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===== SIDA 1 =====

20252025

===== SIDA 2 =====

Volati in brief  ������������������������������������������������������������������������������������������������������������������������������������������ 2
2025 in brief  ������������������������������������������������������������������������������������������������������������������������������������������� 4 
Comments from the CEO  ����������������������������������������������������������������������������������������������������������� 6
Operations ��������������������������������������������������������������������������������������������������������������������������������������������  10
Comments from the Chairman  �������������������������������������������������������������������������������������������16  
Value-creating business model �������������������������������������������������������������������������������������������� 18  
Business areas  �����������������������������������������������������������������������������������������������������������������������������������  30
Sustainability at Volati  �����������������������������������������������������������������������������������������������������������������46  
The share  ����������������������������������������������������������������������������������������������������������������������������������������������� 48
 
Administration Report  ���������������������������������������������������������������������������������������������������������������  53  
Risks and uncertainties  �������������������������������������������������������������������������������������������������������������  58
Corporate Governance Report  ������������������������������������������������������������������������������������������ 62
Sustainability Report  �������������������������������������������������������������������������������������������������������������������  76
Financial Statements – Group  ����������������������������������������������������������������������������������������� 143
Notes – Group  ������������������������������������������������������������������������������������������������������������������������������� 147
Financial Statements – Parent Company  �������������������������������������������������������������� 193 
Notes – Parent Company  ���������������������������������������������������������������������������������������������������� 197
Auditor’s Report  ��������������������������������������������������������������������������������������������������������������������������� 202
The statutory annual report comprises pages 53–201. The Sustainability Report is 
presented on pages 76–141.
The Swedish version, signed by the Board or through the European Single Electronic Format 
(ESEF), is the original version. The ESEF Annual and Sustainability Report is published at  
www.volati.se
CONTENTS

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Corroventa Ettiketto Group Salix Group
Communication 
S:t Eriks 
T ornum Group 
Ettiketto Group
SHARE OF EBITA
Industry
SHARE OF EBITA
Salix Group
SHARE OF EBITA
51% 27% 22%
Volati in brief
Volati is a Swedish industrial group with the vision to be 
Sweden’s best owner of medium-sized companies. 
THREE BUSINESS AREAS
SIX PLATFORMS
A Nordic market-leading 
trading business primarily 
supplying materials to the 
construction industry and 
builders’ merchants.
Four platforms with market-
leading positions and high 
growth potential in their 
niches.
A European leading full-ser-
vice supplier of self-adhe-
sive labels and labelling 
machines. 
Through value-creating add-on acquisitions 
and long-term, sustainable development of its 
companies, Volati has delivered consistently 
strong earnings growth since it was founded in 
2003. The Group consists of the business areas 
Salix Group, Ettiketto Group and Industry, 
which are divided into six platforms with 
operations in 19 countries, about 2,300 
employees and annual sales of approximately 
SEK 8.4 billion. Volati’s ordinary shares and 
preference shares are listed on Nasdaq 
Stockholm.
2 Volati Annual Report 2025

===== SIDA 4 =====

Home markets
 Presence through subsidiaries
8,419
NET SALES, SEK million
(7,866)
19
RETURN ON  
ADJUSTED EQUITY, %
(16)
726
EBITA,  
SEK million
(658)
19
NUMBER OF COUNTRIES  
(21)
10
EBITA GROWTH,  
%
(–11)
2,263
NUMBER OF EMPLOYEES 
AT END OF YEAR
(2,120)
3Volati Annual Report 2025

===== SIDA 5 =====

2025202420232022202120202)20192018201720162015201420131)201220112010
89
133
52
137
215 227
318
377
433
490 488
664
710
737
658
726
CAGR  
+19%
EBITA trend  
2010–2025
2025 in brief
4 Volati Annual Report 2025
Proven track record in 
long-term value creation
During 2025, structural measures and efficiency improvements were 
implemented to strengthen the platforms’ competitiveness and create the 
conditions for improved profitability as the markets normalise. 
 Discontinued operations              Continuing operations
1) The figure excludes a capital gain of SEK 189 million on the sale of TeamOlmed.
2)  For the years 2012–2019, EBITA excluding IFRS 16 effects; from 2020, EBITA including IFRS 16 effects.
SEK million

===== SIDA 6 =====

Key figures 
 
 
2025
 
2024
 
2023
 
2022
 
2021
Net sales, SEK million1) 8,419 7,866 7,796 7,751 6,309
EBITA, SEK million1) 726 658 737 710 664
EBIT, SEK million1) 589 538 640 624 620
Net profit, SEK million1) 315 283 368 433 442
Net profit, SEK million 315 283 368 433 522
Operating cash flow, SEK million1) 728 779 836 431 487
Net debt/adjusted EBITDA, x 2.5 2.6 2.0 1.9 1.3
Earnings per ordinary share, SEK 3.00 2.63 3.68 4.44 5.42
Earnings per ordinary share,  
continuing operations, SEK 3.00 2.63 3.68 4.44 4.42
Return on adjusted equity, % 19 16 22 32 40
1) Continuing operations.
•   During 2025, Volati entered into agreements 
for three add-on acquisitions: Clever 
Etiketten GmbH, Germany, Hans Eggestrand 
AB and Interket Group, which was com-
pleted in January 2026. Together, the 
acquisitions added combined annual sales of 
approximately SEK 785 million.
•   In October, Volati announced that the Board 
is evaluating the conditions for a dividend 
and separate listing of Salix Group.
•   In November, Karl Perlhagen resigned from 
his position as a Board member at his own 
request.
•   In December, the Board of Salix Group was 
strengthened and new financial targets were 
adopted.
Significant events
2025 in brief
5Volati Annual Report 2025

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Comments from the CEO 
6 Volati Annual Report 2025

===== SIDA 8 =====

2025 is a year in which we have seen both the 
strength of the earnings recovery as the 
market begins to grow again and the 
importance of perseverance in the platforms 
where the market recovery has yet to begin. 
Within Salix Group, there is clear evidence 
that the structural work carried out during the 
more challenging periods in recent years is 
delivering results. At the same time, in a 
number of other platforms where the 
turnaround has yet to gain momentum,  
these effects still lie ahead of us. 
The foundation for  
long-term value growth 
– continuous structural work  
and perseverance
 Comments from the CEO 
7Volati Annual Report 2025

===== SIDA 9 =====

Volati currently consists of six platforms, which 
we develop with a focus on long-term value 
creation. In line with this, we are currently 
evaluating a possible separate listing of our 
largest and most mature platform, Salix Group. 
The aim is to create even better conditions for 
long-term value growth in each business. If the 
separate listing is completed, the remaining 
Volati will consist of five platforms. What they 
share is very strong potential for continued 
development into larger groups of companies, 
both through organic growth and add-on 
acquisitions. 
Value creation through synergies
Our model is based on strong platforms where 
the companies combine shared frameworks 
and ways of working with clear local entrepre-
neurship. By systematically identifying and 
capturing synergies within each platform, we 
create the conditions for sustainable value 
creation over time.
We see clear examples of this within several 
of our platforms. Within Ettiketto Group, 
shared systems and ways of working have 
contributed to industry-leading margins. S:t 
Eriks has strengthened its ability to manage 
fluctuations in demand through increased 
coordination between local production units. 
Communication has strengthened both 
efficiency and customer value through shared 
offerings and the coordination of central 
functions. Tornum Group has strengthened its 
margins through a broader product portfolio 
and a higher share of proprietary products.
Clear impact from our structural 
improvement measures
A degree of volatility is natural in the industries 
in which we operate, as demand in certain 
segments varies over time. In recent years, 
several of our platforms have also been 
negatively affected by external factors. This 
has resulted in an unusual period in which 
several platforms have weakened at the same 
time. Our model is designed to manage this 
through our platforms’ strong market positions 
and solid cash flows. We also have extensive 
experience in anticipating market fluctuations. 
This enables us to accept temporary variations 
in earnings. 
During the recent economic downturn, we 
have increased the pace of our long-term 
structural improvements within our platforms. 
It is part of our DNA to act on opportunities 
when they arise. In a period of lower market 
activity, we have the opportunity to increase 
our focus on internal improvement work. The 
organisations also show greater acceptance of 
change, while margin-enhancing initiatives 
protect profitability and strengthen the 
resilience of the businesses. These are not 
temporary cost reductions that return when 
volumes increase, but measures that improve 
structure, efficiency and competitiveness over 
the long term. 
During 2025, we have seen clear evidence 
that our work has been successful, particularly 
within Salix Group, where implemented 
measures are now creating clear leverage as 
the market recovers. The platform entered a 
weaker market phase in 2022, bottomed out in 
2024 and saw a gradual improvement during 
2025. The structural and operational initiatives 
implemented are now delivering tangible 
results, with EBITA increasing from SEK 273 
million to SEK 411 million, and half of the 
growth was organic. At the same time, the 
EBITA margin strengthened from 8 percent to 
10 percent in 2025. This confirms that our 
long-term and disciplined approach creates the 
conditions for accelerated growth as the 
market recovers. 
We have a number of platforms within the 
Industry business area that entered the 
downturn at a later stage and have yet to see 
the recovery experienced in Salix Group. 
Tornum Group and S:t Eriks Group are two 
such platforms. They have carried out excellent 
work in recent years, but the leverage from the 
structural and operational improvements 
implemented still lies ahead of us. 
Comments from the CEO 
8 Volati Annual Report 2025

===== SIDA 10 =====

Scalability through a decentralised 
acquisition model
Combining strong and cohesive platforms with 
a decentralised model is a central element of 
Volati’s way of working. These perspectives are 
not in opposition to one another – on the 
contrary, they reinforce each other. Our 
platforms have a high degree of autonomy and 
a significant mandate to act close to customers 
and employees. For managers within our 
platforms, it is clear which areas require 
coordination to create economies of scale and 
shared direction, while other areas are charac-
terised by broad mandates and local autonomy.
In line with our decentralised model, we 
have transferred responsibility for identifying, 
executing and integrating acquisitions to our 
platforms in recent years. This has taken place 
gradually, with Volati playing an active role 
through training and development, knowledge 
sharing between platforms, and close support 
during the platforms’ initial acquisitions. Over 
time, we have built up expertise and experi-
ence, with the platforms assuming increasing 
responsibility for the entire acquisition process. 
Salix Group is currently the clearest example of 
where the acquisition process is driven 
independently. We see the strength and 
scalability created by this decentralised 
acquisition model. Decisions made close to the 
business lead to greater pace, precision and 
integration capability. This underpins our 
confidence in continued acquisition-driven 
growth and in the acquisition outlook for 2026.
Strong managers and engaged employees 
drive our development
The most important prerequisite for develop-
ing strong platforms is having the right manag-
ers. Our model is built on accountability and 
decisiveness close to the business, which 
places high demands on competence, judge-
ment and drive. We therefore take a systematic 
approach to leadership succession and devel-
opment initiatives. Because our roles and 
mandates are sufficiently attractive, we have 
been successful in recruiting and retaining the 
strongest managers in our markets. I would 
particularly like to highlight the work carried 
out across our platforms. Both perseverance 
and discipline have been required in recent 
years, and I am impressed by the energy and 
determination within our organisation. I would 
like to extend my sincere thanks to our strong 
managers and engaged employees, who have 
enabled us to continue developing our busi-
nesses even when market conditions have 
been challenging.
When hard work and the right actions are 
not fully reflected in the financial results, both 
patience and conviction are required. During 
2025, we saw the beginning of a turnaround 
within Salix Group, where our measures 
created clear operational leverage, resulting in 
improved EBITA and a stronger EBITA margin. 
This is clear evidence that our long-term work 
is delivering results as the market recovers. I 
look to 2026 with confidence and see good 
opportunities for a similar development across 
our other platforms as market conditions 
improve, particularly within the Industry 
business area. With strong platforms, experi-
enced managers and a clear model, we are well 
positioned for continued long-term value 
creation.
ANDREAS STENBÄCK, CEO VOLATI
Stockholm, March 2026
Comments from the CEO 
9Volati Annual Report 2025

===== SIDA 11 =====

Image: Ettiketto Group
Operations
Our vision:
Volati’s vision is to be regarded 
as Sweden’s best owner of 
medium-sized companies.
10 Volati Annual Report 2025

===== SIDA 12 =====

Volati’s business concept is to create value by 
acquiring companies with proven business 
models, leading market positions and strong 
cash flows at reasonable valuations, and to 
develop them with a focus on long-term value 
creation.
In line with our business concept, Volati:
...adds value to local entrepreneurship
Local entrepreneurship is a cornerstone of our 
business model. It enables business decisions 
to be made close to the customer and allows 
us to harness the drivers and growth potential 
within our businesses. As an active and 
long-term owner, we contribute additional 
value creation to support sustainable growth 
and strong returns. This includes ensuring 
strategic direction, the right leadership and 
effective capital allocation, as well as leader-
ship succession, training initiatives and knowl-
edge sharing between the businesses. 
... builds strong platforms 
We develop our businesses both organically 
and through value-creating add-on acquisi-
tions. The ambition is to make the businesses 
into increasingly larger and stronger platforms, 
some of which may eventually form new 
business areas within Volati. 
... focuses on value-creating growth
Growth is only value-creating if the return on 
invested capital is sufficiently high. This is 
clearly reflected in our financial targets, which 
measure growth per ordinary share and return 
on equity. A strong growth rate combined with 
a high return on equity demonstrates that the 
acquisitions we make create real value and that 
the that we have solid growth in the underlying 
business. The acquisitions we make are carried 
out at reasonable valuations, taking into account 
the value of the synergies we can create.
...acts in a long-term and sustainable way
A long-term approach to both ownership and 
value creation is fundamental to us, and we 
always act in what we believe to be the 
long-term best interests of Volati’s value 
growth. Sustainable action is a prerequisite for 
long-term success, and by continuously 
developing and strengthening our sustainabil-
ity work, we create value for customers, 
shareholders and society. We acquire and own 
companies with the ambition that they will 
remain successful well into the future. At the 
same time, we have the courage to act when 
we are no longer the best long-term owner of a 
business. 
Our business concept
Operations
11Volati Annual Report 2025

===== SIDA 13 =====

1) See note 27, pages 188–192, for definitions of alternative performance measures.
EBITA growth 
The target is average annual growth 
in EBITA per ordinary share of at least 
15 percent over a business cycle. 
   Growth in EBITA per ordinary share, LTM, %
 Target: >15%
-20
-10
0
10
20
30
40
50
60
20252024202320222021
%
OUTCOME 2025
10 
%
Return on adjusted equity 
The target is a return on adjusted 
equity1) of 20 percent. 
   Return on adjusted equity, %
 Target: 20%
0
5
10
15
20
25
30
35
40
20252024202320222021
%
OUTCOME 2025
19 
%
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.
Financial targets
Capital structure 
The target is a net debt/adjusted 
EBITDA1) ratio of 2 to 3 times, not 
exceeding 3.5 times. 
    Net debt/adjusted EBITDA, x
 Target: 2.0-3.0x
0.0
0.5
1.0
1.5
2.0
2.5
3.0
20252024202320222021
X
OUTCOME 2025
2.5 
X
Operations
12 Volati Annual Report 2025

===== SIDA 14 =====

Volati’s sustainability work and targets are described further on pages 76–141.
Business ethics 
Volati has zero tolerance 
for business ethics viola-
tions and all Volati compa-
nies must have effective 
procedures to ensure good 
compliance with the code 
of conduct, both internally 
and in the value chain.
Target: Zero business 
conduct incidents in the 
Group.
Environment & Climate 
Volati aims to reduce the 
Group’s own emissions 
(Scope 1 & 2) in line with 
the Paris Agreement’s 
1.5°C goal.
Target: A 40 percent 
reduction in emissions by 
2030 compared with the 
2021 base year. 
Employees
Volati aims to be an 
inclusive and safe work-
place that welcomes 
employees with diverse 
backgrounds and 
 experiences.
Target: By 2030, the 
Group’s management teams 
are to have a gender balance 
within the 40–60 percent 
range for each gender.
If Volati is to achieve the overall goal of creating long-term value 
growth, all stakeholder groups must be satisfied. Sustainability is 
therefore a natural part of Volati’s work on acquiring and 
developing successful businesses. 
Sustainability targets
28%
WOMEN IN  
THE GROUP’S  
MANAGEMENT  
TEAMS
25%
REDUCTION IN THE  
GROUP’S OWN  
CO 2e EMISSIONS SINCE 2021
0
BUSINESS CONDUCT   
INCIDENTS  
IN THE GROUP IN 2025
The purpose of the sustainability targets is to measure and monitor the work carried out. A strong 
financial position is an important prerequisite for acting in a long-term and sustainable manner. 
The sustainability targets should therefore be evaluated as a whole and together with Volati’s 
financial targets.
Operations
13Volati Annual Report 2025

===== SIDA 15 =====

Volati creates value through strategically 
selected acquisitions that strengthen the 
Group’s businesses and generate synergies. 
The acquisition process is driven by the 
platforms, with central support from Volati, 
ensuring high quality throughout the process 
– from analysis and execution to the integra-
tion of acquired companies.
Through carefully selected acquisitions of 
well-established companies that complement 
existing businesses and strengthen market 
presence, Volati continues to create long-term 
value. This applies to both platform acquisi-
tions and add-on acquisitions. 
Growth through acquisitions is a central part of Volati’s 
business strategy. During 2025, Volati entered into 
agreements for three acquisitions, two of which were 
completed during the year and one (Interket) in January 
2026. Together, the acquisitions added annual sales of 
approximately SEK 785 million. 
Acquisitions in 2025
20252)2024202320222021
3
2
6
8
5
20252)2024202320222021
610
785823
1,086
632
Number of acquisitions per year Acquired net sales per year1), SEK million
1) Net sales on acquisition date.
2) All shares in Interket Group were acquired in January 2026.
Operations
14 Volati Annual Report 2025

===== SIDA 16 =====

Acquisitions in Ettiketto Group Business Area
Clever Etiketten GmbH
Acquired in February 2025
The acquisition marked Ettiketto Group’s entry into the 
German market and created a platform for future growth in 
Central Europe. Clever Etiketten is a leading supplier of label 
solutions in Germany, and the acquisition creates favourable 
conditions for the business area to continue its development 
through operational improvements and synergies.
Interket Group 
Agreement signed in  
December 2025, with  
completion in January 2026
Through the acquisition, Ettiketto Group established a pres-
ence in the Netherlands and the United Kingdom, while also 
strengthening its presence in Germany and Sweden. Interket’s 
product portfolio and technical expertise in label solutions 
complement Ettiketto Group’s offering and create favourable 
conditions for operational improvements and synergies.
Acquisitions in Salix Group Business Area
Hans Eggestrand AB 
Acquired in April 2025
Hans Eggestrand is an established partner for professional 
customers in the hardware, construction, industrial and 
electrical retail sectors. Through the acquisition, Salix Group 
strengthened and broadened its offering in tools and machin-
ery for professional users, creating synergies, including through 
the optimisation of the companies’ logistics flows.
NET SALES
45
SEK million
NET SALES
450
SEK million
NET SALES
290 
SEK million
Operations
15Volati Annual Report 2025

