Interim report
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Volati AB – January – December 2022 – 1 – Interim Report January–June 2025 Q2
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Volati AB – Interim Report January–June 2025 – 2 – Interim Report January–June 2025 Quarter Apr–Jun 2025 • Net sales increased by 6 percent to SEK 2,317 (2,195) million. • EBITA amounted to SEK 245 (245) million. • Profit after tax increased by 4 percent to SEK 137 (132) million. • Earnings per ordinary share increased by 3 percent to SEK 1.47 (1.43). • On 25 April, an agreement was signed to acquire all shares in the tool and machinery wholesaler Hans Eggestrand AB, annual revenue SEK 45 million, as an add-on acquisition for the Salix Group platform. Period Jan–Jun 2025 • Net sales increased by 10 percent to SEK 4,318 (3,942) million. • EBITA increased by 13 percent to SEK 380 (336) million. • Profit after tax increased by 9 percent to SEK 164 (151) million. • Earnings per ordinary share increased by 10 percent to SEK 1.59 (1.45). Events after the reporting period • No significant events have taken place after the end of the reporting period. Summary of results and key figures SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales 2,317 2,195 4,318 3,942 8,242 7,866 EBITA1) 245 245 380 336 702 658 EBITA margin, % 11 11 9 9 9 8 EBIT 211 215 311 278 570 538 Profit after tax 137 132 164 151 296 283 Operating cash flow1) 265 209 129 227 680 779 Net debt/adjusted EBITDA, x1) 3.0 2.7 3.0 2.7 3.0 2.6 Basic and diluted earnings per ordinary share, SEK 1.47 1.43 1.59 1.45 2.77 2.63 Return on adjusted equity, %1) 17 17 17 17 17 16 Net sales, SEK million EBITA1), SEK million & EBITA margin, % 1) See note 6 for definitions of alternative performance measures. 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 6 7 8 9 10 11 0 100 200 300 400 500 600 700 800 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 Net sales, LTM, SEK million EBITA, LTM, SEK million EBITA margin, LTM, %
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Volati AB – Interim Report January–June 2025 – 3 – EBITA in line with previous year – good profit growth in two out of three business areas Net sales increased by 6 percent to SEK 2,317 million during the second quarter. EBITA was in line with the same quarter in the previous year. Salix Group and Ettiketto Group both showed EBITA growth of approximately 20 percent, while Industry did not achieve the previous year’s level. After two quarters of positive organic growth and signs of an improving market outlook, we now see in the second quarter that market development is rarely linear. Organically, net sales declined by 1 percent compared with the same quarter in the previous year. In our Salix Group, S:t Eriks and Communication platforms we are seeing clear effects of the long-term structural measures we have carried out in recent years. These have contributed to 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 negative one-off items of SEK 7 million related to restructuring costs. These create the conditions for further margin improvement going forward. Positive development in Salix Group despite a cautious market Salix Group continues to develop in the right direction, although the previously cautiously positive market trend slowed somewhat in the second quarter. Net sales increased by 10 percent to SEK 1,116 million during the quarter, mainly as a result of completed acquisitions. EBITA amounted to SEK 120 million, corresponding to a margin of 11 percent – a margin strengthening that reflects the effects of previous structural measures and positive contributions from acquisitions. We see a general improvement in the construction-related segments but developments remain uncertain. Ettiketto Group – strong sales growth and acquired company’s margins gradually lifting Ettiketto Group’s net sales increased by 36 percent to SEK 318 million in the second quarter, which is mainly explained by completed acquisitions as well as good organic growth. EBITA increased from SEK 50 to 60 million, with a slightly lower margin, which was exactly what we expected and a result of the Clever Etiketten acquisition. Clever Etiketten accounts for about 25 percent of Ettiketto Group’s net sales and has significantly lower margins than the business area as a whole. We are already seeing positive effects of our value creation work, with Clever Etiketten’s margins being gradually lifted towards Ettiketto Group’s levels, in line with previous acquisitions. Lower earnings for Industry in the second quarter Industry’s net sales for the second quarter amounted to SEK 883 million, with EBITA of SEK 88 million. This is a decline compared with the second quarter of the previous year and is due to the performances of Corroventa and Tornum Group. Corroventa was up against strong comparative figures during the quarter, while the effects of flooding were largely absent, which affected earnings. Tornum Group continues to experience subdued demand and in the current situation we do not see any imminent signs of a market turnaround. The project signed with Lantmännen in 2024 is contributing positively and will extend into 2026. Development for S:t Eriks was similar to the previous quarter, with a stable market for infrastructure but a weaker construction market. Communication increased its earnings compared with the previous year, despite lower deliveries to the US market leading to a decline in net sales. We entered the more challenging market conditions of recent years with a low net debt/adjusted EBITDA ratio and made the deliberate choice to continue making acquisitions. This, together with the current economic situation, has led to an increase in the debt level. The acquisition of Hans Eggestrand AB was completed in the second quarter and over the last 12 months, we have acquired annual sales corresponding to just over SEK 750 million. Net debt/adjusted EBITDA for the quarter was 3.0x. This is within our target range of 2-3x and in line with expectations, given seasonal variations and completed acquisitions. The second half of the year is historically strong from a cash flow perspective, which provides a solid basis for continuing acquisitive growth and the possibility of deleveraging if needed. When the market returns to more normal conditions, we expect to see a gradual reduction in net debt. Andreas Stenbäck, President and CEO
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Volati AB – Interim Report January–June 2025 – 4 – Financial targets Volati’s financial targets are designed to support continuing successful operations in accordance with our business model. The targets should be assessed on an overall basis. EBITA growth The target is average annual growth in EBITA1) per ordinary share of at least 15 percent over a business cycle. Return on adjusted equity The long-term target is a return on adjusted equity1) of 20 percent.2) Capital structure The target is a net debt/adjusted EBITDA1) ratio of 2 to 3 times, not exceeding 3.5 times. Outcome Q2: 6% Five-year average: 15% Outcome Q2: 17% Five-year average: 33% Outcome Q2: 3.0x Five-year average: 2.3x 1) See note 6 for definitions of alternative performance measures 2) Includes discontinued operations 58% 7% 4% -11% 6% -40% -20% 0% 20% 40% 60% 80% 2021 2022 2023 2024 2025 Q2 Growth in EBITA per ordinary share LTM, % Financial target 40% 32% 22% 16% 17% -20% 0% 20% 40% 60% 80% 2021 2022 2023 2024 2025 Q2 Return on adjusted equity, % Financial target 1.3 1.9 2.0 2.6 3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 2021 2022 2023 2024 2025 Q2 Net debt/adjusted EBITDA, x Financial target This is Volati Volati is a Swedish industrial group with the vision to be Sweden’s best owner of medium-sized companies. Through value-creating add-on acquisitions and long-term, sustainable company development, Volati has been delivering consistently strong profitable growth since the start in 2003. The Group consists of the business areas Salix Group, Ettiketto Group and Industry.
