Interim report
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0 Ratos Interim report Q3 2022 Interim report Q3 2026
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1 Ratos Interim report Q3 2026 Interim report January–September 2026 Increased growth and improved earnings in the portfolio Q3 2026 Net sales amounted to SEK 4,427m (4,165), of which organic growth corresponded to 5.9% (-3.5) Adjusted1) EBITA amounted to SEK 480m (373) The adjusted EBITA margin was 10.8% (9.0) Operating profit amounted to SEK 450m (606) and was impacted by items affecting comparability of SEK +263m in the same period last year, mainly due to the outcome of the arbitration regarding Diab Profit for the period amounted to SEK 327m (444) Adjusted diluted earnings per share2) amounted to SEK 0.83 (0.43) Diluted earnings per share amounted to SEK 0.83 (1.20) Cash flow from operating activities amounted to SEK 270m (868) and was impacted by items affecting comparability of SEK +700m in the same period last year, mainly due to the outcome of the arbitration regarding Diab January–September 2026, continuing operations Net sales amounted to SEK 14,626m (14,231), of which organic growth corresponded to 4.1% (-2.3) Adjusted1) EBITA amounted to SEK 1,885m (1,586) The adjusted EBITA margin was 12.9% (11.1) Operating profit amounted to SEK 2,157m (1,874) and was impacted by items affecting comparability of SEK +362m (+380), mainly due to the divestment of shares in Sentia and insurance compensation received Profit for the period amounted to SEK 1,671 (1,234) Adjusted diluted earnings per share2) amounted to SEK 3.47 (2.04) Diluted earnings per share amounted to SEK 4.57 (3.23) Cash flow from operating activities amounted to SEK 1,811m (1,847) Significant events during and after the end of the quarter On 21 October, HL Display entered into an agreement to acquire Top Global S.L. The acquisition is expected to be completed in the fourth quarter Financial performance 1) For a reconciliation of adjusted EBITA, see page 30. For definitions, see page 32. 2) Adjusted earnings per share have been adjusted for the majority’s share of the items affecting comparability. The impairment of goodwill had a negative impact on earnings per share for continuing operations for full year 2025. 3) Operating profit and profit for the period for full year 2025 were negatively impacted by items affecting comparability and i mpairment of goodwill which amounted to SEK -1,526m, net. Refer to page 30 for information on items affecting comparability. 4) Leverage has been adjusted for capital gains and items affecting comparability. Q3 Q3 Change Q1-3 Q1-3 Change LTM Full Year Change SEKm 2026 2025 % 2026 2025 % Rolling 2025 % Continuing operations Net sales 4,427 4,165 6% 14,626 14,231 3% 19,227 18,832 2% EBITA, adjusted¹ ⁾ 480 373 29% 1,885 1,586 19% 2,230 1,931 15% EBITA %, adjusted¹ ⁾ 10.8% 9.0% 12.9% 11.1% 11.6% 10.3% EBITA 480 636 -25% 2,246 1,965 14% 2,304 2,023 14% EBITA % 10.8% 15.3% 15.4% 13.8% 12.0% 10.7% Operating profit/loss³ ⁾ 450 606 -26% 2,157 1,874 15% 567 284 99% Profit/loss before tax 349 497 -30% 1,832 1,457 26% 113 -262 143% Profit/loss for the period³ ⁾ 327 444 -26% 1,671 1,234 35% -63 -499 87% - whereof attributable to Owners of the parent 273 395 -31% 1,507 3,873 -61% -236 -679 65% Basic earnings per share, SEK² ⁾ 0.83 1.21 -31% 4.60 3.25 42% -0.72 -2.07 65% Diluted earnings per share, SEK² ⁾ 0.83 1.20 -31% 4.57 3.23 41% -0.72 -2.07 65% Group total Cash flow from operating activities 270 868 -69% 1,811 1,652 10% 2,454 2,294 7% Leverage excl. financial leasing 1.0x 0.6x 0.6x Adjusted leverage excl. financial leasing ⁴⁾ 1.1x 1.6x 1.4x Return on capital employed 9.1% 9.0% 8.9%
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2 Ratos Interim report Q3 2026 CEO comments on performance in the third quarter of 2026 Increased growth and improved earnings in the portfolio The third quarter was characterized by healthy organic growth and a broad improvement in profitability across our portfolio companies. We also continued to develop the companies through organic growth initiatives and add-on acquisitions and by adding stronger industrial expertise to portfolio company boards. Organic growth amounted to 6%, driven by favorable performances in most portfolio companies and continued high activity levels in the defense, industrial and energy sectors. Presis Infra reported double-digit growth supported by strong deliveries under existing contracts and contractual price indexation. Diab reported positive performance across most industrial segments, with particularly strong growth in defense, while continuing to reduce its exposure to the Chinese wind power market in line with its strategy. We also saw early signs of improvement in Knightec Group, where an increase in customer dialogues contributed to a stronger order intake, primarily in the defense and automotive sectors. Our service companies, TFS and Aleido, continued to show negative underlying growth, although the development was positive in certain industry segments such as defense for Aleido. Speeds EBITA continued to be impacted by costs related to a number of major automation projects, which are expected to be fully operational by the end of 2026 and thus gradually contribute to improved profitability. HL Display continued to deliver good organic growth combined with disciplined add-on acquisitions. After the end of the quarter, the company signed an agreement regarding an acquisition in Spain, its third so far this year in as many markets. The combination of organic growth and acquisitions is strengthening the company’s market position and geographic presence. A broad improvement in profitability was noted, with stronger earnings in most of the portfolio companies. Adjusted EBITA increased 29%, with particularly strong contributions from our platform companies. Adjusted earnings per share nearly doubled compared with the same quarter last year and amounted to SEK 0.83. As part of our active ownership approach, we have also continued to strengthen the industrial expertise on our portfolio company boards by recruiting experienced external chairmen. This is an important component of our efforts to support the companies’ continued development and long-term value creation. The quarter was characterized by continued robust development in the product companies, while the service companies continued to be affected by a subdued market. We are entering the last few months of the year with cautiously positive momentum and a robust financial position. Our priorities remain unchanged: improving the companies’ earnings, driving profitable growth and allocating capital to the areas where we see the greatest potential to create long-term shareholder value. Gustaf Salford CEO, Ratos
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3 Ratos Interim report Q3 2026 Ratos performance Q3 2026 1) Return on capital employed for the Group includes cash 2) Consolidated according to the equity method 3) Ratos’ share of Sentia’s result is based on market consensus estimates and is adjusted in the subsequent quarter to reflect actual results 4) Refer to page 30 for information on items affecting comparability Net sales, quarterly and LTM, SEKm, continuing operations Adjusted EBITA, quarterly and LTM, SEKm, continuing operations Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 SEKm 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Core companies Diab 384 365 5% 1.1% 6.5% 50 40 26% 13.0% 10.9% 16.6% 7.4% HL Display 837 707 18% 3.0% 4.1% 124 100 24% 14.9% 14.2% 21.0% 20.6% LEDiL 137 132 4% 4.1% -4.2% 21 19 10% 15.1% 14.3% 5.0% 5.3% Aleido 154 162 -5% -6.9% -6.0% 22 19 15% 14.5% 11.9% 8.4% 8.7% Knightec Group 515 507 2% -0.1% -3.2% 43 35 23% 8.3% 6.9% 5.9% 7.2% Speed 267 222 20% 32.0% -4.2% -2 8 -130% -0.9% 3.6% -2.2% 3.4% TFS 333 310 8% 7.7% 4.7% 15 20 -22% 4.6% 6.4% 16.7% 18.9% Expin Group 186 -100% -7.2% -5 100% -2.4% -11.0% Presis Infra 739 564 31% 20.1% -14.7% 59 28 109% 8.0% 5.0% 13.5% 14.1% Aibel²⁾ 119 90 31% Sentia²⁾ ³⁾ 49 59 -18% Non-core companies KVD 400 384 4% 4.1% -9.5% 33 28 14% 8.1% 7.4% 10.3% 11.4% Oase Outdoors 66 55 20% 18.6% -13.2% -4 -6 29% -6.2% -10.5% 11.4% 7.6% Plantasjen 648 591 10% 2.9% -0.9% -8 -19 59% -1.2% -3.3% 4.7% 0.9% Group costs -40 -44 10% Elimination of internal net sales -55 -20 Group total 4,427 4,165 6% 5.9% -3.5% 480 373 29% 10.8% 9.0% 9.1% 9.0% 263 -30 -30 2% Q3 2026 450 606 -26% 4,165 -101 -109 7% -3% 349 497 -30% 3% -22 -52 58% 6% 327 444 -26% 6% 4,427 ROCE excl cash¹⁾ Finance net Profit/loss before tax Items affecting comparability⁴⁾ Consolidated operating profit Net sales EBITA, adjusted EBITA margin, adjustedOrganic growth Change % Change % Sales bridge Ratos Group Tax Amortisation and impairment of intangible assets in connection with company acquisitions Currency, % Structure, % 2025, SEKm 2026, SEKm Profit/loss for the period Organic growth, % Total, % 4,596 4,683 4,472 5,594 4,165 4,601 4,497 5,703 4,427 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 LTM 286 220 345 867 373 346 417 988 480 0 200 400 600 800 1,000 1,200 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 LTM
