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Ratos AB
(RATO.B)
Ratos AB (RATO.B) vs. iShares MSCI Sweden ETF (EWD)
Ratos AB Business Overview & Revenue Model
Ratos AB Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.83B | 32.12B | 33.75B | 29.88B | 22.55B |
| Gross Profit | -1.32B | 13.96B | 14.64B | 11.69B | 9.11B |
| EBITDA | 1.81B | 3.23B | 5.19B | 2.91B | 2.65B |
| Net Income | -683.00M | 249.00M | 1.22B | 548.00M | 2.64B |
Balance Sheet | |||||
| Total Assets | 27.89B | 34.54B | 36.13B | 37.17B | 28.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.14B | 2.19B | 2.36B | 2.53B | 2.23B |
| Total Debt | 7.92B | 9.00B | 10.43B | 13.04B | 8.03B |
| Total Liabilities | 12.45B | 19.78B | 21.68B | 23.39B | 15.06B |
| Stockholders Equity | 13.31B | 12.27B | 12.31B | 12.29B | 11.94B |
Cash Flow | |||||
| Free Cash Flow | 1.90B | 3.16B | 4.04B | 1.03B | 1.03B |
| Operating Cash Flow | 2.29B | 3.44B | 4.28B | 1.43B | 1.45B |
| Investing Cash Flow | -479.00M | -972.00M | -542.00M | -4.26B | -258.00M |
| Financing Cash Flow | -2.76B | -2.62B | -3.80B | 2.99B | -2.23B |
Ratos AB Technical Analysis
Ratos AB Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr6.49B | 6.12 | ― | 6.23% | -0.22% | -58.80% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | kr7.16B | 37.43 | 15.16% | ― | 11.30% | -14.49% | |
63 Neutral | kr9.17B | 12.56 | 11.24% | 2.18% | 4.72% | -38.28% | |
63 Neutral | kr5.13B | -35.16 | 7.55% | 0.79% | -25.75% | -27.25% | |
56 Neutral | kr11.43B | -18.24 | 6.59% | 3.70% | -22.65% | -14.05% | |
53 Neutral | kr15.79B | -3.91 | -23.18% | 1.13% | 22.38% | -153.85% |
Ratos AB Corporate Events
Ratos-owned HL Display, a Stockholm-based global provider of in-store merchandising and communication solutions for food and non-food retailers and branded goods suppliers, operates in over 70 countries with installations in 350,000 stores and seven production sites worldwide. The company employs around 1,500 people, generates approximately 3 billion SEK in net sales, and has actively strengthened its market position through a series of add-on acquisitions, while Ratos AB serves as its majority owner within a broader Nordic-focused industrial group.
HL Display has appointed Jonas Magnusson as its new CEO, succeeding long-serving chief executive Björn Borgman no later than May 1, 2026, with CFO Claire Blackadder acting as interim CEO from March 1 until his arrival. Magnusson’s extensive background in global consumer goods, B2B retail solutions, innovation, digitalization, and M&A-driven expansion is expected to support HL Display’s growth ambitions and further scale-up, reinforcing its strategic focus on tech-enabled retail solutions and consolidating its competitive position in the global merchandising market.
Chairman Anna Vilogorac highlighted Magnusson’s track record in driving growth and profitability as closely aligned with HL Display’s future direction, while also crediting Borgman for a decade of leadership culminating in the company’s largest add-on acquisition, Deinzer. The smooth transition plan and leadership continuity signal stability for employees, customers, and owner Ratos, suggesting that HL Display will continue to pursue strategic expansion and innovation in support of retailers and brands seeking improved shopper experiences and operational efficiency.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos reported a mixed 2025, with continuing operations delivering adjusted EBITA of SEK 1,931m, up 17%, and a stronger adjusted EBITA margin, despite a 6% decline in net sales and heavy non-cash goodwill impairments, mainly in the Plantasjen unit. For the full group, operating profit nearly doubled to SEK 3,331m, supported by capital gains from the divestments of Sentia and airteam, while the board proposed a slightly higher dividend of SEK 1.40 per share, signaling confidence in underlying earnings.
