Volati (VOLO) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales rose 11% to SEK 2,007 million, with 3% organic growth, marking the first quarter since Q1 2022 with organic growth in all business areas.

• EBITA for Q4 was SEK 136 million, up 1% year-over-year; full-year EBITA declined 11% to SEK 658 million.

• Earnings per share increased 36% in Q4, and cash flow remained strong, with Q4 operating cash flow at SEK 374 million and full-year at SEK 779 million.

• Two strategic acquisitions, Timberman and Clever Etiketten, added SEK 710 million in annual revenue, supporting growth ambitions and expanding geographic reach.

• 15 acquisitions over three years contributed SEK 2.2 billion in annual revenue, positioning the group for accelerated growth as markets normalize.

Financial highlights

• Q4 net sales: SEK 2,007 million (up 11%); full-year net sales: SEK 7,866 million (up 1%).

• Q4 EBITA: SEK 136 million (up 1%); full-year EBITA: SEK 658 million (down 11%).

• Q4 operating cash flow: SEK 374 million; full-year: SEK 779 million; cash conversion exceeded 100% for the second consecutive year.

• Net debt/adjusted EBITDA at 2.6x, within the target range of 2–3x.

• Return on adjusted equity at 16% for 2024 (down from 22%); five-year average 32%.

Outlook and guidance

• Gradual market improvement expected, especially in construction and consumer segments, with growth forecast for 2025.

• The group aims to return to its 15% average annual EBITA growth target and double EBITA every five years.

• Acquisitions remain a key growth driver, with further opportunities identified.