FULLTEXT DEL 1 AV 3
Årsredovisning 2025
===== 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
===== SIDA 7 =====
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
===== SIDA 62 =====
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
===== SIDA 63 =====
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
Corporate Governance Report
63Volati Annual Report 2025
===== SIDA 65 =====
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
Corporate Governance Report
64 Volati Annual Report 2025
===== SIDA 66 =====
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
Corporate Governance Report
65Volati Annual Report 2025
===== SIDA 67 =====
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;
Corporate Governance Report
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
Corporate Governance Report
67Volati Annual Report 2025
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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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68 Volati Annual Report 2025
===== 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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69Volati Annual Report 2025
===== SIDA 71 =====
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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70 Volati Annual Report 2025
===== 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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71Volati Annual Report 2025
===== 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
78 Volati Annual Report 2025
===== 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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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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