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4 Ratos Interim report Q3 2026 Ratos performance January–September 2026 1) Return on capital employed for the Group includes cash 2) Consolidated according to the equity method 3) Ratos’ share of Sentia’s result is based on market consensus estimates and is adjusted in the subsequent quarter to reflect actual results 4) Refer to page 30 for information on items affecting comparability Net sales, LTM, SEKbn, continuing operations Adjusted EBITA, LTM, SEKm, continuing operations Q1-3 Q1-3 Q1-3 Q1 -3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 SEKm 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Core companies Diab 1,274 1,164 9% 11.5 % 8.3% 179 111 60% 14.0% 9.6% 16.6% 7.4% HL Display 2,412 2,152 1 2% 4.1% -1.9% 331 298 11% 13.7% 13.8% 21.0% 20.6% LEDiL 413 418 -1 % 2.1% -3.8% 63 62 1% 15.2% 14.9% 5.0% 5.3% Aleido 502 529 - 5% -5.0% -4.5% 65 60 7% 12.8% 11.4% 8.4% 8.7% Knightec Group 1,737 1,729 0% -0. 3% -2.8% 124 138 -10% 7.2% 8.0% 5.9% 7.2% Speed 764 693 1 0% 22.2% -4.7% -16 28 neg -2.1% 4.0% -2.2% 3.4% TFS 951 865 1 0% 12.1% -5.4% 38 44 -13% 4.0% 5.1% 16.7% 18.9% Expin Group 112 503 - 78% -2.0% -4.8% -10 -35 71% -9.2% -6.9% -11.0% Presis Infra 2,476 2,215 1 2% 7.5% -1.3% 268 245 10% 10.8% 11.1% 13.5% 14.1% Aibel²⁾ 3 59 300 19% Sentia²⁾ ³⁾ 17 0 57 pos Non-core companies KVD 1,170 1,209 -3 % -3.3% 3.5% 78 84 -7% 6.7% 6.9% 10.3% 11.4% Oase Outdoors 383 340 1 2% 15.4% -9.2% 78 63 24% 20.5% 18.6% 11.4% 7.6% Plantasjen 2,612 2,480 5% 2 .9% -5.0% 276 259 6% 10.6% 10.5% 4.7% 0.9% Group costs -116 -130 11% Elimination of internal net sales -180 -65 Group total 14,626 14,231 3% 4 .1% -2.3% 1,885 1,586 19% 12.9% 11.1% 9.1% 9.0% 362 380 -90 - 91 2% Q1-3 2026 2,157 1,874 15% 1 4,231 -325 -418 22% -2% 1,832 1,457 26% 0% -161 -222 27% 4% 1,671 1,234 35% 3% 14,626 Profit/loss before tax Currency, % Finance net Structure, % Tax 2026, SEKm Profit/loss for the period, continuing operations Organic growth, % Total, % Net sales Items affecting comparability⁴⁾ Consolidated operating profit Sales bridge Ratos Group 2025, SEKm Amortisation and impairment of intangible assets in connection with company acquisitions Organic growth EBITA, adjusted EBITA margin, adjusted ROCE excl cash¹⁾ Change % Change % 20.1 20.1 19.7 19.3 18.9 18.8 18.9 19.0 19.2 -0.3% -0.3% -1.6% -2.0% -2.2% -0.4% 0.1% 0.6% 1.4% Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 Growth % 1,631 1,654 1,773 1,718 1,805 1,931 2,003 2,124 2,230 8.1% 8.2% 9.0% 8.9% 9.5% 10.3% 10.6% 11.2% 11.6% Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 EBITA %
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5 Ratos Interim report Q3 2026 Industrial products Q3 Q3 Q1-3 Q1-3 LTM Full Year Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 2026 2025 2026 2025 Rolling 2025 Companies in its entirety Diab 384 365 1,274 1,164 1,693 1,583 50 40 179 111 225 158 HL Display 837 707 2,412 2,152 3,094 2,834 124 100 331 298 420 387 LEDiL 137 132 413 418 539 545 21 19 63 62 66 65 Companies total 1,358 1,204 4,098 3,733 5,326 4,962 195 159 572 471 711 610 Adjusted EBITA margin 14.4% 13.2% 14.0% 12.6% 13.3% 12.3% Net sales Adjusted EBITA Holding 98% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1 -3 LTM Full Year SEKm 2026 2025 20 26 2025 Rolling 2025 Net Sales 384 365 1, 274 1,164 1,693 1,583 EBITA, adjusted 50 40 179 111 225 15 8 Adjusted EBITA margin 13.0% 10.9% 14 .0% 9.6% 13.3% 10.0% Cash flow from op activities 132 791 2 77 851 398 972 Return on capital employed excl cash 16.6% 7.4% 9.4% T he figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 4% -2% Organic growth, % 1% 11% Total, % 5% 9% A global company developing and manufacturing advanced structural core materials and solutions for high-performance applications, supported by more than 75 years of innovation, technical expertise and a strong market position. • Continued strong demand in most segments except wind • Double-digit operating margin and ROCE • Strong underlying cash flow Diab reported organic growth of 1% in the third quarter, driven by higher volumes in several segments, primarily defense. The growth was partially offset by lower sales in the wind power sector in China, followed by the strategic decision to gradually exit the wind power market in China. Adjusted EBITA and the EBITA margin improved due to a favorable segment and product mix. While underlying cash flow was strong, the comparative quarter benefited from a non-recurring effect of approximately SEK 700m due to compensation from arbitration.
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6 Ratos Interim report Q3 2026 Holding 97% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 837 707 2,412 2,152 3,094 2,834 EBITA, adjusted 124 100 331 298 420 387 Adjusted EBITA margin 14.9% 14.2% 13.7% 13.8% 13.6% 13.7% Cash flow from op activities 80 79 246 200 386 340 Return on capital employed excl cash 21.0% 20.6% 20.3% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 15% 10% Currency, % 1% -2% Organic growth, % 3% 4% Total, % 18% 12% Holding 64% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 137 132 413 418 539 545 EBITA, adjusted 21 19 63 62 66 65 Adjusted EBITA margin 15.1% 14.3% 15.2% 14.9% 12.2% 11.9% Cash flow from op activities 15 28 50 61 75 86 Return on capital employed excl cash 5.0% 5.3% 4.8% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 0% -1% Organic growth, % 4% 2% Total, % 4% 1% A global leader in helping stores and brands create attractive, efficient and more sustainable store environments. The offer includes in-store communication, merchandising, displays, customized design and related services. A global leader in secondary optics for LED lighting, from street lighting to retail and offices. The company develops lenses, reflectors and connectivity solutions to control and direct the light from LEDs. Net sales increased 3% organically during the quarter, primarily as a result of price increases as well as major project deliveries. The operating margin was negatively impacted by a less favorable product mix and the acquisition of Deinzer, although this effect was offset by positive currency effects and price increases. In October, HL Display entered into an agreement to acquire Top Global S.L., to strengthen HL Display’s position in Spain. The acquisition is expected to be completed in the fourth quarter. The order intake was positive in the quarter, and organic sales growth amounted to 4%, mainly driven by growth in the indoor segment Demand in LEDiL’s outdoor segment remained subdued, although a gradual improvement was noted during the quarter. Both adjusted EBITA and the adjusted EBITA margin improved as a result of lower operating expenses. • Organic growth of 3%, driven by several geographies and larger projects • Robust earnings and margins, primarily a result of price increases • Third acquisition this year, all three in different geographies • Organic growth of 4%, mainly attributable to growth in the indoor segment • Improved operating profit and operating margin
