Ratos

Ratos AB is a Swedish listed industrial holding company that owns and develops a portfolio of operating businesses across the Nordics and selected international markets. Its group companies operate in sectors such as industry, construction and services, and consumer, with Ratos acting as an active long-term owner rather than a direct operating company.

9.0k

1.26

0.85

— Ratos
	%
Active ownership and portfolio management	0% Parent-company oversight, governance, and capital allocation across portfolio companies.
Industrial operations	45% Manufacturing and industrial businesses held through operating subsidiaries.
Construction and services	25% Service and project-based businesses serving construction, logistics, and related markets.
Consumer businesses	30% Retail and consumer-facing businesses such as vehicle brokerage and leisure retail.

Ratos sells through its portfolio companies to a broad mix of end customers rather than to one single buyer group...

Industrial and commercial customersprimary
Buy manufactured products, components, and related services from Ratos portfolio companies for operational use.
Consumersprimary
Purchase retail and consumer products such as used vehicles, motorhomes, plants, and leisure goods.
Construction and infrastructure clientssecondary
Buy project-based services and solutions tied to building, logistics, and site-related activity.
Business service customerssecondary
Use outsourced services and logistics offerings where reliability, scale, and execution matter.

Ratos is headquartered in Stockholm and its portfolio is primarily concentrated in the Nordics...

•Headquartered in Stockholm, Sweden
•Core operating footprint is in the Nordics
•Portfolio companies also serve selected European and international markets
•Geography affects demand, labor availability, and regulation
•Different subsidiaries have different country exposures

Ratos focuses on active ownership, using board representation, governance, and capital allocation to improve portfolio...

Add-on acquisitionsmedium-term

Expands capabilities, market position, and geographic reach within core holdings.

Active ownership and governanceshort-term

Allows Ratos to influence strategy and execution without centralizing operations.

Sustainability integrationmedium-term

Helps manage regulatory, climate, and stakeholder expectations across the portfolio.

Ratos faces portfolio-level risk because it owns businesses in different industries, each with its own demand cycle,...

high

Goodwill and subsidiary impairment

Ratos tests holdings annually, and weaker future cash flow assumptions can reduce carrying values.

Scope: Portfolio companies with significant goodwill
Materiality: high

high

Climate transition risk

Portfolio companies may face higher costs, regulation, and customer requirements in a low-carbon transition.

Scope: Industrial and consumer businesses across the group
Materiality: high

medium

Physical climate risk

Extreme weather can disrupt operations, logistics, and supply chains in exposed businesses.

Scope: Manufacturing, logistics, and retail operations
Materiality: medium

medium

Acquisition execution risk

Add-on acquisitions can fail to deliver expected synergies or may be overvalued at purchase.

Scope: Portfolio expansion strategy
Materiality: medium

Goodwill impairment testing

Can create large non-cash write-downs if expectations weaken

Acquisition accounting

Affects goodwill, depreciation, and future reported earnings

Contract assets and liabilities

Can move revenue and working capital between periods

Lease accounting

Affects leverage metrics and operating expense presentation

Ratos

Goodwill and subsidiary impairment

Climate transition risk

Physical climate risk

Acquisition execution risk

RHYTHM PHARMACEUTICALS, INC.

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