Capital Markets Day
26-03-19 Title 1
March 19, 2026
Today's speakers
Gustaf Salford
President and CEO Ratos
Anna Vilogorac
CFO & IR
Ratos
Eivind Iden
CEO
Presis Infra
Jonas Magnusson
CEO (as of May 2026) HL Display
Johan Arvidsson
CEO
Diab Group
Dimitris Gioulekas
CEO
Knightec Group
2
26-03-19 Title
Agenda
13.00 Welcome
13.05 Ratos Strategy
Gustaf Salford, President & CEO
13.30 Ratos Capital Allocation and Financial Targets
Anna Vilogorac, CFO & IR
13.50 Q&A session
14.05 Intro presenting companies
Gustaf Salford, President & CEO
14.15 Presis Infra
Eivind Iden, CEO
14.35 HL Display
Jonas Magnusson, CEO Anna Vilogorac, CoB
14.55 Break
15.10 Diab Group
Johan Arvidsson, CEO
15.30 Knightec Group
Dimitris Gioulekas, CEO
15.50 Q&A session
16.05 Closing remarks
Gustaf Salford, President & CEO
~16.15 Mingle with drinks & snacks
3
26-03-19 Title
Ratos Strategy 2030
We focus on being a long-term active owner
Founded 1866 in Stockholm
Focus on private majority holdings
Majorities/Minorities of EBITA 2025
Minorities 28%
13 Portfolio Companies across the Nordics
Long-term active owner partnering with CEOs and Boards to develop companies and drive value
28%
72%
Majorities 72%
History of successful IPOs supporting unlisted companies to develop, grow and go public
Private holdings: 80% of market cap
Share of market cap, %
20%
Public 20%
Private 80%
80%
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We have a Nordic heritage and footprint
Nordics: 70% of sales
Revenue by geography 2025
8%
23%
37%
3%
29%
SwedenNorway
Other Nordic
Europe
Other
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Financial performance - 2022-2025Revenue CAGR
+3%EBITA CAGR
+8%ROCE%
-100bpsPriority for the new strategy is to improve financial performance and increase shareholder value in 2026-2028 and onwards
6-03-19 Title 7
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Ratos 160 years of owning and developing companies
1866
1934
1954
1995
1999
2018 - 2025
2026-
Wholesaler
Holding
Company
Investment Company Mixed
Investment Company Listed
Private Equity Company
Operating
Company
Investment
Company
Söderberg & Haak founded, Sweden's first wholesaler of iron and steel, by Pelle Söderberg and Lennart Haak.
Ratos founded by Ragnar and Torsten Söderberg as a holding company.
Listed on the Stockholm Stock Exchange as a mixed Investment Company with unlisted and listed holdings.
Investment Company with only listed holdings.
Transformed to Private Equity company with majority-owned companies.
Set up as Operating Company with Business Areas.
Becoming a Investment Company once again.
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26-03-19
Becoming an Investment Company 2026
From To
Operating Company
(2018-2025)
Investment Company
(2026-)
Hybrid between Operating Company and
Private Equity Company, resulting in unclarity and less disciplined
capital allocation decisions
Becoming a focused and long-term Investment Company owning majority and minority shares in Nordic companies
26-03-19
A more focused structure and governance model, and an investment strategy with more options
From To
Structure:
Operating Company with three Business Areas
Focused portfolio of stand-alone companies
Investment Segments:
Industry, Construction Consumer, Infrastructure
Segment Agnostic
Main focus Industry & Infrastructure
Investment
Strategy:
Unlisted Majority-owned companies
Unlisted Majorities & Minorities
Listed Minorities
Governance:
Internally staffed and
Operational Boards
Mix of Internal & Industry
Expertise in Boards
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Balanced financial targets and increased transparency
From To
Revenue growth
Main financial
metric:
Absolute EBITA in MSEK vs. Target
EBITA% ROCE%
Reporting:
Reporting by Business Area segments
Reporting by individual companies Revenue/EBITA/ROCE
(from Q1, 2026)
Reporting NAV* by company (from 2027)
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* Net Asset Value
Ratos Strategic Objectives and Mission
1 2 3
Drive profitable and
Strategic
Objectives
2026 - 2028
Build a more
focused Ratos
capital-efficient growth from organic initiatives and add-ons
Develop Ratos
ways of working
Long-term
Mission
Long-term active ownership for value creation
6-03-19 Title 12
26-03-19
1
Building a more focused RatosClarity on company categories
Core Companies
Majority Companies Minority Holdings
Non-core Companies
Companies to Develop
Platform Companies for Organic Growth & Add-ons
Unlisted & Listed
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1
Building a more focused RatosNon-core Companies Companies to Develop
Platform Companies for Organic Growth & Add-ons
Minority Holdings (unlisted & listed)
EBITA MSEK 500
400
300
100
37
200
100
0
137
EBITA MSEK 500
273
158
192
195
63
65
77
13
400
300
200
100
0
371 387
1) 2)
Strong market positions
Consumer confidence & seasonality
Strong market positions
Focus on organic growth and improved margins
Attractive market dynamics
Organic profitable growth levers
Strong market position
M&A opportunities
Risk mitigation by minority stakes in larger cyclical businesses
Robust dividend over business cycles
14
1) Ratos 40% share annualized. 2) Ratos 32% share.
