EL7.AI
StocksMedium•23 October 2026•
3 min read

Ratos Posts Quarterly Sales of SEK 4,427 Million, Organic Growth of 5.9%

Key Facts

1Ratos sales reached SEK 4,427 million in the third quarter of 2026, compared with SEK 4,165 million a year earlier, with organic growth of 5.9%.
2Operating cash flow fell to SEK 270 million, compared with SEK 868 million in the third quarter of 2025.
3Adjusted EBITA rose to SEK 1,885 million in the first nine months, and the margin increased to 12.9%.
4The chief executive said organic growth was 6% in the third quarter, driven by performance at most portfolio companies and activity in the defense, industrial and energy sectors.

Swedish investment company Ratos reported third-quarter 2026 net sales of SEK 4,427 million, up from SEK 4,165 million in the same period a year earlier, with organic growth of 5.9% after a contraction of 3.5% a year ago. The figures reflect an improvement in organic sales, alongside continued variation in performance across portfolio companies. Chief Executive Gustav Salford said organic growth was 6%, attributing it to positive performance at most portfolio companies and continued high activity in the defense, industrial and energy sectors. The cash-flow comparison presents a different picture from sales growth, with operating cash flow down year over year. Ratos focuses on holding majority and minority stakes in Northern European companies under a model based on long-term active ownership.

Cash flow from operating activities was SEK 270 million in the third quarter, compared with SEK 868 million in the corresponding period of 2025. Ratos said the year-on-year comparison was affected by a non-recurring item worth SEK 700 million in the corresponding period, explaining part of the difference between the two figures. In the first nine months of 2026, sales rose to SEK 14,626 million from SEK 14,231 million in the comparable period. Adjusted EBITA increased to SEK 1,885 million from SEK 1,586 million, while its margin rose to 12.9% from 11.1%. These results for the extended period point to improved adjusted earnings and margins, alongside sales growth.

The report follows Ratos' description of the second quarter of 2026 as marked by organic growth, higher margins and strong cash flow. In the third quarter, Salford said most portfolio companies recorded positive performance, with high activity in defense, industry and energy. But the services companies TFS and Aleido continued to post negative underlying growth, according to the chief executive's comments. He pointed to early signs of improvement at Knightec Group, where increased customer dialogues helped boost orders, particularly in defense and automotive. The divergence highlights the different trajectories of companies within Ratos' portfolio, despite the overall improvement in organic growth and sales.

At Speed, Ratos said adjusted operating profit, or EBITA, remained affected by costs from several major automation projects. The company expects those projects to be ready for full operation by the end of 2026 and to contribute gradually to improved profitability. Salford said Ratos was entering the final months of the year with cautious positive momentum and a solid financial position, while continuing to focus on improving company earnings, profitable growth and allocating capital to areas with the greatest potential. In a development after the quarter-end, HL Display agreed on October 21 to acquire Top Global S.L. Ratos expects to complete the transaction during the fourth quarter of 2026.