We are committed to keeping everyone safe and making sure everything runs smoothly in high speed and urban spaces.
About the Annual Report
This is the 2024 Annual Report and Sustainability Report for Ramudden Global AB (Ramudden Global). The report was signed on April 3, 2025. This doucment is a translation of the original Swedish document, the latter shall be deemed correct.
In 2024, we integrated financial reporting with sustainability reporting to enhance transparency and provide stakeholders with a comprehensive view of the Group and its long-term value creation efforts. This Sustainability Report has been prepared for Ramudden Global AB in accordance with the Swedish Annual Accounts Act. The report has been inspired by the requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD). We would like to extend our warmest thanks to Ramudden Global’s staff for all their hard work on this report. Contact at Ramudden Global:
Ramudden Global is the world’s largest Group specialising in safety solutions for road and construction sites, public environments, industrial settings and infrastructure projects. As a fullservice provider, we offer advisory and planning services, rental of safety products, site establishment, site supervision, digital solutions, reporting, and dismantling upon project completion. We have long experience working with safety as our guiding principle across a range of markets. In 2020, we formed a single group (Ramudden, Chevron, AVS, and Fero) and have since continued accelerating this important work together. Our more than 10,000 customers consist primarily of construction contractors, along with public authorities and municipalities. In 2024, we generated approximately SEK 10 billion in sales. Headquartered in Stockholm, Sweden, we operate in 12 countries, leveraging the expertise of over 5,000 employees to work toward a safer society. Ramudden Global is owned by Triton and key individuals within the company.
The first company within Ramudden Global was founded by AVS in Germany.
1962
Fero is founded in Belgium.
2004
Strong global position
We are, and aim to remain, the market leader in all markets where we operate.
Group revenue
Pro forma 2024
Triton acquires Ramudden from Industrikapital.
2017
1997
Chevron is founded in the UK.
2005
Ramudden is founded in Sweden.
2018
Triton acquires Fero in Belgium.
2019
Through the acquisition of Stinson, Ramudden Global establishes a presence in Canada.
2021
Triton acquires AVS and Chevron in Germany and the UK.
2020
Ramudden, AVS, Chevron, and Fero merge into a single group.
2024
Ramudden Global acquires RSG International and gains a strong foothold in North America.
Eventful year for Ramudden Global
This year marked our transition from a European player to having a larger footprint in North America. It was also shaped by digitisation, innovation and our growing role as a key contributor to society.
Our largest acquisition ever
The acquisition of RSG International in 2024 solidified our position as a global player in infrastructure safety, with approximately 75 percent of operations now in Europe and 25 percent in Canada and the US. This addition will serve as a platform for future expansion in North America.
Read more on page 15.
Products & Digital
During the year, we strengthened our ability to develop new solutions and digital products on a global scale. Our new Products & Digital function quickly identifies emerging needs and supports the entire Group.
Read more on page 22.
“Ich bin ein Berliner”
Through the acquisition of BVS Baustellen- und Verkehrssicherung GmbH, a traffic safety specialist, we established operations in Berlin in 2024. The business will operate under the name AVS Verkehrssicherung Berlin.
Over 6,000 connected devices
That’s how many digital and connected devices are deployed across our projects to enhance safety and control while reducing transportation needs. Read more on page 22.
Morten Finslo, Group CEO of
Ramudden Global
During the year we restructured our organisation to accelerate operations. The most significant change is that Morten Finslo will assume the role of Group CEO for Ramudden Global on 1 January 2025, succeeding Hans-Olov Blom, who will continue within the company as a business developer and board member. The vision moving forward focuses on rolling out the urban concept more broadly, further expanding in North America and Europe, continuing digitisation to drive efficiency and reduce risks, and broadening our high-security sector offerings. Also on the agenda is attracting and training the entrepreneurs of the future.
Launch: Ramudden Global Business School
On three occasions during the year, 35 managers from various positions gathered to learn more about leadership, corporate culture, business operations, sustainability, digital solutions, acquisitions and finance. In addition to gaining new knowledge, the course provided excellent opportunities to build strong networks and learn from one another across the Group’s various companies.
Welcome to the world, TORUN!
Together with Worxsafe, part of Ramudden Global Products & Digital, we launched TORUN during the year – a versatile new urban barrier. It is specially designed with vulnerable road users, such as pedestrians and cyclists, in mind, fully aligned with our ongoing efforts for safer urban environments. Durable, made from recyclable materials and featuring interchangeable components, the barrier is built to withstand the challenges of tough urban environments. Read more on page 21.
On the right track to a safer society
What does it mean to develop and deliver safety solutions for a global market? After an intense growth journey, we now find ourselves at the heart of societal development, with greater potential than ever to influence high-risk environments, raise safety standards and drive the industry forward.
After several years in various positions within the Group, I assumed the role of Group CEO for Ramudden Global in January 2025. It is a valuable legacy I’ve been entrusted to manage, shaped by a corporate culture defined by entrepreneurship and innovation that has evolved in parallel across several markets and is now united under one umbrella.
This year, we completed our largest acquisition ever: RSG International in Canada and the US. By entering the world’s largest market for our industry, we transitioned from being a European company to becoming a fully-fledged global enterprise. Are we, as an organisation, ready for that level of growth?
I believe the answer is yes. For several years, we’ve worked intensively to build a stable Group structure within Ramudden Global. Under a shared banner, 12 markets can now benefit from synergies and best practices while the entire Group gains momentum in terms of joint product development, digitisation and sustainability.
A driving force in the industry
The strength of the Group is essential. We are seeing a continuous shift in customer awareness and societal expectations: potholes must be repaired immediately, more vehicles must coexist in newly rerouted traffic, and protected areas
must be secured quickly – all while environmental requirements continue to rise. A global structure is necessary to meet these emerging needs. Success requires not only close customer relationships, but also active involvement in the industry. As a global player, we can now drive safety initiatives on the international stage – with significantly more weight behind us. We participate as experts in various industry organisations and standards committees, among other forums. We are often ahead of regulations – for instance, when we introduced mandatory helmet use in high-traffic environments in Belgium.
New technology and sharper requirements
Looking ahead, we see several exciting trends, such as the electrification of transportation, automated solutions and camera systems to create a safer work environment. Here, digitisation is essential to remain competitive. In the coming years, we will be subject to the EU’s stricter sustainability reporting requirements, and we have already drawn inspiration from the CSRD framework this year. Challenging and labor-intensive, the new framework also provides better visibility into our impact on people and the environment, contributing to improved governance and management. As parameters such as CO2 emissions and life
cycle assessments become increasingly important in supplier selection, our sustainability efforts also have a direct impact on business.
Stable in a turbulent market
We are emerging from a couple of turbulent years in the market, where high inflation and rising costs have shaken the industry. Despite this, we have fared well, largely due to an efficient organisation, sound business practices, and the commitment of our employees. Together with them, we continuously develop our safety culture – something we live and breathe every day.
Highlights of the year include several joint theme days, leadership training through Ramudden Global Business School and an employee innovation competition. Perhaps that was when the seed was planted for tomorrow’s SVEA – our city barrier that has become a huge success?
In traffic-dense environments, along roads and in cities, we often operate without being seen – and I am still just as proud of our simple business idea: safety products and expertise, readily available without lead times. The difference now is that we are on a global journey, where we aim to deliver the highest possible safety with the least possible disruption to more and more people. I am confident that we will reach our goals.
“We
take our mission seriously, where our global platform brings both greater responsibility and more opportunities to contribute to a safer society.”
Morten Finslo Group CEO Ramudden Global
On the Group CEO’s radar for 2025
• Continue the commitment to becoming a “Global Safety Champion” through corporate culture and working methods, as well as innovative products, services and digital solutions.
• Broaden the export of our urban concept and continue to develop operations in North America and Europe.
• Establish Group-wide sustainability targets.
Ramudden Global’s business model
We offer comprehensive solutions in infrastructure and traffic safety through safety services, rental products and digital solutions. We operate in 12 countries across Europe and North America, focusing on three strategic areas: urban solutions, highway solutions and traffic services.
Safety services
Advisory, planning, installation, supervision and training.
Mission
To get people home safely every day
Rental products
Market-leading safety products for infrastructure (signs, barriers).
Digital solutions
Innovative products and solutions for enhanced safety and efficiency.
Business concept
Our business concept is to create safety on and around road and construction sites, on highways, in urban environments and in public spaces through comprehensive solutions.
Core values
• Safety is always at the top of our agenda. As a leader in our segment, we have both the opportunity and the responsibility to drive progress towards greater safety in trafficdense environments.
• Customer-focused and reliable in delivering the highest quality in every project to ensure critical assignments proceed according to plan.
• Care and safety go hand in hand. We respect and care for our colleagues, our customers, everyone working on the roads, and the people in surrounding communities.
• Entrepreneurship is a key building block and a value that helps us continuously evolve, find new solutions and drive the industry forward.
Our strategic areas
Ramudden Global primarily focuses on three strategic areas, where we offer both physical and digital products, as well as various services. Projects range from small, flexible assignments to long-term, large-scale contracts.
In the fourth quarter of 2024, we carried out extensive work at Group level to develop the structure of our offering. Together, the three strategic areas account for approximately 90 percent of Ramudden Global’s revenue. In addition to these, we also provide limited sales of products and digital solutions to other industry players, road marking services and services related to vegetation management along roadways.
Urban solutions
Modular and flexible solutions and products, as well as services, for contractors in roadwork, construction and infrastructure in urban environments. Delivery is managed through Ramudden Global’s decentralised depot network to ensure fast and efficient logistics. It combines heavy-duty and lightweight traffic control equipment with added services to provide a complete solution.
Highway solutions
Temporary traffic and safety solutions (TTM) with a focus on large-scale road and infrastructure projects. Customers are often government authorities and the projects typically extend over long periods. Work is usually planned and delivered from larger regional depots with coverage across wide geographic areas. Heavy-duty traffic control equipment is primarily used in these long, complex and large-scale projects.
Traffic services
Primarily a service and staffing segment using lightweight traffic control equipment for simple and flexible operations – for example, temporary lane closures (by the day), excavation work and paving. Here, digital products have strong potential to enhance both safety and efficiency.
Our growth strategy in this area
• Expand geographically by continuously adding new depots, based on our established urban concept. This includes the full range of services, products and solutions.
• Improve delivery and performance at selected depots by adopting practices and working methods from the most successful locations.
• Continue to pursue acquisitions to expand geographically and increase local density.
• Expand into adjacent segments such as airports, police and defense.
Our growth strategy in this area
• Expand into nearby geographies through strategically located depots.
• Grow existing business and gain market share through improved products, bidding capabilities and pricing.
• Use mergers and acquisitions as a springboard to enter new markets.
• Grow vertically or through mergers and acquisitions to gain operational and competitive advantages.
Our growth strategy in this area
• Offer the best solutions along with quality to ensure repeat customers.
• Use internal digital tools to deliver efficiently to customers by optimising resources and routes, while minimising employee exposure in hazardous environments.
• Scale up our digital solutions, with a focus on increasing usage and awareness of digital products, both internally and in the market.
Strategic key figures
As part of the company’s strategy, Ramudden Global monitors the following key figures – both financial and non-financial.
Financial key figures
Non-financial key figures
Growth
EBITDA margin
ROCE
Seriously injured and fatally injured employees at work
Lost time injury frequency rate (LTIFR) Number of connected digital devices
Success through the power of a global Group
Through our replicable model – where the cornerstone is decentralised leadership, safety solutions and central functions – we aim to drive growth in new markets and additional segments.
How do we best balance entrepreneurial spirit with smart Group functions? Ramudden Global emerged from a network of local entrepreneurs who early on identified a market need and started a business to meet it. About 60 of these pioneers are still active in the Group today. Entrepreneurial drive and deep customer insight are invaluable assets for longterm competitiveness – and something we are committed to preserving.
Since 2022, we have also focused on establishing central functions that support all markets – enhancing collaboration, efficiency and our ability to quickly roll out new solutions. Groupwide functions include product development and digital solutions, IT, finance, treasury, acquisitions, business development, sustainability and communication and marketing.
Group-wide functions support the business units
“Since 2018, we as a Group have completed 60 acquisitions. This has given us access to five new markets in Europe and North America.”
Replicable model for growth
By improving measurability and introducing common key figures, we have built a structure that allows us to compare business units and identify best practices. This structure has also enabled us to create a replicable model, where our international footprint makes it possible to transfer the best solutions across markets and between business units – a capability few competitors can match. Going forward, our focus is on scaling up and exporting our successful model to more markets and into adjacent segments.
At Group level, we have also strengthened our ability to develop new solutions and digital products for a global market, where our new Products & Digital function identifies needs more swiftly. Our scale gives us both the investment capacity and the capability to drive product and digital development across the industry as a whole. As a major player across multiple markets, we are also able to place different demands on suppliers and harmonise procurement across countries.
Stable market position
The industry in which we operate is highly segmented – both in terms of niche infrastructure segments and geographic spread. This is where
we stand out as a global full-service provider. We are the only company in our industry that operates on multiple continents – we are truly multinational. In the markets where we currently operate, we strive to be market leaders.
In recent years, like others, we have been challenged by high inflation and significant economic instability. Many of our customers have struggled, bankruptcies have increased and we are seeing a general reluctance to invest due to an uncertain future. Costs have also continued to rise, even though inflation has declined. A new cost baseline appears to have been established, which places greater pressure on efficiency improvements. To some extent, this benefits our model. Our flexible and resource-efficient offering, where customers do not have to purchase their own products and bear fixed costs, is an advantage.
Broad base of satisfied customers
During the year, we began work to standardise customer surveys across the Group. The goal is to establish a tool that enables us to compare results between business units, learn from one another and take appropriate action. The survey conducted in September 2024 shows that we have a broad base of satisfied customers across all regions.
High-pace acquisition strategy
The path to becoming the world’s largest Group in our segment has involved both organic growth and strategic acquisitions. Since 2018, we as a Group have completed 60 acquisitions. This has given us access to five new markets in Europe and North America, strengthened our capabilities in digital development and training and enabled growth in adjacent areas. We are also seeing ripple effects from our expanding platform, leading to new types of potential acquisitions.
Our acquisition strategy has been shaped by ambitions for market consolidation and we have therefore focused on leading local companies with strong growth in their respective
segments. Expansion has historically been driven by the business units themselves, based on local needs and decisions. Around 2020, we decided at Group level to expand collaboration between our business areas and since then have also targeted acquisitions that strengthen our ability to drive the development of next-generation traffic safety solutions across Ramudden Global.
A good example of this is RSG International, along with the 2023 acquisition of Worxsafe, which helps us advance product development while increasing control over the entire supply chain – including material selection, working conditions and transport.
Traffic safety with global reach provides new opportunities
In 2024, Ramudden Global acquired the industry-leading traffic safety company RSG International. In addition to strengthening our geographic presence in Canada and the US, the combination lays the foundation for a higher safety standard by bringing together the best from both sides of the Atlantic.
Doubling down on traffic safety? More than that; the acquisition of RSG International represents a key step for Ramudden Global as it transitions from a primarily European company to a global Group, thereby solidifying its position as a world-leading player in infrastructure safety. RSG International, headquartered in the Toronto area, comprises a group of companies in the road traffic safety sector that collectively offer expertise in areas such as materials, rental, installation, logistics, research and development. From its small-scale beginnings in Canada in 1968, the company has expanded into the US, with a presence in around 20 states.
“We’ve had a successful journey in scaling up the business through mergers,” says Lisa Laronde, Group CTO at RSG International.
“This experience is a key strength as we now become part of Ramudden Global.”
Shared core values
Although the workplace culture and organisational structure – such as the depot setup – differ in some respects, Ramudden Global and RSG International share a fundamental
principle: safety has always been the top priority. The focus going forward is on integrating the companies, learning from one another, identifying synergies and strengthening the joint offering.
“In a relatively niche industry, we now gain access to a global network and colleagues around the world – giving us added leverage to improve road safety and reach new markets,” says Lisa Laronde.
A key component is RSG International’s engineering-led research and development department, which enhances and complements Ramudden Global’s existing product development and digital offering. RSG International also has its own test facilities for crash-testing barriers, as well as the ability to simulate crash tests digitally.
Working to attract more women to the industry RSG International is also actively involved in broader industry initiatives to promote road safety. Is there a particular area about which Lisa Laronde is especially passionate? Yes, bringing more women into the industry to meet
future skills needs. She is involved in various initiatives related to representation, inclusion and women’s leadership.
“We are facing a major labour shortage while also wanting to attract top talent. To succeed, we need to do a better job of attracting more women to the industry – their contribution is essential. I hope that our global presence will give us the opportunity to tackle this challenge together.”
“In a relatively niche industry, we now gain access to a global network and colleagues around the world.”
Group CTO, Lisa Laronde, former President of RSG
Safe cities that promote accessibility
Urban infrastructure work often involves burst water pipes, construction of new cycle paths and the redirection of traffic. Maintaining and building infrastructure in urban areas is always a challenge, as all modes of transport must continue to flow – without compromising safety. How can we best safeguard traffic flow in an urban environment?
Our urban environments are constantly evolving. While demolition, excavation, repairs and new construction are underway, pedestrians and cyclists must safely coexist with cars, buses, mopeds and other vehicles. When space is limited, risks increase.
Those of us who work with urban traffic safety every day know the challenges are many: space is scarce, storage areas are limited, and we must also consider noise, environmental impact and a range of safety risks. This is why our safe barrier solutions in urban environments take into account far more than regulatory requirements. We offer complete solutions ranging from traffic planning to products and monitoring.
Solutions tailored to urban challenges
Through ongoing engagement with customers and key industry stakeholders, we
continuously develop and refine our offering. Our products must be easy to lift and install in order to reduce the risk of injury and limit employee exposure in traffic environments. They must also be safe for the public, facilitate traffic flow and be designed to minimise environmental impact.
Our digital solutions are an important complement to our physical products. For example, by incorporating event-driven realtime monitoring, we can reduce employee exposure in high-risk traffic environments and cut the number of site visits – thereby lowering emissions. Digital monitoring also enables us to optimise site setup more swiftly from a traffic flow perspective, in step with the city’s continual transformation.
The SVEA barrier for safe urban environments
– halved installation time increases safety and accessibility
A prime example of one of Ramudden Global’s urban products is the flexible SVEA barrier, which has represented a real shift in the industry. It is designed for urban environments, with a focus on fast and safe installation, compact setup and no need for anchoring. The SVEA system can be equipped with noise-reducing panels and used as an effective perimeter protection solution. SVEA can also be fitted with Intellitag for automatic alerts in the event of, for example, a collision.
Since its launch in 2021, SVEA has helped secure a range of urban environments around the world, including:
Renovation of student housing in the UK
When a student housing facility in central Leeds was renovated in autumn 2024, three different barrier types protected pedestrians while allowing traffic to flow freely. One of these barriers was SVEA, which was deployed specifically to create a safe work zone for the customer. The SVEA SoundPanel, a noise-dampening panel mounted on the barrier, was also used to reduce construction noise for the residents.
Protective installation at motorway project in Germany
The A555 motorway stretches between Cologne and Bonn in Germany. The SVEA barrier was used in late autumn 2024 during extensive maintenance and noise reduction works on a section of the motorway, including the replacement of several concrete structures. The 30-metre-long, 3.5-metre-high protective wall, equipped with integrated sound panels, ensured the safety of passing motorists while also serving as effective protection during the removal of concrete elements.
Global trends are providing tailwinds
As new infrastructure needs and greater safety awareness emerge, demand for our products and services continues to increase.
Our flexible offering is well timed.
Several forces are driving demand for Ramudden Global’s solutions around the world. These trends include urbanisation, rising traffic volumes, infrastructure maintenance and expansion and growing expectations for digital solutions. The need for secure setups, efficient traffic flows and operational effectiveness continues to fuel the demand for our products and services. Societal needs related to district heating, energy, water and sewage and fibre networks – together with new requirements for climate adaptation – are also contributing to rising demand.
Our operations are further influenced by an uncertain global environment. NATO membership for several of our markets, geopolitical instability and a heightened general threat level have all contributed to a new reality for us. These developments have led to growing safety awareness across society, which in turn is driving both new regulations and rising expectations regarding safety standards, security and protection.
At the same time, we must also meet new environmental expectations, which require
us to adapt both our operations and our customer offering.
We work to build a safer society Activity in these areas affects traffic to some extent and therefore generates direct demand for our services. Our business concept is to create safety on and around road and construction sites, on highways, in urban environments and in public spaces through comprehensive solutions. The idea originated across several markets, where we worked in parallel with a shared focus on safety – and later came together to pursue it with even greater impact on a global scale.
We operate in high-risk environments that demand specialist expertise, flexible solutions and a strong safety mindset. The value we provide lies in creating a safe working environment for employees and customers, along with safe and accessible traffic flow for road users and pedestrians. Our early presence in several markets has helped steer the industry toward improved safety – a process that remains very much ongoing.
Macroeconomic trends affecting Ramudden Global
55% of the world’s population currently lives in cities – a figure that is expected to grow to around 65% by 2040. (UN)
Global transport investments are expected to reach EUR 15 trillion by 2037. (Oxford Economics)
55% EUR 15 trillion 1.5°C 1.5% CAGR
The Paris Agreement: the global temperature increase should be limited to below 2 degrees, with efforts to limit it to 1.5 degrees. (UNFCCC – UN Climate Convention)
Growth rate for global vehicle manufacturing: 1.5% CAGR between 2024 and 2030. (IHS Markit)
Stable foundations behind strong performance
Our success stems from a carefully considered business model, founded on key pillars of safety, innovation and forward thinking. Together, these enable us to deliver quality across all markets where we provide our safety solutions.
