Net sales increased 6% year-over-year in Q2 2025 to SEK 2,317 million, with EBITA stable at SEK 245 million and profit after tax up 4%.
First half of 2025 saw 10% sales growth and 13% EBITA increase, with earnings per share up 10%.
Structural measures improved margins, especially in Salix/SOLIX, S:t Eriks, and Communication.
Acquisitions, including Hans Eggestrand AB and Clever Etiketten GmbH, added over SEK 750 million in annual sales in the last 12 months.
Strong cash flow and a solid foundation position the group for further acquisitive and organic growth.
Q2 2025 net sales reached SEK 2,317 million, up from SEK 2,195 million in Q2 2024; EBITA flat at SEK 245 million.
Operating cash flow increased to SEK 265 million from SEK 209 million year-over-year.
Net debt/EBITDA at 3.0x, within the target range of 2–3x.
EBITA margin for Q2 2025 held steady at 11%.
Cash conversion over the last twelve months at 85%.
Management expects strong cash flow in H2, supporting further acquisitive growth and potential deleveraging.
Accelerated organic growth anticipated as market conditions improve.
Market normalization expected to aid organic growth and net debt reduction.
Management remains confident in closing the growth gap as market momentum returns.
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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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