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Andreas Stenbäck, CEO Charlotta Nyberg, CFO 23 October 2026 Interim Report Jul-Sep 2026Q3 Volati Interim Report July - September 2026
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Continued growth and improved underlying earnings Volati Interim Report July - September 2026 +12% net sales Net sales increased to SEK 1,176m (1,051), driven by Ettiketto, Communication and Corroventa. Three acquisitions in 2026 add SEK 575m in annual sales. SEK 58 m EBITA (76) EBITA before items affecting comparability increased by 15%, to SEK 87m, resulting in an improvement in the underlying EBITA margin. SEK 55 m operating cash flow (40) Operating cash flow increased in the quarter. Cash conversion at 93% LTM. Seasonally strong year-end cash flow is expected. Ettiketto Group and Corroventa Sales +51% in Ettiketto and +44% in Corroventa, driven by acquisitions and organic growth. Communication Stable in a cautious telecom market, with EBITA up 6%. Other critical infrastructure offset telecom. S:t Eriks Group and Tornum Group Lower earnings, continue to strengthen profitability. Cost and operational measures implemented. Growth Earnings Cash flow Platforms
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Ettiketto strengthens acquired companies’ margins through synergies and operational improvements Volati Interim Report July - September 2026 Ettiketto margin at time of acquisition Acquired companies starts at lower margin Acquire Integrate Strengthen margins Add-on acquisitions alongside organic growth. Synergies, such as co-locating production, procurement, sales and overhead. Operational improvements and Ettiketto’s proven working methods >50 % Germany & Sweden Q1 2027 Ettiketto's sales growth in Q3, from acquisitions and organic growth. Co-location of production to realise synergies, impacts EBITA with SEK 19m relocation costs in Q3. Savings from consolidating production in Germany expected to start, while effects in Sweden are already evident. Q3 2026: Items affecting comparability totaled SEK 29m for Volati, including SEK 8m of transaction costs and SEK 19m of synergy-related restructuring costs. Margin, illustrative
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Financial development, LTM Q3 2026 Net sales SEK 4,594 m (Q3 2025: 4,362) EBITA SEK 245 m (Q3 2025: 355) Operating cash flow SEK 321m (Q3 2025: 283) 168 341 419 472 390 318 303 262 245 7,4% 2020 11,2% 2021 10,1% 2022 10,7% 2023 9,1% 2024 7,4% 2025 7,0% LTM Q1 2026 5,9% LTM Q2 2026 LTM Q3 2026 5,3% EBITA margin EBITA CAGR +6,8% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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• Operating cash flow increased to SEK 55m (40) in the quarter. LTM operating cash flow was SEK 321m, corresponding to 93% cash conversion. Seasonally strong year-end cash flow is expected to reduce leverage over the coming quarters. • Net debt increased by SEK 185m during the quarter, mainly related to the acquisitions of Tramex and NicEtikett. • Net debt/adjusted EBITDA of 3.1x, slightly above the target range of 2–3x but below our maximum level of 3.5x. • Cash generation and earnings contributions from acquired business support a gradual return to the target range. Strong cash flow supports continued acquisitions Net debt / adjusted EBITDA1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 2.0 2.0 2.6 2.7 2.8 2.6 2.9 3.0 2.8 2.5 2.9 2.9 3.1 1) See pages 188–192 of the 2025 Annual Report for definitions of alternative performance measures. Volati Interim Report July - September 2026
