Slides
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26-10-23 1 Presentation Q3 2026
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Delivering profitable growth… Continued robust sales development +6% • Strong performance for our portfolio companies in Industrial products and Infrastructure • Order situation improving for Industrial services • Continued growth in defense related orders and projects Improving results for majority of companies, adj. EBITA-growth +29% • Broad-based performance improvement across portfolio companies, especially Industrial products and Infrastructure companies Adjusted EPS nearly doubled compared with last year • Improvement of 29% in adj. EBITA, together with improvements in net financial items and taxes resulted in nearly doubled adj. EPS 480 Adj. EBITA MSEK 7.9% ROCE** 0.83 Adj. EPS SEK +5.9% Organic growth * EBITA incl. associated companies, 7.1% excluding associated companies ** Adj. EBITA and capital employed excl. associated companies 10.8% Adj. EBITA %* 2
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…while executing on our 2030-strategy Strategic objectives 2026– 2028 Achievements in Q3 Build a more focused Ratos 1 Work continues to divest other non-core companies Broad-based improvement • Majority of companies improving profitability Add-ons • HL Display acquired Top Global at attractive multiple • Pipeline increasing for other platform companies Drive profitable and capital-efficient growth from organic initiatives and add-ons 2 Increased industry expertise in portfolio company boards HL Display– Jon Sintorn Diab Group – Henrik Ager Develop Ratos ways of working 3 Long-term active ownership for value creation 3
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Overview portfolio company development Q3 2026 vs Q3 2025 Organic growth Adj. EBITA margin ROCE¹ Company Q3 26 Q3 25 Q3 26 Q3 25 Δ pp Q3 26 Q3 25 Δ pp Industrial products Diab +1% +7% 13.0% 10.9% ▲ +2.1 16.6% 7.4% ▲ +9.2 HL Display +3% +4% 14.9% 14.2% ▲ +0.7 21.0% 20.6% ▲ +0.4 LEDiL +4% −4% 15.1% 14.3% ▲ +0.8 5.0% 5.3% ▼−0.3 Industrial services Aleido −7% −6% 14.5% 11.9% ▲ +2.6 8.4% 8.7% ▼−0.3 Knightec Group −0% −3% 8.3% 6.9% ▲ +1.4 5.9% 7.2% ▼−1.3 Speed +32% −4% −0.9% 3.6% ▼−4.5 −2.2% 3.4% ▼−5.6 TFS HealthScience +8% +5% 4.6% 6.4% ▼−1.8 16.7% 18.9% ▼−2.2 Infrastructure Presis Infra +20% −15% 8.0% 5.0% ▲ +3.0 13.5% 14.1% ▼−0.6 Non-core companies KVD Group +4% −10% 8.1% 7.4% ▲ +0.7 10.3% 11.4% ▼−1.1 Oase Outdoors +19% −13% −6.2% −10.5% ▲ +4.3 11.4% 7.6% ▲ +3.8 Plantasjen +3% −1% −1.2% −3.3% ▲ +2.1 4.7% 0.9% ▲ +3.8 Ratos Group excl. associates +6% −4% 7.1% 5.4% ▲ +1.7 7.9% 6.3% ▲ +1.5 ¹ Excl. cash for portfolio companies, Ratos Group incl. cash 4
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Industrial products 25 19 21 25 19 21 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +10% • Organic growth of +1%, strong contribution from defense; deliberate decline in Chinese wind • EBITA and margin improvement driven by stronger product mix • ROCE excl cash: 16.6% (7.4%) 26 40 50 26 40 50 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +26% Adj EBITA Quarter Net sales LTM • Organic growth of +3% supported by ESL-projects and price increases • Margins impacted negatively by product mix, Deinzer-acquisition but offset by pricing and FX • Acquisition of Top Global signed in October • ROCE excl cash: 21.0%(20.6%) • Organic growth of +4% • Growth in the indoor business, while outdoor demand remained subdued with signs of stabilization • Improved profitability on the back of improved operational efficiencies • ROCE excl cash: 5.0% (5.3%) 86 100 124 86 100 124 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +24% 10.9% 13.0% 14.2% 14.9% 14.3% 15.1% X% EBITA margin 5
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Industrial services 38 4338 43 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 35 +23% 8 -2 8 -2 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 15 -130% 19 2219 22 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 23 +15% Adj EBITA Quarter Net sales LTM • Organic growth of +8%, driven by increased share of pass- through revenues (PTR). Service revenues were down by -8% • Maintained focus on strengthening order intake, one large order booked post Q3 for ophthalmology • ROCE excl cash: 16.7% (18.9%) 28 15 28 15 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 20 -22% • Organic growth of -7%, persistently