Årsredovisning 2025

IRO-1  |  Process for the double materiality assessment
During 2024, Volati conducted a materiality 
assessment to identify the sustainability 
matters relevant to the Group� The assessment 
was conducted in accordance with the ESRS 
using the principle of double materiality, 
meaning that it is based on the perspectives of 
financial materiality and impact materiality� 
Financial materiality occurs when sustainability 
matters generate risks and/or opportunities 
that have a material influence on financial 
performance and long-term development� 
Impact materiality refers to the effects that the 
activity has on the environment and society, 
based on positive and negative impacts� The 
double materiality assessment was carried out 
taking into account the topics and related 
sub-topics defined in the ESRS� 
The outcome of the double materiality 
assessment conducted in 2024 resulted in an 
update to Volati’s previous materiality assess-
ment� The matters identified as material in the 
updated assessment are largely consistent with 
previously established factors� The previously 
adopted sustainability strategy and the 
established sustainability targets are therefore 
still considered to be relevant� One difference 
is that the updated materiality assessment is 
now based on a double perspective, which has 
deepened the analysis�
To ensure that the materiality assessment 
continues to reflect the Group’s activities, it will 
be reviewed annually� Such a review was 
carried out in 2025� In connection with the 
review, the analysis was further refined� 
Sustainability matters identified as financially 
material were linked to a monetary range in 
order to quantify the potential financial effects 
of risks and opportunities� No significant 
changes affecting the outcome of the double 
materiality assessment have occurred within 
the operations� The materiality assessment is 
therefore considered to remain relevant for the 
Volati Group�  
Overall process for assessing material 
matters 
1 Value chain analysis
An inventory of the Group’s operations was 
carried out in the initial phase of the analysis, 
focusing on the value chain� The analysis 
covered activities in the Group’s own opera-
tions, upstream activities in the supply chain 
and downstream activities in the value chain� 
To ensure that the analysis covered Volati’s 
entire operations, activities within each entity 
were mapped, together with the resources and 
external conditions on which the businesses 
depend� The scope of the mapping included 
the entities’ geographic locations, supplier 
relationships, and product and service offer-
ings� In addition, market research was carried 
out in combination with mapping based on 
international frameworks� 
2 Stakeholder dialogue
The analysis involved integrating the views of a 
selection of stakeholders� Dialogues were 
conducted with external stakeholders such as 
investors and owners, as well as internal 
stakeholders in the form of representatives 
from each platform� The dialogues focused on 
capturing aspects relevant to Volati’s external 
environment and the priority areas of the 
stakeholder groups� These were compiled in 
order to determine the relevance of the 
sustainability matters and to ensure a balanced 
view of impacts, risks and opportunities� Based 
on the analyses carried out and stakeholder 
dialogue, a long list of potentially material 
sustainability matters was drawn up� 
Volati’s double materiality assessment
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3 Impact materiality analysis
To assess impact materiality, both positive and 
negative impacts were analysed based on their 
severity, scale, irremediability and likelihood� 
The analysis was carried out through meetings 
conducted by a working group comprising 
representatives from Volati, including Group 
management, and external experts� The 
meetings were based on the completed value 
chain analysis, stakeholder dialogues and the 
mapping against international frameworks� 
The sustainability matters identified as being 
associated with positive or negative impacts 
were evaluated based on the following criteria: 
a)  Severity, based on an assessment of scale, 
scope and irremediability , using a scale from 0 
to 5 (“none” to “absolute”)�
b)  Likelihood of the impact occurring, using a 
scale from 0 to 5 (“very unlikely” to “certain”)� If 
the impact is actual, likelihood is assessed as 5� 
If the impact is potential, likelihood is assessed 
on a scale from 0 to 5� 
4 Financial materiality analysis 
To assess financial materiality, risks and 
opportunities were analysed on the basis of 
the scope and likelihood of the financial 
effects� The analysis was carried out through 
meetings conducted by a working group 
comprising representatives from Volati, 
including Group management, and external 
experts� The meetings were based on Volati’s 
existing risk assessment methods�
The sustainability matters identified as 
relating to a risk or opportunity were evaluated 
based on the following criteria:
a)  Financial effect, based on an assessment of 
the magnitude of the financial risk or opportu-
nity the impact may give rise to, using a scale 
from 1 to 4 (“low” to “severe”)� A monetary range 
is linked to each level of financial effect�
b)  Likelihood, based on an assessment of the 
likelihood of the aspect and financial effect 
occurring, using a scale from 0 to 5 (“very 
unlikely” to “certain”)� 
5 Results and final materiality assessment 
Following the scoring of each sustainability 
matter, an average score was calculated� Based 
on the defined threshold, the matters were 
then prioritised according to their scores, 
resulting in a final materiality assessment� The 
outcome identified four material sustainability 
topics with six related sub-topics� Of the six 
sub-topics, two were identified as double 
material� The conclusion for these is that the 
Group’s impacts and dependencies are linked 
to the identified risks and opportunities�
Time horizons have been considered through 
an overall assessment of when the identified 
impacts, risks and opportunities may occur, 
taking into account their current status and 
possible development over time� The assess-
ment is based on assumptions derived from 
available data, stakeholder dialogue, and existing 
internal methodologies and external frame-
works� The process is designed to provide a 
structured and comparable assessment at 
Group level and is therefore high-level in nature� 
For the results to be integrated into Volati’s 
strategic planning, it was crucial for decision-
makers to be informed of their substance� The 
identified material topics were validated by 
internal key stakeholders, including representa-
tives from Group management� The results 
were subsequently presented to and approved 
by the Volati Board of Directors� The involve-
ment of senior executives ensures that the 
materiality assessment is integrated into 
governance and accountability structures� For 
further information on how the assessment is 
integrated into control and governance 
processes, see GOV-1 and GOV-2� 
Process for assessing climate change 
The process for assessing climate-related 
impacts, risks and opportunities followed the 
steps in the overall double materiality assess-
ment process�
 Stakeholders’ views were considered and 
gathered through interviews and surveys� 
Internal stakeholders consisted of representa-
tives from Volati’s business areas and platforms, 
as they have the greatest insight at local level 
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and are closest to Volati’s markets and external 
relationships� External stakeholders such as 
investors were consulted, as they were consid-
ered able to provide perspectives on sustain-
ability factors that may have financial effects� 
In assessing climate-related impacts, the 
analysis focused on the Group’s GHG emissions, 
both from its own operations and from 
upstream and downstream activities in the value 
chain� The analysis covered GHG emissions in 
Scopes 1, 2 and 3� The assessment of impacts 
was based on the Group’s GHG emission 
volumes� All ESRS sub-topics were subject to 
analysis� To enable prioritisation within the initial 
long list, both likelihood and severity were 
assessed� The combination of these two criteria 
provided a comparable assessment of impacts� 
Severity describes the extent of potential 
positive or negative impacts, while likelihood 
refers to the probability of the impact occurring� 
Together, these criteria formed the basis for 
prioritising which matters are addressed as part 
of the materiality assessment� 
Climate-related financial effects were 
assessed in order to identify the risks and 
opportunities to which the Group is exposed� 
Risks were quantified based on a monetary 
range reflecting the magnitude of the potential 
financial effect� The assessment of financial 
risk is based on existing risk assessment 
methodologies, with certain adjustments made 
to align with ESRS� Relevant sources were 
applied to identify indicators of financial 
effects in the Group’s industries, including 
SASB, Material Transition Risk Data (MSCI) and 
the S&P Global ESG Score� The factors covered 
by the analysis included transition risks, such as 
changes in the supply chain, new or revised 
regulations, and potential future investment 
requirements for more sustainable practices� A 
climate scenario analysis based on recognised 
scenario sources has not been conducted� A 
resilience analysis has not been conducted� 
The materiality assessment showed that ESRS 
E1 Climate change is material to the Group, with 
the exception of the disclosure requirements 
E1-7 (GHG removals and GHG mitigation 
projects financed through carbon credits), E1-8 
(Internal carbon pricing) and E1-9 (Anticipated 
financial effects from material physical and 
transition risks and potential climate-related 
opportunities), which were assessed as not 
material� E1-7 is assessed as not material, as the 
Group does not carry out activities that result in 
significant GHG removals� E1-8 is assessed as not 
material, as the Group does not apply internal 
carbon pricing� The analysis indicates that 
potential risks are linked to climate change, 
primarily in the form of transition risks such as 
regulatory changes and market effects, which may 
give rise to financial effects over time� However, 
at present, the analysis has not identified any 
direct or quantifiable expected financial effects� 
On this basis, disclosure requirement E1-9 is 
assessed as not material, as no expected financial 
effects related to climate-related risks and 
opportunities have been identified�
Process for assessing resource use and 
circular economy
The process for assessing impacts, risks and 
opportunities related to resource use followed 
the steps in the overall double materiality 
assessment process�
The value chain analysis was a key part of 
this process and was used to evaluate resource 
flows across the main activities� The analysis 
covered the entire value chain, from raw 
material extraction to end consumer, and was 
conducted at business area level to reflect the 
Group’s industry diversification and the varying 
resource flows� The analysis included both 
actual and potential effects� Internal stake-
holder dialogue involved representatives from 
the business areas, as they have the greatest 
insight into the businesses’ resource use� 
Potentially affected communities were not 
included in the dialogue�
Through the inventory of the Group’s GHG 
emissions, resource inflows were identified as a 
significant factor, as the category Purchased 
goods and services represents a large share of 
the Group’s Scope 3 emissions� The inventory 
also showed that purchases from manufactur-
ing suppliers account for approximately 
one-third of the Scope 3 emissions attributable 
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to purchased goods and services, indicating 
that these activities have a significant impact 
on the Group’s resource use relative to their 
share of the Group� 
The materiality assessment showed that 
ESRS E5 Resource use and circular economy is 
material to the Group, with the exception of the 
disclosure requirements E5-5 (Resource 
outflows) and E5-6 (Anticipated financial 
effects from resource use and circular econ-
omy-related impacts, risks and opportunities), 
which were assessed as not material� The 
assessment is based on the conclusion that no 
significant impacts related to resource outflows 
have been identified and that no expected 
financial effects attributable to risks or oppor-
tunities in this area have been identified�
Process for assessing own workforce
The process for assessing impacts, risks and 
opportunities related to own workforce 
followed the steps in the overall double 
materiality assessment process�
The analysis was largely based on existing 
internal processes, policies and governing 
documents, as well as dialogue with leaders 
within the Group’s platforms and relevant 
internal functions� The assessment also drew on 
results and observations from the Group’s ongo-
ing work in HR and leadership development�
Volati operates according to a model aimed 
at developing strong platforms through active 
ownership, competence and leadership, with 
the objective of creating long-term value in the 
local businesses� The work includes succession 
planning and strategic HR initiatives, including 
skills development programmes for the Group’s 
senior executives,other employees and future 
employees� Established processes for objective 
recruitment are applied to promote a diversity 
of perspectives and backgrounds, and the 
Group also works towards defined diversity-
related targets�
These internal processes have contributed 
to an increased share of internal appointments 
to senior positions, continuous skills develop-
ment among existing employees, and the 
recruitment of new expertise� 
A more detailed description of the processes 
underlying the analysis is provided in sections 
S1-4 and S1-5�
The materiality assessment showed that 
ESRS S1 Own workforce is material for the 
Group� The related sub-topics Working 
conditions and Equal treatment and opportuni-
ties for all were also assessed as material�
Process for assessing business conduct
The process for assessing impacts, risks and 
opportunities related to business conduct 
followed the steps in the overall double 
materiality assessment process� 
The analysis was largely based on existing 
governance documentation, together with 
dialogue with leaders across the Group’s 
operations and internal functions in relevant 
roles� As the Group has previously identified 
certain geographic areas in which it operates as 
having a higher risk of business conduct 
violations, particularly in relation to supplier 
relationships, the analysis focused primarily on 
business relationships and the potential 
exposure to ethical and legal risks� In addition 
to stakeholder dialogue, external sources were 
used, such as Transparency International’s 
Corruption Perceptions Index, which indicates 
that the operations in most cases take place in 
countries with a low risk of direct exposure to 
unethical business conduct� However, it was 
assessed that indirect exposure may occur 
through the supply chain� 
The materiality assessment showed that 
ESRS G1 Business conduct is material for the 
Group, with the exception of disclosure 
requirements G1-5 (Political influence and 
lobbying activities) and G1-6 (Payment 
practices), which were assessed as not mate-
rial� The assessment is based on the conclusion 
that no significant impacts related to these 
areas and no expected financial effects 
attributable to risks or opportunities in these 
areas have been identified�
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Environmental  
information
Image: Heco
Volati’s overall purpose is to generate long-
term value� In this context, Volati considers it 
part of its responsibility to contribute to the 
green transition� Business models that fail to 
adapt risk losing competitiveness in relation to 
employees, customers and society at large� 
Through clear targets, Volati aims to contribute 
to society’s transition, based on the Group’s 
unique conditions and business model�
Impact management is a complex and 
resource-intensive process that presents both 
challenges and risks� It is Volati’s aspiration to 
create long-term value growth by balancing the 
risks and opportunities of climate change� 
Through clear governance, Group-wide goals 
and continuous follow-up, Volati strengthens 
its ability to contribute to a sustainable transi-
tion while creating value for both owners and 
society at large�
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Climate change
SBM-3  |  Material impacts and risks 
A long-term perspective in both ownership and 
value creation is fundamental to Volati� 
Managing climate-related matters effectively 
plays a central part in this long-term approach� 
The Group’s GHG emissions primarily originate 
from production, business relationships and 
operational activities� Climate impacts mainly 
relate to activities in the value chain, where 
Scope 3 accounts for 99 percent of total GHG 
emissions� As energy is an important input in 
parts of the Group’s product and service 
offering, efficient use of energy and a well-
balanced energy mix are essential� 
Measures to mitigate climate impact require 
significant resources, and the transition 
involves potential risks� Several of Volati’s 
businesses operate in sectors where transition 
processes are extensive and require far-
reaching measures� At the same time, the 
development of climate policy requirements 
creates a need to navigate increasingly com-
plex regulatory frameworks� The potential risk 
factors identified are transition-related, 
including changes in the supply chain, new or 
amended regulations, and future investment 
requirements for more sustainable practices� 
No climate scenario analysis based on recog-
nised climate scenarios has been conducted� 
Active risk management is necessary to run a 
successful business in the long term� Volati 
conducts an annual overall risk assessment to 
identify, evaluate and manage risks that may 
have a negative impact on the Group’s vision, 
business concept, goals and strategy� For the 
highest-priority risks, action plans are devel-
oped and the necessary resources are allocated 
to enable proactive management� In connec-
tion with the preparation of the Group’s 
materiality assessment, the potential financial 
effects that climate-related factors may have 
on the Group’s results were analysed� Risks 
have been mapped across all parts of the value 
chain and are currently not assessed as giving 
rise to significant anticipated financial effects� 
However, there is considered to be a potential 
risk of financial effects over time, primarily in 
the form of transition risks such as regulatory 
changes and market effects� The area is 
therefore considered a priority� 
For further information on the Group’s 
overall risk management, see the section Risks 
and uncertainties on page 58� For information 
T opic Sub-topic
Impact, risk,  
opportunity 
Location in  
value chain
E1 Climate change Climate change mitigation     
   
