Volati (VOLO) Q4 2025 earnings summary

Executive summary

• Full-year sales rose 7% to SEK 8,419 million, with strong momentum in Ettiketto and Salix, and EBITA increased 10% to SEK 726 million.

• Salix Group was the main EBITA contributor, growing 74% in Q4 (45% organic), and earnings per share increased 14% in 2025.

• Growth was primarily acquisition-driven, with organic sales flat for the year, a notable improvement from -7% the previous year.

• The Board is evaluating a potential separate listing for Salix Group, with a decision expected in 2026.

• Mixed market conditions persisted, but signs of recovery emerged, positioning the group for accelerated growth in 2026.

Financial highlights

• Q4 2025 net sales were SEK 2,020 million, EBITA was SEK 140 million, and full-year EBITA margin improved to 8.6%.

• Operating cash flow for Q4 was SEK 403 million; full-year operating cash flow was SEK 728 million.

• Net debt/adjusted EBITDA at year-end was 2.5x, within target range.

• Return on adjusted equity reached 19% for the year.

• Cash conversion for the year was 88%.

Outlook and guidance

• Management expects the positive trend in market conditions to continue, though the pace of recovery is uncertain.

• The company is well positioned for both organic and acquisition-driven growth in 2026, with a strong M&A pipeline.

• Board continues to evaluate a potential distribution and separate listing of Salix Group.

• To close the growth gap, EBITDA must reach SEK 1.1–1.5 billion by 2027.

• More acquisition opportunities are anticipated, with flexibility to accept temporarily higher leverage.