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Volati AB – Interim Report January–June 2025 – 5 – Consolidated financial trend Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales, SEK million 2,317 2,195 4,318 3,942 8,242 7,866 EBITA1), SEK million 245 245 380 336 702 658 EBIT, SEK million 211 215 311 278 570 538 Profit after tax, SEK million 137 132 164 151 296 283 1) See note 6 for definitions of alternative performance measures Net sales The Group’s net sales for Q2 2025 amounted to SEK 2,317 (2,195) million, an increase of 6 percent compared with the same quarter the previous year. Organically, net sales fell by 1 percent during the quarter. The Group’s net sales for the period January-June 2025 amounted to SEK 4,318 (3,942) million, an increase of 10 percent compared with the same period the previous year. Organically, net sales increased by 1 percent during the same period. Earnings EBITA for Q2 2025 amounted to SEK 245 (245) million. Ettiketto Group and Salix Group reported improved earnings, while Industry’s earnings declined compared with the same quarter in the previous year. Profit after tax for Q2 2025 increased by 4 percent to SEK 137 (132) million. EBITA for the period January-June 2025 increased by 13 percent to SEK 380 (336) million. Profit after tax for the same period increased by 9 percent to SEK 164 (151) million. Cash flow Operating cash flow (for definition and calculation, see pages 23-24) amounted to SEK 265 (209) million in Q2 2025. Compared with the same quarter in the previous year, operating cash flow was affected positively by improved earnings, a reduction in capital tied up in inventories and a better balance between trade receivables and payables. The Group’s operating cash flow for the period January-June 2025 amounted to SEK 129 (227) million, mainly driven by an increase in tied-up working capital. Cash flow from operating activities for Q2 (see page 16) amounted to SEK 251 (183) million. Cash flow from operating activities for the period January-June 2025 was SEK 73 (162) million. Investments in non-current assets during Q2 2025 amounted to SEK 35 (17) million and were primarily ongoing business investments in machinery, equipment and IT systems. Dividends of SEK 175 (167) million were paid in Q2 2025. Net sales, SEK million EBITA, SEK million 0 500 1000 1500 2000 2500 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 0 50 100 150 200 250 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 +6% Net sales Q2 2025 SEK 245 million EBITA Q2 2025 SEK 265 million Operating cash flow Q2, 2025
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Volati AB – Interim Report January–June 2025 – 6 – Seasonal variations Volati’s sales, earnings and cash flow are affected by seasonal variations. This means that Volati’s operations, sales and earnings development should ideally be analysed on a rolling 12-month basis. Equity The Group’s equity amounted to SEK 2,096 million at the end of the period, compared with SEK 2,215 million at the end of the previous year. The change is mainly attributable to the period’s net profit and dividends. The equity ratio was 27 percent on 30 June 2025, compared with 30 percent on 31 December 2024. The return on adjusted equity was 17 percent, compared with 16 percent at the end of 2024. Equity and return on adjusted equity Capital structure trend Net debt The Group had net debt of SEK 2,547 million on 30 June 2025, compared with 2,105 million on 31 December 2024. The change in net debt is mainly due to acquisitions, earnings for the period, dividends and changes in working capital. Net debt/adjusted EBITDA was 3.0x at the end of the quarter, compared with 2.6x at the end of 2024. Total liabilities amounted to SEK 5,711 (5,236) million on 30 June 2025, of which interest-bearing liabilities, including pension obligations and lease liabilities, amounted to SEK 3,283 (2,948) million. ~15% ~35%~30% ~20% Historical breakdown of EBITA by quarter, five-year average, percent Q1 Q2 Q3 Q4 1,155 1,164 1,353 1,358 1,333 40% 32% 22% 16% 17% 0% 20 % 40 % 60 % 80 % 100 % -200 200 600 1000 1400 1800 2021 2022 2023 2024 2025 Q2 Average adjusted equity, SEK million Return on adjusted equity, % 1,024 1,632 1,713 2,105 2,547 1.3 1.9 2.0 2.6 3.0 2021 2022 2023 2024 2025 Q2 Net debt, SEK million Net debt/adjusted EBITDA, x 3.0x Net debt/ adjusted EBITDA Q2 2025
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Volati AB – Interim Report January–June 2025 – 7 – Business acquisitions and divestments Acquisitions are a core element of Volati’s strategy for creating long-term value growth, and the Company continuously evaluates both complementary add-on acquisitions and acquisitions in new lines of business. It is Volati’s assessment that there is a lower risk level for add-on acquisitions than for acquisitions in new lines of business, as in-depth industrial know-how and a recipient organisation are already in place in the acquiring company. Add-on acquisitions also enable synergies. On 25 April 2025, Salix Group, an independent business area within Volati, signed an agreement to acquire all shares in Hans Eggestrand AB, a tool and machinery wholesaler in Sweden. Net sales for Hans Eggestrand AB amounted to SEK 45 million in 2024. For acquisitions during Q1 2025, see note 4.
