim report Q3 2023 
 
CEO comments on performance in the third quarter of 2023 
Strong cash flows, reduced leverage and 20% increase in EBITA 
 
EBITA amounted to SEK 517m (432) for the quarter, up 20% year on year. Excluding the acquisition of Semcon, 
which was completed in the fourth quarter of 2022, EBITA increased 11%. The EBITA margin was 6.5% (6.1). The 
Group’s sales in the period increased 13% to SEK 7,971m. Cash flow increased 17% to SEK 862m. Leverage 
declined to 1.3x, compared with 2.5x at year-end. 
 
 
I’m pleased with the third quarter, we posted good EBITA growth 
and strong cash flows in an increasingly challenging market. Our 
financial position has continued to improve during the year. 
 
Construction & Services and Industry, which will be our focus 
areas moving forward, both contributed to our strong 
performance in the quarter. Within Consumer cash flow 
improvements were prioritised over profitability in a weaker 
consumer market. 
 
Construction & Services Construction & Services Construction & Services Construction & Services posted favourable organic growth and 
strong earnings. EBITA increased 52% and the return on capital 
employed was satisfactory. This positive performance applies not 
least to our construction operations (airteam, HENT and SSEA 
Group), which delivered strong earnings in a market that is 
gradually growing more difficult. The construction operations had 
good project closures and has limited exposure to the housing 
market. Demand within the infrastructure operations (Aibel, 
NVBS and Presis Infra) remained strong. 
    
Industry Industry Industry Industry increased its EBITA by 17%. The increase in earnings 
was mainly attributable to higher earnings in Diab, the acquired 
company Semcon and add-on acquisitions, primarily in HL 
Display. Altogether, we noted negative organic sales growth in 
our technology companies that develop, manufacture and sell 
their own products (Diab, HL Display, LEDiL and Oase Outdoors), 
with demand in the market generally showing signs of a 
slowdown. Overall, our companies that sell technological 
solutions for projects and consulting services (Knightec, Semcon,  
 
Speed Group and TFS) continued to post positive organic growth 
despite one fewer work day in the quarter. 
 
The focus within Consumer Consumer Consumer Consumer has been on improving operating 
cash flow in Plantasjen by reducing inventory levels through a 
sales campaign for specific product groups at a lower gross 
margin. The initiative has this year led to SEK 645m in cash flow 
improvements. Organic sales growth for the business area was 
negative. This was exclusively related to KVD that focused on 
increasing its auction business, which means that sales of cars 
from its own stock continue to decline.  
 
Ratos’s focus moving forward will be on solutions for technology 
and infrastructure (public buildings included), of which are 
markets with strong underlying growth. The increasing pace of 
technological development is a condition for a more sustainable 
society from every perspective, and our engineers will play an 
important role. Acquisitions and divestments will remain 
important for achieving our future structure. 
 
As part of our focus on the technology consulting industry, we 
are separating out the aftermarket business of Semcon in the 
new company Aleido. I look forward to the continued 
development of this area. 
 
In an increasingly worrisome and uncertain world, I’m confident 
that Ratos is well equipped and that our operational model Ratos 
Business System (RBS) will help us react quickly to changes in 
the market. 
 
Jonas Wiström, President and CEO

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

3          Ratos Interim report Q3 2023 
 
Group performance Q3 2023 
Net sales 
Net sales for the period amounted to SEK 7,971m (7,039), up 13% year on year. Organic sales growth in the period amounted to 2%. 
Construction & Services reported organic sales growth, while Consumer and Industry’s sales declined organically. Currency effects 
had a positive effect of SEK 88m  (1%) on net sales. The structural effect amounted to SEK 676m (10%) and was primarily attributable 
to the acquisition of Semcon in the Industry business area and add-on acquisitions in the Industry and Construction & Services 
business areas.  
 
Adjusted EBITA 
Adjusted EBITA during the quarter amounted to SEK 517m (432). The adjusted EBITA margin was 6.5% (6.1). The improvement in 
earnings was due to higher earnings in the Construction & Services and Industry business areas and pertains to organic EBITA 
growth as well as acquired EBITA in Industry, primarily through Semcon. In Construction & Services, the construction company HENT 
reported a positive earnings development, and Aibel’s earnings increased compared with the same quarter last year. Earnings in the 
Consumer business area were lower due to sale campaigns at lower gross margins to reduce Plantasjen’s inventory levels. In the 
Industry business area, Diab reported a strong improvement in earnings driven by a favourable performance in Marine, Industry and 
Aerospace (MIA) despite a challenging wind market. 
 
Financial performance Q3 2023 
 
Adjusted EBITA, quarterly and LTM, SEKm 
 
 
Sales bridge Q3 
 
Net sales, quarterly and LTM, SEKm 
 
 
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 
Construction & Services 4,155 3,788 10% 408 268 52% 
Consumer 1,351 1,424 -5% -67 10 neg 
Industry 2,465 1,827 35% 194 166 17% 
Group costs -18 -12 -50% 
Elimination of internal net sales -0 
Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA 7,971 7,971 7,971 7,971 7,039 7,039 7,039 7,039 13% 517 517 517 517 432 432 432 432 20% 
Amortisation and impairment of intangible assets in connection with 
company acquisitions -35 -26 -35% 
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 481 481 481 481 406 406 406 406 18% 
Finance net -172 -63 neg 
Profit before tax Profit before tax Profit before tax Profit before tax 309 309 309 309 343 343 343 343 -10% 
Tax -22 -60 63% 
Profit for the period Profit for the period Profit for the period Profit for the period 287 287 287 287 283 283 283 283 1% 
From Q2 2023, Ratos has changed the composition of its business areas. For more information see page 16 "Note 1 Accounting principles". 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Net sales EBITA, adjusted 
365 
226 253 
963 
432 318 324 
1,078 
517 
1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 
0
200 
400 
600 
800 
1,000 
1,200 
1,400 
Q3 
2021 
Q4 Q1 Q2 Q3 
2022 
Q4 Q1 Q2 Q3 
2023 
LTM 
Net sales 
2022, SEKm 7,039 
Structure, % 10% 
Currency, % 1% 
Other, % 0% 
Organic growth, % 2% 
Total, % 13% 
2023, SEKm 7,971 
5,371 5,754 6,220 
8,420 
7,039 
8,195 7,817 
10,001 
7,971 
Q3 
2021 
Q4 Q1 Q2 Q3 
2022 
Q4 Q1 Q2 Q3 
2023 
LTM

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

4          Ratos Interim report Q3 2023 
 
Group performance January–September 2023 
Net sales 
Net sales for the period amounted to SEK 25,788m (21,680), up 19% year on year. Organic sales growth in the period amounted to 6%. 
Construction & Services reported organic sales growth, while Consumer and Industry's sales declined organically. Currency effects 
had a positive effect of SEK 37m (0%) on net sales. The structural effect amounted to SEK 2,831m (13%) and was primarily 
attributable to the acquisition of Semcon in the Industry business area and add-on acquisitions in the Industry and Construction & 
Services business areas. 
 
Adjusted EBITA 
Adjusted EBITA in the period amounted to SEK 1,918m (1,648). The adjusted EBITA margin was 7.4% (7.6). The improvement in 
earnings was primarily due to higher earnings in the Construction & Services and Industry business areas and pertains to organic 
EBITA growth as well as acquired EBITA. Earnings in the Consumer business area declined during the period due to Plantasjen. 
 