Energy    
   
  Actual positive impact
  Actual negative impact
  Opportunity
  Risk
  Upstream 
  Own operations 
  Downstream
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on the process for assessing climate-related 
risks, see section IRO-1�
The Group works continuously to integrate 
risk management with emission reduction 
efforts through clear governance, relevant 
policies and concrete actions aligned with 
established targets� This is complemented by 
ongoing follow-up and a commitment to 
further develop the analyses and strategy to 
strengthen long-term resilience� 
E1-1  |  Transition plan 
Volati has a Group-wide target to reduce direct 
Scope 1 and 2 emissions, in line with the Paris 
Agreement’s 1�5°C goal� To enable effective 
work, a certain degree of central governance is 
applied to ensure progress towards target 
achievement� As an active owner, Volati sets 
the strategic direction and establishes guide-
lines to support efforts to achieve Group-wide 
targets, while the businesses are responsible 
for implementing strategic measures� 
The main risks to the Group achieving its 
climate target are linked to its dependence on 
energy and materials, which may make emis-
sions reductions in line with Scope 1 and 2 
targets more challenging within commercial 
constraints� Work is ongoing across the 
businesses to evaluate how GHG emissions are 
tied to existing assets and processes, with the 
aim of preventing emissions from being 
generated over time� The businesses are at 
different stages of this work, and the actions 
implemented vary depending on the conditions 
and needs of each business� As an active 
owner, Volati monitors developments to 
identify the changes and resources required to 
work towards achieving its targets� For further 
information about actions, see section E1-3� 
Since the 2021 base year, the Group has 
reduced its Scope 1 and 2 emissions by 25 
percent, meaning that implemented actions 
and ongoing work are aligned with the pathway 
to the 2030 target� The work carried out to 
achieve the climate target is an integrated part 
of the Group’s strategic work and is therefore 
included in the Board’s annual planning� Volati’s 
climate target has been approved by the Board, 
and progress is monitored in accordance with 
the Group’s structured performance follow-up 
process� The investments required to achieve 
the Group’s climate target are financed within 
the framework of the overall financial planning� 
The Group is not excluded from EU Paris-
aligned benchmarks� Volati’s transition to a 
sustainable economy is primarily driven by the 
Group’s sustainability targets and operational 
improvement actions� For the results and 
assessment of economic activities in accord-
ance with the EU Taxonomy Regulation, see 
pages 136–141� The current transition work is 
based on the reference frameworks derived 
from the Paris Agreement temperature goal, 
but is not based on a scientifically defined 
reduction pathway or a climate neutrality 
target� Volati intends to deepen the Group’s 
transition work and, as part of this commit-
ment, joined the Science Based Targets 
initiative (SBTi) in 2024� In line with this 
commitment, science-based reduction targets 
and strategies are to be developed within 24 
months of Volati joining and validated against 
the Paris Agreement’s 1�5°C goal� Work is 
underway to define measurable, time-bound 
and outcome-oriented targets based on the 
Group’s material impacts and risks� This 
includes expanding existing targets and 
developing strategies and actions to achieve 
the planned targets� 
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E1-2  |  Policies
Volati believes in the strength of local entrepre-
neurship, meaning that day-to-day decision-
making takes place close to the businesses� A 
number of Group-wide policies and governing 
documents set the overall framework, while 
implementation is shaped locally by managers 
with in-depth knowledge of the operating 
environment and operational conditions� The 
policies and governing documents guide the 
work towards common targets, compliance 
with relevant legislation, and the Group’s 
values and standards� 
Code of Conduct
The Code of Conduct sets out the overall 
expectations for how the Group and its 
employees should act, both within its own 
operations and in business relationships, and 
therefore covers the entire value chain� It 
establishes the objective of reducing the 
Group’s GHG emissions and clarifies that each 
business is to define and implement sustaina-
bility-related criteria in accordance with the 
OECD Guidelines for Multinational Enterprises 
and the UN Global Compact’s Ten Principles� 
To promote the achievement of targets, the 
policy identifies a number of priority areas 
where the businesses are expected to focus 
their actions� These include, among other 
things, improving energy efficiency and 
reducing climate impact through both mitiga-
tion and innovation� The businesses are to map 
and act in the areas where the greatest impact 
can be achieved, while also driving product 
innovation that promotes sustainable solutions 
and contributes to reduced GHG emissions� 
The policy is available to external stakeholders 
on Volati’s website, www�volati�com�  
Sustainability Policy
For detailed guidelines on climate-related 
matters, employees are referred to the Sustain-
ability Policy, where Volati’s materiality assess-
ment is integrated together with related 
impacts, risks and opportunities� The policy 
sets out the Group’s climate target and the 
minimum criteria considered necessary for all 
businesses to carry out effective work in line 
with the adopted climate target� Among the 
minimum criteria is a requirement for the 
businesses to establish concrete action plans 
to reduce GHG emissions� Improving energy 
efficiency is included as a defined area and may 
involve measures such as the use of renewable 
energy� In addition to the common criteria, the 
businesses are responsible for defining and 
implementing further sustainability criteria 
tailored to local needs� The Sustainability Policy 
constitutes a key document for the Group’s 
performance follow-up, as it stipulates that the 
businesses are to measure defined indicators 
and maintain the documentation required for 
the Group’s annual calculation of emissions� 
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E1-3  |  Actions 
Volati’s climate target and the actions taken are 
based on an awareness of the Group’s impacts 
and a proactive approach to the risks that 
follow� The Group’s credit facilities have been 
converted into sustainability-linked loans, 
meaning that parts of the loan terms are 
directly linked to progress against the climate 
target� Monitoring of these terms is based on 
progress in reducing the Group’s direct GHG 
emissions� By linking financing to the climate 
target, monitoring is strengthened and clearer 
requirements are placed on the Group to 
deliver a strong performance� 
Volati’s governance aims to establish 
Group-wide standards and provide the 
resources required for the businesses to 
operate in line with established guidelines� 
Governance ensures that climate-related 
actions are integrated into the businesses’ 
business plans, which are then evaluated 
through the Group’s performance follow-up 
processes� At the same time, the businesses 
develop their own processes based on their 
specific needs, with work to achieve the 
Group’s climate target carried out on an 
ongoing and integrated basis� Volati does not 
map planned actions in advance; instead, they 
are identified and defined when each business 
places them on its agenda� The implementation 
of the businesses’ actions is expected to take 
place within the framework of existing 
resources and ordinary financial planning� 
In accordance with the policies and govern-
ing documents underpinning the Group’s 
climate target, the businesses carry out 
ongoing targeted actions to mitigate climate 
impact and reduce potential climate-related 
risks� The following key actions are representa-
tive examples of how the Group works to 
enable effective progress towards the climate 
target� 
Climate change mitigation
The Group’s businesses systematically evaluate 
the areas where adapting existing processes, 
improving efficiency and driving innovation can 
have the greatest impact in reducing total GHG 
emissions� 
Fossil-free vehicle fleet
An important part of the climate work involves 
identifying assets and processes that give rise 
to GHG emissions over time, with the vehicle 
fleet representing a prominent area� This has 
been addressed by reducing the proportion of 
fossil-fuelled vehicles within the Group’s 
businesses, including at Salix Business Part-
ners, where 99 percent of forklifts are now 
electric� At S:t Eriks, work is underway to phase 
out fossil-fuelled vehicles, with the ambition of 
achieving 100 percent fossil-free and renew-
able fuels in customer deliveries by 2030� As 
part of this, the possibility of replacing diesel 
with HVO for wheel loaders is being evaluated� 
At Mafi, the target of transitioning from a fully 
fossil-fuelled vehicle fleet to an electric fleet 
has already been achieved� 
The proportion of electric vehicles within the 
Group in 2025 was 64 percent, an increase 
compared with 45 percent  in the previous 
year� 
Phase-out of conventional cement in favour 
of low-carbon alternatives
S:t Eriks is a supplier of concrete and natural 
stone products and has adopted a target to 
reduce the climate impact of cement by 40 
percent by 2030, while also working towards a 
target of climate-neutral concrete by 2030� 
The transition to low-carbon cement is a key 
driver in reducing emissions in the company’s 
most climate-intensive material flow and in 
meeting growing demand for products with a 
lower climate impact� This initiative comple-
ments the company’s other efforts to reduce 
climate impact� 
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During 2025, S:t Eriks continued its transition 
towards a more climate-neutral product 
portfolio by introducing concrete products 
based on evoZero cement� By year-end, S:t 
Eriks had launched concrete products with a 
climate impact nearly 80 percent lower than 
the company’s previously improved standard 
products� Several product categories are 
already available to customers, including within 
the range of wet-pressed paving slabs, and the 
process of gradually replacing conventional 
cement with evoZero across an increasing 
share of the portfolio continues� The portfolio 
will be further expanded next year� The 
expansion of the portfolio is made possible by 
carbon capture and storage (CCS) technology, 
meaning that the climate impact of the cement 
component of the products is significantly 
lower than when conventional cement is used� 
Energy
As several of the Group’s businesses are 
energy-intensive, both the choice of energy 
suppliers and efficient energy use are impor-
tant� Scope 2 GHG emissions amounted to 
4,600  tCO2e, corresponding to 1 percent of 
the Group’s total GHG emissions� Active work 
is underway to further reduce energy con-
sumption, improve energy performance and 
gradually replace less efficient energy sources, 
with the aim of further reducing Scope 2 
emissions, despite the current share already 
being low�
Renewable energy consumption 
Volati’s businesses are to seek to enter into 
agreements with suppliers of renewable energy 
sources to ensure a sustainable energy supply� 
Electricity is purchased to a large extent under 
the Swedish Society for Nature Conservation’s 
“Bra Miljöval” ecolabel, which certifies renew-
able electricity meeting the highest possible 
environmental requirements� In the district 