===== SIDA 17 =====

Building value over time
When Karl Perlhagen and I founded Volati in 2003, we 
did not follow a predefined template. We began with 
SEK 25 million in investment capital and a simple 
conviction: that long-term value creation is built on a 
high return on invested capital, local 
entrepreneurship and patience over time.
That remains the foundation of Volati.
However, in recent years, that conviction has 
been tested more than at any other time. For 
the first time, several of our larger businesses 
have been negatively affected by external 
factors simultaneously and over an extended 
period. Builders’ merchants and agricultural 
machinery have experienced their most 
challenging years since the early 1990s. 
Infrastructure projects have been delayed, the 
rollout of 5G has taken longer than expected 
and 2025 was also marked by an unusually low 
number of floods, which affected demand in 
several of our platforms.
The combined effect was greater than 
desirable – in effect, a perfect storm. In such 
circumstances, the Board’s role is not to defend 
the past, but to critically examine our decisions 
and business model.
Do we own the right companies?
Our assessment is that we do. The past few 
years have shown that Volati’s platforms have 
the ability to defend cash flows and operational 
strength even in a very demanding environ-
ment. Despite significant headwinds, we have 
been able to continue investing and complet-
ing acquisitions. This is a sign of genuine 
resilience.
The difference lies not in facing headwinds, but 
in how they are managed. Our position has 
been consistent: to prioritise long-term value 
creation, maintain financial discipline and not 
compromise our model in pursuit of short-term 
results. It is not always the easiest path, but it is 
the one we have chosen.
Do we have the right capital structure?
We entered the downturn with low leverage 
and used our strong balance sheet to continue 
investing when opportunities arose. Leverage 
is higher today, but as earnings gradually 
normalise, the Board expects it to decline over 
time. For us, the capital structure is an active 
tool used to support long-term value creation.
Our assessment is also that Volati’s normal-
ised earnings capacity is higher than what 
recent years’ results reflect. This is something 
that must be demonstrated through stronger 
organic profit growth, continued discipline in 
acquisitions and a consistent focus on return 
on invested capital.
Do we have the right structure for the next 
phase?
A key lesson from this period is that structure 
matters. In Volati’s model, ownership structure 
and governance are not static. They must 
Comments from the Chairman
16 Volati Annual Report 2025

===== SIDA 18 =====

evolve as the businesses grow – to attract the 
right people, safeguard local entrepreneurship 
and avoid unnecessary organisational layers. As 
companies grow, the demands on the Board, 
capital structure and management’s strategic 
flexibility change.
This is not new to us. When Bokusgruppen 
was separately listed, it had reached a stage of 
maturity at which clearer focus and an inde-
pendent capital structure created better 
conditions for its continued development. 
Experience confirms that this approach 
strengthens both the companies’ development 
and Volati’s role as a long-term owner.
Salix is now in a similar phase. The group has 
been built up over a long period, has a clear 
industrial logic and faces opportunities that 
place greater demands on focus, pace and capi-
tal allocation. The Board’s assessment is 
therefore that a separate listing, given the right 
conditions, is a natural next step in Salix’s 
development. It is not a step away from Volati’s 
model – but an expression of it.
Volati’s share price has been affected by the 
macroeconomic uncertainty of recent years.  
I am, of course, not satisfied with the total 
shareholder return in recent years. However, 
the Board’s responsibility is not to react to 
short-term market movements, but to make 
decisions that stand the test of time. History 
shows that value in Volati is created through 
cash flow, discipline and long-term ownership.
Volati’s model is simple but demanding. It 
requires patience, discipline and an acceptance 
that results will vary from year to year. We do 
not build Volati for each quarter. We build 
Volati for long-term value creation.
PATRIK WAHLÉN,  
CHAIRMAN VOLATI
Stockholm, March 2026
Comments from the Chairman
17Volati Annual Report 2025

===== SIDA 19 =====

Value-creating business model
Value-creating  
business model
Volati creates value by acquiring and developing strong 
platforms. Through active, long-term and sustainable 
development of our businesses, we lay a strong 
foundation for organic growth. 
Volati is an active owner. The four pillars of our business model ensure responsible 
ownership and create value in our businesses. This supports their successful development 
and contributes to strong, long-term sustainable value creation for Volati. 
 
Competence
 
and leadership
Local  
 
Active
entrepreneurship  
  ownership
STRONG 
PLATFORMSAdd-on acquisitions
 
18 Volati Annual Report 2025

===== SIDA 20 =====

Value-creating business model
At Volati, we are convinced that the best 
business decisions are made close to customers 
and the market. Based on local entrepreneur-
ship and a decentralised governance model, we 
further develop our companies by providing 
leadership, capability, structures, financial 
resources and shared values. Our CEOs have 
clear responsibility for operational improve-
ments within their respective businesses.
This means that we exercise ownership 
through the boards of our businesses, while 
each company’s CEO has full operational 
responsibility. We offer selected key individuals 
the opportunity to become co-owners of their 
businesses. This gives them the same incen-
tives to develop the business as Volati and 
ensures that our goals are aligned.
Local entrepreneurship
Image: S:t Eriks
19Volati Annual Report 2025

===== SIDA 21 =====

Volati is a responsible and active owner. We 
closely monitor the development of our 
businesses to ensure they have the best 
possible conditions for growth and value 
creation. We take clear responsibility for board 
and management appointments, strategic 
direction, capital allocation, sustainability work, 
as well as guidelines and policies. 
In 2025, Volati began to investigate 
the conditions for a distribution and 
separate listing of Salix Group
Board and management appointments 
The decentralised governance model places 
high demands on leadership, expertise and 
accountability within our businesses. Our 
management teams play a decisive role in 
driving development in line with established 
objectives, thereby creating sustainable 
earnings growth that contributes to Volati’s 
long-term value creation. Ensuring that we 
have the best possible CEO in place is one of 
our highest priorities and a central part of our 
work to build strong and successful businesses. 
Strategic direction 
At Volati, there is a structured process for 
setting the strategic agenda with all of the 
businesses, which involves working through our 
vision, business concept, goals and strategy. 
Capital allocation 
Capital allocation within the Group is managed 
centrally. This means that we allocate capital 
for major investments and add-on acquisitions 
for the businesses in the way that creates the 
greatest value for the Group as a whole. It also 
means that our businesses can access financing 
for larger investments and initiatives than 
would be possible as standalone companies. 
Capital allocation is based on ongoing discus-
sions regarding investment needs and acquisi-
tion opportunities within the boards of our 
businesses. 
During 2025, approximately SEK 475 
million was allocated to acquisitions 
and investments aimed at developing 
Volati’s businesses
Sustainability 
In connection with our investments, we set 
sustainability requirements and ensure that 
business plans and performance monitoring 
within our businesses take sustainability aspects 
into account. At the same time, we ensure that 
sustainability-related risks are managed and 
minimised. In 2024, Volati joined the Science 
Based Targets initiative (SBTi), and work is 
underway to develop emission reduction 
targets in line with the initiative’s requirements.
Guidelines and policies 
As a listed company, we have high require-
ments for regulatory compliance, which our 
businesses must adhere to. For the individual 
businesses, this provides clear control and 
governance, creating added value.
Active ownership
Value-creating business model
20 Volati Annual Report 2025

===== SIDA 22 =====

As a responsible owner, it is important to us 
that our companies have access to the right 
skills. To support the development of compe-
tence, we work actively with succession 
planning and strategic HR, including a leader-
ship programme aimed at identifying the 
Group’s future leaders. We support the 
development of existing employees and 
provide opportunities for them to realise their 
full potential. This is important work that 
establishes Volati as an attractive Group, which 
in turn helps us to attract the very best people.
Volati Knowledge 
Volati Knowledge is the collective name for our 
initiatives relating to skills development. It 
encompasses both sharing best practice across 
the Group and introducing new knowledge and 
new tools. Through our training initiatives in 
areas such as procurement, acquisitions and 
sustainability, we promote continuous learning 
across the organisation. This strengthens our 
employees’ skills development and supports 
the development of the organisation. 
Image: Tornum
Competence and leadership 
Value-creating business model
21Volati Annual Report 2025

===== SIDA 23 =====

Volati Academy 
Volati Academy is a one-year leadership 
programme aimed at members of the manage-
ment teams of Volati’s companies as well as 
other key individuals within the Group. The 
programme is led by Volati’s Group manage-
ment and combines joint projects with indi-
vidual initiatives aimed at strengthening both 
personal leadership and the development of 
participants’ own businesses. The main 
purpose is to develop each participant and 
create a sense of cohesion between Volati’s 
companies and their senior executives. This is 
achieved by creating a deeper understanding 
of Volati’s history, culture and way of working. 
Since its launch, 126 managers have 
participated in Volati Academy
Volati Management Program 
Volati Management Program is our trainee 
programme aimed at developing future leaders. 
Image: Volati Academy
Young talents with two to four years of profes-
sional experience, a university degree and a 
strong academic record are recruited to the 
programme. Over an 18-month period, 
participants complete two placements with 
selected businesses and one placement at 
Volati’s head office. On completion of the 
programme, they move into a leadership role 
within one of the businesses. Volati Manage-
ment Program attracts many highly qualified 
candidates and helps ensure that the Group’s 
businesses gain access to skilled individuals 
with relevant experience and training.
Since its launch in 2015, 34 
individuals have participated, of 
whom 23 now hold leadership 
positions within the Volati Group
Value-creating business model
22 Volati Annual Report 2025

===== SIDA 24 =====

Volati acquires and develops strong, successful 
businesses, with a focus on creating long-term 
value growth. As part of this, we focus on 
add-on acquisitions for existing businesses. 
These acquisitions strengthen the businesses’ 
market position and accelerate the rate of 
growth and development in line with defined 
strategies. This also enables further value 
creation through synergies. In many cases, our 
businesses can also improve the underlying 
operations of acquired companies through a 
more developed operating model. Volati is a 
dedicated industrial acquirer with deep 
knowledge of the markets in which we operate. 
This contributes to lower operational risk while 
also generating a strong flow of acquisition 
opportunities. We are committed to the 
long-term development of the industries where 
we are active, together with the businesses we 
acquire. 
In 2025, Volati signed agreements for 
three add-on acquisitions with total 
annual sales of SEK 785 million
Add-on acquisitions 
Image: Trejon
Value-creating business model
23Volati Annual Report 2025

===== SIDA 25 =====

1
2
3
4
The acquisition process 
Volati’s acquisition process is designed to simplify and 
shorten the sales process, and increase the likelihood of a 
successful transaction – without compromising security for 
either the seller or the buyer. This is how it works:
1  
Evaluation 
We are careful in our 
evaluation of companies 
that represent potential 
acquisition opportunities 
and we prioritise quality 
over quantity. Our 
fundamental principle 
is to be cautious and to 
refrain from a potential 
transaction if we are not 
convinced of its value, 
rather than risk making a 
poor investment.
2  
Due Diligence 
If the acquisition 
progresses beyond the 
evaluation stage, we pro-
ceed with a due diligence 
(DD) process. This involves 
a more thorough review of 
the company’s operations. 
In most cases, the majority 
of this work is carried out 
using internal resources. 
Our philosophy is to focus 
on the key issues and 
apply a materiality-based 
approach in order to 
make the DD process as 
efficient as possible.
3
Negotiation 
Following a successful 
DD process, negotiations 
take place between Volati 
and the seller, where 
both parties agree on 
an appropriate structure 
for the transaction. The 
agreement can then be 
signed and the transaction 
completed. 
4  
Integration 
Once the acquisition has 
been completed, the work 
of integrating the company 
into Volati’s ownership 
structure begins. This pro-
cess is just as important as 
the transaction itself. Even 
during the acquisition 
process, we work closely 
with the company’s 
management to jointly 
develop a business plan 
for the future.
Value-creating business model
24 Volati Annual Report 2025

===== SIDA 26 =====

Image: Scanmast
25Volati Annual Report 2025

===== SIDA 27 =====

Volati was founded in 2003 and has since grown significantly, 
both organically and through acquisitions. In recent years, Volati 
has undertaken a number of strategic shifts. Volati has a unique 
focus on competence and leadership, a priority that was actively 
established in 2014. 
Long-term value  
growth
2004 2005 2006 2007 20092008 2010 2011 2012 2013 2014 2015
Strong  
platforms
 Local entrepreneurship and active ownership
VÄDERSTAD  
UKRAINE
VENTILATORVERKEN
AGRO
Value-creating business model
26 Volati Annual Report 2025

===== SIDA 28 =====

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net sales
+ +
Competence and leadership Add-on acquisitions
*  All shares in Interket Group were 
acquired in January 2026
* 
PAGNOLGRUPPEN
ETIKETTEN
Value-creating business model
27Volati Annual Report 2025

===== SIDA 29 =====

CLEVER  
ETIKETTEN  
Volati creates long-term value growth by 
developing strong platforms that combine 
organic growth with a structured acquisi-
tion strategy. Ettiketto Group is a clear 
example of this model. Since being estab-
lished as a separate business area in 2022, 
the platform has completed several strate-
gic acquisitions. Clever Etiketten was 
acquired in February 2025.
Strengthened international platform
Clever Etiketten is a well-established company 
with approximately 200 employees in Senften-
berg, Germany. The company’s product portfo-
lio and operations are closely aligned with those 
of Ettiketto Group, providing good opportunities 
for synergies and operational improvements. 
These improvement measures involve certain 
initial costs but are expected to generate 
gradual benefits during the first two years. As 
part of Ettiketto Group, Clever Etiketten will 
have the opportunity to modernise its opera-
tions and strengthen its competitiveness.
“Becoming part of Ettiketto Group marks a 
turning point for Clever Etiketten and 
enables long-term, sustainable growth. 
Integration into a larger, international 
platform provides access to modern tech-
nology, shared Group expertise and a strong 
operational framework that the company 
previously lacked,” comments Jörg Wing-
efeld, CEO Clever Etiketten.
Growth opportunities in Central Europe
The acquisition of Clever Etiketten in Germany 
is Ettiketto Group’s first acquisition outside the 
Nordic region and an important step in the 
platform’s expansion into Central Europe. The 
market in the region is considered to have 
significant growth potential, with several of 
ACQUISITION CASE
Jörg Wingefeld, CEO Clever Etiketten
28 Volati Annual Report 2025

===== SIDA 30 =====

Europe’s largest label markets in Germany, 
Austria, Switzerland and Poland. The combina-
tion of Ettiketto Group’s Nordic strengths and 
Clever Etiketten’s local presence creates good 
opportunities for both organic growth and 
strategic add-on acquisitions.
“We look forward to taking the next step as 
part of Ettiketto Group and strengthening 
our position in Central Europe. With a 
clear strategic direction, the support of an 
experienced group and a dedicated team in 
place, we are well positioned to deliver 
profitable growth and contribute to 
Ettiketto Group’s international expansion,” 
says Jörg Wingefeld.
Improved operational performance
Clever currently has lower profitability than 
the other units within the platform, which 
indicates clear improvement potential. The 
objective is to gradually raise margins to a 
level in line with the rest of Ettiketto Group. 
An important step in this process is the 
integration of professional support functions, 
established best practices and a stronger 
focus on digitalisation. These initiatives are 
expected to contribute to increased efficiency, 
improved quality delivery, greater transpar-
ency in ways of working and improved 
profitability over time. 
Ettiketto Group’s 
development
Between 2019 and 2025, Ettiketto 
Group acquired seven companies 
and increased net sales from approxi-
mately SEK 250 million to SEK 1.2 
billion. Five of the seven add-on 
acquisitions were completed during 
the period 2020–2022, which is 
reflected in the margin development 
shown in the chart. By identifying 
and realising operational synergies, 
the platform has strengthened 
margins in the acquired companies 
and created favourable conditions 
for organic growth. Following the 
acquisition of Clever Etiketten in 
early 2025, work has begun on 
implementing the same margin 
improvement programme that 
Ettiketto Group has previously 
demonstrated.
2025202420232022202120202019
1,203
859879644
Net sales, SEK million
EBITA margin, %
394
251
936
20.6 19.9
17.1
15.5
18.5
21.3
17.9
Development of net sales and EBITA margin
29Volati Annual Report 2025

===== SIDA 31 =====

Business areas
Volati is an industrial group, organised in three 
business areas: Ettiketto Group, Industry and Salix 
Group, which are divided into six platforms. 
Business areas
30
b u s i n e s s a r e a s
p l at f o r m s
30 Volati Annual Report 2025

===== SIDA 32 =====

Corroventa Ettiketto Group Salix Group
Communication 
S:t Eriks 
T ornum Group 
SIX PLATFORMS
IndustrySalix Group Ettiketto Group
Volati
Volati is an industrial group, organised in three 
business areas: Salix Group, Ettiketto Group 
and Industry. The businesses in Salix Group 
and Ettiketto Group have a clear industrial 
logic. Salix Group and Ettiketto Group continue 
to grow, both organically and through value-
creating add-on acquisitions. 
The Industry business area consists of four 
platforms with market-leading positions and 
high growth potential. The aim is to grow and 
develop the businesses through organic 
growth and value-creating add-on acquisitions. 
These platforms may eventually form separate 
new business areas. 
Salix  
Group
SHARE OF EBITA
Ettiketto  
Group
SHARE OF EBITA
Industry
SHARE OF EBITA
51% 27% 22%
31
Business areas
t h r e e b u s i n e s s a r e a s
31Volati Annual Report 2025

===== SIDA 33 =====

IndustrySalix Group Ettiketto Group
Business Area  
Salix Group 
A Nordic market-leading trading business with a long history.
Salix Group is a Nordic trading business  
offering products for building and industry, 
primarily hardware, consumables, materials and 
packaging. The business area also offers a 
broad range of products for home and garden, 
as well as agriculture and forestry. The offering 
consists of both market-leading proprietary 
brands and distributed brands. Salix Group’s 
main market is the Nordic region, with Sweden 
accounting for approximately 65 percent of 
sales. The largest customer segment is builders’ 
merchants and the construction-related 
industry, which together account for approxi-
mately 70 percent of net sales. Other customer 
segments include retail as well as forestry and 
agricultural customers. Sales are conducted 
through distributors, retail chains, e-commerce 
channels and direct sales to customers. The 
majority of Salix Group’s net sales come from 
the professional and industrial segments, while 
a smaller share is attributable to the consumer 
segment.
4,115 10.0
NET SALES,  
SEK million  
(3,588)
EB I TA  
MARGIN,  
 %
(7.6)
411 35 677
EB I TA ,  
SEK million  
(273)
ROCE EXCL.  
GOODWILL,   
%
(24)
NUMBER OF  
EMPLOYEES  
(686)
Comments from Martin Hansson,  
CEO of Salix Group
During 2025, we saw signs of recovery in the 
market and increased demand for our products, 
primarily in the DIY segment but also in other 
segments. Net sales increased by 15 percent 
during the year, driven by both acquisitions and 
organic growth. The EBITA margin also 
strengthened from 8 percent to 10 percent, 
reflecting our strategic work on both pricing 
and efficiency improvements. We continue to 
realise cost improvements and synergies within 
Salix Group in order to strengthen our competi-
tiveness and market position. Acquisitions are 
an integral part of our strategy. During the year, 
the company Hans Egg-
estrand was acquired, while 
the integration of previous 
acquisitions continued 
according to plan. 
Business areas
32 Volati Annual Report 2025

