Interim report
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Volati AB – January–December 2022 – 1 – Interim Report January–September 2026 Q3
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Volati AB – Interim Report January-September 2026 – 2 – Interim Report January–September 2026 Quarter July–September 2026 • Net sales increased by 12 percent to SEK 1,176 (1,051) million. • EBITA decreased by 23 percent to SEK 58 (76) million. • Profit after tax decreased by 63 percent to SEK 11 (29) million. • Earnings per ordinary share for continuing operations decreased by 144 percent to SEK -0.07 (0.15). Period January–September 2026 • Net sales increased by 9 percent to SEK 3,531 (3,245) million. • EBITA decreased by 28 percent to SEK 191 (265) million. • Profit after tax decreased by 50 percent to SEK 53 (107) million. • Earnings per ordinary share for continuing operations decreased by 97 percent to SEK 0.02 (0.69). Events during and after the reporting period • On 1 July, an agreement was signed to acquire NicEtikett AB’s label business through an asset acquisition. This is an add-on acquisition for Ettiketto Group and strengthens the platform’s presence in the Swedish market. NicEtikett AB has annual sales of SEK 35 million. • On 16 July, Tramex was acquired as an add-on acquisition for Corroventa, broadening the platform’s offering in moisture detection and moisture control for the water damage restoration and construction markets. Tramex has annual sales of SEK 90 million. • On 7 September, Christian Engvall was appointed the new CEO of Volati’s Corroventa platform. • No significant events have taken place after the end of the reporting period. Condensed financial trend The income statements have been restated in accordance with IFRS 5 to reflect continuing operations, unless otherwise indicated. Continuing operations exclude the Salix Group business area, whose shares were distributed to Volati’s ordinary shareholders on 15 June 2026. Comments in the report relate to continuing operations unless otherwise stated. For additional financial information about Salix Group, see note 5. SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales 1,176 1,051 3,531 3,245 4,594 4,309 EBITA1) 58 76 191 265 245 318 EBITA margin, % 5 7 5 8 5 7 EBIT 33 55 120 200 155 235 Profit after tax 11 29 53 107 62 116 Operating cash flow1) 55 40 148 106 321 279 Net debt/adjusted EBITDA, x 1) 2) 3.1 2.8 3.1 2.8 3.1 2.5 Basic and diluted earnings per ordinary share continuing operations, SEK -0.07 0.15 0.02 0.69 -0.10 0.57 Return on adjusted equity, excluding gain on separate listing of Salix Group, %1) 3) 13 19 13 19 13 19 Net sales, SEK million EBITA1), SEK million 1) See note 7 for definitions of alternative performance measures. 2) Includes discontinued operations for Jul -Sep 2025, Jan-Sep 2025 and full year 2025. 3) Includes discontinued operations. Return on adjusted equity, including the gain on the separate listing of Salix Group, amounted to 437 percent at the end of t he third quarter. 1 000 2 000 3 000 4 000 5 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 0 100 200 300 400 500 600 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Net sales, LTM, SEK million EBITA, LTM, SEK million
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Volati AB – Interim Report January-September 2026 – 3 – Continued growth and improved underlying earnings Volati delivered continued growth and improved underlying earnings in the third quarter. Net sales increased by 12 percent to SEK 1,176 (1,051) million, driven by acquisitions during the year. Reported EBITA amounted to SEK 58 (76) million. EBITA before items affecting comparability amounted to SEK 87 million, an increase of 15 percent, resulting in a stronger underlying EBITA margin. Organic net sales declined by 3 percent due to lower volumes in S:t Eriks Group and Tornum Group, while the other platforms reported growth. Items affecting comparability for the quarter primarily comprised acquisition-related synergy measures within Ettiketto Group, particularly the consolidation of production capacity in Germany, as well as transaction costs. These costs affected earnings for the quarter, but they are also part of the value-creating process of integrating acquired companies and gradually improving margins, with savings expected from the first quarter of 2027. Following the separate listing of Salix Group, Volati consists of five platforms operating in different markets and at different stages of development. As an active financial owner, we tailor our priorities to the circumstances of each platform. We currently see good opportunities for organic growth and add-on acquisitions in Ettiketto Group, Communication and Corroventa, while the focus in S:t Eriks Group and Tornum Group is on improving profitability. Good performance in growth-focused platforms Ettiketto Group continued to perform strongly during the quarter, with net sales increasing by just over 50 percent, driven by both acquisitions and organic growth. Demand was strong, particularly in the Swedish market. EBITA amounted to SEK 64 (52) million and the margin decreased, as expected, because the acquired companies initially have lower profitability than Ettiketto’s existing operations. We continue to see good opportunities to strengthen the margin through synergies, operational improvements and Ettiketto’s proven working methods. Communication continued to face a cautious telecom market but performed steadily during the quarter. Net sales amounted to SEK 161 (150) million and EBITA was SEK 18 (17) million, corresponding to a margin in line with the previous year. Cost control and sales in other areas of critical infrastructure helped offset the impact of weaker demand in the telecom sector. Corroventa’s net sales increased to SEK 95 (66) million, primarily due to the acquisition of Tramex, and EBITA amounted to SEK 17 (10) million, corresponding to a margin improvement of three percentage points. Tramex is making a positive contribution to both net sales and margins, broadening Corroventa’s offering and reducing the platform’s dependence
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Volati AB – Interim Report January-September 2026 – 4 – on weather conditions. The underlying business continued to be affected by dry weather and few flooding incidents, which dampened demand. Focus on profitability in S:t Eriks Group and Tornum Group S:t Eriks Group’s net sales decreased by 9 percent to SEK 291 million, primarily due to continued weak demand in the parts of the construction market in which S:t Eriks operates, lower activity in water and wastewater and a deliberate shift from high-volume segments with lower margins and high tied-up capital. EBITA amounted to SEK 14 (16) million, and the margin was in line with the previous year despite lower volumes. This demonstrates that earlier cost reduction measures are having an effect. Following the deliberately lower production rate in the spring to reduce capital tied up in inventory, production increased again during the quarter, contributing to better cost absorption and an improved balance between cash flow and earnings. Tornum Group’s net sales decreased by 17 percent to SEK 184 million. The decrease is mainly due to the fact that the previous year’s deliveries to Lantmännen have not been fully replaced by new volumes. We believe the decline is not due to a lower market share but reflects a continued cautious market in which customers still need to invest but are postponing their decisions. EBITA amounted to SEK -9 (-4) million. Although EBITA declined, the impact of lower volumes was mitigated by cost adjustments and improvements in project execution and operational efficiency, which remain key areas for strengthening profitability. Continued value creation through add-on acquisitions Acquisitions are a key part of Volati’s strategy for long-term value growth. So far this year, we have completed add-on acquisitions that have added SEK 575 million in annual net sales. We are satisfied with this pace of acquisitions. We will continue to balance acquisition activity against our leverage. Following the year’s acquisitions, the net debt/adjusted EBITDA ratio was 3.1 times, which is slightly above our target range. Cash conversion remains strong, amounting to 93 percent on a rolling 12-month basis. With seasonally strong cash flow towards the end of the year, we expect leverage to decrease over the coming quarters. We continue to see attractive acquisition opportunities and believe that conditions are favourable for continued acquisition-driven growth. Andreas Stenbäck, President and CEO
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Volati AB – Interim Report January-September 2026 – 5 – 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. Five-year average: 2% Return on adjusted equity, excluding gain on separate listing of Salix Group1) The long-term target is a return on adjusted equity2) of 20 percent.3) Five-year average: 22%3) Capital structure The target is a net debt/adjusted EBITDA1) ratio of 2 to 3 times, not exceeding 3.5 times2). Five-year average: 2.5x2) OUTCOME Q3 -31% OUTCOME Q3 3.1x OUTCOME Q3 13% 1) See note 7 for definitions of alternative performance measures 2) Includes discontinued operations 40% 32% 22% 16% 19% 13% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2021 2022 2023 2024 2025 2026 Q3 1,3 1,9 2,0 2,6 2,5 3,1 0 0,5 1 1,5 2 2,5 3 3,5 4 2021 2022 2023 2024 2025 2026 Q3 103% 23% 13% -17% -18% -31%-50% -30% -10% 10% 30% 50% 70% 90% 110% 2021 2022 2023 2024 2025 2026 Q3 1) Return on adjusted equity, including the gain on the separate listing of Salix Group, amounted to 437 percent 2) See note 7 for definitions of alternative performance measures 3) Includes discontinued operations Growth in EBITA per ordinary share LTM, % Financial target Return on adjusted equity, % Financial target Net debt/adjusted EBITDA, x Financial target