Financial performance January–September 2023 
Adjusted EBITA, LTM, SEKm 
 
 
Sales bridge, January–September 
 
Net sales, LTM, SEKbn 
 
 
 
Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 LTM LTM LTM LTM 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 LTM LTM LTM LTM 2022 2022 2022 2022 
Construction & Services 12,987 10,950 19% 17,767 15,730 984 777 27% 1,338 1,130 
Consumer 4,810 5,265 -9% 5,938 6,392 301 492 -39% 135 326 
Industry 7,991 5,467 46% 10,279 7,755 754 496 52% 929 671 
Group costs -121 -116 -4% -165 -160 
Elimination of internal sales -0 -1 -0 -1 
Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA Net sales and adjusted EBITA 25,788 25,788 25,788 25,788 21,680 21,680 21,680 21,680 19% 33,984 33,984 33,984 33,984 29,875 29,875 29,875 29,875 1,918 1,918 1,918 1,918 1,648 1,648 1,648 1,648 16% 2,237 2,237 2,237 2,237 1,966 1,966 1,966 1,966 
Revaluation and gain/loss listed shares -118 100% -118 
Items affecting comparability -130 100% -130 
Amortisation and impairment of intangible assets 
in connection with company acquisitions -114 -64 -80% -151 -100 
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 1,804 1,804 1,804 1,804 1,336 1,336 1,336 1,336 35% 2,086 2,086 2,086 2,086 1,618 1,618 1,618 1,618 
Finance net -573 -267 -115% -747 -440 
Profit before tax Profit before tax Profit before tax Profit before tax 1,231 1,231 1,231 1,231 1,069 1,069 1,069 1,069 15% 1,339 1,339 1,339 1,339 1,178 1,178 1,178 1,178 
Tax -204 -236 13% -268 -299 
Profit for the period Profit for the period Profit for the period Profit for the period 1,026 1,026 1,026 1,026 834 834 834 834 23% 1,072 1,072 1,072 1,072 879 879 879 879 
From Q2 2023, Ratos has changed the composition of its business areas. For more information see page 16 "Note 1 Accounting principles". 
Net sales EBITA, adjusted 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
1,777 1,802 1,879 1,807 1,874 1,966 2,038 2,153 2,237 
8.2% 8.0% 7.7% 7.0% 6.8% 6.6% 6.5% 6.5% 6.6 
%
Q3 
2021 
Q4 Q1 Q2 Q3 
2022 
Q4 Q1 Q2 Q3 
2023 
EBITA % 
Net sales 
2022, SEKm 21,680 
Structure, % 13% 
Currency, % 0% 
Other, % 0% 
Organic growth, % 6% 
Total, % 19% 
2023, SEKm 25,788 
21.6 22.6 24.3 25.8 27.4 29.9 31.5 33.1 34.0 
2.4% 4.2% 
7.9% 
5.9% 6.5% 
8.9% 
5.3% 5.0% 2.8 
%
Q3 
2021 
Q4 Q1 Q2 Q3 
2022 
Q4 Q1 Q2 Q3 
2023 
Growth %

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

5          Ratos Interim report Q3 2023 
 
Construction & Services 
Net sales 
Net sales for the third quarter amounted to SEK 4,155m (3,788), a year on year increase of 10%. This increase was driven by organic 
growth of 10%, stemming from services in Critical Infrastructure (Aibel, NVBS and Presis Infra) and Construction Services (airteam, 
HENT and SSEA Group).     
 
EBITA 
EBITA for the business area amounted to SEK 408m (268) for the quarter, up 52%, and the EBITA margin was 9.8% (7.1). This positive 
performance was primarily due to strong profit growth in HENT and higher earnings in Aibel as a result of the phase of its projects. 
 
Financial performance 
 
 
 
EBITA, LTM, SEKm 
 
 
 
 
Net sales, LTM, SEKm 
 
 
 
Sales bridge, net sales 
 
 
 
The Construction & Services business area consists of the 
Critical Infrastructure (Aibel, NVBS and Presis Infra) and 
Construction Services (airteam, HENT and SSEA Group) sub-
segments  
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 4,155 3,788 10% 12,987 10,950 19% 17,767 15,730 13% 
EBITA, adjusted 408 268 52% 984 777 27% 1,338 1,130 18% 
EBITA %, adjusted 9.8% 7.1% 7.6% 7.1% 7.5% 7.2% 
EBITA 408 268 52% 984 777 27% 1,338 1,130 18% 
EBITA % 9.8% 7.1% 7.6% 7.1% 7.5% 7.2% 
Operating profit 392 250 57% 929 727 28% 1,264 1,061 19% 
Operating profit % 9.4% 6.6% 7.2% 6.6% 7.1% 6.7% 
Cash flow from operating activities /one.sups⁾ 798 907 -12% 1,779 1,376 29% 1,893 1,490 27% 
Return on capital employed, business area % 20% 17% 20% 15% 
Average number of employees   6,798 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
1) Cash flow metric is changed from January 1st 2023 retroactively, for more information see page 16 "Note 1 Accounting principles". 
From Q2 2023, Speed Group is included in the business area Industry. For more information see page 16 "Note 1 Accounting principles". 
459 
549 
706 
862 
995 
1,130 1,156 1,198 
1,338 
4.7% 
5.3% 
6.1% 
6.9% 7.1% 7.2% 6.9% 6.9% 
7.5% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
EBITA % 
9,840 
10,345 
11,516 
12,573 
13,996 
15,730 
16,629 
17,400 17,767 
-0.6% 
5.1% 
11.3% 9.2% 
11.3% 12.4% 
5.7% 4.6% 
2.1% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
Growth % 
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 
2023 2023 2023 2023 2023 2023 2023 2023 
2022, SEKm 3,788 10,950 
Structure, % 0% 3% 
Currency, % -1% -2% 
Other, % 0% 0% 
Organic growth, % 10% 17% 
Total, % 10% 19% 
2023, SEKm 4,155 12,987

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

6          Ratos Interim report Q3 2023 
 
Consumer  
Net sales 
Net sales in the business area for the third quarter amounted to SEK 1,351m (1,424), down 5% year on year. Organic sales growth was 
negative and amounted to -5% due to a planned lower share of sales from kvdbil’s own inventory. Plantasjen’s net sales for the third 
quarter amounted to SEK 904m, up 2% year on year. The increase in sales was due to sale campaigns at lower gross margins to 
reduce inventory levels. 
 
Plantasjen’s underlying market was somewhat weaker during the third quarter due to a general sense of caution among consumers. 
 
EBITA 
EBITA for the business area amounted to SEK -67m (10) for the quarter. The EBITA margin was -5.0% (0.7). Plantasjen reported 
earnings of SEK -100m (6) in the third quarter. The decrease in earnings is primarily due to inventory downsizing and higher rent 
costs. KVD improved its earnings during the quarter, with a continued strong performance in the auction business and lower 
overhead costs. 
 
Financial performance 
 
 
EBITA, LTM, SEKm 
 
 
Sales bridge, net sales 
 
Net sales, LTM, SEKm 
 
 
 
 
 
The Consumer business area consists of KVD and Plantasjen 
 
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 1,351 1,424 -5% 4,810 5,265 -9% 5,938 6,392 -7% 
EBITA, adjusted -67 10 neg 301 492 -39% 135 326 -58% 
EBITA %, adjusted -5.0% 0.7% 6.3% 9.3% 2.3% 5.1% 
EBITA -67 10 neg 301 492 -39% 135 326 -58% 
EBITA % -5.0% 0.7% 6.3% 9.3% 2.3% 5.1% 
Operating profit/loss -68 9 neg 298 488 -39% 131 321 -59% 
Operating profit/loss % -5.0% 0.6% 6.2% 9.3% 2.2% 5.0% 
Cash flow from operating activities /two.sups⁾ -247 -331 25% 747 35 pos 667 -45 pos 
Return on capital employed, business area % -1% 9% -1% 4% 
Average number of employees   1,521 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
2) Cash flow metric is changed from January 1st 2023 retroactively, for more information see page 16 "Note 1 Accounting principles". 
1) Refer to page 20 for Plantasjens Net sales and EBITA, adjusted. 
From Q2 2023, Oase Outdoors is included in the business area Industry. For more information see page 16 "Note 1 Accounting principles". 
760 766 750 
561 
480 
326 
218 212 
135 
13.9% 
13.3% 12.2% 
8.8% 7.5% 
5.1% 
3.6% 3.5% 2.3% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
EBITA % 
5,468 
5,769 
6,152 6,377 6,424 6,392 6,090 6,011 5,938 
7.5% 5.5% 6.6% 
3.7% 
0.7% -0.5% 
-4.7% 
-1.3% -1.2% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
Growth % 
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 
2023 2023 2023 2023 2023 2023 2023 2023 
2022, SEKm 1,424 5,265 
Structure, % 0% 0% 
Currency, % 0% -1% 
Organic growth, % -5% -7% 
Total, % -5% -9% 
2023, SEKm 1,351 4,810

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

7          Ratos Interim report Q3 2023 
 
Industry 
Net sales 
Net sales in the business area for the third quarter amounted to SEK 2,465m (1 ,827), up 35%. Organic growth was negative and 
amounted to -8% for the quarter. The structural effect amounted to 37%. The sales increase was mainly attributable to the 
acquisitions of Semcon and Knightec as well as add-on acquisitions, in for example HL Display. 
 
