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 and Ettiketto Groups.

• Salix Group led EBITA gains, growing 74% in Q4 and 15% for the year, with margin expansion to 9% in Q4 and 10% for the year.

• Earnings per share increased 14% year-over-year, and profit after tax rose 12% to SEK 315 million.

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

• Market conditions stabilized, with signs of recovery and the Board evaluating a separate listing for Salix Group.

Financial highlights

• Q4 2025 net sales were SEK 2,020 million, EBITA was SEK 140 million, and EBITDA was SEK 726 million.

• Full-year operating cash flow was SEK 728 million, with Q4 operating cash flow up 8% to SEK 403 million.

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

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

• Cash conversion remained strong at 88% for 2025.

Outlook and guidance

• Management expects continued market recovery and is well positioned for both organic and acquisition-driven growth in 2026.

• Board continues to evaluate a potential distribution and separate listing of Salix Group, with a decision expected in 2026.

• EBITDA must reach SEK 1.1–1.5 billion by 2027 to close the growth gap.

• Organic profit growth is expected to accelerate as markets normalize.

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