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Volati AB – Interim Report January–June 2025 – 8 – Volati’s business areas Volati’s net sales and earnings by business area The diagrams relate to the 12-month period 1 July 2024 to 30 June 2025. Acquired operations are included in the relevant business area from the acquisition closing date and their proportion is calculated net of central costs and items affecting comparability. Net sales by business area EBITA by business area Salix Group Salix Group offers products for building and industry, primarily hardware, consumables, material and packaging. The business area also offers a broad range of products for home and garden, and agriculture and forestry. The products consist of both own brands and external brands. 1) See note 6 for definitions of alternative performance measures. Salix Group’s net sales for Q2 increased by 10 percent to SEK 1,116 million, mainly driven by acquisitions but also by organic growth. During the quarter, the EBITA margin increased by 1 percentage point to 11 percent compared with the previous year. EBITA for the quarter increased by 20 percent to SEK 120 million. Net sales for the period January-June 2025 amounted to SEK 2,126 million, an increase of 16 percent compared with the previous year. In the same period, the EBITA margin increased by 1 percentage point to 9 percent. In recent quarters, Salix Group has seen market development slowly moving in the right direction. This trend continued in Q2 but tailed off slightly compared with previous quarters. Growth in the quarter was largely due to acquisitions, but Salix Group also showed organic growth. The margin strengthened during the quarter, which shows that Salix Group’s work on cost control, synergies within the Group and active market development is producing results. Long-term demand for Salix Group’s products is expected to be good, but in the near term, the market remains uncertain. With its disciplined work on efficiency improvements, customer communication, pricing and a focus on growth, Salix Group is well positioned for increased volumes. The tool and machinery wholesaler Hans Eggestrand AB was acquired in the second quarter. The acquisition strengthens the business area’s operations aimed at customers in the hardware, 47% 13% 40% 43% 29% 28% Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales, SEK million 1,116 1,018 2,126 1,829 3,886 3,588 EBITA, SEK million1) 120 100 200 141 332 273 EBITA margin, %1) 11 10 9 8 9 8 ROCE excl. goodwill, %1) 29 24 29 24 29 24 ROCE incl. goodwill, %1) 14 12 14 12 14 12 0 3 6 9 12 2000 3000 4000 2021 2022 2023 2024 2025 Q2 Net sales, LTM, SEK million EBITA margin, LTM, % Salix Group Ettiketto Group Industry
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Volati AB – Interim Report January–June 2025 – 9 – construction, industrial and electrical wholesale sectors. The process of integrating and developing Timberman and Beslag Design is progressing according to plan. The acquisitions strengthen the business area’s offerings in flooring solutions and the interior fittings market. The business area sees further acquisition opportunities in several of its operations. Ettiketto Group Ettiketto Group is a leading Nordic supplier of self-adhesive labels for a variety of applications including consumer goods, food and industry. The company also has a comprehensive range of labelling machines that are integrated into customers’ production lines. Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales, SEK million 318 233 606 451 1,091 936 EBITA, SEK million1) 60 50 114 91 224 200 EBITA margin, %1) 19 21 19 20 21 21 ROCE excl. goodwill, %1) 66 72 66 72 66 78 ROCE incl. goodwill, %1) 38 36 38 36 38 41 1) See note 6 for definitions of alternative performance measures. Ettiketto Group performed well in Q2 2025, increasing its net sales by 36 percent to SEK 318 million, mainly driven by the acquisition of Clever Etiketten GmbH and organic growth. The EBITA margin declined by 2 percentage points compared with the previous year, due to the margin-diluting acquisition of Clever Etiketten. EBITA for the quarter increased by 19 percent from SEK 50 million to SEK 60 million. Net sales for the period January-June 2025 increased by 34 percent compared with the previous year and the EBITA margin declined by 1 percentage point to 19 percent. Net sales for the quarter increased significantly, mainly due to the acquisition of Clever Etiketten which accounts for 25 percent of Ettiketto Group’s net sales. The trend of good organic growth continued in the second quarter and Ettiketto Group continues to work actively on the utilisation rate of machinery in order to meet the increased demand. The margin fell as expected, as the acquired company Clever Etiketten has significantly lower margins than the rest of Ettiketto Group. Going forward, we expect a gradual margin strengthening for Clever Etiketten, in line with previous acquisitions. The acquisition opens up a new platform in Central Europe, enabling Ettiketto Group to continue using its proven ability to consolidate the market and improve the profitability of acquired companies. The prospects for continued acquisitive growth are considered good. 0 5 10 15 20 25 0 200 400 600 800 1000 1200 2021 2022 2023 2024 2025 Q2 Net sales, LTM, SEK million EBITA margin, LTM, %
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Volati AB – Interim Report January–June 2025 – 10 – Industry The Industry business area consists of four businesses with leading market positions in their own niches. The businesses are manufacturing suppliers of solutions in grain handling, moisture and water damage restoration, infrastructure for telecom and lighting, and stone and cement products for infrastructure, paving and roofing. Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales, SEK million 883 946 1,588 1,666 3,269 3,347 EBITA, SEK million1) 88 107 110 131 219 240 EBITA margin, %1) 10 11 7 8 7 7 ROCE excl. goodwill, %1) 19 25 19 25 19 20 ROCE incl. goodwill, %1) 12 16 12 16 12 13 1) See note 6 for definitions of alternative performance measures. The business area’s net sales fell by 7 percent to SEK 883 million in Q2. The EBITA margin was 1 percentage point lower than in the same quarter the previous year. Several businesses encountered a weaker than normal market situation in the quarter, and they are working actively on price discipline, productivity improvements, cost control and customer communication to manage the market conditions. Net sales for the period January-June declined by 5 percent and EBITA fell to SEK 110 million compared with SEK 131 million in the previous year. The Communication platform performed well in the quarter, increasing its earnings from the previous year, despite lower deliveries to the US market. The Corroventa platform was up against challenging comparative figures from the previous year and earnings were affected by the absence of any significant demand effects from flooding during Q2 2025. The Tornum Group platform continued to experience a challenging market in much of Europe and there are currently no signs of a turnaround. The Lantmännen project is contributing positively but does not fully offset the effect of the weak agricultural market. As in previous quarters, the S:t Eriks platform continues to face a cautious construction market, while products for the infrastructure segment are experiencing more stable demand. The business area sees acquisition opportunities in several of its operations. Head office Head office comprises the central costs in the Parent Company Volati AB and associated operations. Head office costs for Q2 amounted to SEK 15 (13) million. Head office costs for the period January- June 2025 amounted to SEK 29 (24) million. 0 4 8 12 16 0 1000 2000 3000 4000 2021 2022 2023 2024 2025 Q2 Net sales, LTM, SEK million EBITA margin, LTM, %