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Volati AB – Interim Report January-June 2026 – 6 – Consolidated financial trend Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 1,176 1,051 3,531 3,245 4,594 4,309 EBITA1), SEK million 58 76 191 265 245 318 EBIT, SEK million 33 55 120 200 155 235 Profit after tax, SEK million 11 29 53 107 62 116 1) See note 7 for definitions of alternative performance measures Net sales The Group’s net sales for the third quarter amounted to SEK 1,176 (1,051) million, an increase of 12 percent compared with the same quarter of the previous year. Organically, net sales declined by 3 percent during the quarter. The Group’s net sales for the period January-September 2026 amounted to SEK 3,531 (3,245) million, an increase of 9 percent compared with the previous year. Organically, net sales fell by 2 percent during the same period. Earnings EBITA for the third quarter amounted to SEK 58 (76) million. However, EBITA before items affecting comparability increased by 15 percent, resulting in a stronger underlying EBITA margin. Ettiketto Group, Communication and Corroventa reported improved earnings, while S:t Eriks Group, and Tornum Group showed a decline in earnings compared with the same quarter of the previous year. Profit after tax for the third quarter amounted to SEK 11 (29) million. EBITA for January–September 2026 declined by 28 percent to SEK 191 (265) million, while profit after tax declined by 50 percent to SEK 53 (107) million. Cash flow Operating cash flow (for definition and calculation, see pages 24-27) for the third quarter amounted to SEK 55 (40) million. Compared with the same quarter of the previous year, operating cash flow was positively affected by lower working capital and net investments in property, plant and equipment and intangible assets. Operating cash flow for January-September 2026 amounted to SEK 148 (106) million, primarily driven by lower working capital. Cash flow from operating activities, including discontinued operations (see page 16), for the third quarter amounted to SEK 52 (207) million. Cash flow from operating activities for the period January-September 2026 was SEK 100 (281) million. Investments in non-current assets during the third quarter amounted to SEK 18 (29) million and consisted mainly of ongoing investments in machinery, equipment and IT systems. Dividends of SEK 16 (16) million were paid in the third quarter. Equity The Group’s equity amounted to SEK 1,358 million at the end of the period, compared with SEK 2,171 million at the end of the previous year. The change is mainly attributable to comprehensive income for the period, ordinary and preference share dividends and the distribution of Salix Group shares. The equity ratio was 28 percent on 30 September 2026, in line with the level at the end of 2025. The return on adjusted equity was 437 percent, compared with 19 percent at the end of 2025. Adjusted for the gain on the separate listing of Salix Group, the return amounted to 13 percent at the end of the third quarter. Net debt The Group had net debt of SEK 1,331 million on 30 September 2026, compared with 2,081 million on 31 December 2025. The change in net debt is primarily attributable to the repayment of internal loans by Salix Group in connection with the distribution, as well as ordinary and preference share dividends, tax paid and completed acquisitions. Net debt/adjusted EBITDA was 3.1x at the end of the quarter, compared with 2.5x at the end of 2025. Total liabilities amounted to SEK 3,487 (5,600) million on 30 September 2026, of which interest-bearing liabilities, including pension obligations and lease liabilities, amounted to SEK 1,879 (3,249) million.
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Volati AB – Interim Report January-September 2026 – 7 – Business acquisitions and divestments Acquisitions are a key part of Volati’s strategy to create long-term value growth. Volati continuously evaluates both complementary add-on acquisitions and acquisitions in new lines of business. Volati considers the risk level for add-on acquisitions to be generally lower than for acquisitions in new lines of business, as the acquiring company already has in-depth industry knowledge and an established organisational structure for integrating acquisitions. Add-on acquisitions also enable synergies and efficiency. On 1 July, an agreement was signed to acquire NicEtikett AB’s label business through an asset acquisition. This is an add-on acquisition for Ettiketto Group and strengthens the platform’s presence in the Swedish market. NicEtikett AB had annual sales of approximately SEK 35 million in 2025. On 16 July, Tramex was acquired as an add-on acquisition for Corroventa, broadening the platform’s offering in moisture detection and moisture control for the water damage restoration and construction markets. Tramex has annual sales of approximately SEK 90 million. For acquisitions in the first and second quarters of 2026, see note 4. Volati’s platforms Volati’s net sales and earnings by platform The diagrams relate to the 12-month period 1 October 2025 to 30 September 2026. Acquired operations are included in the relevant platform from the acquisition closing date and their proportion is calculated net of central costs and items affecting comparability. Net sales by platform EBITA by platform Ettiketto Group EBITA margin Long-term target: EBITA margin of at least 20% Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 448 297 1,285 902 1,586 1,203 EBITA, SEK million1) 64 52 193 167 242 215 EBITA margin, %1) 14 18 15 18 15 18 ROCE excl. goodwill, %1) 39 56 39 56 39 50 ROCE incl. goodwill, %1) 26 34 26 34 26 32 1) See note 7 for definitions of alternative performance measures. Ettiketto Group reported a strong third quarter, increasing net sales by 51 percent to SEK 448 million. Growth was primarily driven by completed acquisitions and further supported by strong organic growth. The organic growth reflected strong demand, particularly in Sweden. Acquisition-driven growth was mainly attributable to Interket Group, which accounted for 26 percent of Ettiketto Group’s net sales for the quarter. The acquisition of NicEtikett also made some contribution to net sales growth. 35% 15%6% 27% 17% 69% 23% 13% 5% -9% Ettiketto Group S:t Eriks Tornum Group Communication Corroventa
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Volati AB – Interim Report January-September 2026 – 8 – EBITA increased to SEK 64 million, corresponding to growth of 22 percent compared with the third quarter of the previous year. As expected, the EBITA margin decreased, reflecting lower margins in Interket Group. As with previous acquisitions, we see significant potential to gradually improve margins by systematically realising synergies, strengthening operational efficiency and discontinuing unprofitable business activities. During the quarter, restructuring measures were implemented within Ettiketto Group in Germany, involving the consolidation of production to achieve synergies. The costs of these measures accounted for the majority of Volati’s items affecting comparability in the quarter and are excluded from the platform’s EBITA. Higher material costs that have not yet been fully offset also had a negative impact on the margin during the quarter. Net sales for January-September 2026 increased by 42 percent compared with the previous year, while the EBITA margin declined by 3 percentage points to 15 percent, driven by the acquisition of Interket. On 1 July, an agreement was signed to acquire NicEtikett AB’s label business through an asset acquisition. This is an add-on acquisition for Ettiketto Group and strengthens the platform’s presence in the Swedish market. NicEtikett AB had annual sales of approximately SEK 35 million in 2025. The process of integrating NicEtikett AB is progressing according to plan. Opportunities for continued acquisition-driven growth are considered good. Communication EBITA margin Long-term target: EBITA margin of at least 14% Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 161 150 506 468 705 667 EBITA, SEK million1) 18 17 56 44 80 67 EBITA margin, %1) 11 11 11 9 11 10 ROCE excl. goodwill, %1) 67 44 67 44 67 46 ROCE incl. goodwill, %1) 31 23 31 23 31 24 1) See note 7 for definitions of alternative performance measures. Communication continued to perform steadily, delivering a good third quarter. Net sales increased by 7 percent to SEK 161 million, primarily driven by strong volumes in the project business. Despite continued growth, the market is still considered cautious, with the greatest uncertainty in the telecom sector. Despite the cautious telecom market, Communication has successfully offset the impact through sales in other areas of critical infrastructure. The platform is considered to have a strong market position, and we see good opportunities in critical infrastructure. The EBITA margin was in line with the corresponding quarter of the previous year. EBITA for the quarter increased by 6 percent to SEK 18 million. Communication has streamlined its operations over the last year in response to weaker market conditions in the telecom sector, contributing to the improved margin for January-September compared with the previous year. Net sales for January-September 2026 increased by 8 percent compared with the previous year and the EBITA margin increased by 2 percentage points to 11 percent as a result of efficiency improvements. Opportunities for continued acquisition-driven growth are considered good.