===== SIDA 34 =====

IndustrySalix Group Ettiketto Group
Units
Consumables Trade & Agriculture 
Salix Group consists of three units that leverage synergies within their respective operations to 
strengthen the customer offering, increase competitiveness and drive growth and profitability.  
Salix Group also includes Salix Business Partner, an independent part of Salix Group responsible  
for coordinating selected Group functions.
The unit includes Thomée and Heco, leading 
suppliers of building supplies and fastenings, as 
well as Kellfri and Trejon, which offer machinery 
and equipment for agriculture and forestry. 
Miljöcenter complements the offering with 
products for home and garden. The unit has 
strong brands and a broad customer base within 
specialist trade and the professional segment. 
During 2025, the offering was further strength-
ened through the acquisition of Hans Egg-
estrand, an established supplier of tools and 
machinery to professional customers in the 
hardware, builders’ merchant, industrial and 
electrical sectors. 
Brands include: Bårebo, Fast, Heco, Kellfri, Trejon, 
Swekip, Berglund, Blomstra, Greenline, Silverline, 
Wallco
Business areas
33Volati Annual Report 2025

===== SIDA 35 =====

IndustrySalix Group Ettiketto Group
Construction & Packaging Solutions
The unit includes T-Emballage, a leading supplier 
of material-independent packaging solutions to 
sawmills and other industries; TECCA, which 
supplies innovative and sustainable building 
envelope solutions to the construction and 
prefabricated housing industry; and Väggmate-
rial, which offers the market’s broadest range of 
corner protection to paint retailers, as well as 
paintbrushes through Embo. The unit also 
includes Sørbø Industribeslag, a leading supplier 
to the door and window industry and the 
construction market in Norway. The offering 
consists primarily of proprietary brands and all 
businesses hold leading positions within their 
respective market segments.  
Brands include: TECCA, TESHELL, TEPROTECT, 
T-Emballage, Embo, Sweja, Sørbø
Business areas
34 Volati Annual Report 2025

===== SIDA 36 =====

IndustrySalix Group Ettiketto Group
Home & Fittings 
The unit includes market-leading companies 
such as Habo Gruppen, Pisla, Beslag Design, 
Nibu and Timberman, which together offer 
functional and design-oriented fittings, flooring 
solutions and interior products for homes and 
public environments. Shower products comple-
ment the offering with shower solutions and 
bathroom accessories. The businesses are 
primarily based on strong proprietary brands 
and hold leading positions in the Nordic 
hardware and builders’ merchant trade, with a 
growing presence also in the Baltic region.  
Brands include: Habo,  Beslag & Design, Muurikka, 
Opa, Pisla,  Timberman, Novego, Wicanders, Arrow, 
Demerx, Duschy
Business areas
35Volati Annual Report 2025

===== SIDA 37 =====

IndustrySalix Group Ettiketto Group
Business Area  
Ettiketto Group 
Europe’s leading full-service supplier of label solutions. 
Ettiketto Group is a European leading full-
service supplier in the label industry. The 
business area offers labels for a wide range of 
applications, including food packaging in the 
grocery retail sector, and a complete range of 
labelling machines integrated into customers’ 
production lines. Through Beneli, advanced 
self-adhesive applications are also provided for 
products with high quality requirements, such 
as printed electronics. At the beginning of 
2026, the business was expanded through the 
acquisition of Interket Group. Ettiketto Group 
primarily operates within the food industry, 
with a presence in Sweden, Norway, the 
Netherlands, the UK and Germany. Ettiketto 
has been part of Volati since 2011. The vision is 
to become Europe’s leading label company, and 
Ettiketto therefore has an ambitious plan for 
add-on acquisitions. The aim is to be industry-
leading in operational efficiency, purchasing 
and production, as well as in sales, staffing and 
overheads. 
1,203 17.9
NET SALES,  
SEK million  
(936)
EB I TA  
MARGIN,   
%
(21.4)
215 50 530
EB I TA ,  
SEK million  
(200)
ROCE EXCL.  
GOODWILL,   
%
(78)
NUMBER OF  
EMPLOYEES  
(369)
Comments from Rikard Ahlin,  
CEO, Ettiketto Group
In February 2025, Ettiketto Group acquired 
Clever Etiketten in Germany, establishing our 
first platform outside the Nordic region. Net 
sales increased by 29 percent during the year, 
with Clever Etiketten making a significant 
contribution to this growth. The Group’s EBITA 
margin amounted to 18.0 percent for the year. 
The acquisitions completed have initially had 
lower operating margins than Ettiketto’s existing 
companies. However, through systematic work 
on coordination and improved operational 
efficiency, margins have gradually strengthened. 
At the beginning of 2026, all shares in Interket 
Group were acquired, establishing new platforms 
in the UK and the Netherlands and strengthen-
ing operations in Sweden and Germany. 
Together with the acquisi-
tion of Clever, this contin-
ues our work to build a 
leading European label 
group focused on consoli-
dation and improved 
profitability.
Business areas
36 Volati Annual Report 2025

===== SIDA 38 =====

IndustrySalix Group Ettiketto Group
Units
Ettiketto Group’s operations are focused on self-adhesive labels, labelling machines and printed 
electronics. The aim is to take maximum advantage of the synergies that exist in the units in order to 
strengthen the customer offering and competitiveness and drive growth and profitability.
Clever Etiketten
Clever Etiketten is a leading supplier of self-
adhesive labels in the German market. At the 
company’s production facilities, labels are pro-
duced for retail, specialist trade, industry and 
logistics, supported by broad expertise in print-
ing technologies.
Ettiketto Sweden
Ettiketto AB comprises five production units 
producing self-adhesive labels mainly for the 
food, chemical and hygiene industries, but also 
to other manufacturing industries. The com-
pany also offers labelling equipment, printers 
and service. With modern production technol-
ogy and extensive experience, Ettiketto AB 
delivers complete solutions for customers’ 
entire labelling process.
Business areas
37Volati Annual Report 2025

===== SIDA 39 =====

IndustrySalix Group Ettiketto Group
Ettiketto Norway
Ettiketto AS is a supplier of labels and labelling 
solutions in the Norwegian market. The 
company offers a broad range of labels, 
including self-adhesive labels, linerless labels 
and flexible packaging to customers across 
several industries. With a modern machinery 
base and extensive expertise in label produc-
tion, Ettiketto AS delivers solutions from 
concept to finished product.
Beneli
Beneli is an innovative contract manufacturer, 
supplying printed electronics and complex 
self-adhesive applications with high quality 
requirements. Customers are mainly in the 
medical technology and automotive industries. 
At its Swedish production facility, Beneli offers 
a complete solution from concept and product 
development to production and assembly.
Business areas
38 Volati Annual Report 2025

===== SIDA 40 =====

IndustrySalix Group Ettiketto Group
Business Area 
Industry 
Four platforms with market-leading positions and high growth potential.
The Industry business area consists of four 
businesses with leading market positions in 
their respective niches. Together, they form 
strong platforms with good conditions for 
continued growth through both organic 
development and value-creating add-on 
acquisitions. The platforms are manufacturing 
suppliers of solutions in various sectors – grain 
handling, moisture and water damage restora-
tion, telecom and lighting infrastructure, and 
stone and cement products for infrastructure, 
paving and roofing. Demand for the business 
area’s products is mainly driven by factors that 
are relatively independent of the general 
economic cycle. What the businesses have in 
common is their capacity for rapid growth, with 
a clear focus on long-term value creation.
Comments from Andreas Stenbäck, 
CEO, Volati
The businesses within Industry had a mixed 
development during 2025. Net sales 
decreased by 7 percent and the EBITA margin 
3,106 5.5
NET SALES,  
SEK million  
(3,347)
EB I TA  
MARGIN,   
%
(7.2)
172 15 1,040
EB I TA ,  
SEK million  
(240)
ROCE EXCL.  
GOODWILL,   
%
(20)
NUMBER OF   
EMPLOYEES  
(1,049)
declined from 7.2 percent to 5.5 percent. The 
Tornum platform developed positively during 
the year, increasing both net sales and earnings 
compared with 2024, which was a challenging 
year with low demand from the agricultural 
segment. Communication faced a weak market 
driven by a slowdown in the rollout of 5G. 
Demand for S:t Eriks’ products for the con-
struction market was negatively affected by a 
weak market, resulting in declining operating 
margins, while demand for the platform’s 
products for infrastructure applications 
remained strong. In summary, all four platforms 
within the Industry business area faced more 
challenging market conditions in 2025 com-
pared with a more normalised market environ-
ment. Work to further develop the platforms 
through operational improvements and active 
engagement in the acquisition market contin-
ued during the year.
Business areas
39Volati Annual Report 2025

===== SIDA 41 =====

IndustrySalix Group Ettiketto Group
Platforms
Corroventa 
Corroventa is a European market leader in 
products and solutions for managing water 
damage and the remediation of moisture, 
odours and radon. In addition to the sale of 
products and solutions, Corroventa offers 
Europe's largest rental fleet of water damage 
restoration equipment for emergency situa-
tions and floods. Customers include remedia-
tion companies, insurance companies and 
construction companies across 13 European 
markets.
Events in 2025
2025 was a year with fewer weather-related 
water damage incidents in Europe. This 
contributed to lower demand for Corroventa’s 
water damage restoration products. Perfor-
mance was in line with plan and was not 
affected by any major weather-related events. 
Part of Volati since 2007
CEO: Sofia Axelsson
Share of business area’s net sales, %: 9 (11)
Number of employees: 76 (86)
Business areas
40 Volati Annual Report 2025

===== SIDA 42 =====

IndustrySalix Group Ettiketto Group
Communication
The Communication platform comprises the 
companies Scanmast and MAFI. Scanmast is a 
Nordic market-leading supplier of infrastructure 
in the form of masts and towers for telecom, 
lighting and surveillance, as well as pipe bridges 
for the industrial and transport sectors. The 
company operates both as a full-service 
provider of complete projects and as a materials 
supplier of its own proprietary lattice masts and 
towers. Scanmast’s main operations are in 
Sweden, Norway and Finland. MAFI is a 
market-leading supplier of fastening solutions 
for, among other things, telecom equipment 
and solar panels. With strong technical exper-
tise, the company is well positioned to support 
its customers in the development of new 
products. MAFI is headquartered in Mora and 
conducts sales globally.
Events in 2025
Despite challenging market conditions in the 
telecom sector, which resulted in lower 
volumes, Communication reported improved 
profitability in 2025. The development was 
driven by strengthened cost control, a more 
selective commercial focus and strong project 
execution. 
Communication became part of Volati in 2021 
through the acquisition of Scanmast
CEO: Andreas Westholm
Share of business area’s net sales, %: 21 (22)
Number of employees: 126 (133)
Business areas
41Volati Annual Report 2025

===== SIDA 43 =====

IndustrySalix Group Ettiketto Group
S:t Eriks 
S:t Eriks is a leading Swedish supplier of 
concrete and natural stone products for 
infrastructure, paving and roofing, as well as 
systems for water and wastewater systems. 
The products are primarily used in infrastruc-
ture projects, construction and landscape 
architecture. The majority of sales are to 
professional customers in infrastructure and 
construction contracting in Sweden and 
Norway, complemented by sales through  
builders’ merchants.
Events in 2025
Demand from the construction sector 
remained weak in 2025, as the economy 
showed only modest signs of recovery. 
However, as in the previous year, demand for 
products aimed at infrastructure projects 
remained strong. During the year, adjustments 
were made to both the machinery fleet and the 
organisation in order to strengthen the busi-
ness’s long-term competitiveness. 
Part of Volati since 2018
CEO: Magnus Ström 
Share of business area’s net sales, %: 40 (40)
Number of employees: 534 (550)
Business areas
42 Volati Annual Report 2025

===== SIDA 44 =====

Business areasIndustrySalix Group Ettiketto Group
Tornum Group  
Tornum Group is a leading supplier of grain 
handling equipment for agriculture and the 
grain industry. Products include grain dryers, 
silos, conveying equipment and a wide range of 
accessories and electrical control systems. 
Customers are primarily farmers, cooperatives 
and industrial customers across 15 markets in 
Europe. 
Events in 2025
Tornum Group faced continued challenging 
market conditions during the year. This was 
primarily driven by customers in the agricultural 
segment, which was negatively affected by low 
grain prices during the year and delays in the 
distribution of EU subsidies. The Spanish opera-
tion also reported weak profitability in certain 
projects during the year, and measures have 
been taken to improve profitability over time.  
Part of Volati since 2004
CEO: Sofia Svensson
Share of business area’s net sales, %: 30 (27)
Number of employees: 304 (294)
43Volati Annual Report 2025

===== SIDA 45 =====

The programme includes two project place-
ments within Volati’s companies as well as a 
rotation at the Group’s head office, where 
practical work, projects and training activities 
are combined. Each participant is assigned a 
senior leader within Volati as a mentor 
throughout the programme and is also sup-
ported by a former VMP participant.
What distinguishes VMP from other trainee 
programmes is the combination of strategic 
and operational learning. Participants develop 
a holistic understanding of how businesses are 
acquired, owned and developed, while also 
gaining practical experience of running 
companies and leading people. By working 
with different parts of the Group’s business 
model, participants gain a valuable insight into 
the operations. The programme is also charac-
VOLATI 
MANAGEMENT 
PROGRAM 
Volati Management Program (VMP) is an 18-month leadership development programme 
that offers a unique opportunity for personal and professional development for young grad-
uates with two to four years of work experience. The programme is aimed at individuals 
with an entrepreneurial drive who want to help develop businesses and who aspire to 
become future business leaders.
terised by early and significant responsibility, 
which contributes to a steep development 
curve both during and after the programme.
Since its launch in 2015, 34 individuals have 
completed the programme and several now 
hold senior roles across the Volati Group. 
Johanna Herstedt, 30, began the Volati 
Management Program in 2023. Since 24 
February 2025, she has been the new CEO of 
Ettiketto Sverige.
INTERVIEW WITH JOHANNA HERSTEDT, CEO, ETTIKETTO SWEDEN  
“Through VMP, I gained both the 
strategic perspective and the opera-
tional experience needed to under-
stand how businesses are acquired, 
managed and developed.” 
44 Volati Annual Report 2025

===== SIDA 46 =====

Johanna’s key insights from VMP
Volati Management Program (VMP) gave me 
the opportunity to develop quickly as a leader 
while gaining a broad and in-depth under-
standing of how businesses and organisations 
are built and run. The combination of strategic 
perspectives, hands-on execution and strong 
personal support has been crucial to my 
development.
A helicopter perspective and strategic 
thinking
Through VMP, I gained both the strategic 
perspective and the operational experience 
needed to understand how businesses are 
acquired, managed and developed. I gained 
VOLATI 
MANAGEMENT 
PROGRAM 
insight into Volati’s business model from an 
ownership and value-creation perspective, 
which has had a significant impact on how I 
work and prioritise today. 
From strategy to action
The placements in the businesses gave me 
practical experience of running a business and 
of day-to-day leadership. The close operational 
involvement means that today I can translate 
strategy into action more effectively and make 
decisions that are grounded in reality.
Leadership development through early 
responsibility and mentoring
The programme’s early responsibility and high 
expectations, combined with close collabora-
tion with experienced leaders, enabled my 
leadership to develop quickly. By being given 
the opportunity early on to lead projects, make 
business decisions and take responsibility for 
business development, I developed the 
confidence and ability to make decisions and 
create the conditions for others to succeed. 
Insights from senior leaders have also shaped 
how I lead today and given me the confidence 
to grow into greater responsibility.
A lasting network 
The relationships within VMP are one of the 
programme’s greatest strengths. Both partici-
pants and leaders across the Group are people 
I continue to collaborate with and receive 
support from – a network I value highly.
45Volati Annual Report 2025

===== SIDA 47 =====

Sustainability at Volati
As an integral part of Volati’s business model, 
sustainability forms an important foundation 
for how the Group conducts its operations and 
continuously develops its approach to ensure 
proactive sustainability work in line with 
stakeholder expectations. Based on an assess-
ment of the Group’s impacts, risks and oppor-
tunities, we focus our efforts on three main 
areas: Business Conduct, Environment & 
Climate and Employees.
Business ethics
Sound business conduct and high integrity are 
key elements of Volati’s sustainability work. 
We work actively to ensure that our entire 
value chain is characterised by responsibility 
and transparency, with zero tolerance for 
corruption and misconduct. Volati’s whistle-
blowing function ensures that all internal and 
external stakeholders can report misconduct 
anonymously.
Environment & Climate
At Volati, we see the green transition as a 
prerequisite for long-term competitiveness and 
we strive to address it based on our unique 
circumstances and business model. Across our 
businesses, there is a commitment to contrib-
uting to a sustainable society. They therefore 
work systematically to reduce greenhouse gas 
emissions, increase energy efficiency and 
pursue long-term environmental initiatives 
through sustainable innovation and smart 
solutions.
Employees
Employees are Volati’s most important 
resource and the business is built on a funda-
mental belief in the equal value of all people. As 
a central part of the business model, strong 
emphasis is placed on skills and leadership 
development to create engagement, improve 
decision-making and strengthen our attractive-
ness as an employer. 
Sustainability in local entrepreneurship
We believe in our decentralised governance 
model, in which decisions are made close to 
customers within the businesses. Similarly, we 
are convinced that sustainability work is best 
driven within each business, where employees 
have the strongest understanding of their 
specific sustainability aspects. As an active 
owner, Volati takes responsibility for the 
strategic direction and creates the right 
conditions for the businesses’ development by 
ensuring access to the right skills.
Through clear targets and strong govern-
ance, we advance sustainable development – 
with local entrepreneurship at the core.
To continue to grow and remain competitive in the long term, we need 
to integrate sustainability into everything we do. Volati’s ambition is to 
create long-term value by balancing sustainability-related risks and 
opportunities. Through clear governance and ambitious targets, we 
strengthen our ability to contribute to a sustainable transition, while 
creating value for our stakeholders and society at large.
Sustainability
46 Volati Annual Report 2025

===== SIDA 48 =====

Sustainability
S:t Eriks collaborates with Cemvision  
for more sustainable infrastructure development
Volati’s platform S:t Eriks has a long tradition 
of developing and delivering products for 
infrastructure, construction and landscape archi-
tecture. The company has also demonstrated a 
strong focus on the future – not least in the area 
of sustainability. In 2025, S:t Eriks took a further 
important step in this work by initiating a col-
laboration with Cemvision, a Swedish technology 
company that develops climate-smart cement.
The collaboration aims to reduce the climate 
footprint of concrete products by using Cemvi-
sion’s alternative cement, which is produced 
with up to 95 percent lower carbon emissions 
compared with traditional Portland cement. The 
first step in the collaboration is to develop and 
implement sustainable concrete solutions for 
water and wastewater infrastructure. S:t Eriks 
has successfully tested Cemvision’s cement in its 
own production environment and continues to 
explore the potential for broader implementation 
of climate-smart cement in water and wastewa-
ter infrastructure.
The initiative illustrates how targeted 
investments in innovation and partnerships 
can create real value for both customers and 
society at large. It forms part of Volati’s model for 
long-term value creation, in which strong local 
entrepreneurship is combined with strategic 
development towards a more sustainable future.
Read more at steriks.se
47Volati Annual Report 2025

