Ratos is a long-term, active investment company that develops Nordic companies with the ambition of creating sustainable shareholder value.
Through a balanced portfolio, clear financial discipline and selective add-on acquisitions, we strengthen our core holdings and build profitable companies over time.
A long-term Nordic investment company with a sector-neutral investment model
Ratos is a long-term investment company focused on value-creating ownership in Nordic companies, through both majority and minority holdings. The investment model is sector-neutral, with a primary focus on companies within industry and infrastructure-related services and products. The ownership strategy is characterised by active engagement, flexibility in ownership structure and a clear focus on long-term value growth.
Efficient and disciplined capital allocation
Ratos's overarching objective is to maximise shareholder value through disciplined and efficient capital allocation. We continuously evaluate how capital can most effectively be allocated to the portfolio companies with the greatest long-term value creation potential.
A balanced and resilient portfolio
A balanced portfolio of listed and unlisted companies creates risk diversification, financial flexibility and favourable conditions for active company development in line with Ratos's overall strategy.
Value-creating add-on acquisitions as a growth driver
Add-on acquisitions are a key tool for accelerating growth and strengthening core holdings through, for example, technology additions, capability enhancement and geographic expansion. All acquisitions are evaluated against clear return requirements and must contribute to increased long-term value creation.
Financial targets
2028 targets
Organic and acquired, excluding currency effects
Baseline 2025: SEK 13.3bn
Target to be achieved during the period
Baseline 2025: 8.7%
Target to be achieved during the period
Baseline 2025: 8.3%
Aggregate target for majority core companies 2026–2028
Longer term
Net debt / EBITDA
Baseline 2025: 1.4x
30-50% of earnings per share on average annually
2022-25: 52%
Ratos total
As an investment company focused on long-term value growth, our overarching objective is to maximise shareholder returns through disciplined and efficient capital allocation. We continuously review the portfolio and adjust our holdings based on return potential, risk and capital commitment.
Clear financial targets and a disciplined investment process ensure that capital is allocated where it has the best conditions to create long-term value. This enables a more focused Ratos with strengthened core holdings, stable cash flows and balanced leverage – creating the conditions for sustainable growth and long-term value creation.
The Ratos share shall be characterised by steadily increasing dividends over time, linked to growing earnings and a stable financial position. The Board considers that a dividend pay-out ratio of 30–50 percent of profit after tax attributable to the parent company's owners appropriately reflects these conditions.
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