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7 Ratos Interim report Q3 2026 Industrial services Q3 Q3 Q1-3 Q1-3 LTM Full Year Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 2026 2025 2026 2025 Rolling 2025 Companies in its entirety Aleido 154 162 502 529 677 703 22 19 65 60 82 77 Knightec Group 515 507 1,737 1,729 2,357 2,349 43 35 124 138 178 192 Speed 267 222 764 693 998 926 -2 8 -16 28 -31 13 TFS 333 310 951 865 1,263 1,177 15 20 38 44 57 63 Companies total 1,270 1,201 3,955 3,816 5,295 5,156 78 82 211 270 285 345 Adjusted EBITA margin 6.1% 6.8% 5.3% 7.1% 5.4% 6.7% Net sales Adjusted EBITA Holding 100% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1 -3 LTM Full Year SEKm 2026 2025 20 26 2025 Rolling 2025 Net Sales 154 162 5 02 529 677 703 EBITA, adjusted 22 19 65 60 82 77 Adjusted EBITA margin 14.5% 11.9% 1 2.8% 11.4% 12.1% 11.0% Cash flow from op activities 22 21 60 61 76 77 Return on capital employed excl cash 8.4% 8.7% 8.0% T he figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 2% 0% Organic growth, % -7% -5% Total, % -5% -5% A leader in information lifecycle solutions, bridging the gap between technology and people. With an AI-native platform, domain expertise, and global delivery capacity, Aleido supports customers in transforming technical information into safer operations, higher uptime and better user experiences. Organic sales growth was negative and amounted to -7% for the quarter. A consequence of continued cautious market and delayed customer decision-making. However, the defense industry continued to perform well. Despite lower sales, the EBITA margin improved, mainly as a result of implemented efficiency measures and improved utilization rate. • A cautious market, but relatively strong performance in the defense industry • Improved EBITA margin as a result of implemented efficiency measures
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8 Ratos Interim report Q3 2026 Holding 90% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 515 507 1 737 1 729 2 357 2 349 EBITA, adjusted 43 35 124 138 178 192 Adjusted EBITA margin 8,3% 6,9% 7,2% 8,0% 7,5% 8,2% Cash flow from op activities 20 27 55 113 100 158 Return on capital employed excl cash 5,9% 7,2% 6,6% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 2% 1% Organic growth, % -0% -0% Total, % 2% 0% Holding 70% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 267 222 764 693 998 926 EBITA, adjusted -2 8 -16 28 -31 13 Adjusted EBITA margin -0.9% 3.6% -2.1% 4.0% -3.1% 1.4% Cash flow from op activities 44 -14 100 36 136 72 Return on capital employed excl cash -2.2% 3.4% 1.3% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % -11% -12% Currency, % 0% -0% Organic growth, % 32% 22% Total, % 20% 10% The leading Nordic professional services firm operating where business strategy meets technology development. Helping clients solve complex business challenges by closing the gap between strategy and execution. One of the Nordic region’s leading third-party logistics (3PL) providers, offering solutions for complex logistics and transportation challenges. 3PL services include warehousing and distribution, assembly, production and processing. • Growth with several new customers • Investments in automation projects continued to burden profitability The market was slightly more positive during the third quarter, with signs of increased willingness to invest among certain customers, mainly in the automotive and pharmaceutical sectors. Demand in the defense and energy sectors remained robust. Adjusted EBITA improved compared with last year, supported by the positive utilization rate trend. Cash flow generation was negatively impacted by accrual effects and payments related to previously announced efficiency measures. Organic sales growth in the quarter amounted to 32%, largely driven by internal customers such as Plantasjen. However, this was offset by a structural effect pertaining to the divestment of the staffing operations during the fourth quarter of 2025. Speed’s continued work on a number of major automation projects had a negative impact on the company’s earnings in the quarter. The automation projects are expected to be fully operational towards the end of 2026. Cash flow generation was positively impacted by timing effects. • Marginal improvement in underlying market sentiment • Improved EBITA and EBITA margin, driven by higher capacity utilization
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9 Ratos Interim report Q3 2026 Holding 100% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 333 310 951 865 1,263 1,177 EBITA, adjusted 15 20 38 44 57 63 Adjusted EBITA margin 4.6% 6.4% 4.0% 5.1% 4.5% 5.3% Cash flow from op activities 77 30 95 13 143 61 Return on capital employed excl cash 16.7% 18.9% 16.9% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 0% 0% Organic growth, % 8% 12% Total, % 8% 12% A global contract research organization that partners with biotech and pharmaceutical companies to run clinical trials and advanced new treatments. TFS combines specialist expertise across therapeutic areas such as oncology, neuroscience and ophthalmology with flexible delivery models. The company continued to focus on strengthening its order intake. After the end of the quarter, a major add-on order was received in the Ophthalmology segment. Net sales increased organically during the quarter as a result of a higher share of pass-through revenues, which does not generate any margin. The underlying business declined -8% during the quarter. Adjusted EBITA decreased compared with last year due to lower net sales in the underlying business. • Higher share of pass-through revenue • Focus on strengthening the order intake • Strong cash flow generation
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10 Ratos Interim report Q3 2026 Infrastructure Holding 97% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 739 564 2,476 2,215 3,517 3,255 EBITA, adjusted 59 28 268 245 394 371 Adjusted EBITA margin 8.0% 5.0% 10.8% 11.1% 11.2% 11.4% Cash flow from op activities 67 28 137 95 324 282 Return on capital employed excl cash 13.5% 14.1% 13.5% Order intake 0 0 2,508 2,860 2,496 2,848 Order backlog 8,591 7,996 7,124 The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 0% 0% Organic growth, % 20% 7% Total, % 20% 8% The third quarter is normally weak in terms of order intake. However, the order backlog remained robust at SEK 8.6 billion. Net sales grew 20% organically, mainly supported by contractual indexation for major contracts. Higher net sales contributed to an improvement in adjusted EBITA and the EBITA margin compared with the preceding year. A leading company specializing in critical infrastructure maintenance in Norway and Sweden, contributing to the safety and reliability of essential transport networks. Customers are mainly active in the public sector but also include private sector companies. • Robust order backlog • Organic growth, mainly driven by price • Improved earnings and margins in a seasonally weaker quarter
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11 Ratos Interim report Q3 2026 Minorities Holding 32% Quarterly overview Unlisted holding Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 4,733 4,391 13,787 13,709 18,162 18,084 Profit for the period 237 181 717 601 968 852 - whereof Ratos share¹ 119 90 359 300 484 426 Order intake 4,060 3,371 31,069 9,643 32,468 11,042 The figures represent 100% of the company ¹ Recognized in accordance with the equity method (49.99% ownership interest) Holding Listed holding 30 sep 2026 Number of shares, thousands 30,937 Book value, SEKm 1,670 Share price, NOK 85.40 Market cap, NOKm 2,642 Voting interest, % 30.66 Ownership interest, % 30.66 31% A listed Nordic construction group with a leading position in selected markets. The company builds mainly large, complex projects, such as offices, hotels, hospitals, universities and cultural centers , for both public and private sector clients in Norway and Sweden. A leading engineering, procurement, construction and installation (EPCI) services provider, specializing in designing, building and maintaining platforms and other critical infrastructure in the energy sector. • Positive underlying market sentiment • Strong performance driven by successfully executed project deliveries and expansions of existing projects Market sentiment towards the European energy sector generally improved due to the Middle East conflict. Net sales and earnings improved thanks to successfully executed project deliveries, expansions of existing projects and contributions from maintenance contracts. Won a significant contract by Equinor and its partners, which will employ approximately 250 people and is expected to run until end of 2027. Sentia’s market price has increased more than 50% since its listing in June 2025 and 37% over the year to date. Ratos received a dividend from Sentia in the second quarter of 2026 of approximately NOK 220m, corresponding to Ratos’ share. During the preceding quarter, Ratos sold 9 million shares in Sentia, corresponding to approximately 9% of the share capital and votes. Ratos now has a long-term ownership position and remains the company’s largest shareholder.
