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Ratos (RATO) investor relations material
Ratos Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved organic growth of 1.3% in subdued markets, with margin expansion and lower volatility in cash flows and EBITA, driven by strategic focus on Industry and Critical Infrastructure.
Major strategic changes included divesting Airteam and listing Sentia, reducing construction industry exposure and strengthening the balance sheet.
Operational improvements and restructuring, especially in Plantation/Plantasjen, led to higher profit margins and stability despite lower sales due to store closures.
Strong financial position maintained, with significant capital gains and a more resilient business structure.
Entered H2 2025 with positive momentum and financial flexibility.
Financial highlights
Net sales for continuing operations were SEK 5,594m (Q2), down 7% year-over-year; organic growth was 1.3%.
Adjusted EBITA margin for continuing operations improved to 15.5%, up 3.5 percentage points from previous structure.
Group capital gains of SEK 2.8bn from Airteam and Sentia divestments, boosting diluted EPS.
Cash conversion exceeded 100%, with strong contributions from Expin Group and KVD.
Adjusted leverage for the quarter was 1.7x, up from 1.2x in Q2 last year, with reported leverage favorably impacted by capital gains.
Outlook and guidance
Management expects continued focus on operational improvements and organic growth, with no forecast for significant market improvement in Q3 due to ongoing uncertainty.
Plantation/Plantasjen is targeting a mid-single-digit margin for the full year, supported by cost savings, though weather remains a risk factor.
All capital allocation options, including M&A, buybacks, and dividends, remain under consideration as the current three-year strategy concludes.
Positive momentum expected for H2 2025, with continued financial flexibility and resilience.
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