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Andreas Stenbäck, CEO Martin Aronsson, CFO 14 July 2025 Interim Report Apr-Jun 2025Q2 Volati Interim Report April - June 2025
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Volati SEK 8,242 mNet sales, LTM Q2 2025 SEK 702 m EBITA, LTM Q2 2025 Volati Interim Report April - June 2025 Volati is a growing group of well-managed companies with strong earnings Share of group EBITA, LTM ~43% +12% EBITA CAGR since 2019 +16% EBITA growth LTM ~28%+10% EBITA CAGR since 2019 ~29%+31% EBITA CAGR since 2019 Share of group EBITA, LTM Share of group EBITA, LTM Industry +16% EBITA CAGR since 2019 Subsidiaries Home markets
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Volati Interim Report April - June 2025 Negative organic sales trend in the quarter, yet strong year-on-year improvement Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 33% 11% 33% 6% 17% 2% 12% -3% 13% 1% 3% -2% -7% -10% -6% -9% -8% -15% -2% Q1 4% -2% 11% 3% -11% 4% Q2 6% -1% 15% Net sales growth Organic net sales growth 2022 20242023 • Sales increased by 6% to SEK 2,317 million in the first quarter • Organic sales growth of -1% • EBITA in line with last year at SEK 245 million • Salix and Ettiketto showing EBITA growth of ~20% • Industry is lagging because of tough comparable quarter for Corroventa, and challenging market for Tornum • Looking at H1 2025 sales has increased 10% and EBITA 13% 2025
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Volati Interim Report April - June 2025 • Our long terms structural measures have effect - Salix, S:t Eriks and Communication have stronger margins, even in the face of low or negative organic growth • Structural improvements are a continuous process and in the second quarter we recognised related negative one-off items of SEK 7 million • Structural positioned for further margin improvement going forward, fuelled by organic growth • Entered challenging market conditions of recent years with a low net debt / EBITDA ratio • Deliberately continued making acquisitions, which has led to an increase in the debt level • Acquisition of Hans Eggestrand AB completed in Q2, and have acquired annual sales corresponding to just over SEK 750 million the last twelve months • Net debt of 3,0x EBITDA which is within our target • Second half of the year has historically strong cash flow, which provides a solid basis for continuing acquisitive growth and the possibility of deleveraging if needed • When market returns to more normal conditions, we expect accelerated organic growth and a gradual reduction in net debt Clear impact of long-term structural measures
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Volati Interim Report April - June 2025 Financial development, Q2 2025 Net sales SEK 2,317 m (Q2 2024: 2,195) EBITA SEK 245 m (Q2 2024: 245) Operating cash flow SEK 265 m (Q2 2024: 209) Net debt/adjusted EBITDA 3,0x (Q2 2024: 2,7x) 0 50 100 150 200 250 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 2025 Net sales, SEK m EBITA, SEK m 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2 250 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 2025
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Volati Interim Report April - June 2025 Financial development, LTM Q2 2025 Net sales SEK 8,242 m (Q2 2024: 7,597) EBITA SEK 702 m (Q2 2024: 663) Operating cash flow SEK 680 m (Q2 2024: 771) CAGR +16% 312 421 664 710 737 658 702 702 0 5 10 15 20 25 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 7.5% 2019 8.6% 2020 10.5% 2021 9.2% 2022 9.5% 2023 8.4% 2024 8.6% LTM Q1 2025 8.5% LTM Q2 2025 EBITA margin EBITA
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Volati Interim Report April - June 2025 Financial targets EBITA growth Return on adjusted equity Capital structure The target is an average annual growth in EBITA2) per ordinary share of at least 15 percent over a business cycle. The long-term target is a return on adjusted equity1) of 20 percent2). The target is a net debt/adjusted EBITDA ratio of 2 to 3 times, and not exceeding 3.5 times. 1) 1) See pages 151-155 of the 2024 Annual Report for definitions of alternative performance measures. Growth in EBITA per ordinary share, LTM 6% Q2 2024: -16% (Five year average: 15%) Return on adjusted equity 17% Q2 2024: 17% (Five year average: 33%) Net debt/adjusted EBITDA 3,0x Q2 2024: 2,7x (Five year average: 2,3x)