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Volati AB – Interim Report January–June 2025 – 11 – Other information Share capital Volati has two classes of shares: ordinary shares and preference shares. The shares are listed on Nasdaq Stockholm under the tickers VOLO and VOLO PREF. The number of shareholders at the end of Q2 2025 was 11,636. The number of ordinary shares on 30 June 2025 was 79,406,571 and the number of preference shares was 1,603,774. Share capital amounted to SEK 10 million on the same date. Related-party transactions In April, 109,031 warrants in Volati AB were issued to key personnel in Volati AB. In May, Volati repurchased 700,000 shares in Salix Group AB from key individuals in the company. In May, Volati sold 700,000 shares in Salix Group AB to key individuals in the company. These transactions reflect Volati’s business model of creating common interest with key individuals within Volati through co- investments. All transactions were conducted at market conditions. Events after the end of the reporting period No significant events have taken place after the end of the reporting period. Financial calendar Interim Report, January-September 2025 24 October 2025 2025 Year-end Report 12 February 2026 Interim Report, January-March 2026 29 April 2026 2026 Annual General Meeting 29 April 2026
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Volati AB – Interim Report January–June 2025 – 12 – Declaration by the Board The Board of Directors and the CEO hereby certify that this interim report provides a fair overview of the Parent Company’s and the Group’s operations, financial position and performance and describes material risks and uncertainties faced by the Parent Company and Group companies. Volati AB (publ) The Board of Directors and CEO Stockholm, 14 July 2025 Patrik Wahlén Chairman of the Board Karl Perlhagen Board Member Björn Garat Board Member Anna-Karin Celsing Board Member Maria Edsman Board Member Christina Tillman Board Member Magnus Sundström Board Member Andreas Stenbäck CEO This interim report has not been reviewed by the Company’s auditors. This information is information that Volati AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact persons below, at 7.45 a.m. CEST on 14 July 2025. Conference call CEO Andreas Stenbäck and CFO Martin Aronsson will present the interim report in a conference call on 14 July at 09.00. The presentation will be conducted in English. For a webcast of the conference call (opportunity for written questions), go to: https://www.finwire.tv/webcast/volati/q2-2025/ The conference call (opportunity for oral questions) can be accessed at: Phone number +46 8 5050 0829, Meeting ID 852 9877 6935, followed by #, *9 to ask a question. For more information, please contact: Andreas Stenbäck, CEO Volati AB, 070-889 09 60, andreas.stenback@volati.se Martin Aronsson, CFO Volati AB, +46 70 741 20 12 martin.aronsson@volati.se Volati AB (publ) Corporate reg. no. 556555–4317 Engelbrektsplan 1, SE-114 34 Stockholm Tel: +46 8-21 68 40 www.volati.se
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Volati AB – Interim Report January–June 2025 – 13 – Financial Statements Condensed consolidated income statement SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Operating income Net sales 2,317 2,195 4,318 3,942 8,242 7,866 Operating expenses Raw materials and supplies -1,398 -1,327 -2,589 -2,378 -4,979 -4,767 Other external costs -147 -131 -314 -271 -598 -555 Personnel expenses -456 -429 -895 -829 -1,688 -1,623 Other operating income and expenses 3 8 7 14 13 20 EBITDA 319 316 527 478 990 941 Depreciation -74 -71 -147 -142 -288 -283 EBITA 245 245 380 336 702 658 Acquisition-related amortisation -34 -30 -69 -58 -132 -120 EBIT 211 215 311 278 570 538 Finance income and costs Finance income and costs -34 -46 -94 -86 -177 -169 Profit before tax 177 169 216 192 393 369 Tax -40 -37 -52 -41 -97 -86 Net profit 137 132 164 151 296 283 Attributable to: Owners of the Parent 133 129 158 147 284 273 Non-controlling interests 4 3 6 4 12 10 Earnings per ordinary share Basic and diluted earnings per ordinary share, SEK 1.47 1.43 1.59 1.45 2.77 2.63 No. of ordinary shares 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 Average no. of ordinary shares 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 Average no. of ordinary shares after dilution 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 No. of preference shares 1,603,774 1,603,774 1,603,774 1,603,774 1,603,774 1,603,774 Preference share dividend, SEK 10.00 10.00 20.00 20.00 40.00 40.00
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Volati AB – Interim Report January–June 2025 – 14 – Consolidated statement of comprehensive income SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net profit 137 132 164 151 296 283 Items that may be reclassified subsequently to profit or loss Translation differences for the period 9 -1 -43 17 -56 4 Total 9 -1 -43 17 -56 4 Total comprehensive income for the period 146 131 122 168 240 286 Owners of the Parent 142 129 116 164 228 276 Non-controlling interests 4 3 6 4 12 10
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Volati AB – Interim Report January–June 2025 – 15 – Condensed consolidated statement of financial position SEK million 30 Jun 2025 30 Jun 2024 31 Dec 2024 ASSETS Non-current assets Intangible assets 3,136 2,968 3,189 Property, plant and equipment 517 409 432 Right-of-use assets 587 615 574 Financial assets 6 6 6 Deferred tax assets 50 41 45 Total non-current assets 4,296 4,040 4,246 Current assets Inventories 1,610 1,544 1,561 Trade receivables 1,288 1,232 992 Other current receivables 405 448 333 Financial receivables - 5 - Cash and cash equivalents 208 174 317 Total current assets 3,511 3,404 3,204 Total assets 7,807 7,444 7,451 EQUITY AND LIABILITIES Equity Equity attributable to owners of the Parent 2,086 2,128 2,205 Non-controlling interests 10 9 10 Total equity 2,096 2,137 2,215 Liabilities Non-current interest-bearing liabilities 2,671 2,324 2,354 Non-current lease liabilities 415 443 402 Other non-current liabilities and provisions 302 258 268 Deferred tax 440 403 448 Total non-current liabilities 3,828 3,427 3,473 Current interest-bearing liabilities 12 5 7 Current lease liabilities 185 185 185 Trade payables 784 775 747 Other current liabilities 902 915 825 Total current liabilities 1,883 1,880 1,763 Total liabilities 5,711 5,307 5,236 Total equity and liabilities 7,807 7,444 7,451