cautious market with defense being the bright spot • Improved EBITA margin, primarily as a result of implemented efficiency measures • ROCE excl cash: 8.4% (8.7%) • Slight sentiment improvement in the quarter mainly for heavy vehicles • Organic growth of -0%, with continued favorable development within defense • Improved profitability supported by higher utilization • ROCE excl cash: 5.9% (7.2%) • Organic growth of +32%, larger new contracts including internal customers e.g. Plantasjen • Automation projects continued to weigh on the profitability, expected to be fully ramped up towards year-end • ROCE excl cash: -2.2% (3.4%) 11.9% 14.5% 6.9% 8.3% 3.6% -0.9% 6.4% 4.6% X% EBITA margin Adj EBITA % excl PTR: 10.9% 9.3% 6
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Infrastructure 66 28 5966 28 59 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +109% Adj EBITA Quarter Net sales LTM • Robust order backlog • Organic growth of +20% primarily driven by price indexations for large contracts • Improved EBITA and EBITA- margin despite negative project mix due to organic topline growth • ROCE excl. cash: 13.5% (14.1%) 5.0% 8.0% X% EBITA margin Minorities • Improving sentiment for European energy following the Middle East conflict • Positive impact from successful project executions as well as project extensions • Post Q3 significant contract with Equinor • The share price has increased by almost 40% YTD and ~50% since the listing in June 2025 • Ratos ownership share decreased by ~9% down to ~31% in the previous quarter • Sentia reports its Q3-results Nov 10 Q3 Q3 2026 2025 Net Sales 4,733 4,391 Profit for the period 237 181 - whereof Ratos share 119 90 Order intake 4,060 3,371 Sep 30 2026 Number of shares, thousands 30,937 Book value, SEKm 1,670 Share price, NOK 85.40 Market cap, NOKm 1 2,642 Voting interest, % 30.66 Ownership interest, % 30.66 1 Ratos share 7
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Non-core companies (Consumer) -7 -6 -4-7 -6 -4 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +29% -86 -19 -8 -86 -19 -8 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +59% 31 3331 33 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 28 +14% Adj EBITA Quarter Net sales LTM • Organic growth of +4% with volume growth for private- segment and motorhomes • Higher profitability and margins, driven by improvements at Forsbergs Fritidscenter • ROCE excl. cash: 10.3% (11.4%) • Organic growth of +19%, supported by solid order book entering 2026 in a seasonally low quarter • Gross margin improved as a result of the initiatives to optimize production costs • ROCE excl. cash: 11.4% (7.6%) • Organic growth of +3%, primarily driven by a positive development in the Swedish market • Improved gross margins partly offset by increased logistics costs • ROCE excl. cash: 4.7% (0.9%) 7.4% 8.1% -10.5% -6.2% -3.3% -1.2% X% EBITA margin 8
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Click to edit Master title style Financials
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Net sales and EBITA-development Growth (org. + M&A) +3.9% Net sales growth excl. FX-impact Profitability 416 Adj. EBITA MSEK Profitability margin 5.1% Adj. EBITA % excl. associated companies Cash conversion XX% Ops. Cash flow after capex / Adj. EBITA Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 4,596 4,165 4,427 +6%* LTM 286 373 480 286 373 480 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 +29% LTM Net sales, SEKm Adjusted EBITA, SEKm *Organic growth 10
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Net sales and Adj EBITA development year-over-year +244 -107 +125 0 0 4,165 4,302 4,427+3% NET SALESADJ EBITA +51 Organic growth +18 M&A Majority growth +20 FX -10 Sentia +28 Aibel Q3 2026 373 443 480 Q3 2025 +19% +29% EBITA% impact 9.0% 10.8%+0.7% +0.2% -0.2%+0.7% +0.6% Growth Net sales Organic +5.9% Structure -2.6% Org + str +3.3% Currency +3.0% Total +6.3% 11
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Net sales and adj. EBITA development year-over-year NET SALESADJ EBITA Oase Outdoors +11 Plantasjen +5 +3 Q3 26Q3 25 +10 Diab +24 Elim/ Corp HL Display +2 LEDiL Aleido +8 Knightec Group -10 Speed -4 TFS +4 Expin Group +31 Presis Infra 373 +4+28 Aibel -10 Sentia KVD +2 480 +29% +19 +130 +5 -9 Q3 26 -34+57 +11+16 +9 +175-186 +24 4,165 4,427 +45 Q3 25 +6%* *Organic growth 12
