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.
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%.
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.
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Karl Perlhagen and Patrik Wahlén founded Volati in 2003 with the business idea of acquiring companies with:
proven business models
leading market positions
strong cash flows at reasonable valuations
Wanting to develop these with an emphasis on long-term value creation.
The first acquisition was Sweden's, now Europe's, largest grain dryer manufacturer, Tornum, in 2004. This big step helped Volati reach annual net sales of 100 million SEK. Since that day, thanks to a consistent long-term value-creating acquisition strategy, Volati has developed into a diversified group of more than 50 companies and reached annual net sales north of 6 billion SEK.
In fact, Volati's earnings per share in 2021 reached the same level as their net sales per share in 2006, which is pretty remarkable. The earnings per share have grown roughly 17 times over those 15 years, which is a true testament to what compounding capital at attractive rates of return can do. Another unique thing about Volati is that Karl and Patrik still hold more than 70 percent of the outstanding shares.
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