Our people make it happen
With the industry’s largest network of experts, we have built a strong safety culture from the outset – driven by high employee engagement.
Decentralised leadership and extensive depot network
Our finely meshed network of local depots is the backbone of our operations. This proximity enables us to provide rapid support with both planning and products, whenever and wherever needed.
The strength of central functions
Through effective Group functions that reach all the way to depot level, we can share knowledge, support one another and swiftly respond to new needs.
Cutting-edge innovation
When developing safety products, we often aim beyond regulatory requirements – always with the working environment as our guiding principle.
Digital drive
Our early investment in digital monitoring and automated processes gives us a competitive edge.
Sustainability with a business focus
We strive to contribute to sustainable development for people and the environment while also building a sustainable business.
Customers and offering
The Group serves over 10,000 customers, primarily in road infrastructure, transport, industry and construction. Our main focus is on publicly funded infrastructure projects – for example, assignments from government agencies, municipalities or, indirectly, through contractors involved in the maintenance and construction of roads, buildings, water and sewage systems, fibre networks and similar infrastructure. We provide end-to-end solutions for safe infrastructure – spanning planning, consulting and training, as well as traffic services, product rental and digital solutions. Ideally, we aim to be involved early in projects so that we can optimise them at the planning stage in terms of logistics, safety, cost efficiency and environmental considerations. As customers rent equipment from us rather than purchasing it themselves, we can ensure high utilisation rates and resource efficiency throughout the
entire life cycle of the equipment. One component of our comprehensive offering is the rent of safety products in the following areas:
• Heavy equipment such as barriers, footbridges, traffic buffers and traffic barriers.
• Light equipment such as signs, cones, gates and fencing.
• Digital and electronic solutions such as digital monitoring, traffic lights and mobile signage trailers.
• Service equipment such as TMA vehicles and wheel loaders.
In 2024, we expanded our product portfolio in response to a changing societal climate and growing demands for advanced protective measures in public spaces. This includes vehicle-stopping solutions certified for anti-terror use at public events, along with specialised high-security adaptations.
Continuous safety development
Safety awareness is perishable, which is why we work on multiple fronts to promote a strong safety culture and a preventive approach to risk, while also helping steer the industry in the right direction. These efforts are made across all levels of the organisation, where safety and engagement serve as the common thread:
• Conscious leadership is essential for ensuring safety across the Group. A new initiative in 2024 was Ramudden Global Business School, where 35 employees at management level met on several occasions to learn more about leadership, corporate culture, safety and business operations. The leadership training programme is set to be held annually.
• During Ramudden Global Days, 130 participants – including management from all markets – gathered in London to discuss how we work to ensure safer work sites, with a focus on the customer and delivery quality. Participants were immersed in digital solutions and innovations, sustainability and leadership – through workshops, training sessions and guest speakers.
• We arrange a range of themed days, such as the annual Safety Week linked to the ILO’s World Day for Safety and Health at Work. The aim is to encourage all employees to reflect further about a safer work environment. This year we also organised an innovation competition that engaged employees across Ramudden Global. In addition, we host a range of forums for digitisation and product development where employees come together to learn and collaborate.
• Road safety training has long been part of our offering in several markets. Today, we offer a range of internal training programmes covering leadership, traffic safety, working environment, systems and products. We also deliver external training on assignment.
• We develop digital and physical exhibitions to showcase our products globally, providing training for both employees and customers on how we address traffic safety in different countries.
• Outside the company walls, we aim to be a driving force for safer solutions in hightraffic environments. This is why we take part in various initiatives, contributing our expertise and experience alongside public authorities and other industry stakeholders – for example, when new regulations or safety standards are being developed.
Global employee survey
Staff wellbeing is absolutely critical to our operations. The extent to which employees enjoy their work and how they perceive us as an employer will also affect our ability to recruit, retain and develop our labour force. That is why, during the year, we began standardising employee surveys across Ramudden Global. Going forward, the employee survey will serve as a tool to compare results across the company, identify areas for improvement and implement appropriate local measures.
Case
“The dream is to see our products out on the streets of every continent”
Worxsafe, part of Ramudden Global Products & Digital, specialises in developing smart, flexible and sustainable products to secure temporary work sites. Its core focus is continuous product development – in step with, or ideally ahead of, society’s evolving needs.
What do urban environments look like in different countries? What legal requirements apply to barriers in a given market? How does the security situation influence the need for protection? These are some of the questions considered by Pär Johansson, Managing Director of Worxsafe. He has worked with safety products for roadworks and infrastructure projects on an international scale for 20 years. Since 2023, the company has been part of Ramudden Global.
“Having the support of an entire Group, with a dedicated division focused on products and digital solutions, gives us real leverage when it comes to bringing innovative products to even more markets,” says Pär Johansson. It is also about harnessing the power of digitalisation, as greater measurability and monitoring improve the performance of physical products.
Strengthened global innovation capability
Worxsafe develops its products with close attention to customer needs and a firm grasp of regulatory requirements. With support from the wider Group, they can now combine the practical expertise of depot staff with the technical skills of engineers. Looking ahead, local ambassadors are expected to play an important role. The aim is to respond quickly to
new needs, shorten lead times, use resources efficiently and bring new, safe products to market more rapidly.
“We want to pick the best from each market – in terms of both practices and products for urban environments. But you can’t just sit behind a desk – the key is to get out into the real world, see the environments and listen to those who will be using the products.”
What’s next? Worxsafe is now seeing growing interest in easy-to-install products that offer safer installation for employees. In line with this, 2024 saw the launch of TORUN, a versatile city barrier based on a modular system. They are also receiving more requests for customised solutions – for example, to protect urban assets, secure various types of crossings, or safeguard sensitive energy facilities. This is a result of broader societal developments, where NATO membership in several of Worxsafe’s markets and a generally unstable global environment are driving demand for security solutions.
Circular solutions and industry influence
A key aspect of product development is to extend product life cycles and reduce the climate footprint – for example, by manufacturing products locally. Life cycle assessments are also proving valuable, particularly in public
↑ Pär Johansson Managing Director, Worxsafe
procurement, and are now available for the SVEA barrier. More such assessments are in the pipeline. Worxsafe is also exploring circular solutions, such as the flexible signage system made from recycled rubber recently developed for the US and Canada.
Beyond its own operations, Worxsafe is also active in steering the entire industry in the right direction. Pär Johansson notes that they serve as experts in several international
organisations and standardisation committees.
“In Sweden, we have always had to adapt to stringent regulatory requirements. We are now seeing many other countries looking to us, inspired by the Swedish government’s Vision Zero. We’ve hosted a number of stakeholders, both private and public, who want to understand how we work to achieve this vision. You could say that both our safety expertise and our products are being exported.”
Digitalisation for improved safety and reduced emissions
The shift from routine physical inspections of roadside work sites to digital monitoring is well underway. Through our new global function, Ramudden Global Products & Digital, we can accelerate innovation and improve our ability to deploy solutions across our sites.
Our vision is a digital traffic environment where sites are monitored in real time, down to the individual sign level, and controlled from a central platform. We were early adopters in the digital field, and we are now seeing growing customer awareness of how these solutions can deliver sustainability benefits such as greater efficiency, lower emissions and improved safety for both passers-by and people working in high-traffic environments.
Globally, we have deployed over 6,000 connected devices, primarily in the Nordics but also in countries such as the UK and Germany. The digital solutions and services we offer include tools and support for monitoring, traffic analysis and traffic control – such as digital signs, smart batteries, remote-controlled automatic barriers and Intellitag, described in the adjacent section. We are also developing camera-based solutions that use artificial intelligence (AI) to analyse work sites and enhance safety. Although these solutions are still in the testing phase, the aim is for them to assist with tasks such as checking for helmets, high-visibility clothing and ensuring that no one enters hazardous areas.
Stronger momentum for digitisation
In 2024, we have taken several significant advances to accelerate our digital vision:
• Establishment of Ramudden Products & Digital
This new function, which supports the entire Ramudden Global organisation, brings together a number of local entities under a shared banner. This organisational change helps us drive digitisation within our field by pooling the best ideas from each market, responding more rapidly to market changes and using resources efficiently across Ramudden Global.
• Increased support at depot level
Through Ramudden Products & Digital, we are also creating a new channel to roll out our key digital products, providing our extensive depot network with tangible support to advance the digitisation of high-traffic environments. An important aspect here is how more traditional physical products – such as barriers and gates – can now be enhanced and made even safer through digital add-ons.
• New hub for digital solutions
Within Products & Digital, we have developed a modern platform designed to serve as the digital hub for the Group’s connected devices – in turn providing us with valuable global insights to continuously improve our offering. Around 4,000 devices have already been migrated in the Nordics and the platform is built to scale up as more countries join. The platform will be integrated with operational work order systems, making digital products a natural part of standard workflows. This more data-driven approach in turn supports better prioritisation and improved delivery to customers, while also enhancing efficiency and workplace safety at Ramudden.
“Our vision is a digital traffic environment where sites are monitored in real time, down to the individual sign level, and controlled from a central platform.”
“Intellitag reduced the need for 490 inspections over seven months in a UK road project.”
Smart assistant delivers a greener and safer work site
Sign monitoring is a legal requirement in the UK. Physically inspecting signage at a site unfortunately results in a large number of site visits, leading to CO 2 eq emissions and costs for both fuel and personnel.
The client, a UK road authority, wanted to change this. At a site on the A1 motorway in Biggleswade, the authority instead used Intellitag for seamless round-the-clock monitoring, automatic alerts and rapid response times. In this project, the digital device was installed on around one hundred signs across projects running during 2023 and 2024.
What was the outcome? An evaluation over a seven-month period showed that this eventdriven, digital approach significantly reduced site visits; in addition to improving control, Intellitag eliminated the need for 490 physical inspections. In terms of emissions, this equates to a reduction of more than 81 tonnes of CO 2 eq, while the time employees spent in hazardous traffic environments was cut by 11,760 hours. A major gain for both the climate and the working environment.
An invisible force for safety in our society
We work to get people home safely every day. Care for all those working near our sites, as well as for those passing by, is a common denomination in our operation.
We purchase services, materials and equipment – such as road signs, traffic barriers, vehicles and protective gear – from a selection of suppliers who meet our quality and safety standards.
Our day-to-day operations centre on creating safe work sites in high-traffic environments. In many cases, we are involved throughout the process – from planning to equipment rental, setup, supervision and dismantling. Digital solutions are playing an increasingly important role in improving the safety and reducing the climate impact.
Globally, we support more than 10,000 customers operating in construction, roadworks and civil engineering. Whatever the project, our top priority is to create secure environments with high accessibility and safety, enabling our customers to focus on their core business.
A natural part of the business
Achieving our ambition to become a Sustainability and Safety Champion means that safety and environmental awareness naturally go hand in hand throughout the business. Always guided by our mission and core values.
Mission
To get people home safely every day
Business concept
Our business concept is to create safety on and around road and construction sites, on highways, in urban environments and in public spaces through comprehensive solutions.
Core values
• Safety is always at the top of our agenda. As a leader in our segment, we have both the opportunity and the responsibility to drive progress towards greater safety in traffic-dense environments.
• Customer-focused and reliable in delivering the highest quality in every project to ensure critical assignments proceed according to plan.
• Care and safety go hand in hand. We respect and care for our colleagues, our customers, everyone working on the roads, and the people in surrounding communities.
• Entrepreneurship is a key building block and a value that helps us continuously evolve, find new solutions and drive the industry forward.
Cecilia Bevik-Cronqvist Group Head of Sustainability Ramudden Global
The foundation of Ramudden Global is a clear guiding principle: to ensure robust safety for three distinct groups operating in high-risk environments. This includes our employees who install safety equipment around roadworks or construction sites, our customers who carry out the work on site, and the wider community in the area – road users, pedestrians and local residents.
Resource efficiency and a circular approach to products are embedded in our business model, which is fundamentally about achieving more with less. For every project, we offer reusable products, increasing utilisation rates and reducing unnecessary resource consumption and production-related emissions. We also strive to continuously improve our products, solutions and services, as well as to push for the development of regulations to further enhance safety.
In other words, sustainability work is nothing new for us – every business unit has always
had safety as its guiding principle. Each business unit also has its own specialists in health and safety, working environment and sustainability. This work has been shaped by local legal requirements and expectations, often in consultation with customers. Building on this foundation, we can now draw on the best of what has already been developed and proven within our various business units, applying it at Group level to achieve our ambition of becoming a Sustainability and Safety Champion.
Safety Champion
An industry leader in safety – for our customers, the public and our employees.
Sustainability Champion
Offering our customers the most sustainable products and services on the market.
New legal requirements accelerate progress
Sustainability, in a broader sense, has now also become an enabler for meeting increasingly stringent demands from customers, employees, partners, investors and authorities. In the coming years, we must continue to adapt to the EU’s new regulatory framework, which includes the Corporate Sustainability Reporting Directive (CSRD), the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Due Diligence Directive (CSDDD), as well as local requirements such as the Energy Efficiency Directive (EED) and the Carbon Border Adjustment Mechanism (CBAM).
We are convinced that these new regulations will ultimately lead to greater transparency and accelerate sustainability efforts across the industry. In recent years, Ramudden Global has intensified its preparations to meet the new requirements and taken a more strategic approach to sustainability. In 2023, a global sustainability function was established for Ramudden Global, headquartered in Stockholm. At that time, we also began building a Group-wide platform for sustainability reporting and conducted our first high-level double materiality assessment (DMA).
“As
part of our journey to professionalise and elevate the company to the next level, our focus is on continuously developing a
long-term sustainable
business.
It is important to understand that everything is interconnected, so that we can contribute to progress that benefits both the people and the environment we are part of –and the company itself.”
Cecilia Bevik-Cronqvist, Group Head of Sustainability, Ramudden Global
Sustainability as an enabler
This is the first time we are reporting at Group level. The challenges we face include varying processes across business units, fragmented information and limited transparency and control. Step by step, we are working to establish alignment across the Group to create standardised processes, shared key figures and a solid foundation on which to advance our sustainability efforts.
The new requirements comes with certain challenges, while the transition also acts as a lever for our business. With improved oversight and data, we can make well-founded and strategic decisions to further enhance safety – for example, by developing tailored products, solutions and services. In addition, we see opportunities for more responsible and efficient resource management, as well as the ability to differentiate and strengthen our brand in order to attract customers, talented employees and investors seeking companies with sustainable long-term growth.
We also aim to be a driving force for a sustainable shift across the wider industry. As a large Group, we have both a responsibility to advance key industry issues by influencing standards, regulations and expectations at the local level, and strong potential to realise sustainable solutions on a global stage through product development and innovation.
Sustainability strategy and focus areas
Our most significant sustainability impacts are within environment and safety – for employees, customers and road users. Safety is also at the very core of our business, where our active improvement efforts contribute to quality in our projects.
During the year we have continued to integrate sustainability into our business model and our daily operations – both strategically and operationally. Our sustainability strategy is rooted in our mission to ensure everyone gets home safely every day – and the next step is to further embed sustainability within the organisation through clear accountability, ownership and dedicated sustainability functions. Our strategy is built around our focus areas – the sustainability matters where we have the greatest impact, the greatest risks and the greatest opportunities. The broader strategy is developed at Group level, while local implementation is owned by each business unit. The strategy provides the framework for how we develop our structures and programmes, policies, targets and key actions. The sustainability strategy is evaluated annually through our double materiality assessment (DMA, see page 32 for more information).
The strategy revolves around three main themes: safety, employees and the environment, but can also be structured according to the ESG framework – Environment (E), Social (S) and Governance (G), where the focus is on business conduct.
Our ambition in integrating sustainability into the business is to accelerate efforts to provide products and services that enhance safety for both people and the environment. This is an ongoing effort, and we are continuously refining our approach to reduce our negative environmental impact and improve safety through digital solutions, choice of materials and transport solutions. We also strive to be a driving force within the industry.
Planned activities for 2025
2025 will be a busy year for sustainability. The strategic focus will be on further developing the sustainability strategy in line with new business objectives and ambitions, as well as setting concrete targets within the focus areas. This also includes improving and expanding the ongoing monthly sustainability reporting to the Board, as well as further developing Group-level reporting solutions.
Taking responsibility for our impact
Environment
We see our responsibility as a global company to manage our environmental impact as a given. This is important for the society in which we operate, to our employees and to our customers.
People in focus
Social
People – our own employees and those of our customers – are always at the heart of our business. This also includes ensuring that human rights are respected.
Business with integrity Governance
An honest and transparent approach is essential to conducting long-term sustainable business.
Own operations
• Greenhouse gas emissions from the vehicle fleet
• Climate change adaptation of operations
• Waste management
Value chain
• Emissions related to the production of concrete and steel products in the supply chain
Own operations
• Health and safety for our employees in high-risk environments
• Working environment and human rights
• Gender equality and diversity
Own operations
• Preventive processes and procedures to ensure compliance with laws and regulations and uphold our guidelines for responsible business conduct
Value chain
• Health and safety for our customers
• Working conditions and human rights in our supply chain
Value chain
• Corruption and bribery in business relationships
Commitment
• Reduce emissions from the vehicle fleet
• Reduce the negative impact from product materials
• Increase resource efficiency
Commitment
• Enhance safety for our employees in high-risk environments
• Enhance customer safety through our products and services
• Create an inclusive and safe working environment
• Ensure a workplace with inclusive leadership, where we both attract and retain talent
• Ensure compliance with human rights
Commitment
• Ensure compliance with laws and regulations
• Ensure robust application of business conduct and sound standards
• Maintain high integrity in our business relationships
Stakeholder engagement
Maintaining ongoing dialogue with the many different stakeholders of Ramudden Global is essential to our ability to operate responsibly. Insights into their various perspectives, interests and priorities help us to ensure a relevant, sustainable and attractive contribution to societal development.
By being attentive to stakeholders’ positions, expectations and concerns, we can enable continuous improvement. Ongoing interactions and dialogue with employees, customers and suppliers provide us with valuable input that shapes our sustainability work, processes, projects and product development. These insights also inform our DMA and the due diligence process. Stakeholders’ priorities and views regarding impacts, financial risks and opportunities are discussed at our sustainability council meetings, which are held every two months with representatives from the sustainability teams at global and local level. Although we have limited direct interaction with the general public, our products and services impact society through our presence in essential public infrastructure.
Emphasis on local dialogue
Stakeholder dialogue has previously taken place primarily at local level through interactions within our business units. Previously, we lacked a standardised framework for stakeholder dialogue and engagement at Group level, but in 2024 we carried out the first coordinated stakeholder dialogue from Ramudden Global. We also conducted our first unified employee survey across the entire Group, as well as a customer survey, both of which we will further develop in 2025.
Stakeholder dialogues
Employees
• Employee survey
• Dialogue on individual development
• Depot meetings
• Workshops
• Regular workplace assessments to ensure that safety and working environment standards align with our guidelines
• Work within various committees, such as health and safety
• Training on topics such as mental health, anti-racism and LGBQ+ rights
Customers
• Customer survey
• Customer visits
• Customer workshops
Suppliers
• Strategic, regular meetings with key suppliers
• Supplier visits, evaluations and audits
• Supplier survey
• Various forums for the supply chain
• Ongoing dialogue via email
Investors, owners and banks
Authorities and industry organisations
• Ongoing investor dialogue through calls, questionnaires and email
• Periodic reporting
• Triton’s annual ESG conference
• Board meetings
• Engagement in various local and national industry organisations, committees and associations, as well as dialogue with authorities
Trade unions • Regular meetings with trade union representatives
• Workshops with trade unions
• Surveys for unionised employees
• Collective bargaining processes
• Understanding employee expectations and identifying potential improvements to the working environment
• Contributing to a sustainable workplace and working life, where employees have the right knowledge and skills to work safely and responsibly
• Safeguarding human rights and workers’ rights is our highest priority, particularly in creating a safe and supportive working environment for all workers in the value chain
• Understanding customer needs, expectations and satisfaction
• Developing new products and services
• Developing the industry standards related to health and safety
• Ensuring customer satisfaction regarding our performance on values and sustainability
• Collaborating on best practice, innovation and sustainability targets
• Quality checks
• Ensuring suppliers comply with our standards for sustainability, safety and ethics
• Gathering feedback on performance, challenges and expectations regarding quality, sustainability and labour rights
• Understanding expectations on sustainability efforts and priorities
• Attracting investors
• Advancing industry standards in traffic safety
• Strengthening collaboration and gathering information
• Coordinating with emergency services regarding interventions that affect road closures
• Discussing matters related to workers’ rights, collective agreements and workplace conditions
• Consulting with trade unions on topics such as workplace safety, compensation, employee benefits and sustainability
• Understanding union members’ satisfaction with working conditions, job security and the effectiveness of union representation
• Safeguarding human rights and workers’ rights
• The results of the employee survey form the basis for several improvement initiatives
• Adapting the strategy and business model in response to employee input
• Policies on mental health and anti-harassment have been updated and strengthened in response to employee comments and requests
• Improved communication from management
• Adapting the business model and strategy
• Updating and developing internal policies
• Improving products and service offering
• Improving products and services
• Improving the supply chain strategy from a broader, more strategic perspective on sustainability and ethics
• Responding to investor questionnaires for transparency and benchmarking
• Developing internal policies
• Influencing new industry standards for traffic safety
• Updated regulations, specifications and contracts
• Insights to help us prepare for upcoming changes and requirements
• Improved workplace conditions through dialogue with unions, such as safer working environments, flexible working hours and enhanced health benefits
• Updated procedures related to collective agreements
• Improved communication between management and employees
DMA highlights the most important issues
One of the key components in preparing for CSRD is conducting a double materiality assessment (DMA), which we carried out in 2024. The insights from the preliminary analysis forms the basis of our sustainability efforts and are linked to our business model.
