Volati (VOLO) Q4 2025 earnings summary

Executive summary

• Full-year sales rose 7% to SEK 8,419 million, with EBITA up 10% to SEK 726 million, driven by strong contributions from Salix Group and Ettiketto, and earnings per share increased 14%.

• Q4 sales were flat year-over-year, but EBITA increased by 3%, with Salix Group's Q4 EBITA up 74% and margin improving to 9%.

• Growth was primarily acquisition-driven, with organic sales flat for the year, a notable improvement from -7% organic growth the previous year.

• The Board is evaluating a potential separate listing for Salix Group, with a decision expected in 2026.

• Mixed market conditions persisted, but signs of recovery and positioning for accelerated growth in 2026 are evident.

Financial highlights

• Q4 2025 net sales were SEK 2,020 million and EBITA was SEK 140 million; full-year operating cash flow was SEK 728 million.

• Net debt/adjusted EBITDA improved to 2.5x at year-end.

• EBITA margin improved to 8.6% in 2025 from 8.4% in 2024.

• Cash conversion for the year was 88%.

• Return on adjusted equity reached 19% for the year.

Outlook and guidance

• Platforms are well positioned for both organic and acquisition-driven growth in 2026, with a strong acquisition pipeline.

• Management expects the positive trend to continue but notes uncertainty in the pace of recovery.

• Board continues to evaluate a potential distribution and separate listing of Salix Group.

• More acquisition opportunities are anticipated, with flexibility to accept temporarily higher leverage.

• To close the growth gap, EBITA must reach SEK 1.1–1.5 billion by 2027.