Volati (VOLO) Q3 2025 earnings summary

Executive summary

• Sales grew 9% year-over-year to SEK 2,082 million in Q3 2025, with EBITDA/EBITA up 11% to SEK 206 million, driven by strong performance in Salix Group and improved market conditions.

• Salix Group delivered 19% sales growth and 50–51% EBITDA/EBITA growth, benefiting from structural measures and a strong recovery in the DIY segment.

• Organic sales growth was 1%, mainly from Salix, while Ettiketto and Industry segments faced margin pressure and mixed results.

• The company is evaluating a spin-off and separate listing of Salix Group, with a decision expected by 2026.

Financial highlights

• Quarterly sales reached SEK 2,082 million and EBITDA/EBITA SEK 206 million; operating cash flow increased by 11%.

• Net debt to EBITDA/adjusted EBITDA improved to 2.8, providing room for further acquisitions.

• Last 12 months: SEK 8,407 million turnover and SEK 721 million EBITDA/EBITA.

• Five consecutive quarters of improved annual growth, now at 10%.

Outlook and guidance

• Accelerated organic growth anticipated as markets recover, supported by structural measures and acquisitions.

• Expectation of a strong Q4, typically a high cash flow quarter.

• The company targets at least 15% annual EBITA growth and a return on adjusted equity of 20% over the business cycle.

• Need to exceed 15% annual growth rate for several years to close the growth gap by 2027.