Ratos (RATO) AGM 2026 presentation summary

Strategic milestones and portfolio developments

• Achieved several strategic milestones in 2025, improving profitability and securing large, important orders, especially in defense and energy sectors.

• Divested airteam and Expin, with airteam doubling revenue and earnings during ownership.

• Listed Sentia on the Oslo Stock Exchange, with share price rising over 30% and a 40% retained stake.

• Finalized Plantagen's reconstruction, closed one-third of stores, and discontinued Finnish operations, positioning for future growth.

• HL Display acquired Deinzer, strengthening its European market position.

Financial performance and targets

• Net sales from continuing operations were muted in 2025, with cautious optimism for 2026.

• Adjusted EBITA increased by 17% to 1,931 MSEK, with margin rising to 7.4%.

• EPS grew by 19%, and a dividend of SEK 1.40 per share is proposed, representing a 50% payout ratio.

• New financial targets for 2028: revenue growth ≥5%, EBITA ≥10%, ROCE ≥10%, leverage 1.5–2.5x, and dividend payout 30–50%.

Strategic transformation and governance

• Transitioning from an operating company to a focused investment company in 2026, with majority and minority stakes in Nordic firms.

• Portfolio structure clarified into core, non-core, platform, and minority holdings, with a focus on organic growth and add-ons.

• Governance model shifting to a mix of internal and industry expertise on boards.

• Reporting to move from business area to individual company level, with NAV reporting by company from 2027.