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12 Ratos Interim report Q3 2026 Consumer Q3 Q3 Q1-3 Q1-3 LTM Full Year Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 2026 2025 2026 2025 Rolling 2025 Companies in its entirety KVD 400 384 1,170 1,209 1,510 1,549 33 28 78 84 94 100 Oase Outdoors 66 55 383 340 387 344 -4 -6 78 63 53 37 Plantasjen 648 591 2,612 2,480 3,113 2,982 -8 -19 276 259 153 137 Companies total 1,115 1,030 4,164 4,030 5,010 4,875 20 3 432 406 299 274 Adjusted EBITA margin 1.8% 0.3% 10.4% 10.1% 6.0% 5.6% Net sales Adjusted EBITA Holding 100% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1 -3 LTM Full Year SEKm 2026 2025 20 26 2025 Rolling 2025 Net Sales 400 384 1, 170 1,209 1,510 1,549 EBITA, adjusted 33 28 78 84 94 100 Adjusted EBITA margin 8.1% 7.4% 6 .7% 6.9% 6.2% 6.4% Cash flow from op activities 27 26 67 16 5 58 156 Return on capital employed excl cash 10.3% 11.4% 11.0% T he figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % 0% 0% Organic growth, % 4% -3% Total, % 4% -3% After two quarters of declining sales volumes, KVD Bil noted an upturn in the private customer segment. Forsbergs’ volumes continued to grow compared with last year, and the order book remained strong. EBITA increased compared with the year-earlier period, mainly driven by Forsbergs. A leading Nordic player in vehicle sales, offering safe and efficient solutions for buying and selling vehicles. Operations include a digital marketplace for used vehicles as well as the retail sale of new and old motor homes and caravans. Customers are primarily private individuals, but also include companies. • Volume improvement in private customer segment for used cars • Improved earnings and margins
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13 Ratos Interim report Q3 2026 Holding 78% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 66 55 383 340 387 344 EBITA, adjusted -4 -6 78 63 53 37 Adjusted EBITA margin -6.2% -10.5% 20.5% 18.6% 13.6% 10.9% Cash flow from op activities 72 61 72 66 41 36 Return on capital employed excl cash 11.4% 7.6% 7.9% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % -1% -1% Organic growth, % 19% 15% Total, % 17% 15% Holding 100% Quarterly overview Q3 2026 Financial performance Q3 Q3 Q1-3 Q1-3 LTM Full Year SEKm 2026 2025 2026 2025 Rolling 2025 Net Sales 648 591 2,612 2,480 3,113 2,982 EBITA, adjusted -8 -19 276 259 153 137 Adjusted EBITA margin -1.2% -3.3% 10.6% 10.5% 4.9% 4.6% Cash flow from op activities -123 -145 360 -39 384 -15 Return on capital employed excl cash 4.7% 0.9% 3.5% The figures represent 100% of the company Q3 Q1-3 Sales bridge (LOC) 2026 2026 Structure, % 0% 0% Currency, % -4% -1% Organic growth, % 3% 3% Total, % -1% 2% Organic sales growth in the quarter amounted to 3%, primarily driven by a positive trend in the Swedish market compared with the same period last year. EBITA improved compared with the preceding year, mainly due to improved product margins. However, the improvement was partly offset by temporarily higher logistics costs associated with the transition to a new logistics provider. Driven by higher demand and a strong order book at the end of 2025, net sales increased 19% organically compared with the same period last year. The company’s optimization of production costs contributed to a higher gross margin and improved EBITA for the quarter. The focus is now on the 2027 pre-season. Plantasjen is the Nordic region’s leading chain for the sale of plants, flowers and related products. With 90 stores in Norway and Sweden, the chain offers a wide range of plants and products for indoor and outdoor cultivation. A leading and innovative supplier of camping and outdoor equipment. The company develops, designs and sells tents, camping furniture, sleeping bags, camping mattresses and other outdoor equipment. • Organic growth of 19% in a seasonally weak quarter • Improved EBITA margin as a result of cost optimization • Continued sales growth • Favorable gross margin but rising logistics costs
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14 Ratos Interim report Q3 2026 Ratos’ company portfolio – adjusted for Ratos’ holding Net sales, adjusted EBITA, profit for the period and cash flow from operating activities calculated based on the exact share of Ratos’ holding. The information in the table below is presented for supplementary purposes and does not present financial measures defined in IFRS. Q3 Q3 LTM Full Year Q3 Q3 LTM Full Year SEKm 2026 2025 Rolling 2025 2026 2025 Rolling 2025 Diab 374 350 1,663 1,536 49 38 221 154 HL Display 787 601 2,983 2,695 117 86 405 368 LEDiL 88 85 347 350 13 12 42 42 Aleido 154 162 677 703 22 19 82 77 Knightec Group 468 437 2,085 2,035 39 30 158 166 Speed 187 155 698 648 -2 6 -22 9 TFS 333 310 1,263 1,177 15 20 57 63 Expin Group 202 243 639 -6 -8 -34 Presis Infra 716 580 3,430 3,204 57 31 385 365 Aibel 76 58 310 272 Sentia 49 59 229 116 KVD 400 384 1,520 1,549 33 28 97 100 Oase Outdoors 52 43 298 270 -3 -5 37 29 Plantasjen 646 588 3,103 2,968 -8 -19 153 136 Eliminations/Group costs -41 -17 -138 -73 -40 -44 -161 -175 Total 4,166 3,882 18,171 17,701 417 313 1,984 1,689 Change 7.3% 2.7% 33.2% 17.5% Margin 10.0% 8.1% 10.9% 9.5% Q3 Q3 LTM Full Year SEKm 2026 2025 Rolling 2025 Diab 39 258 -123 8 HL Display 84 60 229 211 LEDiL 9 8 26 27 Aleido 15 7 36 25 Knightec Group 15 5 42 24 Speed -10 0 -52 -6 TFS 14 2 51 37 Expin Group -9 -672 -740 Presis Infra 15 -5 182 162 Aibel 76 58 310 272 Sentia 49 59 208 116 KVD 24 21 17 19 Oase Outdoors -4 -5 23 17 Plantasjen -59 -78 -1,138 -729 Group costs 6 16 624 -123 Total 273 395 -236 -679 Change -31.0% -65.2% Margin 6.5% 10.2% -1.3% -3.8% Ratos share (%) Q3 Q3 LTM Full Year SEKm 2026 2025 Rolling 2025 2026-09-30 Diab 129 758 398 943 97.5 HL Display 78 79 364 323 96.8 LEDiL 10 18 48 55 64.3 Aleido 22 21 76 77 100.0 Knightec Group 18 24 88 137 89.8 Speed 31 -10 95 50 70.0 TFS 77 30 143 61 100.0 Expin Group -22 -12 -29 94.8 Presis Infra 64 27 320 278 96.9 KVD 27 26 58 156 100.0 Oase Outdoors 57 48 33 28 78.5 Plantasjen -122 -145 383 -15 99.7 Parent company and central comp -165 -42 344 295 100.0 Total 225 813 2,339 2,360 Change -72.3% -0.9% Profit/loss for the period Cash flow from operating activities Net sales Adjusted EBITA
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15 Ratos Interim report Q3 2026 Financial overview, Ratos Group Net sales and earnings for the Ratos Group, Q3 Net sales in the quarter amounted to SEK 4,427m (4,165), up 6% year-on-year. Organic sales growth was positive and amounted to 5.9%. Currency effects had a positive impact of SEK 125m (3.0%) on net sales. The structural effect amounted to SEK -107m (-2.6%) and was primarily attributable to the divestment of Expin Group as well as the acquisition in HL Display (Deinzer). Adjusted EBITA amounted to SEK 480m (373) for the quarter, up 29%, and the adjusted EBITA margin increased 1.9 percentage points to 10.8% (9.0). The improvement in adjusted EBITA was mainly attributable to strong earnings contributions from the associates Aibel, Presis Infra and HL Display, but was offset by Speed’s weaker performance and a lower contribution to earnings by Sentia, as Ratos’ holding decreased from approximately 40% to about 31% during the period. Adjusted EBITA excluding associates increased 40% compared with the preceding year. Reported earnings (EBITA) for the quarter amounted to SEK 480m (636). The comparative period was positively impacted by non-recurring effects, mainly attributable to the outcome of the arbitration regarding Diab. Net sales and earnings for the Ratos Group, January–September Net sales in the period amounted to SEK 14,626m (14,231), up 3% year-on-year. Organic sales growth was positive and amounted to 4.1%. Currency effects had a positive impact of SEK 44m (0.3%) on net sales. The structural effect amounted to SEK -236m (-1.7%) and was primarily attributable to the divestment of Expin Group as well as the acquisition in HL Display (Deinzer). Adjusted EBITA amounted to SEK 1,885m (1,586) for the period, up 19%, and the adjusted EBITA margin increased 1.7 percentage points to 12.9% (11.1). The improvement in adjusted EBITA was mainly due to strong earnings contributions from associates, especially Sentia. Adjusted EBITA excluding associates increased 10% compared with the preceding year. Positive contributions during the period, mainly from Diab, increased adjusted EBITA by SEK 67m, but were offset by weaker performances, particularly in Knightec Group, as well as the logistics company Speed, which makes major investments in automation. EBITA has been adjusted for items affecting comparability of SEK 362m, mainly due to the divestment of shares in Sentia and insurance compensation received of SEK 200m. Reported earnings (EBITA) in the period amounted to SEK 2,246m (1,965). The comparative period was positively impacted by non-recurring effects, mainly attributable to the outcome of the arbitration regarding Diab as well as other efficiency measures. Net financial items Q3 Net financial items amounted to SEK -101m (-109). Net interest income improved by SEK 13m in the quarter compared with the same period last year, mainly due to lower debt. Net financial items January–September Net financial items amounted to SEK -325m (-418). Net financial items for the year were negatively impacted by exchange rate movements of SEK 39m. Net interest income improved by SEK 95m compared with the same period last year, mainly due to lower interest rates. Tax Q3 The tax expense for the Group amounted to SEK 22m (52) and profit before tax to SEK 349m (497). The effective tax rate for the quarter was 6% (11%). Adjusted for holdings in associates, the effective tax rate was 12% (15%), which is slightly lower than the Group’s nominal tax rate of approximately 20%. The lower effective tax rate for the period was primarily due to the utilization of previously uncapitalized loss carry-forwards. Tax January–September The tax expense for the Group’s continuing operations amounted to SEK 161m (222) and profit before tax to SEK 1,832m (1,457). The effective tax rate for the quarter was 9% (15%). Adjusted for holdings in associates and items affecting comparability (SEK +362m), the effective tax rate was 17% (31%), which is in line with the Group’s nominal tax rate of approximately 20%. Cash flow Q3 Cash flow from operating activities amounted to SEK 270m (868), a change primarily attributable to the payment of approximately SEK 700m last year as a result of the arbitration regarding Diab. Adjusted for this, cash flow from operating activities improved by SEK 103m compared with last year. Cash flow from investing activities amounted to SEK +192m (-96), mainly due to add-on acquisitions. Cash flow from financing activities amounted to SEK -809m (-1,393), primarily as a result of the change in external loans (SEK +597). Cash flow for the period amounted to SEK -731m (-622). Cash flow January–September Cash flow from operating activities amounted to SEK 1,811m (1,652) and was positively impacted by insurance compensation and a dividend from Sentia (SEK +421m) this year. Last year, cash flow from operating activities was impacted by a composition dividend (approximately SEK -200m), discontinued operations (SEK -153m) and the arbitration regarding Diab (approximately SEK +700m). Adjusted for these items, cash flow from operating activities was in line with last year. Cash flow from investing activities amounted to SEK 289m (-229), mainly due to the sale of shares in Sentia (SEK +644m) and add-on acquisitions (SEK -105m). Cash flow from financing activities amounted to SEK -2,259m (-2,646), primarily as a result of the change in external loans (SEK -519m), lower dividends to minorities (SEK +705m); the previous year’s dividends mainly refer to Sentia and airteam, and the net of transactions pertaining to warrants (SEK +115). Cash flow for the period amounted to SEK -158m (-1,223).
