Annual and Sustainability Report 2025

2025 was a year of continued steps towards a more value-creating Ratos. We improved profitability and streamlined the portfolio despite a cautious market — placing us in a stronger position heading into 2026.

Ratos delivered an adjusted EBITA margin of 10.3 percent, up from 8.2 percent in the previous year. The earnings performance was driven by increased demand and important customer contracts within Construction & Services and Consumer, although the companies with consulting operations were negatively impacted by a continued cautious market. Through active ownership measures, we strengthened portfolio quality, reduced leverage and improved operational efficiency. During the year, our climate targets were also validated by the Science Based Targets initiative, and shortly after the year-end, Aibel was awarded a framework agreement worth up to NOKm 20,000, a record for the company.

The growth and improved results in the fourth quarter, together with our efficiency initiatives, provide us with a solid platform heading into 2026. On 5 May, Ratos turns 160 years old and we enter this anniversary year with increased momentum and a clear focus on profitable growth and continued value creation for our shareholders.