In 2024, we conducted a DMA to identify the sustainability matters most relevant to Ramudden Global’s operations and stakeholders. The assessment evaluates sustainability matters both in terms of Ramudden Global’s impact on people and the environment (impact materiality), as well as how these matters affect the company’s financial performance (financial materiality). The identified areas form the basis for the sustainability aspects disclosed in the Sustainability Report. The DMA covers the entire organisation and the value chain, both upstream and downstream, where applicable.
Our DMA process in brief
1 2 3 4 5 6
Stakeholder dialogues
Our DMA was based on a range of stakeholder dialogues, as well as internal workshops and discussions with subject matter experts. We also included a survey conducted in the autumn 2023, with comments from employees at various levels of the organisation, customers, suppliers, public companies and authorities.
AI-based support
An AI-based software platform was used to support the process. We used this tool to carry out a datadriven analysis tailored to our business context, value chain and geographical presence. Drawing on large volumes of data from company reports, news, scientific research and legislation, a comprehensive list of proposed impacts, risks and opportunities (IROs) was generated, adapted to our context.
Impact assessment
The impact materiality assessment considered both negative and positive impacts. Negative impact was scored based on severity (in terms of scale, scope and possibility for remediation) and likelihood. Positive impact was scored based on scale, scope and likelihood.
Assessment of financial risks and opportunities
The financial materiality assessment considered both financial risks and opportunities. The outcome was scored based on the potential magnitude of the risk or opportunity and its likelihood. As part of the financial materiality assessment, sustainability matters were integrated into the workshop attended by all CFOs from each business unit in 2024.
Thresholds established
The sustainability team, in consultation with representatives from the top management, established thresholds in the form of quantitative scoring.
Validation of matters
Finally, the material sustainability matters from the ESRS topic list were validated by representatives from the management team and the outcome was discussed at Board meetings.
“Our
employees’ collective expertise and commitment are an invaluable asset in our efforts to deliver the highest quality and safety in every project.”
Our material sustainability matters
The preliminary results of the analysis showed that nine of the sustainability matters included in the ESRS topic list (European Sustainability Reporting Standards, ESRS 1 AR16) are material to us. These matters therefore form the basis of this Sustainability Report. The analysis is consistent with the sustainability work already undertaken, confirms our previous sustainability strategy and focus areas, and is closely linked to our business model. No entity-specific sustainability matters were identified.
1
Climate change adaptation
! We are seeing how climate change in the form of extreme weather is having an increasing impact on our customers’ industries, which in turn has financial consequences for us. Extreme heat, cold, storms and flooding, for example, affect the ability to maintain and rebuild roads, buildings and other infrastructure.
Climate change mitigation
– Our biggest negative environmental impact comes from greenhouse gas emissions. Within our own operations, emissions mainly stem from our vehicle fleet, while in the supply chain they arise from the production of concrete and steel products.
+ At the same time, these challenges also present an opportunity to drive the transition within our industry, which can lead to reduced environmental impact.
! The main climate-related risks are linked to regulatory changes and increasing customer demands. Transitioning and reducing our climate emissions requires financial investment.
At the same time, this work also presents a potential business opportunity – for example, through efficiency gains, energy savings and new business segments such as digital products.
5
Measures against violence and harassment (from third parties)
Violence and harassment from third parties, such as aggressive road users, represent a genuine occupational health and safety issue in our industry.
6 7
Gender equality and diversity
– There is a general underrepresentation of women in our industry. The imbalance is particularly pronounced in traditionally more physically demanding roles within the construction sector, but gender distribution is also uneven among white-collar positions.
– Our operations involve renting out materials and products for safe infrastructure solutions, such as barriers and signs. These setups are often temporary, and the materials are then reused in the next project. How we develop and manage these products throughout their life cycle is important, as resource use and waste have a negative environmental impact.
4
Health and safety for employees
– Every working day involves numerous risk factors, as employees operate in high-traffic environments while handling heavy materials. Stress, passing vehicles and at times directly threatening situations have a negative impact on employees.
+ We contribute through our proactive approach to a safer working environment – via training, accident prevention, safety solutions and antidiscrimination – resulting in a positive impact on the work environment.
! As we operate in a high-risk sector, accidents resulting in employee injury and harm represent a significant financial risk for the company.
8
Health and safety for workers in the value chain
– Our products and services for safe infrastructure solutions are designed to protect both our customers’ employees and road users. Our customers work in high-risk environments and may potentially be exposed to accidents or incidents at the sites where we have our safety solutions.
+ Our positive impact in this area is the very reason for our existence as a company – to develop safety products and services that enhance safety for our customers and road users, such as passers-by or local residents.
! The potential financial risk arises if we fail to create safer working environments for our customers’ employees through our products and services.
Our financial opportunity lies in our ability to deliver products and services that create a safer working environment for our customers and passers-by, which is a competitive advantage.
9
Corruption and bribery
! We operate in a sector that carries a risk of corruption, bribery, money laundering, breaches of antitrust and competition law or other violations of our values. This makes an honest and transparent approach, supported by robust processes and procedures throughout the Group, essential to conducting long-term sustainable business.
Sustainability governance
Sustainability work is carried out at both global and local level within the Group. This means that the overall strategy and direction are set at global level, while practical adaptation and integration take place locally. Representatives from our various business units collaborate and support each other in this work. To ensure effective implementation and impact, we focus on:
• governance – using new policies, guidelines and frameworks to manage the most material sustainability matters efficiently and consistently
• corporate culture and leadership, where we foster a sense of responsibility regardless of role within the organisation
• technology and innovation, which we use to improve procedures, reduce costs and accelerate our efforts in both safety and environmental areas.
Board of Directors
The Board of Directors has overall responsibility for our strategic direction. At Board meetings, the sustainability strategy is approved and action plans are reviewed annually, while key figures with a particular focus on health and safety are reported monthly. No sustainability-related key figures currently form the basis for incentive programmes for our Board or Group management.
Top management
The top management is responsible for ensuring that the sustainability strategy aligns with the company’s overall strategic plan and monitors its monthly progress.
Head of sustainability
Our Group head of sustainability is responsible for developing the overarching sustainability strategy and for driving activities within the various business units. Progress is continuously monitored with each business unit’s sustainability lead, as well as through follow-up meetings with each business unit’s management twice a year and meetings with the sustainability council six times a year.
Group management
Group management receives the same sustainability data as the Board on a monthly basis. During the year, a dedicated sustainability training session was also held for Group management.
Global health and safety expert
Our global health and safety expert heads the function within one of our business units and chairs the health and safety committee. The committee oversees the development and monitoring of global guidelines and frameworks on the topic for the Group.
Global people and culture expert
Our global people and culture expert heads the function within one of our business units and oversees the development and monitoring of global guidelines and frameworks on the topic for the Group.
Sustainability council
The sustainability council consists of the sustainability leads from each business unit, along with the global head of sustainability and the sustainability controller. Sustainability leads report to the respective President of their business unit and are responsible for integrating the global sustainability strategy within their unit, as well as managing local requirements and expectations related to sustainability.
Health and safety committee
The health and safety committee includes the health and safety specialist from each business unit. Meetings are held approximately ten times per year. Specific incidents and statistics are discussed during these sessions.
All employees
All employees are responsible for integrating sustainability through their role and in daily operations, in line with the company’s strategies, policies and guidelines.
Read more about our corporate governance on pages 55–64.
Management systems
In several of our markets, we are certified in accordance with ISO and other standards to maintain robust management systems aligned with international best practice standards.
ISO 9001 (quality management system). Sweden, Norway, the UK and the Netherlands, as well as parts of the German operations and parts of the Canadian operations.
ISO 14001 (environmental management system). Sweden, Norway, the Netherlands and the majority of the UK operations. In development within the German operations together with EMAS.
ISO 45001 (health and safety management system). Sweden, Norway, the majority of the UK operations and parts of the Canadian operations.
ISO 50001 (energy). The majority of the UK operations, and in development within the Belgian operations.
VCA certification (health and safety and environment). The majority of the Belgian and Dutch operations.
Basis for preparation of the Sustainability Report
The Sustainability Report covers the entire Ramudden Global Group, with the same scope as the financial reporting. The exception is our three depots in Austria (1.5 percent of revenue), which are not yet included in the sustainability reporting. During the year, several business acquisitions were completed, including the acquisition of RSG International in North America, which was included in the reporting as of 1 July.
The DMA, which forms the basis of the Sustainability Report, considers both the upstream and downstream value chain. Where deemed relevant, we have included specific information from the value chain, such as scope 3 CO 2 e calculations, supplier management and reporting on workers in the value chain.
We have not exercised the option to omit information relating to intellectual property rights, know-how or innovation outcomes. Nor have we applied disclosure exemptions for information still under development or for matters subject to ongoing negotiations. See appendix page 108 for disclosures incorporated by reference.
Risk management and internal control of the Sustainability Report
Data collection is carried out locally
As we are a decentralised organisation with local IT systems and processes, data collection takes place at local level within the business units. These units then report various sustainability key figures on a monthly, quarterly and annual basis to the global sustainability function via a central reporting system.
An internal checklist of control functions and processes, including sustainability key figures is sent annually to the CFOs of the business units for review and validation by external auditors. This also includes corporate governance and compliance.
Risks in reporting
A key risk in sustainability data reporting is incorrect input. To address this, we use a thirdparty system that enables central control and oversight. The “four-eyes principle” is applied when information is entered into the Sustainability Report. In 2025, we will develop a framework with common definitions and minimum reporting requirements to further reduce risks.
Environment
Our most significant environmental impact stems from greenhouse gas emissions across the entire value chain. This includes emissions from fuel consumption in the vehicle fleet and the production of products such as barriers and signs. We have initiated several important measures to reduce emissions, but much work remains to be done.
Policies and governing documents
Our global sustainability policy statement, together with local process descriptions within the business units, describes how we work to address climate
Targets
Our ambition is to develop and establish targets to reduce Ramudden Global’s greenhouse gas emissions. These targets will be aligned with scientifically recognised guidelines (SBTi) consistent with limiting global warming to 1.5°C in accordance with the Paris Agreement.
Local targets are already in place, for example in the United Kingdom, where we have set approved
Climate change
We are committed to reducing our contribution to climate change. In addition to supporting a sustainable transition in society at large, this is also about remaining competitive by meeting climate requirements and expectations from our various stakeholders. Reducing our climate footprint increasingly presents an opportunity for differentiation.
Our business model – with product rental at its core – offers a significant advantage in this regard. Instead of customers purchasing products themselves, they rent them from us as and when needed. As we always strive for long product life and high utilisation rates, our ambition is to ensure that no “unnecessary” products sit idle or are discarded, thereby reducing climate footprint.
Focus on consolidation
Several local initiatives have been underway to reduce greenhouse gas emissions, including some with firm targets, while work at Group level commenced during the year. In 2024, the focus has been on consolidating data and improving reporting procedures to enable the first complete greenhouse gas emissions report for all of Ramudden Global. The aim
is to obtain the necessary data to develop a strategy, create a more detailed plan and set the targets required to reduce greenhouse gas emissions going forward.
Developing our climate strategy
Greenhouse gas emissions are categorised into three different scopes depending on where they arise in the value chain and the degree of control the company exercises over them. During the year, we established Ramudden Global’s emissions baseline, including scope 1, 2 and 3, thus covering both emissions under our direct control and those occurring in the value chain. Based on this Group-wide baseline, we can establish a transition plan related to climate change mitigation and set targets for reduced emissions.
Our ambition is also to adapt our strategy and business model in line with the transition to a sustainable economy and to help limit global warming to 1.5°C. Our Board of Directors and Group Management have approved the action plan to initiate the process of setting our emissions reduction strategy and targets in 2025.
change. The ambition is to develop a specific environmental policy at Group level during 2025.
Science Based Targets (SBT) for Chevron Traffic Management in line with the Paris Agreement, committing to reduce absolute scope 1, 2 and 3 greenhouse gas emissions by 42 percent by the 2030 financial year, using 2021 as the base year. In 2024, our operations in the United Kingdom accounted for 35 percent of Ramudden Global’s greenhouse gas emissions.
Actions
Pending the development of a comprehensive transition plan, several local initiatives are underway to limit our greenhouse gas emissions:
• Electrification and fuels. Several initiatives are underway to transition to hybrid and electric vehicles, as well as renewable fuels such as HVO (hydrotreated vegetable oil), to reduce emissions from the vehicle fleet.
• Digital solutions. We are also seeing growing use of digital solutions, which can lead to reduced fuel consumption. For example, Intellitag uses automatic, event-driven alarm functions to reduce the need for physical monitoring and transport (read more on pages 22–23). The same applies to other digital products such as smart batteries, solar-powered products and automated barriers.
• Vehicle efficiency improvements: Local initiatives are in place to improve driving behaviour, optimise vehicle use and reduce idling. One such initiative is in Canada, where we have equipped TMA crash vehicles with APUs (Auxiliary Power Units) to reduce diesel consumption when vehicles need to idle at work sites.
• Life cycle assessments. We have conducted life cycle assessments (LCA) and environmental product declarations (EPD) for several of our products to increase transparency and understanding of emissions, as well as to meet customer expectations.
• Product development. We aim to reduce the environmental and climate impact of our product development and maintain close collaboration with our suppliers. Suppliers of concrete and steel are a particular focus, as these products account for a significant share of our environmental impact.
Climate risk and opportunity analysis
During the year, an initial climate-related screening and scenario analysis for the business was carried out. The analysis was conducted by our owners, Triton, together with a third party, and represents a first step in understanding the potential impact of climate-related physical and transition risks,
as well as preparing the business for future potential climate scenarios. As the analysis was conducted at an overall level and did not cover the entire value chain, it was used as an indicator rather than as a basis for assessing climate-related matters in our DMA. We intend to initiate a more in-depth climate-related analysis next year.
Method and estimates
Our greenhouse gas emission calculations follow the methodology described in the GHG Protocol. All emissions are reported in tonnes of carbon dioxide equivalents (CO2e) and include all relevant greenhouse gases as specified in the Kyoto Protocol. For the conversion of greenhouse gases to CO2e, global warming potentials (GWP) based on the IPCC Fifth Assessment Report are used (AR5, 2013, Chapter 8, Table 8.A.1, Lifetimes, Radiative Efficiencies and Metric Values) over a 100-year period, ensuring that the conversion factors are consistent with current national and international reporting requirements. Our energy consumption is reported in MWh.
Data collection is carried out locally and consolidated at Group level. Data, methodology and calculations have been validated by a third party.
1) Calculations for scope 1 are based on actual fuel consumption in litres, with data primarily obtained directly from suppliers where available. Emission factors are sourced either from suppliers or from relevant public sources such as DEFRA, the National Inventory Report from the Government of Canada, the US EPA GHG Emission Factors Hub and UBA Germany. Our vehicle fleet uses biodiesel, which is a form of bioenergy. These emissions are captured within scope 1. For a limited part of the business where we currently have restricted access to scope 1 data, we have extrapolated the calculations to ensure comprehensive reporting.
2) Calculations for scope 2 are based on consumption of electricity, natural gas and other energy sources. Data is primarily obtained from suppliers. Emission factors for the market-based method are sourced either directly from suppliers or from public sources
relevant to the region where the energy is consumed. Our renewable electricity contracts are covered by our supplier's purchase of renewable electricity certificates, and is therefore bundled. For a limited part of the business where we currently have restricted access to scope 2 data, we have extrapolated the calculations to ensure comprehensive reporting.
3) Our scope 3 emissions include both our upstream and downstream value chain.
4) For our purchased goods and services, as well as capital goods, we used EPA emission factors to calculate emissions using a spend-based method (kg CO2e per USD). We have also applied specific emission factors based on LCA for products where this was possible. As our reporting develops, we will explore further opportunities to use even more product-specific data and supplier- and LCA-specific emission factors. Water emissions are also calculated using DEFRA emission factors applied to water consumption volumes.
5) Calculations for upstream fuel-related activities are based on actual fuel consumption and DEFRA emission factors.
6) For our freight-related scope 3 emissions, we have adopted a hybrid approach, applying both spend-based and distance-based calculation methods. Due to limited data availability, EPA emission factors were applied.
7) Our waste emissions are calculated by applying DEFRA’s waste type and disposal route-specific emission factors to the volume of waste generated.
8) For business travel, we calculated our emissions based on travel type (air, rail, bus, etc.), distance and travel class. We also used a spend-based method where data availability was limited.
9) For employee commuting to and from the workplace, we applied country-specific surveys on commuting patterns and DEFRA’s average intensity data for home working.
10) We currently have limited insight into the end-of-life treatment of sold products and have therefore only calculated related emissions for products where we have an LCA.
Resource use and circular economy
By managing products carefully and thoughtfully throughout their entire life cycle, we can not only extend their lifespan but also reduce the environmental impact of materials and components. It is also about improving our consideration of the origin of raw materials and the material composition of our products, in order to increase the rate of recycling and reuse and thereby reduce the amount of waste generated.
A cornerstone of Ramudden Global’s operations is renting out our own materials and products, where both high utilisation rates and durable products are essential to achieving sound project economics. We have therefore always placed emphasis on designing products that are easy to maintain and repair, so they can be used for as long as possible. At Group level, the focus going forward is on developing a shared approach to working in line with the waste hierarchy – reducing both resource use and environmental impact of waste.
At local level, in several of our markets, we have a clear ambition to reduce waste volumes and extend product lifespans. A number of local initiatives are also underway focused on specific products, such as adapting the manufacturing process for traffic signs and signals to enable recycling of their various components. We are also exploring solutions to produce new concrete from returned concrete blocks.
Our key products can be divided into the following categories:
• Heavy equipment such as barriers, footbridges, crash cushions and traffic beams. These typically consists of concrete with steel components.
• Light equipment such as signs, cones, gates and fencing. These are typically made of plastic and aluminum.
• Digital/electronic solutions such as digital monitoring, traffic lights and sign trailers.
• Equipment for services such as TMA vehicles and wheel loaders.
Policies and governing documents
Our ambition is to develop a specific environmental policy in 2025, which will include resource use and the circular economy.
Targets
Waste management has been handled locally, resulting in a range of local targets and initiatives focused on reducing landfill waste. These targets will remain in place until Group-wide targets have been established.
Actions
Method and estimates
Waste management and data collection are carried out locally, and the ability to collect activity data depends on local conditions, such as how the waste collection company charges, sorts and measures volumes. The majority of business units use actual data and direct measurements from their chosen waste management provider. The data is therefore based on the weight specified on the invoices. Where actual weight is not available, waste data is estimated based on invoices and service costs.
During the year, we have worked across our various markets to reduce waste generation, increase the use of secondary raw materials (recycling) and improve waste management systems. For example, in Sweden we have run a project to reuse concrete barriers, equivalent to approximately 1,700 tonnes of waste, giving them a new lease of life in other types of operations where the products are not subject to the same critical safety requirements.
EU Taxonomy
In 2024, we conducted our first assessment of our operations in accordance with the EU Taxonomy Regulation. Our sector is currently not included in the EU Taxonomy, and only a limited proportion of our turnover (2.1 percent) is covered.
The EU Taxonomy is a classification system that sets out criteria for when an economic activity is considered environmentally sustainable. The analysis of Ramudden Global’s operations was carried out with the support of a third party. As this is the first year, we conducted a more high-level assessment. This means we have not yet assessed taxonomy alignment or conducted a minimum safeguard assessment. We continuously monitor developments in the framework and adapt our analysis accordingly. The Taxonomy requires companies to disclose the proportion of turnover, capital expenditure (CapEx) and operating expenditure (OpEx) that is taxonomy-eligible and taxonomy-aligned. See taxonomy tables on pages 111–113 in the appendix.
Turnover
Our sector is not covered by the EU Taxonomy, which has led us to determine that the turnover key figure is not applicable to the majority of our operations. An exception is our consulting business in the United Kingdom, Chevron Green Services Ltd, which accounts for 2.1 percent of our turnover.
Capital expenditure (CapEx)
Below are the relevant taxonomy activities we have identified as applicable to capital expenditure:
• 7.7 Acquisition and ownership of buildings
• 6.5 Transport by motorcycles, passenger cars and light commercial vehicles
Of the total capital expenditure of SEK 6,315.3 million, these activities account for SEK 741.9 million (11.7 percent). The denominator for the CapEx key figure is calculated based on accounting records in accordance with our capital expenditure accounting policies (see property, plant and equipment and intangible assets on pages 87 and 90 of the financial statements).
Operating expenditure (OpEx)
In light of the above determination regarding turnover, we identified few applicable operating expenses during our review. An exception is our consulting business in the United Kingdom, Chevron Green Services Ltd, which accounts for 1.7 percent of operating expenditure:
• 9.1 Consultancy services for physical climaterelated risk management and adaptation
The denominator for the OpEx key figure is calculated in accordance with the EU Taxonomy (1.1.3.1 in Annex I of Commission Delegated Regulation (EU) 2021/2178), and includes costs not capitalised in the statement of financial position, as well as maintenance and repairs, building renovation, short-term leases, low-value leases and research and development costs.
Social
Ramudden Global’s success is made possible by the commitment, expertise and wellbeing of our employees. A safe working environment is therefore always a top priority – and we have long sought to build a strong safety culture from the ground up and promote a proactive approach to risk prevention.
Health and Safety
Every working day is associated with numerous risk factors, as employees are handling heavy materials in high traffic environment while establishing, supervising and dismantling a work site. To create an underlying safety culture, we continuously work with risk awareness, work environment and health and safety issues – an ongoing effort that is never truly complete. A wide range of local initiatives have been carried out in this area for many years. At Group level, we have identified several areas of impact, as well as risks and opportunities related to our own workforce. These apply to all members of our workforce, regardless of their form of employment. The majority of our workforce consists of directly employed staff. Due to local differences in employment practices and changes in labor needs, such as seasonality, employment types vary between markets. Our workforce therefore includes both employees, self-employed individuals, and subcontractors.