Overall demand in Product Solutions (Diab, HL Display and LEDiL, Oase Outdoors) declined during the quarter, which was reflected 
in negative organic growth. Industrial Services (Knightec, Semcon, Speed Group and TFS) posted organic growth, with the exception 
of Speed Group, which saw lower volumes from one of the company’s main customers, resulting in negative organic growth. 
 
Adjusted EBITA  
Adjusted EBITA for the business area amounted to SEK 194m (166) for the quarter, up 17% year on year. The adjusted EBITA margin 
was 7.9% (9.1). The improvement in earnings was mainly attributable to higher earnings in Diab, the acquired company Semcon and 
add-on acquisitions. 
 
Financial performance 
 
 
 
Adjusted EBITA, LTM, SEKm 
 
 
Sales bridge, net sales 
 
 
Net sales, LTM, SEKm 
 
 
 
 
The Industry business area consists of the Industrial Services 
(Aleido, Knightec, Semcon, Speed Group and TFS) and 
Product Solutions (Diab, HL Display, LEDiL and Oase 
Outdoors) sub-segments  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 Rolling Rolling Rolling Rolling 2022 2022 2022 2022 
Net sales 2,465 1,827 35% 7,991 5,467 46% 10,279 7,755 33% 
EBITA, adjusted 194 166 17% 754 496 52% 929 671 39% 
EBITA %, adjusted 7.9% 9.1% 9.4% 9.1% 9.0% 8.6% 
EBITA 194 166 17% 754 366 106% 929 540 72% 
EBITA % 7.9% 9.1% 9.4% 6.7% 9.0% 7.0% 
Operating profit 175 160 10% 698 355 97% 856 514 67% 
Operating profit % 7.1% 8.7% 8.7% 6.5% 8.3% 6.6% 
Cash flow from operating activities /one.sups⁾ 337 273 24% 977 413 136% 994 430 131% 
Return on capital employed, business area % 10% 9% 10% 10% 
Average number of employees   6,765 
From Q2 2023, Speed Group and Oase Outdoors is included in the business area Industry. For more information see page 16 "Note 1 Accounting principles". 
1) Cash flow metric is changed from January 1st 2023 retroactively, for more information see page 16 "Note 1 Accounting principles". 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
693 
628 
582 548 552 
671 
824 
901 929 
10.9% 
9.8% 
8.7% 8.0% 7.9% 8.6% 9.4% 9.3% 9.0% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
EBITA % 
6,333 6,437 6,672 6,816 7,014 
7,755 
8,754 
9,641 
10,279 
2.9% 1.6% 3.6% 2.2% 2.9% 
10.6% 
12.9% 
10.1% 
6.6% 
Q3 2021 Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 
Growth % 
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 
2023 2023 2023 2023 2023 2023 2023 2023 
2022, SEKm 1,827 5,467 
Structure, % 37% 45% 
Currency, % 6% 6% 
Other, % 0% 0% 
Organic growth, % -8% -4% 
Total, % 35% 46% 
2023, SEKm 2,465 7,991

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

8          Ratos Interim report Q3 2023 
 
Financial overview, Ratos Group 
Cash flow Q3 
Cash flow from operating activities amounted to SEK 862m 
(736). Cash flow from investing activities amounted to  
SEK -41m (-1,219) and cash flow from financing activities to 
SEK -887m (1,052). Cash flow for the quarter amounted to 
SEK -67m (569). 
 The change in cash flow for the quarter was mainly due to 
financing activities, with the decrease in external loans 
amounting to SEK -542m (1,312). Investing activities were 
mainly affected by lower purchase prices of SEK -74m (-1,147) 
as a result of fewer acquired companies. 
 
Cash flow January–September 
Cash flow from operating activities amounted to SEK 3,393m 
(1,411) Cash flow from investing activities amounted to  
SEK -476m (-1,506) and cash flow from financing activities to 
SEK -3,516m (-324). Cash flow for the period amounted to 
SEK -599m (-420). 
 The change in cash flow for the period attributable to 
operating activities amounted to SEK 3,393m (1,411), with 
operating profit amounting to SEK 1,804m (1,336), dividends 
received from associates amounting to SEK 122m (-) and 
changes in working capital amounting to SEK 864m (-314). 
Investing activities were mainly affected by lower purchase 
prices as a result of fewer acquired companies of SEK -312m  
(-1,916). In the year-earlier period, cash flow was positively 
affected by the sale of listed shares (SEK 690m). Financing 
activities were mainly impacted by the change in external 
loans, which amounted to SEK -2,279m (890). 
 
Net financial items Q3  
Net financial items amounted to SEK -172m (-63). Net 
financial items were impacted by higher interest expenses as 
a result of increased financing and rising market interest 
rates,
 and the revaluation of synthetic options. Net financial 
items in the year-earlier period were positively impacted by 
changes in exchange rates. 
 
Net financial items January–September  
Net financial items amounted to SEK -573m (-267). Net 
financial items were impacted by higher interest expenses as 
a result of increased financing and rising market interest 
rates, negative exchange rate effects, and the revaluation of 
synthetic options. 
 
Tax Q3  
The tax expense for the Group amounted to SEK -22m (-60) 
and profit before tax to SEK 309m (343). The effective tax 
rate for the quarter was 7% (17). The lower effective tax rate is 
primarily attributable to a larger share of earnings from 
associates during the quarter and higher capitalisation of 
loss carry-forwards. 
 
Tax January–September  
The tax expense for the Group amounted to SEK -204m  
(-236) and profit before tax to SEK 1,231m (1,069). The 
effective tax rate for the period was 17% (22). 
 
 
Financial position and leverage 
The Group’s cash and cash equivalents at the end of the 
period amounted to  SEK 1,895m (2,532 at 31 December 2022) 
and interest-bearing net debt excluding financial lease 
liabilities totalled SEK 3,254m (4,798 at 31 December 2022). 
The Group’s leverage excluding financial lease liabilities at 
the end of the period amounted to 1.3x (2.5x at 31 December 
2022). The Group’s interest-bearing net debt including 
financial lease liabilities totalled SEK 8,762m (10,468 at 31 
December 2022). Including financial lease liabilities, the 
Group’s leverage at the end of the period amounted to 2.4x 
(3.5x at 31 December 2022). The total translation effect of 
currency for interest-bearing liabilities amounted to 
approximately SEK -90m, of which approximately SEK -30m 
related to liabilities to credit institutions and approximately 
SEK -60m to financial lease liabilities. 
 At the end of the period, the Group’s interest-bearing 
liabilities to credit institutions amounted to SEK 4,569m 
(6,869 at 31 December 2022). 
  
Ratos’s equity 
At 30 September 2023, Ratos’s equity (attributable to owners 
of the parent) amounted to SEK 12,399m (12,289 at 31 
December 2022), corresponding to SEK 38 (38) per share 
outstanding. 
 