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Volati AB – Interim Report January-September 2026 – 9 – Corroventa EBITA margin Long-term target: EBITA margin of at least 22% Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 95 66 209 190 287 268 EBITA, SEK million1) 17 10 30 26 44 41 EBITA margin, %1) 18 16 14 14 15 15 ROCE excl. goodwill, %1) 33 44 33 44 33 32 ROCE incl. goodwill, %1) 18 26 18 26 18 19 1) See note 7 for definitions of alternative performance measures. Corroventa’s net sales amounted to SEK 95 million, an increase of 44 percent compared with the same quarter of the previous year. Growth was primarily driven by the acquisition of Tramex, which accounted for 32 percent of Corroventa’s net sales during the quarter. Tramex is Corroventa’s first add-on acquisition and reduces its dependence on weather conditions. The underlying business continued to be affected by low rainfall, which dampened demand. Future weather-related events could have a significant impact on the business. EBITA increased to SEK 17 million, corresponding to growth of 68 percent compared with the third quarter of the previous year. The EBITA margin also improved compared with the same quarter of the previous year, following the acquisition of Tramex, which has a positive impact on Corroventa’s margins. Net sales for January-September 2026 increased by 10 percent compared with the previous year. The EBITA margin was in line with the previous year. Tramex, a leading developer and manufacturer of professional moisture meters, was acquired on 16 July. This is Corroventa’s first add-on acquisition and broadens the platform’s offering in moisture detection and moisture control for the water damage restoration and construction markets. Tramex generates annual sales of approximately SEK 90 million, with an adjusted EBITA margin of approximately 20 percent, contributing to higher margins for Corroventa. The process of integrating and developing Tramex is progressing according to plan. Opportunities for acquisition-driven growth are considered good. On 7 September, Christian Engvall was appointed the new CEO of Corroventa.
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Volati AB – Interim Report January-September 2026 – 10 – S:t Eriks Group EBITA margin Long-term target: EBITA margin of at least 10% Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 291 322 947 956 1,248 1,257 EBITA, SEK million1) 14 16 17 52 17 52 EBITA margin, %1) 5 5 2 5 1 4 ROCE excl. goodwill, %1) 3 10 3 10 3 8 ROCE incl. goodwill, %1) 2 7 2 7 2 5 1) See note 7 for definitions of alternative performance measures. S:t Eriks Group’s net sales for the third quarter amounted to SEK 291 million, a decrease of 9 percent compared with the same quarter of the previous year. The decline reflects a deliberate shift away from less profitable product segments, while demand has remained weak in the parts of the construction market in which S:t Eriks operates. As in the previous quarter, we are seeing more stable development in infrastructure, which is benefiting from a stronger civil engineering market, while the water and wastewater segment has been weaker, primarily due to lower volumes in major projects. Despite lower net sales, S:t Eriks Group maintained its EBITA margin for the quarter at the same level as in the same quarter of the previous year. EBITA for the quarter declined by 14 percent to SEK 14 million. The slightly lower EBITA compared with the same quarter of the previous year was attributable to the weak development in net sales. Improved cost coverage and cost adjustments have helped keep the EBITA margin in line with the same quarter of the previous year. Net sales for January-September 2026 declined by 1 percent compared with the previous year and the EBITA margin declined by 4 percentage points to 2 percent, primarily due to a lower production rate and the resulting increased impact of under-absorption. Tornum Group EBITA margin Long-term target: EBITA margin of at least 10% Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 184 220 593 737 780 924 EBITA, SEK million1) -9 -4 -18 27 -33 12 EBITA margin, %1) -5 -2 -3 4 -4 1 ROCE excl. goodwill, %1) -14 7 -14 7 -14 6 ROCE incl. goodwill, %1) -9 4 -9 4 -9 3 1) See note 7 for definitions of alternative performance measures. Net sales for the quarter amounted to SEK 184 million, a decrease of 17 percent compared with the same quarter of the previous year. The net sales decline is mainly attributable to the deliveries to Lantmännen in the previous year not being fully offset by new volumes. The business continues to face challenging market conditions, characterised by low grain and pulp prices and high fertiliser and diesel prices, which are dampening willingness to invest. EBITA for the third quarter decreased compared with the same quarter of the previous year, primarily due to lower net sales and one-off costs related to individual projects. Cost adjustments and operational improvements have been implemented, partly offsetting the negative effects of the challenging market conditions. Net sales for January-September 2026 decreased by 20 percent compared with the previous year and the EBITA margin decreased by 7 percentage points to -3 percent.