===== SIDA 49 =====

Shares and share capital
Volati’s ordinary and preference shares are 
listed on Nasdaq Stockholm. At the end of 
2025, the number of ordinary shares was 
79,406,571 and the number of preference 
shares was 1,603,774. Volati’s share capital on 
31 December 2025 amounted to SEK 
10,251,293.13, divided into 81,010,345 
shares. Each ordinary share entitles the holder 
to one (1) vote and each preference share to 
one-tenth (1/10) of a vote. 
Share price development
Volati’s ordinary share showed a positive price 
development of 9.1 percent in 2025. The 
highest closing price during the year was SEK 
127.60 on 5 June. The lowest was SEK 86.80 
on 13 January. Volati’s preference share 
showed a positive price development of 1.9 
percent in 2025. The highest closing price 
during the year was SEK 652 on 1 August. The 
lowest was SEK 620 on 7 April.  
Share trading volume
A total of 8,451,030 ordinary shares and 
459,376 preference shares were traded during 
2025. The average daily trading volume was 
33,939 for the ordinary share and 1,844 for 
the preference share.
Dividend policy 
Volati aims to distribute 10–30 percent of the 
Group’s net profit attributable to Parent 
Company shareholders to holders of ordinary 
shares. The Board of Directors proposes a 
dividend of SEK 2.00 (2.00) per ordinary share, 
to be paid in two equal instalments of 1.0 per 
share in May and November, corresponding to 
53 percent of net profit attributable to owners 
of the Parent for 2025, and a preference share 
dividend to be paid in accordance with the 
Company’s articles of association. 
Shareholder structure
The number of Volati shareholders at the end 
of 2025 was 11,911 (11,418), with the 15 
largest shareholders owning 90.3 (90.5) 
The Volati share
 Share price development, ordinary share, 2025
0
300
600
900
1,200
1,500
DecNovOctSepAugJulJunMayAprMarFebJan
SEKVolume
0
40
80
120
160
 No. of shares traded, thousands   Volati  OMX Stockholm PI
The share
48 Volati Annual Report 2025

===== SIDA 50 =====

percent of the share capital and 91.4 (91.6) 
percent of the votes. Investors outside Sweden 
owned 3.8 (3.3) percent of the share capital 
and 3.8 (3.2) percent of the votes. 
Authorisation to acquire own ordinary and 
preference shares
The Annual General Meeting resolved to 
authorise the Board of Directors to decide on 
the acquisition of the Company’s own ordinary 
and preference shares. Acquisitions may be 
made on Nasdaq Stockholm, in accordance with 
an offer to acquire shares directed to all holders 
of ordinary shares, in accordance with an offer 
directed to all holders of preference shares, or 
in accordance with an offer directed to all 
shareholders. The purpose of acquiring the 
Company’s own shares is to achieve flexibility in 
the Company’s equity, thereby enabling an 
optimised capital structure or, with regard to 
acquisitions of the Company’s own preference 
shares, to enable the use of preference shares 
as consideration in, or financing of, acquisitions 
of companies or businesses. The maximum 
number of shares that may be acquired shall be 
such that the Company’s holding of its own 
shares does not at any time exceed one tenth of 
the total number of shares of each class in the 
Company.
Authorisation to transfer own preference 
shares
The Annual General Meeting resolved to 
authorise the Board of Directors to decide on 
the transfer of the Company’s own preference 
shares. Transfers of the Company’s own 
preference shares may be made on Nasdaq 
Stockholm or otherwise than on Nasdaq 
Stockholm. Transfers of the Company’s own 
preference shares on Nasdaq Stockholm may 
only be made at a price within the price range 
registered at any given time. Transfers of the 
Company’s own preference shares otherwise 
than on Nasdaq Stockholm may be made with 
deviation from the shareholders’ preferential 
rights at a price per preference share not lower 
than market value, meaning that a market-
based discount in relation to the market price 
Share price development, preference share, 2025
0
20
40
60
80
100
DecNovOctSepAugJulJunMayAprMarFebJan
SEKVolume
400
500
600
700
800
 No. of shares traded, thousands  Volati
The share
49Volati Annual Report 2025

===== SIDA 51 =====

Share capital development
The following table shows the changes in share capital as from Volati’s formation.
Year Event
Change in  
number of  
ordinary shares
Change in 
number of 
preference 
shares
T otal number  
of shares 
Change in  
share capital T otal share capital
Par  
value 
(SEK)
1998 New formation 1,000 – 1,000 100,000 100,000 100
2006 Bonus issue 49,000 – 50,000 4,900,000 5,000,000 100
2007 Share split 400:1 19,950,000 – 20,000,000 – 5,000,000 0.25
2011 Warrants 505,656 – 20,505,656 126,414 5,126,414 0.25
2011 Decrease through 
withdrawal of shares
–305,656 – 20,200,000 –76,414 5,050,000 0.25
2015 Share split 10:1 181,800,000 – 202,000,000 – 5,050,000 0.025
2015 New share issue – 6,603,773 208,603,773 165,094.3 5,215,094.3 0.025
2015 Private placement to 
main owner
– 1,415,094 210,018,867 35,377.3 5,250,471.7 0.025
2016 Non-cash issue1) 95,722,508 – 305,741,375 2,393,062.7 7,643,534.4 0.025
2016 New share issue2) 2 3 305,741,380 0.125 7,643,534.5 0.025
2016 Reverse share split 
1:5
–238,178,008 –6,415,096 61,148,276 – 7,643,534.5 0.125
2016 New share issue3) 20,862,069 – 82,010,345 2,607,758.625 10,251,293.13 0.125
2019 Decrease through 
withdrawal of shares
–1,000,000 – 81,010,345 –125,000 10,126,293.13 0.125
2019 Bonus issue – – 81,010,345 125,000 10,251,293.13 0.127
1)  The share swap in Volati AB (publ) announced adopted by the AGM took place in January 2016, whereby Patrik Wahlén (Board 
member), Mårten Andersson (CEO at that time) and Mattias Björk (CFO at that time) swapped their shares in Volati 2 AB for 
shares in Volati AB (publ) under a non-cash issue.
2)  In connection with the reverse share split in September 2016, three preference shares and two ordinary shares were issued, 
in order to achieve an even number of shares in the Company before the reverse split. The preference shares were issued at a 
subscription price of SEK 106 per preference share and the ordinary shares at a subscription price of SEK 0.025 per ordinary 
share (the par value of the shares at that time).
3)  The new issue coincided with the listing of Volati’s ordinary shares in November 2016.
of the preference share may be applied. The 
purpose of any deviation from the sharehold-
ers’ preferential rights in connection with 
transfers of the Company’s own preference 
shares otherwise than on Nasdaq Stockholm is 
to enable the Company to use its own prefer-
ence shares as consideration in, or financing of, 
acquisitions of companies or businesses. 
Authorisation to issue new preference 
shares
The Annual General Meeting resolved to 
authorise the Board of Directors, on one or 
more occasions prior to the next AGM, to 
resolve on new issues of up to 320,754 
preference shares (corresponding to approxi-
mately 20 percent of the current number of 
issued preference shares), with or without 
preferential rights for shareholders. The shares 
may be paid for in cash, in kind, by set-off or 
otherwise subject to the conditions set out in 
Chapter 2, Section 5, second paragraph of the 
Swedish Companies Act. The purpose of the 
authorisation, and the reason for any deviation 
from the shareholders’ preferential rights, is to 
enable the Company to use preference shares 
as consideration in, or financing of, acquisitions 
of companies or businesses. 
The share
50 Volati Annual Report 2025

===== SIDA 52 =====

Ownership structure, 31 December 2025
The tables below show information on the ownership structure of Volati AB as at 31 December 2025.
Voting rights and percentage of share capital 
Class of shares Number
Voting rights 
per share
Number  
of votes Share of capital Share of votes
Ordinary shares 79,406,571 1.0 79,406,571.0 99.0% 99.8%
Preference shares 1,603,774 0.1 160,377.4 2.0% 2.0%
T otal 81,010,345 - 79,566,948.4 100.0% 100.0%
Shareholders by country
Number of  
shareholders Number of shares Share of capital Share of votes
Sweden 11,862 77,903,124 96.2% 96.2%
Other countries 49 3,107,221 3.8% 3.8%
T otal 11,911 81,010,345 100.0% 100.0%
Shareholders by size
Number of shares
Number of  
shareholders Share of capital Share of votes
1–500 10,672 1.1% 0.7%
501–1,000 582 0.6% 0.4%
1,001–5,000 516 1.4% 1.2%
5,001–10,000 60 0.5% 0.5%
10,000– 81 95.3% 96.2%
Unknown size of holding 0 1.1% 1.0%
T otal 11,911 100.0% 100.0%
The 15 largest shareholders1) Number of shares Share of
Name Ordinary shares Preference shares Share capital Votes
Karl Perlhagen 31,380,641 300,174 39.1% 39.5%
Patrik Wahlén 18,581,509 22.9% 23.4%
Fjärde AP-fonden 6,382,431 7.9% 8.0%
Andra AP-fonden 4,832,881 6.0% 6.1%
Lannebo Kapitalförvaltning 3,284,183 4.0% 4.0%
Alcur Fonder 1,609,188 2.0% 2.0%
Mårten Andersson 1,265,860 158 1.6% 1.6%
Vanguard 1,009,614 1.2% 1.3%
Magnus Sundström 854,758 29,739 1.1% 1.1%
Andreas Stenbäck 716,433 0.9% 0.9%
Sp-Fund Management 632,833 0.8% 0.8%
Avanza Pension 610,550 170,261 0.9% 0.8%
Mattias Björk 535,347 0.7% 0.7%
SEB Funds 498,986 0.6% 0.6%
Futur Pension 450,523 2,045 0.6% 0.6%
T otal 15 largest shareholders 72,645,737 90.3% 91.4%
Other shareholders 6,760,834 9.7% 8.6%
T otal number of shares 79,406,571 100.0% 100.0%
1) Data compiled by Modular Finance. Sources include: Euroclear, Morningstar, Finansinspektionen.
The share
51Volati Annual Report 2025

===== SIDA 53 =====

Volati 
Annual Report
Contents 
Administration Report  ......................................53
Risks and uncertainties  .....................................58
Corporate Governance Report  .......................62
Sustainability Report  .........................................76
Financial Statements – Group  .......................143
Notes – Group  ..................................................147
Financial Statements – Parent Company  ....193
Notes – Parent Company  ...............................197
Auditor’s Report  ...............................................202
52 Volati Annual Report 2025

===== SIDA 54 =====

Volati’s operations
Volati is an industrial group, comprising three 
business areas: Salix Group, Ettiketto Group 
and Industry. Volati’s strategy is to build natural 
business areas with a clear industrial logic that 
can grow independently through value-
creating add-on acquisitions. 
Acquisitions are a central component of 
Volati’s strategy. Volati mainly acquires compa-
nies with proven business models, leading 
market positions and strong cash flows at 
reasonable valuations and develops them with 
a focus on long-term value creation. Volati’s 
corporate-development strategy is based on 
retaining the companies’ entrepreneurial spirit 
and adding leadership, expertise, processes 
and financial resources. Volati’s flexible 
organisation enables fast decision-making and 
its decentralised governance model means that 
day-to-day decisions are made in the opera-
tions, with limited involvement from Volati. The 
decentralised business model is a key success 
factor as it creates a high level of entrepreneur-
ship in the businesses, provides a clear respon-
sibility structure and helps to ensure that Volati 
can continue to grow without excessive central 
resources. 
In total, the Group has about 70 operating 
companies in 19 countries, with Sweden 
accounting for the largest share of net sales. 
The business areas’ total EBITA for 2025 was 
as distributed as follows: Salix Group 51 
percent, Ettiketto Group 27 percent and 
Industry 22 percent. 
Salix Group: The Salix Group business area 
operates through three units with 29 operating 
companies in eight countries. The businesses 
offer products for building and industry, 
primarily hardware, consumables, materials and 
packaging. The business area also offers a 
broad range of products for home and garden, 
and agriculture and forestry. Distribution to 
customers is via dealers, retail chains, e-com-
merce channels and directly to customers.
The Head of the business area is chairman of 
the units’ boards and is responsible for coordi-
nating Volati’s central support and for support-
ing acquisition processes.
Ettiketto Group: The Ettiketto Group business 
area operates through four units, which in turn 
consist of seven operating companies in four 
countries. Ettiketto Group is a European 
leading full-service supplier in the label 
industry. The offering consists of self-adhesive 
labels for various applications. Ettiketto Group 
also has a comprehensive range of labelling 
machines. Through Beneli, Ettiketto Group also 
has an offering of complex self-adhesive 
applications with high quality requirements, 
such as printed electronics. 
The Head of the business area is chairman of 
the board of Ettiketto Group’s subsidiaries and 
is responsible for coordinating Volati’s central 
support and for supporting acquisition processes.
Administration Report
The Board of Directors and CEO of Volati AB (publ), corp. ID 556555-4317, 
registered office in Stockholm, hereby present the annual accounts and 
consolidated financial statements for the financial year 2025.
Administration Report
53Volati Annual Report 2025

===== SIDA 55 =====

Industry: The Industry business area consists 
of four platforms with 36 operating companies 
in 16 countries. The business area focuses on 
various B2B niches and is driven by a combina-
tion of strong local entrepreneurship and 
collaboration in selected areas, such as expan-
sion into new markets and production effi-
ciency. The business area is active in four 
different market niches – grain handling, 
moisture and water damage restoration, stone 
and cement products for infrastructure, paving 
and roofing, and critical infrastructure to 
customers in telecom and other sectors. The 
board chairman of each platform is responsible 
for coordinating Volati’s central support and for 
supporting acquisition processes.
Acquisitions, disposals, new establishments 
and restructuring
A central part of Volati’s strategy is to continue 
growing by acquiring well-managed companies, 
both as a complement to existing units and as 
entirely new businesses. The acquisition 
market in 2025 remained competitive. During 
the year, Volati entered into agreements for 
three add-on acquisitions: Clever Etiketten 
GmbH, Germany, Hans Eggestrand AB and 
Interket Group. The acquisition of Interket 
Group was completed in January 2026.
Financial targets 
Volati’s overall objective is to generate long-
term value growth by building an industrial 
group of profitable companies with solid cash 
flows and capacity for continuous develop-
ment. Volati has the following financial targets, 
which should be evaluated as a whole.
•   EBITA growth: The target is average annual 
growth in EBITA per ordinary share of at 
least 15 percent over a business cycle.
•   Return on adjusted equity: The long-term 
target is a return on adjusted equity of 20 
percent.
•   Capital structure: The target is a net debt/
adjusted EBITDA ratio of 2 to 3 times, not 
exceeding 3.5 times.
The financial targets are guidelines and are not, 
and should not, be regarded as forecasts or 
estimates of Volati’s future earnings. The 
targets are based on a number of assumptions 
concerning Volati’s operations, and the 
industry and macroeconomic environment 
within which Volati operates. As a result of 
what is stated above and other factors, Volati’s 
actual earnings may deviate from the above 
targets.
Dividend policy
Volati’s target for ordinary shares is to distrib-
ute 10–30 percent of the Group’s net profit 
attributable to owners of the Parent. When 
determining the dividend, consideration is 
given to net debt in relation to the Company’s 
targets, future acquisition opportunities, 
development opportunities in existing compa-
nies and other factors that the Board of Volati 
considers relevant. Dividends on preference 
shares are issued at an annual amount of SEK 
40.00 per preference share, in quarterly 
payments of SEK 10.00, in accordance with the 
Articles of Association. 
Development during the year
Volati increased its net sales, EBITA and EBITA 
margin during the year. 
The Ettiketto Group business area increased 
both net sales and EBITA during the year. 
However, the EBITA margin declined slightly 
due to the lower margin in the company Clever 
Etiketten, acquired during the year, where 
margins are expected to increase gradually 
over time.
The Industry business area reported lower 
net sales and EBITA. The Corroventa platform 
faced strong comparatives from the previous 
year, while the absence of flooding during the 
year had a negative impact on EBITA. Tornum 
Administration Report
54 Volati Annual Report 2025

===== SIDA 56 =====

Group continued to operate in a weak market.  
The Communication platform increased its 
EBITA despite slightly lower net sales. S:t Eriks 
faced a construction market that remained 
cautious. To manage the effects of a cautious 
market, the companies are actively working on 
pricing, productivity improvements and 
adapting their organisations to current market 
conditions.
Salix Group saw a gradual improvement in 
market conditions during 2025. EBITA 
increased compared with the previous year, 
both organically and through acquisitions. The 
business area has worked actively on cost 
control and realising synergies.
Volati’s companies faced a weak economic 
environment during 2025.  The organisation 
responded through active customer communi-
cation, an active pricing strategy, cost control 
and a focus on growth. Volati is therefore well 
positioned for the future.
Net sales and earnings
The Group’s net sales for 2025 amounted to 
SEK 8,419 (7,866) million, an increase of 7 
percent compared with the previous year. 
Growth was mainly attributable to completed 
acquisitions.
EBITA for 2025 amounted to SEK 726 (658) 
million, an increase of 10 percent. The increase 
in EBITA was driven by the Salix Group and 
Ettiketto Group business areas, while EBITA in 
the Industry business area declined. 
Profit after tax for 2025 was SEK 315 (283) 
million. Profit after tax attributable to non-
controlling interests was SEK 13 (10) million. 
Earnings per ordinary share after deduction of 
preference share dividends amounted to SEK 
3.00 (2.63). Companies acquired during the 
year are included from the date on which 
control is obtained.
Cash flow
Cash flow from operating activities for 2025 
amounted to SEK 746 (780) million. Cash 
conversion for 2025 amounted to 88 (104) 
percent EBITDA. Investments in property, 
plant and equipment in the businesses 
amounted to SEK 131 (113) million in 2025 
and mainly related to business development 
initiatives, including IT systems, as well as 
ongoing investments in machinery and equip-
ment. Investments in acquisitions during 2025 
amounted to SEK 92 (636) million and mainly 
related to payment for Clever Etiketten GmbH, 
Germany, and Hans Eggestrand AB. During the 
year, non-current interest-bearing liabilities 
increased from SEK 2,350 million to SEK 2,678 
million Total cash flow for 2025 was SEK 386 
(222) million.
Development expenses
The Group’s research and development 
expenses are either expensed as they arise or 
capitalised and amortised over their estimated 
useful lives, depending on the nature of the 
project and operations. Development 
expenses of SEK 35 (20) million were capital-
ised during the year and were primarily related 
to business development within Industry. In 
addition, the Group’s earnings were affected by 
development expenses of SEK 4 (1) million in 
the income statement.
Employees
The average number of employees during the 
year, calculated as full-time equivalents (FTEs), 
was 2,186 (1,968).
Remuneration of senior executives
The currently adopted guidelines for remu-
neration of senior executives are set out in full 
in note 5. The Board will propose that the 
guidelines adopted at the 2025 Annual 
General Meeting remain unchanged at the 
2026 Annual General Meeting.
Administration Report
55Volati Annual Report 2025

