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Andreas Stenbäck, CEO Volati Martin Hansson, CEO Salix Group 24 Okt 2025 Interim Report Jul-Sep 2025Q3 Volati Interim report July - September 2025 1
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Volati SEK 8,407 mNet sales, LTM Q3 2025 SEK 721 m EBITA, LTM Q3 2025 Volati Interim report July - September 2025 Volati is a growing group of well-managed companies with strong earnings Share of group EBITA, LTM ~47% +14% EBITA CAGR since 2019 +16% EBITA growth LTM ~26%+9% EBITA CAGR since 2019 ~27%+28% EBITA CAGR since 2019 Share of group EBITA, LTM Share of group EBITA, LTM Industry +16% EBITA CAGR since 2019 Subsidiaries Home markets 2
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Volati Interim report July - September 2025 Sales growth of 9% and strong year-on-year improvement of EBITA in the quarter • Sales increased by 9% to SEK 2,082 million in the third quarter • Organic sales growth of 1%, contributable to organic sales growth in Salix • EBITA of SEK 206 million in the quarter, which is 11% higher than last year ─ Salix showing strong improvement with EBITA growth of 50%+ YoY, signs of recovery in the construction market ─ Ettiketto declined YoY due to slow start which has gradually improved in the quarter ─ Industry is lagging due to lack of floodings for Corroventa while the other platforms perform in line with or better than last year 3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 33% 11% 33% 6% 17% 2% 12% -3% 13% 1% 3% -2% -7% -10% -6% -9% -8% -15% -2% -11% 4% Q1 11% 3% 15% 4% -2% -1% Q3 9% 1% 6% Net sales growth Organic net sales growth 2022 20242023 2025
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Financial development, Q3 2025 Net sales SEK 2,082 m (Q3 2024: 1,917) EBITA SEK 206 m (Q3 2024: 186) Operating cash flow SEK 197 m (Q3 2024: 177) Net debt/adjusted EBITDA 2.8x (Q3 2024: 2.8x) 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 Volati Interim report July - September 2025 4
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Volati Interim report July - September 2025 Financial development, LTM Q3 2025 Net sales SEK 8,407 m (Q3 2024: 7,667) EBITA SEK 721 m (Q3 2024: 657) Operating cash flow SEK 700 m (Q3 2024: 704) CAGR +16% 312 421 664 710 737 658 702 702 721 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 8.6% LTM Q3 20252019 7.5% EBITA margin EBITA 5
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Volati Interim report July - September 2025 6 EBITA development 2020 – 2027 (SEK m) 421 664 710 737 658 721 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 1 500 1 600 2020 2021 2022 2023 2024 2025 Q3 LTM 2027 15% annual EBITA growth 1540 1120 • After three years of challenging market conditions, we have created a growth gap • In order to live up to the growth target in 2027, we have to deliver an EBITA of SEK 1.1 to 1.5 bn • In recent years, we have taken several long- term structural measures… • …. and since 2022 we have also acquired 16 companies totalling SEK 2.4 bn of yearly revenue • This puts us in a great position to show accelerated organic growth once the markets starts returning towards normal levels Volati's financial goal is to increase EBITA by at least 15% annually, doubling EBITA in every five years
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Volati Interim report July - September 2025 Financial targets EBITA growth Return on adjusted equity Capital structure The target is an average annual growth in EBITA1) 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 EBITDA1) ratio of 2 to 3 times, and not exceeding 3.5 times. 1) See pages 151-155 of the 2024 Annual Report for definitions of alternative performance measures. 2) Including divested operations. Growth in EBITA per ordinary share, LTM 10% Q3 2024: -16% Five year average: 15% Return on adjusted equity 19% Q3 2024: 15% Five year average: 34% Net debt/adjusted EBITDA 2.8x Q3 2024: 2.8x Five year average: 2.2x 7
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Volati Interim report July - September 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 8
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Sample customers • Salix Group operates, develops and acquires businesses that provide products for building and industry – primarily hardware, consumables, material and packaging. There is also a strong offering of products for agriculture & forestry and for home & garden • Salix Group was established in 2006 with roots dating back to 1892, and has grown into a Nordic market leader through 14 acquisitions since 2019 • Headquartered in Malmö, Sweden, the company has around 700 FTEs Volati Interim report July - September 2025 9 Salix Group at a glance Selected Brands Selected Brands Selected Brands Consumables, Trade & Agriculture Home & Fittings Construction & Packaging Solutions