Parent company 
  
The parent company’s operating loss amounted to SEK -119m 
(-109) for the January–September period. The parent 
company’s profit before tax amounted to SEK 69m (-30) and 
was positively impacted by dividends from Group companies 
of SEK 192m. Cash and cash equivalents in the parent 
company amounted to SEK 1,164m (410 at 31 December 
2022). 
 The parent company has a related party relationship with 
its Group companies. For more information, refer to Note 28 
in the 2022 Annual Report. No 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 January–September period 
amounted to SEK 2.28 (1.79) before dilution and to SEK 2.28 
(1.79) after dilution. The closing price for Ratos’s Class B 
shares on 30 September 2023 was SEK 32.62. The total 
return on Class B shares in the January–September period 
amounted to -19.2%, compared with the performance for the 
SIX Return Index, which was 4.6%.  
 
Number of shares and 
repurchased/sold shares  
Ratos owned no treasury shares during the period. During the 
second quarter, 117,500 new Class B shares were issued in 
connection with the exercise/conversion of warrants and a 
convertible debenture. At 30 September 2023, the total 
number of shares and shares outstanding in Ratos (Class A 
and B shares) amounted to 326,016,488 and the number of 
votes to 108,775,003.

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

9          Ratos Interim report Q3 2023 
 
Incentive programmes 
During the period, the parent company issued warrants and a 
convertible debenture in accordance with the resolution of 
the Annual General Meeting (AGM) on 28 March 2023. In 
total, 650,000 warrants and 990,000 convertibles were 
issued. 
 
Significant events during and after the 
end of the quarter 
In October, Semcon completed the spin-off of its Product 
Information business area, which marks the official launch of 
the new and independent company Aleido. This strategic step 
was taken to strengthen both operations and to continue to 
develop the companies’ services and profitability. Both 
companies remain as wholly owned Ratos subsidiaries.  
 
 
 
 
 
Interest-bearing net debt and leverage 1) , SEKm 
 
 
 
 
 
 
Diluted earnings per share, SEK 
 
1)  Excluding financial lease liabilities 
 
  
-1,962 
342 
1,485 
1,006 
1,824 
4,798 4,826 
3,750 
3,254 
-0.5x 0.1x 
0.9x 0.6x 0.9x 
2.5x 2.2x 1.6x 1.3x 
Q3 
2021 
Q4 Q1 Q2 Q3 
2022 
Q4 Q1 Q2 Q3 
2023 
Leverage 
-1.40 
2.11 2.17 
8.10 
1.68 2.17 
-2.00 
2018 2019 2020 2021 2022 2023 
R12

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

10          Ratos Interim report Q3 2023 
 
Financial statements 
Summary consolidated income statement  
 
 
 
 
Consolidated statement of comprehensive income 
  
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Net sales 7,971 7,039 25,788 21,680 29,875 
Other operating income 106 51 173 137 155 
Cost of goods and services sold -4,496 -4,313 -14,513 -13,224 -18,186 
Employee benefit costs -2,027 -1,490 -6,396 -4,525 -6,494 
Depreciation/amortisation and impairment of property, plant and equipment and 
intangible assets and right-of-use assets -415 -333 -1,174 -976 -1,340 
Other external costs -747 -585 -2,314 -1,824 -2,529 
Capital gain/loss from Group companies -0 -0 -0 
Share of profit/loss from investments recognised according to the equity method 89 37 239 187 255 
Revaluation and capital gain/loss listed shares -118 -118 
Operating profit Operating profit Operating profit Operating profit 481 481 481 481 406 406 406 406 1,804 1,804 1,804 1,804 1,336 1,336 1,336 1,336 1,618 1,618 1,618 1,618 
Net financial items/one.sups⁾ -172 -63 -573 -267 -440 
Profit before tax Profit before tax Profit before tax Profit before tax 309 309 309 309 343 343 343 343 1,231 1,231 1,231 1,231 1,069 1,069 1,069 1,069 1,178 1,178 1,178 1,178 
Income tax -22 -60 -204 -236 -299 
Profit for the period, continuing operations Profit for the period, continuing operations Profit for the period, continuing operations Profit for the period, continuing operations 287 287 287 287 283 283 283 283 1,026 1,026 1,026 1,026 834 834 834 834 879 879 879 879 
Profit/loss for the period attributable to: 
Owners of the parent 184 200 743 583 548 
Non-controlling interests 103 83 284 251 331 
Earnings per share, SEK 
- basic earnings per share 0.57 0.61 2.28 1.79 1.69 
- diluted earnings per share 0.57 0.61 2.28 1.79 1.68 
/one.sups⁾ See page 21 for a specification of the finance net
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Profit for the period Profit for the period Profit for the period Profit for the period 287 287 287 287 283 283 283 283 1,026 1,026 1,026 1,026 834 834 834 834 879 879 879 879 
Items that will not be reclassified to profit or loss: 
Remeasurement of defined benefit pension obligations, net 8 5 -1 64 46 
Tax attributable to items that will not be reclassified to profit or loss -2 -5 -2 -5 -4 
77 77 0 0 00 -2 -2 -2 -2 59 59 59 59 42 42 42 42 
Items that may be reclassified subsequently to profit or loss: 
Translation differences for the period -65 90 -47 233 392 
Change in hedging reserve for the period 115 -3 -59 -13 -9 
Tax attributable to items that may be reclassified subsequently to profit or loss -1 0 -5 2 1
49 49 49 49 87 87 87 87 -112 -112 -112 -112 222 222 222 222 384 384 384 384 49 87 -112 222 384 
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period 55 55 55 55 87 87 87 87 -114 -114 -114 -114 281 281 281 281 426 426 426 426 55 87 -114 281 426 
Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period 343 343 343 343 371 371 371 371 912 912 912 912 1,115 1,115 1,115 1,115 1,305 1,305 1,305 1,305 343 371 912 1,115 1,305 
Total comprehensive income for the period attributable to: 
Owners of the parent 200 273 680 822 913 
Non-controlling interest 143 98 233 293 392

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

11          Ratos Interim report Q3 2023 
 
Summary consolidated statement of financial position 
 
 
 
  
SEKm SEKm SEKm SEKm 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
ASSETS 
Non-current assets Non-current assets Non-current assets Non-current assets 
Goodwill 14,779 12,517 14,811 
Other intangible non-current assets 2,044 1,676 2,096 
Property, plant and equipment 1,686 1,683 1,725 
Right-of-use assets 5,031 5,072 5,100 
Financial assets 1,640 1,611 1,675 
Deferred tax assets 467 382 357 
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 25,647 25,647 25,647 25,647 22,941 22,941 22,941 22,941 25,764 25,764 25,764 25,764 
Current assets Current assets Current assets Current assets 
Inventories 2,135 2,549 2,477 
Accounts receivable 3,166 3,318 3,699 
Current receivables 2,653 1,914 2,703 
Cash and cash equivalents 1,895 1,901 2,532 
Total current assets Total current assets Total current assets Total current assets 9,848 9,848 9,848 9,848 9,682 9,682 9,682 9,682 11,411 11,411 11,411 11,411 
Total assets Total assets Total assets Total assets 35,495 35,495 35,495 35,495 32,623 32,623 32,623 32,623 37,175 37,175 37,175 37,175 
EQUITY AND LIABILITIES 
Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests 13,992 13,992 13,992 13,992 13,805 13,805 13,805 13,805 13,788 13,788 13,788 13,788 
Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities 
Interest-bearing liabilities 9,274 8,306 11,318 
Non-interest bearing liabilities 1,928 1,504 1,668 
Pension provisions 53 57 60 
Other provisions 45 35 44 
Deferred tax liabilities 833 549 742 
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 12,133 12,133 12,133 12,133 10,451 10,451 10,451 10,451 13,832 13,832 13,832 13,832 
Current liabilities Current liabilities Current liabilities Current liabilities 
Interest-bearing liabilities 1,432 1,071 1,723 
Non-interest bearing liabilities 7,244 6,770 7,393 
Provisions 694 526 439 
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 9,371 9,371 9,371 9,371 8,367 8,367 8,367 8,367 9,555 9,555 9,555 9,555 
Total liabilities Total liabilities Total liabilities Total liabilities 21,503 21,503 21,503 21,503 18,818 18,818 18,818 18,818 23,387 23,387 23,387 23,387 
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 35,495 35,495 35,495 35,495 32,623 32,623 32,623 32,623 37,175 37,175 37,175 37,175