===== SIDA 57 =====

Equity
The Group’s equity amounted to SEK 2,171 
(2,215) million as at 31 December 2025. The 
equity ratio was 28 percent as at 31 December 
2025, compared with 30 percent at year-end 
2024. The return on adjusted equity for 2025 
was 19 (16) percent.
Share capital
The total number of shares was 79,406,571 
ordinary shares and 1,603,774 preference 
shares as at 31 December 2025. Volati’s share 
capital amounted to SEK 10,251,293.13, 
divided into 81,010,345 shares, as at 31 
December 2025. All shares are issued and fully 
paid, each with a par value of SEK 0.127. No 
shares in the Company are held by the Com-
pany itself, on its behalf or by its subsidiaries. 
Each ordinary share gives entitlement to one 
(1) vote and each preference share gives 
entitlement to one-tenth (1/10) of a vote at 
the AGM, and all shareholders with voting 
rights may vote for the full number of shares 
owned and represented, without any restric-
tions on voting rights.
Net debt
The Group had net debt of SEK 2,081 million 
at year-end, compared with SEK 2,105 million 
as at 31 December 2024. Total liabilities 
amounted to SEK 5,600 million as at 31 
December 2025, compared with SEK 5,236 
million as at 31 December 2024. Interest-
bearing liabilities, including pension obligations 
and lease liabilities, amounted to SEK 3,249 
million at year-end, compared with SEK 2,948 
million as at 31 December 2024. During the 
year, the existing credit facility agreement of 
SEK 2,900 million was extended until April 
2028 and increased by SEK 750 million. At 
year-end, the unused portion of the overdraft 
facility amounted to SEK 300 (300) million, the 
unused portion of the revolving credit facility 
to SEK 680 (250) million, and cash and cash 
equivalents to SEK 679 (317) million.
In addition, Volati issued preference shares in 
2015 at a nominal amount of SEK 850 million, 
classified as equity. Preference shares carry 
entitlement to a quarterly dividend payment of 
SEK 16 million. 
Volati’s financing agreements are subject to 
customary terms and conditions, i.e. cov-
enants. The financial covenant attached to the 
loan agreement is the net debt/ adjusted 
EBITDA ratio over 12 months, which may not 
exceed a certain agreed level. The Group has 
not breached this covenant during the year. 
Volati has not provided special security for 
bank financing. The Parent Company has 
provided surety for all subsidiaries’ obligations 
with Volati’s banks. 
Future development
Volati is not making any financial forecasts for 
next year’s development. The assessment is 
that Volati enters 2026 financially strong and 
that the Company has the financial conditions 
to continue operating in accordance with the 
established strategy and defined financial 
targets, including the conditions to make 
further acquisitions during the coming years.  
2025 has been characterised by continued 
macroeconomic uncertainty. The uncertainty has 
contributed to a weak economic environment, 
affecting market conditions for Volati’s business 
areas. The global situation also continues to be 
marked by geopolitical instability.
In October, Volati announced that the Board is 
evaluating the conditions for a dividend and 
separate listing of Salix Group.
Shareholders
Volati AB’s ordinary and preference shares 
have been listed on Nasdaq Stockholm since 
November 2016. The number of shareholders 
at the end of the year was 11,911. The largest 
shareholders at the end of the year were the 
founders Karl Perlhagen, with 39.5 percent of 
the votes, and Patrik Wahlén, with 23.4 
percent of the votes.
Administration Report
56 Volati Annual Report 2025

===== SIDA 58 =====

2026 Annual General Meeting
Volati AB’s 2026 Annual General Meeting will 
be held at 17.00 on Wednesday, 29 April 2026 
at the Bond meeting room, GT30, Grev 
Turegatan 30, in Stockholm. 
Notice of participation
Shareholders may participate in the AGM in 
person or by proxy. Shareholders wishing to 
participate must:
•   be entered in the share register maintained 
by Euroclear Sweden AB on Tuesday, 21 
April 2026 or, if the shares are nominee-
registered, request that the nominee register 
the shares for voting rights no later than 
Thursday, 23 April 2026; and
•  have notified the Company of their intention 
to participate no later than Thursday,  
23 April 2026.
 
Further information about the AGM can be 
found at www.volati.se. 
Events after the reporting date
In January 2026, all shares in Interket Group 
were acquired, an add-on acquisition for 
Ettiketto Group. Interket Group is a leading 
supplier of  self-adhesive label solutions, with 
annual net sales of SEK 450 million.
Proposed appropriation of profits
The Board of Directors proposes that:
SEK 
Retained earnings 952,587,159.64
Net profit 126,033,062.92
Share premium reserve 2,376,398,417.10
T otal 3,455,018,639.66
be appropriated as follows:
Dividend of SEK 2.00 per ordinary 
share, total1) 158,813,142.00
Dividend of SEK 40.00 per 
preference share, total 64,150,960.00
Carried forward 3,232,054,537.66
T otal 3,455,018,639.66
1)  The proposed dividend will be paid in two instalments: 
SEK 1.00 per share in May 2026 and SEK 1.00 per share in 
November 2026.
Board statement on the proposed 
distribution
The proposed dividend reduces the Parent 
Company’s equity ratio from 50.9 percent to 
49.3 percent. The equity ratio is satisfactory, 
reflecting the fact that the Company’s opera-
tions are conducted profitably. The assessment 
is that the Company’s liquidity can be main-
tained at a similarly satisfactory level. The 
Board’s understanding is that the proposed 
dividend will not prevent the Company from 
discharging its obligations in the short or long 
term or making necessary investments. The 
proposed dividend distribution can therefore 
be justified pursuant to Chapter 17, Sections 
3.2 and 3.3, of the Swedish Companies Act 
(the precautionary principle).
Administration Report
57Volati Annual Report 2025

===== SIDA 59 =====

Volati’s financial position is dependent on a 
number of risks, categorised as financial risks 
and operational risks. Financial risks take the 
form of financing risk, interest rate risk, credit 
risk and currency risk, while operational risks 
are related to effects on the businesses’ 
operations, as well as legal and regulatory risks. 
Active risk management is necessary for the 
Volati Group to operate a successful business. 
The Group has a structured and proactive way 
of monitoring and minimising the most impor-
tant risks. Volati applies the definition of risk as 
“a future event that threatens the Company’s 
ability to achieve its vision, business concept, 
objectives and strategy”. Volati and the busi-
ness areas are conducting an annual overall risk 
assessment aimed at identifying, evaluating 
and managing risks that could have a negative 
impact on the Group’s vision, business concept, 
objectives and strategy. The management 
groups conduct the risk assessment within the 
following categories: strategic risks, opera-
tional risks, compliance risks and financial risks. 
Identified risks are then analysed based on 
the following three criteria:
1.  Impact on the business concept, vision and 
objectives. The rating scale is from ‘low’ to 
‘severe’.
2.  Probability that the risk will occur within the 
planning period. The rating scale is from 
“unlikely” to “likely.” 
3.  The efficiency of existing control activities is 
qualitatively evaluated in accordance with 
separate instructions.
The risks are documented in a standardised 
format, and the management of the Salix 
Group and Ettiketto Group business areas and 
the platforms in the Industry business area 
present an updated risk analysis to their own 
boards and Volati’s Group management each 
year. Based on this reporting, the CEO identi-
fies the risks affecting the Group’s vision, 
business concept, goals and strategy. The CEO 
presents an overall risk analysis to the Com-
pany’s Board annually. Significant changes in 
the risk situation or major risk exposures are 
reported to each board concerned. An action 
plan for top priority risks is also presented to 
each unit’s board and to Volati’s Group man-
agement and Board.
Financial risks
The main financial risks are credit risk, liquidity 
risk, refinancing risk and obligations under credit 
agreements, interest rate risk and  currency risk. 
More information about these risks can be 
found in note 22 Financial risk management 
and financial instruments.
Macroeconomic factors 
The Group’s units operate in a number of 
different sectors. Volati is dependent on 
market demand for the products and services 
produced and provided by the businesses, 
which in turn are dependent on factors such as 
functionality and price. Demand is greatly 
affected by macroeconomic factors that are 
outside Volati’s control, and demand for the 
Group’s products and services may be reduced 
during an economic downturn. Conditions in 
the global capital market and the economy as a 
whole affect the Group’s operations, earnings 
and financial position. Factors such as con-
Risks and uncertainties
Risks and uncertainties
58 Volati Annual Report 2025

===== SIDA 60 =====

sumption, corporate investments, inflation and 
the capital market’s volatility and mood affect 
the business and economic climate. A weaken-
ing of these conditions in all or some of the 
Group’s markets could have material adverse 
effects on the Company’s operations, earnings 
and financial position. Pandemics may seriously 
affect demand for products and services – in 
the short term or over a longer period. New 
rules and regulations adopted in response to a 
pandemic could also lead to temporary 
closures of production sites and sales outlets. 
Pandemics may therefore have significant 
negative effects on the Company’s operations, 
earnings and financial position. 
The current war between Russia and Ukraine 
is affecting the world globally, but above all it is 
a humanitarian disaster for the Ukrainian 
people. Volati’s direct economic exposure to 
Russia and Ukraine is relatively limited, but the 
war has also caused turbulence in world 
markets and contributed to the current weak 
economy. In general, there is an unstable 
geopolitical situation with several armed 
conflicts, trade tariffs and protectionist trade 
agreements. This has a negative impact on 
consumption in Volati’s countries of operation. 
Volati is closely monitoring developments. 
Risks related to acquisitions and transfers of 
companies
A significant part of Volati’s strategy involves 
growth through company acquisitions that 
either complement or broaden the Group’s 
existing operations. There is a risk of Volati 
being unable to identify suitable acquisition 
targets or make acquisitions on acceptable 
terms. Corporate acquisitions also involve 
considerable risks in relation to the acquiree. 
The target company may be affected by 
unforeseeable costs, such as customer losses, 
regulatory charges or other unforeseen 
expenses following the acquisition. This could 
mean lower returns than expected and unfore-
seeable capital contributions. Integration costs 
may also be higher than calculated for Volati 
and expected synergies or efficiency effects 
may not materialise or be realised to the extent 
expected. These scenarios may have a negative 
effect on Volati’s operations, earnings and 
financial position.
Operational risk
All business activities in the Group’s units are 
subject to the risk of losses due to inadequate 
action, with the risk of irregularities and/or 
other internal or external events disrupting or 
damaging operations. Inadequate operational 
safety and security may have a significant 
negative effect on the Group’s operations, 
earnings and financial position. Unauthorised 
access to information or data systems can 
result in data loss. There is also a risk that 
unplanned interruptions can lead to production 
loss, revenue shortfalls or delayed deliveries to 
customers. Several of Volati’s units are depend-
ent on one or more places of business or 
distribution and warehouse facilities, including 
supplies of goods from several other countries. 
If one of these establishments were destroyed 
or had to close for some reason, such as 
storms, floods, other natural disasters, riots, 
work blockades, industrial actions, fire, sabo-
tage, acts of terrorism or government interven-
Risks and uncertainties
59Volati Annual Report 2025

===== SIDA 61 =====

tions, or if items of operating equipment or 
stock were significantly damaged, the business 
concerned would probably have difficulty in 
distributing its products or services.
Political risks – financial
Volati operates in 19 countries, with the 
majority of its operations in the Nordic region, 
where political and social developments in 
these countries affect the Group. The Group’s 
operations are affected by developments in the 
EU’s single market, with free movement of 
goods, services, capital and people within the 
European Union. Changes in the functioning of 
the single market or turbulent political and 
social conditions in Volati’s markets may have a 
negative effect on Volati’s operations, earnings 
and financial position.  
Disputes
There is a risk of the Group being involved in 
disputes. The outcome of such potential 
disputes may lead to significant expenses for 
Volati, have an adverse effect on Volati’s 
reputation and distract senior management 
from their normal activities. If Volati were to be 
held responsible in a dispute, this could have a 
material negative effect on the Company’s 
operations, earnings and financial position.
Regulatory risks
Competition law issues
If the Group acts in contravention of applicable 
competition regulations, this could result in 
charges and other sanctions for the parties 
involved. An example of this could be a 
business being deemed as abusing a position 
of dominance or participating in illicit anti-
competitive cooperation in some context. In 
connection with acquisitions and divestments, 
the company itself, together with counterpar-
ties and the respective parties’ advisors, 
conducts analyses related to competition law 
and other change-of-ownership issues and 
notifies competition authorities and other 
relevant authorities. If such an analysis is 
inadequate and/or the competition authorities 
or some other authority calls into question the 
transactions, analyses and/or notifications, this 
could result in charges for the parties involved 
and, in certain cases, the invalidation of 
implemented transactions. 
Tax-related risks
Volati conducts its operations in a number of 
countries and is affected by applicable tax 
regulations in these countries at any given 
time. These include corporate tax, property tax, 
value-added tax, regulations on tax-free 
disposal of shares, other governmental and 
municipal duties, and interest deductions and 
subsidies. 
Tax rules are continuously subject to change 
which may affect the Group’s earnings and 
financial position. 
Legislative amendments 
Laws, directives and regulations or new 
interpretations that affect Volati’s operations 
could be introduced. These could give rise to 
increased costs for the Group, which could 
ultimately affect shareholders’ return, or could 
result in changes to the Group’s legal structure 
or require a service or product offer to be 
changed or discontinued. This in turn could 
lead to the Company and its shareholders 
facing increased costs or other detrimental 
consequences, such as a less favourable tax 
situation or reduced sales revenues. Such risks 
could have negative consequences for the 
Group’s operations, earnings and financial 
position.
Risks and uncertainties
60 Volati Annual Report 2025

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Political risks – regulatory
The Group’s business is exposed to general 
political and social risks in its countries of 
operation. These risks include potential 
government interventions and regulations. 
Product liability, product recalls and project 
liability
Some of the businesses manufacture products 
that could cause personal injury or damage a 
customer’s property if used incorrectly. The 
businesses could thereby be exposed to 
product liability and requirements for product 
recall if use of the relevant company’s products 
cause, allegedly cause or are likely to cause 
injury or material damage. Volati does not have 
any control of how the products are actually 
used, and end customers may use them in a 
way that causes injury or material damage. 
There is a risk that faults in the Group’s 
products or incorrect use of the products could 
give rise to product liability. This in turn could 
result in significant financial obligations and 
negative publicity, which could have adverse 
effects on the Company’s financial position 
and earnings. Although Volati takes out 
customary liability and product liability insur-
ance, there is a risk that Volati’s insurance cover 
may be limited due to, for example, monetary 
thresholds and requirements to pay an excess.
Intellectual property rights 
The businesses’ intellectual property rights 
comprise registered patents and patent 
applications, registered trademarks and 
trademark applications, registered designs and 
domain names. The Group’s operations are not 
deemed to be directly dependent on any 
individual intellectual property rights. How-
ever, there is a risk that competitors may, in 
various ways, challenge or circumvent the 
Group’s IP protection, which could adversely 
affect the Group’s or the relevant business’s 
operations.
Sustainability risks
Volati is affected by societal changes arising 
from climate-related risks. For example, Volati 
owns companies that enable digital 
infrastructure in telecommunications, ensure 
secure mounting solutions for solar panels and 
offer new construction-related products for 
the energy systems of the future. The Group 
also operates in dehumidification products, 
providing solutions that can mitigate damage 
to buildings in the event of flooding and other 
emergencies. This gives the Group 
opportunities to counteract the consequences 
of climate change to some extent. 
Volati closely monitors the climate impact of 
its operations. This includes monitoring the 
Group’s CO2 emissions. We have established 
clear external and internal targets to reduce 
the Group’s climate impact, with borrowing 
costs linked to the Group’s ability to reduce its 
climate impact.
Environmental impact
Through its subsidiaries, Volati has certain 
operations that are environmentally hazardous 
and subject to notification. In addition, some 
companies operate at properties that have 
some degree of environmental pollution, while 
certain companies have operated at properties 
that have become polluted due to previous 
activities. An environmental risk related to 
previous activities at a Salix Group property 
was identified in 2023. The risk has not yet 
been quantified as the size of the risk and the 
question of liability have still not been suf-
ficiently investigated. 
Risks and uncertainties
61Volati Annual Report 2025

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Corporate Governance  
at Volati AB
3   Board of Directors
9   CEO
9   Group management
Board of Directors and  
CEO of businesses
7   Auditor
5    Remuneration 
Committee
4   Audit Committee
2    Nomination 
Committee
6    Investment  
Committee 
1   General Meeting
8    Volati’s operational model
Volati AB is a public limited liability company whose ordinary and preference shares 
are listed on Nasdaq Stockholm (Mid Cap). Governance and control of Volati are 
exercised by shareholders at general meetings and otherwise by the Board, the CEO 
and other members of management. Governance and control are based on the 
Swedish Companies Act, the Articles of Association, Nasdaq’s Rules, the Swedish 
Corporate Governance Code (“the Code”) and internal rules and regulations. Volati 
believes that the Company has followed the Code throughout the year without any 
derogation. The Company’s auditors have conducted a statutory review of the 
corporate governance report. 
Corporate Governance Report  
Corporate Governance 
Report     
62 Volati Annual Report 2025