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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 percent. The target is a net debt/adjusted EBITDA1 ratio of 2 to 3 times, and not exceeding 3.5 times. 1) See pages 188–192 of the 2025 Annual Report for definitions of alternative performance measures. 2) Excluding the capital gain from the separate listing of Salix Group. Including the capital gain, the return on adjusted equity amounted to 437% 3) Excluding the capital gain from the separate listing of Salix Group. Growth in EBITA per ordinary share, LTM -31% (Q3 2025: -10%) (Five year average: 2%) Return on adjusted equity 13%2 (Q3 2025: 19%) (Five year average: 22%3) Net debt/adjusted EBITDA 3.1x (Q3 2025: 2.8x) (Five year average: 2,5x) Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Volati Interim Report July - September 2026 Self-adhesive labels and machines for various applications Five platforms with growth focus Critical infrastructure solutions through towers, masts and mounting solutions Supplier of grain handling, feed processing and industrial process solutions High-quality products for dealing with water damage, moisture, odours and radon Manufacturer and supplier of infrastructure, construction and landscape products Tornum Group S:t Eriks Group Corroventa Communication Ettiketto Group
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Jul-Sep 2026 Jul-Sep 2025 LTM Q3 2026 FY 2025 Net sales, SEK m 448 297 1,586 1,203 EBITA, SEK m 64 52 242 215 EBITA-margin, % 14 18 15 18 ROCE excl. goodwill, % 39 56 39 50 • Net sales increased by 51% to SEK 448m, mainly through acquisitions. Interket accounted for 26% of sales, and NicEtikett added a smaller contribution. • Good organic growth, driven by strong demand in Sweden, where the business recovered last year’s decline. • EBITA increased by 22% to SEK 64m (52). As expected, the margin fell due to lower-margin acquisitions. • Higher material costs, not yet fully compensated for, also weighed on the margin. • Margins are expected to improve gradually through synergies and operational efficiency. Restructuring costs for co-location are reported outside Ettiketto's EBITA. Ettiketto Group 251 394 644 879 859 936 20.6% 2019 19.9% 2020 17.1% 2021 15.6% 2022 18.5% 2023 21.4% 2024 17.9% 2025 17.1% 2026 Q1 16.0% 2026 Q2 20% 1,203 1,316 1,434 2026 Q3 1,586 15.3% EBITA margin, LTM Net sales, SEK m, LTM Margin target 20% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Jul-Sep 2026 Jul-Sep 2025 LTM Q3 2026 FY 2025 Net sales, SEK m 161 150 705 667 EBITA, SEK m 18 17 80 67 EBITA-margin, % 11 11 11 10 ROCE excl. goodwill, % 67 44 67 46 • Net sales increased by 7% to SEK 161m (150), mainly driven by strong project volumes. • The market remains cautious, with telecom facing the highest level of uncertainty. Sales to other areas of critical infrastructure helped offset the impact. • EBITA increased to SEK 18m (17), with the margin in line with last year. • Strong market position, well positioned for growth in critical infrastructure and for continued acquisition-driven growth. Communication 195 691 766 744 667 653 694 705 8.3% 2021 16.4% 2022 12.5% 2023 8.5% 2024 10.1% 2025 10.6% 2026 Q1 11.4% 2026 Q2 14% 2026 Q3 11.3% EBITA margin, LTM Net sales, SEK m, LTM Margin target 14% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Jul-Sep 2026 Jul-Sep 2025 LTM Q3 2026 FY 2025 Net sales, SEK m 95 66 287 268 EBITA, SEK m 17 10 44 41 EBITA-margin, % 18 16 15 15 ROCE excl. goodwill, % 33 44 33 32 • Net sales increased by 44% to SEK 95m (66), driven by the acquisition of Tramex, which accounted for 32% of sales. • Few flooding incidents continued to dampen underlying demand; future weather events could have a significant impact. • EBITA increased by 68% to SEK 17m (10), with the margin up by about 3 percentage points, supported by Tramex's higher profitability. • Tramex, Corroventa’s first add-on acquisition, broadens the offering and reduces weather dependence. Integration is progressing according to plan. • Christian Engvall appointed CEO, effective 19 October. Corroventa 199 205 324 241 315 365 268 266 258 287 17.3% 2019 20.0% 2020 34.9% 