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Visual31 Oct 2025
Three decades of Rolls-Royce
Ratos (RATO) investor relations material
Ratos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
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.
Diab PET capacity reduction: long-term impact?
Drivers for adjusted leverage increase to 1.6x?
Plantasjen: Sustainability of margin improvement?
Speed Group automation project impact duration?
Expin's strategy for the weak Finnish market?
M&A focus given strong financial capacity?
XPIN Group: Finnish market impact & outlook?
Knightec synergies: When will they fully impact?
Sentia sale impact on leverage?
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Q4 202516 Feb, 2026
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Frequently asked questions
Ratos AB is a private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions. The firm seeks to invest in the services, business-to-business, manufacturing, specialized retailing, medtech and life science sectors. Within services it invests in areas such as staffing and recruitment agencies, facilities management, rental and leasing of goods and equipment as well as HR services. Ratos AB was founded in 1934 and is based in Stockholm, Sweden.
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