===== SIDA 64 =====

1  General Meeting
The general meeting is Volati’s highest deci-
sion-making body and it is by participating in 
general meetings that shareholders exercise 
their influence. The annual general meeting is 
held within six months of the end of the 
financial year. The financial statements are 
adopted at the AGM and resolutions are 
passed on matters that include appropriation 
of the Company’s profit, Board and auditor 
elections, remuneration of Board members and 
auditors, and other statutory business to be 
dealt with at the AGM. Notice of the AGM and 
any extraordinary general meetings must be 
given in accordance with the Articles of 
Association. Shareholders who wish to have 
business dealt with at the AGM should submit 
a written request to bolagsstamma@volati.se 
or to Volati AB (publ), attn: CFO, Engelbrekts-
plan 1, SE-114 34 Stockholm, Sweden. To 
guarantee inclusion in the notice of the Annual 
General Meeting, the request must have been 
received well in advance of the AGM. Further 
information on how and when to provide 
notification of attendance will be published in 
advance of the Meeting.
Volati’s ordinary shares entitle holders to one 
vote per share, while preference shares carry 
entitlement to one-tenth of a vote per share. 
Dividends on preference shares are regulated in 
the Articles of Association and have priority 
over ordinary shares. Preference shares 
represented 2.0 percent of Volati’s shares at the 
end of the year. As preference shares carry 
entitlement to one-tenth of a vote, this means 
that the share of votes in Volati from preference 
shares corresponds to 0.2 percent.
2025 Annual General Meeting
At the Annual General Meeting on 28 April 
2025, 68,240,426 ordinary shares and 44,393 
preference shares were represented, totalling 
68,244,878.3 votes, which corresponds to 
84.3 percent of the total number of shares and 
85.8 percent of the total number of votes in 
the Company. The minutes are available at 
www.volati.se/en/investors/corporate-govern-
ance. The meeting was held in Swedish. 
The AGM decided on, among other matters, 
the election of the Board and auditors, and a 
cash dividend to ordinary and preference 
shareholders. The AGM authorised the Board 
of Directors to decide on acquisitions of the 
Company’s ordinary and preference shares and 
to decide on transfers of the Company’s own 
preference shares and new issues of prefer-
ence shares in accordance with the Board’s 
proposal. Under this mandate, the Board may, 
on one or more occasions during the period 
until the next AGM, decide on the acquisition 
of ordinary shares and the acquisition, transfer 
or new issue of the Company’s own preference 
shares. The acquisition may take place on 
Nasdaq Stockholm or in accordance with an 
offer to all preference shareholders to acquire 
a number of shares or preference shares that 
results in the Company’s holding of its own 
shares or preference shares amounting to no 
more than one-tenth of each of the classes of 
shares in the Company. The purpose of the 
acquisition, transfer or new issue of own 
preference shares is to enable an optimised 
capital structure and to allow the Company to 
use its own preference shares as payment for 
or financing of acquisitions of companies or 
businesses. The Annual General Meeting also 
adopted incentive programmes for senior 
executives of Volati AB.
2026 Annual General Meeting
Volati AB’s 2026 AGM will be held at 17.00 on 
29 April 2026 at the Bond meeting room, 
GT30, Grev Turegatan 30, in Stockholm.
2  Nomination Committee 
The 2021 AGM adopted instructions for the 
Nomination Committee’s composition and 
work in the Company. These instructions, 
which apply until further notice, require Volati’s 
Nomination Committee to have a minimum of 
three members, one of whom may be the 
Chairman of the Board. If the Chairman of the 
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63Volati Annual Report 2025

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Board is on the Committee,the other members 
are appointed as follows: no later than six 
months before the AGM, the Chairman of the 
Board invites each of the two largest share-
holders – based on Euroclear Sweden AB’s list 
of registered shareholders on the last banking 
day of September of the current year – to 
appoint a representative to serve on the 
Nomination Committee. The instructions for 
the Nomination Committee can be found on 
Volati’s website. Information on the Nomina-
tion Committee’s composition, proposals and 
work prior to the 2026 AGM can also be found 
on Volati’s website. 
The Nomination Committee for the 2025 
Annual General Meeting consisted of three 
members. Carin Wahlén, representing Patrik 
Wahlén, led the Nomination Committee’s work. 
In the nomination work prior to the 2025 AGM, 
the Nomination Committee assessed both the 
composition and size of the current Board, and 
the Volati Group’s operations. Special emphasis 
was placed on Volati’s strategies and objectives, 
and what the Group’s future direction is 
expected to mean for the Board. As a diversity 
policy, the Nomination Committee has applied 
point 4.1 of the Code, taking into account that 
the Board must have an appropriate composi-
tion, characterised by diversity and breadth 
with regard to Board members’ skills, experi-
ence and background, that is appropriate to 
Volati’s operations, stage of development and 
other circumstances. The Nomination Commit-
tee also worked on the goal of achieving a 
balanced gender distribution on the Board. The 
Nomination Committee recommended the 
re-election of Patrik Wahlén as Chairman of the 
Board and the re-election of  Karl Perlhagen, 
Patrik Wahlén, Björn Garat, Christina Tillman, 
Anna-Karin Celsing, Magnus Sundström and 
Maria Edsman as Board members for the period 
up to the end of the next AGM. After the 
election at the AGM, three of the seven elected 
members were women. The corresponding 
figure as at 31 December 2025 was three out 
of a total of six members. The CEO is not 
included in the total number of Board members. 
A report on the work of the Nomination 
Committee was submitted in the Nomination 
Committee’s explanatory statement which was 
published prior to the 2026 AGM.
Nomination Committee for the 2026 AGM
On 20 October 2025, the Company published 
the composition of the Nomination Committee 
for the 2026 AGM: Carin Wahlén (chair) 
representing Patrik Wahlén, Jannis Kitsakis 
representing Fjärde AP-fonden, and Karl 
Perlhagen representing himself. 
Shareholders wishing to submit proposals to 
the Nomination Committee can do so at the 
Company’s address or by e-mail to bolags-
stamma@volati.se.
The AGM resolves on the following:
• Adoption of the Annual Report 
•  Dividend 
•  Discharge from liability for the Board and CEO
•  Election of Board members and, if applicable, 
auditors 
•   Remuneration of the Board and auditors 
•   Guidelines for remuneration of Group 
management
•   Other important business
The Nomination Committee’s tasks include 
making recommendations to the next AGM 
concerning:
•   Chairman of the Meeting 
•   Board members including number of 
members
•   Chairman of the Board 
•   Fees to Board members 
•   Other remuneration for Board assignments 
and any committee work.
•   Election of auditors, if applicable, and 
auditor’s fees
•   Changes to the Nomination Committee’s 
instructions, as required
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64 Volati Annual Report 2025

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Structured and systematic follow-up
Volati operates according to an annual cycle in which the Board discusses selected topics at each scheduled 
Board meeting. Similarly, Volati’s management maintains an annual schedule of board meetings within each 
business area and the Industry platforms.
Monthly reporting
The Board receives monthly reports from management on financial 
performance and strategic development.  
Corresponding reporting is are also provided by each unit to its board 
and to Volati’s management.
Quarterly reporting
The Board issues quarterly reports on Volati’s financial performance to 
the capital markets.
Board meetings
Volati holds nine regular Board meetings each year and extra meetings 
when needed.
              O
ctober                    November                    December                        January                        February                           M
arch                                April                              May                                 June                                July                            August                      Septem
ber
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65Volati Annual Report 2025

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Composition of the Board Independent  
of the  
Company
Independent  
of major  
shareholders
Meeting attendance, 
Name Position Elected
T otal fee  
(SEK million) In 2025
Audit committee 
2025
Patrik Wahlén Chairman 2006 No No 0.6 11/11 4/4
Karl Perlhagen* Member 2003 No No 0.3 9/11 –
Björn Garat Member 2015 Yes Yes 0.3 11/11 4/4
Christina Tillman Member 2016 Yes Yes 0.3 11/11 –
Anna-Karin Celsing Member 2018 Yes Yes 0.3 11/11 –
Magnus Sundström Member 2018 Yes Yes 0.3 11/11 4/4
Maria Edsman Member 2023 Yes Yes 0.3 11/11 –
*Karl Perlhagen resigned from his position as a Board member on 19 November 2025 at his own request.
3  Board of Directors
According to the Articles of Association, the 
Board of Directors of Volati shall consist of 
a minimum of three and a maximum of ten 
ordinary members. 
The Articles of Association do not contain 
any provisions on the appointment or dismissal 
of Board members or amendments to the 
Articles of Association.
The Board and the Board’s work
The Board’s overall task is to manage the 
Company’s affairs and be responsible for its 
organisation on behalf of shareholders. The 
work of the Board is led by the Chairman. The 
Board shall hold an annual statutory meeting 
each year following the Annual General 
Meeting. In addition, the Board shall meet at 
least five times per year. At the statutory Board 
meeting, the Company’s authorised signatories 
are determined, and the Board’s rules of 
procedure, the instructions for the CEO and the 
Board’s reporting instructions are reviewed and 
adopted. The Company’s Board meetings deal 
with business such as the Company’s financial 
situation, acquisition-related matters, evalua-
tion of the businesses and other relevant issues 
concerning Group companies. The Company’s 
auditor attends and reports at the Board 
meetings at least once a year and more often 
when necessary. A quorum of the Board is 
attained when more than half of the members 
are present. At present, Volati’s Board consists 
of six members. In 2025, 11 meetings of the 
Volati Board were held and Board members’ 
attendance is presented in the table below. 
The Board has decided to perform an annual 
evaluation of the Board’s work, whereby Board 
members are able to give their views on forms 
of work, Board materials, their own and other 
members’ input, and the scope of the assign-
ment. According to the evaluation, the work of 
the Board is considered to be functioning very 
well. All Board members are seen to be contrib-
uting constructively to strategic discussions 
and governance, and the discussions are 
viewed as open and dynamic. Dialogue 
between the Board and management is also 
considered to be very good.
4  Audit Committee
The Board has established an Audit Committee. 
The Audit Committee consists of three mem-
bers: Magnus Sundström (Chairman), Patrik 
Wahlén and Björn Garat. The Committee 
includes the Chairman of the Board as a 
member, but the Committee Chairman must be 
a member who is independent of the Company 
and its shareholders. The Audit Committee shall 
fulfil the tasks specified in the Swedish Compa-
nies Act and the Auditing Ordinance. These 
obligations mainly include the following tasks
•   monitoring the Company’s financial reporting 
and making recommendations and proposals 
to ensure the reliability of the reporting;
•   monitoring the efficiency of the Company’s 
internal control, internal audit and risk 
management in the area of  financial reporting;
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66 Volati Annual Report 2025

===== SIDA 68 =====

•   staying informed about the audit of the 
annual accounts and consolidated accounts, 
and the conclusions of the quality control by 
the Supervisory Board of Public Accountants;
•   informing the Board of the results of the 
audit, how the audit contributed to the 
reliability of financial reporting and what was 
the Committee’s function;
•   examining and monitoring the auditor’s 
impartiality and independence and in doing 
so, noting in particular whether the auditor 
provides the Company with services other 
than audit services; 
•   assisting in the preparation of proposals for 
resolution on the appointment of auditors at 
general meetings; and
•   preparing the Board’s decisions in the above 
matters.
5  Remuneration Committee
The Board has decided not to establish a 
remuneration committee, as the Board consid-
ers it more appropriate for the full Board to 
carry out the tasks incumbent on a remunera-
tion committee in accordance with the Swedish 
Companies Act and the Code. 
In terms of remuneration matters, this 
means that the Board will:
•   prepare decisions on matters concerning 
remuneration principles, remuneration and 
other terms of employment for senior 
executives;
•   monitor and evaluate ongoing programmes 
and programmes concluded during the year 
for variable remuneration of senior execu-
tives; and 
•   monitor and evaluate the application of the 
guidelines for remuneration of senior execu-
tives, which are legally required to be decided 
on at the AGM, and remuneration structures 
and remuneration levels in the Company.
In this context, the term senior executives 
refers to the CEO of Volati AB and the other 
members of Volati’s Group management. The 
remuneration paid for 2025 is shown in note 5. 
The remuneration report for 2025 is published 
on the website. The current adopted guidelines 
for remuneration of senior executives are 
reproduced in full in note 5.
6  Investment Committee
The Board has established an Investment 
Committee. The Investment Committee 
consists of Chairman of the Board Patrik 
Wahlén (Chairman), Karl Perlhagen (external 
member) and CEO Andreas Stenbäck. The 
primary responsibility of the Investment 
Committee is to review and ensure the quality 
of decision documentation relating to acquisi-
tions and divestments. The Board appoints the 
members and the Chairman of the Investment 
Committee, which shall consist of no fewer 
than three and no more than five members. 
The Investment Committee shall meet as 
required and minutes shall be kept. 
7  Audit
The auditor is appointed annually by the 
Annual General Meeting. The auditor’s duties 
are to audit, on behalf of the shareholders, 
Volati’s annual accounts and consolidated 
accounts, as well as the administration of the 
Board of Directors and the CEO, and to 
examine the corporate governance report. The 
audit work and the auditor’s report are pre-
sented at the AGM. At the 2025 AGM, KPMG 
Aktiebolag (KPMG) was elected as the auditing 
firm until the next AGM. KPMG has appointed 
Helena Nilsson as chief auditor. Auditor’s fees 
are paid in accordance with a separate agree-
ment made in accordance with the AGM’s 
decision. In 2025, the Parent Company’s audit 
fees to KPMG were SEK 2 million, the Group’s 
fees were SEK 11 million and fees for other 
auditing services were SEK 0 million.
8  Volati’s operational model
Volati’s operational model is based on decen-
tralised governance of the businesses, which 
means that daily decision-making takes place in 
the companies, with limited involvement by 
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Group management. The Group’s strategy and 
governance model are based on the vision of 
being the best owner of medium-sized compa-
nies. This will be achieved by preserving the 
companies’ independence while the Group 
creates long-term conditions and support for 
change. This is mainly accomplished through 
four areas: local entrepreneurship, active 
ownership, competence & leadership and 
value-creating add-on acquisitions. Volati has a 
flexible organisation which facilitates fast 
decision-making. A decentralised governance 
model creates a high level of entrepreneurship 
in the businesses, provides a clear responsibil-
ity framework and helps to ensure that Volati 
can continue to grow without excessive central 
resources. Volati believes that decentralised 
leadership is a key success factor for a scalable 
business model with several units operating in 
different sectors. A strong focus on local 
entrepreneurship creates the right conditions 
for effective and informed decisions. In order 
to secure value creation throughout Volati, a 
vision and a long-term strategy are developed 
for each unit. The long-term strategy is given 
concrete form through action plans and clear 
financial targets that are continuously moni-
tored. The financial targets for each unit are 
focused on value creation and include growth, 
EBITA margin, cash conversion and return on 
capital employed.
Decentralised leadership involves great 
responsibility and confidence in the businesses’ 
management, both in terms of delivering 
results and upholding Volati’s values. Achieve-
ment of targets is promoted through clear 
incentives, including employee ownership, and 
through career development opportunities 
within the Group.
Corporate governance at Volati
To support value creation within its decentral-
ised business model, Volati places strong 
emphasis on maintaining a high standard of 
corporate governance throughout the Group. 
Group management governs, controls and 
monitors the Group’s operations, primarily 
through the appointment of business area 
Heads, as well as the CEOs and boards of the 
Industry business area platforms. Development 
is subsequently monitored through established 
board procedures and monthly reporting from 
the business areas. The boards within the 
business areas consist of one or more members 
of Group management and, where relevant, 
external board members.  
The boards meet according to carefully 
planned meeting schedules aimed at maximis-
ing the long-term potential of the businesses 
while maintaining short-term profitability. At 
least four board meetings are held annually to 
address key matters, complemented by 
monthly reporting to monitor strategic and 
financial targets. 
In addition to the established board meeting 
schedule, Volati applies a structured model for 
performance follow-up throughout the Group. 
Monthly Board reports are complemented by 
ongoing dialogue between Group management 
and the management teams of the businesses, 
continuous risk assessments of the units, and 
annual evaluations of profitability, market 
outlook and long-term strategy. Group man-
agement holds quarterly review meetings with 
the CEOs and CFOs of the Salix Group and 
Ettiketto Group business areas and the 
Industry platforms to monitor financial perfor-
mance and strategic initiatives.
9   CEO and Management Group
Volati’s CEO is responsible for the Company’s 
day-to-day management in accordance with 
the Swedish Companies Act, as well as the 
CEO instructions and the reporting instruction 
adopted by the Board. The CEO’s responsibili-
ties include acquisitions and divestments, HR, 
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===== SIDA 70 =====

finance and accounting matters, as well as 
ongoing dialogue with the Group’s stakehold-
ers and the financial markets. The CEO is also 
responsible for establishing delegation rules for 
the Group’s senior executives and for appoint-
ing, dismissing and determining the terms of 
employment for these individuals within the 
framework of the remuneration guidelines 
adopted by the Annual General Meeting. 
The CEO reports to the Board and is 
responsible for implementing the Board’s 
decisions. The CEO also ensures that the 
Board receives the information required to 
make well-informed decisions in accordance 
with the applicable reporting instructions. 
Furthermore, the CEO ensures that matters 
requiring Board approval under applicable 
legislation, the Articles of Association and 
internal policies and guidelines are submitted 
to the Board. The CEO attends and reports at 
all Board meetings, except when the CEO is 
being evaluated by the Board or when the 
Board meets the Company’s auditors without 
the presence of executive management. 
The CEO has appointed a Group manage-
ment team responsible for the ongoing 
management of various parts of the business. 
Group management consists of the CEO, the 
CFO, the Heads of the Salix Group and 
Ettiketto Group business areas and Volati’s 
Head of Strategic HR. Group management 
meets regularly to oversee and review ongoing 
projects, Group-wide development initiatives 
and organisational matters.
Internal control and risks
Under the Swedish Companies Act, the Board 
of Directors is responsible for the Company’s 
internal control and governance. To maintain 
and further develop an effective control 
environment, the Board has adopted a number 
of fundamental documents relevant to financial 
reporting, including the Board’s rules of 
procedure, the CEO instructions and the 
reporting instructions.  An effective control 
environment also requires a well-developed 
structure subject to ongoing review. Primary 
responsibility for the day-to-day maintenance 
of the control environment rests with the 
Company’s CEO, who reports regularly to the 
Board in accordance with the applicable 
reporting instructions and the procedures 
described below.   
To ensure an appropriate level of control, 
Group management and each unit establish 
control activities designed to mitigate the most 
significant risks identified in the risk analysis. 
These control activities form the basis for the 
minimum level of internal control required 
within the Group and the respective units. 
The Group and its businesses maintain a 
register of identified risks and the control 
activities required to mitigate those risks, 
together with descriptions of how the effec-
tiveness of these controls is monitored.
A self-assessment of these minimum control 
requirements is conducted annually and 
reported to the board of each business. The 
CEO of each business is responsible for the 
self-assessment process. The Group CEO 
annually presents a summary of the key conclu-
sions from the businesses’ self-assessments to 
the Company’s Board.
Volati has not established an internal audit 
function, as this is not considered necessary to 
maintain the desired level of internal control. 
Instead, these responsibilities are performed by 
management, the boards and the external 
auditors.
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Process for financial reporting
Volati has a Group-wide reporting system, 
Ocra, covering all units. The units also have 
separate accounting systems that are tailored 
to their respective operations. Each unit 
reports monthly basis through Ocra.
1 Reporting from the businesses
Volati has an established financial reporting 
timetable under which all companies submit a 
complete monthly reporting package compris-
ing an income statement, balance sheet, cash 
flow statement, selected notes, employee data 
and investments. Reporting is structured by 
platform (within the Industry business area) or 
by business area to enable efficient monitoring 
and analysis. The reporting package complies 
with applicable laws, regulations and account-
ing standards. Volati continuously provides 
training to the units and further develops the 
reporting process to improve efficiency and 
strengthen the basis for business analysis in a 
cost-effective manner.
2  Qualitative reporting from the businesses
Each business area or platform (within Indus-
try) reports monthly qualitative commentary on 
developments during the preceding month, 
covering financial performance, key strategic 
initiatives and other material matters. These 
reports are submitted to Volati’s management 
and to the board of the relevant platform or 
business area. 
3 Reconciliation procedures
Following receipt of the reports, reconciliations 
are performed to ensure that reporting has 
been completed accurately and in accordance 
with technical requirements. These reconcilia-
tion procedures are performed by Volati’s 
Group accounting function.
4 Analysis
Volati’s management analyses the reported 
financial information based on its knowledge of 
the respective business areas and units. Group 
management holds quarterly review meetings 
with the CEOs and CFOs of the Salix Group 
and Ettiketto Group business areas and the 
Industry platforms to monitor financial perfor-
mance and strategic initiatives.
5 Consolidation
Any deviations identified during the prepara-
tion of legal and operational reporting or 
through analysis and reconciliation procedures 
are corrected following dialogue with the 
relevant business. The consolidation process 
includes reconciliations of equity, intra-Group 
balances, tax, investments and cash flow. 
6 Reporting to the Board
Volati’s management reports monthly to the 
Board on the Group’s financial performance, 
business development, financial position, 
ongoing projects and selected performance 
measures. The Board continuously monitors 
financial performance against Volati’s financial 
targets. Prior to each scheduled Board meet-
ing, the Board receives more comprehensive 
documentation which, depending on the 
meeting agenda, may include more detailed 
analysis of relevant matters.
7 External reporting (quarterly)
Volati publishes interim reports on a quarterly 
basis and issues press releases. The Annual 
Report is printed and distributed to major 
shareholders, subscribers and other stakehold-
ers. The Annual Report and previously pub-
lished reports are available on the Company’s 
website.
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===== SIDA 72 =====