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Volati AB – Interim Report January–June 2025 – 16 – Condensed consolidated cash flow statement SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Operating activities Profit before tax 177 169 216 192 393 369 Adjustment for other non-cash items 131 144 302 274 575 548 Interest paid and received, excl. interest on lease liabilities -29 -35 -60 -62 -116 -119 Interest paid on lease liabilities -9 -9 -17 -18 -34 -35 Income tax paid -46 -46 -125 -114 -138 -127 Cash flow from operating activities 224 222 317 273 680 636 before changes in working capital Cash flow from changes in working capital Change in inventories 81 9 -31 -43 0 -12 Change in operating receivables 57 -132 -258 -276 109 91 Change in operating liabilities -111 83 45 208 -98 65 Cash flow from changes in working capital 27 -40 -243 -111 11 144 Cash flow from operating activities 251 183 73 162 691 780 Investing activities Net investments in property, plant & equipment and intangible assets -30 -15 -56 -39 -124 -107 Acquisitions and disposals of operations and subsidiaries -37 0 -82 -343 -373 -633 Net investments in financial assets - 9 0 - 0 - Cash flow from investing activities -67 -6 -138 -382 -497 -741 Financing activities Dividend on preference shares -16 -16 -32 -32 -64 -64 Dividend on ordinary shares -159 -151 -159 -151 -159 -158 Warrant proceeds 1 3 1 3 1 3 New borrowings and repayment of borrowings, excl. leases 115 104 259 581 289 611 Repayment of lease liabilities -51 -49 -100 -99 -195 -194 Other financing activities - -8 - -8 -15 -16 Cash flow from financing activities -109 -118 -31 294 -143 183 Cash flow for the period 75 59 -96 75 51 222 Cash & cash equivalents at beginning of period 131 117 317 96 174 96 Exchange differences 1 -2 -13 4 -17 0 Cash & cash equivalents at end of period 208 174 208 174 208 317
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Volati AB – Interim Report January–June 2025 – 17 – Consolidated statement of changes in equity SEK million Owners of the Parent Non- controlling interests Total equity Closing balance, 31 Dec 2023 2,197 9 2,206 Net profit 147 4 151 Other comprehensive income 17 0 17 Comprehensive income for the period 164 4 168 Warrants 3 - 3 Dividend -222 - -222 Revaluation of liability for put option issued to non-controlling interest -14 -4 -18 Closing balance, 30 Jun 2024 2,128 9 2,137 SEK million Owners of the Parent Non- controlling interests Total equity Closing balance, 31 Dec 2024 2,205 10 2,215 Net profit 158 6 164 Other comprehensive income -43 0 -43 Comprehensive income for the period 116 6 122 Warrants 1 - 1 Dividend -223 - -223 Revaluation of liability for put option issued to non-controlling interest -13 -6 -19 Closing balance, 30 Jun 2025 2,086 10 2,096
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Volati AB – Interim Report January–June 2025 – 18 – Key figures1) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales, SEK million 2,317 2,195 4,318 3,942 8,242 7,866 Net sales growth, % 6 -2 10 -5 8 1 Organic net sales growth, % -1 -11 1 -13 0 -7 EBITDA, SEK million 319 316 527 478 990 941 EBITA, SEK million 245 245 380 336 702 658 EBITA margin, % 11 11 9 8.5 9 8 EBITA growth, % 0 -2 13 -18 6 -11 Organic EBITA growth, % -3 -11 7 -26 -4 -21 EBITA growth per ordinary share, % 0 -2 13 -18 6 -11 EBIT, SEK million 211 215 311 278 570 538 Profit after tax, SEK million 137 132 164 151 296 283 Basic and diluted earnings per ordinary share, SEK2) 1.47 1.43 1.59 1.45 2.77 2.63 Return on equity, % 14 13 14 13 14 13 Return on adjusted equity, % 17 17 17 17 17 16 Equity ratio, % 27 29 27 29 27 30 Cash conversion, LTM, % 85 102 85 102 85 104 Operating cash flow, SEK million 265 209 129 227 680 779 Net debt/EBITDA, x 3.0 2.7 3.0 2.7 3.0 2.6 Number of full-time equivalents 2,294 2,147 2,294 2,147 2,294 2,120 Ordinary shares outstanding 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 Average no. of ordinary shares outstanding 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 Preference shares outstanding 1,603,774 1,603,774 1,603,774 1,603,774 1,603,774 1,603,774 1) All performance measures, apart from net sales, EBIT, profit after tax and earnings per share, are non-IFRS performance measures – see also note 6 Alternative performance measures. 2) When calculating earnings per ordinary share, the preference share dividend of SEK 16 million per quarter is deducted for the period.
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Volati AB – Interim Report January–June 2025 – 19 – Notes to consolidated financial statements Note 1 Accounting policies The Group applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and RFR 1 Supplementary Accounting Rules for Groups. The report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The accounting policies are consistent with those applied by the Group in the 2024 annual report. During Q3 2024, there was a change to the presentation of the discount effect for additional consideration, which has been transferred from Other operating income and expenses to Finance income and costs. For the period April-June 2025, the amount was SEK -1.7 (-1.6) million. The comparative periods for 2024 have been restated. Some figures in this report have been rounded, which means that certain tables do not always add up exactly. This applies where figures are stated in thousands, millions or billions. Pages 1-12 of this report are an integral part of the interim report. Note 2 Risks and uncertainties The current situation of several armed conflicts in the world and the imposition of certain trade tariffs is creating uncertainty in the world market. Volati is closely monitoring developments in Europe and the world market. It is the assessment that the Group’s other material risks and uncertainties are unchanged from those described in detail in the 2024 Annual Report. Note 3 Segment reporting At the end of Q2, Volati consisted of the business areas Salix Group, Ettiketto Group and Industry. Segment reporting follows the principles set out in the 2024 Annual Report. Net sales, SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Salix Group 1,116 1,018 2,126 1,829 3,886 3,588 Ettiketto Group 318 233 606 451 1,091 936 Industry 883 946 1,588 1,666 3,269 3,347 Internal eliminations -1 -2 -3 -3 -4 -5 Total net sales 2,317 2,195 4,318 3,942 8,242 7,866 Sales between segments are immaterial. Distribution of net sales, April-June 2025, SEK millions Sale of goods Services Other Total revenue from contracts with customer s Equipme nt leasing Other Total Salix Group 1,108 3 5 1,115 - 0 1,116 Ettiketto Group 311 6 0 318 - - 318 Industry 746 130 2 877 6 0 883 Total 2,164 139 7 2,311 6 0 2,317 Distribution of net sales, April-June 2024, SEK millions Sale of goods Services Other Total revenue from contracts with customer s Equipme nt leasing Other Total Salix Group 1,017 - - 1,017 - 0 1,016 Ettiketto Group 230 3 - 233 - - 233 Industry 725 207 1 934 12 0 946 Total 1,972 210 1 2,183 12 0 2,195
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Volati AB – Interim Report January–June 2025 – 20 – Distribution of net sales, January-June 2025, SEK millions Sale of goods Services Other Total revenue from contracts with customer s Equipme nt leasing Other Total Salix Group 2,108 5 10 2,123 - 1 2,124 Ettiketto Group 596 9 0 605 - - 605 Industry 1,320 247 4 1,570 18 0 1,588 Total 4,023 261 14 4,299 18 1 4,318 Distribution of net sales, January-June 2024, SEK millions Sale of goods Services Other Total revenue from contracts with customer s Equipme nt leasing Other Total Salix Group 1,826 - - 1,826 - 0 1,826 Ettiketto Group 444 6 - 450 - - 450 Industry 1,325 308 2 1,635 29 2 1,666 Total 3,595 314 2 3,911 29 2 3,942 EBITA, SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Salix Group 120 100 200 141 332 273 Ettiketto Group 60 50 114 91 224 200 Industry 88 107 110 131 219 240 Items affecting comparability1) -7 0 -15 -2 -16 -3 Central costs -15 -13 -29 -24 -58 -53 Total EBITA 245 245 380 336 702 658 Acquisition-related amortisation -34 -30 -69 -58 -132 -120 Net financial items -34 -46 -94 -86 -177 -169 Profit before tax 177 169 216 192 393 369 1) See note 6 for definition and specification.