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Volati Interim report July - September 2025 Salix Group Jul–Sep 2025 Jul–Sep 2024 LTM Q3 2025 FY 2024 Net sales, SEK m 1,031 868 4,049 3,588 EBITA, SEK m 125 83 374 273 EBITA-margin, % 12 10 9 8 ROCE excl. goodwill, % 32 24 32 24 • Sales growth of 19% in the quarter • Market conditions are showing early signs of recovery and moving in a positive direction • Increased EBITA by 51%, due to previous structural measures as well as previous acquisitions, and improved market environment • EBITA margin improvement of 3pp to 12% in the quarter • When demand recovers, Salix Group is in a good position to capitalise on the growth • Well-positioned for further acquisitions 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 9.2% 2025 Q3 2,138 2,665 3,262 3,598 3,402 3,588 3,788 3,886 4,049 EBITA margin, LTM Net sales, SEK m, LTM 10 EBITA CAGR +14%
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• Sales increase of 27% in the quarter • Margin decline in the quarter – expected due to Clever Etiketten contributing with a low margin • Positive effects of value-creating efforts already showing in Clever • Lower EBITA than same period last year explained by a slow organic start which has gradually improved in the quarter • Well-positioned for continued acquisition-driven growth, both in its Nordic home markets and in Northern Europe Volati Interim report July - September 2025 Ettiketto Group Jul–Sep 2025 Jul–Sep 2024 LTM Q3 2025 FY 2024 Net sales, SEK m 297 233 1,154 936 EBITA, SEK m 52 59 217 200 EBITA-margin, % 18 25 19 21 ROCE excl. goodwill, % 56 77 56 78 251 394 644 879 859 936 20.6% 2019 19.9% 2020 17.1% 2021 15.6% 2022 18.5% 2023 21.4% 2024 21.3% 2025 Q1 20.6% 2025 Q2 18.8% 2025 Q3 1,006 1,091 1,154 EBITA margin, LTM Net sales, SEK m, LTM 11 EBITA CAGR +28%
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• Sales decline of 8 percent in the quarter • EBITA lower than same period last year, explained by Corroventa meeting tough comparables along with absence of seasonal floods • Tornum showing improved EBITA but still facing challenging market conditions • S:t Eriks showing EBITA in line with last year. Still experiencing a weak construction market while the demand from infrastructure segment is stable • Communication delivering an EBITA in line with last year Volati Interim report July - September 2025 Industry Jul–Sep 2025 Jul–Sep 2024 LTM Q3 2025 FY 2024 Net sales, SEK m 755 817 3,208 3,347 EBITA, SEK m 39 50 207 240 EBITA-margin, % 5 6 6 7 ROCE excl. goodwill, % 18 21 18 20 7.2% 2019 8.5% 2020 11.9% 2021 10.9% 2022 10.9% 2023 7.2% 2024 7.2% 2025 Q1 6.7% 2025 Q2 6.5% 2025 Q3 1,757 1,865 2,406 3,280 3,541 3,347 3,332 3,269 3,208 EBITA margin, LTM Net sales, SEK m, LTM 12 EBITA CAGR +9%
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Volati Interim report July - September 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 867 823 753 161 242 637 789 686 605 610 710 754 7547 6 8 8 8 7 6 5 3 4 5 5 4 3 2 2 3 3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1,125 1,086 1,021 1,170 1,017 Acquired annual turnover LTM Number of aquisitions LTM 20252024202320222021 13
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EBITA1 ~47% Volati Interim report July - September 2025 27 acquisitions and SEK 4,2 billion of annual sales since 2020 Industry EBITA1 ~27% 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 ~26% 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 14
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• Operational cash flow increased 11% to SEK 197 million in Q3 2025 compared to SEK 177 million same period last year • LTM Q3 2025 Cash flow of 700 million and total cash generation of 85% during last twelve months • Net debt decreased with SEK 113 million in the quarter due to - Operating cash flow of SEK +197 million - Tax, interest, acquisitions and dividend outflow of SEK -77 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 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 2025 Q3 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 2,435 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 2025 Q3 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 2.8 1) See pages 151-155 of the 2024 Annual Report for definitions of alternative performance measures. Volati Interim report July - September 2025 15
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Volati Interim report July - September 2025 • The Board of Directors of Volati has decided to evaluate a spin-off and separate listing (Lex Asea) of Salix Group from Volati, creating two independent listed companies • Volati's overall goal is to generate long-term value growth. A separation would allow both Salix and the remaining Volati to pursue their growth and capital allocation priorities independently — and, ultimately, to create more value over time • The Board’s ambition is to conclude the evaluation during 2026 and propose to a General Meeting to resolve on the distribution and listing of Salix, with the planned listing of Salix Group scheduled for 2026 Volati is evaluating to spin-off Salix Group into a separately listed company in 2026 16
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17Photo: Corroventa Summary • Strong development in the quarter, in particular in Salix Group with 50% EBITA growth • Clear effects of long-term structural measures across platforms • Expect accelerated organic growth once markets improve • Strong foundation for continued growth through acquisitions • Evaluation of separate listing of Salix Group Volati Interim report July - September 2025 17