Q3 net sales rose 12% to SEK 1,176m, driven by acquisitions, while organic sales declined 3%; EBITA before items affecting comparability rose 15% to SEK 87m, versus reported EBITA of SEK 58m.
Ettiketto, Communication and Corroventa grew earnings; S:t Eriks and Tornum remained under pressure from weaker demand.
Q3 net sales were SEK 1,176m (1,051); reported EBITA was SEK 58m (76), including SEK 29m of items affecting comparability.
Q3 EBITDA was SEK 115m (124), EBIT was SEK 33m (55), profit after tax was SEK 11m (29), and continuing-operations EPS was SEK -0.07 (0.15).
9M net sales rose 9% to SEK 3,531m, while EBITA fell 28% to SEK 191m and profit after tax fell 50% to SEK 53m.
Q3 operating cash flow increased to SEK 55m (40); 9M operating cash flow rose to SEK 148m (106), primarily on lower working capital.
Seasonally strong year-end cash flow is expected to reduce leverage over coming quarters; acquisition activity will be balanced against leverage.
German production-consolidation savings at Ettiketto are expected from Q1 2027; Swedish efficiencies are already evident, with margin improvement expected gradually.
Acquisition opportunities remain attractive in Ettiketto, Communication and Corroventa; profitability improvement remains the focus in S:t Eriks and Tornum.
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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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