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Volati AB – Interim Report January–June 2025 – 21 – Note 4 Business acquisitions On 4 February, all shares in Clever Etiketten GmbH (including sister companies) were acquired – a leading supplier of label solutions in Germany. This is an add-on acquisition for Ettiketto Group. Clever Etiketten reported annual sales of approximately SEK 290 million in 2024. On 25 April, an agreement was signed to acquire all shares in the tool and machinery wholesaler Hans Eggestrand AB, annual revenue SEK 45 million, as an add-on acquisition for the Salix Group platform. The acquisition was finalised with access to the shares on 22 May. The Group’s earnings were affected by transaction costs of SEK 8 million for the above acquisitions. Goodwill of SEK 31 million arising from the transactions is supported by several factors, largely attributable to the acquired companies’ synergies, employees and market shares. Contingent consideration of SEK 14 million related to acquisitions in previous years was settled during the quarter. The preliminary impact of the acquisitions on the Volati Group’s balance sheet on the acquisition date is set out below. Impact of acquisitions on balance sheet (SEK million) Total Intangible assets 6 Property, plant and equipment 87 Right-of-use assets 6 Deferred tax assets 9 Inventories 33 Trade receivables 35 Other receivables 18 Cash and cash equivalents 13 Deferred tax liability and other provisions -10 Non-current interest-bearing liabilities -26 Non-current lease liabilities -6 Non-current non-interest-bearing liabilities -40 Current interest-bearing liabilities -2 Current lease liabilities 0 Current liabilities -45 Net assets 78 Goodwill 31 Purchase price for shares 109 Purchase price for shares -109 Settlement of preliminary consideration -12 Deferred fixed consideration 39 Less cash & cash equivalents in acquired companies at the acquisition date 13 Acquisition-date impact of acquisitions on the Group’s cash & cash equivalents -68 Net sales EBITDA EBITA EBIT Impact of acquisitions on income statement (SEK million) Apr-Jun 2025 Jan-Jun 2025 Apr-Jun 2025 Jan-Jun 2025 Apr-Jun 2025 Jan-Jun 2025 Apr-Jun 2025 Jan-Jun 2025 Salix Group 3 3 0 0 0 0 0 0 Ettiketto Group 73 122 4 6 2 2 1 2 Industry - - - - - - - - Volati Group 76 125 5 7 2 3 1 2 If the acquisitions had been consolidated with effect from 1 January 2025, their contribution to the Group’s income statement, excluding transaction costs, for the period 1 January to 30 June would have been as follows: sales SEK 166 million, EBITDA SEK 7 million, EBITA SEK 2 million and operating profit SEK 1 million.
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Volati AB – Interim Report January–June 2025 – 22 – Note 5 Financial Instruments The fair values of the Group’s financial assets and liabilities are not materially different from their carrying amounts. Financial instruments measured at fair value 30 Jun 2025 31 Dec 2024 SEK million Carrying amounts Quoted prices Level 1 Observable inputs Level 2 Unobservabl e inputs Level 3 Carrying amounts Quoted prices Level 1 Observable inputs Level 2 Unobservabl e inputs Level 3 Financial assets Other shares and interests 2 - - 2 2 - - 2 Derivatives - - - - 0 0 - - Financial liabilities Derivatives 0 0 - - - - - - Liability for put option issued to non-controlling interest 235 - - 235 216 - - 216 Additional consideration 1) 33 - - 33 46 - - 46 1) Additional consideration is often contingent on the financial performance of the acquired business over a specific period and is measured on the basis of management’s best estimate. Specification of financial instruments Level 3: Financial assets Financial liabilities Other shares and interests Liability for put option issued to non-controlling interest Contingent consideration Balance, 31 Dec 2023 2 -174 -58 Additions through acquisitions - -10 Cash settled - 1 23 Change in value recognised in OCI - - -3 Change in value recognised in equity - -17 - Balance, 30 Jun 2024 2 -190 -48 Balance, 31 Dec 2024 2 -216 -46 Cash settled - 14 Change in value recognised in OCI - - -1 Change in value recognised in equity - -19 - Balance, 30 Jun 2025 2 -235 -33
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Volati AB – Interim Report January–June 2025 – 23 – Note 6 Alternative performance measures The financial reports published by Volati include alternative performance measures (APMs), which supplement the metrics defined or specified in the applicable rules for financial reporting, such as revenue, profit or loss and earnings per share. APMs are specified when they, in their context, provide clearer or more in-depth data than those metrics defined in the applicable rules for financial reporting. The basis for APMs is that they are used by management to assess financial performance and can thus be considered to give analysts and other stakeholders valuable information. Volati regularly uses APMs as a complement to the key metrics defined in IFRS. The APMs derive from Volati’s consolidated accounts and do not comprise measures of financial performance or liquidity in accordance with IFRS and, accordingly, should not be considered as alternatives to net income, operating profit or other key metrics that are derived pursuant to IFRS or as an alternative to cash flow as a measure of consolidated liquidity. The following table sets out definitions for Volati’s key figures. The calculation of APMs is presented separately below. Non-IFRS APMs and key metrics Description Reason for use EBITDA Earnings before interest, taxes, depreciation and amortisation. EBITDA is used together with EBITA to clarify earnings before the effects of depreciation and impairment, and before amortisation of acquisition-related intangible assets, in order to provide a view of the profit generated by operating activities. Items affecting comparability These include transaction-related costs, restructuring costs, contingent consideration remeasurement, capital gains/losses on the sale of operations and non-current assets, and other items that affect comparability over time. Items affecting comparability represent income and expenses that are not attributable to the underlying performance of the business. Adjusted EBITDA Calculated as EBITDA, adjusted by adding back to earnings, as a minus item, interest expenses and depreciation attributable to operating leases for the last twelve months, as of the current reporting date, for the companies included in the Group on the reporting date, as if they had been owned for the last 12 months, adjusted for items affecting comparability. Adjusted EBITDA provides management and investors with a view of the size of the operations included in the Group at the reporting date, as it does not include items not directly attributable to day-to-day operations. Also used in our covenant calculations for the bank. EBITA Earnings before interest, taxes and amortisation. Together with EBITDA, EBITA provides a view of the profit generated by operating activities. EBITA excl. items affecting comparability Calculated as EBITA, adjusted for items affecting comparability. Used by management to monitor the underlying earnings growth for the Group. EBITA growth per ordinary share Calculated as EBITA divided by the number of ordinary shares outstanding at the end of the period compared with the same period the previous year. Used to illustrate earnings per ordinary share generated by operating activities. Organic net sales growth Calculated as net sales for the period, adjusted for acquired and divested net sales and currency effects, compared with net sales for the same period the previous year as if the units had been owned for the same length of time in the comparative period as the length of time they have been legally consolidated in the current period. This metric is used by management to monitor the underlying net sales growth in existing operations. Organic EBITA growth Calculated as EBITA excluding items affecting comparability for the period, adjusted for total acquired and divested EBITA and currency effects, compared with EBITA excluding items affecting comparability for the same period the previous year, as if the units had been owned for the same length of time in the comparative period as the length of time they have been legally consolidated in the current period. Used by management to monitor the underlying earnings growth for existing operations. Return on equity Net profit (including share attributable to non-controlling interests) divided by average equity for the last four quarters (including share attributable to non-controlling interests). Shows the return generated on the total capital invested in the Company by shareholders. Return on adjusted equity Net profit (including share attributable to non-controlling interests) less preference share dividend divided by average equity for the last four quarters (including share attributable to non-controlling interests) less preference share capital. Shows the underlying return generated on ordinary share capital invested in the Company by owners of ordinary shares. Equity ratio Equity (including share attributable to non- controlling interests) as a percentage of total assets. The metric can be used to assess financial risk. Cash conversion Calculated as operating cash flow for the last twelve months divided by EBITDA, adjusted by adding back to earnings, as a minus item, interest expenses and depreciation attributable to operating leases for the last twelve months as of the current reporting date. Cash conversion is used by management to monitor how efficiently the Company manages working capital and ongoing investments.
