Q4 2025 Ratos AB Earnings Call Transcript
Key Points
- Ratos AB (STU:RAZB) achieved a 57% increase in adjusted EBITDA for Q4 compared to the previous year.
- The company reported a 19% increase in earnings per share for 2025, supported by improved earnings and a lower effective tax rate.
- Ratos AB (STU:RAZB) secured major orders in Q4, including a five-year framework agreement for Aibel valued at approximately SEK20 billion.
- The company completed a significant add-on acquisition in HL Display, marking the largest acquisition in HL Display's history.
- Ratos AB (STU:RAZB) proposed a dividend of SEK1.3 per share for 2025, which is at the upper end of their dividend payout ratio range.
- The macroeconomic and geopolitical uncertainty negatively impacted overall demand in most segments during 2025.
- Organic net sales for the full year 2025 decreased by 1%, with the consumer segment experiencing a 4% decline in Q4.
- Industrial Services saw a 44% decrease in EBITDA year-over-year due to weaker performance among consultancy companies.
- The divestment of Expin Group resulted in a negative impact of minus SEK800 million on reported results.
- The company faced challenges in the automotive segment, impacting profitability in the Industry segment.
Good morning, everyone, and thank you for listening in to the Ratos Q4 call. I will start by giving some highlights for the full year 2025, an important and eventful year for Ratos. The year change with several strategic milestones that created a more focused and streamlined company. I'll give you some examples.
The sale of airteam, a supplier of technical ventilation solutions in the beginning of the year. The listing of our construction company Sentia the Oslo Stock Exchange in June. Since then, the share price of Sentia increased more than 30%, and last Friday, Sentia proposed a dividend of SEK5.5 corresponding to a dividend percent of 96%.
Diab has continued its focus towards more advanced materials and applications into new industry segments such as subsea and defense. And we finalized the year with a major add-on acquisition in HL Display of the German player Deinzer, the largest acquisition in HL Display's history. 2025 also came with challenges that required operational improvement projects in some of our companies, but also
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