Good morning, and thank you for joining us today. I will start by taking you through the main events in the quarter, before Anna walks through the financials in more detail.

I would say that overall, Q2 was a strong quarter for Ratos. We delivered profitable growth in what is typically the largest and most important quarter of the year, supported by solid development in our industrial products companies, and signs of stabilization in our industrial services companies.

Net sales increased by 3.4%. Adjusted EBITA came in at 988 million SEK, corresponding to a margin of 17.3%, and an EBITA growth of 14%.

Adjusted earnings per share was 1 krona and 97 öre, an increase of 20% compared to last year. We had a strong cash flow and cash conversion in the quarter, with underlying cash flow growing by 20%, and a cash conversion reaching more than 100%.

During the quarter, we continued to execute on Ratos 2030, the strategy we launched at our Capital Markets Day in March, and I will now highlight the key actions we took in Q2, and how they link to our strategic objectives. Under our strategic objective of building a more focused Ratos, we took several important steps during the quarter.

We reduced our ownership in Svedbergs from 40% to 31%, bringing our stake to a level consistent with our long-term ownership ambition. Svedbergs has been one of Ratos's stronger investments, with an IRR of around 30% over 13 years we have owned and developed the company.

We're also pleased to be able to report that we received 200 million SEK from our M&A insurance linked to the Expin Group transaction, with a positive cash flow effect in the quarter. During the quarter, we have also been focusing on our divestment processes related to our non-core companies.

Turning to our strategic objective of driving profitable and capital-efficient growth, we made progress in several areas during the quarter. Presis Infra received a major order of 964 million Norwegian kroner for Oslo Gardermoen covering a five-year period.

HL Display acquired Ufo Display Solutions, an Australian display company, strengthening the position in the Australian market. Finally, under our objective of develop our ways of working, we continued to strengthen our model as an active and long-term investment company.

One example is our recruitment of external senior leaders and experts as chairs of the boards in selected companies. I would like to welcome Dr.

Holger Rubel as Chair of the Board in Ledil, Lisa Åberg as Chair of the Board in Aleido, and Magnus Håkansson as Chair of Kvd Group. I would now like to move to performance of our companies, which we have categorized, as as core and non-core.

Our core portfolio is where we will concentrate ownership, attention, and capital to drive profitable, capital-efficient growth over time. Turning to our industrial products companies, Diab's strong performance continued in the quarter, delivering 16% organic growth, supported by increased demand from defense customers, and profitability improved on the back of the higher volumes, but combined with lower depreciation.

We also saw a strong development in return on capital employed. HL Display reported 5% organic growth, supported by electronic shelf labeling, or ESL, rollouts.

Margins were impacted by product mix and the Deutenberg acquisition. HL also did their second add-on acquisition in the year by acquiring Ufo Display Solutions, strengthening HL's display on the Australian market.

Ledil delivered 2% organic growth, driven by the indoor business, while the outdoor business continues to face a more subdued market environment. We also saw improved gross and EBITA margins.

Turning to our industrial services company, market conditions continued to be more challenging. Aleido reported a negative -4% organic growth.

The overall market remains cautious, and the main bright spot is increased orders and activity in the defense segment. Aleido has been driving successful efficiency measures that resulted in a strong EBITA development compared to last year.

For Knightec Group, demand stabilized in the quarter, with continued favorable development within the defense customer segment. Knightec Group also worked with reallocation of resources to growth areas and organizational delayering to drive stronger performance going forward.

Speed grew 23% organically from larger new contracts and pricing renegotiations. A big focus for the company is the rollout of the automation project that impacted profitability in the quarter, but we saw a sequential EBITA improvement from last quarter, and the automation project will continue in Q3 and Q4, but will have a positive impact from next fiscal year.

TFS delivered 12% organic growth, primarily driven by an increased share of pass-through revenues, while service revenues were down. It's positive to see that TFS received orders in the quarter in the dermatology area that will support service revenue growth going forward.

Moving now to our infrastructure segment, Presis Infra delivered a 4% organic growth in the quarter. Profitability was somewhat lower, mainly driven by product mix and timing from effects in starting up new projects.

Presis Infra won a major order for Oslo Gardermoen of 964 million Norwegian kroner over these five years. Now moving on to our minority holdings.

Aibel now have a record-high order backlog, and we're seeing improving sentiment for European energy industry following the conflict in the Middle East. In the quarter, we benefited from successful project execution as well as a more favorable financial net.

