Full-year sales rose 7% to SEK 8,419 million, with strong momentum in Ettiketto and Salix, and EBITA increased 10% to SEK 726 million.
Salix Group was the main EBITA contributor, growing 74% in Q4 (45% organic), and earnings per share increased 14% in 2025.
Growth was primarily acquisition-driven, with organic sales flat for the year, a notable improvement from -7% 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 emerged, positioning the group for accelerated growth in 2026.
Q4 2025 net sales were SEK 2,020 million, EBITA was SEK 140 million, and full-year EBITA margin improved to 8.6%.
Operating cash flow for Q4 was SEK 403 million; full-year operating cash flow was SEK 728 million.
Net debt/adjusted EBITDA at year-end was 2.5x, within target range.
Return on adjusted equity reached 19% for the year.
Cash conversion for the year was 88%.
Management expects the positive trend in market conditions to continue, though the pace of recovery is uncertain.
The company is well positioned for both organic and acquisition-driven growth in 2026, with a strong M&A pipeline.
Board continues to evaluate a potential distribution and separate listing of Salix Group.
To close the growth gap, EBITDA must reach SEK 1.1–1.5 billion by 2027.
More acquisition opportunities are anticipated, with flexibility to accept temporarily higher leverage.
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Karl Perlhagen and Patrik Wahlén founded Volati in 2003 with the business idea of acquiring companies with:
proven business models
leading market positions
strong cash flows at reasonable valuations
Wanting to develop these with an emphasis on long-term value creation.
The first acquisition was Sweden's, now Europe's, largest grain dryer manufacturer, Tornum, in 2004. This big step helped Volati reach annual net sales of 100 million SEK. Since that day, thanks to a consistent long-term value-creating acquisition strategy, Volati has developed into a diversified group of more than 50 companies and reached annual net sales north of 6 billion SEK.
In fact, Volati's earnings per share in 2021 reached the same level as their net sales per share in 2006, which is pretty remarkable. The earnings per share have grown roughly 17 times over those 15 years, which is a true testament to what compounding capital at attractive rates of return can do. Another unique thing about Volati is that Karl and Patrik still hold more than 70 percent of the outstanding shares.
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