– of which accidents resulting in absence3) 147
Method and estimates
Data collection and management of accidents are carried out locally and consolidated at Group level. The calculations apply to all members of our workforce, regardless of their form of employment.
1) Refers to the number of fatalities caused by work-related injuries.
2) The number of work-related accidents refers to recordable work-related incidents.
3) The number of work-related accidents refers to recordable work-related incidents resulting in more than one day’s absence, i.e. lost time injury (LTI).
4) The method for calculating fatality/accident frequency reflects the approach recommended in the ESRS. It is calculated by counting the number of workplace accidents resulting in more than one day’s absence and dividing this by the total number of hours worked, multiplied by one million hours. In this way, the lost time injury frequency rate (LTIFR) shows how many work-related accidents occur per million hours worked.
Health and safety for our employees
Managing the health and safety of our employees is critical to the entire business. As described at the beginning of this section, employees are often situated in high-risk environments on and around busy roads, construction sites and industrial areas. The risks primarily affect those who set up, dismantle and supervise various projects in traffic environments.
Policies and governing documents
The policies we have in place to address employee health and safety are our sustainability policy statement and our health and safety policy, which includes the prevention of workplace accidents. These policy
Targets
During the year, we improved accident reporting and developed a framework for accident management. At Group level, our ambition for 2029 is as follows:
• Zero employees seriously injured or killed at work
• Lost Time Injury Frequency Rate: <9
Actions
This year, we have undertaken several actions, including:
• Accident management and reporting. Clear protocols and processes for employee health and safety are in place within each business unit. This also includes identifying, reporting and managing accidents involving our employees. During the year, we have further developed these processes and determined which key figures are to be reported and consolidated at global level, as well as reported to the Board on a monthly basis. We are also working to increase the reporting of incidents and risk observations through so-called leading indicators, in order to counteract and proactively avoid risks.
• Global framework. We have developed a global framework for health and safety, which includes leadership, governance, risk management and corporate culture, to ensure and document our common approach to employee health and safety. The framework forms part of the action plan approved by the Board, with the ambition for a wider roll-out during 2025.
documents, developed at Group level during the year, apply to all our employees as well as our subcontractors. Prior to this, each business unit had its own local policies. The policies have since been adapted to the
local business units with additional provisions. Sixty percent of our employees are covered by our health and safety management systems.
“Managing the health and safety of our employees is critical to the entire business.”
• Monitoring of key figures. For each business unit, we monitor accident trends on a monthly basis. We discuss developments and trends with the safety and sustainability lead in each business unit, within the sustainability council and in the health and
At local level, we have previously worked to reduce the number of accidents, for example in our Belgian operations where we have set a target to reduce workplace accidents by 20 percent over the next two years through enhanced safety measures, training and the implementation of safety equipment. Employee
representatives were also involved in this work. For our operations in the Nordics and Baltics, targets are already in place in line with the Swedish government’s Vision Zero, which means a goal of zero serious accidents. We have also set targets to reduce accidents in our UK operations.
safety committee. The management of each business unit, as well as the Board, receives a monthly summary of safety key figures. They also receive a more in-depth review of these key figures, together with sustainability key figures, twice a year.
• Ongoing training. To work for us, all relevant employees receive safety training. We continuously develop our safety training to ensure that all employees, especially those working in high-risk environments, are fully equipped to handle potential hazards. This includes updates to safety protocols, ISO updates, procedure reviews, equipment handling, annual incident reviews and corrective actions, as well as emergency procedures. 85 percent of our employees have completed safety training in the past two years.
• Annual safety days. We hold annual safety days in conjunction with the ILO’s World Day for Safety and Health at Work, highlighting a safe working environment from various perspectives through, for example, workshops, training sessions and visits by the management team to depots.
• Risk assessments. We carry out ongoing risk assessments, which include internal audits and inspections, personal risk dialogues, emergency procedures and safety training. These assessments
may cover machine safety, ergonomic evaluations and the management of chemical hazards.
• Safe products. Safety is always the primary factor when developing and procuring advanced safety equipment. The same applies to PPE (personal protective equipment that protects the wearer against health and/or safety risks). We are also placing greater emphasis on digital products, such as Intellitag, to minimise the time employees are exposed in high-risk environments along roads.
The next step is to develop a strategy to gain better control over the management of the most significant safety risks. This year, the focus has been on developing leading indicators, rather than lagging indicators, to prevent accidents. This framework was developed in 2024 with the aim of being fully integrated into operations by the end of 2025.
Our actions in the area of health and safety are informed by discussions within our council of internal health and safety experts, the results of employee surveys and analysis of workplace accidents. The effectiveness of the above actions is measured by the number and categories of workplace accidents, as well as the reporting of leading indicators.
Violence and harassment
Violence and harassment from third parties, such as aggressive road users, represent a genuine occupational health and safety issue in our industry. This is particularly relevant for our operations in the Nordics and Baltics and the United Kingdom, as confirmed by local employee surveys. Our employees work in high-risk environments, and it is primarily those working on traffic projects who are at risk of negative interactions with third parties.
Policies and governing documents
As third-party behaviour is beyond our control, it is difficult to address this through a Group policy. However, we will explore various global approaches
Targets
During the year, our focus has been on gaining insight into the issue and establishing an understand-
Actions
Actions planned or underway to limit the negative impact of violence and harassment include:
• Digital products. Deployment of digital devices that provide warnings of danger and unauthorised intrusion at work sites.
• Processes and procedures. To prevent and manage harassment and violence from road users, we have, where relevant, begun to develop and implement clear procedures for handling threats and violence. In addition, for example, our operations in the Nordics and Baltics have established
to develop procedures and preparedness that help our employees mitigate the consequences.
ing of current state, and we have therefore not yet set any specific targets in this area.
working groups to counter and prevent violence and harassment from road users.
Our actions and activities in this area are primarily informed by the results of employee surveys and analysis of previous and current cases of violence and harassment. The effectiveness of the above actions is measured by the number of incidents involving violence and harassment and the follow-up of these, including the wellbeing of our employees.
Health and safety for our customers
Our customers’ employees work in highrisk environments characterised by traffic, stress and the handling of heavy materials, in connection with our safety installations. We often deliver complex holistic solutions, while at other times we are responsible for individual project elements. Regardless of the assignment, our highest priority is to help create environments where the customer feels safe and can focus on their own work.
Our operations centre on creating safe conditions for our customers, road users and employees by providing services, product rental and digital solutions. Managing health and safety for our customers is therefore critical to our business, as we work directly or indirectly with their safety in high-risk environments on and around busy roads, construction sites and industrial areas.
Read more about how we work with customer safety in the chapters on our operations, business model, value chain and sustainability strategy.
Policies and governing documents
The Group-wide policy addressing customer safety is our sustainability policy statement. Working to ensure the safety of our customers is at the very core of our
Targets
In every project, quality of delivery – and thus enhanced safety for our customers – is the goal.
At Group level, we are currently focused on develop-
Actions
This year, we have undertaken several actions in relation to customer health and safety, including:
• General. Every delivery and every initiative in product development is a measure in itself, as the aim is always to enhance safety. We also always comply with current legislation and road safety regulations, and deliver products that meet all safety standards.
business and is synonymous with quality in delivery. The approach and guidelines for this are therefore embedded in numerous documents and processes.
ing an approach to analyse and measure customer health and safety in a more structured way.
• Collaboration with customers. Close cooperation and dialogue with customers and suppliers on health and safety. Product development in partnership with customers and suppliers.
• Safe products. Digital devices that provide hazard warnings at the work site.
• New safety group. A safety group has been established with a focus on external safety, including representatives from product development, digital
solutions and sales. The aim is to identify key figures and approaches to enable measurement and follow-up of customer safety.
• Ongoing training. Various safety training sessions to ensure that those working in high-risk environments, including workers in the value chain, are fully equipped to handle potential hazards.
• Risk assessment. Risk assessment through internal audits and inspections of installations, including personal risk dialogues and emergency procedures.
“We help more than 10,000 customers create safe conditions in traffic environments.”
Our actions in the area of health and safety are informed by discussion and collaboration with customers and industry organisations. The effectiveness of the above actions is currently assessed through dialogue with our customers and within industry organisations.
Working conditions and human rights
Our employees
For us, human rights and fair working conditions are fundamental principles, both within our own operations, among our various stakeholders and in the communities where we operate. Respect for the freedom and rights of others, always adhering to internal policies and expectations as well as applicable external laws, regulations, regulatory requirements and guidelines in the relevant market, are key elements of responsible and sustainable business conduct.
Any breaches of international norms and standards for human rights must be addressed based on the specific context of each case. Since Ramudden Global was established at the end of 2020, no violations of human rights or internationally recognised norms or standards have been verified. We see no indications that there are any parts of our operations where there is a high risk of forced labour or child labour.
Policies and governing documents
The policies addressing human rights are the anti-slavery and human trafficking policy, our internal code of conduct, the health and safety policy and the policy for equality and inclusion, all of which are aligned with the UN Guiding Principles on Business and Human Rights and the International Labour Organisation’s (ILO) Declaration on Fundamental Principles and Rights at Work.
Targets
As this is the first time we are consolidating reporting for Ramudden Global, and therefore the first time we have insight into human rights work at Group level, we have not yet established any Group-wide targets
Actions
During the year, we developed common policies for health and safety, as well as for gender equality and diversity, followed up on training and further advanced strategies to better protect our employ-
These policy documents, developed at Group level in 2024, apply to all our employees as well as our subcontractors. Prior to this, each business unit had its own local policies.
The markets subject to local legal requirements to maintain a specific policy on human rights and slavery (Belgium, Canada, the Netherlands, Norway and the United Kingdom) have such policies in place.
related to human rights and working conditions, other than to continue working to ensure there are no breaches of human rights.
ees from accidents. Planned actions for next year include establishing improved internal governance and a proactive approach to preventing breaches of human rights.
Suppliers
For us, human rights and fair working conditions are fundamental principles, even beyond our own operations. Respecting the freedom and rights of others, complying with internal policies and expectations, as well as applicable external laws, regulations, regulatory requirements and guidelines in the relevant market, are important elements of responsible and sustainable business. The further along the value chain, the less insight we have into workers’ conditions.
We have begun mapping our suppliers so that next year we can develop a Group-wide strategy for supplier management, based on due diligence. This framework, which is to be completed next year, will take into account human rights and the environment in the supply chain. See page 52 in the section on responsible business for further information.
Policies and governing documents
Our supplier code of conduct and our policy on anti-slavery and human trafficking are the documents that address risks and impacts, including human rights, related to workers in the value chain. Belgium, Canada, the Netherlands, Norway and the United Kingdom are also subject to local legal requirements to maintain specific policies on human rights and forced labour, which have been established where applicable. We are currently working to further develop our policies in line with the EU CSDDD.
Targets
During the year, we have worked to identify gaps in order to put in place policies relating to working conditions and human rights. At Group level, we do not yet have defined targets regarding human rights in the supply chain.
Actions
At local level, we have already made progress on working conditions and human rights in the supply chain, with a focus on setting requirements and monitoring progress with certain priority suppliers. We are working to integrate the CSDDD at Group level and thereby develop a Group-wide approach to managing compliance with human rights and internationally recognised norms or standards.
Gender equality and diversity
There is a general underrepresentation of women in our industry. The construction industry, for example, is one of the most male-dominated sectors in Europe and, according to Eurostat statistics, only around 10 percent of employees are women, a figure comparable to the defence and mining industries. The imbalance is particularly pronounced in traditionally more physically demanding roles within the construction sector, but gender distribution is also uneven among white-collar positions. At the end of 2024, 17 percent of our employees were women.
This issue is important to us, both because gender equality is a fundamental principle in a fair society and because a female workforce gives us access to a broader skills base. Research also shows that diversity in the workforce, including gender diversity, leads to increased innovation and creativity.
As an employer, we have both a responsibility and an opportunity to make a positive impact on the industry by fostering an inclusive corporate culture that advocates and actively works for diversity from multiple perspectives.
Policies and governing documents
To manage risks to and impacts on our employees, we apply our policy on gender equality and inclusion. This policy sets out how we counteract discrimination, including harassment, how we promote equal opportunities for all and other ways to increase inclusion and diversity. The grounds for discrimination covered by the policy are aligned with international norms and standards. The policy, which applies to
Targets
During the year, we have focused on establishing the foundation for our gender equality work, which will
Actions
This year, we have undertaken several actions, including:
• Local partnerships. Local community partnerships in the majority of our markets (including North America, Germany, Belgium and the United Kingdom) to increase employment opportunities for marginalised individuals facing barriers to employment, such as women, refugees and people with disabilities.
• Training. Training programmes for gender equality and diversity, such as the organisational DEI (Diversity, Equity and Inclusion) framework.
• Equal opportunities. Mentoring programmes and tailored career development pathways to ensure equal opportunities and advancement within the organisation in Belgium and Norway.
• Focus on women. Local initiatives in parts of our North American operations, “Women in Construc-
all employees and subcontractors, is also part of our code of conduct and the training provided to all new employees. Irregularities are identified through the employee survey and via the whistleblowing channel. Our global policies have been developed during the year as part of our efforts to take a more unified approach. Previously, each business unit had its own local policies.
subsequently form the basis for setting targets in this area.
tion”, a content series on LinkedIn and in newsletters to highlight women working on the road.
• Increased awareness. Local efforts in parts of our North American operations to become certified as an employer that is inclusive of LGBTQ+ employees. In parts of our North American operations, we have also actively worked to raise awareness of indigenous peoples.
• Mapping of pay gaps. Plans to expand the mapping of gender pay gaps next year for reporting to relevant authorities for the Group. This forms part of the action plan approved by the Board.
Data on the number of employees who are women and men, as well as the results of the employee survey, inform our actions in this area. The effectiveness of the above actions is measured by the results of the employee survey and recruitment outcomes.
Method and estimates
When reporting the number of individuals in the Sustainability Report, this is presented as headcount as at 31 December 2024, unless otherwise specified. This differs from note 7 in the financial statements, which presents the average number of employees calculated as full-time equivalents (FTE) during the year. As Austria is not yet included in the Sustainability Report, this differs from the financial statements.
1) The Board of Directors is not included in the total number of employees
Dialogue with employees
Dialogue with employees
Employees are the Group’s most important stakeholder. To ensure we are responsive to their views, experiences, challenges and ideas, we have invested in a Group-wide employee survey and established several different communication channels.
In 2024, we conducted our first unified and joint employee survey for all employees within Ramudden Global, which we will continue to carry out annually. The survey was conducted by a third party to ensure anonymity and includes basic demographic information to facilitate analysis of data by specific categories such as business unit, country, gender, job category and similar. All employees can share their perspectives here, which they can also do in the annual performance review with their manager.
Input from the employee survey and discussions is taken into account when we develop and prioritise activities intended to address the company’s impact on employees. We assess the effectiveness of employee engagement through the response rate of the employee survey and through the free-text responses provided by employees. The person with overall responsibility for the employee survey ensures that feedback is provided to our Group CEO.
Many local initiatives
There are also local initiatives regarding employee engagement and typically a range of committees and working groups to manage and discuss outcomes from employee dialogues, such as health and safety committees. Employee representatives are usually available. Some markets engage in dialogue with employees of subcontractors. Management in each market is responsible for ensuring engagement takes place. We have
not yet actively worked to identify specifically vulnerable and/or marginalised groups among employees.
Channels for raising concerns
It is important for us to have an open culture where employees feel confident in reporting any issues or grievances in the workplace.
Employees and other stakeholders have the opportunity to submit complaints or request remedial action to address negative impacts, including breaches of human rights.
Employees report to their managers, who escalate the matter to the management team. We also have an independent external whistleblowing channel available to both employees and other stakeholders, internally and externally. Further information about the whistleblowing channel can be found on page 52. Upon employment, all employees must be informed of their options for raising complaints and of the whistleblowing channel. The Board is informed in cases of serious matters.
Dialogue with employees in the value chain
Workers in the value chain are also important stakeholders for the Group. Dialogue usually takes place with representatives from the customer or supplier.
Dialogue with suppliers is managed locally, and both approaches and actions vary. This includes, among other things, a questionnaire related to human rights, which is sent out annually and where the handling of results is based on the assessed risk level in different areas. In general, our suppliers are often small and local, and dialogue often takes place by telephone on a sporadic basis. In certain markets, we participate in forums related to the supply chain to discuss working conditions, health and safety, and accident prevention.
Dialogue with customers is also managed locally. In many of our markets, we are members of industry associations, forums and committees focused on work environment and health and safety. Dialogue often takes place on an ongoing basis and, when necessary, we interact with customers for health and safety training, on-site incidents and to assist in preparing requested documents.
Management in each country is responsible for ensuring that engagement takes place. We have not yet actively worked to identify specifically vulnerable and/or marginalised groups among workers in the value chain.
Channels for raising concerns
We have enabled workers in the value chain to submit complaints or request remedial action to address negative impacts, including breaches of human rights, by establishing whistleblowing channels in all markets. It is
important for us to maintain a good cooperation and dialogue with both customers and suppliers to create an environment where workers feel confident in reporting issues and grievances at our workplace.
Should workplace accidents occur involving workers in the value chain, we are always cooperative and committed to analysing and addressing deficiencies to prevent further incidents. Our independent external whistleblowing channel is also available to workers in the value chain. Further information about the whistleblowing channel can be found on page 52. The Board is informed in cases of serious matters.
“Over 5,000 employees in 12 countries share a common ambition – to deliver the highest quality and safety in every project.”
Governance
As a company, we, like all other businesses, face a range of ethical, financial and technical challenges and considerations every day. Our compass – how we act in these situations –is designed to ensure that all stakeholders can be confident that we always navigate in an ethical, social and environmentally responsible manner.
Policies and governing documents
We strive to maintain a sound corporate culture with high integrity. To succeed, we are clear about the behaviour we expect from all employees. Ultimately, it is about ensuring that Ramudden Global applies ethical business conduct and appropriate standards in every situation. It is also about ensuring that, through our conduct, we value and care for one another, our professional pride, our reputation and our stakeholders. By doing so, we create the right conditions to consistently deliver quality, maintain a sound corporate culture and contribute to a sustainable society. We consider it essential to work in line with the UN Guiding Principles on Business and Human Rights, ILO principles and OECD guidelines. Our senior management has ultimate responsibility for ensuring we act ethically and in accordance with guidelines on responsible business conduct.
During the year, we have developed common policies for:
• Anti-bribery and corruption
• Anti-money laundering
• Anti-slavery and human trafficking
• Anti-trust and competition
• Code of conduct –internal
• Code of conduct –for suppliers
• Cybersecurity
• Diversity, equality and inclusion
• Health and safety
• Information security and data protection
• Sanctions
• Sustainability statement
• Whistleblowing
During the year, we developed and rolled out a global governance framework with policies covering, among other things, anti-corruption and bribery, anti-money laundering, sanctions, code of conduct and sustainability. Responsibility for these policies rests with the Group CEO for Ramudden Global. Previously, each business unit had its own local policies, but now operates on the basis of our common policies, which are then adapted
Targets
As we have developed policies during the year, the work now begins to integrate these into our opera-
Actions
The mechanisms and processes required to identify and report illegal behaviour or conduct that contravenes our codes of conduct are managed locally.
This includes, for example, national guidelines for gifts, bribery and representation, including monetary limits, types of gifts and reporting protocols.
Other actions during the year include the management of the whistleblowing channel. By whistleblowing, we mean the reporting of suspected offences or irregularities in connection with our activities, such as criminal activity, environmental damage, inappropriate behaviour, financial irregularities, fraud, failure to comply with laws and requirements, bribery, health risks and the deliberate concealment of any of these.
This year, we have undertaken several actions, including:
• Whistleblowing made available. Implemented whistleblowing channels for business units that did not previously have them. Whistleblowing channel
to local laws, regulations and business segments. The policies that promote responsible business conduct are rooted in Ramudden Global’s mission – To get people home safely every day – as well as our shared values: safety, customer focus, care and entrepreneurship. The guidelines help us achieve our mission by creating internal structure, providing guidance and establishing standards. Many are also
shared externally. Our policies are continuously updated to remain aligned with regulations, expectations and changes, and help us foster a strong corporate culture at all levels. All relevant policies are aligned with the UN Guiding Principles on Business and Human Rights, the UN Convention against Corruption, ILO principles and OECD guidelines.
tions and thereby establish targets for training in the code of conduct and policies.
are now available to both internal and external parties in all markets to report irregularities.
• New whistleblowing policy. Developed a global whistleblowing policy covering all markets, indicators for effective and proper handling of reports, and a framework for managing reports, including the importance of maintaining whistleblower anonymity.
• Access to policies. All employees have access to our code of conduct and policies. Planned actions include ensuring that all employees receive training in our code of conduct and policies when they join the Group and once a year thereafter. We are currently developing guidelines and a framework to enable us to monitor the proportion of employees who have received annual training.
Management of relationships with suppliers
During the year, we began mapping our suppliers in order to develop a Group-wide approach to supplier management. This work is based on due diligence. The framework, which is to be completed next year, will take into account human rights and the environment in the supply chain and is based on compliance with the EU CSDDD. Previously, work with suppliers in relation to respect for human rights and the environment was managed locally.
Corruption and bribery
Ramudden Global operates in an industry exposed to corruption and bribery, which can have a negative impact on human rights and society. There is a risk of corruption throughout the value chain, particularly in the supply chain. The functions within the company most exposed to the risk of corruption and bribery have been identified as those with direct customer and supplier contacts, as well as those working with public procurement.