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Volati AB – Interim Report January-September 2026 – 11 – Head office Head office comprises the central functions of the Parent Company Volati AB and related operations. Head office costs for the third quarter amounted to SEK -16 (-15) million. Head office costs for the period January-September 2026 amounted to SEK -47 (-44) million. 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 amounted to 11,749 at 30 September 2026. The number of ordinary shares as of 30 September 2026 was 79,406,571 and the number of preference shares was 1,603,774. Share capital amounted to SEK 10 million at the same date. Related-party transactions In July, Volati repurchased 10,000 shares in Ettiketto Group Holding AB from a key employee of that company and simultaneously sold 600 shares in Ettiketto Group Holding AB to a key employee of that company. Also in July, Volati, through Volati Luftbehandling Holding AB, sold 925 shares in TH Bankeryd AB to a key employee of that company through a non-cash share issue. A dividend of SEK 17 million was also paid to a key employee in July. These transactions reflect Volati’s model of aligning the interests of the Group and its key employees through co-investments. All transactions were conducted on market terms. Events after the end of the reporting period No significant events have taken place after the end of the reporting period. Financial calendar 2026 Year-end Report 11 February 2027 Interim Report, January–March 2027 28 April 2027 2027 Annual General Meeting 28 April 2027 Interim Report, January–June 2027 16 July 2027 Interim Report, January–September 2027 27 October 2027
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Volati AB – Interim Report January-September 2026 – 12 – Declaration by the Board The Board of Directors and the CEO hereby confirm that this interim report provides a true and fair overview of the Parent Company’s and the Group’s operations, financial position and results, and describes the material risks and uncertainties facing the Parent Company and Group companies. Volati AB (publ) The Board of Directors and CEO Stockholm, 23 October 2026 Patrik Wahlén Chairman of the Board Björn Garat Board Member Anna-Karin Celsing Board Member Maria Edsman Board Member Magnus Sundström Board Member Andreas Stenbäck CEO This interim report has been reviewed by the Company’s auditors. See the Auditors’ Review Report on page 32. This information is information that Volati AB (publ) is obliged to disclose under 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 23 October 2026. Conference call CEO Andreas Stenbäck and CFO Charlotta Nyberg will present the interim report in a conference call starting at 9.00 a.m. on 23 October. 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/q3-2026/ The conference call (opportunity for oral questions) can be accessed at: Phone number +46 8 5053 9728, Meeting ID 874 8684 8479, followed by #, *9 to ask a question. For more information, please contact: Andreas Stenbäck, CEO Volati AB, +46 70 889 09 60, andreas.stenback@volati.se Charlotta Nyberg, CFO Volati AB, +46 72 083 34 02, charlotta.nyberg@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 2026 – 13 – Financial Statements Condensed consolidated income statement SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Operating income Net sales 1,176 1,051 3,531 3,245 4,594 4,309 Operating expenses Raw materials and supplies -635 -587 -1,897 -1,717 -2,451 -2,271 Other external expenses -108 -81 -322 -272 -424 -373 Personnel expenses -318 -259 -970 -846 -1,275 -1,151 Other operating income and expenses -1 0 16 -2 16 -2 EBITDA 115 124 358 409 461 512 Depreciation -57 -48 -167 -145 -216 -193 EBITA 58 76 191 265 245 318 Acquisition-related amortisation -25 -21 -71 -65 -90 -83 EBIT 33 55 120 200 155 235 Finance income and costs Finance income and costs -18 -20 -51 -60 -80 -88 Profit before tax 16 35 68 141 75 148 Tax -5 -6 -15 -34 -13 -32 Profit from continuing operations 11 29 53 107 62 116 Profit/loss from discontinued operations 0 74 4,113 161 4,151 199 Profit for the period 11 103 4,166 268 4,213 315 Attributable to: Owners of the parent 11 99 4,159 257 4,204 302 Non-controlling interests 0 4 7 10 10 13 Earnings per ordinary share, continuing operations Basic and diluted earnings per ordinary share, SEK -0.07 0.15 0.02 0.69 -0.10 0.57 Earnings per ordinary share Basic and diluted earnings per ordinary share, SEK -0.07 1.04 51.77 2.63 52.13 3.00 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 30.00 30.00 40.00 40.00
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Volati AB – Interim Report July-September 2026 – 14 – Consolidated Statement of Comprehensive Income SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Profit for the period 11 103 4,166 268 4,213 315 Items that may be reclassified subsequently to profit or loss Reversal of translation differences attributable to divested operations -1 0 14 - 14 - Translation differences for the period 17 -5 89 -47 58 -78 Total 16 -5 102 -47 72 -78 Total comprehensive income for the period 27 98 4,268 220 4,285 237 Owners of the parent 27 94 4,261 210 4,275 224 Non-controlling interests 0 4 7 10 10 13 Total comprehensive income for the period attributable to owners of the parent has arisen from: Continuing operations 27 24 89 83 86 80 Discontinued operations 0 70 4,172 127 4,189 144
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Volati AB – Interim Report July-September 2026 – 15 – Condensed consolidated statement of financial position SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 1,685 3,115 3,077 Property, plant and equipment 604 513 518 Right-of-use assets 391 562 541 Financial assets 7 6 6 Deferred tax assets 64 52 60 Total non-current assets 2,751 4,249 4,202 Current assets Inventories 741 1,513 1,486 Trade receivables 701 1,289 967 Other current receivables 428 523 422 Financial receivables 14 14 14 Cash and cash equivalents 210 164 679 Total current assets 2,095 3,502 3,568 Total assets 4,846 7,751 7,770 EQUITY AND LIABILITIES Equity Equity attributable to owners of the parent 1,348 2,160 2,160 Non-controlling interests 11 10 10 Total equity 1,358 2,170 2,171 Liabilities Non-current interest-bearing liabilities 1,464 2,520 2,682 Non-current lease liabilities 281 393 375 Other non-current liabilities and provisions 132 344 346 Deferred tax 259 436 441 Total non-current liabilities 2,137 3,694 3,845 Current interest-bearing liabilities 19 8 12 Current lease liabilities 115 182 180 Trade payables 488 780 758 Other current liabilities 728 917 805 Total current liabilities 1,351 1,887 1,755 Total liabilities 3,487 5,581 5,600 Total equity and liabilities 4,846 7,751 7,770
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Volati AB – Interim Report July-September 2026 – 16 – Condensed consolidated cash flow statement 1) SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Operating activities Profit before tax 16 124 4,201 340 4,273 412 Adjustment for gain on the separate listing of Salix Group - - -4,029 - -4,029 - Adjustment for other non-cash items 105 142 406 444 540 579 Interest paid and received, excl. interest on lease liabilities -16 -28 -82 -87 -103 -109 Interest paid on lease liabilities -5 -8 -21 -25 -29 -33 Income tax paid -28 -29 -142 -154 -126 -139 Cash flow from operating activities 73 201 333 518 526 711 before changes in working capital Cash flow from changes in working capital Change in inventories 23 94 -8 63 10 81 Change in operating receivables 23 -53 -509 -311 -225 -27 Change in operating liabilities -66 -34 284 11 254 -19 Cash flow from changes in working capital -21 7 -232 -237 40 35 Cash flow from operating activities 52 207 100 281 566 746 Investing activities Net investments in property, plant & equipment and intangible assets 0 -29 -73 -85 -103 -115 Acquisitions and disposals of operations and subsidiaries -165 0 -764 -82 -774 -92 Cash attributable to discontinued operations -1 0 -114 0 -114 - Settlement of receivables from Salix Group - - 1,894 - 1,894 - Net investments in financial assets 0 - 0 0 0 0 Cash flow from investing activities -165 -29 944 -167 904 -208 Financing activities Dividend on preference shares -16 -16 -48 -48 -64 -64 Dividend on ordinary shares - - -79 -159 -79 -159 Warrant proceeds - - 8 1 8 1 New borrowings and repayment of borrowings, excl. leases 103 -156 -1,220 103 -1,058 265 Repayment of lease liabilities -31 -49 -121 -149 -165 -194 Other financing activities -28 -1 -74 -1 -74 -1 Cash flow from financing activities 27 -222 -1,534 -253 -1,433 -152 Cash flow for the period -86 -43 -489 -140 37 386 Cash & cash equivalents at beginning of period 291 208 679 317 164 317 Exchange differences 5 -1 19 -14 9 -24 Cash & cash equivalents at end of period 210 164 210 164 210 679 1) The cash flow statement above includes cash flow from discontinued operations. Condensed cash flow statement for discontin ued operations, see note 5.