The fourth quarter was marked by substantial restructuring, including extensive changes at Plantasjen, the planned divestment of Expin Group and a signed acquisition by portfolio company HL Display, all aligned with management’s push towards a more focused portfolio. Leadership transition also continued, with Gustaf Salford taking over as CEO on 1 December, as Ratos seeks to balance near-term losses driven by impairments with stronger adjusted profitability, lower leverage and an active portfolio rotation strategy that could reshape its earnings profile in coming years.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos has agreed to divest the operational business of Expin Group, including its Elektrosignal Infra and Ratatek units that specialise in electrification and signalling and telecommunication systems for rail infrastructure in Sweden and Finland, to Norwegian railway contractor Baneservice. The move is presented as a step in the continued streamlining of Ratos’ portfolio towards value creation, although it will result in an estimated non-cash negative impact of about SEK 800 million on operating profit in the fourth quarter of 2025, partly offset by expected cash proceeds of SEK 50–70 million, with completion targeted for the second quarter of 2026 subject to regulatory approvals.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos has announced that it will publish its Year-end Report for 2025 on 16 February, followed by a same-day presentation led by President and CEO Gustaf Salford and CFO Anna Vilogorac. The company will host the briefing via audiocast and teleconference, with presentation materials and a recorded version later made available on its website, underscoring Ratos’s efforts to maintain transparent communication with investors and other stakeholders around its financial performance and strategic progress.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos’s nomination committee has proposed that the 2026 Annual General Meeting elect six ordinary Board members without deputies, recommending the re-election of current Chairman Per-Olof Söderberg along with existing directors Tone Lunde Bakker, Gunilla Berg, Mats Granryd, Cecilia Sjöstedt and Jan Söderberg. The proposal, prepared by a nomination committee comprising major shareholder representatives and the Board Chairman, signals a desire for continuity in the company’s governance and strategic direction, with the full slate to be formally presented in the official AGM notice.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos will host its Capital Markets Day on 19 March 2026 at the IVA Conference Center in Stockholm, where CEO Gustaf Salford, CFO Anna Vilogorac and representatives from several portfolio companies will brief institutional investors, analysts and financial media on the group’s performance, strategy and financial targets. By concentrating information-sharing in this in-person event, without a live webcast but with presentations to be published afterwards online, Ratos is signalling an emphasis on direct engagement with key capital-market stakeholders as it seeks to strengthen transparency and support for its strategic direction across its diversified Nordic operations.
The most recent analyst rating on ($SE:RATO.B) stock is a Buy with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Aibel has secured major framework agreements with Equinor, estimated at NOK 20 billion over an initial five-year term, reinforcing its leading role in maintenance and modifications on the Norwegian continental shelf and covering a wide portfolio of onshore and offshore installations, as well as extended modification projects. The contracts, which are set to be signed later in January, are expected to provide substantial workload and a stable platform for further development of Aibel’s technology, organisation and infrastructure, strengthening both the company’s strategic collaboration with Equinor and the value proposition of its owners, including Ratos, in the energy transition and offshore services market.
The most recent analyst rating on ($SE:RATO.B) stock is a Hold with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
HL Display, the in-store merchandising specialist majority-owned by Ratos, has agreed to acquire Germany-based Deinzer Holding GmbH, a premium provider of custom, multi-material point-of-sale display solutions with €30 million in annual turnover and 180 employees. The deal, which remains subject to competition authority approval expected in early 2026, will significantly strengthen HL Display’s bespoke offering and create a hub for permanent, custom-made display solutions in Germany and Central Europe, reinforcing its position as a leading European supplier and supporting Ratos’s broader growth strategy in retail-focused industrial businesses.
The most recent analyst rating on ($SE:RATO.B) stock is a Hold with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos-owned Plantasjen Group, the leading Nordic plants and gardening retailer, has appointed retail veteran Are Ellingsve as its new CEO effective 1 April 2026, succeeding outgoing chief executive Jesper Lien, who will leave the company at year-end 2025. Current CFO Nils Eriksson will serve as acting CEO during the transition period from January to March 2026, and Plantasjen’s chair, Katarina Grönwall, highlighted Ellingsve’s track record in driving growth and profitability and his mandate to further strengthen the chain’s market position and advance its long-term strategic plan, building on the stronger financial footing established under Lien’s six-year tenure.
The most recent analyst rating on ($SE:RATO.B) stock is a Hold with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.
Ratos AB has appointed Johan Ekener as the new CEO of KVD, succeeding Jan Krepp. Ekener, who has held various roles within the Ratos Group, is expected to leverage his strategic expertise and leadership skills to drive KVD’s next phase of growth. KVD, a leading online marketplace for vehicle valuation and brokerage in Sweden, is poised for new opportunities under Ekener’s leadership, following a successful restructuring process under Krepp that enhanced profitability.
The most recent analyst rating on ($SE:RATO.B) stock is a Hold with a SEK43.00 price target. To see the full list of analyst forecasts on Ratos AB stock, see the SE:RATO.B Stock Forecast page.