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

12          Ratos Interim report Q3 2023 
 
Summary statement of changes in consolidated equity 
 
 
 
 
  
SEKm SEKm SEKm SEKm 
Owners of Owners of Owners of Owners of 
the parent the parent the parent the parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Owners of Owners of Owners of Owners of 
the parent the parent the parent the parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Owners Owners Owners Owners 
of the of the of the of the 
parent parent parent parent 
Non- Non- Non- Non- 
controlling controlling controlling controlling 
interest interest interest interest 
Total Total Total Total 
equity equity equity equity 
Opening equity Opening equity Opening equity Opening equity 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 11,940 11,940 11,940 11,940 1,387 1,387 1,387 1,387 13,326 13,326 13,326 13,326 11,940 11,940 11,940 11,940 1,387 1,387 1,387 1,387 13,326 13,326 13,326 13,326 
Total comprehensive income for the 
period 680 233 912 822 293 1,115 913 392 1,305 
Dividends -274 -113 -386 -390 -189 -579 -390 -262 -651 
Non-controlling interests’ share of 
capital contribution and new issue 0 0 0 0 -0 -0 
Transfer of treasury shares  2 2 2 2
Conversion of converible loan to shares 3 3 29 29 33 33 
The value of the conversion option of the 
convertible debentures 3 3 7 7 7 7
Option premiums 6 6 9 9 9 9
Put options, future acquisitions from non- 
controlling interests -305 34 -272 -64 -556 -620 -227 -567 -794 
Acquisition of shares in subsidiaries 
from non-controlling interests -6 -64 -70 -2 -2 4 -10 -6 
Disposal of shares in subsidiaries to non- 
controlling interests 3 4 7 -2 33 31 -1 36 35 
Non-controlling interests at acquisition 
 486 486 522 522 
Closing equity Closing equity Closing equity Closing equity 12,399 12,399 12,399 12,399 1,593 1,593 1,593 1,593 13,992 13,992 13,992 13,992 12,354 12,354 12,354 12,354 1,451 1,451 1,451 1,451 13,805 13,805 13,805 13,805 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 
2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31

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

13          Ratos Interim report Q3 2023 
 
Summary consolidated statement of cash flows 
 
 
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Operating activities Operating activities Operating activities Operating activities 
Operating profit 481 406 1,804 1,336 1,618 
Adjustment for non-cash items 349 271 1,238 994 1,227 
830 677 3,042 2,329 2,845 
Received dividends from associated companies 122 
Interest and financial items, net -136 -131 -435 -375 -476 
Income tax paid 5 -58 -200 -230 -301 
Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital 699 699 699 699 488 488 488 488 2,529 2,529 2,529 2,529 1,724 1,724 1,724 1,724 2,068 2,068 2,068 2,068 
Cash flow from change in working capital 
Increase (-)/Decrease (+) in inventories 222 -16 333 -606 -487 
Increase (-)/Decrease (+) in operating receivables 190 52 563 -386 -1,062 
Increase (+)/Decrease (-) in operating liabilities -249 212 -32 678 913 
Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities 862 862 862 862 736 736 736 736 3,393 3,393 3,393 3,393 1,411 1,411 1,411 1,411 1,431 1,431 1,431 1,431 
Investing activities Investing activities Investing activities Investing activities 
Acquisition, group companies -74 -1,147 -312 -1,916 -4,542 
Disposal, group companies 0 5 5
Investments and disposal, intangible assets/property, plant and equipment 33 -69 -162 -279 -405 
Investments and disposal, financial assets -0 -2 -2 684 685 
Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -41 -41 -41 -41 -1,219 -1,219 -1,219 -1,219 -476 -476 -476 -476 -1,506 -1,506 -1,506 -1,506 -4,257 -4,257 -4,257 -4,257 
Financing activities Financing activities Financing activities Financing activities 
Non-controlling interests' share of issue/capital contribution 0 0 0
Transfer of treasury shares -0 2 2
Option premiums paid 15 17 
Repurchase/final settlements options -2 -0 -9 -11 
Acquisition and disposal of shares in subsidiaries from non-controlling interests -0 -2 -27 -1 -0 
Dividends paid -274 -390 -390 
Dividends paid, non-controlling interests -1 -28 -129 -189 -248 
Borrowings 6 1,490 1,835 3,470 9,957 
Amortisation of loans -548 -178 -4,114 -2,580 -5,519 
Amortisation of financial lease liabilitities -345 -228 -806 -643 -816 
Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -887 -887 -887 -887 1,052 1,052 1,052 1,052 -3,516 -3,516 -3,516 -3,516 -324 -324 -324 -324 2,991 2,991 2,991 2,991 
Cash flow for the period Cash flow for the period Cash flow for the period Cash flow for the period -67 -67 -67 -67 569 569 569 569 -599 -599 -599 -599 -420 -420 -420 -420 165 165 165 165 
Cash and cash equivalents at the beginning of the period 1,987 1,267 2,532 2,230 2,230 
Exchange differences in cash and cash equivalents -26 64 -39 91 138 
Cash and cash equivalents at the end of the period 1,895 1,901 1,895 1,901 2,532

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

14          Ratos Interim report Q3 2023 
 
Summary parent company income statement 
 
 
 
 
Parent company statement of comprehensive income 
 
 
 
 
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Other operating income 0 0 0 7 15 
Administrative expenses -18 -27 -119 -116 -149 
Depreciation of property, plant and equipment -0 -0 -0 -0 -1 
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -18 -18 -18 -18 -27 -27 -27 -27 -119 -119 -119 -119 -109 -109 -109 -109 -135 -135 -135 -135 
Gain from sale of participating interests in group companies 110 
Dividends from group companies 192 102 
Net financial items/one.sups⁾ -1 53 -4 79 94 
Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items -19 -19 -19 -19 26 26 26 26 69 69 69 69 -30 -30 -30 -30 172 172 172 172 
Group contribution, recieved 92 
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -19 -19 -19 -19 26 26 26 26 69 69 69 69 -30 -30 -30 -30 264 264 264 264 
Income tax 25 9 65 47 56 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 77 77 35 35 35 35 134 134 134 134 17 17 17 17 320 320 320 320 
/one.sups⁾ See page 21 for a specification of the finance net
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 77 77 35 35 35 35 134 134 134 134 17 17 17 17 320 320 320 320 
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period 00 00 0 0 00 0 0 00 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 77 77 35 35 35 35 134 134 134 134 17 17 17 17 320 320 320 320

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

15          Ratos Interim report Q3 2023 
 
Summary parent company balance sheet 
 
 
 