For Sentia, the share price has increased by more than 50% since the listing in June 2025, and we also received a dividend from Sentia in Q2 of approximately 220 million Norwegian kroner, corresponding to Ratos's share. In the beginning of June, we did a sale of the existing shares from 40% to 31% in Sentia to institutional investors, and further improving our long-term free float and liquidity in the Sentia share, and also reducing Ratos's ownership to level consistent with its long-term ownership ambition.

The gross proceeds from transaction amounted to approximately 650 million Norwegian kroner. Lastly, a brief update on our non-core consumer companies.

Kvd delivered a -9% organic growth, impacted by lower used car volumes. Forsbergs Fritidscenter continued to perform well with a strong order backlog.

Oase Outdoors reported +17% organic growth in its largest and most important quarter, and gross margins also improved as a result of initiatives to optimize product cost. Plantasjen delivered 3% organic growth, primarily driven by positive development in the Norwegian market, and the gross margin was robust, but EBITA margins were impacted by marketing investments.

With that, I would like to hand it over to Anna, who will take us through the financials in more detail.

Thank you Gustaf, and without further ado, let us have a look a bit more into details. I would like to highlight that this is the third consecutive quarter of organic growth, and also now we are seeing a last 12 months organic growth of 2%, which is really good to see.

Looking at EBIT improvement, EBITA improvement, it grew healthy by 14%, but also it was a solid +5% excluding our associated companies. Then digging a bit further on each and every component, we saw a healthy drop-through of 15% from our organic growth, but we did see some bits and pieces moving around in that EBITA contribution.

For instance, Speed had a quite a negative contribution on EBITA line compared with last year. What is good to see is that Speed has moved to black numbers, and has also sequentially improved, but of course in this bridge, it's highly negative contribution on EBITA.

This was offset, more than offset, by very strong Diab, who contributed both from top-line and EBITA perspective. Moving into M&A piece, we have two major items moving in there.

It's Expin, the disposal of Expin, and if you remember, Expin was a loss-making company, hence it comes with a good contribution on EBIT here. Also HL Display acquired Deutenberg.

Deutenberg is a quite a sizable acquisition, but unfortunately due to they have quite a pronounced seasonality, out of which Q2 is their weakest quarter, and they were actually loss-making. Still these two components together were margin-accretive 40 basis points.

Moving further down into the bridge, we have the FX component. We have turned a corner and now FX is in positive territory.

This stems from Norwegian krone strengthening towards SEK. It's a translation FX impact.

On the other hand, it had a neutral contribution to our EBITA margin. Then Sentia, a meaningful contribution of 100 basis points versus last year.

We should remember that Sentia was not part of the Q2 2025 numbers, and also worth remembering that as of Q3, we will no longer have this large bridge item. If anything, and all else equal, as we have gone from 40% ownership share in Sentia to 31% ownership share, and all else equal, this should be a negative bridge item as of Q3.

Aibel, good to see positive contribution, 40 basis points on our margin. It has to do of Aibel actually during 2026 being very good in executing on ongoing projects, but also we saw lower less negative net financial items compared with last year.

Digging a little bit further again, I would like to highlight some items. I think it's great to see that Ledil has turned a corner, posted organic growth, and also managed to improve their gross margins, and hence EBITA margins.

Knightec Group, it's could be under the headline flattening out. That's good, even if it was on admittedly easy comparables in last year period.

Another comment that I would like to make is in regards to Presis Infra, where we saw a solid organic growth, but as you can see, negative contribution on EBITA line. This I would say has rather to do of having quite difficult comparables in the same period last year.

Also as previously mentioned, we are now facing a project mix where we have larger share of new product projects, and these projects come with slightly lower margins up until we are efficient enough to increase them. I would say no nothing funny going on there.

Then last but not least, of course Plantasjen, this is their most important quarter. We saw +3% versus last year, again on easy comparables.

Of course we would have wanted to see more here, but we are happy that we are in positive numbers the second quarter in a row. Also we managed to increase EBITA by 8 million.

We also just to mention one another thing, that gross margin was good in Plantasjen, but we did make some marketing investments to support Plantasjen going onwards. Just looking at Plantasjen, we have had year and a half of focusing only on costs.

We would like now to move into phase where we actually focus on the commercial side of things, hence we believe it was right thing to do these marketing investments during the quarter. Now addressing net working capital, relative net working capital hovers around 7% for several quarters now in a row, nothing major going on.

Looking at it sequentially, we saw a bit of decline, we release some net working capital supporting our cash. Going to cash, I would say that there were two major drivers: one is strong result, the second one is net working capital release.

There are some bits and pieces moving around in our cash flow, hence I want to dig a little bit deeper. We saw a staggering 40% increase in reported cash flow.

