Long-term active ownership
Ratos has returned to being a long-term investment company with both majority and minority holdings in Nordic companies. We have financial targets that support profitable and capital-efficient growth to maximise long-term shareholder value through active ownership and value creation in our portfolio companies. The new strategy is to be implemented over the period 2026–2028, with the aim of building a more focused Ratos, driving profitable and capital-efficient growth through organic development and add-on acquisitions, and strengthening our ways of working.
Portfolio structure
Ratos is a Swedish listed long-term investment company that owns both majority and minority holdings in Nordic companies. Our portfolio consists of 13 companies, each operating under its own brand and with its own board and management. Ratos is a long-term and active owner that drives value creation over time.
Core companies – Majority holdings
Platform companiesPlatform companies are defined by strong market positions, attractive long-term market dynamics, and opportunities for add-on acquisitions.
Core companies – Majority holdings
Companies to developPortfolio companies with strong market positions and clear potential for organic growth. The aim is to develop these companies into new platform companies through active ownership.
Core companies – Minority holdings
Listed and unlistedThe holdings serve as a source of stable cash flow. Dividends generated across business cycles are used to reinvest in the broader portfolio or to distribute to shareholders.
Non-core companies
Consumer-facing companies that are being divested in a controlled manner to free up resources for the company’s core areas.
Share of holdings 2025, %
Share of market cap 2025, %
Share of net sales 2025, %
Strategic targets
During the period 2026–2028, Ratos will continue its work to focus the portfolio and identify attractive markets and sub-segments. After 2028, opportunities will open for new investments in both new majority and minority holdings. The long-term ambition is that by 2030, Ratos will be exposed to attractive markets with lower seasonality and high earnings quality.
Build a more focused Ratos
Ratos continues to focus its portfolio and employs a sector-neutral investment model with a primary focus on Nordic companies in the industrial and infrastructure sectors. The emphasis is on value creation in standalone companies within Ratos's core portfolio.
The investment scope is being broadened beyond unlisted, majority-owned companies to also include unlisted minority holdings and minority holdings in listed companies.
Drive profitable and capital-efficient growth through organic initiatives and add-on acquisitions
By prioritising earnings quality, returns and organic growth, Ratos will strengthen underlying performance, whilst an increased pace of add-on acquisitions within the platform companies will be combined with disciplined capital allocation for continued value creation.
Develop Ratos's ways of working
A central objective in Ratos's strategy is to continue developing our ways of working. As an investment company, we should focus on active ownership through the Boards of Directors. Ratos is also strengthening its governance by adding more industry experts to the Boards. We will further strengthen our corporate governance to ensure disciplined capital allocation that maximises value creation and shareholder returns.
From 2027, Ratos will report Net Asset Value (NAV) per portfolio company, providing a clear and consistent valuation picture.
Financial targets
2028 targets
Organic and acquired, excluding currency effects
Reference 2025: SEK 13.3bn
Target to be achieved during the period
Reference 2025: 8.7%
Target to be achieved during the period
Reference 2025: 8.3%
Aggregate target for majority core companies 2026–28
Longer term
Net debt / EBITDA
Reference 2025: 1.4x
30-50% of earnings per share on average annually
2022-25: 52%
Ratos total
Towards Ratos 2030
Streamlining to industry, infrastructure and add-on acquisitions
Develop and grow core companies and add-on acquisitions
Long-term ambition
- De-risk and focus the portfolio
- Divest non-core companies
- Maximise long-term shareholder returns through active ownership and value creation in our companies
- Exposure to attractive markets, with reduced seasonality and with high earnings quality
- Add-on acquisitions in current platform holdings
- Focus on synergistic add-ons with attractive multiples
- Identification of attractive markets and sub-segments
- Opportunity to invest in both majorities and minorities
- New platform acquisition or substantial minority investment in companies aligned with Ratos’s mission
How Ratos invests
Ratos is sector-neutral with a natural focus on industry and infrastructure, markets where the company has deep experience and where it believes it creates the most value as an owner. Ratos holds both majority and minority ownership, in both unlisted and listed companies, and supports its companies over the long term. The company's strength lies in being an active owner with the right mix of internal expertise and industry knowledge represented on each company's Board, rather than a passive capital allocator.
To ensure that capital is allocated where it creates the most value, each company is monitored against three financial metrics: revenue growth, EBITA margin and return on capital employed (ROCE). Together, these provide a balanced view of growth, profitability and capital efficiency, and form the basis of Ratos's financial targets for the core companies.