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Volati AB – Interim Report July-September 2026 – 17 – Consolidated statement of changes in equity SEK million Owners of the parent Non- controlling interests Total equity Closing balance, 31 Dec 2024 2,205 10 2,215 Profit for the period 257 10 268 Other comprehensive income -47 0 -47 Comprehensive income for the period 210 10 220 Warrants 1 - 1 Dividend -223 - -223 Remeasurement of liability for put option issued to non-controlling interests -32 -10 -42 Closing balance, 30 Sep 2025 2,160 10 2,170 SEK million Owners of the parent Non- controlling interests Total equity Closing balance, 31 Dec 2025 2,160 10 2,171 Correction of errors -15 - -15 Corrected closing balance, 31 Dec 2025 2,145 10 2,155 Profit for the period 4,159 7 4,166 Other comprehensive income 102 0 102 Comprehensive income for the period 4,261 7 4,268 Warrants 8 - 8 Dividend -223 - -223 Distribution of Salix Group shares -4,964 - -4,964 Remeasurement of liability for put option issued to non-controlling interests 148 -7 142 Dividends paid to put option holders -28 - -28 Closing balance, 30 Sep 2026 1,348 11 1,358
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Volati AB – Interim Report July-September 2026 – 18 – Key figures1) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales, SEK million 1,176 1,051 3,531 3,245 4,594 4,309 Net sales growth, % 12 0 9 3 5 1 Organic net sales growth, % -3 -5 -2 -3 -5 -4 EBITDA, SEK million 115 124 358 409 461 512 EBITA, SEK million 58 76 191 265 245 318 EBITA margin, % 5 7 5 8 5 7 EBITA growth, % -23 -26 -28 -12 -31 -18 Organic EBITA growth, % -2 -20 -21 -5 -28 -15 EBITA growth per ordinary share, % -23 -26 -28 -12 -31 -18 EBIT, SEK million 33 55 120 200 155 235 Profit after tax, SEK million 11 29 53 107 62 116 Basic and diluted earnings per ordinary share, SEK2)3) -0.07 1.04 51.77 2.63 52.13 3.00 Basic and diluted earnings per ordinary share, continuing operations -0.07 0.15 0.02 0.69 -0.10 0.57 Return on equity, %2) 237 15 237 15 237 15 Return on adjusted equity, %2) 437 19 437 19 437 19 Return on adjusted equity, excluding gain on separate listing of Salix Group, % 13 19 13 19 13 19 Equity ratio, % 28 28 28 28 28 28 Cash conversion, LTM, % 93 65 93 65 93 69 Operating cash flow, SEK million 55 40 148 106 321 279 Net debt/EBITDA, x4) 3.1 2.8 3.1 2.8 3.1 2.5 Number of FTEs, continuing operations 1,736 1,599 1,736 1,599 1,736 1,586 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 7 Alternative performance measures. 2) Includes discontinued operations. 3) When calculating earnings per ordinary share, the preference share dividend of SEK 16 million per quarter is deducted for the period.4) Includes discontinued operations for the periods Jul-Sep 2025, Jan-Sep 2025 and full year 2025.
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Volati AB – Interim Report July-September 2026 – 19 – Notes to consolidated financial statements Note 1 Accounting policies The Group applies IFRS Accounting Standards as adopted by the EU. This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. 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 2025 annual report. As a result of the completed distribution and separate listing of Salix Group on 15 June 2026, Salix Group is presented as a discontinued operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In the income statement, the result from discontinued operations is presented on a single line, and comparative periods have been restated. Interest expense for continuing operations has been reduced by Salix Group’s share of external borrowings, with related tax effects taken into account. The Group’s cash flow statement reflects both continuing and discontinued operations. The income statement and cash flow from discontinued operations, including comparative periods, are presented separately in note 5, Discontinued operations. IFRS 18 and related amendments to other standards are effective for financial years beginning on or after 1 January 2027, with retrospective application. The new standard, which has been adopted by the EU, replaces IAS 1. The standard does not affect the recognition or measurement of items in the financial statements, but only introduces changes to presentation and disclosures. An analysis of the standard’s impact on the Group is in progress. The standard has not been early adopted. Some amounts 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 2025 Annual Report. Note 3 Segment reporting On 21 April 2026, it was decided that the platforms previously reported within the Industry business area would be reported separately as platforms. Accordingly, with effect from the end of Q2 2026, Volati comprises the five platforms Ettiketto Group, Communication, Corroventa, S:t Eriks Group and Tornum Group. In connection with this transition, internal reporting has also been revised, and the former platforms within Industry now constitute separate segments in accordance with IFRS 8. Segment reporting follows the principles set out in the 2025 Annual Report. Net sales, SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Ettiketto Group 448 297 1,285 902 1,586 1,203 Communication 161 150 506 468 705 667 Corroventa 95 66 209 190 287 268 S:t Eriks Group 291 322 947 956 1,248 1,257 Tornum Group 184 220 593 737 780 924 Internal eliminations -3 -3 -9 -8 -11 -10 Total net sales 1,176 1,051 3,531 3,245 4,594 4,309 Distribution of net sales, Jul-Sep 2026, SEK million Sale of goods Services Other Total revenue from contracts with customers Equipment leasing Other Total Ettiketto Group 446 2 0 448 - - 448 Communication 86 72 2 161 - 0 161 Corroventa 84 4 - 88 8 - 95 S:t Eriks Group 278 10 - 288 - 0 288 Tornum Group 149 35 - 184 - - 184 Total 1,043 124 2 1,169 8 0 1,176
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Volati AB – Interim Report July-September 2026 – 20 – Distribution of net sales, Jan-Sep 2026, SEK million Sale of goods Services Other Total revenue from contracts with customers Equipment leasing Other Total Ettiketto Group 1,277 8 0 1,285 - - 1,285 Communication 296 205 5 506 - - 506 Corroventa 179 11 - 190 20 - 209 S:t Eriks Group 902 36 - 938 - 0 938 Tornum Group 480 113 - 593 - - 593 Total 3,133 373 5 3,511 20 0 3,531 Distribution of net sales, Jul-Sep 2025, SEK million Sale of goods Services Other Total revenue from contracts with customers Equipment leasing Other Total Ettiketto Group 294 3 0 296 - - 296 Communication 92 56 2 149 - 0 150 Corroventa 57 3 - 60 6 - 66 S:t Eriks Group 306 13 - 319 - 0 319 Tornum Group 163 58 - 220 - - 220 Total 910 133 2 1,045 6 0 1,051 Distribution of net sales, Jan-Sep 2025, SEK million Sale of goods Services Other Total revenue from contracts with customers Equipment leasing Other Total Ettiketto Group 890 12 0 902 - - 902 Communication 292 171 5 468 - 0 468 Corroventa 157 9 - 166 24 - 190 S:t Eriks Group 907 41 - 948 - 0 948 Tornum Group 581 156 - 737 - - 737 Total 2,827 389 5 3,221 24 0 3,245 EBITA, SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Ettiketto Group 64 52 193 167 242 215 Communication 18 17 56 44 80 67 Corroventa 17 10 30 26 44 41 S:t Eriks Group 14 16 17 52 17 52 Tornum Group -9 -4 -18 27 -33 12 Items affecting comparability1) -29 0 -40 -7 -43 -9 Central costs -16 -15 -47 -44 -63 -60 Total EBITA 58 76 191 265 245 318 Acquisition-related amortisation -25 -21 -71 -65 -90 -83 Net financial items -18 -20 -51 -60 -80 -88 Profit before tax 16 35 68 141 75 148 1) See note 7 for definition and specification.