Summary parent company statement of changes in equity 
 
SEKm SEKm SEKm SEKm 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
ASSETS 
Non-current assets Non-current assets Non-current assets Non-current assets 
Property, plant and equipment 4 3 3
Financial assets 10,736 8,801 10,150 
Receivables from group companies 4,124 5,682 6,180 
Deferred tax assets 195 121 130 
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 15,058 15,058 15,058 15,058 14,608 14,608 14,608 14,608 16,464 16,464 16,464 16,464 
Current assets Current assets Current assets Current assets 
Current receivables 37 58 48 
Receivables from group companies 2,505 1,878 1,741 
Cash and cash equivalents 1,164 858 410 
Total current assets Total current assets Total current assets Total current assets 3,706 3,706 3,706 3,706 2,794 2,794 2,794 2,794 2,199 2,199 2,199 2,199 
Total assets Total assets Total assets Total assets 18,764 18,764 18,764 18,764 17,402 17,402 17,402 17,402 18,663 18,663 18,663 18,663 
EQUITY AND LIABILITIES 
Equity Equity Equity Equity 9,847 9,847 9,847 9,847 9,668 9,668 9,668 9,668 9,975 9,975 9,975 9,975 
Non-current liablities Non-current liablities Non-current liablities Non-current liablities 
Interest-bearing liabilities, group companies 75 1,906 206 
Interest-bearing liabilities 4,453 3,055 6,237 
Convertible debentures 110 97 79 
Deferred tax liabilities 3 3 3
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 4,641 4,641 4,641 4,641 5,060 5,060 5,060 5,060 6,524 6,524 6,524 6,524 
Current provisions Current provisions Current provisions Current provisions 21 21 21 21 76 76 76 76 86 86 86 86 
Current liabilities Current liabilities Current liabilities Current liabilities 
Interest-bearing liabilities, group companies 4,100 2,428 1,464 
Interest-bearing liabilities 104 10 590 
Non-interest bearing liabilities, group companies 0 133 
Non-interest bearing liabilities 50 27 25 
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 4,254 4,254 4,254 4,254 2,598 2,598 2,598 2,598 2,079 2,079 2,079 2,079 
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 18,764 18,764 18,764 18,764 17,402 17,402 17,402 17,402 18,663 18,663 18,663 18,663 
SEKm SEKm SEKm SEKm 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Opening equity Opening equity Opening equity Opening equity 9,975 9,975 9,975 9,975 9,994 9,994 9,994 9,994 9,994 9,994 9,994 9,994 
Comprehensive income for the period 134 17 320 
Dividends -274 -390 -390 
Transfer of treasury shares 2 2
Conversion of convertible loan to shares 3 29 33 
The value of the conversion option of the convertible debentures 4 8 8
Deferred tax, conversion option -1 -2 -2 
Option premiums 6 9 9
Closing equity Closing equity Closing equity Closing equity 9,847 9,847 9,847 9,847 9,668 9,668 9,668 9,668 9,975 9,975 9,975 9,975

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

16          Ratos Interim report Q3 2023 
 
Note 1  Accounting principles 
Ratos’s consolidated financial statements are prepared in 
accordance with International Financial Reporting Standards 
(IFRS) and associated interpretations (IFRIC), as endorsed by 
the EU. This interim report was prepared in accordance with 
IAS 34, Interim Financial Reporting, and applicable provisions 
in the Swedish Annual Accounts Act. The parent company 
also applies RFR 2 Accounting for Legal Entities.  
 As of 1 January 2023, Ratos has changed the presentation 
of its cash flow statement to harmonise its reporting against 
comparable companies. The difference entails that, as of 1 
January 2023, interest rates and other incoming and outgoing 
financial payments are classified as operating activities 
rather than investing and financing activities, as was 
previously the case. The operational key figure “Cash flow 
from operations” has been replaced with “Cash flow from 
operating activities” in the tables for the Group and the 
business areas.  
 From the second quarter of 2023, Ratos has changed the 
composition of its business areas to better reflect the 
companies’ business focus. Speed Group, which was 
previously part of the Construction & Services business area, 
and Oase Outdoors, which was previously part of the 
Consumer business area, now belong to the Industry 
business area. From the second quarter of 2023, Ratos’s 
central holding companies are reported in their respective 
business areas rather than as “Group costs” as was the case 
in the past.  
 All comparative figures have been retroactively restated in 
accordance with the above changes, and in all other respects, 
the reporting and measurement principles are unchanged 
compared with those applied in Ratos’s 2022 Annual Report. 
 The new and revised IFRS standards which came into 
force in 2023 have not had any material effect on the Ratos 
Group’s financial statements. 
 Amounts are presented in SEK million (SEKm) unless 
otherwise stated. Rounding may apply in tables and 
calculations, which means that the stipulated total amounts 
are not always an exact amount of the rounded amounts. 
Note 2  Risks and uncertainties 
Ratos is a group that makes it possible for independent mid-
sized companies to develop more rapidly by being a part of 
something larger. A focus on people, leadership, culture and 
values is a key component of Ratos. These operations include 
inherent risks attributable to both Ratos and the companies. 
These mainly comprise market, operational and transaction 
risks and can include both general risks, such as external 
factors and macroeconomic development, as well as 
company and sector-specific risks.  
 The financial risks consist of liquidity risk, interest rate 
risk, credit risk and currency risk. There are several financial 
risks to which most of the companies are exposed, primarily 
related to loans, trade receivables, trade payables and 
derivative instruments. The risks to which the companies are 
exposed are managed by each individual company. 
 Ratos is exposed to financial risks, mainly in terms of 
value changes in the companies and liquidity risk. Ratos’s 
future earnings development is dependent to a large extent 
on the success of the underlying companies, which in turn is 
dependent on, among other things, how successful each 
company’s management group and board of directors are at 
developing the company and implementing value-adding 
initiatives. 
 A more detailed description of the material risks and 
uncertainties to which the Group and the parent company are 
exposed is provided in the Directors’ Report and in Notes 25 
and 31 in the 2022 Annual Report. 
Note 3  Financial instruments 
Ratos applies fair value measurements to a limited extent and 
mainly for derivatives, synthetic options, contingent 
considerations and put options. These items are measured 
according to levels two and three, respectively, in the fair 
value hierarchy.  
 In the statement of financial position at 30 September 
2023, the net value of derivatives (level two) amounted to  
SEK -4m (1 at 31 December 2022), of which SEK 6m  
(7 at 31 December 2022) was recognised as an asset and  
SEK 10m (6 at 31 December 2022) as a liability. 
 In the statement of financial position at 30 September 
2023, the total value of financial instruments measured at fair 
value in accordance with level three was SEK 2,336m  
(2,058 at 31 December 2022). The change is presented in the 
table below. 
 
 
 
  
Change, level 3 Change, level 3 Change, level 3 Change, level 3 
SEKm SEKm SEKm SEKm 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Opening balance 153 144 1,669 830 236 194 
Recognised in comprehensive income 67 18 -12 44 16 12 
Recognised against equity 221 
Newly issued/subsequent expenditure 2 273 566 68 49 
Acquisitions, Group companies 8 26 
Settlements -11 -134 -46 
Closing balance Closing balance Closing balance Closing balance 220 220 220 220 153 153 153 153 1,930 1,930 1,930 1,930 1,669 1,669 1,669 1,669 186 186 186 186 236 236 236 236 
Synthetic options Synthetic options Synthetic options Synthetic options Call and put options Call and put options Call and put options Call and put options Contingent considerations Contingent considerations Contingent considerations Contingent considerations

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

17          Ratos Interim report Q3 2023 
 
Note 4  Acquired and divested companies 
Acquisitions within business areas 
Construction & Services 
In 2022, NVBS acquired the companies Ratatek and TKBM 
Entreprenad AB. The preliminary acquisition analyses were 
updated in 2023 after the final acquisition balances were 
determined. This has not entailed any significant effects for 
the Group.  
 In 2022, SSEA Group acquired the company Kiruna 
Målbygg AB. The preliminary acquisition analysis was 
updated in 2023 after the final acquisition balance was 
determined. This has not entailed any significant effects for 
the Group. 
 In 2022, airteam acquired the company Grundströms Plåt i 
Kiruna AB. The preliminary acquisition analysis was updated 
in 2023 after the final acquisition balance was determined. 
This has not entailed any significant effects for the Group. 
Consumer 
In 2022, Plantasjen acquired Flyinge Plantshop AB. The 
preliminary acquisition analysis was updated in the first 
quarter of 2023 after the final acquisition balance was 
determined. This has not entailed any significant effects for 
the Group. 
Industry 
On 15 February, HL Display acquired the Swedish company 
Akriform Plast AB. The company is a producer of bulk bins 
and custom-made solutions for grocery retail and branded 
goods suppliers throughout the Nordics. The company’s sales 
for the last 12 months amounted to SEK 85m at 31 March 
2023. 
 In the first quarter of 2023, TFS conducted a minor 
acquisition of assets and liabilities in its subsidiary in Israel. 
The total purchase price amounted to EUR 0.2m. 
 On 3 April, HL Display acquired the company Oechsle 
Display Systems, a manufacturer of communication and shelf 
management solutions, and its sister company werba print & 
display, a provider of print and display solutions. Both 
companies have annual sales of EUR 13m.  
 On 2 June, Speed Group acquired the Swedish company 
Supplier Partner, a Gothenburg-based company in industrial 
logistics with annual sales of approximately SEK 60m. 
 In 2022, TFS acquired the company Appletree CI Group 
AG. The preliminary acquisition analysis was updated in 2023 
after the final acquisition balance was determined. This has 
not entailed any significant effects for the Group. 
 