heating category, efforts are focused on energy 
optimisation and efficiency improvements in 
the Group’s properties, and on actively select-
ing suppliers that offer good alternatives in 
terms of energy sources� Another key supplier 
has a target to achieve net zero GHG emissions 
from its operations by 2035� Where the 
businesses have direct control of energy 
consumption, several of them are taking 
initiatives to optimise energy use and identify 
sustainable solutions� One example is S:t Eriks, 
which has implemented a strategy to achieve 
100 percent fossil-free and renewable fuels in 
its own machinery by 2030� 
Digital technologies for energy optimisation  
Tornum Group is a supplier to the agriculture 
and grain industries, where grain drying is one 
of the most energy-intensive processes� To 
reduce the energy intensity of drying, Tornum 
Group installed a new automation programme 
in the stirring silo during the year, enabling 
drying without fossil fuels under favourable 
weather conditions� By reducing the use of 
fossil fuels, emissions from the process are 
reduced� As grain drying is one of the most 
energy-intensive processes within the busi-
ness, this action represents a significant 
improvement� Reducing dependence on fossil 
energy also strengthens the ability to manage 
future uncertainties, such as fluctuating energy 
prices� 
During the year, Tornum Group also 
launched the Atlas digital platform, a control 
system that helps customers improve the 
efficiency of grain transport, storage and 
drying� Through the platform’s real-time 
monitoring, customers can closely monitor and 
optimise the management of these processes� 
The platform’s automation adjusts and opti-
mises transport, storage and drying processes, 
reducing energy use while improving effi-
ciency� The aim is to provide customers with 
tools to make informed decisions on energy 
use and other resources through digital 
solutions that optimise and reduce energy and 
resource consumption� Following its launch in 
2025, the platform remains available to 
customers� 
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Investments to phase out oil-fired boilers
During 2025, S:t Eriks carried out energy 
conversions aimed at reducing emission levels� 
At the Trollbo factory, the previous oil-fired 
boiler was replaced with ground-source heat, 
and district heating was installed at the 
Hallsberg factory� These investments have 
been partly financed through support from the 
Klimatklivet investment support programme, 
the Swedish Environmental Protection Agency 
(Naturvårdsverket) and the EU recovery 
instrument Next Generation EU� Support from 
Klimatklivet is based on physical investments 
that reduce GHG emissions, with particular 
consideration given to the amount of carbon 
dioxide saved per Swedish krona invested� The 
calculated emission reductions amount to 150 
tCO2e per year in Trollbo and 130 tCO2e per 
year in Hallsberg�
E1-4  |  Target 
The Group’s Scope 1 and 2 GHG emissions 
decreased by 25 percent in 2025 compared 
with the 2021 base year, which is in line with 
the 2030 target� Compared with the previous 
year, a slight increase in emissions was noted, 
explained by an adjustment in the electricity 
mix based on commercial considerations� As a 
result, the share of electricity from renewable 
energy sources decreased to 25 percent� 
Within Scope 1, the Group made progress and 
achieved a 26 percent reduction in emissions 
between 2024 and 2025 (excluding Clever 
Gruppe)� Work to achieve the long-term 
climate targets continues�
Environment 
& Climate 
Volati aims to reduce the Group’s own 
emissions (Scope 1 and 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�
OUTCOME:
25%
EMISSIONS
For further information on the accounting policies applicable to the target, see page 104� 
Clever Gruppe was acquired during the year and is therefore not included in the target performance calculation for 2025� 
This is to ensure a fair and comparable follow-up of the Group’s target progress� In addition, a method for recalculating 
the base year is currently being evaluated ahead of the planned SBTi commitment� Consequently, there is a difference 
between the target performance and the reporting in E1-6�
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E1-5  |  Energy consumption and mix
Energy consumption and mix (MWh)
2025
1: Fuel consumption from coal and coal products -
2: Fuel consumption from crude oil and petroleum products 5,739
3: Fuel consumption from natural gas 831
4: Fuel consumption from other fossil sources -
5: Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 18,863
6: T otal fossil energy consumption (calculated as the sum of lines 1 to 5) 25,433
7: Consumption from nuclear sources 2,100
8:  Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of 
biological origin, biogas, renewable hydrogen etc�) 3,122
9: Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 6,200
10: Consumption of self-generated non-fuel renewable energy 52
11: T otal renewable energy consumption (calculated as the sum of lines 8 to 10) 9,374
Share of renewable sources in total energy consumption 25
Share of non-renewable sources in total energy consumption 75
Share of fossil sources in total energy consumption 69
Share of nuclear sources in total energy consumption 6
T otal energy consumption (calculated as the sum of lines 6 and 11) 36,907
It is being analyzed whether classification according to NACE is relevant�
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E1-6  |  Gross GHG emissions 
Scopes 1, 2 & 3 (tCO2e) ¹) ²)  
2025 2024
Scope 1
Gross Scope 1 GHG emissions 2,043 2,565
Percentage of total gross GHG emissions, % 0
Scope 2
Gross location-based Scope 2 GHG emissions 2,510 1,540
Gross market-based Scope 2 GHG emissions 4,600 2,177
Percentage of total gross GHG emissions (location-based), % 0 -
Percentage of total gross GHG emissions (market-based), % 1 -
Scope 3 3) 4) 
1: Purchased goods and services 255,211 -
2: Capital goods 36 -
4: Upstream transportation and distribution 13,821 -
5: Waste generated in operations 260 -
6: Business travel 6,043 -
7: Employee commuting 2,471 -
9: Downstream transportation 2,720 -
11: Use of sold products 591,252 -
12: End-of-life treatment of sold products 3,783 -
T otal Scope 3 875,597 -
Percentage of total gross GHG emissions, % 99 -
T otal GHG emissions (location-based) 880,150 -
T otal GHG emissions (market-based) 882,240 -
1)  Clever Gruppe is included in the reporting of the Group’s gross GHG emissions in E1-6, but not in the climate target perfor-
mance calculation for 2025, as the company was acquired during the financial year� This is to ensure a fair and comparable fol-
low-up of the Group’s target progress� In addition, a method for recalculating the base year is currently being evaluated ahead of 
the planned SBTi commitment� Consequently, there is a difference between the reporting in E1-6 and the target performance�
2) The Group does not participate in emissions trading�
3)  Comparative figures for Scope 3 are not presented, as this is the first year in which Scope 3 is included in the reporting�  
Therefore, comparative figures for the share of total gross greenhouse gas emissions are also not reported�
4)  Reported Scope 3 data covers the categories identified as significant� A definition of significant categories is provided on page 106� 
GHG intensity1) 2)
2025
Total GHG emissions (location-based) per net revenue 105
Total GHG emissions (market-based) per net revenue 105
1) GHG intensity is based on net revenue (the Group’s net sales)� Net sales for 2025 are shown on page 143�
2)  As this is the first year Scope 3 is included, GHG intensity based on net revenue is not comparable with previous years’ reporting�
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Accounting policies
Climate target
The Group has established a target to reduce 
its own GHG emissions (Scope 1 and Scope 2) 
in line with the Paris Agreement’s 1�5°C goal� 
The target is measurable, time-bound and 
outcome-oriented and has been established in 
line with the objectives set out in the Group’s 
Sustainability Policy� The target entails a 40 
percent reduction in gross GHG emissions by 
2030 compared with the 2021 base year� The 
baseline value for 2021 amounts to 6,433 
tCO₂e and the target value for 2030 corre-
sponds to 3,860 tCO₂e.
Progress against the target is monitored 
through annual measurement of the Group’s 
gross GHG emissions� Monitoring is carried out 
at an aggregated level based on total perfor-
mance� The GHG emissions covered by the 
target are those generated by the businesses 
and included in the reporting of the Group’s 
gross GHG emissions� The target has been 
developed in consultation with internal 
stakeholders� The views of external stakehold-
ers are considered in the Group’s strategic 
planning� 
The target is formulated in line with the 
temperature goal of the Paris Agreement but is 
currently not based on a scientifically defined 
reduction pathway� Work is underway to 
develop targets for external validation in 
accordance with established frameworks for 
science-based targets� In this context, the 
expected drivers will also be evaluated� 
When businesses are acquired after the 
established base year, historical emission 
intensities are adjusted using a pro forma 
method to ensure comparability over time� The 
recalculation aims to reflect how emission 
intensity would have developed if the acquired 
entity had been part of the Group throughout 
the entire comparison period� The recalculation 
is based on development in a comparable 
company within the Group with similar opera-
tions and a similar emissions profile� The 
percentage change since the base year is 
applied retrospectively to the acquired busi-
ness� The method assumes that the Group’s 
governance and sustainability work would have 
influenced the development of the business 
even prior to the acquisition� The method is 
considered to provide a fair and consistent 
view of the development of the Group’s 
emissions intensity over time�
Clever Gruppe was acquired during the year 
and is not included in the target performance 
calculation for 2025� This is to ensure a fair and 
comparable follow-up of the Group’s target 
progress while the method for recalculating the 
base year is currently being evaluated as part of 
the forthcoming SBTi commitment� Clever 
Gruppe is included in the reporting of the 
Group’s gross GHG emissions in E1-6� Conse-
quently, there is a difference between the 
target performance and the reporting in E1-6�
Energy consumption and mix 
Reported energy-related information is based 
on energy used in processes owned or con-
trolled by the Group, using the same boundary 
applied in the reporting of Scope 1 and 2 GHG 
emissions� Energy-related information is 
reported in megawatt hours (MWh) as final 
energy consumption� Data originally reported 
in other units is converted using recognised 
conversion factors� Energy sources are catego-
rised by type (for example natural gas, fuel oil 
and district heating) and classified as fossil or 
renewable� The energy mix presents the 
distribution between fossil and renewable 
energy in relation to total energy consumption� 
Purchases of renewable energy are verified 
through supplier certificates, such as Guaran-
tees of Origin (GoOs)�
Data is collected annually in accordance with 
the Group’s established GHG reporting 
routines and compiled at a consolidated level� 
For further information, see the accounting 
policies for gross GHG emissions�
Gross GHG emissions  
For the calculation of gross GHG emissions, 
calculation methods in accordance with the 
GHG Protocol are applied� GHG emissions are 
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===== SIDA 106 =====

