Volati (VOLO) Q2 2025 earnings summary

Executive summary

• Net sales increased 6% year-over-year in Q2 2025 to SEK 2,317 million, with EBITA stable at SEK 245 million and profit after tax up 4% to SEK 137 million.

• For Jan–Jun 2025, net sales grew 10% to SEK 4,318 million and EBITA increased 13% to SEK 380 million, close to financial targets.

• Acquisitions, including Hans Eggestrand AB and Clever Etiketten GmbH, contributed over SEK 750 million in annual sales in the last 12 months, supporting growth and market expansion.

• Structural and operational improvements have strengthened margins, especially in Salix, S:t Eriks, and Communication.

• Earnings per ordinary share improved 3% in Q2 and 10% for the half-year period.

Financial highlights

• Q2 2025 net sales reached SEK 2,317 million, up from SEK 2,195 million in Q2 2024, with EBITA at SEK 245 million and EBITA margin at 11%.

• Operating cash flow increased to SEK 265 million from SEK 209 million year-over-year, with cash conversion (LTM) at 85%.

• LTM Q2 2025 net sales were SEK 8,242 million and EBITA at SEK 702 million.

• Net debt increased to SEK 2,547 million, with net debt/adjusted EBITDA at 3.0x, within the target range.

• Equity ratio decreased to 27% from 30% at year-end 2024.

Outlook and guidance

• Management expects historically strong cash flow in H2, supporting further acquisitive growth and potential deleveraging.

• Expectation of accelerated organic growth and gradual net debt reduction as markets recover.

• Positioned for further acquisitive growth, leveraging strong cash flow and historical H2 performance.

• Market conditions remain uncertain, especially in construction and agriculture, but structural improvements and acquisitions are expected to drive future margin gains.

• Management anticipates closing the growth gap as market conditions improve.