The Company is subject to the EU Market 
Abuse Regulation (EU) No. 596/2014 (MAR), 
which imposes strict requirements on how 
companies handle inside information. MAR 
regulates, among other things, how inside 
information must be disclosed to the market, 
the circumstances under which disclosure may 
be delayed, and the Company’s obligation to 
maintain a list of persons with access to inside 
information (an insider list).
Volati uses the digital tool StrictLog to 
ensure that its handling of inside information 
complies with MAR and the Company’s insider 
policy – from the decision to delay disclosure 
through to the notification submitted to the 
Swedish Financial Supervisory Authority 
(Finansinspektionen) once the insider matter 
has been concluded and the information 
disclosed. Access to StrictLog is restricted to 
authorised personnel.
8 Audit
KPMG is the auditor of the Parent Company 
and Group. The units generally appoint KPMG 
as their local auditor, with a limited number of 
exceptions for certain smaller subsidiaries that 
are newly acquired or based outside Sweden. 
During the autumn, the auditor conducts a 
review of internal control and administration, 
the results of which are reported to the units 
and Volati’s management. In connection with 
the year-end audit, the auditors attend physical 
inventory counts. Meetings are also held with 
Volati’s finance function to discuss accounting 
estimates and other relevant matters during 
the year-end audit. The auditor reports 
significant observations from the audit and, 
when relevant, attends Board meetings. Audit 
reporting includes a traffic-light classification 
system in which observations are graded based 
on risk, materiality and control effectiveness. 
Each unit prepares an action plan to ensure 
that audit findings are addressed. At the 
subsequent review of internal control and 
administration, the auditor verifies that the 
agreed measures have been implemented.
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===== SIDA 73 =====

Board of Directors
From left: Maria Edsman, Patrik Wahlén, Christina Tillman, Anna-Karin Celsing, Magnus Sundström and Björn Garat.
72 Volati Annual Report 2025

===== SIDA 74 =====

Patrik Wahlén
Chairman of the Board since 
2018, Board member 2005–
2017. Born 1969.
Education: Business and 
Economics studies at Lund 
University.
Other positions: Chairman of 
Bokusgruppen AB, Board 
member of Kristjansson & 
Wahlén AB, Destination 
Falkenberg AB and AB 
Salparono 
Background: Patrik founded 
Volati in 2003 together with 
Karl Perlhagen. He has 
previously held positions in 
Kemira Group and Ernst & 
Young Management Consulting 
AB. 
Shareholding in the Company:  
18,581,509 ordinary shares.
Björn Garat
Board member since 2015. Born 
1975.
Education: B.Sc., International 
Economics, Linköping 
University.
Other positions: CFO and 
Deputy CEO of AB Sagax (and 
positions in its subsidiaries), 
Board member of 
Fastighetsbolaget Emilshus AB, 
Vassvik Förvaltning Aktiebolag 
and Paco Holding AB, and 
Deputy Board member of 
Manolo Holding AB.
Background: Partner and Head 
of Corporate Finance at 
Remium Nordic AB and 
financial analyst. CFO and 
Deputy CEO of AB Sagax since 
2012. 
Shareholding in the Company:  
200,000 ordinary shares. 
Maria Edsman
Board member since 2023. Born 
1968.
Education: MBA, Stockholm 
School of Economics. Board of 
Directors training, 
Styrelseakademin
Other positions: CEO of 
Bokusgruppen AB, Board 
member of Rusta AB and 
Bokhandlarföreningen.
Background: Board member of 
Lammhult Design Group AB 
and INTERSPORT AB. Served 
as CEO and Head of former 
business area 
Akademibokhandeln (now 
Bokusgruppen) and was part of 
Volati’s management team. 
Former CEO of Brothers and 
Polarn O. Pyret.
Shareholding in the Company:  
8,257 ordinary shares. 
Christina Tillman
Board member since 2016. Born 
1968.
Education: B.Sc. in Business 
and Economics, Stockholm 
University.
Other positions: Acting CEO of 
Hunter Sales i Stockholm AB, 
Board member of Corem 
Property Group AB and 
Grimaldi Industri AB and 
Deputy Board member of 
Stocksund Financial Services 
AB. 
Background: Previous roles 
include CEO of Odd Molly 
International AB and Gudrun 
Sjödén Group AB.
Shareholding in the Company:  
6,033 ordinary shares and 300 
preference shares.
Anna-Karin Celsing
Board member since 2018. Born 
1962.
Education: MBA, Stockholm 
School of Economics.
Other positions: Board 
member of Castellum,  Peas 
Industries, Tim Bergling 
Foundation, Stiftelsen 
Beckmans Designhögskola, 
Stiftelsen Orionteatern, 
Stiftelsen Dansens Hus.Morrow 
Bank, Lannebo 
Kapitalförvaltning and 
Nordtech Group.
Background: Head of IR at 
Swedbank, Head of 
Communications at Ratos, 
Chairman of SVT. Advisory roles 
and directorships within 
strategy, finance and 
governance.
Shareholding in the Company:  
10,000 ordinary shares and 
2,000 preference shares.
Magnus Sundström
Board member since 2018. Born 
1954.
Education: M.Sc., Industrial 
Economics, Linköping 
University.
Other positions: CEO and 
owner of 1909 Gruppen AB 
and joint owner (50%) of B2B 
IT-Partner AB.
Shareholding in the Company: 
854,758 ordinary shares and 
29,739 preference shares 
through associated company.
Karl Perlhagen resigned from his position as a Board member on 19 November 2025 at his own request.
73Volati Annual Report 2025

===== SIDA 75 =====

Management Group
From left: Lars Ingman, Martin Hansson, Rikard Ahlin, Åsa Holmgren and Andreas Stenbäck.
74 Volati Annual Report 2025

===== SIDA 76 =====

Andreas Stenbäck
CEO since 2021. Born 1979.
Education: M.Sc., Royal 
Institute of Technology, and 
B.Sc. in Business Administration 
and Economics, Stockholm 
University. 
Other positions: – 
Background: Before becoming 
CEO, Andreas served as CFO of 
Volati. He has also held 
positions at Keystone Advisers 
and MCF Corporate Finance.
Shareholding in the Company: 
716,433 ordinary shares, and 
warrants carrying the right to 
purchase 304,112 ordinary 
shares.
Lars Ingman
Interim CFO since October 2025. 
Born 1960.
Education: 
Economics studies at Uppsala 
University
Other positions: –
Background: Lars was 
previously CFO of Bonava AB, 
John Mattson, Asker Group and 
Cederroth.
Shareholding in the Company:  
-
Martin Hansson
Head of Business Area Salix 
Group since 2021. Born 1975.
Education: Law degree, 
University of Gothenburg.
Other positions: –
Background: Martin worked for 
four and a half years at the 
German holding company 
Maxingvest and, prior to that, 
spent 17 years at IKEA in 
various roles.
Shareholding in the Company:  
10,404 ordinary shares and 1.1 
percent of the shares in Salix 
Group, and purchase options in 
Salix Group.
Rikard Ahlin
CEO of Ettiketto Group since 
2016 and Head of Business Area  
Ettiketto Group since 2022. Born 
1976.
Education: Engineering degree, 
Lund University (LTH, Faculty of 
Engineering).
Other positions: –
Background: Rikard has held 
several sales and production 
roles within Ettiketto Group 
since 1998 and was appointed 
CEO in 2016.
Shareholding in the Company:  
2,500 ordinary shares and 4 
percent of the shares in 
Ettiketto Group.
Åsa Holmgren
Head of Strategic HR since 2024  
Born 1967.
Education: M.Sc., Royal 
Institute of Technology, and 
Exec Ed, Stockholm School of 
Economics.
Other positions: –
Background: Åsa has previously 
held positions at EQT, Axel 
Johnson International, Ernst & 
Young Management Consulting 
and ABB.  
Shareholding in the Company:
-
75Volati Annual Report 2025

===== SIDA 77 =====

General information ���������������������������������������������77
Basis for preparation ����������������������������������������������77
Sustainability governance �������������������������������������79
Business model and strategy ��������������������������������85
Volati’s double materiality assessment ���������������91
 
Environmental information ���������������������������������95
Climate change ������������������������������������������������������� 96
Resource use and circular economy ������������������107
 
Social information ����������������������������������������������112
Own workforce �����������������������������������������������������113
 
Governance information ���������������������������������� 126
Business conduct ��������������������������������������������������127
 
Other information ����������������������������������������������133
Index of disclosures ����������������������������������������������134
EU Taxonomy Regulation ������������������������������������136
Sustainability Report
Sustainability is an important building block in 
Volati’s long-term value creation� To ensure 
continued growth and maintain competitive-
ness over time, sustainability perspectives are 
integrated across the Group� For Volati, this 
means identifying and harnessing the opportu-
nities created by a well-developed sustainabil-
ity approach, while managing and minimising 
sustainability-related risks�
As the owner of successful businesses, Volati 
has a responsibility to set requirements and to 
integrate and monitor sustainability in connec-
tion with investments and as part of its busi-
nesses’ business plans and performance� 
Continuous development ensures that a 
proactive sustainability approach is maintained 
in line with stakeholder expectations� Through 
clear targets, Volati aims to contribute to 
society’s transition, based on the Group’s 
unique conditions and business model� As an 
active owner, Volati provides its businesses 
with the right conditions and support for their 
sustainability development� Acting sustainably 
is considered a prerequisite for long-term 
success� 
By continuously developing and strengthen-
ing sustainability work, value is created for 
customers, owners and society at large�
76 Volati Annual Report 2025

===== SIDA 78 =====

General information
BP-1  |  General basis for preparation
The sustainability report has been prepared 
with the same scope of consolidation as the 
financial statements and includes the Parent 
Company and all Group companies� The report 
covers the Group’s own operations in the 
upstream and downstream value chain� 
Information concerning intellectual property, 
know-how and the results of innovation is 
included in the report, including disclosure of 
impending developments� 
Image: Thomée
Basis for preparation
Sustainability Report
77Volati Annual Report 2025

===== SIDA 79 =====

BP-2  |  Disclosures in relation to specific circumstances
Significant standards and amendments
The sustainability report has been prepared in 
accordance with the Swedish Annual Accounts 
Act� Amendments to the Act have had a 
material impact on the structure and content of 
Volati’s sustainability report, as the European 
Sustainability Reporting Standards (ESRS) have 
been incorporated into the legislation and now 
apply to the Group’s sustainability reporting� 
The content of the sustainability report is 
therefore based on the Group’s sustainability-
related impacts and risks and opportunities, 
which are shown in the Group’s double 
materiality assessment and resulting material 
sustainability matters� Material sustainability 
matters have been identified taking into 
account the Group’s value chain and form a 
consistent thread throughout the sustainability 
report� 
The sustainability report also includes 
disclosures in accordance with the EU Tax-
onomy Regulation (2020:852), presented on 
pages 136–141�
Sources of estimation and outcome 
uncertainty 
Material sources of uncertainty in sustainability- 
related data primarily arise from the collection 
of emission factors in the upstream and 
downstream value chain� Where complete data 
is not available, internationally accepted 
estimation methods are applied� Calculation 
methods, including those based on estimates 
and the handling of measurement uncertainty, 
are described in the “Accounting policies” 
section of the relevant chapters of the sustain-
ability report� This includes information 
estimated using indirect sources� The 
reported information is compiled and man-
aged by the Company and has not been 
subject to external validation�
To achieve a high level of reliability in the 
sustainability report, Volati works continuously 
to identify, analyse and manage risks of 
material errors in the reporting� For further 
information about Volati’s risk management 
and internal controls over sustainability 
reporting, see the section GOV-5�
Incorporation by reference
Sustainability governance is part of Volati’s 
overall corporate governance and risk manage-
ment� To obtain a comprehensive picture of the 
Group’s strategic development, the sustain-
ability report should therefore be read in 
conjunction with other annual reporting� 
Where understanding is enhanced by informa-
tion provided in other parts of the annual 
report, this is clarified in the relevant sections 
of the sustainability report�   
Disclosure requirements not covered by the 
sustainability report  
To facilitate the first year of applying the 
ESRS, a number of transitional provisions have 
been introduced� The transitional provisions 
applied are presented in the reference index 
on page 135�
Sustainability Report
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===== SIDA 80 =====

Sustainability governance
GOV-1  |  Board of Directors and senior executives 
The Board of Directors bears ultimate responsi-
bility for Volati’s sustainability work and Group-
wide sustainability targets� Sustainability is part 
of the Group’s strategic work and is therefore 
integrated into the Board’s annual planning� The 
Board defines and approves the Group’s overall 
strategy, of which sustainability is an integral 
part� The strategy is translated into an annual 
budget that defines the direction for the actions 
required to address sustainability-related 
impacts, risks and opportunities, and to achieve 
the adopted sustainability targets� 
The Board of Directors consists of six 
members: three women (50 percent) and three 
men (50 percent)� None of the Board members 
are executive directors and 83 percent are 
independent Board members� 
Through relevant market knowledge and 
operational experience, the composition of the 
Board is considered to support the Group’s 
growth� The Board members have broad 
experience across a range of sectors and fields, 
including real estate, finance, retail, industry, as 
well as entrepreneurship and business devel-
opment� Through senior executive roles and 
board assignments in both listed and entrepre-
neur-led environments, the members are 
collectively considered to possess relevant 
expertise in strategic governance, capital 
allocation, risk management and long-term 
value creation� This experience also includes 
significant expertise in corporate governance, 
internal control systems, governance and 
control structures, stakeholder relations and 
responsible business conduct in complex and 
evolving markets�
Against this background, Volati’s Board is 
considered to have the expertise required to 
make well-informed decisions regarding the 
Group’s development and strategic direction� 
This includes the Group’s development in the 
area of sustainability, as sustainability-related 
impacts, risks and opportunities are shaped by 
the business model and the context in which 
the Group operates� Where necessary, the 
Board is able to access external expertise, for 
example in connection with regulatory changes 
or for guidance on specific sustainability topics� 
There is no Board level employee representa-
tion� For information on engaging with employ-
ees, see section S1-2�  
The Board’s responsibilities are governed by 
applicable laws and regulations, as well as 
internal policies and guidelines� The Board 
adopts the Group’s policies and governing 
documents, which provide the frameworks 
that form the basis of effective corporate 
governance and guidance on responsible 
business conduct� 
The Board is responsible for monitoring, 
control and regular evaluation of the implemen-
tation and effectiveness of these documents� 
The policies and governing documents define 
the Group’s relevant sustainability matters, such 
as targets and material topics, including related 
impacts, risks and opportunities�
The Volati CEO’s responsibilities are set out 
in the Group’s CEO instructions, under which 
the CEO is assigned responsibility for ensuring 
that the Group’s work is conducted in line with 
the strategy and targets adopted by the Board� 
This responsibility includes monitoring actions 
within the Group’s operations to ensure that 
sustainability work is carried out in accordance 
with the established targets� It also includes 
ensuring that impacts, risks and opportunities 
are managed in an appropriate manner� 
The Volati CFO has been assigned opera-
tional responsibility for ensuring that the 
assessment of the Group’s sustainability-
Sustainability Report
79Volati Annual Report 2025

===== SIDA 81 =====

related impacts, risks and opportunities is 
conducted in accordance with applicable rules 
and guidelines�  
Volati’s operational model 
Volati’s operational model is based on decen-
tralised governance, which means that daily 
decision-making takes place within the Group’s 
businesses� The Group is divided into three 
business areas: Salix Group, Ettiketto Group 
and Industry� Salix Group and Ettiketto Group 
each comprise a single  platform, while Industry 
consists of four platforms� Each platform has 
its own board, which makes decisions regard-
ing the governance of operations, and its own 
management team� The CEO of each manage-
ment team has operational responsibility for 
ensuring that operations within the business 
area and platform are conducted in line with 
the Group’s strategic direction and targets� 
Within each business, local managers have 
been assigned responsibility for running 
day-to-day operations in line with the Group’s 
overall direction�
Group management governs, controls and 
monitors the operations primarily by working 
through the boards and through structured 
monthly reporting� The decentralised manage-
ment model is based on responsibility and 
trust, with managers expected to deliver 
results while also embodying Volati’s corporate 
culture and values�
Sustainability in day-to-day operations
Volati’s decentralised model is based on the 
conviction that the best decisions are made 
close to customers and the market� Similarly, 
managers within the businesses are best 
placed to drive the local sustainability agenda� 
Volati’s businesses have a wide spread in terms 
of industry and sector, which means that they 
face different sustainability aspects� This places 
significant demands on the businesses’ 
management teams in terms of driving their 
own sustainability agendas effectively, based 
on Group-wide targets and guidelines�   
As an active owner, Volati takes responsibil-
ity for strategic direction� By ensuring access to 
the right skills, Volati is able to create the right 
conditions for the businesses to develop� Key 
sustainability personnel have completed 
Group-wide training on sustainability matters, 
with a focus on increasing understanding of 
stakeholder expectations and providing 
practical knowledge on identifying sustainabil-
ity-related impacts, risks and opportunities� 
The training covered methods for analysing 
sustainability challenges for their own busi-
nesses and the link to the businesses’ targets 
and reporting� The training also focused on 
highlighting the financial effects of sustain-
ability factors and the importance of balancing 
environmental, social and economic aspects for 
long-term sustainable development� 
Active ownership also means that Volati 
adds further value by ensuring strategic 
direction and the right management, capital 
allocation, training initiatives and knowledge 
sharing between the businesses� Volati defines 
the direction of the businesses’ transition 
journeys through Group-wide targets and has 
overall responsibility for their achievement� 
This work is ensured through a clear strategic 
agenda, implemented through board work 
within the Group’s businesses, and by 
strengthening the Group’s sustainability-
related expertise� 
The operational sustainability work is is 
conducted in accordance with guidelines 
defined in several policies and governing 
documents� The Sustainability Policy forms the 
foundation for how the Group’s management 
teams are to conduct their sustainability work� 
It establishes minimum requirements across 
the various sustainability areas and sets out the 
Group’s common sustainability targets� Each 
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management team is responsible for imple-
menting these minimum requirements� They 
are also responsible for defining and imple-
menting sustainability criteria specific to their 
own business� Volati monitors developments 
and provides the businesses with resources to 
ensure effective operational sustainability 
work� The businesses’ annual self-assessment 
includes a review of the prescribed guidelines 
to support the monitoring of the reporting 
process� The effectiveness of sustainability 
work is part of the overall performance 
evaluation for the Group’s senior executives�
For further information on monitoring and 
processes for managing sustainability matters, 
see the section GOV-2�
Policies and governing documents
Group-wide policies and governing documents 
form a central part of Volati’s sustainability 
work by establishing common guidelines and 
minimum standards across the Group� The 
Board is responsible for approving and review-
ing the Group’s policies and governing docu-
ments� Volati’s CEO has overall responsibility 
for ensuring that these guidelines are followed 
in day-to-day operations, while managers 
within the businesses are responsible for 
implementing the guidelines at local level� The 
guidelines ensure that the whole Group works 
towards common goals, complies with relevant 
legislation and upholds the Group’s values and 
standards� The policies and governing docu-
ments apply to all businesses across the 
Group’s geographies� Relevant stakeholders are 
taken into consideration when preparing these 
documents� 
Detailed descriptions of the policies and 
governing documents are provided in the 
relevant policy sections of the sustainability 
report�
GOV-2  | Performance monitoring in a decentralised operational model
To create conditions for long-term value 
creation in a decentralised environment, Volati 
focuses on maintaining a high level of corpo-
rate governance within the Group� The Board 
meets in accordance with an established 
meeting schedule� In addition, Volati has a 
performance monitoring model that is applied 
throughout the Group� Group management 
holds quarterly review meetings with the CEOs 
and CFOs of the business areas and platforms, 
during which strategic development and 
initiatives are followed up� In addition, the 
Group CEO regularly provides the Board with a 
consolidated overview of the Group’s develop-
ment, in accordance with an established 
reporting timetable� 
Due diligence is embedded in governance 
and strategy through the implementation of 
policies, primarily set out in the Code of 
Conduct and the Sustainability Policy� Follow-
up takes place annually, when the businesses’ 
compliance with these policies and the effec-
tiveness of the related processes are evaluated� 
Following the update of Volati’s materiality 
assessment in 2024, work has been carried out 
to integrate the outcome within the framework 
of the Group’s corporate governance� As a 
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===== SIDA 83 =====

