Volati (VOLO) Q2 2026 earnings summary

Executive summary

• Net sales increased by 11% year-over-year to SEK 1,335 million in Q2 2026, driven by acquisitions and strong performance in Communication and Ettiketto Group.

• EBITA declined 31% to SEK 91 million, mainly due to weak earnings in S:t Eriks Group and Tornum Group.

• Three acquisitions completed in the last 12 months, including Tramex for Corroventa and two for Ettiketto, adding SEK 575 million in annual sales.

• Salix Group was distributed to shareholders and began trading independently on Nasdaq Stockholm, generating a SEK 4.0 billion capital gain and 1055% ROI.

• Profit after tax dropped 48% to SEK 37 million; EPS for continuing operations fell 57% to SEK 0.29.

Financial highlights

• Q2 2026 net sales: SEK 1,335 million (Q2 2025: SEK 1,201 million); EBITA: SEK 91 million (Q2 2025: SEK 132 million).

• Operating cash flow for Q2 was SEK 163 million, up from SEK 105 million in Q2 2025; cash conversion (LTM) at 86%.

• Net debt reduced to SEK 1,147 million at quarter-end; net debt/adjusted EBITDA at 2.9x, slightly lower than the same period last year.

• EBITA margin for Q2 at 7% (down from 11% in Q2 2025); LTM Q2 2026 EBITA margin at 5.9% (down from 8.8%).

• Return on adjusted equity at 18% (excluding Salix gain); including gain, 368%.

Outlook and guidance

• Margin improvements expected in Ettiketto Group and Tornum Group through operational and cost adjustments in H2 2026.

• Acquisition pipeline remains strong; continued focus on balancing acquisition pace with leverage.

• S:t Eriks and Tornum to continue facing tough market conditions, with focus on profitability improvements and gradual recovery in S:t Eriks expected in H2 2026.

• Communication anticipated to maintain current trends; Corroventa gains stability from the Tramex acquisition.

• Market conditions remain challenging in construction, civil engineering, and grain handling, but underlying investment needs persist.