 
 
 
 
 
The preliminary acquisition analyses for the add-on 
acquisitions carried out during the year and updated items 
pertaining to established acquisition analyses for previous 
acquisitions are presented below. 
 
 
Acquisition of Semcon 
In 2022, Ratos acquired Semcon AB (publ) through a public 
offer. The preliminary acquisition analysis was updated in the 
first quarter of 2023 after the final acquisition balance was 
determined. No material changes were identified. 
 During the second quarter, Ratos concluded the process 
for a compulsory buy-out of the remaining shares in Semcon. 
As of 30 June 2023, the company is a wholly owned 
subsidiary.  
    
Final acquisition analysis Semcon Final acquisition analysis Semcon Final acquisition analysis Semcon Final acquisition analysis Semcon    
 
 
 
 
 
 
  
SEKm SEKm SEKm SEKm 
Intangible assets 80 
Property, plant and equipment 34 
Right-of-use assets 40 
Financial assets 0
Deferred tax asset 0
Trade receivables 56 
Current assets 85 
Cash and cash equivalents 14 
Deferred tax liability -16 
Non-current liabilities -5 
Current liabilities -99 
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 189 189 189 189 
Goodwill 60 
Purchase price Purchase price Purchase price Purchase price 249 249 249 249 
of which, paid in cash 192 
of which, contingent consideration 57 
SEKm SEKm SEKm SEKm 
Intangible assets 427 
Property, plant and equipment 23 
Right-of-use assets 66 
Deferred tax asset 3
Trade receivables 306 
Current assets 249 
Cash and cash equivalents 203 
Non-controlling interest -36 
Deferred tax liability -157 
Non-current liabilities and provisions -36 
Current liabilities and provisions -440 
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 609 609 609 609 
Goodwill 2,125 
Purchase price Purchase price Purchase price Purchase price 2,734 2,734 2,734 2,734 
of which, paid in cash 2,734

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

18          Ratos Interim report Q3 2023 
 
Key figures 
 
For definitions, see page 22 
  
 
 
 
  
Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Leverage excl. financial leasing 1.3x 0.9x 2.5x 
Leverage 2.4x 2.5x 3.5x 
Equity ratio, % 39.4 42.3 37.1 
Return on equity, % 5.8 7.5 4.6 
Return on capital employed excl. financial leasing, % 10.3 10.5 10.1 
Return on capital employed, % 8.9 8.7 8.5 
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, % -19.2 -32.6 -26.6 
Dividend yield, % 2.0 
Market price, SEK 32.62 38.09 41.49 
Dividend, SEK 0.84 
Equity attributable to owners of the parent, SEK/two.sups⁾ 38.03 37.92 37.71 
Basic earnings per share, SEK 2.28 1.79 1.69 
Diluted earnings per share, SEK 2.28 1.79 1.68 
Average number of ordinary shares outstanding: 
– before dilution 325,957,221 325,010,394 325,223,889 
– after dilution 328,333,600 327,787,875 326,442,359 
Total number of registered shares 326,016,488 325,786,488 325,898,988 
Number of shares outstanding/three.sups⁾ 326,016,488 325,786,488 325,898,988 
– of which, Class A shares 84,637,060 84,637,060 84,637,060 
– of which, Class B shares 241,379,428 241,149,428 241,261,928 
/one.sups⁾ Relates to Class B shares unless specified otherwise 
/two.sups⁾ Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period 
/three.sups⁾ After redemption and transfer of Ratos own shares

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

19          Ratos Interim report Q3 2023 
 
Reconciliations between alternative performance measures 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 
 
 
EBITDA, EBITA and operating profit  
    
 
Interest-bearing net debt 
    
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % 13% 13% 13% 13% 31% 31% 31% 31% 19% 19% 19% 19% 29% 29% 29% 29% 32% 32% 32% 32% 
Net sales Net sales Net sales Net sales 7,971 7,971 7,971 7,971 7,039 7,039 7,039 7,039 25,788 25,788 25,788 25,788 21,680 21,680 21,680 21,680 29,875 29,875 29,875 29,875 
Acquired net sales 676 1,058 2,830 3,032 4,629 
Effects from change in currency 88 243 37 864 914 
Other 0 -12 -4 -24 -39 
Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 7,207 7,207 7,207 7,207 5,750 5,750 5,750 5,750 22,925 22,925 22,925 22,925 17,807 17,807 17,807 17,807 24,371 24,371 24,371 24,371 
Divested net sales in the comparison period 2 5 7
Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period 7,039 7,039 7,039 7,039 5,369 5,369 5,369 5,369 21,680 21,680 21,680 21,680 16,792 16,792 16,792 16,792 22,544 22,544 22,544 22,544 
Organic growth Organic growth Organic growth Organic growth 167 167 167 167 381 381 381 381 1,245 1,245 1,245 1,245 1,015 1,015 1,015 1,015 1,827 1,827 1,827 1,827 
Organic growth, % Organic growth, % Organic growth, % Organic growth, % 2% 2% 2% 2% 7% 7% 7% 7% 6% 6% 6% 6% 6% 6% 6% 6% 8% 8% 8% 8% 
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
SEKm SEKm SEKm SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
EBITDA EBITDA EBITDA EBITDA 896 896 896 896 739 739 739 739 2,978 2,978 2,978 2,978 2,312 2,312 2,312 2,312 2,958 2,958 2,958 2,958 
Depreciations and impairment -379 -307 -1,059 -913 -1,240 
EBITA EBITA EBITA EBITA 517 517 517 517 432 432 432 432 1,918 1,918 1,918 1,918 1,400 1,400 1,400 1,400 1,718 1,718 1,718 1,718 
Revaluation and capital gain/loss listed shares -118 -118 
Restructuring costs   -130 -130 
Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 517 517 517 517 432 432 432 432 1,918 1,918 1,918 1,918 1,648 1,648 1,648 1,648 1,966 1,966 1,966 1,966 
Amortisation and impairment of intangible assets in connection 
with company acquisitions -35 -26 -114 -64 -100 
Operating profit Operating profit Operating profit Operating profit 481 481 481 481 406 406 406 406 1,804 1,804 1,804 1,804 1,336 1,336 1,336 1,336 1,618 1,618 1,618 1,618 
SEKm SEKm SEKm SEKm 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-12-31 2022-12-31 2022-12-31 2022-12-31 
Interest-bearing liabilities, other 5,198 3,804 7,371 
Provisions for pensions 53 57 60 
Interest-bearing assets -102 -136 -101 
Cash and cash equivalents -1,895 -1,901 -2,532 
Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing 3,254 3,254 3,254 3,254 1,824 1,824 1,824 1,824 4,798 4,798 4,798 4,798 
Financial leasing liabilities 5,508 5,573 5,670 
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 8,762 8,762 8,762 8,762 7,397 7,397 7,397 7,397 10,468 10,468 10,468 10,468

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

20          Ratos Interim report Q3 2023 
 
Segments by quarter, summary  
 
 
 
