Volati Ab · OMXSTO:VOLO
Volati Ab — Q4 2025 Earnings Presentation
17 slides from Volati Ab's earnings presentation, Feb 12, 2026
Slide 1: Q4 Interim Report Oct-Dec 2025
Q4 Interim Report Oct-Dec 2025 Andreas Stenbäck, CEO Volati Martin Hansson, CEO Salix Group 12 Feb 2026 Volati Interim report October - December 2025 1
Slide 2: Volati is a growing group of well-managed companies with strong earnings
Volati is a growing group of well-managed companies with strong earnings Home markets Subsidiaries +16% +15% Volati EBITA EBITA CAGR growth LTM since 2019 Net sales 2025 SEK 8,419 m EBITA 2025 SEK 726 m +15% +27% +5% EBITA CAGR ~51% EBITA CAGR ~27% EBITA CAGR Industry ~22% since 2019 since 2019 sinc
Slide 3: Financial development, Q4 2025
Financial development, Q4 2025 Net sales EBITA Operating cash flow Net debt/adjusted EBITDA SEK 2,020 m SEK 140 m SEK 403 m 2.5 x (Q4 2024: 2,007) (Q4 2024: 136) (Q4 2024: 374) (Q4 2024: 2.6x) Net sales, SEK m EBITA, SEK m 2 250 2 000 250 1 750 200 1 500 1 250 150 1 000 750 100 500 50 250 0 0 Q1 Q2
Slide 4: Sales and EBITA growth in 2025 supported by trend shift in organic development
Sales and EBITA growth in 2025 supported by trend shift in organic development 28% • Full year sales increased 7% to SEK 8,419m, 23% Organic sales growth Net sales growth supported by strong momentum in Ettiketto with close to 30% growth 10% 7% • Full year EBITA increased 10%, of which 2% 3% 1% 1% 0
Slide 5: Financial development 2025
Financial development 2025 Net sales CAGR +15% SEK 8,419 m 664 710 737 726 658 (2024: 7,866) EBITA SEK 726 m 421 (2024: 658) 312 10.5% 9.2% 9.5% Operating cash flow 8.6% 8.4% 8.6% 7.5% SEK 728 m (2024: 779) 2019 2020 2021 2022 2023 2024 2025 EBITA margin EBITA Volati Interim report October - Decembe
Slide 6: Financial targets
Financial targets EBITA growth Return on adjusted equity Capital structure The target is an average annual growth in The long-term target is a return on The target is a net debt/adjusted EBITDA1) EBITA1) per ordinary share of at least 15 adjusted equity1) of 20 percent2). ratio of 2 to 3 times, and
Slide 7: Three business areas with growth focus
Three business areas with growth focus Industry Products and materials for Self-adhesive labels and Four businesses with leading builder’s hardware, machines for various market positions in their niches: consumables, construction, home applications; from decorative Products and solutions for grain &
Slide 8: Salix Group
Salix Group • Sales growth of 7% in the quarter EBITA • Market conditions are improving, though the market environment CAGR remains challenging +15% 4,115 4,049 • Increased EBITA by 74% compared to quarter last year, driven by 3,788 3,886 both organic growth and acquisitions 3,598 3,402 3,588 3,262
Slide 9: Salix Group investment attractions
Salix Group investment attractions Salix Group – Financial targets 1. MARKET LEADING B2B TRADING AND DISTRIBUTION PLATFORM (as announced in Volati press release 12 December 2025) Net revenue growth Average annual total > 15% 2. IMPROVING UNDERLYING MARKET ENVIRONMENT net revenue growth EBITA margin
Slide 10: Ettiketto Group
Ettiketto Group EBITA • Sales increase of 19% in the quarter, driven by the acquisition of CAGR +27% Clever Etiketten • EBITA in line with same quarter last year 1,203 21.4% 21.3% 1,154 • As expected, a margin decline was seen in the quarter attributable 20.6% 19.9% 1,091 to Clever Etiketten. Integr
Slide 11: Industry
Industry EBITA CAGR • Sales decline of 12% in the quarter +5% • EBITA and EBITA margin were lower year-on-year, with the margin 3,541 down 4pp vs. last year’s quarter explained by; 3,280 3,347 3,332 3,269 3,208 • Communication expanded margins and delivered EBITA in line with 3,106 last year, and To
Slide 12: Add-on acquisitions are an important value driver for Volati and our platforms
Add-on acquisitions are an important value driver for Volati and our platforms 1,170 1,125 1,086 1,021 1,017 Includes Clever, Eggestrand and Interket • M&A have over time 867 8 8 8 823 contributed with annual sales of 789 753 754 754 784 SEK 600–1,200 million 7 7 710 686 6 6 637 • Majority of the ac
Slide 13: 28 acquisitions and SEK 4,7 billion of annual sales since 2020
28 acquisitions and SEK 4,7 billion of annual sales since 2020 EBITA1 EBITA1 EBITA1 Industry ~22% ~51% ~27% Heco SALES Timberman SALES Beneli SALES January 2020 180 December 2024 420 June 2020 160 Pisla SALES Eggestrand SALES Märkas SALES September 2020 240 April 2025 45 September 2020 170 Duschy SA
Slide 14: Acquisition of Interket – Ettiketto continue to grow in Europe
Acquisition of Interket – Ettiketto continue to grow in Europe • Established label-solutions provider in Sweden, Germany, the Netherlands and the UK • Revenue of ~SEK 450m • Strengthens our current market position in Sweden and Germany and adds market presence in the UK and the Netherlands • Interke
Slide 15: Well-positioned for further acquired growth
Well-positioned for further acquired growth Net debt, SEK m 2,510 2,547 2,435 2,183 2,223 2,189 2,105 2,081 1,888 1,907 • Operational cash flow increased 8% to SEK 403 1,632 1,760 1,812 1,713 million in Q4 2025 compared to SEK 374 million same period last year • Attributed to lower net investments,
Slide 16: Summary
Summary • Overall stable development in the quarter - strong contribution from Salix Group with 74% EBITA growth compared to last year • 10% EBITA growth in 2025, supported by trend shift in organic development and continued acquisitions • First acquisition in 2026 already completed - strong foundat
Slide 17: volati.
volati.