Volati raises adjusted EBITA 15% to SEK 87 million in the third quarter
Key Facts
Volati reported a 15% increase in EBITA before items affecting comparability to SEK 87 million in the third quarter of 2026, and said its underlying EBITA margin rose. The improvement came alongside a 12% increase in net sales to SEK 1,176 million, according to the company’s report for July to September. But reported EBITA fell 23% to SEK 58 million, compared with SEK 76 million in the year-earlier period. The divergence reflects the effect of items affecting comparability on reported profitability, while underlying operating results improved. No reliable data was available to confirm a rise in the share price or link its movement to the results announcement.
Total sales grew despite a 3% decline in organic sales during the quarter. Volati attributed this to lower volumes at S:t Eriks Group and Tornum Group, while its other platforms recorded growth. The divergence shows that the increase in total revenue did not reflect uniform growth across the group’s businesses. Volume pressures at the two industrial platforms also weighed against the expansion recorded by the other platforms. According to the report, total growth was 12%, while organic sales contracted.
Items affecting comparability mainly comprised synergy measures related to an acquisition within Ettiketto Group, particularly the consolidation of production capacity in Germany, as well as transaction costs. The company says savings from the consolidation are expected to begin in the first quarter of 2027. These costs help explain the divergence between reported EBITA and EBITA before items affecting comparability, which rose during the quarter. Volati has set a specific date for the expected start of savings linked to the production reorganisation. That timing is central to assessing the acquisition’s impact on future operating results.
The third-quarter results follow a period that also saw sales rise while reported earnings fell. In the second quarter of 2026, sales grew 11% to SEK 1,335 million, while EBITA fell 31% to SEK 91 million and profit after tax declined 48% to SEK 37 million. The company attributed that quarter’s weaker results mainly to lower earnings at S:t Eriks and Tornum, along with a decline in Corroventa’s earnings compared with the same period a year earlier. A comparison of the two periods shows continued pressure in some businesses alongside an improvement in underlying EBITA in the third quarter. Financial comparisons should also be read in light of the change in the group’s scope following the spin-off of Salix Group.
Volati distributed all shares in Salix Group to its shareholders on 15 June 2026, and Salix began trading as an independent company on Nasdaq Stockholm. This changes the group’s scope used in comparisons between periods, alongside differences in operating units’ contributions to quarterly results. The third-quarter picture combined growth in total sales, a decline in organic sales, an improvement in underlying EBITA and a fall in reported EBITA. Volume pressures at S:t Eriks and Tornum were present in both quarters, according to company data on results and their causes. Volati expects savings from consolidating production in Germany to begin in the first quarter of 2027.
Following acquisitions made during the year through the third quarter, the ratio of net debt to adjusted EBITDA stood at 3.1 times, a level Volati described as slightly above its target range. The company said it expects leverage to decline over the coming quarters, supported by strong seasonal cash flows near year-end. This puts the debt-reduction path alongside the planned implementation of synergies at Ettiketto Group. The company set 11 February 2027 as the publication date for its 2026 full-year report, the next announced milestone for investors. Savings from the production consolidation are expected to begin in the first quarter of 2027.