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Ratos (RATO) investor relations material

Ratos Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary16 Feb, 2026

Executive summary

  • 2025 was a transformative year marked by strategic milestones, including the sale of Airteam, listing of Sentia, and divestment of Expin Group, streamlining the business focus.

  • Major add-on acquisition of Deinzer by HL Display and operational restructuring in Plantasjen were completed.

  • Macroeconomic and geopolitical uncertainty negatively impacted demand, but Q4 saw gradual improvement in net sales, especially in defense and energy sectors, with several large orders secured.

  • Significant structural changes in Plantasjen led to a more stable but smaller operation, with a goodwill impairment of 1,049 MSEK.

  • Gustaf Salford was appointed CEO as of December 1, 2025.

Financial highlights

  • Q4 organic growth for continuing operations was 3%; Q4 net sales were SEK 4,683m, and full-year net sales declined by 1%.

  • Q4 Adjusted EBITA rose 57% year-over-year to SEK 346m; full-year Adjusted EBITA up 17% to SEK 1,931m.

  • Adjusted EPS (diluted) for 2025 rose 19% to SEK 2.80; reported EPS: 6.46 SEK.

  • Proposed dividend of SEK 1.40 per share, representing 50% payout ratio.

  • Underlying cash flow improved 67% year-over-year in Q4, with strong cash conversion.

Outlook and guidance

  • Continued macroeconomic and geopolitical uncertainty expected to impact markets in 2026.

  • Order backlog and major contracts provide confidence for 2026, with a focus on profitable growth and operational improvements.

  • Cautiously positive outlook for 2026, supported by satisfactory underlying results despite a hesitant market.

Plantasjen impairment: future impact on valuation?
Sentia shares: impact on Ratos's financial flexibility?
Portfolio changes: alter Ratos's growth profile?
Why is Presis Infra a core platform, not divested?
When will Speed's automation investments yield results?
What drives the Industrial Services margin decline?
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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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