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Volati AB – Interim Report July-September 2026 – 21 – Note 4 Business acquisitions On 26 January, all shares in Interket Group were acquired. The company is a leading supplier of self-adhesive label solutions, with operations in Sweden, Germany, the Netherlands and the UK. This is an add-on acquisition for Ettiketto Group. Interket Group has annual sales of approximately SEK 450 million. On 1 July, an agreement was signed to acquire NicEtikett AB’s label business through an asset acquisition. This is an add-on acquisition for Ettiketto Group and strengthens the platform’s presence in the Swedish market. NicEtikett AB had annual sales of approximately SEK 35 million in 2025. On 16 July, Tramex was acquired as an add-on acquisition for Corroventa, broadening the platform’s offering in moisture detection and moisture control for the water damage restoration and construction markets. Tramex has annual sales of approximately SEK 90 million. The Group’s earnings were affected by transaction costs of SEK 7 million. Goodwill of SEK 215 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 15 million relating to acquisitions in previous years within discontinued operations was settled during the second quarter. Contingent consideration of SEK 2 million relating to acquisitions in previous years within continuing operations was settled during the first quarter. The impact of the acquisitions on the Volati Group’s statement of financial position at the acquisition date is set out below. Impact of acquisitions on statement of financial position (SEK million) Total Intangible assets 106 Property, plant and equipment 124 Right-of-use assets 68 Inventories 53 Trade receivables 61 Other receivables 10 Cash and cash equivalents 19 Deferred tax liability and other provisions -27 Non-current interest-bearing liabilities -3 Non-current lease liabilities -61 Current lease liabilities -6 Current liabilities -67 Net assets 279 Goodwill 215 Purchase consideration for shares 494 Purchase consideration for shares -494 Deferred fixed consideration 4 Deferred variable consideration 39 Consideration settled through non-cash share issue 12 Cash and cash equivalents in acquired companies at the acquisition date 19 Impact on the Group’s cash and cash equivalents at the acquisition date1) -420 1) In addition, acquisitions in discontinued operations amounted to SEK -326 million and contingent consideration payments amounted to SEK -17 million. Net sales EBITDA EBITA EBIT Impact of acquisitions on income statement (SEK million) Jul-Sep 2026 Jan-Sep 2026 Jul-Sep 2026 Jan-Sep 2026 Jul-Sep 2026 Jan-Sep 2026 Jul-Sep 2026 Jan-Sep 2026 Ettiketto Group 123 309 15 33 8 17 4 7 Communication - - - - - - - - Corroventa 30 30 8 8 7 7 6 6 S:t Eriks Group - - - - - - - - Tornum Group - - - - - - - - Volati Group 154 339 23 41 16 24 10 13
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Volati AB – Interim Report July-September 2026 – 22 – If the acquisitions had been consolidated from 1 January 2026, their contribution to the Group’s income statement, excluding transaction costs and items affecting comparability, for the period 1 January to 30 September 2026 would have been as follows: net sales SEK 458 million, EBITDA SEK 61 million, EBITA SEK 42 million and operating profit SEK 26 million. Acquisitions within Salix Group (Discontinued operations) On 1 April, Laydex Building Solutions (Laydex) was acquired as an add-on acquisition for Salix Group, which was distributed to Volati’s ordinary shareholders during the second quarter and is reported as discontinued operations. Laydex is a market-leading supplier of building materials in Ireland, with a strong portfolio of proprietary and third-party brands and annual sales of SEK 480 million. Consideration for the shares was SEK 698 million. The acquisition had an impact of SEK 326 million on the Group’s cash and cash equivalents at the acquisition date. Contingent consideration of SEK 15 million relating to acquisitions in previous years within discontinued operations was settled during the second quarter. The Group’s cash flow statement includes cash flows from discontinued operations. The acquired assets were recognised as assets held for distribution at the acquisition date and amounted provisionally to SEK 441 million. The acquired liabilities were recognised as liabilities attributable to assets held for distribution at the acquisition date and amounted provisionally to SEK 135 million. Transaction costs of SEK 16 million were recognised in profit attributable to discontinued operations. Goodwill and other fair value adjustments have been preliminarily estimated at SEK 391 million. Goodwill is supported by several factors, largely attributable to the acquired company’s synergies, employees and market shares. Since the acquisition date, the company has contributed SEK 16 million to profit from discontinued operations, excluding transaction costs. Had the acquisition been consolidated from 1 January 2026, the company’s contribution to profit from discontinued operations would have been SEK 35 million. Note 5 Discontinued operations On 15 June 2026, the shares in Salix Group were distributed to Volati’s ordinary shareholders. Salix Group's results and cash flows for the period 1 January to 15 June 2026, together with the comparative periods, are presented as discontinued operations in this report in accordance with IFRS 5. The distribution of the shares in Salix Group resulted in a capital gain of SEK 4,044 million for the Volati Group. The gain is included in profit attributable to discontinued operations. Profit attributable to discontinued operations Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales - 1,031 1,937 3,158 2,894 4,115 Operating expenses - -877 -1,716 -2,761 -2,562 -3,608 EBITDA - 155 221 396 332 507 Depreciation - -25 -44 -75 -68 -100 EBITA - 130 177 321 264 407 Acquisition-related amortisation - -14 -23 -40 -36 -54 EBIT - 116 155 281 227 353 Finance income and costs - -25 -51 -80 -60 -89 Profit before tax - 90 104 201 167 265 Tax for the period - -17 -20 -40 -45 -65 Profit/loss from discontinued operations - 74 84 161 122 199 Gain on the separate listing - - 4,044 - 4,044 - Reclassification of translation differences recognised in OCI - - -15 - -15 - Total profit attributable to discontinued operations - 74 4,113 161 4,151 199 Attributable to: Owners of the parent - 71 4,109 154 4,147 193 Non-controlling interests - 3 4 6 4 6 Earnings per ordinary share attributable to owners of the parent - 0.90 51.74 1.94 52.23 2.43 Cash flow from discontinued operations Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Cash flow from operating activities - 146 -54 156 192 401 Cash flow from investing activities - -6 -338 -49 -344 -55 Cash flow from financing activities - -22 -52 -63 -77 -88 Total cash flow from discontinued operations - 118 -444 43 -229 258
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Volati AB – Interim Report July-September 2026 – 23 – Salix Group – Impact on the balance sheet at the distribution date* Intangible assets 2,061 Property, plant and equipment 42 Right-of-use assets 289 Other non-current assets 18 Current operating assets 1,939 Cash and cash equivalents 113 Total assets 4,461 Non-current non-interest-bearing liabilities 246 Deferred tax liabilities 194 Non-current lease liabilities 215 Current lease liabilities 85 Current operating liabilities 1,062 Total liabilities 1,803 *Refers to Salix Group’s impact on external assets and liabilities. As of the distribution date, continuing operations had ne t receivables from Salix Group of SEK 1,894 million, which were settled in full in connection with the distribution. Note 6 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 Sep 2026 31 Dec 2025 SEK million Carrying amounts Quoted prices Level 1 Observable inputs Level 2 Unobserv- able inputs Level 3 Carrying amounts Quoted prices Level 1 Observable inputs Level 2 Unobserv- able inputs Level 3 Financial assets Other shares and interests 2 - - 2 2 - - 2 Financial liabilities Liability for put option issued to non-controlling interests 48 - - 48 274 - - 274 Contingent consideration 1) 41 - - 41 19 - - 19 1) Contingent consideration is often dependent on the financial performance of the acquired business over a specified period and is measured based on 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 interests Contingent consideration Balance, 31 Dec 2024 2 -216 -46 Cash settled - 1 14 Change in value recognised in OCI - - 10 Change in value recognised in equity - -42 - Reclassifications - - 2 Balance, 30 Sep 2025 2 -257 -19 Balance, 31 Dec 2025 2 -274 -19 Additions through acquisitions - -46 -39 Cash settled - 46 15 Change in value recognised in OCI - - 3 Change in value recognised in equity - -13 - Reclassifications - 0 Discontinued operations 0 239 - Balance, 30 Sep 2026 2 -48 -41