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Volati AB – Interim Report January–June 2025 – 24 – Non-IFRS APMs and key metrics Description Reason for use Operating cash flow Calculated as EBITDA, adjusted by adding back to earnings, as a minus item, interest expenses and depreciation attributable to operating leases, adjusted for non-cash items less the net of investments in and disposals of property, plant and equipment and intangible assets, and adjusted for cash flow from changes in working capital including prepaid operating lease expenses. Operating cash flow is used by management to monitor cash flow generated by operating activities. Net debt/Adjusted EBITDA Calculated as the sum of interest-bearing loans, finance lease liabilities, provisions for pensions and liabilities attributable to unrealised losses on valuations of outstanding derivatives less cash and cash equivalents, endowment insurance assets and assets attributable to unrealised gains on valuations of outstanding derivatives in relation to adjusted EBITDA for the period. The metric can be used to assess financial risk. Return on capital employed (ROCE excl. goodwill) EBITA excluding items affecting comparability for the last 12 months divided by average capital employed for the last 12 months. Shows the return on capital employed generated by each business area and the Group without taking into consideration acquisition-related intangible assets with indefinite useful lives. Return on capital employed including goodwill (ROCE incl. goodwill) EBITA excluding items affecting comparability for the last 12 months divided by average capital employed including goodwill and other intangible assets with indefinite useful lives for the last 12 months. Shows the return on capital employed generated by each business area and the Group. Calculations of alternative performance measures are presented separately below. Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Items affecting comparability, SEK millions Transaction costs 0 0 -8 -2 -13 -7 Restructuring costs -7 - -9 - -9 - Contingent consideration remeasurement 0 0 1 -1 0 -2 Capital gains/losses on sale of operations and non-current assets - - - 0 0 0 Other items affecting comparability - - - - 6 6 Items affecting comparability -7 0 -15 -2 -16 -3 Adjusted EBITDA, LTM, SEK million EBITDA, LTM 990 940 990 940 990 941 Reversal of IFRS 16 effect -192 -186 -192 -186 -192 -190 Acquired companies 43 29 43 29 43 70 Reversal of items affecting comparability 16 27 16 27 16 3 Adjustment of items affecting comparability not affecting EBITDA -1 - -1 - -1 - Adjusted EBITDA 855 810 855 810 855 824 Calculation of organic net sales growth, % Net sales 2,317 2,195 4,318 3,942 8,242 7,866 Total acquired/divested net sales -183 -188 -370 -337 -649 -617 Currency effects 42 -5 43 -1 - 21 Comparative figure for previous year 2,175 2,002 3,991 3,603 7,593 7,270 Organic net sales growth, % -1 -11 1 -13 0 -7 Calculation of organic EBITA growth, % EBITA 245 245 380 336 702 658 Adjustment for items affecting comparability 7 0 15 2 16 3 EBITA excl. items affecting comparability 252 245 395 339 717 661 Total acquired/divested EBITA -17 -27 -35 -37 -58 -60 Currency effects 3 2 3 -1 - 0 Comparative figure for previous year 239 220 364 301 659 601 Organic EBITA growth, % -3 -11 7 -26 -4 -21
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Volati AB – Interim Report January–June 2025 – 25 – Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Calculation of EBITA growth per ordinary share, % EBITA 245 245 380 336 702 658 No. of ordinary shares outstanding at end of period 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 EBITA per ordinary share, SEK 3.09 3.09 4.78 4.23 8.84 8.29 EBITA per ordinary share for same period in previous year 3.09 3.16 4.23 5.17 8.35 9.28 EBITA growth per ordinary share, % 0 -2 13 -18 6 -11 Basic and diluted earnings per ordinary share Net profit attributable to owners of the Parent 133 129 158 147 284 273 Deduction for preference share dividend 16 16 32 32 64 64 Net profit attributable to owners of the Parent, adjusted for preference share dividend 117 113 126 115 220 209 Average no. of ordinary shares 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 79,406,571 Earnings per ordinary share, SEK 1.47 1.43 1.59 1.45 2.77 2.63 Calculation of return on equity (A) Net profit, LTM, including non-controlling interests 296 292 296 292 296 283 Adjustment for preference share dividends, including dividends accrued but not yet paid -64 -64 -64 -64 -64 -64 (B) Net profit, adjusted 232 228 232 228 232 218 (C) Average total equity 2,161 2,193 2,161 2,193 2,161 2,186 (D) Average adjusted equity 1,333 1,365 1,333 1,365 1,333 1,358 (A/C) Return on total equity, % 14 13 14 13 14 13 (B/D) Return on adjusted equity, % 17 17 17 17 17 16 Calculation of equity ratio, % Equity including non-controlling interests 2,096 2,137 2,096 2,137 2,096 2,215 Total assets 7,807 7,444 7,807 7,444 7,807 7,451 Equity ratio, % 27 29 27 29 27 30 Calculation of operating cash flow and cash conversion, % EBITDA 319 316 527 478 990 941 Reversal of IFRS 16 effect -48 -48 -97 -95 -192 -190 (A) EBITDA excl. IFRS 16 effect 271 268 430 383 798 751 (B) adjustment for non-cash items -4 -5 -4 -4 -6 -7 Change in working capital 28 -40 -242 -113 13 142 Net investments in property, plant & equipment and intangible assets -30 -15 -56 -39 -124 -107 (C) Operating cash flow 265 209 129 227 680 779 (C/A) Cash conversion, % 98 78 30 59 85 104 Calculation of Net debt/adjusted EBITDA, LTM, x Net debt Cash & cash equivalents and other interest-bearing assets -212 -179 -212 -179 -212 -322 Non-current interest-bearing loans and provisions for pensions 2,671 2,324 2,671 2,324 2,671 2,354 - reversal of capitalised borrowing costs 10 9 10 9 10 7 Non-current finance lease liabilities 43 38 43 38 43 35 Current interest-bearing loans 12 5 12 5 12 7 Current finance lease liabilities 25 25 25 25 25 24 Net debt 2,547 2,223 2,547 2,223 2,547 2,105 Adjusted EBITDA 855 810 855 810 855 824 Net debt/adjusted EBITDA, x 3.0 2.7 3.0 2.7 3.0 2.6