We have zero tolerance for corruption and bribery and are actively working to implement control mechanisms to prevent and detect potential offences. The outcomes of investigations into cases of bribery or corruption are reported on a case-by-case basis.
Of which, number of legal cases concerning corruption brought against the company or our employees
Of which, number of cases where employees have been dismissed due to corruption
Policies and governing documents
During the year, we developed a global governance framework with policies addressing, among other things, corruption and bribery.
Targets
Our global objective is to have no verified cases of corruption or bribery among our employees.
Actions
• Risk mapping. During the year, a risk mapping related to the supply chain was carried out. The outcome of this will guide specific activities in the coming years, together with our work to prepare for compliance with the CSDDD.
• Training. All employees are to receive training in our code of conduct and policies relating to anti-corruption when they join the Group and on a recurring basis. We are currently developing guidelines and a framework to enable us to monitor the proportion of employees who have received annual training.
• Internal control. Certain markets conduct internal controls and audits to monitor financial transactions and business practices, as well as to ensure compliance with anti-corruption policies. This may include spot checks, audits of high-risk departments and a review of all third-party contracts and relationships to reduce the risk of corruption.
Number of cases of corruption
17 nationalities work side by side at the German depot
At lunchtime at the AVS depot in Overath, Germany, food from all over the world is served. Many of the employees here are immigrants and have joined AVS through partnerships with local organisations. For the depot, the arrangement is a “no-brainer” – the new employees are needed to meet skills requirements, while AVS also helps to support integration.
When Michael Vogdt, depot manager in Overath with responsibility for around 75 employees across three departments, started in his current role nearly four years ago, he was told he would need to find 10–15 new employees each year. Staff turnover was high, and at the same time, there was a labour shortage in Germany, making it difficult to find suitable new candidates for the various positions. Michael Vogdt decided to find a new way forward.
“To retain staff, I realised we needed to offer something beyond just salary, something that involved development opportunities, job satisfaction and mutual trust.”
Different perspectives strengthen delivery Through contacts with a volunteer group and a charity, the depot has now established a recruitment pathway for asylum seekers and
people who have already obtained work permits. This work has been ongoing for several years and now 17 different nationalities work side by side here.
There are several advantages. In addition to securing AVS’s own skills supply, the recruitment model is also about taking responsibility for the local community and supporting integration by helping foreign-born individuals enter the labour market. The employees, with their diverse backgrounds and experience, in turn contribute valuable new perspectives on how the work should be carried out, enabling continuous improvement in delivery. Continuity also helps to maintain a high standard – and customers are satisfied.
“I see signs everywhere saying ‘staff wanted’, but we have not lost a single person in two years. Instead of constantly chasing new staff, we can now focus on our offering.”
Work as the key to society
The successful model in Overath is fully aligned with the AVS Group’s broader ambitions, where respect, diversity and team spirit – combined with individual strengths – contribute to productivity What are the keys to success? By taking a little extra time at the outset to explain and involve people, there is much to be gained in the long run, according to Michael Vogdt. The working language remains German, although both English and French are sometimes used. New employees also have the opportunity to receive support with, for example, language learning and driving licences.
It has also been important to find employees with the right personal qualities: commitment, flexibility, punctuality and a willingness to work. When so many different cultures and experiences come together under one roof,
“Respect,
diversity and team spirit, combined with individual strengths, contribute to productivity.”
however, there is one important house rule: you leave both political and religious views at the door.
“Potential conflicts are left outside the depot and the atmosphere is good. Many of our employees also socialise outside work, as the workplace has given them a new sense of community. Our approach is truly a ‘win-winwin’ for society, for individuals and for AVS as a company,” says Michael Vogdt.
How we manage risks
Ramudden Global’s operations are influenced by a number of external factors, the effects of which on the Group’s operating profit can be controlled to varying degrees. To mitigate potential risks, we therefore conduct ongoing and structured risk management activities.
The process of identifying, evaluating, managing and monitoring risks forms an important part of the governance and control of Ramudden Global’s operations. We have an established risk management process that serves as a framework for this work. The aim is to provide a Group-wide view of the risk landscape, minimise negative impacts on results and clarify responsibilities and authorities. Compliance with the rules is monitored by the designated party and reported to Group management. In this way, we can make continuous improvements and minimise potential risks. The highest governing body for risk management is Ramudden Global’s Board of Directors and its Audit Committee, which regularly addresses these risks. During the year, a joint workshop was held together with the Group’s business areas to identify and verify the Group’s principal risks, including sustainability risks.
Senior executives from Group and business area management are represented on local boards or through ongoing business reviews
within the business areas. Through this work, control activities and the monitoring of, among other things, risks are decided and implemented locally.
The Group’s broad geographical presence, combined with the number of customers and suppliers, provide a solid underlying diversification of risk.
Financial and sustainability-related risks
Risk assessment relating to financial reporting aims to identify and evaluate the most significant risks affecting internal control in respect of financial reporting within the Group’s entities, business areas and processes. The current situation is assessed and areas for improvement are determined. Control activities are evaluated and assessed on an ongoing basis. With regard to sustainability risks, we develop frameworks centrally which are communicated to and implemented in each business unit. These cover approaches and guidelines in areas such as the environment, employees, business conduct and
anti-corruption, responsible supply chains and partnerships, as described in more detail in the Sustainability Report. Risks are to be minimised through compliance with codes of conduct for employees and suppliers, as well as other policies. You can read more about sustainability risks on pages 34–35.
Crisis management, monitoring and evaluation
Ramudden Global’s crisis management is decentralised. Events are managed and addressed locally wherever possible, close to where the incident occurs. In cases where a more serious incident occurs that may affect the Group as a whole, Group management and the Board Of Directors must be informed and assess how the incident should be handled. Insurance is managed locally by each subsidiary, but there are plans to coordinate this centrally.
Monitoring to ensure the effectiveness of internal control over financial reporting is carried out by the Board of Directors, Group CEO, Group CFO and Group management, as
well as by the management of each subsidiary. Monitoring includes monthly financial reports with comparisons against budget, the previous year and targets, with written commentary presented at performance reviews.
Monitoring also includes follow-up of observations reported by Ramudden Global’s auditors. We follow an annual plan based on the risk analysis, covering prioritised entities, acquired entities, key processes and specific risk areas such as intangible assets and the valuation of accrued income and trade receivables. An evaluation of internal control is carried out each year, verified by our auditor and reported annually to the Audit Committee. This evaluation then forms the basis for the Group’s improvement measures.
Risks within the Group
Within Ramudden Global, a risk is defined as a future event that could adversely affect the Group’s ability to achieve its objectives. The risk definition focuses on risks with significant potential to threaten one or more of the defined strategic objectives. Risks are categorised as financial, operational and sustainability-related, and are assessed based on their impact on overall strategic objectives – specifically in terms of materiality and the likelihood of occurrence within the next five years. For each risk, we also develop mitigation measures and action plans. The risks are then mapped based on probability and impact.
Stable development despite a turbulent external environment
2024 was marked by exciting progress and significant achievements for Ramudden Global. Despite numerous external challenges such as geopolitical tensions, war and previous increases in inflation, we saw a recovery in the market.
A balanced focus on the company’s long- and short-term objectives is a central part of the Board’s work. During the year, we made progress in several areas. The Group’s geographical presence was expanded through six business combinations, each of which contributed valuable synergies and further strengthened Ramudden Global’s decentralised business model. On 1 July, the single largest business combination in the company’s history was completed through the acquisition of RSG International, firmly establishing Ramudden’s presence in North America. An important milestone in the company’s history.
The collaboration between the Board and management has continued to be highly positive during the year. Together, we have evaluated various strategic options and projects, and identified both opportunities and risks. One of the strengths of Ramudden Global’s decentralised business model is its ability to adapt quickly and flexibly to local changes. In a highly dynamic environment, this is extremely valuable.
In 2024, a strategic review was conducted with a focus on future growth areas and performance improvements. The work was led by external parties with strong involvement at all levels of company management and the Board. This helps our employees in the entities to work in a goal-oriented manner.
I look forward with anticipation to taking on the role of Chair and would also like to take this opportunity to thank everyone on the Board, the management team and the entire organisation for their commitment and valuable contributions. These dialogues and ideas help us to continue developing Ramudden Global further.
“With a decentralised business model and our corporate governance at Ramudden Global, we ensure that maximum shareholder value is achieved.”
Lars Blecko Chair of the Board
Governance of the Group
Ramudden Global is, by nature, a decentralised Group with strong shareholder influence, with the principal shareholders represented on the Board of Directors. The principle of extensive decentralisation is of great importance for each entity’s sense of significance and for employee motivation. The entities’ own organisations play a key role in shaping corporate culture and the control environment, with short decision-making paths and a strong presence of local management. Delegating responsibility and authority fosters a commitment to meeting these responsibilities and the expectations that follow.
Board work – the foundation of corporate governance
Ramudden Global’s legal structure largely coincides with its operational structure, meaning there are few decision-making forums that are separate from the civil law responsibilities of the various legal entities.
Management activities are based on the work of the Board of Directors, which forms the backbone of corporate governance, and extend to the boards of the Group’s various entities. The regulations governing corporate governance, such as the Swedish Companies Act, form the basis for the work of the Board of Directors. These laws define the scope of authority and responsibility. Decisions taken by the boards are recorded in the minutes and are subject to close follow-up. As a general rule, we require that each manager consults with their immediate superior to anchor decisions before they are made, particularly in critical matters such as key personnel issues and organisational matters.
Work of the Board of Directors in 2024
Annual General Meeting 2024
The Annual General Meeting was held on 25 April 2024 and resolved as follows:
• Adoption of the income statement and statement of financial position included in the Annual Report, as well as the consolidated income statement and consolidated statement of financial position. It was resolved that no dividend would be paid.
• Re-election of Board members: Hans-Olov Blom, Marcus Hagegård and Morten Finslo.
• Election of PricewaterhouseCoopers AB as the company’s auditor for 2024, with Patrik Adolfson as the auditor in charge.
• Discharge from liability for the Board of Directors and the CEO.
Extraordinary General Meeting 2024
An Extraordinary General Meeting on 13 February 2024 resolved to elect a new Board of Directors: Hans-Olov Blom was re-elected, with Morten Finslo and Marcus Hagegård newly elected.
An Extraordinary General Meeting was held on 12 December 2024. The General Meeting resolved, in accordance with the Board’s proposal, on a new share issue to Raegar Luxco Sarl in an amount corresponding to SEK 57,968,400. Payment was to be made by contribution of non-cash consideration.
The meeting also resolved to appoint the following Board members: Lars Blecko (Chair), Peder Pråhl, Hans-Olov Blom, Patrick Kaudewitz, William Powell and Ilkka Tuominen as ordinary members.
Board of Directors
According to the Articles of Association, the Board of Directors shall consist of not fewer than one and not more than ten members, with or without deputies. Board members are elected annually at the Annual General Meeting for the period until the end of the next Annual General Meeting.
Chair
The Chair is responsible for ensuring that the work of the Board is well organised, conducted efficiently and that the Board fulfils its duties. The Chair monitors the business in dialogue with the Group CEO. The Chair is responsible for ensuring that the other Board members receive the information and documentation necessary to ensure high quality in discussions and decision-making, and verifies that the Board’s resolutions are implemented.
Composition of the Board in 2024
Ramudden Global’s Board of Directors consisted of three members elected by the General Meeting. In 2024, Ramudden Global conducted its Board work through an Advisory Board and held a total of 12 meetings. From 2025, the Board will comprise the following members: Lars Blecko (Chair), Peder Pråhl, Hans-Olov Blom, Patrick Kaudewitz, William Powell and Ilkka Tuominen. The CEO and CFO attend all Board meetings, and other Group officers participate as needed to present specific matters. For further information on the Board members, see page 62.
Work of the Board in 2024
At each ordinary Board meeting, the company’s economic and financial position and investment activities are among the matters addressed. During 2024, the work has largely focused on strategy and continued expansion through business combinations, as well as increased profitability. The company’s auditor has met with the Board during the year. Between Board meetings, numerous contacts have taken place between the company, its Chair and the other Board members. The members have been provided on an ongoing basis with written information regarding the company’s operations, economic and financial position and other relevant matters. The measures taken by the Board to monitor the effectiveness of internal control in connection with financial reporting, and to ensure that reporting to the Board functions properly, include requesting more detailed information in certain areas, discussions with members of Group management and requesting descriptions of the components of internal control, as established at the inaugural Board meeting following the Annual General Meeting. At the same time, the Board adopts instructions for the CEO.
All members have attended all Board meetings, which have been held both digitally and in person during the year. An evaluation of the Board’s work has been carried out.
Board committees
The Audit Committee was established in 2023 and met three times during 2024. Members of the Audit Committee have comprised two Board members, the CFO and the Head of
Finance and Reporting. All members have been present at all meetings, which have been held both digitally and in person during the year.
The work has mainly focused on:
• Current and new accounting issues
• Review of the Annual Report and financial reporting
• Review of reports from Ramudden Global’s auditor, including the auditor’s audit plan and follow-up of internal control.
In 2024, the Board had a Remuneration Committee consisting of the Chair and a shareholder representative. The Remuneration Committee met twice during 2024. All members attended all meetings, which were held digitally during the year. Matters are prepared at the first Board meeting of the year and resolved at the Board meeting held in connection with the Annual General Meeting. The Remuneration Committee is responsible, among other things, for monitoring and evaluating:
• Remuneration to senior executives, as well as the prevailing remuneration structures and levels within the company
• Variable remuneration for senior executives.
External auditors
The Annual General Meeting appoints the external auditor. Ramudden Global’s auditor is the audit firm Öhrlings PricewaterhouseCoopers AB (ÖPwC), with authorised public accountant Patrik Adolfson as the auditor in charge. ÖPwC was appointed by the 2024 Annual General Meeting as Ramudden Global’s auditor for a term extending until the 2025 Annual General Meeting.
Internal audit
A limited internal control function is in place. The function has carried out a risk mapping exercise, identified focus areas and conducted a self-assessment process with the Group’s entities. Ramudden Global does not have a fully developed internal audit function. Ramudden Global defines internal control as a process influenced by the Board of Directors, Audit Committee, CEO, Group management and other employees, designed to provide reasonable assurance that the Group’s objectives are achieved in terms of: effective and efficient operations, reliable reporting and compliance with applicable laws and regulations. The internal control process is based on the control environment, which establishes discipline and provides a structure for the components of the process – risk assessment, control structures and monitoring. For information on risk management, see pages 56–57.
Group CEO and Group management
Morten Finslo assumed the role of Group CEO and President of Ramudden Global on 1 January 2025. He succeeds Hans-Olov Blom, who is moving to a Board position. The Group CEO, who also serves as Group President, is responsible for the day-to-day management of Ramudden Global’s operations and is supported by a Group management team comprising the heads of business units, finance, strategy, M&A and sustainability. At the end of 2024, Group management, including the Group CEO, comprised eleven individuals. For further information on Group management, see pages 63–64.
Governing instruments
The external governing instruments that provide the framework for corporate governance within Ramudden Global include:
• Swedish Companies Act
• Swedish and international accounting standards
• Swedish and international sustainability regulations
The internal binding governing instruments include, among others:
• Articles of Association
• Rules of procedure for the Board of Directors
• Instructions for the CEO
• Authorisation and delegation policy
• Code of ethics
• Finance policy
• Finance manual
• Internal control process
• Whistleblowing procedure
In addition, a number of recently developed Group-level policies are in place; for further details, see pages 52–53.
Board of Directors
Lars Blecko
Chair
Year of birth: 1957
Education:
Master of Science, Karlstad University
Other positions:
Board member of Loomis and Axel Johnson Inc, Chair of Sortera AB and Hissen AB
Previous positions:
Regional Director Loomis USA, CEO Loomis, CEO Rottneros, SVP Sales and Marketing Cardo Rail, President Radiopharmaceuticals Du Pont Group
Peder Pråhl
Board member
Year of birth: 1964
Education: MBA Finance, BSc Economics, Wharton School, University of Pennsylvania
Other positions: CEO and Managing Partner Triton
Previous positions: Doughty Hanson, Morgan Stanley
Hans-Olov Blom
Board member
Year of birth: 1966
Education:
Swedish National Defence College
Other positions: Board member NP3
Previous positions: Group CEO Ramudden Global, Founder and CEO Ramudden, Officer in the army
Patrick Kaudewitz
Board member
Year of birth: 1963
Education: MBA Finance, Universität der Bundeswehr Munich
Other positions: Chair of Wumart, Advisory Board IFCO
Previous positions: CEO Loomis Middle East, CFO France, United Kingdom, Switzerland, Director PwC United Kingdom, France and Portugal
Elena Vasileva
President Germany, Switzerland, Austria
Year of birth: 1969
Employed since: 2022
Education: University degree
Other positions: None
Previous positions: Managing Director Rentokil Initial, Illbruck
Group management
Freek Haerens
President Belgium & Netherlands
Year of birth: 1978
Employed since: 2002
Education:
Business Engineer
Other positions: None
Previous positions: -
Directors’ Report
The Board of Directors and the CEO of Ramudden Global AB (corp. ID no. 559113-9778), with its registered office in Gävle, hereby submit the Annual Report and Consolidated Financial Statements for the 2024 financial year. All amounts are stated in SEKm unless otherwise indicated.
General information about the business Ramudden Global AB, the parent company, and its subsidiaries (together the Group) provide comprehensive infrastructure solutions with a focus on safety. The vision is to improve safety at buildings and work sites and to reduce the risk of injury for people working or passing by. The Group creates added value by contributing technical expertise to its products, market knowledge and experience, as well as efficient logistics management and product availability. The Group also offers services such as road markings and infrastructure equipment solutions, as well as digital solutions. The Group has subsidiaries in Europe, Canada and the US.
The Group operates in five business units, each representing a different geographical region. These business units comprise the Nordics and Baltics business unit (Sweden, Norway, Finland, Denmark and Estonia), the Germany and Austria business unit, the Belgium and Netherlands business unit, the United Kingdom business unit and the North America business unit (Canada and the US). The Group has approximately 5,300 (4,600) employees in total.
Ownership structure
The largest shareholder is Raegar LuxCo S.à.r.l., holding 78.75% of the shares and votes as at 31 December 2024. The other shareholders are key individuals or companies controlled by key individuals within the Group. The company is part of Triton Fund IV.
Significant events during the financial year
During 2024, the Group grew both organically and through six business combinations. The business combinations contributed SEK 1,285 million (748) in revenue and SEK 69 million (61) to profit for the year for the 2024 financial year. The business combinations were financed through bank loans, own cash resources and new share issues. During the year, the company renegotiated and increased its credit facility to secure the pace of future business combinations.
Significant events after the end of the financial year
After the end of the financial year, the company acquired 100% of the shares in Highway Care Ltd in the United Kingdom and 100% of the shares in Imo traffic AG, based in Switzerland. The company has also signed a letter of intent to acquire the shares in CurtinCo and Carolina Traffic Devices in the US, further strengthening its position in the US market.
The company has converted EUR 100 million of the revolving credit facility into a term loan to enable the facility to be utilised for future business combinations. Ramudden Global also renegotiated the interest margin
from 4.25% to 3.50% in March 2025 on the entire credit facility, which will reduce the company’s interest expenses by approximately SEK 100 million on an annual basis.
Morten Finslo assumed the role of Group CEO on 1 January 2025, succeeding HansOlov Blom, who was elected to the Board of Ramudden Global.
Revenue and results
Revenue amounted to SEK 10,343 million (8,828) and the Group’s operating profit was SEK 922 million (467) for the full year. Revenue growth of 17.2% (22.7) was primarily attributable to acquired entities, which contributed 14.2%, with organic growth accounting for 3%. Operating profit improved year-on-year due to the business combinations and cost-side economies of scale.
The Group’s net finance costs amounted to SEK –1,212 million (–893). Net finance costs
Five-year summary
were mainly affected by increased indebtedness and a higher interest margin. Profit before tax amounted to SEK –290 million (–427). Profit for the year amounted to SEK –497 million (–498).
Cash flow for 2024 was SEK 764 million (–436) and cash and cash equivalents at yearend amounted to SEK 1,608 million (845). Items affecting comparability refer to costs that are temporary and not a natural part of the company’s long-term cost structure.
Sustainability
Ramudden Global AB aims to contribute to sustainable development. Environmental aspects have a significant impact on the market and the company is at the forefront of developing products to meet new requirements. As an industry leader, the Group has a responsibility to minimise environmental impact in projects and to inspire others to do
the same. The Group does not conduct any activities requiring a permit under the Swedish Environmental Code. Nor does the Group conduct any permit-requiring activities in other countries where it operates.
For more detailed disclosures, see the sustainability section on page 24 of this Annual Report.
Information on pages:
Environment 22–23, 29, 34–35, 38–41, 57, 111–113
Social conditions 20, 29–31, 34–35, 45, 47, 52–53
Personnel 20, 26, 34–35, 29, 42–50
Respect for human rights 46–47
Anti-corruption 34–35, 52–53
Business model 9, 11, 20, 25–29
Material sustainability risks 34–35, 57
Significant risks and uncertainties
The Group is exposed to various risks in its operations. These risks include operational risks such as market risks, customer structure, procurement and supplier risks, as well as financial risks.
Operational risks
With growing infrastructure needs for maintenance, replacement construction, upgrades and new builds, there is increased demand for the Group’s range of solutions. In addition, the Group sees a growing focus on safety in public spaces, around properties and at work sites, which is also driving increased demand. As a result, market risk is considered low and governments tend to invest more in infrastructure
during challenging times. The business is highly diversified, as the Group offers not only services in the procurement-driven highway segment but also in the more short-term, project-based urban sector. Operations are conducted in 12 countries, reducing dependence on individual national markets, and the company is also active in certain adjacent areas, providing the opportunity to balance work across different segments.