result, the materiality assessment, together 
with related impacts, risks and opportunities, 
has been integrated into the Group’s Sustain-
ability Policy� The Board’s reporting instruc-
tions for the CEO have also been updated to 
include how the Group’s development aligns 
with what is set out in the Sustainability Policy� 
This includes, for example, the development of 
the Group’s sustainability targets and the 
management of sustainability-related impacts, 
risks and opportunities� Quarterly review 
meetings with the business areas and plat-
forms, together with ongoing information 
exchange, provide the foundation for the 
Group CEO’s annual reporting to the Board on 
the Group’s sustainability development� The 
businesses’ annual self-assessment of their 
strategic work and policy compliance also 
supports this reporting process� This approach 
aims to strengthen control of how impacts, 
risks and opportunities are managed and to 
integrate them into the Group’s corporate 
governance�
To ensure continued relevance, the Group’s 
materiality assessment was reviewed in 2025� 
All material topics were reviewed by the 
Group’s Board and were confirmed as remain-
ing material�  A list of these topics, including 
related impacts and identified risks and 
opportunities, is set out in section SBM-3�
In addition to being included in strategic 
discussions, sustainability matters were also 
dealt with as a separate agenda item at 4 out of 
11 Board meetings in 2025� 
An ongoing presence in strategic planning 
means that sustainability matters are taken into 
account in both decision-making and risk 
analyses� A long-term perspective in ownership 
and value creation are fundamental principles 
for Volati� The Board’s decision-making is 
consistently based on the factors considered to 
provide the best conditions for sustainable 
long-term value creation� As acquisitive growth 
is a core part of Volati’s business strategy, 
sustainability aspects are included in assess-
ments in connection with investment deci-
sions� Volati’s investment activities and 
conduct as a responsible owner are based on 
the principles of due diligence� Acquisition 
targets undergo a due diligence process, which 
is largely carried out using internal resources� 
The outcome is presented to the Board and 
forms the basis for decision-making� For 
further information about Volati’s sustainable 
acquisition process, see section G1-1�
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GOV-3  |  Integration of sustainability-related performance in incentive schemes
The guidelines for remuneration of senior 
executives are not linked to sustainability-
related incentives, and there are currently no 
plans to introduce such incentives� No climate-
related considerations are taken into account in 
the remuneration of senior executives� In this 
context, the term senior executives refers to 
the Volati CEO and other members of Volati’s 
Group management�
GOV-4  |  Statement on due diligence
The table below sets out the material topics 
and associated disclosure requirements that 
address information relating to core elements 
of due diligence in respect of impacts on 
people and the environment�
References to sections where the information is addressed
Core elements 
of due diligence
General  
disclosures
Climate  
change
Resource use and  
circular economy Employees
Business  
conduct 
a)   Embedding due 
diligence in governance, 
strategy and business 
model
GOV-1
IRO-1
E1-1 E5-2 S1-1 G1-1
G1-2
G1-3
MDR-T
b)   Engaging with affected 
stakeholders in all key 
steps of due diligence
SBM-1
SBM-2
S1-2
S1-3 
G1-1
c)   Identifying and 
assessing adverse 
impacts
SBM-3
IRO-1
SBM-3 SBM-3 SBM-3 SBM-3
d)   Taking actions to 
address those adverse 
impacts
GOV-1
GOV-2
SBM-2
SBM-3 
SBM-3
E1-3
SBM-3
E5-2
SBM-3
S1-4
G1-1
G1-2
G1-3
MDR-T
e)   Tracking the 
effectiveness of these 
efforts and 
communicating
GOV-2 E1-3 E5-2 S1-1
S1-4
G1-1
G1-2
G1-3
MDR-T
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GOV-5  |  Risk management and internal controls over sustainability reporting
As sustainability is an integral part of Volati’s 
risk management, internal control over sustain-
ability-related information is based on existing 
control activities� The Board bears overall 
responsibility for the Group’s control environ-
ment, while the CEO is responsible for ensur-
ing that it continues to function effectively� 
Volati’s CFO has been assigned the task of 
overseeing the sustainability reporting and 
ensuring that it complies with applicable legal 
requirements and guidelines� The CFO’s 
responsibilities include identifying, addressing 
and implementing new and amended legisla-
tion� The preparation of the Group’s sustain-
ability report and its reporting in accordance 
with the ESRS has been managed within the 
framework of this process� Implementation of 
statutory requirements for sustainability 
reporting, including related internal control 
procedures, is regularly reported to the CEO 
and Board� 
To maintain an effective control environ-
ment, the Board has adopted fundamental poli-
cies and governing documents of importance 
to sustainability reporting� The business areas 
and platforms are responsible for measuring 
sustainability indicators and collecting the 
supporting documentation required to com-
plete Volati’s annual sustainability question-
naire� Sustainability data is reported annually in 
the Group’s common systems� It is particularly 
important that the information is accurate and 
supported by documentation, and that report-
ing is completed within the specified time 
frame� The annual sustainability questionnaire 
sets out the minimum reporting requirements 
but does not does not restrict the businesses 
from collecting and monitoring additional 
indicators� The businesses’ annual self-assess-
ment includes a review of the prescribed 
guidelines to support the monitoring of the 
reporting process� Any risks identified in the 
reporting process must be documented in the 
assessment, to enable the methodology and 
risk prioritisation to be adapted going forward�
The main risks of errors in the reporting 
relate to manual processing� To mitigate the 
risk of misstatements, a reasonableness 
assessment is performed on the reported 
information� The methodology is supported by 
various IT systems for sustainability data� For 
greenhouse gas data, system support managed 
internally within the Group is used� System 
providers and data sources are evaluated on an 
ongoing basis to ensure that they meet quality 
and reliability requirements� The internal 
control process is continuously evaluated with 
the aim of improving procedures and reducing 
the risk of misstatements� 
The Group’s CEO is responsible for ensuring 
compliance with the process and reports the 
results to the Board for follow-up� In addition, 
Group management conducts quarterly 
reviews with the CEO and CFO of each 
business area and platform� Any risks identified 
are reported to the Board for further follow-up� 
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Business model and strategy
SBM-1  |  Strategy, business model and value chain
Volati is an industrial group whose business 
model, in brief, is aimed at creating value by 
acquiring companies with proven business 
models, leading market positions and strong 
cash flows at reasonable valuations, and 
developing them with a focus on organic 
growth and long-term value creation� Volati is 
organised in three business areas: Salix Group, 
Ettiketto Group and Industry� The Group’s 
operations are managed and reported primarily 
by business area� Related information is 
provided in the segment reporting in the 
financial statements on pages 151–154� 
Business areas 
Salix Group operates through three units, with 
29 companies in eight countries� The main 
market is the Nordic region, with a particular 
focus on Sweden� The business area offers a 
range of products for home and garden, as well 
as agriculture and forestry� The largest cus-
tomer segment is builders’ merchants and 
related retail segments� Other customer 
segments include the construction and wood 
industries, forestry and agriculture, and the 
packaging industry� Sales are conducted 
through distributors, retail chains, e-commerce 
channels and direct sales to customers� The 
majority of Salix Group’s net sales come from 
the professional and industrial segments, with 
a smaller proportion attributable to the 
consumer segment� 
 
Ettiketto Group operates through four units, 
with seven companies in four countries� The 
food industry is its largest customer group� 
Ettiketto Group is a supplier of self-adhesive 
labels for a variety of applications including 
consumer goods, food and industry� The 
business area also has a comprehensive range 
of labelling machines that are integrated into 
customers’ production lines� 
Industry consists of four platforms, with 36 
companies in 16 countries� The platforms 
operate in four market niches: grain handling; 
moisture and water damage restoration; stone 
and cement products used in infrastructure, 
paving and roofing; and critical infrastructure 
for customers in telecom and other sectors� 
Employees as a strategic resource
A diverse range of stakeholders with different 
backgrounds and cultures, both within the 
Group’s own operations and among suppliers 
and customers, makes workforce diversity a key 
success factor� As an international employer, 
Volati strives for a workforce that reflects the 
communities in which the Group operates� For 
the number of employees by geographic area, 
see section S1-6 on page 120�  
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Business 
ethics 
Volati has zero tolerance for unethical 
business conduct, and all Group com-
panies must have effective procedures 
in place to ensure compliance with the 
Code of Conduct both internally and 
across the value chain�
Target: Zero business 
conduct incidents in the 
Group�
Environment 
& Climate 
Volati aims to reduce the Group’s own
emissions (Scope 1 & 2) in line with
the Paris Agreement’s 1�5°C goal�
Target: A 40 percent reduc-
tion in emissions by 2030 
compared with the 2021 
base year�
Employees Volati aims to be an inclusive and safe 
workplace that welcomes employees 
with diverse backgrounds and 
experiences�
Target: By 2030, the 
Group’s management teams 
are to have a gender balance 
within the 40–60 percent 
range for each gender�
OUTCOME:
28% 
WOMEN
OUTCOME:
0
INCIDENTS
OUTCOME:
25% 
EMISSIONS
Sustainability targets
For Volati to achieve its overall objective of 
long-term value creation, both trust from 
the Group’s stakeholders and a business 
model that is sustainable over time are 
required� Volati has adopted Group-wide 
sustainability targets that are considered 
necessary to fulfil its vision of long-term 
value creation� 
The sustainability targets have been 
established following a review of significant 
aspects of the Group’s operations� This 
includes key factors such as products, 
services and markets, reflecting the ambition 
to integrate sustainability into the business� 
The sustainability targets relate to relation-
ships with stakeholders, such as suppliers, 
business partners and employees� The 
climate-related target also covers the Group’s 
products and services as well as its geographi-
cal areas, as efficiency measures to achieve 
the target may encompass these areas� 
The purpose of the sustainability targets 
is to measure and monitor the work being 
carried out and to ensure that it is appropri-
ate� At the same time, a strong financial 
position is a prerequisite for acting in a 
long-term and sustainable way, which 
means that the sustainability targets must 
be evaluated collectively and in relation to 
Volati’s financial targets� 
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Volati’s value chain
As a diversified Group, Volati operates across multiple value chains� An overview of the main 
activities related to Volati’s material impacts, risks and opportunities is presented below�
Development
Services1)
Production
Assembly
Project planning
Downstream
Retailers
End-users
Upstream
Extraction of 
raw materials
Processing of raw 
materials
Production
Assembly & processing 
of products
1)  Services: Sales, After-market, Service, 
Training etc�  
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The value chain is described on the basis of 
specific products or services and includes the 
main steps, from raw material extraction and 
processing to production, assembly and final 
consumption� For Volati, this also includes key 
activities such as product development, project 
planning and services including sales, the 
after-market, service and training� In the 
upstream value chain, significant stakeholder 
groups include suppliers, producers and 
transport providers� In the downstream value 
chain, they include retailers and customers� 
Within the Group’s own operations, the 
relevant stakeholder group is Volati’s employ-
ees� The upstream value chain is the primary 
cost driver� At the same time, it contributes 
significant value in terms of quality, choice of 
material and supplier collaboration� Value 
creation is realised primarily within the Group’s 
own operations and through interactions with 
customers downstream�  
Volati’s strategy is aimed at creating value in 
every part of the value chain, from strong 
offerings and high quality within the Group’s 
own operations to long-term business relation-
ships with customers and society� The ambition 
is to achieve long-term growth and strong 
returns through acquisitions and value-creating 
activities in all parts of the value chain� Acting 
sustainably is considered a prerequisite for 
long-term success� Close collaboration with 
relevant stakeholders and a  focus on custom-
ers’ needs contribute to the creation of 
long-term value across the entire value chain� 
For information on the main business relation-
ships and their key characteristics, see section 
SBM-2�
Volati’s materiality assessment identifies 
how activities across the value chain give rise 
to both positive and negative impacts, as well 
as related risks and opportunities� The main 
challenges identified relate to activities across 
the value chain and associated greenhouse gas 
(GHG) emissions, which mainly arise from 
production and business relationships 
upstream and downstream in the value chain� 
Transition processes are extensive and require 
far-reaching efforts� At the same time, the 
development of climate policy requirements 
creates a need to navigate increasingly com-
plex regulatory frameworks� To address these 
challenges, the work has been structured 
around the Group’s sustainability targets, 
which serve as a strategic tool and are consid-
ered to contribute to the Group’s long-term 
value creation as well as to society’s sustain-
able transition� For an overview of Volati’s 
material sustainability matters and their links to 
the value chain, see section SBM-3� For 
information about Volati’s material sustainabil-
ity matters and their links to the strategy and 
business model, and about which parts of the 
strategy affect sustainability matters, see 
section SBM-3 in the relevant chapter of the 
sustainability report� 
SBM-2  |   Stakeholder engagement 
An important part of Volati’s long-term value 
creation involves actively listening to stakehold-
ers� External factors that affect Volati and areas 
where the Group’s activities affect the external 
environment are identified through ongoing 
dialogue� This enables relevant matters to be 
identified and creates the conditions to act in 
line with what is in the long-term best interests 
of the Group and the communities in which the 
Group operates� Analysis and monitoring is 
continuously developed in order to ensure 
proactive sustainability work that is conducted 
in line with stakeholder expectations, while also 
strengthening competitiveness over time� In 
this way, Volati strengthens its role as an actor 
that creates long-term value for the Group’s 
businesses, stakeholders and for society at 
large� 
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As part of the Group’s materiality assessment, 
stakeholders were invited to share their views 
on the areas considered most relevant for 
Volati to prioritise� The work has focused on 
identifying both positi ve and negative impacts 
and assessing risks and opportunities related to 
Volati’s financial performance, taking into 
account sustainability-related factors� Stake-
holder’ views have been consolidated and 
constitute part of the decision-making basis for 
the outcome of Volati’s double materiality 
assessment� Senior executives are regularly 
informed of stakeholders’ interests in order to 
enable their perspectives to be considered in 
decision-making� As part of this work, they 
have also taken stakeholders’ views into 
account during Volati’s materiality assessment 
process� 
Key stakeholders Dialogue channels Purpose  
Shareholders •   Ongoing dialogue
•  Quarterly and annual reports
•  Board meetings
Strategic decisions are based on close dialogue with 
owners, which creates a common focus on long-term 
goals� Owner insights and engagement are a valuable 
asset that supports Volati in continuing to develop the 
vision of long-term value creation�
Financial providers •   Ongoing dialogue
•   Quarterly and annual reports 
•   Loan documentation
Keeping lenders informed of the Company’s development 
and clearly communicating business plans enhances the 
conditions for financing and creates long-term 
relationships�
Investors/
shareholders
•   Annual General Meeting
•   Quarterly and annual reports 
•   Investor dialogue 
•   Presentations
Volati focuses on delivering long-term value and 
increasing engagement by providing shareholders with 
accurate and reliable information�
Platform 
representatives
•   Ongoing dialogue
•   Standardised reporting
•   Board meetings
Development of the businesses is closely monitored 
through structured reporting and Board meetings, 
complemented by informal contacts, in order to ensure 
the right conditions for growth and value creation�
Suppliers •   Ongoing dialogue
•   Follow-up meetings
•   Supplier audits
The businesses work systematically on setting 
requirements and maintaining dialogue with suppliers� 
Dialogue is aimed at promoting ethical business practices 
and prioritising sustainable relationships with suppliers 
who share Volati’s values�
Employees •   Ongoing dialogue 
•   Training 
•   Employee interviews 
•   Employee surveys
•   Intranet (by platform)
To ensure long-term competitiveness, Volati strives to 
create a safe and inclusive work environment that 
promotes development� By identifying the needs of the 
businesses and being an active owner, the right conditions 
and strong common values are created� 
Customers •   Customer meetings
•   Customer surveys
•   Trade fairs
•   Volati’s and businesses’ websites
•   Business-specific communication 
channels
Volati believes that that the best business decisions are 
made close to customers and the market� Local managers 
therefore have a responsibility to integrate the customer 
perspective by being responsive to their needs� As an 
active owner, Volati builds on local entrepreneurship to 
further develop the businesses by providing leadership, 
expertise, processes and financial resources to strengthen 
the customer offerings�
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SBM-3  |  Material impacts, risks and opportunities
The sustainability matters identified as material 
in Volati’s materiality assessment are presented 
below� The double materiality assessment 
underlying this identification is described in 
section IRO-1�  
More detailed information on how impacts, 
risks and opportunities are managed, and on 
the related actions, is provided in the relevant 
chapters of the sustainability report�   
T opic
 
Sub-topic
Impact, risk,  
opportunity 
Location in  
value chain
Page reference 
to where  
the topic is 
addressed
E1 Climate change Climate change mitigation     
   96
Energy    
   96
E5  Resource use  
and circular economy Resource inflows    
  107
S1 Own workforce Working conditions   
 113
Equal treatment and opportunities for all   
 113
G1 Business conduct Business ethics    
   127
  Actual positive impact
  Actual negative impact
  Opportunity
  Risk
  Upstream 
  Own operations 
  Downstream
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