calculated and reported in tonnes of carbon 
dioxide equivalent (tCO₂e), taking into account 
all greenhouse gases covered by the GHG 
Protocol (CO₂, CH₄, N₂O, HFCs, PFCs, SF₆ and 
NF₃), of which only the gases occurring in the 
operations give rise to actual emissions� 
Emissions are converted into carbon dioxide 
equivalents (CO₂e) using the respective global 
warming potential (GWP) of each gas� 
GHG intensity is calculated as total gross 
GHG emissions (location-based and market-
based tCO₂e) divided by the Group’s net sales 
(SEK million)�
The calculation of GHG emissions is per-
formed at a consolidated level� The Group’s 
businesses measure defined indicators, which 
are reported annually to the Parent Company� 
Calculations are carried out in the Group’s 
GHG reporting system� The consolidation 
process covers GHG emissions in Scope 1 and 
2, as well as Scope 3 based on the categories 
assessed as significant for the Group� GHG 
emissions are reported by scope in accordance 
with the GHG Protocol, without double 
counting between Scope 1, Scope 2 and Scope 
3� Emissions in the supply chain are attributed 
to the relevant Scope 3 category�
Manual input errors may lead to inaccuracies 
in the reporting� Internal control processes are 
in place to manage risks associated with 
manual data handling�
For Scope 1, Scope 2 and Scope 3 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�
In the event of acquisitions, historical 
periods are recalculated to ensure that the data 
is comparable over time in accordance with the 
pro forma method described in the accounting 
policies for the climate target� The method is 
applied only retrospectively and does not 
affect the regular collection and reporting of 
actual energy consumption and emissions data, 
which follows the ongoing data collection 
methodology described above�
Clever Gruppe is included in the reporting of 
the Group’s gross GHG emissions in E1-6, but 
not in the climate target performance calcula-
tion for 2025, as the subsidiary was acquired 
during the financial year� Consequently, there 
is a difference between the reporting in E1-6 
and the target performance�
Calculation of Scope 1
Reported Scope 1 data covers direct GHG 
emissions from assets owned or controlled by 
the Group� This includes GHG emissions from 
fuel consumption in the Group’s own vehicles, 
machinery and other equipment, fuel used for 
heating its own premises, and refrigerant 
leakage�
Scope 1 reporting is based on actual con-
sumption data� Where primary data has not 
been available, estimates based on technical 
assumptions and historical data have been 
applied�
Calculation of Scope 2
Reported Scope 2 data covers indirect GHG 
emissions from purchased and acquired energy 
(electricity, steam, heating and cooling) 
generated outside the Group’s operations� 
Scope 2 is calculated using both the location-
based and the market-based method� Accord-
ingly, two totals for the Group’s GHG emissions 
are reported based on the respective Scope 2 
method� Location-based Scope 2 emissions are 
calculated using the average emissions inten-
sity of the local electricity grid where the 
energy is consumed� Market-based Scope 2 
emissions are calculated using the emission 
factors associated with electricity purchase 
agreements, such as certified or contracted 
energy supplies� Scope 2 calculations are based 
on data from energy suppliers, which is 
assumed to be accurate�  
The basis for the Scope 2 calculation 
consists of energy data in kilowatt hours (kWh) 
reported by each Group company�
Reported energy consumption is converted 
into GHG emissions using relevant emission 
factors expressed in CO₂e per kWh. Under the 
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location-based method, average emission 
factors for the relevant electricity market are 
applied� Under the market-based method, 
supplier-specific emission factors are used 
based on the contracted electricity mix and any 
Guarantees of Origin� Emissions are reported 
in tonnes of carbon dioxide equivalent (tCO₂e).
Calculation of Scope 3
Reported Scope 3 data covers indirect GHG 
emissions from the Group’s value chain, based 
on the categories identified as significant� The 
assessment of significant categories is based on 
the GHG emissions that can be attributed to 
the Group’s products and services, operational 
activities and supply chain� Excluded categories 
are considered negligible� Significant upstream 
categories include 1: Purchased goods and 
services, 2: Capital goods, 4: Upstream trans-
portation and distribution, 5: Waste generated 
in operations, 6: Business travel, 7: Employee 
commuting� Significant downstream categories 
include 9: Downstream transportation, 11: Use 
of sold products, 12: End-of-life treatment of 
sold products� The identification of relevant 
Scope 3 categories is based on the activity-
based method described below�
Scope 3 GHG emissions are primarily 
calculated using primary data based on an 
activity-based method� Secondary data using a 
spend-based method is applied when primary 
data cannot be obtained� The majority of the 
reported GHG emissions are based on primary 
data�
Activity-based data accounts for approximately 
77 percent of the reported Scope 3 emissions� 
Activity data refers to actual volumes (such as 
tonnes, kWh, litres and kilometres) associated 
with emission-generating activities� GHG 
emissions are calculated by multiplying activity 
data by relevant emission factors� Activity data 
constitutes primary data when the information 
is obtained directly from suppliers or from the 
Group’s own systems� 
Spend-based data accounts for approxi-
mately 19 percent of the reported Scope 3 
emissions� Under the spend-based method, 
purchase expenditures are multiplied by 
relevant emission factors, based on supporting 
documentation such as invoices and accounts 
payable records� Spend-based calculations are 
classified as secondary data and entail a higher 
degree of uncertainty, as monetary values do 
not always reflect actual emission levels�
Approximately 5 percent of emissions 
consist of directly imported, pre-calculated 
values expressed in tCO₂e.
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T opic Sub-topic
Impact, risk,  
opportunity 
Location in  
value chain
E5  Resource use  
and circular economy Resource inflows    
  
