Volati (VOLO) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales rose 11% to SEK 2,007 million, with 3% organic growth and all business areas contributing; this marks the first quarter since Q1 2022 with organic growth across all segments.

• EBITA for Q4 was SEK 136 million, up 1% from last year; full-year EBITA declined 11% to SEK 658 million.

• Strong cash flow enabled continued acquisitions, including Timberman and Clever Etiketten, adding SEK 710 million in annual revenue.

• Margins remained solid due to structural measures, despite challenging markets and headwinds in agriculture and construction.

• The group is positioned for accelerated growth as markets recover, supported by 15 acquisitions over three years totaling SEK 2.2 billion in annual revenue.

Financial highlights

• Q4 net sales: SEK 2,007 million (up 11%); full-year net sales: SEK 7,866 million (up 1%).

• Q4 EBITA: SEK 136 million (up 1%); full-year EBITA: SEK 658 million (down 11%).

• Q4 earnings per share increased 36%; full-year EPS down 29% to SEK 2.63.

• Operating cash flow in Q4 was SEK 374 million, with cash conversion above 100% for the second consecutive year.

• Net debt/adjusted EBITDA at 2.6x, within the target range of 2–3x.

Outlook and guidance

• Gradual market improvement is expected, especially in construction and consumer segments, with normalization taking time.

• Construction market growth is forecast for 2025, with the group aiming to close the growth gap and return to its 15% annual EBITA growth target.

• Acquisitions remain a key growth driver, with further opportunities identified.