2
Drive profitable and capital-efficient growth from organic initiatives and add-onsEBITA Growth from Organic Growth, Add-ons and Exit/Divestures 2022-25 2026-28 est.
Organic:
20%
Main focus on
Organic EBITA growth, but complemented by attractive Add-ons/ Adjacencies
1.931
1.522
167
77
165
Add-ons:
40%
Exits/ Divestures 40%
2022 Continuing op Organic growth Add-ons Exits/Divestures* 2025 Continuing op
15
* Closed stores Plantasjen and exit legal entities Expin Group.
3
Develop our Ways of Working in three key areasGovernance,
Talent Acquisition
& Incentive Systems
Analysis,
Valuation
& Transactions
Disciplined Capital Allocation & Treasury
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Towards Ratos 2030
2025-27
Streamlining to Industry & Infrastructure & Add-ons
2028-29
Develop & grow core companies & Add-ons
~2030+
Long-term ambition
Strategic Focus
2025: Exits & IPO
airteam, Expin
Sentia
2026 -
De-risk & focus portfolio
Exit non-core companies
Maximize long-term shareholder returns through active ownership and value creation in our companies
Exposed to attractive markets, with reduced
seasonality and with high earnings quality
Investment Strategy
2025 Add-ons
HL/Deinzer
Ongoing 2026-
Add-on acquisitions in current platform holdings
Focus on synergistic add-ons with attractive multiples
Post-streamlining
New platform acquisition or substantial minority investment in companies aligned with Ratos' mission
Identification of attractive markets and sub-segments
Opportunity to invest in both
majorities and minorities
17
Agenda
13.00 Welcome
13.05 Ratos Strategy
Gustaf Salford, President & CEO
13.50 Q&A session
14.05 Intro presenting companies
Gustaf Salford, President & CEO
14.15 Presis Infra
Eivind Iden, CEO
14.35 HL Display
Jonas Magnusson, CEO Anna Vilogorac, CoB
14.55 Break
15.10 Diab Group
Johan Arvidsson, CEO
15.30 Knightec Group
Dimitris Gioulekas, CEO
15.50 Q&A session
16.05 Closing remarks
Gustaf Salford, President & CEO
~16.15 Mingle with drinks & snacks
26-03-19
13.30
Ratos Capital Allocation and
Financial Targets
Anna Vilogorac, CFO & IR
Looking back as we set direction -
building on wins and closing gaps
Success in selected areas…
Solid EPS growth
Value-creating add-on acquisitions to date
Reduced direct construction exposure
… with improvement potential in others
Address underperformance quicker
Stringent capital allocation
Accelerate add-on acquisition pace
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Success in selected areas…
Solid EPS growth
+10%
2.8
2.4
2.4
2.1
2022
2023
2024
2025
Value-creating add-on
acquisitions to date
No of acquisitions
14
2022-25
Average multiple
~5x
EV/EBITA
EBITA %
ROCE %
~12% ~20%
for acquired
companies
at entry
Topline
~0.5
BSEK per year acquired
Reduced direct
construction exposure
Return
(EV)
IRR %
2.2x
10%
6.1x*
18%*
*at listing i.e. 50 NOK share price
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26-03-19 Title
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Disclaimer
Ratos AB published this content on March 19, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 19, 2026 at 16:21 UTC.