  Actual positive impact
  Actual negative impact
  Opportunity
  Risk
  Upstream 
  Own operations 
  Downstream
Resource use and  
circular economy
SBM-3  |  Material impacts 
Manufacturing activities are carried out within 
the Group, and resource inflows include both 
raw materials and production materials, as well 
as supporting resources required for manufac-
turing� The outcome of Volati’s double materiality 
assessment has identified the purchase of 
cement and steel, which are both finite 
resources, as areas of material impact� The 
impact is assessed as medium scale in relation to 
the overall operations, as it primarily affects 
specific parts of the Group where the transition 
to alternative methods is challenging due to 
limited availability of viable alternatives� To 
address these challenges, actions have been 
implemented to improve resource efficiency and 
production processes, particularly in the busi-
ness areas where the impact is most significant�
Resource use and circular processes are 
particularly relevant for the S:t Eriks platform, 
whose operations include products for infra-
structure, water and wastewater systems, 
construction and landscape architecture 
projects� The manufacture of concrete and 
natural stone products involves material 
inflows consisting of raw materials such as 
cement, limestone, gravel and sand, as well as 
supporting resources such as energy and water 
used to run the production processes� Produc-
tion is resource-intensive and depends on 
access to these inputs� The nature of the 
industry gives rise to challenges, as insufficient 
circular processes may place pressure on 
natural resources and create an intensive need 
for supporting resources�
The impacts are concentrated in the 
upstream value chain and within the Group’s 
own operations� The upstream value chain 
begins at limestone and stone quarries, where 
the main activities comprise the extraction and 
processing of limestone into cement and the 
crushing of rock into aggregates of various 
grades for use in concrete production� Blocks 
are also extracted in quarries for the manufac-
ture of natural stone products� The process 
then continues through the production 
facilities, where concrete and natural stone 
products are moulded and processed before 
the finished products reach the end customer� 
S:t Eriks conducts ongoing evaluations of the 
value chain to identify the areas where impacts 
are greatest and, in doing so, identify opportu-
nities to develop and improve these areas� 
The evaluations have shown that impacts are 
most pronounced among cement and stone 
suppliers in the upstream value chain, making 
this a priority area in the work to improve 
resource efficiency across the value chain� 
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E5-1  |  Policies
Volati values the strength of local entrepre-
neurship and its decentralised governance 
model, meaning that day-to-day decision-
making takes place within the businesses close 
to the customer� A number of Group-wide 
policies and governing documents guide 
efforts to achieve shared objectives, comply 
with applicable legislation and uphold the 
Group’s values and standards� The policies and 
governing documents identify the areas where 
all businesses within the Group benefit from 
working together, while local entities are 
responsible for shaping and adapting imple-
mentation to local needs and conditions�
Sustainability Policy 
To manage impacts related to resource use, 
Volati has established a common strategic 
direction to promote efficient and circular 
resource use across the Group� The policy 
includes shared minimum criteria linked to 
material topics� Each business area and 
platform is responsible for implementing the 
minimum criteria, which include compliance 
with applicable environmental legislation and 
management of material environmental 
matters� In addition to the minimum criteria, 
the Sustainability Policy emphasises that the 
businesses are expected to analyse and take 
action in the sustainability areas where they 
assess the greatest impact can be achieved� 
Resource inflows are one example where it is 
important that local entities are given the 
flexibility to implement the guidelines based on 
the unique characteristics of each business� 
Since the materiality assessment was updated 
in 2024, it has been integrated into Volati’s 
Sustainability Policy� The policy clarifies how 
resource inflows represent a material impact 
factor and how the area is relevant to the 
Group’s sustainability work� The policy states 
that the Group seeks to increase resource 
inflows from sustainable sources, such as 
recycled and reused materials� It emphasises 
how efficient resource use can enhance 
business relevance while creating opportuni-
ties for innovation� Through a structured 
approach and careful consideration in the 
selection of resources, Volati seeks to reduce 
its environmental impact and strengthen the 
Group’s long-term sustainability� This integra-
tion is aimed at establishing guidelines and 
principles that apply across all businesses 
within the Group� 
By incorporating the materiality assessment 
into the policy, senior managers across the 
businesses are provided with clear guidance on 
which actions to prioritise in order to manage 
environmental impacts, including measures 
that promote circular processes� This also 
means that the area of resource inflows will be 
subject to ongoing monitoring to ensure the 
effectiveness of the policy and related actions� 
At the same time, it enables employees to 
actively consider the material sustainability 
areas in the local sustainability agenda� All 
employees have access to the Sustainability 
Policy, and business managers are responsible 
for ensuring its availability, for example via the 
business intranet� 
Other businesses within the Group are cur-
rently not considered to have a material impact 
in this area, but this is subject to ongoing 
monitoring� As an active owner, Volati has a 
responsibility to provide the businesses with 
the resources required to enable the develop-
ment of a local sustainability agenda aligned 
with the nature of each business� 
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E5-2  |  Actions 
To contribute to the Group’s ambitions for 
efficient resource use set out in the Sustain-
ability Policy, S:t Eriks has implemented a 
number of actions relating to the use of 
materials and energy in production� The work 
includes measures to optimise material use by 
selecting more resource-efficient alternatives 
and reducing production waste, as well as 
actions to improve energy efficiency� Through 
a structured approach to managing these 
inputs, the conditions for more efficient and 
effective production are strengthened�
Below are several key actions implemented 
by the business� 
Resource reuse in production
Aggregates such as sand, gravel and crushed 
concrete form a fundamental part of many 
manufacturing processes within the construc-
tion industry� For businesses that produce 
concrete products, access to these materials is 
crucial both for product quality and for ensur-
ing efficient and sustainable production�
At the factory in Uppsala, concrete from 
previous production is reused as aggregate in 
the manufacture of new paving slabs� By using 
this recycled material, the need to add new raw 
materials such as sand and gravel is reduced, 
making the production process more efficient 
and reducing dependence on external material 
flows� This also increases the share of second-
ary raw materials, contributing to more 
sustainable and resource-efficient production� 
Reuse of supporting resources
In addition to raw materials, the manufacture 
of concrete and natural stone products 
requires process inputs such as water and 
energy� These supporting resources are 
significant for the different stages of produc-
tion� Losses of energy and water represent a 
challenge, making the management and reuse 
of these resources central to improving 
resource efficiency and reducing the need for 
external supply�
At the factory in Staffanstorp, an innovative 
approach to water management involves 
reusing water from previous processes� A key 
challenge for the industry is the management 
of return water from washing facilities� At 
Staffanstorp, a process for reusing sedimented 
water to wash concrete trucks is in progress� 
This method reduces the factory’s need for 
fresh water, thereby reducing the pressure on 
external water sources and lowering the cost 
of water use and treatment� From the begin-
ning of 2026, return water will also be used in 
concrete production� The reuse of water 
within the production system is a method of 
optimising the use of available resources� By 
making use of an existing resource, the factory 
can use the water for additional production 
purposes, improving resource efficiency while 
reducing the overall environmental impact of 
manufacturing� 
To address challenges related to energy 
demand in production processes, new solu-
tions and methods are being applied in several 
factories� For example, at the Hjällbo factory, 
surplus heat from the compressor is recovered 
and reused in production processes� Similarly, 
surplus heat is reused at the Ockelbo factory, 
where excess energy from the compressor is 
recovered to heat the production facility� 
Without this reuse, the energy would need to 
be vented or require additional energy for 
cooling� By recovering surplus energy from the 
compressors, the need for external energy 
supply and related operating costs is reduced, 
improving the efficiency of production pro-
cesses and overall operations� 
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E5-3  |  Target 
There is currently no specific Group-wide 
target related to resource inflows� This is 
because the Group’s businesses have different 
types of resource inflows linked to different 
business activities, meaning that the issue 
currently requires further analysis before it can 
be addressed effectively at Group level� Volati 
monitors developments in the area to provide 
the businesses with the right conditions to 
ensure that their work is aligned with the 
ambitions set out in the Sustainability Policy� 
Environmental Product Declarations
To gain a clear understanding of the environ-
mental impact of its products, S:t Eriks has 
developed Environmental Product Declara-
tions (EPDs) for the majority of the business’s 
products� EPDs include, among other things, a 
list of the products’ raw material composition, 
making it possible to identify key raw material 
components, biogenic carbon content and the 
share of secondary material used in produc-
tion� In addition to materials, the list includes 
the supporting resources required to manufac-
ture the products, such as energy, water and 
other process-related resources� 
In 2025, 16 product groups within S:t Eriks 
AB were covered by EPDs� Going forward, the 
focus is on developing EPDs for natural stone 
products, and this work will continue in the 
Challenges in the area are evaluated on an 
ongoing basis, and the focus going forward is 
to further analyse the resource inflows on 
which the Group depends, as well as their 
impact on the company’s long-term sustain-
ability� This work includes collecting the 
information required to establish measurable 
ambitions to further improve the Group’s 
resource management� 
coming years� S:t Eriks’ subsidiaries also have 
EPDs for a number of products, and work is 
underway to further develop the mapping of 
material composition within the subsidiaries in 
order to enable broader product coverage� This 
work is supported by an EPD tool used for the 
systematic documentation of material and 
resource flows� 
Through this documentation, the ambition is 
to collect information over time and optimise 
the material composition of products� At the 
same time, customers gain access to third-
party verified and transparent documentation 
that can be used as a basis for comparing the 
environmental performance of different 
products� 
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E5-4  |  Resource inflows
Historically, the Group has focused on map-
ping information on the climate impact of 
resource use� Purchased goods and services is 
the second-largest category within Scope 3� 
When broken down, cement is the single most 
resource-intensive item within the category� 
The Group’s purchases of cement are concen-
trated within S:t Eriks’ operations� 
The following key metrics table presents 
indicators of material inflows and production 
inputs used in the manufacture of S:t Eriks’ 
products� In concrete manufacturing, the main 
material inflows are the ingredients used in 
concrete production� The main ingredients of 
concrete are cement, aggregates and water, 
while reinforcing steel is added as a separate 
structural component in reinforced products� 
The information provides an overview of some 
of the main resource inflows and their scale, 
but does not represent a complete account of 
the Group’s or S:t Eriks' resource inflows� 
Going forward, the opportunity to further 
develop data collection will be evaluated�
Resource inflows – S:t Eriks1) 
2025
Natural stone, tonnes 39,279
Cement, tonnes 52,442
Reinforcing steel, tonnes 4,609
Aggregates, tonnes 239,400
1)   Reported figures relate to all of S:t Eriks’ subsidiaries at the 
end of the reporting period�
Accounting policies 
For the reporting of main material inflows by 
material type, data has been obtained from the 
business’s accounting records� Reported data 
covers only materials recorded in the 
accounting system� 
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Social information 
Image: Beneli
At Volati, there is a fundamental belief in the 
equal value of all people� With a diversity of 
stakeholders representing different back-
grounds and cultures – both within the 
Swedish operations and through international 
operations, suppliers and customers – it is 
crucial that interactions are characterised by 
openness and respect� To meet this need, 
Volati strives for a diverse workforce that is 
reflective of the communities in which the 
Company operates� Volati’s aim is therefore to 
offer a work environment that is safe, secure 
and inclusive� A positive work environment 
where differences are welcomed and valued 
creates the conditions for engaged employees, 
better decision-making and enhances  Volati’s 
attractiveness as an employer�
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Own workforce
SBM-3  |  Material impacts and opportunities 
To minimise the risks associated with an overly 
homogeneous workforce, the Group works 
actively to maintain a safe working environ-
ment characterised by diversity and opportuni-
ties for development� Employees are the 
Group’s most important asset and are essential 
to achieving Volati’s vision� Operating across a 
wide range of markets and with a diverse group 
of stakeholders, the Group strives for a 
diversified workforce that reflects the com-
munities in which it operates� To achieve 
Volati’s vision, it is therefore essential to offer 
security, market-aligned terms and conditions, 
and a positive work environment for all Group 
employees, both direct employees and external 
workforce�  
Ensuring access to the right skills and 
continuous development across the Group’s 
businesses and employees is a key success 
factor for Volati� This is supported through 
structured succession planning and strategic 
HR, including programmes aimed at identifying 
and developing future leaders� These develop-
ment initiatives have delivered clear and 
positive results, including a high level of 
internal appointments to new management 
positions� At the same time, strategic HR plays 
an important role in adding value to acquired 
companies� This is central to positioning Volati 
as an attractive employer for both current and 
future employees� A focus on employees as a 
central part of Volati’s business model creates 
competitive advantages, while generating 
added value and having a positive impact on 
employees� 
Strategic sustainability initiatives are carried 
out as part of the Group’s continuous develop-
ment work� This includes further strengthening 
strategic HR and introducing new roles 
responsible for local sustainability work� 
Managers across the Group have undergone 
training to develop the skills and leadership 
needed to drive an effective local sustainability 
agenda, with the aim of strengthening the 
Group’s ability to conduct structured, long-
term sustainability work� 
T opic Sub-topic
Impact, risk,  
opportunity 
Location in  
value chain
S1 Own workforce Working conditions   
Equal treatment and opportunities for all   
  Actual positive impact
  Actual negative impact
  Opportunity
  Risk
  Upstream 
  Own operations 
  Downstream
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===== SIDA 115 =====