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16 Ratos Interim report Q3 2026 Financial position and leverage The Group’s cash and cash equivalents at the end of the period amounted to SEK 1,054m (1,138 at 31 December 2025) and interest-bearing net debt excluding financial lease liabilities totaled SEK 2,462m (3,239 at 31 December 2025). The Group’s leverage excluding financial lease liabilities at the end of the period amounted to 1.0x (0.6x at 31 December 2025). Adjusted leverage excluding finance leases at the end of the period amounted to 1.1x (1.4x at 31 December 2025) excluding capital gains and items affecting comparability. Ratos’ remaining 30.66% holding in Sentia had a market value of SEK 2.7 billion at the end of the period and is not included in the calculation of leverage. The Group’s interest-bearing net debt including financial lease liabilities totaled SEK 6,422m (6,819 at 31 December 2025). The Group’s leverage including financial lease liabilities at the end of the period amounted to 1.9x (1.0x at 31 December 2025). The total translation effect of currency tied to interest-bearing liabilities amounted to SEK 237m, of which SEK -1m related to liabilities to credit institutions and SEK 238m to financial lease liabilities. At the end of the period, the Group’s interest-bearing liabilities to credit institutions amounted to SEK 3,336m (4,126 at 31 December 2025). Ratos’ equity At 30 September 2026, Ratos’ equity (attributable to owners of the parent) amounted to SEK 15,109m (13,308 at 31 December 2025), corresponding to SEK 46 per share outstanding (41 at 31 December 2025). Parent company The parent company’s operating profit amounted to SEK 97m (-135) for January–September, positively impacted by SEK 200m in insurance compensation received. The loss before tax amounted to SEK -127m (-477) and was negatively impacted by an impairment of shares in Group companies of SEK -900m attributable to Plantasjen. In addition, profit before tax was positively affected by the reversal of an impairment loss on an intra-Group receivable of SEK 645m due to a change in the valuation of receivables. The impairment and reversal in the parent company did not impact the Group’s earnings. Cash and cash equivalents in the parent company amounted to SEK 190m (436 at 31 December 2025). The parent company has a related party relationship with its Group companies. For more information, refer to Note 28 in the 2025 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 continuing operations for January– September amounted to SEK 4.60 (3.25) before dilution and to SEK 4.57 (3.23) after dilution. Earnings per share for January–September amounted to SEK 4.60 (11.83) before dilution and to SEK 4.57 (11.70) after dilution. The closing price for Ratos’ Class B shares on 30 September 2026 was SEK 37.20. The total return on Class B shares for the quarter amounted to 2.2%, compared with the performance for the SIX Return Index, which was 10.8%. Number of shares During the third quarter, 125,000 new Class B shares were issued in connection with the exercise of warrants and 32,174 shares were voluntarily converted from Class A to Class B shares. At 30 September 2026, the total number of shares and shares outstanding in Ratos (Class A and B shares) amounted to 327,510,688 and the number of votes to 108,895,466. 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 25 March 2026. In total, 500,000 warrants and 820,000 convertibles were issued. Significant events during and after the end of the quarter On 21 October, HL Display entered into an agreement to acquire Top Global S.L. The acquisition is expected to be completed in the fourth quarter. Interest-bearing net debt and leverage 1), SEKm, Group total 1) Excluding financial lease liabilities Diluted earnings and adjusted earnings per share, SEK, Group total 2,755 2,815 3,6654,126 3,613 3,2393,474 2,267 2,462 0.7x 1.3x 1.5x 0.8x 0.6x 0.6x 0.7x 0.8x 1.0x Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 Leverage 2.83 2.44 2.43 2.36 2.80 3.83 2021 2022 2023 2024 2025 2026 LTM EPS Adjusted EPS
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17 Ratos Interim report Q3 2026 Financial statements Summary consolidated income statement Summary consolidated statement of comprehensive income Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Net sales 4,427 4,165 14,626 14,231 18,832 Other operating income 22 736 305 1,012 1,022 Cost of goods and services sold -1,984 -1,869 -6,541 -6,185 -8,330 Employee benefit costs -1,448 -1,547 -4,691 -4,905 -6,589 Depreciation/amortisation and impairment of property, plant and equipment and intangible assets and right-of-use assets -332 -553 -960 -1,190 -3,131 Other external costs -401 -476 -1,364 -1,472 -2,107 Capital gain/loss from Group companies 0 0 60 -10 9 Capital gain/loss from Associated companies -0 194 33 33 Share of profit/loss from investments recognised according to the equity method 167 149 528 360 544 Operating profit 450 606 2,157 1,874 284 Net financial items¹⁾ -101 -109 -325 -418 -547 Profit/loss before tax 349 497 1,832 1,457 -262 Income tax -22 -52 -161 -222 -236 Profit /loss for the period , continuing operations² ⁾ 327 444 1,671 1,234 -499 Profit/loss for the period, discontinued operations 3,031 3,031 Profit/loss for the period 327 444 1,671 4,265 2,532 Profit/loss for the period attributable to: Owners of the parent 273 395 1,507 3,873 2,130 Non-controlling interests 54 49 164 392 402 Earnings per share, SEK - basic earnings per share 0.83 1.21 4.60 11.83 6.51 - diluted earnings per share 0.83 1.20 4.57 11.70 6.46 Earnings per share from continuing operations, SEK - basic earnings per share 0.83 1.21 4.60 3.25 -2.07 - diluted earnings per share 0.83 1.20 4.57 3.23 -2.07 ¹⁾ See page 31 for a specification of the finance net ²⁾ Profit for the period from continuing operations attributable to the owners of the parent for Q1-Q3 amounts to SEK 1,064m and for Full year 2025 to SEK -679m. Profit for the period from continuing operations attributable to non-controlling interests for Q1-Q3 2025 amounts to SEK 171m and for Full year 2025 to SEK 180m. Q3 Q3 Q1-3 Q1-3 F ull Year SEKm 2026 2025 2026 2025 2025 Profit/loss for the period 327 444 1,671 4,265 2,532 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit pension obligations, net 0 3 9 T ax attributable to items that will not be reclassified to profit or loss -1 0 3 8 Items that may be reclassified subsequently to profit or loss: Translation differences for the period 500 -63 92 4 -443 -582 Change in hedging reserve for the period -22 -0 -8 -117 -116 Tax attributable to items that may be reclassified subsequently to profit or loss -0 -1 -1 3 4 478 -64 915 -556 -6 94 Other comprehensive income for the period 478 -64 918 - 556 -685 Total comprehensive income for the period 805 380 2,588 3 ,709 1,846 Total comprehensive income for the period attributable to: Owners of the parent 674 349 2,266 3 ,446 1,594 Non-controlling interest 131 31 322 26 3 253
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18 Ratos Interim report Q3 2026 Summary consolidated statement of financial position SEKm 2026-09-30 2025-09-30 2025-12-31 ASSETS Non-current assets Goodwill 10,697 11,910 10,170 Other intangible non-current assets 1,505 1,611 1,539 Property, plant and equipment 1,287 1,177 1,177 Right-of-use assets 3,751 3,252 3,277 Financial assets 5,365 5,184 5,343 Deferred tax assets 549 567 476 Total non-current assets 23,154 23,700 21,982 Current assets Inventories 1,733 1,596 1,602 Accounts receivable 2,040 1,990 2,150 Current receivables 1,146 1,489 1,013 Cash and cash equivalents 1,054 891 1,138 Total current assets 5,972 5,967 5,902 Total assets 29,126 29,667 27,885 EQUITY AND LIABILITIES Equity including non-controlling interests 17,505 17,289 15,434 Non-current liabilities Interest-bearing liabilities 6,466 6,963 7,002 Non-interest bearing liabilities 221 361 325 Pension provisions 73 69 64 Other provisions 29 40 33 Deferred tax liabilities 308 344 346 Total non-current liabilities 7,097 7,778 7,771 Current liabilities Interest-bearing liabilities 974 978 920 Non-interest bearing liabilities 3,416 3,490 3,633 Provisions 135 132 127 Total current liabilities 4,525 4,600 4,680 Total liabilities 11,621 12,378 12,451 Total equity and liabilities 29,126 29,667 27,885