However, if we would to look at it a bit more operational and a bit more like-for-like, we adjust for discontinuing operation in the first step. Then if we look at our industry segments, I would like to give a lot of cred to industrial products.

We saw a very good cash generation versus the same quarter last year. I would say it's driven by good result, but also some good collections going on in some of our companies.

For industrial services, also a contribution versus last year, not so much about results, but a bit more on collection and inventory side. For consumer, this is unfortunate as Plantasjen had fantastic cash flow, improved with last year, much due to the inventory reductions.

Here for Kvd, due to very solid markets within motorhomes for Forsbergs, they had a bit more inventory on that side, hence a negative cash flow contribution versus last year, and some slippage of orders between Q2 and Q3. Looking in infrastructure, which is essentially Presis Infra, nothing major going on, a bit of an unlucky timing between Q2 and Q3.

So 20% underlying growth, good cash conversion above 100%, and then on top of this, M&A insurance, this is real cash, 200 million SEK, and also Sentia dividend which we received during the quarter, taking us up to that high number of 1.5 billion. Couple of comments on return on capital employed.

If we look at on the reported numbers, the main effect and the driver behind the decrease is Sentia disposal, or that we IPO'd Sentia. As you might know, Sentia is asset-light, hence has always come with high return on capital employed, hence the reported ROCE is down.

If we focus on the underlying or adjusted ROCE, where we are adjusting for its continuing operation, but it's also excluding our associate, we see a good trend line taking us up by 100 basis points in the past two years. The major driver, I would say, industrial products again, Diab in particular.

When it comes to industrial services, this is a long-term metric. We still are suffering from lower result from majority of our industrial service companies, not to say all.

One last comment: due to this excess cash that we received in quarter two, we decided to repay some debt amounting to 800 million in the quarter, which is of course part of the capital employed piece. Now looking at our net debt/EBITDA, we see significant deleveraging and taking our leverage down to 1x.

This is of course below our targeted range of 1.5x to 2.5x, but again, these one-off items have been significant in the quarter: so Sentia sell-down, 650 million SEK; M&A insurance, 200 million SEK; Sentia dividend, additional 221 million SEK; and of course the solid operational cash flow in a very important Q2. This means then that leverage is posted at a very low number, but I just wanted to remind you a different perspective to take here is Ratos has successfully during the past 12 months received non-recurring cash items amounting to 1.6 billion.

This includes also Diab settlement of 700 million in cash which we received in Q3 last year. If I would to adjust for this, of course this is a theoretical example, but then our leverage would rather be 1.7x.

Again, what this picture illustrates is of course that we do have high financial flexibility. What it all boils down to is of course EPS growth, and we are happy to see year-over-year 20% increase taking us just below 2 krona.

Also on the LTM basis, I would say the growth is even higher, it's almost 40%. What makes me additionally happy is that we see accretion throughout the P&L, it's not just of us growing the underlying result, it is us having lower net financial items supporting EPS, but it's also if we just look at the tax line, it is in line with last year, and that this has to do with us having still some tax losses carryforward, tax is also supporting.

We have a lower share of non-controlling interest that is also supporting and taking us down to this very, very nice EPS. Just one comment, we shouldn't get used to a low tax rate.

Reported tax rate was at 12%, our normalized tax rate is rather in the range 18% to 17% to 19%. Very happy to see this EPS working with us as well.

Now I would like to hand over to Gustaf for some conclusions and summary.

Thank you Anna for an excellent overview. Now I would like to talk a little bit about the summary of the quarter, and it has really been about delivering profitable growth and execute on the 2030 strategy together with implementing the Ratos investment company model.

In the quarter, we saw improved performance in almost all portfolio companies, and we added external competences in three of our boards. We did a successful sell-down of Sentia from 40% to 31%, and we are now at our long-term ownership level.

We continued to focus on add-on acquisitions in our platforms companies, and we end the quarter with, as Anna presented, a very strong financial position, and that enables us to do more add-ons on our platform companies, but also organic investments in other portfolio companies. Looking ahead, our focus is really to keep driving improvements, implementing our investment company model so that we can sustain profitable and capital-efficient growth through Q3 and onwards.

With that, thank you, and we are happy to take any questions.

Hi guys. First on two of your holding companies, if we start with Knightec, you're saying that you're seeing the decline in demand flattening out, but you're still printing an 11% sales decline year-over-year.

In the same time, the margin decline seems to have troughed. I guess the first question is twofold.

First, where do you get the conviction that this seems to be the trough in sales declines, and second, have you adjusted your cost base making the margin decline to stop or is it a mix effect?