S1-1  |  Policies
Volati believes in the strength of local entrepre-
neurship and its decentralised governance 
model, under which local managers have close 
insight into day-to-day operations and a strong 
understanding of the work environment based 
on the specific needs of the business� A 
number of Group-wide policies and governing 
documents guide the work to achieve shared 
targets, comply with relevant legislation and 
uphold the Group’s values and standards� 
These documents identify areas where all 
businesses within the Group benefit from 
working together, while local entities are given 
autonomy to shape and adapt implementation 
to local needs and conditions� 
The documents presented below are 
reviewed at the Board’s annual HR meeting, 
where compliance with policies and the effec-
tiveness of related processes are evaluated� 
HR Policy 
Work environment management is governed 
by the guidelines set out in Volati’s HR Policy, 
which provides a consistent approach to 
personnel-related matters and clarifies both 
definitions and responsibilities in the area� The 
policy states that each business is to imple-
ment HR guidelines adapted to its specific 
conditions� It also establishes that all business 
areas and platforms are to develop and 
implement an equality plan and a work envi-
ronment policy, in which guidelines and 
instructions are documented and communi-
cated across all businesses� 
Systematic work environment management 
is to be conducted on a long-term basis and in 
accordance with national work environment 
legislation� In practice, this entails regular risk 
assessments, clear targets and a structured 
follow-up process� Managers within Volati are 
responsible for safeguarding employees’ 
well-being, including ensuring a manageable 
workload in line with employment legislation� 
All activities within Volati are to be based on 
the principle of equal value for all people, with 
an active commitment to diversity� No form of 
discrimination or harassment is acceptable, 
regardless of ethnicity, religion, disability, age, 
gender, gender identity or sexual orientation�  
The policy describes employees’ rights and 
what can be expected from the work environ-
ment, including receiving relevant information 
and updates related to their work� It also 
clarifies the expectations and responsibilities of 
the Group’s managers� Managers are expected 
to build strong teams, motivate and develop 
employees, and promote engagement� They 
are also responsible for ensuring that employ-
ees have the right skills, knowledge and tools 
to carry out their work effectively and safely� 
Gender Equality Guideline 
Volati’s gender equality guideline aims to 
support the continued development of a fair 
and merit-based workplace� The policy inte-
grates a gender equality perspective into key 
processes such as recruitment, succession 
planning and the Group’s training programmes� 
The starting point is always to recruit the most 
suitable candidate, while ensuring that recruit-
ment processes do not overlook talent due to 
gender� The policy primarily covers the Group’s 
own operations and individuals who come into 
contact with the business during recruitment 
processes�
The guideline supports Volati’s target of 
achieving at least 40 percent representation of 
each gender across the Group’s management 
teams� This is based on the belief that balanced 
diversity strengthens the quality and develop-
ment capability of the businesses� 
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===== SIDA 116 =====