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Volati AB – Interim Report July-September 2026 – 24 – Note 7 Alternative performance measures The financial reports published by Volati include alternative performance measures (APMs), which supplement the measures defined in applicable financial reporting frameworks, such as revenue, profit or loss and earnings per share. APMs are presented when they provide clearer or more relevant information than measures defined in these financial reporting frameworks. APMs are used by management to assess financial performance and are therefore considered to provide valuable information to analysts and other stakeholders. Volati regularly uses APMs as a complement to the measures defined in the IFRS Accounting Standards. The APMs are derived from Volati’s consolidated accounts and are not measures of financial performance or liquidity in accordance with IFRS Accounting Standards. Accordingly, they should not be considered as alternatives to net profit, operating profit or other IFRS-based measures, or as alternatives to cash flow as a measure of the Group’s liquidity. The following table sets out definitions for Volati’s key figures. The calculation of the measures 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 Cash conversion is used by management to monitor how efficiently the Company
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Volati AB – Interim Report July-September 2026 – 25 – Non-IFRS APMs and key metrics Description Reason for use depreciation attributable to operating leases for the last twelve months as of the current reporting date. manages working capital and ongoing investments. 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 platform 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 platform and the Group. Calculations of alternative performance measures are presented separately below. Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Items affecting comparability, SEK million Transaction costs -8 0 -12 -7 -11 -7 Restructuring costs -19 - -33 - -36 -3 Contingent consideration remeasurement -1 0 5 1 6 1 Capital gains/losses on sale of operations and non-current assets -1 - -1 - -1 0 Items affecting comparability -29 0 -40 -7 -43 -9 Adjusted EBITDA, LTM, SEK million EBITDA, LTM, continuing operations 461 546 461 546 461 512 EBITDA, LTM, discontinued operations - 466 - 466 - 507 Add-back of IFRS 16 effect -115 -193 -115 -193 -115 -193 Acquired companies 41 24 41 24 41 2 Add-back of items affecting comparability, continuing operations 43 10 43 10 43 9 Add-back of items affecting comparability, discontinued operations - 8 - 8 - 4 Adjustment of items affecting comparability not affecting EBITDA -4 -1 -4 -1 -4 -2 Adjusted EBITDA 426 861 426 861 426 839 Calculation of organic net sales growth, % Net sales 1,176 1,051 3,531 3,245 4,594 4,309 Total acquired/divested net sales -149 -71 -371 -195 -443 -266 Currency effects -3 18 24 36 - 59 Comparative figure for previous year 1,024 998 3,184 3,086 4,152 4,102 Organic net sales growth, % -3 -5 -2 -3 -5 -4
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Volati AB – Interim Report July-September 2026 – 26 – Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Calculation of organic EBITA growth, % EBITA 58 76 191 265 245 318 Adjustment for items affecting comparability 29 0 40 7 43 9 EBITA excl. items affecting comparability 87 76 231 271 288 328 Total acquired/divested EBITA -13 0 -16 7 -23 0 Currency effects 0 1 1 2 - 3 Comparative figure for previous year 74 76 215 280 264 331 Organic EBITA growth, % -2 -20 -21 -5 -28 -15 Calculation of EBITA growth per ordinary share, % EBITA 58 76 191 265 245 318 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 0.74 0.96 2.41 3.33 3.08 4.01 EBITA per ordinary share for same period in previous year 0.96 1.29 3.33 3.78 4.47 4.91 EBITA growth per ordinary share, % -23 -26 -28 -12 -31 -18 Basic and diluted earnings per ordinary share, continuing operations Net profit attributable to owners of the parent 11 28 50 103 56 109 Deduction for preference share dividend 16 16 48 48 64 64 Net profit attributable to owners of the parent, adjusted for preference share dividend -5 12 2 55 -8 45 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 -0.07 0.15 0.02 0.69 -0.10 0.57 Basic and diluted earnings per ordinary share Net profit attributable to owners of the parent 11 99 4,159 257 4,204 302 Deduction for preference share dividend 16 16 48 48 64 64 Net profit attributable to owners of the parent, adjusted for preference share dividend -5 83 4,111 209 4,139 238 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 -0.07 1.04 51.77 2.63 52.13 3.00 Calculation of return on adjusted equity, excluding gain on separate listing of Salix Group Net profit, LTM, including non-controlling interests 4,213 315 4,213 315 4,213 315 Add back gain on separate listing -4,029 - -4,029 - -4,029 - (A) Profit for the year excluding gain on separate listing 184 315 184 315 184 315 Adjustment for preference share dividends, including dividends accrued but not yet paid -64 -64 -64 -64 -64 -64 (B) Adjusted profit for the year excluding gain on separate listing 120 251 120 251 120 251 (C) Average total equity 1,777 2,162 1,777 2,162 1,777 2,151 (D) Average adjusted equity 949 1,334 949 1,334 949 1,323 (A/C) Return on total equity, % 10 15 10 15 10 15 (B/D) Return on adjusted equity, % 13 19 13 19 13 19
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Volati AB – Interim Report July-September 2026 – 27 – Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Calculation of return on equity (A) Net profit, LTM, including non-controlling interests 4,213 315 4,213 315 4,213 315 Adjustment for preference share dividends, including dividends accrued but not yet paid -64 -64 -64 -64 -64 -64 (B) Net profit, adjusted 4,149 251 4,149 251 4,149 251 (C) Average total equity 1,777 2,162 1,777 2,162 1,777 2,151 (D) Average adjusted equity 949 1,334 949 1,334 949 1,323 (A/C) Return on total equity, % 237 15 237 15 237 15 (B/D) Return on adjusted equity, % 437 19 437 19 437 19 Calculation of equity ratio, % Equity including non-controlling interests 1,358 2,170 1,358 2,170 1,358 2,171 Total assets 4,846 7,751 4,846 7,751 4,846 7,770 Equity ratio, % 28 28 28 28 28 28 Calculation of operating cash flow and cash conversion, % EBITDA 115 124 358 409 461 512 Add-back of IFRS 16 effect -30 -27 -88 -82 -115 -110 (A) EBITDA excl. IFRS 16 effect 85 97 271 327 346 402 (B) adjustment for non-cash items 3 -1 -12 -3 -12 -4 Change in working capital -21 -33 -38 -145 85 -22 Net investments in property, plant & equipment and intangible assets1) -11 -23 -72 -72 -97 -97 (C) Operating cash flow 55 40 148 106 321 279 (C/A) Cash conversion, % - - - - 93 - Calculation of Net debt/adjusted EBITDA, LTM, x Net debt Cash & cash equivalents and other interest-bearing assets -215 -168 -215 -168 -215 -683 Non-current interest-bearing loans and provisions for pensions 1,464 2,520 1,464 2,520 1,464 2,682 - add-back of capitalised borrowing costs 6 9 6 9 6 8 Non-current finance lease liabilities 44 42 44 42 44 39 Current interest-bearing loans 19 8 19 8 19 12 Current finance lease liabilities 13 24 13 24 13 24 Net debt 1,331 2,435 1,331 2,435 1,331 2,081 Adjusted EBITDA 426 861 426 861 426 839 Net debt/adjusted EBITDA, x 3.1 2.8 3.1 2.8 3.1 2.5 1) Excludes sales of machinery attributable to businesses acquired during the year.
