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Ratos (RATO) investor relations material
Ratos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Earnings and profitability increased despite subdued and uncertain market conditions, driven by efficiency initiatives and cost control, with early signs of improvement emerging. 
- Net sales for Q3 2025 were SEK 4,165m, down 9% year-over-year, while adjusted EBITA rose 31% to SEK 373m. 
- Profit for the period reached SEK 444m, compared to a loss of SEK 219m in Q3 2024. 
- Positive non-recurring items, notably a SEK 300m arbitration award related to Diab, boosted results. 
- Product solutions segment delivered strong performance and organic growth, while industrial services and construction/services faced challenges. 
Financial highlights
- Adjusted EBITA rose to SEK 373m from SEK 286m, a 31% increase, with margin improving to 9.0% from 6.2%. 
- Sales declined 9% year-over-year, mainly due to structural changes and negative organic growth. 
- Adjusted EPS increased to 0.43 from 0.05 year-over-year. 
- Cash flow from operations improved to SEK 868m from SEK 277m, more than tripling year-over-year. 
- Operating profit was SEK 606m, up from a loss of SEK 25m in Q3 2024. 
Outlook and guidance
- No formal forecast provided; management notes no deterioration in underlying market sentiment for infrastructure, with early signs of recovery and continued focus on operational improvements. 
- Consumer confidence is showing signs of improvement, and defense sector demand remains strong. 
- Automotive consultancy demand remains weak, but stabilization is expected early next year. 
- Market uncertainty and subdued demand are expected to persist, but ongoing efficiency measures are anticipated to support profitability. 
Next Ratos earnings date

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