Thank you Björn. I will start and Anna can add, but I think if you look at the technical or industrial consultants market or segment, it has been quite a challenging market over the last quarters, maybe years as well.

I think we're still there. We don't see huge improvement going forward, but what we say is it has kind of stabilized on these levels.

There are activities out in terms of orders. We are winning orders, but at the same time we're also focusing and doing a bit of more focus on higher-growth segments, and I mentioned defense and energy and so on, where we have a strong position, but we want to grow that even more, and that is correct for both Knightec and for Aleido.

I think we the team at Knightec with Dimitris, they're doing a good job in this different industry focus. At the same time, they work a lot with their model and with their organization and delayering to make sure that we have the cost level that we need to support the margins exactly as you mentioned.

That's an ongoing work and they will continue to focus on that of course. As always, the key priority for Knightec is really to come back and drive order growth, and then revenue, and then of course margins going forward as well.

That will take some time, I think. Looking into the coming quarter, we don't see any big change in market sentiment, but we are kind of seeing a stabilization.

That is how I would like to describe the current situation. Anna, do you want to add something?

Just a couple of additional comments. I would say what we've seen in Knightec is that we've had difficulty compensating for drop in gross margin with these integration- or opex-related saving.

As you can understand, gross profit is much larger than the other costs, or admin costs, or opex cost. Hence, even though we have been active and trying to address that, the gross margin decline has been difficult to compensate for.

Then we would also like to be a little bit more ready when and if the growth comes back, what we're trying to do is keep some of the competencies in-house, and also at the same time as we have reduced admin personnel, we have added personnel in COGS. These resources, they're not up and running from day one, hence they are weighing on the gross profit.

This is a balancing act.

Just to summarize Björn, it's a challenging market. I think the companies is doing a good job here and now to cope with that, but we are well-positioned when the growth comes back and the market comes back to have a strong growth position there.

Then

I sort of interpret this as that the sort of 11% year-on-year drop should probably be slightly visible in Q3 as well, and then perhaps it's kind of, fingers crossed, etc. pick up speed once the market in general picks up speed.

Is this does that

Björn, I don't understand where 11 is coming from. Year-to-date Knightec is organically kind of flat-ish.

It's just Q2 against Q2 '25.

Then it's up 2% on Q2 last year, organically.

That's good to know. The reported number looks different, but anyway, okay.

Let's be more positive then. Turning to Diab, I guess it's the other side of the coin here, how much should we extrapolate the current margin and sales trends?

Thank you. It's a great question of course, and Diab is, performing so well.

You can see the trend here over the last quarters, fantastic development, well-positioned for the defense segment and so on. I think it's important to say as well that it's been a very, successful and high growth over the last quarters here.

Going forward, we are a bit more cautious on that outlook, but it will be still on very high levels because they are well-positioned in especially the defense, but also the energy segment.

Maybe a couple of comments Björn. We mentioned Diab settlement.

We also have, apart from operational support and volume growth, which we are definitely seeing, we also are benefiting from lower depreciation as we wrote off fixed asset in Q3 last year. That effect will tail off, which of course you will not drive the EBITA as much as we've seen in the past.

One another comment is that we do benefit, we have deliberately we want to get out from the wind segment, which has meant that we've increased prices towards those customers. We are benefiting from that on both top line and EBITA.

That effect is also going to tail off as we approach the second half of 2026. Solid underlying demand, but there are some items here which will we not benefit as much as we have historically.

Thanks. Just finally on a more strategic level, you are clearly putting the consumer brands up for sale.

In a scenario where you don't get an attractive offer enough, do you have a plan B on what to do with these holdings if such an event would occur?

We are focusing. The priority right now is to follow the divestment plan, and that's what we're working on.

Of course we always have a plan B. We always think through all the different scenarios going forward, but it's important to say that the focus here now and what we aim to deliver on is the divestment path.

That we are working on those processes, but I would not today talk about those processes in more detail. When we have something to talk about, we will come out again and give you an update, of course.

Björn, rest assured we are thinking through all different scenarios going forward, but the priority is to find a divestment path.

Thanks. Thank you guys.

Thank you Anna, and good luck in the future if, if we don't get any more calls with you.

Thanks Björn.

Yes, thank you for listening in to our call and all the questions. I would just like to give some brief final remarks on the quarter.

Q2 is Ratos's largest and most important quarter, and we delivered organic growth, we improved our margins, and we also showed a strong cash flow. Q2 was a strong quarter for Ratos, where we delivered on the strategy and continued to implement our investment company model.

We now really look forward to continuing to deliver during our important Q3 quarter and the fiscal year 2026 and beyond. With that, I would like to thank you for listening in, and have a great day, and thank you.