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Volati AB – Interim Report July-September 2026 – 28 – ROCE %, 30 September 2026 Ettiketto Group Commun- ication Corro- venta S:t Eriks Group Tornum Group Central costs Volati Group 1) EBITA, LTM 242 80 44 17 -33 -63 288 Capital employed, 30 September 2026 Intangible assets 505 282 506 397 250 1,685 Adjustment for goodwill, patent/technology, brands -496 -277 -469 -386 -248 -1,620 Property, plant and equipment 329 13 14 191 57 604 Right-of-use assets 168 12 36 134 33 391 Operating receivables 518 194 132 474 406 1,729 Operating liabilities -314 -123 -45 -236 -255 -991 Capital employed, 30 September 2026 711 100 174 574 245 1,798 Adjustment for average capital employed, LTM -97 18 -41 45 -17 -89 2) Average capital employed, LTM 614 118 133 619 228 1,709 ROCE excl. goodwill 1)/2), % 39 67 33 3 -14 17 3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives 913 258 242 925 367 3,539 ROCE incl. goodwill 1)/3), % 26 31 18 2 -9 8 ROCE %, 31 December 2025 Ettiketto Group Commun- ication Corro- venta S:t Eriks Group Tornum Group Central costs Volati Group 1) EBITA, LTM 215 67 41 52 12 -60 328 Capital employed, 31 December 2025 Intangible assets 358 303 342 410 255 1,413 Adjustment for goodwill, patent/technology, brands -347 -297 -323 -399 -251 -1,362 Property, plant and equipment 209 14 14 197 54 488 Right-of-use assets 71 17 22 136 34 288 Operating receivables 304 187 90 469 334 1,390 Operating liabilities -173 -106 -32 -193 -211 -737 Capital employed, 31 December 2025 421 118 114 619 214 1,481 Adjustment for average capital employed, LTM 7 28 12 73 -11 111 2) Average capital employed, LTM 429 146 125 692 203 1,592 ROCE excl. goodwill 1)/2), % 50 46 32 8 6 21 3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives 679 286 209 998 343 2,513 ROCE incl. goodwill 1)/3), % 32 24 19 5 3 13
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Volati AB – Interim Report July-September 2026 – 29 – 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 Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 LTM Full year 2025 Net sales 5 5 15 14 21 20 Operating expenses -16 -15 -47 -44 -63 -60 Operating profit -11 -11 -33 -30 -42 -40 Profit/loss from financial investments 55 43 954 92 987 125 Profit after financial items 44 32 921 62 945 85 Appropriations - - - - 41 41 Tax for the period -9 -7 -25 -13 -12 0 Profit for the period 35 26 896 49 974 126 Parent Company comprehensive income for the period Comprehensive income for the period 35 26 896 49 974 126 Parent Company condensed statement of financial position SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current assets 1,154 1,768 1,936 Current assets 4,373 4,982 4,867 Total assets 5,527 6,750 6,803 Equity 3,343 3,388 3,465 Untaxed reserves 0 0 0 Pension obligations 5 4 4 Non-current liabilities 1,444 2,507 2,678 Current liabilities 735 851 656 Total equity and liabilities 5,527 6,750 6,803
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Volati AB – Interim Report July-September 2026 – 30 – Quarterly overview SEK million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Operating income Net sales 1,176 1,335 1,020 1,063 1,051 1,201 993 1,116 1,050 Operating expenses Raw materials and supplies -635 -741 -521 -554 -587 -634 -496 -589 -599 Other external expenses -108 -107 -107 -102 -81 -86 -105 -102 -75 Personnel expenses -318 -344 -308 -305 -259 -302 -285 -290 -236 Other operating income and expenses -1 6 11 -1 0 1 -2 2 8 EBITDA 115 149 95 102 124 181 104 137 148 Depreciation -57 -57 -53 -49 -48 -49 -48 -46 -46 EBITA 58 91 41 54 76 132 56 90 103 Acquisition-related amortisation -25 -25 -21 -18 -21 -22 -21 -21 -21 EBIT 33 67 20 35 55 111 35 69 81 Finance income and costs Finance income and costs -18 -20 -14 -28 -20 -16 -23 -14 -18 Profit before tax 16 46 6 7 35 94 12 55 64 Tax -5 -10 -1 2 -6 -23 -5 -8 -15 Profit from continuing operations 11 37 5 9 29 71 6 48 48 Profit/loss from discontinued operations - 4,073 40 39 74 66 22 0 35 Profit for the period 11 4,109 45 48 103 137 28 48 83 Attributable to: Owners of the parent 11 4,106 41 45 99 133 26 46 80 Non-controlling interests 0 3 4 3 4 4 2 2 4 Net sales, SEK million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Ettiketto Group 448 436 401 300 297 318 288 252 233 Communication 161 202 143 199 150 162 156 217 181 Corroventa 95 49 65 78 66 57 67 98 103 S:t Eriks Group 291 392 263 302 322 387 247 310 338 Tornum Group 184 259 150 187 220 280 237 241 196 Internal eliminations -3 -4 -2 -2 -3 -3 -2 -2 -2 Total net sales 1,176 1,335 1,020 1,063 1,051 1,201 993 1,116 1,050 EBITA, SEK million Ettiketto Group 64 65 65 49 52 60 55 51 59 Communication 18 28 11 24 17 18 9 24 16 Corroventa 17 2 11 15 10 4 11 29 36 S:t Eriks Group 14 20 -16 0 16 47 -10 18 19 Tornum Group -9 6 -15 -15 -4 19 12 -13 -20 Items affecting comparability -29 -12 1 -3 0 0 -7 -4 7 Central costs -16 -17 -14 -16 -15 -15 -13 -16 -13 Total EBITA 58 91 41 54 76 132 56 90 103 EBITA margin, % Ettiketto Group 14 15 16 16 18 19 19 20 25 Communication 11 14 8 12 11 11 6 11 9 Corroventa 18 3 16 19 16 7 17 30 34 S:t Eriks Group 5 5 -6 0 5 12 -4 6 6 Tornum Group -5 2 -10 -8 -2 7 5 -5 -10 Volati Group 5 7 4 5 7 11 6 8 10
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Volati AB – Interim Report July-September 2026 – 31 – This is Volati Volati is a Swedish industrial group that develops industrial platforms through add-on acquisitions and active ownership. Since its founding in 2003, the Company has delivered stable and profitable growth and today consists of five platforms with primary operations in Northern Europe. 4,594 20 1,736 Annual sales, SEK million Countries Employees FIVE PLATFORMS Ettiketto Group Communication Corroventa S:t Eriks Group Tornum Group Communication is a leading Nordic supplier of towers, masts and installation solutions for the telecom, infrastructure and industrial sectors. Scanmast and MAFI offer complete solutions, ranging from infrastructure masts to global mounting systems for telecom and solar panels. Corroventa is a leading European supplier of premium products and solutions for water damage restoration and the remediation of moisture, odours and radon. With one of Europe’s largest rental fleets for emergency situations, the company can ensure a rapid response in the event of accidents and flooding. Tornum Group is an international supplier of turnkey solutions in grain handling, feed processing and industrial processes, with a strong position in Europe. The customer base comprises farmers, cooperatives and industrial customers globally. Ettiketto Group is a leading and comprehensive supplier of labels and labelling solutions in Northern Europe. The product portfolio is broad and technically advanced, ranging from self- adhesive labels to integrated solutions embedded directly in customers’ production processes. S:t Eriks Group is a leading Swedish manufacturer and supplier of infrastructure, construction and landscaping products in concrete and natural stone. Sales are primarily directed at professional customers, with additional distribution through builders’ merchants.
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Volati AB – Interim Report July-September 2026 – 32 – Review report To the Board of Directors of Volati AB (publ.) Corp. id. 556555-4317 Introduction We have reviewed the condensed interim financial information (interim report) of Volati AB (publ.) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 23 October 2026 KPMG AB Helena Nilsson Sarah Brunell Day Authorised Public Accountant Authorised Public Accountant Chief Auditor