Code of Conduct
Volati’s values are founded on strong individual 
accountability, which is a key prerequisite for 
the Group to realise its vision of long-term 
value creation� The freedom that characterises 
Volati’s way of working also places high 
demands on employees’ integrity and judge-
ment� To provide clear guidance on how the 
Group’s core values are to be applied in 
day-to-day work, Volati has adopted a Code of 
Conduct� This serves as guidance on matters 
relating to responsibility and the principles that 
underpin Volati’s corporate culture� All employ-
ees engage with the Code of Conduct at least 
once a year, for example through training, 
group discussions or as part of a company 
meeting� The policy covers the Group’s own 
operations as well as the parties with which the 
Group has business relationships, both 
upstream and downstream in the value chain�
Through the Code of Conduct, the Group 
commits to respecting the United Nations 
conventions on human rights� With reference 
to decent working conditions and good 
practice in relation to human rights, the 
framework states, among other things, that the 
Group’s businesses are to implement measures 
to ensure that operations are conducted with a 
high level of awareness of international 
conventions, in which child labour and forced 
labour are explicitly addressed� Through the 
policy, employees are informed of the Group’s 
procedures for receiving and handling reports 
via the whistleblowing channel� Employees 
have a responsibility to report suspected 
irregularities or other misconduct in accord-
ance with the procedures set out in the Code� 
If an investigation determines that an incident 
has occurred, remediation and corrective 
actions are addressed at the highest executive 
and Board level� For full transparency, the 
policy is also available to external stakeholders 
on Volati’s website, www�volati�com�  
Sustainability Policy
To support development in line with Volati’s 
vision and sustainability targets, a Group-wide 
framework for the Group’s sustainability work 
has been developed� The policy covers the 
Group’s sustainability targets as well as com-
mon minimum criteria linked to these targets� 
Each business is responsible for implementing 
the minimum criteria, which include ensuring 
that working conditions comply with applicable 
laws, regulations and any collective agreements, 
and that employees’ rights to freedom of 
association and collective bargaining are 
respected in accordance with local labour 
legislation� Businesses are to have processes 
and procedures in place to prevent discrimina-
tion and harassment� The framework also 
emphasises the importance of a high level of 
awareness of, and alignment with, international 
human rights conventions� During the year, the 
Sustainability Policy was updated in order to 
integrate Volati’s materiality assessment, 
including related impacts and opportunities� 
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===== SIDA 117 =====

S1-2  |  Engagement with own workforce
S1-3  |  Channels for raising concerns
According to Volati’s operating model, business 
managers maintain ongoing contact with 
employees� This includes establishing commu-
nication channels, providing employees with 
relevant information, promoting open and 
respectful dialogue, and being responsive to 
matters related to day-to-day work� Managers 
are also responsible for applying relevant laws 
and regulations related to employment respon-
sibilities, as well as setting performance targets, 
monitoring progress, allocating responsibilities 
and providing clear guidance to local employee 
teams� Interaction between managers and 
employees is followed up and summarised at 
the businesses’ annual HR meeting and 
subsequently reported to Group management 
and the Board of Directors, enabling employ-
ees’ views to be recorded and taken into 
account in decision-making processes� 
The Group has established channels and 
processes for handling employees’ reports of 
suspected irregularities and misconduct� 
Employees are primarily encouraged to report 
to their immediate manager� If an employee 
wishes to remain anonymous or if the matter 
concerns their immediate manager, reports can 
be submitted through the Group’s whistle-
blowing function, which is managed by an 
external party� Reported cases are investigated 
and followed up in accordance with established 
procedures� Information on reporting channels 
and the Group’s handling of such cases is made 
available through the Code of Conduct, which 
all employees engage with annually� Any cases 
received are followed up and handled by the 
responsible functions and reported to the 
highest decision-making levels� Within each 
Forms of communication and collaboration are 
adapted to the needs of each business and 
may include employee surveys, regular dia-
logue between managers and employees, 
development and performance reviews, 
information sharing via the intranet and various 
local training initiatives� Day-to-day work is 
carried out in close dialogue with employees 
and, where relevant, in cooperation with trade 
unions� Employees’ rights to freedom of 
association and collective bargaining are 
respected in accordance with applicable 
employment legislation�  
As an active owner, Volati provides the 
guidelines, conditions and expertise required 
for managers to support and develop their 
employees effectively� Working methods and 
routines for employee engagement are 
reviewed annually within each business and 
reported to the Board for continued follow-up 
and development� 
entity, the CEO is responsible for maintaining 
regular dialogue with the stakeholder groups 
for whom the channels are intended, including 
both internal and external stakeholders� This 
includes communicating, implementing and 
following up on the Code of Conduct guide-
lines as part of the company’s sustainability 
work� The entities’ annual self-assessment of 
risks and internal control also includes an 
evaluation of compliance with the Code of 
Conduct and its effectiveness� At present, 
there is no separate follow-up of employees’ 
perceived trust in the function� For further 
information about Volati’s whistleblowing 
process, see section G1-1� 
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===== SIDA 118 =====

S1-4  |  Actions 
To work effectively towards the Group’s 
strategy, targets and overall vision, it is essen-
tial that the Group’s employees, including 
managers, are provided with the right condi-
tions for growth and long-term value creation� 
To create added value for Volati’s employees 
while harnessing the opportunities offered by a 
healthy workforce, a range of processes and 
activities are applied� 
As the Group’s credit facilities have been 
converted into sustainability-linked loans, the 
loan terms are partly dependent on develop-
ments in the Group’s gender equality work� 
Specifically, progress is assessed against the 
target of achieving a balanced gender distribu-
tion within the Group’s management teams� 
Linking financing to sustainability targets 
strengthens the commitment to seeking a 
diverse and inclusive workforce�  
Work environment
Volati’s decentralised governance model 
means that operational responsibility for the 
work environment lies primarily with the 
managers of each business� As an owner, Volati 
exercises governance through the appointment 
of senior executives, the provision of strategic 
direction and the formulation of guidelines and 
policies� The CEOs of each business are 
responsible for systematic work environment 
management, supported by the Group's 
policies and governing documents, which 
ensure consistent processes based on common 
principles� These frameworks clarify the 
division of responsibilities and provide guide-
lines for processes and the handling of person-
nel-related matters� 
Health and safety
Within the Group, systematic work environ-
ment management is an integral part of every 
manager’s day-to-day work� The Group’s 
managers are responsible for defining the work 
environment framework, monitoring the 
effective implementation of measures and 
ensuring that employees have the right skills, 
knowledge and tools to perform their tasks 
safely� Several businesses have established 
health and safety committees that meet 
regularly to promote continuous improvement 
and maintain a positive work environment� To 
support a healthy work environment, employ-
ees are widely offered training, wellness 
allowances and other health-promoting 
activities that enhance well-being in the 
workplace� 
The businesses’ annual self-assessment of 
risks and internal control includes an evaluation 
of the effectiveness of systematic work 
environment management� 
Equal treatment and opportunities 
Within Volati, the businesses’ management 
teams and employees are regarded as crucial to 
the Group’s success� Managers’ expertise and 
commitment are critical to driving develop-
ment in line with the Group’s vision and 
strategic objectives� Attracting, developing and 
retaining employees is key to achieving success 
and delivering strong results� Structured efforts 
are undertaken to continuously develop the 
businesses and provide the support required 
for them to realise their full potential� 
Diversity and equal opportunity
A diversified workforce is a key success factor 
as it contributes to innovation and develop-
ment by bringing new perspectives� To pro-
mote diversity and inclusion, ongoing measures 
are implemented to support equal and respect-
ful treatment of employees� The Code of 
Conduct reinforces employees’ rights and 
clearly sets out Volati’s values and expectations 
for individual conduct� 
To strengthen diversity within the Group, 
particular focus is placed on integrating gender 
equality into recruitment processes for manag-
ers, board members and management teams 
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===== SIDA 119 =====