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19 Ratos Interim report Q3 2026 Summary statement of changes in consolidated equity SEKm Owners of the parent Non- controlli ng interest Total equity Owners of the parent Non- controlli ng interest Total equity Owners of the parent Non- controlli ng interest Total equity Opening equity 13,308 2,126 15,434 12,270 2,482 14,752 12,270 2,482 14,752 Total comprehensive income for the period 2,266 322 2,588 3,446 263 3,709 1,594 253 1,846 Dividends -458 -154 -612 -442 -858 -1,300 -442 -856 -1,298 Non-controlling interests’ share of capital contribution and new issue 37 37 Conversion of options/convertible loan to shares 3 3 The value of the conversion option of the convertible debentures -1 -1 1 1 1 1 Option premiums -0 -0 -1 -1 -1 -1 Put options, future acquisitions from non- controlling interests 95 56 151 177 417 594 179 440 619 Acquisition of shares in subsidiaries from non- controlling interests 10 -73 -63 -133 -56 -189 -140 -56 -195 Disposal of shares in subsidiaries to non- controlling interests 1 12 13 -23 49 26 -39 51 12 Non-controlling interests at acquisition 5 5 5 5 Non-controlling interests in disposals -45 -45 -309 -309 -308 -308 Non-controlling interests share of dividends from associated companies -116 116 -114 114 -114 114 Closing equity 15,109 2,396 17,505 15,182 2,107 17,289 13,308 2,126 15,434 2026-09-30 2025-09-30 2025-12-31
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20 Ratos Interim report Q3 2026 Summary consolidated statement of cash flows Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Operating activities Operating profit, continuing operations 450 606 2,157 1,874 284 Operating profit, discontinued operations -0 3,047 3,047 Adjustment for non-cash items 119 553 247 -1,895 10 569 1,158 2,404 3,026 3,342 Received dividends from associated companies 542 320 320 Interest and financial items, net -209 -128 -615 -376 -414 Income tax paid -47 -68 -222 -322 -363 Cash flow from operating activities before change in working capital 313 962 2,108 2,649 2,884 Cash flow from change in working capital Increase (-)/Decrease (+) in inventories 34 91 0 98 64 Increase (-)/Decrease (+) in operating receivables 248 121 95 76 131 Increase (+)/Decrease (-) in operating liabilities -325 -307 -391 -1,171 -784 Cash flow from operating activities 270 868 1,811 1,652 2,294 Investing activities Acquisition, group companies -88 -1 -163 -42 -43 Disposal, group companies -12 99 83 71 Disposals, investments recognised according to the equity method -2 30 644 30 30 Investments and disposal, intangible assets/property, plant and equipment -88 -128 -289 -303 -394 Investments and disposal, financial assets -2 3 -2 3 6 Cash flow from investing activities -192 -96 289 -229 -330 Financing activities Non-controlling interests' share of issue/capital contribution 3 37 Transactions regarding options -3 -1 -13 -128 -128 Acquisition and disposal of shares in subsidiaries from non-controlling interests 12 -31 -50 -130 -149 Dividends paid 0 0 -458 -442 -442 Dividends paid, non-controlling interests -8 3 -154 -858 -856 Borrowings 6 407 800 3,255 3,262 Amortisation of loans -503 -1,496 -3,585 -3,537 -3,659 Amortisation of financial lease liabilitities -317 -275 -756 -805 -938 Cash flow from financing activities -809 -1,393 -4,179 -2,646 -2,909 Cash flow for the period -731 -622 -2,079 -1,223 -944 Cash and cash equivalents at the beginning of the period 1,754 1,509 1,138 2,186 2,186 Exchange differences in cash and cash equivalents 31 5 75 -72 -105 Cash and cash equivalents at the end of the period 1,054 891 1,054 891 1,138
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21 Ratos Interim report Q3 2026 Summary parent company income statement Parent company statement of comprehensive income Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Other operating income 3 1 213 43 62 Administrative expenses -34 -44 -115 -177 -236 Depreciation of property, plant and equipment -0 -0 -1 -1 -1 Operating profit/loss -31 -43 97 -135 -174 Impairment of shares in group companies -900 -700 Net financial items¹⁾ 12 22 676 -312 -942 Profit/loss after financial items -19 -21 -127 -447 -1,816 Group contribution, recieved 485 Profit/loss before tax -19 -21 -127 -447 -1,332 Income tax 30 0 61 50 50 Profit/loss for the period 11 -20 -66 -397 -1,281 ¹⁾ See page 31 for a specification of the finance net Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Profit/loss for the period 11 -2 0 -66 -397 -1,281 Other comprehensive income for the period 0 0 0 0 0 Total comprehensive income for the period 11 -20 -66 -397 -1,281
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22 Ratos Interim report Q3 2026 Summary parent company balance sheet Summary parent company statement of changes in equity SEKm 2026-09-30 2025-09-30 2025-12-31 ASSETS Non-current assets Property, plant and equipment 2 3 3 Financial assets 8,155 9,267 8 ,906 Receivables from group companies 2,596 1,469 3,700 Deferred tax assets 361 301 301 Total non-current assets 11,113 11,039 12,909 Current assets Current receivables 35 25 25 Receivables from group companies 1,324 4,051 1,327 Cash and cash equivalents 190 149 436 Total current assets 1,549 4,224 1,788 Total assets 12,663 15,263 14,697 EQUITY AND LIABILITIES Equity 7,492 8,898 8,014 Non-current liablities Interest-bearing liabilities 3,300 4,100 4,100 Convertible debentures 95 102 104 Deferred tax liabilities 2 3 3 Total non-current liabilities 3, 397 4,206 4,207 Current provisions 9 Current liabilities Interest-bearing liabilities, group companies 1,693 1,925 1,985 Interest-bearing liabilities 41 172 74 Non-interest bearing liabilities, group companies 0 0 339 Non-interest bearing liabilities 39 63 69 Total current liabilities 1, 773 2,160 2,468 Total equity and liabilities 12,663 15,263 14,697 SEKm 2026-09-30 2025-09-30 2025-12-31 Opening equity 8,014 9,737 9,737 Comprehensive income for the period -66 -397 -1,281 Dividends -458 -442 -442 Conversion of options/convertible loan to shares 3 The value of the conversion option of the convertible debentures -1 2 2 Deferred tax, conversion option 0 -1 -1 Option premiums -0 -1 -1 Closing equity 7,492 8,898 8,014
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23 Ratos Interim report Q3 2026 Note 1 Accounting principles Ratos’ 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. 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. The Group has changed its internal governance and organisation as of 1 January 2026. Segment reporting was previously based on business areas, where activities were followed up and reported on the basis of overall business segments. From 2026 and onwards, segment information will instead be reported by individual company within the Group. This change reflects the Group’s new strategic direction as an investment company, with governance and follow-up now taking place at the company level. Comparative figures have been restated in accordance with the new division of segments to enable comparability between periods. This change only affects the presentation of segment information and has no impact on the Group’s earnings, financial position or cash flows. The change in operating segments has not resulted in any change in measurement methods or key assumptions. In all other respects, the reporting and measurement principles are unchanged compared with those applied in Ratos’ 2025 Annual Report. The new and revised IFRS standards which came into force in 2026 have not had any material effect on Ratos Group’s financial statements. IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 and takes effect on 1 January 2027. The standard primarily introduces changes to the presentation and disclosure requirements for financial statements. The Group is currently analyzing the impact of the new standard. Note 2 Risks and uncertainties Operations at Ratos Group include inherent risks attributable to both the parent company and the portfolio 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 a number of financial risks to which most of the companies are exposed, primarily related to loans, trade receivables, trade payables and foreign exchange. 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’ 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 measures. Following the goodwill impairment recognized for Plantasjen in the fourth quarter of 2025, the company's recoverable amount was reassessed in the third quarter of 2026. The impairment test, based on value in use, indicated no need for impairment as of the reporting date. However, sensitivity to changes in key assumptions remains high. 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 2025 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 2026, the net value of derivatives (level two) amounted to SEK 4m (-7 at 31 December 2025), of which SEK 6m (1 at 31 December 2025) was recognized as an asset and SEK 2m (8 at 31 December 2025) as a liability. In the statement of financial position at 30 September 2026, the total value of financial instruments measured at fair value in accordance with level three was SEK 226m (362 at 31 December 2025). The change is presented in the table below. Change, level 3 SEKm 2026-09-30 2025-12-31 2026-09-30 2025-12-31 2026-09-30 2025-12-31 Opening balance 31 190 324 968 7 112 Reco gnised in comprehensive income -13 -5 9 -25 -1 Recognised against equity -53 -104 Newly issued/subsequent expenditure 3 -71 Settlements -16 -126 -62 -9 -4 -22 Divestments, Group Companies -27 -505 -10 Closing balance 3 31 218 324 6 7 Synthetic options Call and put options Contingent considerations
