Volati (VOLO) Q1 2026 earnings summary

Executive summary

• Net sales increased by 3% year-over-year to SEK 2,063 million in Q1 2026, with adjusted EBITDA up 4% after excluding significant non-recurring costs related to the Salix Group listing process.

• Net profit after tax rose 64% and EPS increased 166% year-over-year.

• Salix Group delivered 37% organic EBITDA growth and 3% organic sales growth, marking its eighth consecutive quarter of growth.

• Two acquisitions completed year-to-date, Interket Group and Laydex, added SEK 930 million in annual turnover.

• Salix Group is now reported as discontinued operations, with preparations for a separate listing progressing as planned.

Financial highlights

• LTM Q1 2026 net sales reached SEK 8,481 million, up from SEK 8,120 million in Q1 2025.

• LTM EBITA was SEK 722 million, up from SEK 702 million a year earlier; operating cash flow was SEK 744 million.

• Net debt/adjusted EBITDA stood at 2.9x, at the upper end of the target range.

• Return on equity (ROE) exceeded 20% and is expected to increase further.

• Operating cash flow in Q1 2026 was SEK -70 million, impacted by higher working capital and investments.

Outlook and guidance

• Expectation of accelerated organic growth once markets normalize, with potential to exceed financial growth targets.

• Cost measures in S:t Eriks and Tornum are expected to yield gradual margin improvements over the next 6–9 months.

• Acquisition pipeline remains active, with readiness for further deals in Ettiketto and other platforms.

• Separate listing of Salix Group to enable clearer resource allocation and focus.

• Corroventa anticipates easier comparatives for the remainder of 2026.