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Volati AB – Interim Report January–June 2025 – 26 – ROCE %, 30 June 2025 Salix Group Ettiketto Group Industry Central costs Volati Group 1) EBITA, LTM 332 224 219 -58 717 Capital employed, 30 June 2025 Intangible assets 1,677 367 1,109 3,136 Adjustment for goodwill, patent/technology, brands -1,660 -359 -1,068 -3,070 Property, plant and equipment 35 195 286 517 Right-of-use assets 262 78 236 587 Operating receivables 1,602 341 1,169 3,114 Operating liabilities -724 -182 -566 -1,481 Capital employed, 30 June 2025 1,191 440 1,167 2,802 Adjustment for average capital employed, LTM -39 -98 1 -137 2) Average capital employed, LTM 1,152 342 1,168 2,665 ROCE excl. goodwill 1)/2), % 29 66 19 27 3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives 2,298 590 1,840 4,688 ROCE incl. goodwill 1)/3), % 14 38 12 15 ROCE %, 31 December 2024 Salix Group Ettiketto Group Industry Central costs Volati Group 1) EBITA, LTM 273 200 240 -53 661 Capital employed, 31 December 2024 Intangible assets 1,694 364 1,148 3,189 Adjustment for goodwill, patent/technology, brands -1,682 -357 -1,105 -3,127 Property, plant and equipment 42 96 294 432 Right-of-use assets 248 57 266 574 Operating receivables 1,396 243 1,142 2,784 Operating liabilities -649 -139 -626 -1,422 Capital employed, 31 December 2024 1,050 264 1,119 2,429 Adjustment for average capital employed, LTM 77 -8 82 140 2) Average capital employed, LTM 1,126 256 1,200 2,569 ROCE excl. goodwill 1)/2), % 24 78 20 26 3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives 2,242 494 1,877 4,512 ROCE incl. goodwill 1)/3), % 12 41 13 15
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Volati AB – Interim Report January–June 2025 – 27 – Parent Company Volati AB (publ) The Parent Company Volati AB acts as a holding company and the members of Volati’s management are employed within the Parent Company. Parent Company condensed income statement SEK million Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 LTM Full year 2024 Net sales 5 4 9 8 19 17 Operating expenses -15 -12 -31 -23 -61 -53 Operating profit -11 -8 -22 -15 -43 -36 Profit/loss from financial investments 25 195 51 214 1,199 1,362 Profit after financial items 14 188 29 199 1,156 1,326 Appropriations - - - - 36 36 Tax for the period -3 -4 -6 -6 0 0 Net profit 11 184 23 193 1,192 1,361 Parent Company comprehensive income for the period Comprehensive income for the period 11 184 23 193 1,192 1,361 Parent Company condensed statement of financial position SEK million 30 Jun 2025 30 Jun 2024 31 Dec 2024 Non-current assets 1,768 1,703 1,768 Current assets 5,014 3,771 5,181 Total assets 6,782 5,474 6,949 Equity 3,363 2,393 3,561 Untaxed reserves 0 0 0 Pension obligations 4 4 4 Non-current liabilities 2,656 2,322 2,359 Current liabilities 760 756 1,025 Total equity and liabilities 6,782 5,474 6,949
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Volati AB – Interim Report January–June 2025 – 28 – Quarterly overview SEK million Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Operating income Net sales 2,317 2,001 2,007 1,917 2,195 1,747 1,808 1,847 2,251 Operating expenses Raw materials and supplies -1,398 -1,191 -1,201 -1,189 -1,327 -1,051 -1,077 -1,151 -1,410 Other external costs -147 -167 -164 -121 -131 -139 -124 -99 -131 Personnel expenses -456 -438 -435 -359 -429 -400 -410 -338 -398 Other operating income and expenses 3 4 -2 8 8 6 6 0 5 EBITDA 319 208 207 256 316 162 203 259 317 Depreciation -74 -73 -71 -70 -71 -71 -69 -67 -66 EBITA 245 135 136 186 245 91 135 192 251 Acquisition-related amortisation -34 -35 -32 -30 -30 -28 -25 -24 -24 EBIT 211 100 103 156 215 63 110 167 226 Finance income and costs Finance income and costs -34 -60 -35 -48 -46 -40 -44 -40 -31 Profit before tax 177 39 69 108 169 24 65 128 196 Tax -40 -11 -21 -24 -37 -4 -26 -26 -42 Net profit 137 28 48 83 132 19 39 101 153 Attributable to: Owners of the Parent 133 26 46 80 129 18 38 98 149 Non-controlling interests 4 2 2 4 3 1 1 4 4 Net sales, SEK million Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Salix Group 1,116 1,010 892 868 1,018 810 759 826 962 Ettiketto Group 318 288 252 233 233 217 216 203 219 Industry 883 705 864 817 946 720 834 819 1,072 Internal eliminations -1 -2 -1 -1 -2 -1 -1 -1 -2 Total net sales 2,317 2,001 2,007 1,917 2,195 1,747 1,808 1,847 2,251 EBITA, SEK million Salix Group 120 80 50 83 100 41 45 79 92 Ettiketto Group 60 55 51 59 50 41 39 43 38 Industry 88 22 59 50 107 24 81 91 132 Items affecting comparability -7 -8 -8 8 0 -3 -17 -8 2 Central costs -15 -13 -16 -13 -13 -11 -14 -13 -14 Total EBITA 245 135 136 186 245 91 135 192 251 EBITA margin, % Salix Group 11 8 6 10 10 5 6 10 10 Ettiketto Group 19 19 20 25 21 19 18 21 17 Industry 10 3 7 6 11 3 10 11 12 Volati Group 11 7 7 10 11 5 7 10 11