The business has a broad and diversified customer base, which reduces customer dependency and the occurrence of significant customer credit risks. In some cases, customers are large government agencies and authorities, as well as organisations with low credit risk.
To mitigate procurement and supplier risks, the Group has several alternative suppliers, as the majority of purchased materials are standardised products. In 2023, the Group acquired a company that develops products in the safety sector, in order to secure access to products and to enable the launch of these products in other geographies.
Financial risks
The Group is primarily exposed to the financial market through access to capital, interest rate and currency risks, and continuously monitors developments in these areas, also hedging some of these risks. Business combinations are normally financed in EUR. The Group presents its covenants and debt ratio to the Board of Directors on a monthly basis and to the banks on a quarterly basis.
The Group relies on cash flow generated and access to a revolving credit facility (RCF) to manage ongoing liquidity needs. The most significant financial covenant for the Group’s agreements relating to senior loan facilities (Senior Facilities Agreement) is the CSSNLR (Consolidated Senior Secured Net Leverage Ratio), which applies only to the RCF. For a summary of current financing, see note 22.
Expected future development
The market for temporary traffic management services and solutions in connection with roadworks continues to grow, while authorities are increasing regulatory requirements. Factors such as increased urbanisation, greater government spending on infrastructure projects and the growing focus on smart cities and sustainable transport are expected to drive demand for temporary traffic management solutions and services. In addition, technological advances and expanded technical requirements are likely to create new growth opportunities in this market. Given the positive underlying growth trend in the industry, the Group plans to open new depots and carry out a number of new business combinations in 2025.
During 2024 and at the time of signing the Annual Report, the external environment remains complex, with geopolitical tensions and the aftermath of general elections in several major economies. The risk of increased trade barriers is creating uncertainty around global supply chains and investment decisions, while war continues in the Middle East.
A number of multinational organisations and states have imposed various sanctions. As at the date of this report, the Group is not materially affected by these sanctions. The Group has no customers or suppliers in Ukraine, Russia or Israel.
The market and demand for infrastructure services are growing in both economic downturns and upturns. The Group is well positioned to meet these expectations and has the products and personnel required to respond to increasing demand. The area of digital services is expected to grow faster than the market as a whole.
Parent company operations
The parent company is a holding company with limited administrative expenses, primarily insurance costs, audit fees, finance costs and tax expenses. The company’s registered office is in Gävle, Sweden. The company reports profit after tax of SEK 16.8 million (5.7).
Proposed appropriation of
the company’s
profit or loss
The following amounts in SEK are at the disposal of the Annual General Meeting:
The Board of Directors proposes that the profit be
Consolidated financial statements
Consolidated balance sheet
3) In
4) In December 2024, a further new share issue was carried out totalling SEK
as at 31 December 2024.
Consolidated statement of cash flows
Parent company statement of changes in equity
1) The company carried out a new share issue in October 2023, which was registered with the Swedish Companies Registration Office on 7 November 2023, totalling SEK 146 million, of which SEK 5 million was paid in cash and the remainder through a non-cash issue.
2) In December 2023, a further new share issue of SEK 159 million was carried out, of which SEK 8 million was contributed in cash and the remainder through a non-cash issue. The issue was registered with the Swedish Companies Registration Office on 9 January 2024 and is therefore reported as an ongoing new share issue as at 31 December 2023.
3) In December 2024, a further new issue was carried out totalling SEK 58 million, with consideration received in the form of a non-cash issue. The issue was registered with the Swedish Companies Registration Office on 7 February 2025 and is therefore reported as an ongoing new share issue as at 31 December 2024.
Notes
1 General information and accounting policies
General information
Ramudden Global AB, the parent company, and its subsidiaries (together the Group) comprise a group providing products and services in the infrastructure sector with a focus on safety. The Group creates added value by contributing technical expertise to its products, market knowledge and experience, as well as efficient logistics management and availability of products for hire. The Group has subsidiaries in Europe, Canada and the US.
The accounting and measurement policies applied in the 2023 Annual Report have also been applied in this Annual Report, except for the adoption of new accounting standards as set out below. All amounts are presented in millions of Swedish kronor unless otherwise stated, and figures in parentheses refer to the preceding financial year. Certain reclassifications have been made to improve comparability between years.
The parent company’s registered office is in Gävle, Sweden. The address is Box 298, 801 04 Gävle, Sweden. The Board of Directors approved the consolidated financial statements on 3 April 2025 and will present them to the Annual General Meeting on 7 April 2025.
Basis of preparation Compliance
The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the EU. In addition, the Swedish Financial Reporting Board’s recommendation RFR 1 Supplementary Accounting Rules for Groups has been applied.
The parent company applies the same accounting policies as the Group except in those cases specified below under “Parent company accounting policies”.
New and amended IFRS not yet effective
Of the other new or amended standards or interpretations published by the IASB, the new accounting standard IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, is expected to have an impact on the Group’s reports.
The key concepts introduced by IFRS 18 relate to:
• the structure of the statement of profit or loss, including defined subtotals;
• requirements to determine the most useful structured format for presenting expenses in the income statement;
• mandatory disclosures in a single note in the financial statements for certain performance measures reported outside the financial statements (i.e. management-defined performance measures); and
• enhanced principles for aggregation and disaggregation applicable to the primary statements.
The Group is currently assessing the impact that the implementation of IFRS 18 will have on its financial statements.
The new standard will be applied from 1 January 2027.
Basis of measurement
The Group’s financial statements have been prepared on the basis of historical acquisition costs, except for certain financial assets and liabilities, such as derivatives, which are measured at fair value.
Functional currency and reporting currency
The parent company’s functional currency is Swedish kronor, which is also the reporting currency for the parent company and the Group. This means that the financial statements are presented in Swedish kronor. All amounts are, unless otherwise stated, rounded to the nearest million. Due to rounding and presentation in millions of SEK, some totals may not correspond exactly with the sum of the individual figures, and percentages may not precisely reflect the absolute values.
Use of assumptions, estimates and judgements
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates.
The judgements are based on experience and assumptions that management and the Board of Directors consider reasonable under the prevailing circumstances. Actual results may differ from these judgements if other conditions arise.
Estimates and assumptions are evaluated and reviewed on an ongoing basis. Changes in accounting estimates are recognised in the period in which the estimate is revised and in future periods if the change affects both current and future periods.
Uncertainty in assumptions, estimates and judgements
Information on uncertainty in assumptions, estimates and judgements that entails a significant risk of material adjustments for the financial year ending 31 December 2024 is included in the following notes:
• Note 4 Business combinations
• Note 11 Income taxes
• Note 12 Intangible assets and goodwill
• Note 17 Inventories
• Note 19 Prepaid expenses and accrued income
• Note 26.3.2 Credit risk
• Note 27 Leases
In all cases, assumptions and estimates are based on the information available at the time the Group’s financial statements are prepared. These assumptions are reviewed regularly and adjusted as necessary in line with actual developments.
Determination of fair value
A number of the Group’s accounting policies and disclosures require the determination of fair value, both for financial and non-financial assets and liabilities.
The Group has established a control framework for fair value measurement. Management has overall responsibility for reviewing all significant fair value measurements, including fair values classified as level 3. Management regularly reviews unobservable inputs and valuation adjustments. Where information from third parties, such as broker quotes or pricing services, is used for fair value measurement, management assesses data obtained from third parties to support the conclusion that such valuations meet the requirements of IFRS, including the levels of the fair value hierarchy in which such valuations should be classified. Significant valuations are reported to the Group’s Board of Directors.
In measuring the fair value of an asset or liability, the Group uses observable data as far as possible. Fair value is categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: other observable inputs, either directly (i.e. as price quotations) or indirectly (i.e. derived from price quotations), other than those included in level 1.
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability fall within different levels of the fair value hierarchy, the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period in which the change occurred.
Further information on the assumptions made in measuring fair value is included in the following notes:
• Note 4: Business combinations during 2024
• Note 18: Other current assets
• Note 26: Financial instruments
2 Significant accounting policies
Basis of consolidation
Business combinations
The Group accounts for business combinations using the purchase method when control is transferred to the Group (see note 2 Subsidiaries below). The consideration transferred in a business combination is generally measured at fair value, as are the identifiable net assets acquired. The purchase price allocation is provisional from the acquisition date and for a maximum of 12 months during the current financial year. Any goodwill arising is tested annually for impairment. Any gain on a bargain purchase is recognised immediately in profit or loss. Transaction costs are expensed as incurred, except where they relate to the issue of debt instruments or shares (see note 2, Financial instruments below).
Non-controlling interests in the acquired entity are recognised using the full goodwill method and measured at fair value through equity.
Any contingent consideration is measured at fair value as at the acquisition date. Otherwise, changes in the fair value of contingent consideration are recognised in profit or loss. The obligation to acquire additional interests from non-controlling interests in the future constitutes a financial liability that is recognised through equity. As the Group’s commitment to acquire non-controlling interests in the future through the put option is recognised as a financial liability via equity, no non-controlling interest is recognised.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date control is obtained until the date it ceases.
When the Group loses control, the subsidiary’s net assets and any non-controlling interests are derecognised. The gain or loss on disposal is recognised in profit or loss.
Any retained interest in the former subsidiary is measured at fair value at the date when control ceases.
Non-controlling interests in the results and equity of subsidiaries are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated balance sheet.
Intra-group transactions eliminated on consolidation
Intra-group balances, transactions and unrealised income and expenses arising from intra-group transactions are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that they do not indicate impairment.
Foreign currencies
Foreign currency transactions
Foreign currency transactions are translated into the functional currency of each Group entity at the exchange rates prevailing on the transaction date. Monetary assets and liabilities denominated in foreign currency are translated into the functional currency at the exchange rate prevailing at the reporting date.
Exchange differences are recognised in the income statement. Non-monetary items measured at historical cost in a foreign currency are not retranslated.
Exchange gains and losses not attributable to financial instruments are recognised as other operating income or expenses.
Foreign operations
Assets and liabilities in foreign subsidiaries with a functional currency other than Swedish kronor (SEK) are translated into SEK using the exchange rates prevailing at the reporting date (rates as at year-end). Income and expenses in foreign operations are translated into SEK using average exchange rates for the period.
Exchange differences arising are recognised in other comprehensive income and accumulated in the translation reserve.
When a foreign operation is sold in whole or in part such that control, significant influence or joint control is lost, the accumulated amount in the translation reserve attributable to the foreign operation is reclassified to the income statement as part of the gain or loss on disposal.
The exchange rates for significant currencies of countries whose currency is not SEK, used in the preparation of the consolidated financial statements, were as follows:
Revenue comprises the performance of services (employee services, training and consultancy). Provision of equipment solutions, i.e. supplying customers with the necessary combination of road safety equipment to ensure lawful traffic management. The following accounting and measurement methods are applied to the various revenue streams:
Rendering of services
Revenue is recognised when the services have been performed at the agreed price and is recognised over time as the performance obligation is satisfied.
Revenue for hired personnel not yet invoiced is calculated at each year-end.
Provision of equipment solutions
Revenue from the provision of equipment is recognised over time, starting in the period in which the equipment is provided at the agreed price, as the performance obligation is fulfilled.
Revenue for equipment provided but not yet invoiced is calculated at each year-end.
Sale of traffic equipment
Revenue is recognised when control of the asset has been transferred and when the entity is no longer involved in the ongoing management typically associated with ownership, nor retains any effective control over the units sold. Revenue is recognised on the settlement date, depending on the type of contract entered into by the Group.
Revenue is measured at the amount received or to be received in accordance with the contract.
Remuneration to employees
Short-term employee benefits
Obligations for short-term employee benefits are measured on an undiscounted basis and expensed when the related service is rendered. A liability is recognised for the amount expected to be paid.
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are expensed when the related service is rendered. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
Termination benefits
Income
IFRS 15 is applied in respect of revenue recognition. Revenue from the Group’s sales is recognised when control of the services or goods is transferred to the customer upon delivery, and there are no outstanding obligations that could affect the customer’s acceptance of the goods. Revenue is measured at the fair value of the consideration received or receivable and corresponds to the amounts received for services rendered or goods sold, net of discounts and excluding VAT.
Termination benefits are expensed when the Group can no longer withdraw the offer of these benefits and when the Group recognises costs for a restructuring. If the benefits are payable more than 12 months after the reporting date, they are discounted to present value.
Net finance costs
Net finance costs for the Group comprise:
• Interest income
• Interest expense
• Dividend income
• Exchange rate gains and losses on financial assets and financial liabilities
Exchange rate gains or losses on working capital are recognised in other income or expenses.
Income tax
Income tax comprises current and deferred tax. It is recognised in profit or loss, except where the tax relates to items recognised in equity or other comprehensive income.
Current tax
Current tax is the expected tax payable or receivable for the year, together with any adjustments to tax payable in respect of previous years. It is measured using tax rates enacted as at the reporting date. Current tax also includes tax arising on dividends. Current tax assets and tax liabilities are offset only when certain criteria are met.
Deferred tax
Deferred tax assets are recognised for unused loss deductions, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits increases.
Deferred tax is measured at the tax rates expected to apply to temporary differences when they reverse, using tax rates that have been enacted or substantively enacted as at the reporting date. The measurement of deferred taxes reflects how the Group expects, at the end of the reporting period, to recover or settle the carrying amount of the related assets or liabilities.
Deferred tax assets and liabilities are offset only when certain criteria are met, for example where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority and either pertain to the same taxable entity or to different taxable entities where there is an intention to settle the amounts on a net basis.
Inventories
Inventories are measured at the lower of cost and net realisable value as at the reporting date. The cost of inventories is based on the first-in, first-out (FIFO) method. In the case of finished goods and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.
Intangible assets and goodwill
Recognition and measurement
Goodwill
Goodwill arising from business combinations is measured at cost less accumulated impairment losses following annual impairment testing.
Brands and trademarks
Trademarks acquired in business combinations are measured at cost less accumulated impairment losses. An exception is made for trademarks that are considered to have enduring value for the Group’s strategic development. Trademarks are tested annually for impairment.
Development of new products
Development costs are capitalised provided that the cost can be measured reliably, the product or process is considered technically and commercially viable, it is probable that future economic benefits will be generated and the Group intends, and has sufficient resources, to complete the development and to use or sell the asset. In all other cases, such costs are recognised in the income statement as incurred. Subsequent to initial recognition, development costs are measured at cost less amortisation and any accumulated impairment losses.
Other intangible assets
Other intangible assets, including customer relationships and patents acquired by the Group, have finite useful lives and are measured at cost less accumulated amortisation and any accumulated impairment losses.
Capitalised development costs
Software maintenance costs are recognised as expenses as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software assets controlled by the Group are recognised as intangible assets when the following criteria are met:
• it is technically feasible to complete the software so that it can be used
• the company intends to complete the software and to use or sell it
• there is the ability to use or sell the software
• it is possible to demonstrate how the products are likely to generate future economic benefits
• adequate technical, financial and other resources are available to complete the development and to use or sell the software
• the expenditure attributable to the software during its development can be measured reliably.
Directly attributable costs that are capitalised as part of the software include employee expenses and a reasonable proportion of indirect costs.
Capitalised development costs are recognised as intangible assets and are amortised from the date the asset is available for use.
Subsequent expenditure
Subsequent expenditure on acquired intangible assets is capitalised only if it increases the future economic benefits embodied in the specific asset to which it relates. All other costs, including expenditure on internally
generated goodwill and internally developed brands, are recognised in the income statement as incurred.
Amortisation of intangible assets
Amortisation is based on the cost of the assets and is charged on a straight-line basis over their estimated useful lives, and is recognised in the income statement. Goodwill is not amortised.
The estimated useful lives for the current and comparative periods are as follows:
ed useful lives of the assets. Depreciation is generally recognised in the income statement unless the amount is included in the carrying amount of another asset.
Expenditure on improvements to third-party property or certain items of tangible fixed assets held under finance leases is depreciated over the shorter of their useful life or the lease term.
No depreciation is charged on land.
The estimated useful lives for the current and comparative periods for significant items of tangible fixes assets are as follows:
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary.
The rights to use acquired trademarks are considered to have an indefinite useful life and are not amortised in the consolidated financial statements. This is because a key strategy is to develop the trademarks into market leaders in the markets in which the company operates.
Tangible fixed assets
Recognition and measurement
Items within tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure directly attributable to the acquisition of the assets.
Where the construction or production of intangible assets or tangible fixes assets extends over a period of more than one year, directly attributable borrowing costs incurred up to the completion of the assets are capitalised as part of the construction or production cost. Other borrowing costs are recognised in the income statement.
If significant parts of a tangible fixes asset have different useful lives, they are accounted for as separate items (significant components) of tangible fixes assets.
Any gain or loss on the disposal of an item of tangible fixed assets (calculated as the difference between the proceeds and the carrying amount of the asset) is recognised in the income statement.
Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.
Depreciation of tangible fixed assets
Tangible fixes assets are depreciated from the date they are available for use. Depreciation is based on the cost of the assets less their estimated residual values and is charged on a straight-line basis over the estimat-
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary.
Financial instruments
The financial instruments comprise financial assets such as derivative instruments, accounts receivables and cash and cash equivalents, and financial liabilities in the form of non-current and current interest-bearing liabilities, other non-current liabilities, non-current and current lease liabilities and accounts payables. The Group classifies non-derivative financial assets into the following categories:
• financial assets measured at amortised cost
• financial assets measured at fair value in the income statement
The Group classifies non-derivative financial liabilities as financial liabilities measured at amortised cost.
Financial assets measured at fair value in the income statement
Directly attributable transaction costs are recognised in the income statement as incurred. Financial assets measured at fair value in the income statement are measured at fair value, and changes in value, including interest expense or dividend income, are recognised in in the income statement.
Financial assets measured at amortised cost
Assets held with the objective of collecting contractual cash flows that are solely payments of principal and interest, and which are not designated as measured at fair value through the income statement, are measured at amortised cost. The carrying amount of these assets is adjusted for any recognised expected credit losses. Interest income from these financial assets is recognised in net finance costs using the effective interest method.
Non-derivative financial liabilities are initially recognised at fair value less directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.
Contingent consideration
Contingent consideration is recognised at fair value based on the outcome of agreed clauses in the share transfer agreement as at the acquisition date. At each reporting date, the financial liability is measured at fair value, with changes recognised in the income statement under external expenses.
Derivatives
The company uses hedging instruments in the form of interest rate caps, which are classified as derivatives. Derivatives are initially recognised at fair value. Subsequent to initial recognition, these assets are measured at fair value in accordance with level 2, taking into account market data and forward-looking swap and interest rate curves.
Share capital
Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares, net of tax, are recognised as a deduction from equity. An issue that has been completed but not yet registered with the Swedish Companies Registration Office is classified as unregistered share capital.
Impairment
Non-derivative financial assets
The Group applies the simplified approach for calculating expected credit losses. This approach means that expected losses over the entire lifetime of the receivable are used as the basis for measurement.
Financial assets
The Group considers evidence of impairment of these assets both at the level of individual assets and on a collective basis. All individually significant assets are assessed individually for impairment. Those not considered to be impaired are then collectively assessed for impairment that has arisen but has not yet been individually identified. Assets that are not individually significant are assessed collectively for impairment.
When the Group performs collective assessments of impairment, historical information is used regarding the timing of repayments and the amount of losses incurred, with adjustments made if current economic and credit conditions are such that actual losses are likely to be greater or less than those indicated by historical trends.
An impairment loss is calculated as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. Impairment losses are recognised in the income statement and reflected in a loss allowance account. When the Group determines that there are no realistic prospects of recovering the asset, the relevant amounts are written off. If the amount of impairment loss decreases in a subsequent period and the decrease can be objectively related to an event occurring after the impairment was
recognised, the reversal of the previously recognised impairment loss is recognised in the income statement.
Non-financial assets
At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication that those assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated.
For impairment testing, assets are grouped into the smallest identifiable groups of assets that generate cash inflows from continuing use that are largely independent of the cash inflows from other assets or cash-generating units.
Goodwill arising from a business combination is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Impairment losses are recognised in the income statement. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to proportionally reduce the carrying amounts of the other assets in the cash-generating unit. An impairment loss for goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been recognised, net of depreciation, if no impairment loss had been recognised.
Leases
The Group as lessee
The Group assesses whether a contract is, or contains, a lease at the inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a term of 12 months or less). For leases of low-value assets below EUR 5,000, the Group recognises the lease payments as an operating expense on a straightline basis over the lease term, unless another systematic basis better reflects the pattern in which the economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease.
If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used.
The incremental borrowing rate depends on the lease term, currency and commencement date of the lease and is determined based on a range of inputs including: the risk-free rate based on government bond yields, a country-specific risk adjustment, a credit risk adjustment based on bond yields and an entity-specific adjustment where the risk profile of the entity party to the lease differs from that of the Group and the lease is not guaranteed by the Group.
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments (including in-substance fixed payments) less any lease incentives receivable
• Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date
• Amounts expected to be payable by the lessee under residual value guarantees
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line item in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect lease payments made.
Right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date less any lease incentives received, and initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or if the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation commences on the commencement date of the lease.
As a practical expedient, IFRS 16 permits a lessee not to separate nonlease components and instead to account for lease and related non-lease components as a single arrangement. The Group has not applied this practical expedient. For contracts that contain a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of each lease component and the aggregate stand-alone price of the non-lease components.