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24 Ratos Interim report Q3 2026 Note 4 Acquired and divested companies Acquired companies During the first quarter, HL Display completed its acquisition of Deinzer Holding GmbH, a full-service supplier of custom- made point-of-sale display solutions for retailers and brand suppliers. The total purchase consideration amounted to SEK 119m. During the first quarter, Aleido completed a minor acquisition in India, with a total purchase consideration of SEK 1m. In the third quarter, HL Display completed its acquisition of UFO Plastics and Displays Pty Ltd, an Australian full-service provider of point-of-sale display solutions for brand suppliers and retailers. The total purchase consideration amounted to SEK 99m. The preliminary acquisition analyses for the add-on acquisitions carried out during the period are presented in the table. Divested companies The divestment of Ratatek and ES Infra within Expin Group to Baneservice, Norway’s leading rail operator, was completed on 31 March. TKBM Entreprenad was also divested during the first quarter, which means that the operations within Expin Group have been completely divested. The total purchase consideration amounted to SEK 176m and the capital gain in the period to SEK 57m. The impact on the consolidated statement of financial position and statement of cash flows as a result of the divestments carried out during the period are presented in the table. SEKm Intangible assets 1 Property, plant and equipment 12 Right-of-use assets 26 Deferred tax asset 3 Trade receivables 73 Current assets 81 Cash and cash equivalents 59 Non-current liabilities -33 Current liabilities -162 Net identifiable assets and liabilities 60 Goodwill 162 Purchase price 222 of which, paid in cash 219 of which, contingent consideration 3 Cash in the acquired companies -59 Paid contingent consideration previous acquisitions 3 Effect on Group´s cash and cash equivalents 163 SEKm Intangible assets 107 Property, plant and equipment 33 Right-of-use assets 33 Financial assets 1 Trade receivables 45 Current assets 135 Cash and cash equivalents 75 Non-controlling interest -45 Deferred tax liability -4 Non-current liabilities and provisions -11 Current liabilities and provisions -236 Net assets and liabilities 133 Sales price 176 Cash in the divested companies -75 of which, contingent consideration -3 Effect on Group´s cash and cash equivalents 99 Sales price 176 Net assets (-) and liabilities (+) -133 Transaltion difference 16 Transactions costs -2 Capital gain (+) / loss (-) reported in income statement 57
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25 Ratos Interim report Q3 2026 Divestment of the Construction segment As of the second quarter of 2025, Ratos is reporting the Construction segment as a discontinued operation since airteam was divested in May 2025 and Sentia was listed in June 2025. A specification of the Construction segment’s divested operations and the effect on the consolidated statement of financial position and statement of cash flows for the comparative year is presented in the tables below. Income statement from discontinued operations Cash flow statement from discontinued operations Net assets at time of divestment Assets and liabilities that were part of the discontinued Construction segment are presented below. Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Income 5,555 5,555 Expenses -5,266 -5,266 Profit/loss before tax 289 289 Tax -71 -71 Profit/loss after tax 218 218 Capital gain from divestment of discontinued operations 2,813 2,813 Total profit for the period 3,031 3,031 Profit for the period attributable to: Owners of the parent 2,809 2,809 Non-controlling interests 221 221 Earnings per share, SEK - basic earnings per share 8.58 8.58 - diluted earnings per share 8.47 8.53 Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 Cash flow from operating activities -195 -195 Cash flow from investing activities 12 12 Cash flow from financing activities -1,057 -1,057 Change in cash and cash equivalents -1,240 -1,240 SEKm Q2 2025 Goodwill 2,086 Other intangible non-current assets 36 Property, plant and equipment 20 Right-of-use assets 239 Financial assets 41 Deferred tax assets 50 Current receivables 1,568 Cash and cash equivalents 3,071 Non-controlling interest -309 Non-current interest-bearing liabilities -162 Non-current non-interest bearing liabilities -387 Current interest-bearing liabilities -96 Current non-interest bearing liabilities -4,133 Divested net assets 2,025 Capital gain, excluding transaction costs and translation difference 2,975 Consideration transferred 5,000 Fair value remaining shares in Sentia ASA -1,909 Less: cash in divested operations -3,071 Total effect on cash flow 21
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26 Ratos Interim report Q3 2026 Note 5 Segment reporting Q3 Q3 Q1-3 Q1-3 Rolling Full Year Net sales, SEKm 2026 2025 2026 2025 2026 2025 Diab 384 365 1,274 1,164 1,693 1,583 HL Display 837 707 2,412 2,152 3,094 2,834 LEDiL 137 132 413 418 539 545 Aleido 154 162 502 529 677 703 Knightec Group 515 507 1,737 1,729 2,357 2,349 Speed 267 222 764 693 998 926 TFS 333 310 951 865 1,263 1,177 Expin Group 186 112 503 283 674 Presis Infra 739 564 2,476 2,215 3,517 3,255 KVD 400 384 1,170 1,209 1,510 1,549 Oase Outdoors 66 55 383 340 387 344 Plantasjen 648 591 2,612 2,480 3,113 2,982 Elimination of internal net sales -55 -20 -180 -65 -205 -90 Ratos Group, continuing operations 4,427 4,165 14,626 14,231 19,227 18,832 Q3 Q3 Q1-3 Q1-3 Rolling Full Year EBITA, adjusted, SEKm 2026 2025 2026 2025 2026 2025 Diab 50 40 179 111 225 158 HL Display 124 100 331 298 420 387 LEDiL 21 19 63 62 66 65 Aleido 22 19 65 60 82 77 Knightec Group 43 35 124 138 178 192 Speed -2 8 -16 28 -31 13 TFS 15 20 38 44 57 63 Expin Group -5 -10 -35 -11 -36 Presis Infra 59 28 268 245 394 371 Aibel 119 90 359 300 484 426 Sentia 49 59 170 57 229 116 KVD 33 28 78 84 94 100 Oase Outdoors -4 -6 78 63 53 37 Plantasjen -8 -19 276 259 153 137 Group costs -40 -44 -116 -130 -161 -175 Ratos Group, continuing operations 480 373 1,885 1,586 2,230 1,931 Q3 Q3 Q1-3 Q1-3 Rolling Full Year EBITA %, adjusted 2026 2025 2026 2025 2026 2025 Diab 13.0% 10.9% 14.0% 9.6% 13.3% 10.0% HL Display 14.9% 14.2% 13.7% 13.8% 13.6% 13.7% LEDiL 15.1% 14.3% 15.2% 14.9% 12.2% 11.9% Aleido 14.5% 11.9% 12.8% 11.4% 12.1% 11.0% Knightec Group 8.3% 6.9% 7.2% 8.0% 7.5% 8.2% Speed -0.9% 3.6% -2.1% 4.0% -3.1% 1.4% TFS 4.6% 6.4% 4.0% 5.1% 4.5% 5.3% Expin Group -2.4% -9.2% -6.9% -3.8% -5.3% Presis Infra 8.0% 5.0% 10.8% 11.1% 11.2% 11.4% KVD 8.1% 7.4% 6.7% 6.9% 6.2% 6.4% Oase Outdoors -6.2% -10.5% 20.5% 18.6% 13.6% 10.9% Plantasjen -1.2% -3.3% 10.6% 10.5% 4.9% 4.6% Ratos Group, continuing operations 10.8% 9.0% 12.9% 11.1% 11.6% 10.3%
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27 Ratos Interim report Q3 2026 Note 5, cont. Q3 Q3 Q1-3 Q1-3 Rolling Full Year Operating profit/loss, SEKm 2026 2025 2026 2025 2026 2025 Diab 50 340 177 396 224 443 HL Display 123 99 305 293 393 380 LEDiL 21 19 63 62 66 65 Aleido 18 10 51 42 64 55 Knightec Group 30 11 93 69 90 65 Speed -4 7 -32 27 -52 8 TFS 15 -2 38 17 57 36 Expin Group -5 22 -37 -624 -683 Presis Infra 51 21 244 221 362 340 Aibel 119 90 359 300 484 426 Sentia 49 59 149 57 208 116 KVD 33 28 78 84 94 100 Oase Outdoors -4 -6 78 63 53 37 Plantasjen -9 -21 267 432 -907 -741 Group costs -40 -44 265 -154 57 -361 Ratos Group, continuing operations 450 606 2,157 1,874 567 284
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28 Ratos Interim report Q3 2026 Key figures For definitions, see page 32 Q1-3 Q1-3 Full Year SEKm 2026 2025 2025 Leverage excl. financial leasing 1.0x 0. 6x 0.6x Leverage 1.9x 1.1x 1.0x Equity ratio, % 60.1 58.3 55.3 Return on equity, % -1.7 27.5 15.9 Return on capital employed excl. financial leasing, % 9.7 9.3 9.5 Return on capital employed, % 9.1 9.0 8.9 Return on invested capital, % 8.4 7.0 7.6 Key figures per share ¹⁾ Total return, % 2.2 22.5 26.5 Dividend yield, % 3.7 Market price, SEK 37.20 36.86 38.06 Dividend, SEK 1.40 Equity attributable to owners of the parent, SEK²⁾ 46.13 46.37 40.65 Basic earnings per share, SEK 4.60 11.83 6.51 Diluted earnings per share, SEK 4.57 11.70 6.46 Average number of ordinary shares outstanding: – before dilution 327,415,450 327,385,688 327,385,688 – after dilution 331,859,771 331,662,841 331,607,041 Total number of registered shares 327,510,688 327,385,688 327,385,688 Number of shares outstanding³⁾ 327,510,688 327,385,688 327,385,688 – of which, Class A shares 84,604,886 84,637,060 84,637,060 – of which, Class B shares 242,905,802 242,748,628 242,748,628 ¹⁾ Relates to Class B shares unless specified otherwise ²⁾ Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period ³⁾ After redemption and transfer of Ratos own shares