2021 21.7% 2022 28.3% 2023 28.0% 2025 15.2% 2025 15.0% 2026 Q1 14.4% 2026 Q2 22% 2026 Q3 15.4% EBITA margin, LTM Net sales, SEK m, LTM Margin target 22% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Jul-Sep 2026 Jul-Sep 2025 LTM Q3 2026 FY 2025 Net sales, SEK m 291 322 1,248 1,257 EBITA, SEK m 14 16 17 52 EBITA-margin, % 5 5 1 4 ROCE excl. goodwill, % 3 10 3 8 • Net sales decreased by 9% to SEK 291m, reflecting a deliberate shift away from less profitable segments and a still challenging construction market. • Infrastructure was more stable, helped by a stronger civil engineering market, while water and wastewater was weaker due to lower volumes to large projects. • The EBITA margin was in line with last year despite lower volumes, as earlier cost adjustments are taking effect. • Production increased again after a lower production rate in the spring, improving cost coverage and the balance between cash flow and earnings. S:t Eriks Group 7.7% 2021 9.1% 2022 7.6% 2023 5.4% 2024 4.2% 2025 3.6% 2026 Q1 5.5% 2026 Q2 1.4% 2026 Q3 10% 2019 6.3% 2020 1,138 1,214 1,250 1,518 1,511 1,340 1,257 1,274 1,279 1,248 1.5% EBITA margin, LTM Net sales, SEK m, LTM Margin target 10% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Jul-Sep 2026 Jul-Sep 2025 LTM Q3 2026 FY 2025 Net sales, SEK m 184 220 780 924 EBITA, SEK m -9 -4 -33 12 EBITA-margin, % -5 -2 -4 1 ROCE excl. goodwill, % -14 7 -14 6 • Net sales decreased by 17% to SEK 184m, mainly because last year’s large deliveries to Lantmännen have not been fully replaced by new volumes. • The decline reflects a cautious market, not lost market share. Customers’ investment needs remain, but decisions are postponed. • Low grain and pulp prices and high fertilizer and diesel prices continue to dampen willingness to invest. • EBITA amounted to SEK -9m (-4), mainly due to lower sales and one-off costs related to individual projects. • Cost adjustments, improved project execution and stronger price discipline partly offset the lower volumes. Tornum Group 420 445 638 830 951 905 924 838 816 780 7.0% 2019 9.5% 2020 10.1% 2021 6.9% 2022 9.1% 2023 0.2% 2024 1.3% 2025 -1.8% 2026 Q1 -3.4% 2026 Q2 10% 2026 Q3 -4.2% EBITA margin, LTM Net sales, SEK m, LTM Margin target 10% Volati Interim Report July - September 2026Volati Interim Report July - September 2026
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Ettiketto Group Clever Etiketten February 2025 290 Three add-on acquisitions in 2026, with combined annual sales of SEK 575m Acquired during the last twelve months Scanmast June 2021 370 MAFI April 2022 190 Meag October 2021 60 Byggsystem June 2021 Gunnar Prefab September 2023 80 290 Märkas September 2020 170 Strongpoint June 2021 190 Jigraf November 2021 80 Skipnes January 2022 30 Beneli June 2020 160 Apisa July 2021 150 Terästorni April 2022 200 JWI March 2023 40 SIMEZA November 2023 110 JPT January 2021 80 Interket Group January 2026 450 Tornum Group S:t Eriks Group Corroventa Communication NicEtikett July 2026 35 Volati Interim Report July - September 2026 Tramex July 2026 90 SALES SALES SALES SALES SALES Volati Interim Report July - September 2026
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Photo: Corroventa Summary • Net sales increased by 12%, driven by Ettiketto Group and Corroventa, while Communication remained stable despite a continued cautious telecom market. • Three acquisitions in 2026, including two during the quarter, add annual sales of SEK 575m. • EBITA of SEK 58m (76) includes SEK 29m in items affecting comparability, primarily related to transaction costs and synergy-related restructuring in Ettiketto. • Lower earnings in S:t Eriks Group and Tornum Group, where improvement initiatives are starting to take effect. • Operating cash flow increased to SEK 55m (40). Cash conversion remained strong at 93% LTM. Volati Interim Report July - September 2026