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Volati Interim Report April - June 2025 Products and materials for builder’s hardware, consumables, construction, home & garden, packaging and forestry & agriculture. Self-adhesive labels and machines for various applications; from decorative labels to technically advanced labels in medical technology. Three business areas with growth focus Four businesses with leading market positions in their niches; Products and solutions for grain management. Products for dampness and water damage management. Infrastructure for telecom, lighting and solar panels. Stone and cement products for infrastructure and construction. Industry
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Volati Interim Report April - June 2025 Salix Group Apr–Jun 2025 Apr–Jun 2024 LTM Q2 2025 FY 2024 Net sales, SEK m 1116 1018 3886 3588 EBITA, SEK m 120 100 332 273 EBITA-margin, % 11 10 9 8 ROCE excl. goodwill, % 29 24 29 24 • Sales growth of 10 % in the quarter • EBITA margin improvement 1 pp to 11 percent in the quarter • Previous structural measures as well as previous acquisitions giving positive results on EBITA margin • Continued development in the right direction despite challenging market conditions • When demand recovers, Salix Group is in a good position to capitalise on the growth • One acquisition in the quarter of Hans Eggestrand AB EBITA CAGR +12% 2 138 2 665 3 262 3 598 3 402 3 588 3 788 3 886 0 5 10 15 20 25 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 8.3% 2019 9.9% 2020 10.1% 2021 8.2% 2022 7.9% 2023 7.6% 2024 8.3% 2025 Q1 8.5% 2025 Q2 EBITA margin, LTM Net sales, SEK m, LTM
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• Sales increase of 36% in the quarter • EBITA growth of 19%, mainly driven by organic growth • 2 pp margin decline in the quarter – as expected due to Clever Etiketten contributing with a low margin level • Positive effects of value-creating efforts already showing in Clever • Well-positioned for continued acquisition-driven growth, both in its Nordic home markets and in the rest of Europe Volati Interim Report April - June 2025 Ettiketto Group Apr–Jun 2025 Apr–Jun 2024 LTM Q2 2025 FY 2024 Net sales, SEK m 318 233 1091 936 EBITA, SEK m 60 50 224 200 EBITA-margin, % 19 21 21 21 ROCE excl. goodwill, % 66 72 66 78 EBITA CAGR +31% 251 394 644 879 859 936 1 006 1 091 0 5 10 15 20 25 0 100 200 300 400 500 600 700 800 900 1 000 1 100 20.6% 2019 19.9% 2020 17.1% 2021 15.6% 2022 18.5% 2023 21.4% 2024 21.3% 2025 Q1 2025 Q2 20.6% EBITA margin, LTM Net sales, SEK m, LTM
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• Sales of decline of 7 percent in the quarter • EBITA margin decline with 1 percentage point in the quarter • Tornum is facing continued very challenging market conditions • Corroventa is challenged by tough comparables along with absence of seasonal floods • S:t Eriks is meeting a weak construction market while the demand from infrastructure segment is stable • Communications delivering a solid quarter compared to last year, despite decreases sales in the American market Volati Interim Report April - June 2025 Industry Apr–Jun 2025 Apr–Jun 2024 LTM Q2 2024 FY 2024 Net sales, SEK m 883 946 3269 3347 EBITA, SEK m 88 107 219 240 EBITA-margin, % 10 11 7 7 ROCE excl. goodwill, % 19 25 19 20 EBITA CAGR +10% 1 757 1 865 2 406 3 280 3 541 3 347 3 332 3 269 0 5 10 15 20 25 0 500 1 000 1 500 2 000 2 500 3 000 3 500 2019 2020 2021 2022 2023 2024 2025 Q1 2025 Q2 7.2% 8.5% 11.9% 10.9% 10.9% 7.2% 7.2% 6.7% EBITA margin, LTM Net sales, SEK m, LTM