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29 Ratos Interim report Q3 2026 Reconciliations between alternative performance measures (APM) and IFRS Ratos applies financial measures that are not defined in IFRS but are so-called alternative performance measures (APMs). The alternative performance measures presented are considered to be valuable supplementary information for analysts and other stakeholders for the evaluation and assessment of the Group’s financial performance and position. Ratos’ 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 32 of this report. Net sales, Ratos holding Organic growth 1) For Q3 2025, SEK -128m pertains to Expin Group attributable to discontinued operations and SEK - 118m to Plantasjen attributable to discontinued operations and store closures. For Q1–3 2025, SEK -290m pertains to Expin Group attributable to discontinued ope rations and SEK -488m to Plantasjen attributable to discontinued operations and store closures. For full year 2025, SEK - 290m pertains to Expin Group attributable to dissolved operations and SEK -548m to Plantasjen attributable to dissolved operations and store closures. Adjusted EBITA, Ratos holding Q3 Q3 Full Year SEKm, continuing operations 20 26 2025 2025 Net sales, Ratos Group 4,427 4,165 18,832 Net sales in subsidiaries, holding not owned by Ratos -261 -283 -1,131 Net sales, Ratos holding 4,166 3,882 17,701 Q3 Q3 Q1-3 Q1-3 F ull Year SEKm, continuing operations 2026 2025 2026 2025 2025 Growth Net Sales, % 6% -9% 3% -7% -6% Net sales 4,427 4,165 14,626 14,231 18,832 Acquired net sales 104 85 241 356 389 Effects from change in currency 125 -101 44 -342 -511 Other¹⁾ -246 -778 -838 Net sales, adjusted 4,198 4,427 14,342 14,996 19,793 Divested net sales in the comparison period 211 9 476 27 44 Net sales, adjusted in the comparison period 3,954 4,587 13,755 15,347 20,013 Organic growth 244 -161 586 -351 -220 Organic growth, % 6% -3% 4% -2% -1% Q3 Q3 Full Year SEKm, continuing operations 2026 2025 2025 Adjusted EBITA, Ratos Group 480 373 1,931 EBITA in subsidiaries, holding not owned by Ratos -20 -27 -89 I nvestments recognised according to the equity method -43 -33 -153 Adjusted EBITA, Ratos holding 417 313 1,689
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30 Ratos Interim report Q3 2026 EBITDA, EBITA and operating profit 1) Pertaining to staff and asset-related restructuring 2) Q1–3 2026: Primarily attributable to an R&D grant that Knightec Group received retroactively Cash flow from operating activities, Ratos holding Interest-bearing net debt Q3 Q3 Q1-3 Q1-3 Full Year SEKm 2026 2025 2026 2025 2025 EBITDA, Group total 782 1,159 3,117 6,163 6,513 Discontinuing operations 3,098 3,098 EBITDA, continuing operations 782 1,159 3,117 3,065 3,415 Depreciations and impairment -302 -523 -871 -1,100 -1,392 EBITA 480 636 2,246 1,965 2,023 Capital gain/loss 198 30 37 Reconstruction 176 176 Restructuring¹⁾ -460 -61 -526 -581 Divestment of Expin Group -4 -226 Legal disputes 723 200 723 710 Transactions costs -24 -24 Other²⁾ 29 Adjusted EBITA 480 373 1,885 1,586 1,931 Impairment of goodwill -1,049 Amortisation of intangible assets in connection with company acquisitions -30 -30 -90 -91 -121 Divestment of Expin Group -568 Operating profit/loss 450 606 2,157 1,874 284 Total operating profit impact from the divestment of Expin Group -4 -795 Net financial items -101 -109 -325 -418 -547 Income tax -22 -52 -161 -222 -236 Profit/loss for the period 327 444 1,671 1,234 -499 Profit/loss for the period in subsidiaries, holding not owned by Ratos -11 -16 -35 -62 -27 Investments recognised according to the equity method -43 -33 -129 -108 -153 Profit/loss for the period, Ratos holding 273 395 1,507 1,064 -679 Q3 Q3 Full Year SEKm 20 26 2025 2025 Cash flow from operating activities 270 868 2,294 Discontinued operations 195 Cash flow from operating activities in subsidiaries, holding not owned by Ratos -45 -55 -1 29 Cash flow from operating activities, Ratos holding 225 8 13 2,360 SEKm, Group total 2026-09-30 2025-09-30 2025-12-31 Interest-bearing liabilities, other 3,480 4,454 4,341 Provisions for pensions 73 69 64 I nterest-bearing assets -36 -19 -29 Cash and cash equivalents -1,054 -891 -1,138 Interest-bearing net debt excl. financial leasing 2,462 3,613 3,239 Financial leasing liabilities 3,960 3,487 3,580 Interest-bearing net debt inc. financial leasing 6,422 7,099 6,819
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31 Ratos Interim report Q3 2026 Specification of net financial items Q3 Q3 Q1-3 Q1-3 Full Year S EKm, continuing operations 2026 2025 2026 2025 2025 Interest income 10 8 31% 23 24 -5 % 32 Interest expense -33 -47 30% -120 -2 18 45% -271 Interest expense financial leasing -62 -58 -6% -179 - 178 -1% -234 Net interest -85 -98 13% -277 -37 2 26% -473 Net exchange rate effects -15 -8 -80% -39 -2 9 -36% -48 Other financial items -2 -3 51% -9 -1 7 48% -26 Net financial items -101 -109 7% -325 -4 18 22% -547 Change % Change % Q3 Q3 Q1-3 Q1-3 Full Year S EKm, Parent company 2026 2025 2026 2025 2025 Net interest 22 38 -41% 67 80 - 17% 112 Net exchange rate effects -11 -16 31% -34 -2 6 -32% -38 Other financial items 0 0 71% -2 -9 78 % -13 Impairment/reversal of intra-group receivables 645 -645 Capital loss on intra-group receivable due to reconstruction -357 -357 Net financial items 12 22 -47% 676 -31 2 pos -942 Change % Change %
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32 Ratos Interim report Q3 2026 Definitions Certain of the following performance measures are presented for Ratos’ business group – both for the companies in their entirety (100%) regardless of Ratos’ holding and also presented adjusted for the size of Ratos’ holding in each company. When performance measures are presented adjusted for Ratos’ holdings the performance measure is multiplied by the percentage of the holding. For example: Ratos’ holding amounts to 70% and the company’s EBITA is SEK 100m for the period, EBITA adjusted for Ratos’ holdings then amounts to SEK 70m (70% x SEK 100m). Dividend yield Proposed dividend on ordinary shares expressed as a percentage of the Class B share’s closing price at the period’s last trading day. Total return Price development of Class B shares including reinvested dividends (this year’s paid dividend) on ordinary shares. Return on equity Profit for the period attributable to owners of the parent for the last 12 months divided by average equity attributable to owners of the parent during the five most recent quarters. Return on invested capital Adjusted EBITA less tax paid for the last 12 months as a percentage of average capital invested during the five most recent quarters. Return on capital employed Adjusted EBITA for the last 12 months as a percentage of average capital employed during the five most recent quarters. EBITDA EBITA with depreciation, amortization and impairment reversed (Earnings Before Interest, Tax, Depreciation and Amortization). 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. Sales bridge The sales bridge shows the change in net sales between the reporting periods. The Group’s sales bridge is presented in SEK and includes the effect of translating the Group companies’ net sales into SEK. The sales bridge for each company is presented in local currency. The total of the companies’ sales bridges may therefore differ from the Group’s sales bridge due to currency translation. Invested capital Non-current assets (including goodwill) and working capital. Adjusted EBITA EBITA adjusted for non-recurring items affecting comparability at the business area level. Adjusted EBITA margin Adjusted EBITA expressed as a percentage of net sales. Cash flow from operating activities Includes cash flow from operating profit, dividends received from associates, interest and financial items, income tax paid, and changes in working capital. Order intake The value of projects and contracts received, as well as changes in the value of existing projects and agreements during the current period. Order backlog The value of the remaining unearned project revenue in pending assignments at the end of the period. 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.
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Investor presentation 23 October, 10:00 a.m. CEST https://events.inderes.com/ratos/q3-report-2026 Financial calendar 2027 Year-end report 2026 28 January Interim report Q1 20 April Interim report Q2 16 July Interim report Q3 20 October Stockholm, 23 October 2026 Ratos AB (publ) Gustaf Salford CEO For further information, please contact: Anna Vilogorac, CFO and IR, +46 8 700 17 00 Katarina Grönwall, Vice President Communication & Sustainability, +46 8 700 17 00 This report has not been reviewed by Ratos’ 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 7:30 a.m. CEST on 23 October 2026. Ratos AB (publ) Sturegatan 10, Mailbox 511 SE-114 11 Stockholm Tel: +46 8 700 17 00 www.ratos.com Reg. no. 556008-3585