  
Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Net sales, SEKm Net sales, SEKm Net sales, SEKm Net sales, SEKm 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 4,259 4,573 4,155 3,360 3,802 3,788 4,780 15,730 
Consumer 830 2,630 1,351 1,132 2,709 1,424 1,127 6,392 
 - whereof Plantasjen 542 2,132 904 661 2,118 887 740 4,407 
Industry 2,728 2,798 2,465 1,728 1,911 1,827 2,288 7,755 
Elimination of internal net sales 0 0 -1 0 0 -1 
Ratos group Ratos group Ratos group Ratos group 7,817 7,817 7,817 7,817 10,001 10,001 10,001 10,001 7,971 7,971 7,971 7,971 6,220 6,220 6,220 6,220 8,420 8,420 8,420 8,420 7,039 7,039 7,039 7,039 8,195 8,195 8,195 8,195 29,875 29,875 29,875 29,875 
Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
EBITDA, SEKm EBITDA, SEKm EBITDA, SEKm EBITDA, SEKm 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 349 358 477 309 310 333 418 1,370 
Consumer -67 724 84 31 721 145 -19 877 
Industry 427 391 353 274 279 272 290 1,115 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -48 -52 -17 -49 -53 -11 -43 -156 
Ratos group Ratos group Ratos group Ratos group 661 661 661 661 1,421 1,421 1,421 1,421 896 896 896 896 334 334 334 334 1,239 1,239 1,239 1,239 739 739 739 739 646 646 646 646 2,958 2,958 2,958 2,958 
Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 284 293 408 258 250 268 353 1,130 
Consumer -213 581 -67 -105 587 10 -166 326 
 - whereof Plantasjen -215 543 -100 -103 565 6 -142 325 
Industry 303 258 194 150 180 166 175 671 
Group costs -50 -53 -18 -50 -54 -12 -44 -160 
Ratos group Ratos group Ratos group Ratos group 324 324 324 324 1,078 1,078 1,078 1,078 517 517 517 517 253 253 253 253 963 963 963 963 432 432 432 432 318 318 318 318 1,966 1,966 1,966 1,966 
Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 265 272 392 244 233 250 335 1,061 
Consumer -214 580 -68 -106 586 9 -167 321 
Industry 284 239 175 148 178 160 158 644 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -50 -53 -18 -50 -54 -12 -44 -160 
Ratos group Ratos group Ratos group Ratos group 285 285 285 285 1,038 1,038 1,038 1,038 481 481 481 481 55 55 925 925 925 925 406 406 406 406 282 282 282 282 1,618 1,618 1,618 1,618 
Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Full Year Full Year Full Year Full Year 
Profit/loss before tax, SEKm Profit/loss before tax, SEKm Profit/loss before tax, SEKm Profit/loss before tax, SEKm 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 
Construction & Services 230 235 358 211 215 221 300 947 
Consumer -308 482 -152 -162 517 -46 -268 41 
Industry 230 158 123 119 153 127 10 410 
Revaluation and capital gain/loss listed shares -100 -18 -118 
Items affecting comparability -130    -130 
Group costs -62 -45 -19 -36 -42 40 67 29 
Ratos group Ratos group Ratos group Ratos group 90 90 90 90 831 831 831 831 309 309 309 309 -98 -98 -98 -98 825 825 825 825 343 343 343 343 109 109 109 109 1,178 1,178 1,178 1,178 
From Q2 2023, Ratos has changed the composition of its business areas. For more information see page 16 "Note 1 Accounting principles".

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

21          Ratos Interim report Q3 2023 
 
Specification of net financial items 
 
 
 
 
 
 
  
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Interest income 19 3 pos 56 5 pos 15 
Interest expense -84 -26 neg -254 -64 neg -124 
Interest expense financial leasing -71 -64 -11% -208 -196 -6% -266 
Net interest Net interest Net interest Net interest -136 -136 -136 -136 -87 -87 -87 -87 -56% -56% -56% -56% -406 -406 -406 -406 -256 -256 -256 -256 -59% -59% -59% -59% -375 -375 -375 -375 
Net exchange rate effects 1 33 -97% -69 36 neg -9 
Other financial items -37 -9 neg -98 -47 -108% -56 
Net financial items Net financial items Net financial items Net financial items -172 -172 -172 -172 -63 -63 -63 -63 neg neg neg neg -573 -573 -573 -573 -267 -267 -267 -267 -115% -115% -115% -115% -440 -440 -440 -440 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % % 
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year 
Parent company, SEKm Parent company, SEKm Parent company, SEKm Parent company, SEKm 2023 2023 2023 2023 2022 2022 2022 2022 2023 2023 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 
Net interest 17 43 -60% 61 109 -44% 149 
Net exchange rate effects -1 15 -109% -19 -7 neg -19 
Other financial items -16 -5 neg -46 -23 -99% -36 
Net financial items Net financial items Net financial items Net financial items -1 -1 -1 -1 53 53 53 53 -102% -102% -102% -102% -4 -4 -4 -4 79 79 79 79 -104% -104% -104% -104% 94 94 94 94 
Change Change Change Change 
% % % % 
Change Change Change Change 
% % % %

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

22          Ratos Interim report Q3 2023 
 
Definitions 
Dividend yield 
Proposed dividend on ordinary shares expressed as a 
percentage of the Class B share’s closing price at the 
period’s last trading day.  
Total return 
Price development of Class B shares including reinvested 
dividends (this year’s paid dividend) on ordinary shares. 
Return on equity 
Profit for the period attributable to owners of the parent for 
the last 12 months divided by average equity attributable to 
owners of the parent during the five most recent quarters.  
Return on capital employed 
Adjusted EBITA for the last 12 months as a percentage of 
average capital employed during the five most recent 
quarters. 
  
Return on capital employed, business area 
Adjusted EBITA for the business area’s 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. 
Adjusted EBITA 
EBITA adjusted for capital gains and the revaluation of listed 
shares and non-recurring items affecting comparability at the 
business area level.  
Adjusted EBITA margin 
Adjusted EBITA expressed as a percentage of net sales. 
Cash flow from operating activities  
Includes cash flow from operating profit, dividends received 
from associates, interest and financial items, income tax paid, 
and changes in working capital. 
Average number of employees  
Total number of hours worked during the most recent full 
year restated as full-time positions. Also includes average 
number of employees in key associates. 
Organic growth 
Net sales growth in comparable units. The effects of 
acquisitions, divestments and exchange rate changes are 
excluded.  
Basic earnings per share 
Profit for the period attributable to owners of the parent 
company divided by the average number of outstanding 
ordinary shares. 
Diluted earnings per share 
When calculating diluted earnings per share, earnings and 
the average number of shares are adjusted to take into 
account the effects of potential ordinary shares, which, for 
the reported periods, pertain to convertible debt instruments 
and warrants issued to employees.  
Interest-bearing net debt 
Interest-bearing liabilities (including financial lease liabilities) 
and pension provisions minus interest-bearing assets and 
cash and cash equivalents. 
Capital employed 
Equity, non-controlling interests and interest-bearing 
liabilities. 
Leverage 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 
 
23 October 9:00 a.m. 
Webcast: https://youtube.com/live/zmOVIGWY3fg?feature=share 
 
 
 
 Financial calendar 
 
2023 2023 2023 2023    
Year-end report 2023                      12 February 
 
 
 
 
 
 
 
 
 
 
 
Stockholm, 23 October 2023 
Ratos AB (publ) 
 
 
 
Jonas Wiström 
President and CEO 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For further information, please contact: 
Jonas Wiström, President and CEO, +46 8 700 17 00 
Jonas Ågrup, CFO and IR, +46 8 700 17 00 
Josefine Uppling, Vice President Communication & 
Sustainability, +46 8 700 17 00 
 
 
 
This report has not been reviewed by Ratos’s auditors. 
 
 
 
This is information that Ratos AB is obliged to make public 
pursuant to the EU Market Abuse Regulation. The information 
was submitted for publication, through the agency of the 
contact persons set out above, at 7:00 a.m. CEST on 23 
October 2023. 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratos AB (publ) 
Sturegatan 10, Mailbox 511 SE-114 11 Stockholm 
Tel: +46 8 700 17 00 
www.ratos.com 
Reg. no. 556008-3585 
 
 
Ratos is a business group consisting of 17 companies divided into three business areas: Construction & Services, Consumer and 
Industry. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct 
corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About 
People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are 
key focus areas.