Statement of cash flows
The statement of cash flows has been prepared using the indirect method. The statement of cash flows includes only transactions involving incoming or outgoing payments. In addition to cash, the company classifies as cash and cash equivalents available balances with banks and other credit institutions, as well as short-term liquid investments that are listed on a
marketplace and have a maturity of less than three months from the date of acquisition. Changes in blocked funds are recognised in investing activities.
Parent company accounting policies
The parent company has prepared its annual report in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s RFR 2 Accounting for Legal Entities. Accordingly, the parent company applies the same accounting policies as the Group, where relevant, except in the cases set out below. Differences between the parent company’s and the Group’s accounting policies arise due to limitations on the parent company’s ability to apply IFRS as a result of the Swedish Annual Accounts Act and the Swedish Act on Safeguarding of Pension Obligations, as well as the options permitted under RFR 2.
The income statement has been prepared using the nature of expense method.
Basis of measurement for the parent company
RFR 2: IFRS 3 Business Combinations
The parent company measures cost as the sum of the fair value at the acquisition date of assets transferred and liabilities incurred or assumed, together with all costs directly attributable to the acquisition. Contingent consideration is recognised as part of the cost if it is probable that it will be realised. The acquisition cost is adjusted in subsequent periods if the initial assessment requires revision.
RFR 2: IFRS 9 Financial Instruments
The parent company applies IFRS 9 except in respect of financial guarantees relating to subsidiaries. For further information, reference is made to the accounting policies adopted by the Group for financial instruments.
RFR 2: IFRS 15 Revenue
Anticipated dividends from a subsidiary are recognised as income in the parent company in accordance with RFR 2 if the parent company has the sole right to determine the amount of the distribution and has made a decision regarding the amount of the distribution before its financial statements are published.
RFR 2: IFRS 16 Leases
The parent company does not apply IFRS 16. Consequently, leases in which the parent company is the lessee are recognised as an operating expense in the income statement on a straight-line basis over the lease term. There are no agreements in which the parent company is the lessor.
RFR 2: IAS 27 Consolidated and Separate Financial Statements
The parent company instead applies the alternative rule in RFR 2: IAS 27 regarding Group contributions, which means that Group contributions from subsidiaries and Group contributions to subsidiaries are recognised as appropriations in the income statement.
Shares in subsidiaries
Interests in subsidiaries are initially recognised at cost, with subsequent adjustments for capital contributions, impairment losses and remeasure-
ment of deferred consideration. Interests in subsidiaries are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Significant estimates and judgements – parent company
Valuation of interests in subsidiaries
The assessment of the market value of the parent company’s shareholdings is based on discounted cash flow forecasts, which include assumptions regarding, among other things, future sales growth, operating margins and working capital, as well as the stock market valuation of comparable listed companies. A change in the assumptions made may result in an impairment loss.
3 Revenue
The business model and customer contracts range from longer-term projects to shorter agreements. Revenue is generally priced per unit of time and customer contracts have credit terms of between 30 and 60 days.
The Group has a diversified customer base with many stable customers, including public sector organisations and companies.
4
Business combinations
The valuation of identifiable assets and liabilities in connection with the acquisition of subsidiaries or businesses includes both a number of items in the acquired company’s balance sheet and items not previously recognised in the acquired company’s balance sheet, such as customer relationships, which are measured at fair value. There are generally no quoted prices for the assets and liabilities to be measured, and various valuation techniques must be applied. These valuation techniques are based on a range of different assumptions. For the Group, non-current assets are a significant item in the statement of financial position that can be difficult to value, as they must be recognised at fair value in the purchase price allocation. This has been carried out using historical information on levels of rental solutions, estimated useful life and price levels. Such calculations require a high degree of estimation, which must be carefully evaluated, measured and analysed. Preliminary values related to acquisitions may be adjusted to fair value for up to one year after completion of the acquisition if new information is obtained regarding facts and circumstances that existed at the acquisition date. Total cash outflow for business combinations amounts to SEK –1,571 million (–941).
For information on contingent considerations, see note 26.
During the year, the following six companies were acquired:
Ludwig Verkehrssicherung AG Germany Germany & Austria
MVPT GmbH Germany Germany & Austria
Savon Kilpi Oy
Kilpimesta Oy
Finland Nordics & Baltics
Finland Nordics & Baltics
AVS Verkehrssicherung Berlin GmbH Germany Germany & Austria
RSG International Inc Canada North America
4.1 Acquisitions during the financial year
The largest acquisition is specified below, with the other five acquisitions
and profit for the year are presented in table 4.2.
and cash equivalents according to the purchase price allocation
4.2 Effects on revenue and profit
Non-controlling interests
Summarised financial information is presented below for the subsidiary with non-controlling interests. The amounts stated for the subsidiary are before intra-group eliminations. The non-controlling interest arising during the financial year relates to a put option, under which the selling shareholder of the Canadian part of the RSG acquisition, Roadsafety Holding Inc, has retained 25.51% ownership in the sub-group. There is an agreement for Ramudden Global to acquire the remaining interest if the conditions for the option are met.
6 Audit fees and other fees to auditors
7 Employees
refers to the statutory audit of the annual and consolidated financial statements and accounting records, as well as the administration of the Board of Directors and the Chief Executive Officer, together with audit and other review work performed in accordance with agreements or contract.
This includes other assignments that are the responsibility of the company’s auditor, as well as advisory services or other assistance arising from observations during such review or the performance of such other assignments.
The audit fee includes the audit of the parent company and the Group. Audit services other than statutory audit mainly comprise work related to new share issues.
8
Other employee benefits
Pension plans and other long-term employee benefits
The Group has various pension plans in different entities that meet the eligibility requirements for participation. Through these plans, most employees are covered in the event of death, disability and retirement. The plan covers active members who are accruing benefits, as well as retired members.
The occupational pension plans are either defined benefit or defined contribution.
Defined contribution pension plans
The Group offers defined contribution plans that meet the eligibility requirements based on legal obligations or tariffs, as well as employment contracts. The Group pays contributions to publicly or privately administered pension insurance schemes on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. Contributions are recognised as employee benefit expenses in the period in which they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available to the Group. During the reporting period, expenses for defined contribution plans amounted to SEK 122 million (96). For the Chief Executive Officer, 30% of salary is allocated to pension provisions.
Defined benefit pension plans
Pension plans that cannot be classified as defined
are classified as defined benefit plans. Such obligations are measured using the projected unit credit (PUC) method, based on realistic actuarial assumptions. The Group has defined benefit pension plans in AVS Verkehrssicherung GmbH. The plans relate to pension commitments for disability, retirement, sickness and survivors’ pensions for three individuals. No expense has been incurred during the current year.
Contract terms for senior executives
The notice period for senior executives is three to six months if notice is given by the company or by the individual concerned. For the Chief Executive Officer and the Group, a mutual notice period of twelve months applies.
Net finance expense
11 Income taxes
11.1 Amounts recognised in profit or loss
Deferred tax assets and liabilities are recognised for deductible temporary differences and for the potential future utilisation of tax loss carry-forwards. The Group’s deferred tax assets relate to tax loss carry-forwards and other temporary differences. The deferred tax liabilities relate to excess values identified in connection with acquisitions and other temporary differences. The measurement of temporary differences and tax loss carry-forwards is based on management’s estimates of future taxable profits in various tax jurisdictions and management’s business plans. Tax assets arising from tax loss carry-forwards have arisen in subsidiaries as a result of interest deduction limitations. It has been assessed that the loss carry-forwards can be utilised against future taxable profits. Ongoing reassessments are made to evaluate the future ability to utilise deferred tax assets. Assessments regarding the ability to utilise loss carry-forwards in the future may change over time and may therefore affect the tax expense for the period. The Group considers that the accruals for tax liabilities are sufficient for all open tax years, based on its assessment of a number of factors, including interpretations of tax legislation and past experience.
The company follows the OECD model rules for Pillar 2, which via the Minimum Tax Directive (EU) 2022/2523, has been implemented into Swedish law, Act (20023:875) on additional tax. This means that the Group is subject to international tax regulations designed to ensure a fair assessment. Under the legislation, the Group may be required to pay a top-up tax for the difference between its GloBE effective tax rate in each jurisdiction if the rate falls below 15%. The Group applies the exemption from recognising and disclosing deferred tax assets and deferred tax liabilities related to income taxes under Pillar 2 and, to the extent possible, also applies the temporary relief provisions.
There are certain unrecognised tax loss carry-forwards in the Group as at the reporting date, which will not be recognised in the future and will therefore have no impact under Pillar 2. Based on this, the Group has not made any provision for additional tax expenses in accordance with Pillar 2.
The table shows differences between the statutory Swedish tax rate and the parent company’s actual tax expenses.
Tax loss carry-forwards
The parent company’s tax loss carry-forwards amounted to SEK 154.8 million (156.0) and relate to non-deductible interest of SEK 154.8 million (156.0). No tax losses are currently recognised due to uncertainty as to whether they can be realised. Based on changes in the Group structure, restrictions apply to the utilisation of tax loss carry-forwards.
The current tax liabilities of SEK 72 million (62) in the Group mainly relate to the Nordics, Belgium and Canada. The current tax assets of SEK 19 million (33) primarily arise from overpaid preliminary tax in Germany.
11.5 Unrecognised deferred tax assets
Deferred tax assets are not recognised unless it is probable that they can be utilised in the near future. The Group prepares forecasts for a period of three to five years in the subsidiary (or group of subsidiaries if consolidated for tax purposes) to determine whether the deferred tax assets will be utilised against future profits. Most tax losses arise in jurisdictions where there is no defined expiry period, but they may be limited by other factors. Unrecognised tax loss carry-forwards amount to SEK 416 million and mainly relate to losses due to interest deduction limitations.
Intangible assets and goodwill
New investments
For acquired intangible assets, see note 4.
Amortisation of intangible assets
Amortisation of intangible assets is included in the consolidated income statement, with amortisation recognised in cost of sales in the amount of SEK 1 million (1) and in selling and administrative expenses in the amount of SEK 332 million (426).
Impairment testing for cash-generating units containing goodwill and trademarks
In connection with impairment testing of goodwill and other acquisitionrelated intangible assets, it is necessary to ensure that the carrying amounts of these items are not overstated. Accordingly, a calculation has been prepared to determine the respective recoverable amounts of these items. The recoverable amount is the higher of an asset’s net selling price and its value in use. As there are generally no quoted prices available to estimate an asset’s net selling price, value in use is typically the amount against which the carrying amount is compared. The calculation of value in use is performed using a discounted cash flow model, based on various assumptions and estimates. The most significant assumptions relate to organic sales growth and growth in operating margin, taking into account capital employed and the relevant weighted average cost of capital (WACC) used to discount future cash flows. The model is constructed using an operating budget for year one, assumptions regarding growth for a further four-year period and, finally, a terminal value. The discount rates applied are stated before tax and reflect the specific risks associated with the respective cash-generating units.
Overall, this means that the valuation of the Group’s goodwill, amounting to a net SEK 10,129 million (7,052), and acquisition-related intangible assets, amounting to SEK 3,978 million (3,271), is subject to significant estimates and assumptions.
For impairment testing, assets are allocated to the lowest level for which there are identifiable cash flows (cash-generating units), i.e. Nordics and Baltics, United Kingdom, Germany, Belgium, the Netherlands, Austria, Canada and the United States. The above country-specific allocation represents the smallest identifiable group of assets that generates cash inflows for the Group after adjustments have been made at Group level. This allocation also corresponds to the way in which the business is measured and monitored. The total value of goodwill by cash-generating unit is distributed as follows:
Goodwill is tested annually for impairment by comparing the carrying amount with the value in use. Value in use is the present value of estimated future cash flows. The cash flows are based on financial plans. These plans are derived from the Group’s operating budget and certain growth assumptions. Such assumptions are prepared by executive management and approved by the Board of Directors. Cash flows beyond this period were extrapolated using an estimated growth rate. Where possible, the Group uses external sources of information. Past experience is important, as there is no official index or similar benchmark that can be used without further adjustment as a basis for the assumptions and estimates made in connection with impairment testing.
A summary of the assumptions and
The Group’s trademarks and trade names are reported in the category Group-wide, as they represent a common asset for the Group. They relate to the trademarks listed below, all of which are used in their respective markets and constitute an important cash-generating component.
Value in use has been calculated using discounted cash flows and is based on forecasts for the next four years approved by executive management. The forecasts have been prepared using estimates from each company for the respective cash-generating unit.
Impairment testing for all cash-generating units is based on financial data as at 31 December 2024. Sensitivity analyses have been performed based on a decrease or increase in operating margin of up to 3 percentage points, and a decrease or increase in the cost of capital of up to 1.5 percentage points. The sensitivity analyses have not resulted in any impairment for any of the cash-generating units.
Headroom in Belgium is more limited than in the other units. Management considers that there are good growth opportunities and potential to improve performance, and that no impairment will be required in 2025.
No significant change in earnings capacity is needed for the cash-generating units to meet their forecasts. The calculations are based on management’s assessment of reasonably possible adverse changes in operating margin and cost of capital, but these are hypothetical and should not be interpreted as an indication that such changes are likely to occur.
Sensitivity analyses should therefore be interpreted with caution.
Impairment testing of trademarks and trade names is based on an established method for valuing trademarks and trade names known as the “relief-from-royalty” method, which has been applied using an internal model. The assumptions for impairment testing of trademarks are consistent with those used for goodwill impairment testing in respect of revenue, tax rates and WACC per unit. An assumption has been made of a royalty rate of 1 and 1.5%, respectively. The valuations show that the value in use of trademarks and trade names exceeds their carrying amount.
Tangible assets
Depreciation of tangible assets
Depreciation is included in cost of sales in the amount of SEK 790 million (679) and in selling and administrative expenses in the amount of SEK 205 million (154).
Collateral
The Group has provided collateral for loans granted by external institutions; for further information, see note 22.
14 Other non-current assets
15 Shares in Group companies
16
Receivables from Group companies
18 Other current assets
19 Prepaid expenses and accrued
Accrued income comprises ongoing fixed-price assignments, meaning that consideration is received as a fixed amount when the assignment is completed or when milestones have been completed and approved for invoicing. The process for ongoing assignments requires assumptions and judgements to be made regarding the status of the assignment, assessment of the stage of completion, and monitoring of the associated costs and income relating to the assignment. The judgements are based on experience and assumptions that management and the Board of Directors consider reasonable under the prevailing circumstances. Actual results may differ from these judgements if other conditions arise.
17 Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle. For finished goods and work in progress, the cost includes an appropriate share of production overheads based on normal operating capacity. Inventory counts are carried out at least once a year. Procedures are also in place to identify obsolete goods and, where applicable, to make provisions for them.
The maturity structure of accrued income at the end of the reporting period was as follows:
21 Shares, equity and proposal for distribution of profit, SEK
21.1 Total equity
Number of shares and share capital as at 31 December 2024:
Number at the beginning of the year, 2023
issue, October 2023
at the end of the
issue, December 2024
All shares carry one vote each. The quotient value is SEK 1.0038 per share. Preference shares (PREF) have priority over ordinary shares (STAM) with respect to dividends.
The structure of the preference shares is such that the holders have preferential rights to the dividend, which only applies if any dividends are paid. There is no obligation to pay dividends, but this refers only to the payment of proceeds after liquidation.
The preference shares are non-interest bearing. Accordingly, there are no accrued interest amounts attributable to these shares. No dividend is proposed in respect of the 2024 financial year for Ramudden Global AB.
21.2 Nature and purpose of reserves
Translation reserve
The translation reserve comprises all exchange rate differences arising from the translation of all balance sheet items in foreign subsidiaries into Swedish kronor (SEK).
Revaluation of pension obligations
The reserve for revaluation of pension obligations includes pensions, gains and losses from changes in the present value of the defined benefit obligation and the return on plan assets, excluding amounts included in net interest, net of deferred tax.
21.3 Other contributed capital
Share premium reserve
When shares are issued at a premium, a share premium reserve is created. This means that the price of the shares exceeds their nominal quotient value.
21.4 Proposal for distribution of profit, SEK
The parent company’s and the Group’s income statements and balance sheets are subject to approval by the 2025 Annual General Meeting.
The Board of Directors and CEO proposes that the profits be appropriated as follows:
amount to be carried forward
The Board of Directors proposes that the total amount of SEK 6,275,291,332 available to the Annual General Meeting be carried forward.
22 Non-current and current interest-bearing liabilities
This note provides information on the contractual terms of the Group’s interest-bearing
The table below presents the nominal loan amount (excluding arrangement fees, interest rate caps and accrued interest).
Revolving credit facility (RCF)
The company has an approved credit limit of EUR 215 million, of which EUR 150 million was utilised as at the balance sheet date. The RCF may be used for revolving loans, issuing letters of credit, bank guarantees and for additional facilities on a bilateral or unilateral basis. The RCF carries interest at EURIBOR plus 3.50%. During the year, the credit limit was refinanced, increasing from an approved amount of EUR 140 million to EUR 215 million.
Pledged assets and covenants
The facility agreement also includes certain conditions regarding covenants, change of control and various restrictions on the payment of dividends, including loans to the ultimate shareholder or other parties outside the Group. The shareholder loan is a subordinated loan and is unsecured. It contains provisions regarding extraordinary termination events, such as change of control, grounds for termination by the lender under § 490.1 of the German Civil Code (Bürgerliches Gesetzbuch), as well as illegality or insolvency.
The most relevant financial covenant is the CSSNLR (Consolidated Senior Secured Net Leverage Ratio), which applies only to the RCF.
The CSSNLR is calculated only if 40% of the RCF has been utilised and, under the terms of the RCF, the Group is required to meet the following financial loan covenant at the end of each quarter:
• The CSSNLR must be below 9.31 times adjusted EBITDA (as defined in the SFA).
• The Group has complied with the loan covenant throughout the period. As at the reporting date, less than 40% of the RCF had been utilised and the CSSNLR stood at 4.79 times, ensuring the Group’s continued access to the RCF.
The term loan facilities do not have any financial covenants.
There are no indications that the Group will have difficulty meeting the covenants at the next test date, 30 June 2025.
23 Provisions
Provisions are determined on an individual
On 19 July 2019, the company entered into an agreement for a senior loan facility, which has subsequently been increased and, as at the reporting date, amounts to EUR 995 million. The agreement is divided into two facilities: Facility B and a revolving credit facility (RCF). The agreement expires in December 2029 for Facility B and in June 2029 for the RCF. The facility carries interest at Euribor plus a margin of 4.25%.
The facility agreement is secured by several pledged collateral agreements including shares, intra-group loans and bank accounts. The pledged assets are intended not only to secure Facility B, but also the amount utilised under the RCF.
In connection with the renegotiation of the facility agreement, new costs arose for bank fees and other transaction-related services from external advisers. The total amount of these capitalised costs was SEK 264 million, consisting of SEK 220 million in arrangement fees and SEK 44 million in estimated advisory fees relating to the transaction. Net debt will be increased on an ongoing basis until the quota value for bank liabilities is reached. Arrangement and advisory fees allocated to the loan facilities will be accrued until maturity.
All previously prepaid financing costs were expensed in connection with the renegotiation, amounting to SEK 99 million.
Guarantee provisions mainly comprise a general provision based on historical warranty costs. Additional specific provisions are made for significant individual cases. Warranty periods range from 12 to 24 months.
Employee-related provisions represent an obligation to provide compensation in an amount dependent on several factors, the most significant of which is the occurrence of a change of ownership in the Group.
24
26 Financial instruments
26.1
Measurement categories and fair value
The following table presents the carrying amount and fair value of financial assets and liabilities. It does not include disclosures on fair value for financial assets and liabilities not measured at fair value where the carrying amount is a reasonable approximation of fair value.
Accounts receivables and accounts payables generally have short maturities. The carrying amounts as at the reporting date largely correspond to fair value.
The Group uses derivatives in the form of interest rate caps for certain of its loans to improve the predictability of interest expenses for the same. The fair value of the financial instruments has been determined based on available market information as at the balance sheet date. Relevant categories of assets and liabilities have been addressed as set out below.
Level 1 is defined as measurement using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 is defined as measurement based on observable inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as price quotations) or indirectly (derived from price quotations). Level 3 is defined as measurement based on inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Derivatives held for trading are considered to be measured in accordance with level 2. As at the reporting date, the value of the derivatives is SEK 4 million. The derivatives are measured individually and fair value has been determined using the Black-Scholes valuation model.
Liabilities to former owners of acquired entities relate to contingent consideration and are measured in accordance with level 3.
The contingent consideration relating to the acquisition in the German operations is classified as a financial liability and is remeasured at each reporting period, with changes recognised in the consolidated statement of profit or loss. The contingent consideration conditions for 2024, which represent one third of the total amount, have been met and the assessment for the coming years is that the likelihood of meeting the contingent consideration conditions is greater than 50%. The agreed terms are based on an EBITDA target of EUR 4.5 million for 2025 and EUR 4.9 million for 2026.
The following table shows changes in contingent consideration during the period.
26.3 Financial risk management
The Group is exposed to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk
• Market risk
This note presents information on the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital.
26.3.1
Risk management system
The Group’s risk management policy is designed to identify and analyse the risks faced by the Group and to mitigate them by establishing appropriate risk limits and controls, as well as by monitoring and ensuring compliance with these limits.
Risk management principles and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group aims, through training and executive management standards and procedures, to create a disciplined and constructive control environment in which all employees understand their roles and responsibilities.
A Group-wide risk management system provides a framework for the timely identification and documentation of risks that threaten the company’s viability, as well as for defining and monitoring actions to mitigate those risks. Clear standards have also been established for risk strategy at both Group and entity level, particularly with regard to significant risk thresholds and ad hoc risk mitigation (special measures). At the core of the system is an independent, decentralised IT platform managed by trained risk officers worldwide.