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Decreasing relative NWC Y/Y due to higher sales and slight NWC build-up sequentially 8.2% Q3 2024 Q4 Q1 Q2 7.1% Q3 2025 Q4 Q1 Q2 6.6% Q3 2026 NWC 4QTR average % LTM net sales (continuing operations) Cash flow from operating activities, SEKm Q3 2026 Q3 2025 FY 2025 EBIT 450 606 3,331 Adjustment for non-cash items 119 553 10 Received dividends and financial items, net -209 -128 -95 Income tax paid -47 -68 -363 Change in NWC -43 -95 -590 Cash flow from operating activities 270 868 2,294 13
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Broad-based improvement of the underlying cash flow 868 270 868 270 Q3 2025 Q4 Q1 Q2 Q3 2026 -69% LTM Reported cash flow, SEKm Underlying quarterly cash conversion % 92%85% Underlying cash flow, SEKm 190 289 +23 Disc. Ops +Expin Q3’26 underlying Group -104 Industrial services +100 Industrial products +30 Consumer 868 +35 Infra- structure +39 Q3’25 Underlying Diab settlement -700 Q3’25 reported +52% 14
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Underlying ROCE improvement 3 4 5 6 7 8 9 10 11 3 4 5 6 7 8 9 10 11 9.1% 5.2% Q3 2024 Q4 Q1 Q2 9.0% 6.3% Q3 2025 Q4 Q1 Q2 9.1% 7.9% Q3 2026 • Diab delivered strong ROCE improvement but also HL Display continued to improve • ROCE decreased year-on-year across all Industrial services companies driven by lower result • The decline in reported ROCE post Q1 25 is mainly attributable to the divestment of Sentia and airteam ROCE % Reported ROCE ROCE excl associated companies 15
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Slight uptick in net debt and leverage 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0.0 0.5 1.0 1.5 2.0 2.5 1.2x Q3 2024 Q4 Q1 Q2 1.6x Q3 2025 Q4 Q1 Q2 1.1x Q3 2026 Net debt excl. leases Leverage reported Leverage adjusted • Slight sequential increase driven by half each • Acquisition of UFO in HL Display • Operational needs especially for Consumer-companies • However, past twelve months have included several positive items of one-off character, in total ~0.8 BSEK → implied leverage of 1.4x Net debt SEKm Leverage Times (x) 16
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Strong adj. EPS growth with accretion throughout P&L EPS SEK (adjusted, diluted Ratos Group Total) 2.46 Q3 2024 Q4 Q1 Q2 2.48 Q3 2025 Q4 Q1 Q2 3.83 Q3 2026 0.40 0.05 0.37 1.64 0.43 0.37 0.67 1.97 0.83 +96% LTM MSEK Q3 2026 Q3 2025 Δ Adj. EBIT 450 343 +31% Net financial items -101 -109 +7% Adj. pre-tax profit 349 234 +49% Taxes -22 -52 +58% Adj. net profit 327 182 +80% Non-controlling interest -54 -49 -10% Profit for the period (Owners of the parent) 273 133 +105% Adj. EPS 0.83 0.43 +96% Effective tax rate % excl. associates (reported) 12% 15% P&L continuing operations 17
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26-10-23 Delivering profitable growth and executing on our 2030-strategy Improved performance in almost all portfolio companies Robust financial position enabling add-ons and organic investments in our portfolio companies Continued focus on add-on acquisitions in our platform companies and external competences added to company boards PICTURE HL Continued healthy demand in Product & Infrastructure, while our Service companies continue to face subdued market conditions 18
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Q&A
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26-10-23 Title 20 Thank you!
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Click to edit Master title style Appendix
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Portfolio companies – YTD 2026 vs YTD 2025 Organic growth Adj. EBITA margin ROCE¹ Company YTD 26 YTD 25 YTD 26 YTD 25 Δ pp YTD 26 YTD 25 Δ pp Industrial products Diab +12% +8% 14.0% 9.6% ▲ +4.4 16.6% 7.4% ▲ +9.2 HL Display +4% −2% 13.7% 13.8% ▼−0.1 21.0% 20.6% ▲ +0.4 LEDiL +2% −4% 15.2% 14.9% ▲ +0.3 5.0% 5.3% ▼−0.3 Industrial services Aleido −5% −5% 12.8% 11.4% ▲ +1.4 8.4% 8.7% ▼−0.3 Knightec Group -0% −3% 7.2% 8.0% ▼−0.8 5.9% 7.2% ▼−1.3 Speed +22% −5% −2.1% 4.0% ▼−6.1 −2.2% 3.4% ▼−5.6 TFS +12% −5% 4.0% 5.1% ▼−1.1 16.7% 18.9% ▼−2.2 Infrastructure Presis Infra +8% −1% 10.8% 11.1% ▼−0.3 13.5% 14.1% ▼−0.6 Non-core companies KVD Group −3% +4% 6.7% 6.9% ▼−0.2 10.3% 11.4% ▼−1.1 Oase Outdoors +15% −9% 20.5% 18.6% ▲ +1.9 11.4% 7.6% ▲ +3.8 Plantasjen +3% −5% 10.6% 10.5% ▲ +0.1 4.7% 0.9% ▲ +3.8 Ratos Group excl. associates +4% −2% 9.3% 8.6% ▲ +0.6 7.9% 6.3% ▲ +1.5 ¹ Excl. cash for portfolio companies, Ratos Group incl. cash 22