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EBITA1 ~43% Volati Interim Report April - June 2025 27 acquisitions and SEK 4,2 billion of annual sales since 2020 Industry EBITA1 ~29% Acquired during the last twelve months Communication Scanmast June 2021 SALES 330 MAFI April 2022 S:t Eriks SALES 190 Meag October 2021 SALES 60 Byggsystem June 2021 Gunnar Prefab September 2023 SALES 80 SALES 290 MSEK Corroventa Tornum Pisla September 2020 SALES 240 Duschy March 2021 SALES 100 Gunnar Eiklid March 2022 SALES 40 Nibu/SkanCo May 2022 SALES 150 Embo Import November 2022 SALES 25 Heco January 2020 SALES 180 Sweja May 2023 SALES 100 Trejon December 2023 SALES 300 SALES 190 Beslag Design February 2024 EBITA1 ~28% SALES 290 Märkas September 2020 SALES 170 Strongpoint June 2021 SALES 190 Jigraf March 2022 SALES 30 Skipnes January 2022 SALES 70 Beneli June 2020 SALES 160 Apisa July 2021 SALES 170 Terästorni April 2022 SALES 220 JWI March 2023 SALES 40 SIMEZA November 2023 SALES 110 JPT January 2021 SALES 80 1: Share of group EBITA, LTM Timberman December 2024 SALES 420 Clever Etiketten February 2025 SALES 290 Eggestrand April 2025 SALES 45
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Volati Interim Report April - June 2025 Add-on acquisitions are an important value driver for Volati and our platforms • M&A have over time contributed with annual sales of SEK 600–1,200 million • Majority of the acquisitions are value creating add-on acquisitions, enabling substantial synergy realisation • Platforms, financial capacity and processes in place to continue to grow through acquisitions 1 125 867 1 086 1 021 1 170 1 017 823 753 161 242 637 789 686 605 610 710 7557 6 8 8 8 7 6 5 3 4 5 5 4 3 2 2 3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Acquired annual turnover LTM Number of aquisitions LTM 20252024202320222021
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• Salix Group has maintained the acquisition pace the last five year • 11 acquisitions totalling SEK 1,8 bn in annual sales Hans Eggestrand AB • Annual sales of SEK~45 million • Established partner to professional customers in the hardware, construction, industrial, and electrical wholesale sectors • Strong fit for the Consumables Trade & Agriculture unit, broadens the unit’s overall offering • Large potential of synergies, including optimization of logistics flows Volati Interim Report April - June 2025 Salix Group has completed yet another acquisition – Hans Eggestrand AB Salix Group has taken the opportunity to maintain acquisition pace during the challenging market conditions over the last years. 2 665 3 262 3 598 3 402 3 588 3 886 9.9% 10.1% 8.2% 7.9% 7.6% 8.5% 2025 Q2 LTM2020 2021 2022 2023 2024 EBITA margin LTM Acquisitions: Acquired sales*, SEK m: 2 420 1 520 3 735 2 1 135 2 1 745 1 1790 * Total annual sales acquired since 2020, i.e. their full-year sales at the time of acquisition,
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• Operational cash flow increased 27% to SEK 265 million in Q2 2025 compared to SEK 209 million same period last year • LTM Q2 2025 Cash flow of 680 million • Total cash generation of 85% during last twelve months. • Net debt increase with SEK 37 million in the quarter due to - Operating cash flow of SEK +265 million - Tax, interest, acquisitions and dividend outflow of SEK -303 million • Strong cash flow, especially in the second part of the year • Once markets normalise, we will see a positive effect on our Net Debt/EBITDA Well positioned for further acquired growth Net debt, SEK m Net debt / adjusted EBITDA1 1 988 1 888 1 632 1 760 1 907 1 812 1 713 2 183 2 223 2 189 2 105 2 510 2 547 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2.2 2.2 1.9 2.0 2.1 2.0 2.0 2.6 2.7 2.8 2.6 2.9 3.0 1) See pages 151-155 of the 2024 Annual Report for definitions of alternative performance measures. Volati Interim Report April - June 2025
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16Photo: Corroventa Summary • Slightly negative organic sales trend sequentially in the quarter, yet strong year- on-year improvement • Q2 EBITA in line with last year, with solid growth in two of three business areas • Clear effects of long-term structural measures across platforms • Acquisitions added over SEK 750 million in annual sales over the past 12 months • Strong foundation for continued growth through acquisitions • We expect accelerated organic growth and gradual net debt reduction as markets recover Volati Interim Report April - June 2025