26.3.2
Credit risk
Credit risk is the risk of a financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Group’s accounts receivables and investments in securities. The carrying amount of the financial assets below represents the maximum credit exposure.
26.2.1 Loans and borrowings
The Group’s interest-bearing loans and borrowings are measured at amortised cost. For further information on loans and borrowings, see note 22.
The Group’s exposure to credit risk is primarily influenced by the characteristics of each individual customer. In addition, management considers the demographics of the Group’s customer base, including the risk of default in the industry in which customers operate, as these factors may affect credit risk.
The Group establishes a provision for impairment representing its estimate of losses incurred in respect of accounts receivables and other receivables. The main components of this provision are a specific loss component re-
lating to individually significant exposures and a collective loss component established for groups of similar assets in respect of losses incurred but not yet identified. For further information on the measurement of financial assets, see note 2 Significant accounting policies.
Impairment
The maturity structure of accounts receivables at the end of the reporting period was as follows:
26.3.3 Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk is mitigated by applying short- to medium-term planning models, which provide the Group with the necessary forward-looking visibility. The medium-term forecast covers a twelve-month time horizon. The tools used are based on legal entities. The collection of data on a monthly basis provides Group Finance with an overview of the expected liquidity position. Financing is provided within the Group through partial use of a cash pool, which subsidiaries may access on a case-by-case basis. For major currencies, surplus balances are transferred to target accounts held by the Group. The cash pools for different currencies managed by Group Finance ensure that all cash resources are handled efficiently.
The Group presents summaries of quantitative data on its exposure to liquidity risk based on information provided internally to executive management. The information obtained is primarily derived from a rolling twelve-month forecast. This forecast is prepared from the bottom up by all entities. Regularly provided bank reports and covenant reports (quarterly), previously submitted on the basis of this information, have indicated no such liquidity risks. Furthermore, no such unplanned cash outflows from surplus cash balances as defined in the refinancing arrangements are currently anticipated.
For the foreseeable future, the cash outflows included in these data are not expected to occur significantly earlier than indicated or to differ materially from the stated amounts.
The assumptions underlying the maturity schedules shown above are as follows:
• If a liability has a different maturity date due to the nature of the payment terms (such as discounts), the earliest possible maturity date is used for the above calculation.
• Interest payments on non-current and current interest-bearing liabilities that extend over the year-end are allocated based on the proportion of the interest period attributable to the current year.
• This process corresponds to the calculation method used to determine fair value for all other financial instruments.
In addition to the above, the Group has a revolving credit facility of EUR 215 million, as described in note 22.
26.3.4
Market risk
With regard to international business operations, the Group is exposed to market price risks arising from fluctuations in exchange rates and interest rates. These market price risks may have an adverse effect on the company’s net assets as well as its financial position and performance. Market price risks are managed and monitored through regular measures in day-to-day operations and financing activities and, where appropriate and meaningful, by using derivative financial instruments. The Group regularly assesses the aforementioned risks by tracking changes in key economic indicators and market information. The Group is also exposed to commodity price risks arising in the course of its operations.
Changes in the provision for impairment of accounts receivables during the 2024 and 2023 financial years are as follows:
The company’s assessment is that the reserved amounts are recoverable, based on historical payment behaviour and analysis of the underlying customers’ credit
Cash and cash equivalents
The Group had cash and cash equivalents, including overdraft facilities, of SEK 1,608 million (845), representing its maximum credit exposure for these assets. Cash and cash equivalents are held with a number of banks and financial institutions as counterparties, including UniCredit, LBBW and SEB, with ratings from A to BBB*, based on Standard & Poor’s ratings.
The following maturity structure represents how the contractual cash
for undiscounted liabilities (including principal and interest) recognised as at 31 December 2024 will affect the Group’s liquidity position (further information on the year of repayment is provided in note 16).
The Group has a broad, diversified customer base, which reduces customer dependency and the incidence of significant customer credit risk. With regard to procurement and supplier risks, the Group has several alternative suppliers as the materials rented out are standardised products.
Foreign currency risk
The various Group companies operate internationally and are therefore exposed to currency risk in transactions in foreign currencies. These currency risks arise from future commercial transactions as well as recognised assets and liabilities. Such transactions are limited within our existing operations. The Group conducts operations in the following major currencies: SEK, EUR, GBP, NOK, DKK, CAD and USD. As a result, changes in exchange rates may affect the Group’s financial performance. During the reporting period, changes in exchange rates had no material impact on the Group’s results or financial position. However, Group Finance continuously monitors the potential effects of fluctuations in currency markets. An analysis of net positions in accounts receivables and accounts payables denominated in foreign currencies at year-end showed that the Group was not exposed to any significant currency risk as at the reporting date.
The Group also has translation exposures arising from sales and purchases in foreign currencies other than the functional currency, as well as borrowings in foreign currencies. To mitigate the impact of exchange rate fluctuations in day-to-day operations, the Group continuously assesses its exposure and seeks to balance revenue and costs in the same currency, thereby reducing currency risk. Although Group Finance continuously monitors such currency movements, the Group does not currently hedge this type of risk.
Effects of translation of foreign operations
As SEK is the reporting currency in the consolidated financial statements, income and expenses in these subsidiaries are translated into the Group’s currency prior to consolidation of the Group’s financial reports. Period-on-period changes in exchange rates may have a significant impact on, among other things, the company’s revenue and net profit. Unlike the effect of exchange rate fluctuations on transaction exposure, translation risk does not affect cash flows in the local currency. When net asset values are translated into SEK, fluctuations result in corresponding changes between periods in those net asset values. The company’s equity position reflects these changes in net asset values.
An increase or decrease of 10 percent in the value of currencies against SEK would result in an effect of approximately +/– SEK 134 million on operating profit (EBIT), based on management’s simulations. In addition to currency exposure against the Group’s functional currency, SEK, as at the reporting date there is a translation risk primarily between USD and CAD. An increase or decrease of 10 percent in the value of USD against CAD would result in an effect of approximately +/– CAD 1 million on operating profit (EBIT). The above analyses are based on the Group’s currency position and assume that all other variables remain constant.
27 Leases
26.3.5 Interest rate risk
Interest rate risk arises from the sensitivity of financial assets and financial liabilities to changes in market interest rates. The Group’s exposure is determined by its interest-bearing cash balances and outstanding loan liabilities.
For the two interest rate caps, the premium is paid in advance and payments are received if the interest rate exceeds the cap. As no additional premium beyond that already paid can be charged by the credit institutions, the two interest rate caps carry no downside risk.
With regard to the interest rate floor agreement entered into, which prevents Euribor from falling below 1.5 percent, the current interest rate environment means that the risk is low. The company continues to monitor the actual market value of the floor, which reflects the downside risk.
As at 31 December 2024 and 2023, the company’s cash and cash equivalents amounted to SEK 1,608 million and SEK 845 million, respectively.
Group Finance coordinates all financing and investment activities within the Group. For this purpose, a summary of unutilised balances is prepared and invested centrally. Local deposits are generally made where country-specific rules and restrictions prohibit the transfer of funds to the ultimate parent company’s accounts. The potential sensitivity of the Group’s interest income stream associated with changes in relevant interest rates applied to interest-bearing cash balances is marginal.
Interest rate risk for the Group’s existing financing arises as the interest on the Facility B agreement is variable, set at EURIBOR plus a margin.
The interest rate is also determined by the margin. The margin depends on the defined leverage ratio in the facility agreement and currently amounts to 4.25% for Facility B and 3.50% for the RCF. As at 31 December 2024, the nominal interest rates are 7.61% for Facility B and 7.36% for the RCF. For 2025, the Group has budgeted an interest rate of 7.37% for Facility B and 6.62% for the RCF.
If three-month Euribor were to exceed our assumption as at the reporting date by 100 basis points, the change in interest rates would reduce profit (net of tax) by SEK 121 million. This takes into account the Group’s interest rate cap agreements.
Depreciation of right-of-use assets:
Expenses relating to variable
The Group leases various types of assets, including premises, vehicles and other items such as IT equipment. No lease agreements contain covenants or other restrictions beyond the security interest in the leased asset. When discounting future lease payments, each country’s Stibor 90 and threemonth international market rates in EUR (The Riksbank) are used for all categories in all countries, plus the average borrowing rate for premises and other lease agreements. The Group has assessed that this reflects the actual interest rate and takes into account the financial strength of the subsidiaries, country-specific conditions and the leased asset, considering the term, security, value and economic environment of the relevant lease agreement. Adjustments to interest rates for each country could either increase or decrease the calculated value of the leased asset and, consequently, the related liability. Changes in interest rates would also affect the expense recognised in profit or loss and the amounts recognised as depreciation and finance costs.
The Group holds options to purchase certain manufacturing equipment for a nominal amount when the lease term expires. The Group’s obligations are secured by the lessor’s right to the leased assets under such lease agreements.
Additions to right-of-use assets during 2024 amounted to SEK 711 million (412). This amount includes the cost of right-of-use assets acquired during the year as well as additional amounts arising from the remeasurement of lease liabilities due to changes in payments resulting from modifications to the lease term.
The Group does not face any significant liquidity risk in respect of lease liabilities, which are also monitored by the Group’s finance function. Amortisation of lease liabilities during the year amounted to SEK 395 million (346). Total cash outflow for leases amounted to SEK 435 million (317).
28 Contingent liabilities and pledged assets
The business is subject to disputes with employees, customers and suppliers. No material liabilities are
29 Related party transactions
29.1 Parent company and ultimate controlling party – largest shareholder Related parties comprise the largest shareholder, Raegar LuxCo S.a.r.l., certain co-investors as described below, and entities within the Group collectively referred to as “subsidiaries”.
Transactions with key management personnel
Remuneration to key management personnel
During the reporting period, the Board members of the parent company received SEK 0 million (0) in fees for fulfilling their duties in the various Group companies. Furthermore, as at the date of preparation of these consolidated financial statements, the parent company had no approved loans, advances or other benefits to its former or current chief executive. In addition, the parent company had no pension or guarantee obligations to former or current Board members.
Total remuneration to key management personnel in the Group’s executive management during the reporting period amounted to SEK 82 million (87) and consisted of salaries and other benefits.
Management participation programme
A number of key management personnel collectively own approximately 21 percent of the shares in Ramudden Global AB (the company). A condition of ownership is that the relevant executives hold an active employment with the company or one of its subsidiaries. In accordance with IFRS 2.43B(b) in conjunction with IFRS 2.3a, the programme relates to share-based payments in the form of equity instruments.
The management participation programme stipulates that if an executive is dismissed or resigns for any reason, the company has an option, as set out in the shareholders’ agreement, to purchase all or part of the executive’s shares. The pricing mechanism is defined in the shareholders’ agreement and depends on the reason for termination (i.e. good leaver/bad leaver) and ranges from the original amount paid to the market value of the shares.
The indirect shareholding in the Group was acquired at fair value by the relevant executive. The purchase price is an amount proportionate to the acquisition price for the Group’s business. If an executive acquires shares in the company after the acquisition date of the Group’s business, the acquisition price is determined based on EBITDA multiples.
29.2 Transactions with subsidiaries
Various relationships exist between Group companies, including the supply of materials and services, performance of services, recharging of costs, charging of interest and legal ownership. In addition, certain entities are responsible for global projects in areas such as mergers and acquisitions (M&A) and IT projects. In such cases, costs transferred between entities are fully eliminated. In addition to these types of transactions, costs are, in certain minor cases, recharged within the Group. These are eliminated for consolidation purposes.
Ramudden Global (Group) GmbH and Ramudden Global (Group) AB act as cash centralising entities, optimising liquidity within the Group. Interest is charged to each Group company. Receivable, liability and interest transactions are eliminated in the consolidated financial statements.
Transactions between the parent company and subsidiaries are priced in accordance with arm’s length principles. The parent company’s transactions with related parties comprise:
30 Adjustments for other non-cash items
Transactions with shareholder
The Group has a shareholder loan from an indirect shareholder in Ramudden Global AB amounting to SEK 1,973 million, carrying interest at 6 percent. Interest may either be capitalised or paid to the lender. The loan matures on 11 December 2029.
Transactions with other related parties
As the Group is part of Triton Fund IV, consultancy fees relating to certain advisory services provided by other companies associated with Triton and their employees have been classified as related party transactions. Professional fees relate almost exclusively to advisory services and the recharging of external services connected to the acquisition and integration of the Group’s business. All of the above-mentioned related party transactions are priced on an arm’s length basis.
Adjustments for non-cash items mainly relate to depreciation, unrealised foreign exchange gains and losses from the remeasurement of certain operating items in the statement of financial position, gains on the sale of subsidiaries/businesses/tangible fixed assets, and non-operating provisions for certain severance bonus provisions.
31
Derivatives
The Group uses two interest rate caps and one interest rate floor, which are classified as derivative instruments and measured at fair value. Approximately half of the loan amount is hedged through interest rate caps. For the bank loan totalling EUR 995 million, EUR 250 million of Euribor is hedged at 2.25% until 30 June 2025, and for a further EUR 285 million there is an agreement to hedge the interest rate at a Euribor of 3.0%. At the same time, an interest rate floor agreement has been entered into for a loan amount of EUR 785 million, which prevents Euribor from falling below 1.5%, running until 30 June 2025.
As at the balance sheet date, valuation certificates have been obtained from the lenders and the derivatives are measured at fair value amounting to SEK 4 million. The change in the value of the derivative instrument for the year amounts to SEK -39 million. For the 2024 financial year, the interest rate caps have resulted in a reduction in interest expenses of SEK 67 million (41) in total.
32 Events after the end of the reporting period
After the end of the financial year, Ramudden Global acquired 100% of the shares in Highway Care Ltd in the United Kingdom and 100% of the shares in Imo traffic AG, based in Switzerland. The company has also signed a letter of intent to acquire the shares in CurtinCo and Carolina Traffic Devices in the United States, further strengthening its position in the US market.
The company has converted EUR 100 million of the revolving credit facility into a term loan to enable future acquisitions. Ramudden Global has also renegotiated the interest margin from 4.25% to 3.50% in March 2025 on the entire credit facility, which will reduce the company’s borrowing costs by approximately SEK 100 million per year.
Morten Finslo assumed the role of Group CEO on 1 January 2025, succeeding Hans-Olov Blom, who was appointed to the Board of Ramudden Global.
For further information on the use of derivatives, see note 26.2 Fair value measurement.
Ludwig Verkehrssicherung AG HRB 31838 Augsburg Germany 100%
MVPT GmbH HRB 33711 Augsburg Germany
AVS Verkehrssicherung Berlin GmbH HRB 14870 Schönefeld Germany
Ramudden Global (Austria) GmbH FN503669s Burs Austria
Auer & Koessler Bodenmarkierungen GmbH FN 178307s Vienna Austria
R. u. H. Bartenbach GmbH FN 389745f Bürs Austria
Simark Beteiligungs GmbH FN 856640t Huerm Austria
Simark GmbH & Co KG FN 4182a Huerm Austria
Boardwalk CallCo Inc 731838959 Concord ON Canada
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Safe Roads R&D Inc 777585704 Stouffville ON Canada
Summit Rentals Inc 725815914 Stouffville ON Canada
RSG Internationa Corp 766753081 Stouffville ON Canada
Infrastructure Logistics Inc 829932375 Stouffville ON Canada
Peninsula Contruction Inc 104138151 Fonthill ON Canada
Silverback Traffic solutions Inc 737968677 Fonthill ON Canada
Boardwalk US Inc 61-2196123 Wilmington USA 100%
RoadBlock Solutions Inc 87-1347244 Dover, Delaware USA
S B&K Enterprises Inc 87-1212064 Harrisburg, Pennsylvania USA
Safe Roads Engineering US Inc 61-1974340 Dallas, Texas USA
Ramudden Global Switzerland AG CHE-495.086.746 Lucerne Switzerland
Ramudden Global Products & Digital AB 559499-0482 Östersund Sweden
Board Signatures
Board Signatures
The Board of Directors and the Chief Executive Officer confirm that the consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and provide a true and fair view of the Group’s financial position and performance. The parent company’s financial statements have been prepared in accordance with generally accepted accounting principles in Sweden and provide a true and fair view of the parent company’s financial position and performance.
The statutory Directors’ Report for the Group and the parent company provides a fair overview of the development of the Group’s and the parent company’s operations, financial position and performance, and describes the principal risks and uncertainties faced by the parent company and the entities within the Group.
The Board of Directors and the Chief Executive Officer also present the Ramudden Global AB Sustainability Report for 2024. The Sustainability Report describes the Group’s work from economic, environmental and social perspectives.
The statements of profit or loss and financial position of the parent company and the Group are subject to approval by the Annual General Meeting on 7 April 2025.
Gävle, 3 April 2025 (digital by nature)
Lars
Our report is dated as per the date in the electronic signature
Stockholm 3 April 2025 (digital by nature)
Öhrlings PricewaterhouseCoopers AB
Patrik Adolfson
Authorised Public Accountant
Principal Auditor
For identification purposes only
Blecko Chair
Peder Pråhl Board member
Hans-Olov Blom Board member
Patrick Kaudewitz Board member
William Powell Board member
Ilkka Tuominen Board member
Morten Finslo Group CEO
auditor’s report
Independent auditor’s report
To the general meeting of the shareholders of Ramudden Global AB, corporate identity number 559113-9778
Report on the annual accounts and consolidated accounts
Opinions
We have performed an audit of the annual accounts and consolidated accounts of Ramudden Global AB for year 2024. The annual accounts and consolidated accounts of the company are included on pages 66–102 in this document.
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2024 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act.
The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2024 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income
statement and balance sheet for the parent company and the group.
Basis for Opinions
We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Other information than the annual accounts and consolidated accounts
This document also contains other information than the annual accounts and consolidated accounts and is found on pages 2–65 and 106–113. The Board of Directors and the Managing Director are responsible for this other information.
Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the
information is materially inconsistent with the annual accounts and consolidated accounts.
In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated.
If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, the Board of Directors and the Managing Director are responsible for the assessment of the company and group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis
of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intends to liquidate the company, cease operations or has no realistic alternative to doing any of this.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.
A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on Revisorsinspektionen’s website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report.
Report on other legal and regulatory requirements
Opinions
In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Ramudden Global AB for year 2024 and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company and group’s type of operations, size and risks place on the size of the parent company’s equity, consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and the management of the company’s affairs. This includes among other things continuous assessment of the company and group’s financial situation and ensuring that the company’s organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of
assurance whether any member of the Board of Directors or the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act.
A further description of our responsibility for the audit of the administration is available on Revisorsinspektionen’s website: www. revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report.
auditor’s report
Stockholm the date indicated by our electronic signature
Stockholm 3 April 2025 (digital by nature)
Öhrlings PricewaterhouseCoopers AB
Patrik Adolfson
Authorized Public Accountant
For identification purposes only
This audit report and the related consolidated financial statements are a translation of the Swedish original. For any differences between the versions it is the Swedish original that takes precedence. The original signature of PricewaterCoopers AB and their authorized public accountants is on the Swedish original. The English version is signed for identification purposes only and for no other purpose.
Auditor’s report on the statutory sustainability report
To the general meeting of the shareholders in Ramudden Global AB, corporate identity number 559113-9778
Engagement and responsibility
It is the board of directors who is responsible for the statutory sustainability report for the year 2024 on pages 24-54 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect before 1 July 2024.
The scope of the audit
Our examination has been conducted in accordance with FAR’s standard RevR 12 The auditor´s opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report is substantially different and less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinion.
Opinion
A statutory sustainability report has been prepared.
Stockholm the date indicated by our electronic signature
Stockholm 3 April 2025 (digtal by nature)
Öhrlings PricewaterhouseCoopers AB
Patrik Adolfson
Authorized Public Accountant
For identification purposes only
This audit report and the related consolidated financial statements are a translation of the Swedish original. For any differences between the versions it is the Swedish original that takes precedence. The original signature of PricewaterCoopers AB and their authorized public accountants is on the Swedish original.
The English version is signed for identification purposes only and for no other purpose.
Glossary
CSRD – Corporate Sustainability Reporting Directive refers to the EU legislation on corporate sustainability reporting, effective from 1 July 2024.
DMA – Double Materiality Assessment is a methodology for identifying and prioritising the most relevant sustainability issues by considering two key dimensions: impact materiality and financial materiality.
EPD – Environmental Product Declaration is a summary report of the results from a life cycle assessment.
ESRS – European Sustainability Reporting Standards refers to the reporting standards under the CSRD.
HVO – Hydrotreated Vegetable Oil is a type of biodiesel.
LCA – Life Cycle Assessment is a methodology for calculating environmental impact across the entire life cycle of a product.
Minimum safeguards – Minimum safeguards in the EU Taxonomy are measures to ensure that companies’ sustainability work meets certain standards regarding human rights, labour law, taxation and fair competition.
SBT – Science Based Targets is a methodology for companies to set scientifically grounded climate targets in line with the Paris Agreement.
TMA – Truck Mounted Attenuator, also known as a TMA vehicle or Impact Protection Vehicle (IPV), is an impact protection device used at roadworks.
TTM – Temporary Traffic Management refers to temporary traffic and safety solutions.
VMS – Variable Message Sign, a digital sign used, for example, at roadworks.
Sustainability Notes
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
A. Turnover of Taxonomy-eligible activities (A.1+A.2)
ACTIVITIES
Proportion of capital expenditure (CapEx) from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
by motorcycles, passenger cars and light commercial vehicles
and ownership of buildings
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
A. CapEx of Taxonomy-eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 5,573.5 88.3% TOTAL 6,315.3 100%
Proportion of operating expenditure (OpEx) from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