across the businesses� Several initiatives are 
implemented to ensure balanced recruitment 
processes� For example, specific guidelines are 
in place to promote the inclusion of under-
represented groups, along with requirements 
for regular follow-up to support continuous 
improvement� 
Each business area and platform is expected 
to establish gender equality plans and ensure 
that these are integrated into their operations� 
As part of this work, an annual analysis of the 
equality work is conducted, which includes a 
current status description, identification of 
challenges, priorities, proposed measures and a 
plan for follow-up� 
Competence and leadership 
Competence and leadership are a fundamental 
part of Volati’s business model� To ensure 
successful local entrepreneurship, it is of 
particular importance for Volati to be an active 
owner and ensure that the businesses have 
access to the right skills at management level 
and in key positions� Existing employees are 
also offered skills development and support to 
reach their full potential, promoting both 
individual development and the Group’s 
long-term value creation�
To develop and make the most of internal 
skills, Volati works systematically with succes-
sion planning and strategic HR, including 
leadership programmes designed to identify 
future leaders within the Group� 
Strategic HR
Active work on strategic HR is carried out as a 
central part of the Group’s business model� This 
ensures that the businesses are provided with 
the leadership needed for long-term success� 
The work is led by the Head of Strategic HR, a 
member of Group management, who develops 
existing initiatives and introduces new efforts 
related to skills supply and internal develop-
ment� The work focuses on employee skills 
development and the identification of future 
leaders� It also includes the ambition to estab-
lish Volati as an attractive employer, strength-
ening the ability to attract, develop and retain 
talent� The training programmes are business-
oriented and designed to provide current and 
future employees with the conditions needed 
to perform their work in line with the Group’s 
common targets and vision� The strategic HR 
work is conducted in through three main areas 
– Volati Management Program, Volati Academy 
and Volati Knowledge� 
Volati Knowledge is the collective name for the 
Group’s initiatives in skills development, which 
aim to provide employees with new knowledge 
and tools� Training covers key areas, including 
procurement, acquisitions and sustainability� 
These activities promote continuous learning 
that supports employees’ skills development, 
thereby contributing to the development of 
the Group as a whole� 
Volati Academy is a one-year leadership 
programme for employees in management 
positions and other key roles within the Group� 
Over the course of the year, participants carry 
out projects related both to value creation 
within the Group and to the development of 
their own business� The programme promotes 
individual development while creating a sense 
of cohesion across Volati’s businesses� Since its 
launch, 126 managers have participated in 
Volati Academy� 
Volati Management Program is the Group’s 
trainee programme for young talents with a 
university degree and strong academic results, 
as well as two to four years of professional 
experience� Over an 18-month period, partici-
pants complete two placements with selected 
businesses and one placement at Volati’s head 
office� After completing the programme, they 
then move into a leadership role within one of 
Volati’s businesses� The programme attracts 
many highly qualified candidates and helps 
ensure that the Group’s businesses gain access 
to skilled individuals with relevant experience 
and training� The programme serves as a 
platform for future leaders� Since its launch in 
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===== SIDA 120 =====

2015, 34 individuals have participated, of 
whom 23 now hold leadership positions within 
Volati and one within Bokusgruppen� 
Board HR meeting
As part of the Board’s annual calendar, a Board 
meeting with a dedicated HR focus is held each 
year� The meeting is structured around a 
follow-up plan for the Group’s HR work� Each 
business area and platform presents an 
HR-related evaluation of its management 
teams, covering areas such as the work 
environment, gender equality, strategic HR, 
and compliance with and effectiveness of 
policies and governing documents� The 
evaluations include a situation analysis, 
identified challenges and a follow-up plan 
outlining prioritised initiatives and actions� HR 
work within the business areas and platforms is 
evaluated by the Board, ensuring an effective 
and strategic approach that enables continu-
ous development� 
As no employee-related misconduct was 
identified during the year, no remediation 
actions were required� 
S1-5  |  Target
The target forms part of Volati’s long-term 
work to promote an inclusive workplace and 
ensure a stable supply of skills by recruiting the 
most qualified candidate for each role�  
The proportion of women in the Group’s 
management teams was 28 percent during the 
year, unchanged from the previous year� As the 
target requires long-term and integrated 
processes to deliver results, the Group contin-
ued its work during the year in line with 
guidelines for gender-balanced recruitment 
processes in order to drive progress� These 
guidelines have been applied both in the 
appointment of senior positions within the 
Group and in succession planning and training 
programmes to promote diversity among 
future leaders� Ongoing monitoring of statistics 
has been carried out to track how diversity is 
developing, which provides a basis for further 
improvements� In line with Volati’s gender 
equality guideline, internal stakeholder involve-
ment is ensured by maintaining balanced 
gender representation throughout the recruit-
ment process� This applies to the initial screen-
ing of candidates invited to interview, the 
conduct of interviews and the final decision-
making�
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�
For further information on the accounting policies applicable to the target, see page 123�
OUTCOME:
28% 
WOMEN
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===== SIDA 121 =====

S1-6  |  Employee characteristics 1)
Number of employees by contract type and gender
2025
Female Male Other/Not disclosed T otal number
Permanent employees 548 1,565 -  2,133
Temporary employees 11 31 -  42
Non-guaranteed hours 
employees - 2 - 2
Full-time employees 496 1,564 - 2,060
Part-time employees 63 34 - 97
T otal number 559 1,598 - 2,157
 
Number of employees by country and gender 
2025
Female Male Other/Not disclosed T otal number
Sweden 382 1,122 - 1,504
Finland 27 109 - 136
Norway 34 79 - 113
Denmark 9 18 - 27
France - 3 - 3
Germany 75 118 - 193
UK 5 22 - 27
Spain 11 81 - 92
Austria - 2 - 2
Poland 2 9 - 11
Romania - 6 - 6
Hungary - 2 - 2
Estonia 2 2 - 4
Latvia 3 7 - 10
Lithuania 1 2 - 3
Ukraine 2 11 - 13
China 3 2 - 5
United States 3 2 - 5
Other - 1 - 1
T otal number 559 1,598 - 2,157
1) The definition of employees is based on applicable national regulations in each country�
Employee turnover
Employee departures ¹⁾ 2025 2024
Number 243 229
Percentage, % 12 12
1) The definition of employees is based on applicable national regulations in each country�
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===== SIDA 122 =====

S1-8  |  Collective bargaining coverage 
S1-9  |  Diversity metrics
Collective agreements
2025
Percentage of employees covered by 
collective agreements 78
Percentage of employees covered by 
workers’ representatives 0
 All employees are provided with market-
aligned terms and conditions in accordance 
with national legislation� The right of employ-
ees to freedom of association and collective 
Gender distribution, senior executives
2025
Female Male
Boards 38 132
Percentage, % 22 78
Management teams 52 132
Percentage, % 28 72
bargaining is respected in accordance with 
local labour laws� Systematic work environ-
ment management is to be conducted in 
accordance with applicable legislation and in 
cooperation with employees and, where 
relevant, with trade unions� The guidelines for 
employment terms and conditions cover all 
employees, including non-employee workers� 
There are no workers’ representatives or 
agreements with workers regarding represen-
tation on a European Works Council� 
Age distribution, employees
2025
Under 30 years, number 293
Percentage, % 14
30–50 years, number 1,065
Percentage, % 49
Over 50 years, number 799
Percentage, % 37
T otal number 2,157
S1-10  |  Adequate wages
All employees are provided with market-
aligned terms and conditions in accordance 
with national legislation� This means that 
salaries and remuneration are set based on 
established benchmark levels in each labour 
market and follow applicable collective agree-
ments or equivalent practices where such 
agreements exist� Through this principle, all 
employees are ensured competitive and fair 
remuneration aligned with local standards for 
comparable roles and skills�
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===== SIDA 123 =====

S1-11  |  Social protection
S1-13  |  Training and skills development metrics
S1-14  |  Health and safety metrics
All employees are provided with market-
aligned terms and conditions in accordance 
with national legislation� This means that social 
protection in the event of illness, unemploy-
As training and skills development are a central 
part of Volati’s business model and are carried 
out continuously through several programmes 
and initiatives, time-based metrics are not 
considered a relevant indicator for perfor-
mance monitoring� Instead, the Group focuses 
on the long-term outcomes of these initiatives� 
The following training-related metrics repre-
sent a limited selection from a wide range of 
programmes and structured processes� As 
such, this information is not considered to 
provide a representative or comparable picture 
All employees (100 percent) are covered by 
Group-wide guidelines for systematic work 
environment management, which are based on 
established standards and adapted to applica-
ble legislation�
ment, work-related injuries, parental leave and 
retirement is ensured through public systems 
and, in some cases, through supplementary 
insurance and benefits provided by the Group� 
of the Group’s activities to support employee 
development opportunities� 
During the year, 133 training days were 
delivered within Volati Academy� Since its 
launch, 34 individuals have participated in 
Volati Management Program, of whom 23 now 
hold leadership positions within the Volati 
Group and one within Bokusgruppen� For 
further information on Volati’s training initia-
tives and opportunities for employees’ skills 
development, see page 118� 
Health and safety metrics 
2025 2024
Sickness absence, % 8 5
Number of recordable work-
related injuries and work-related 
ill health 2) 114 -
Percentage 2) 5 -
Number of lost days 1) 2) 1,142 -
1)   Refers to days lost due to work-related injuries and work-
related ill health
2) Disclosures were not reported for 2024
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===== SIDA 124 =====

S1-16  |  Remuneration metrics
Remuneration ratio
2025
Total remuneration ratio, Volati Group 1)  9
1)   The remuneration ratio of the highest-paid individual to 
the average remuneration for all employees (excluding the 
highest-paid individual)
Pay gap 
2025
Gender pay gap, % 1) 5
1)  Percentage difference between the average salary level of 
female and male employees�
S1-17  |  Incidents and complaints
Incident reporting 
2025
Discrimination cases, including harassment 0
Other complaints (including reports to public 
authorities) 0
Severe human rights incidents 0
Total fines, penalties and compensation for 
incidents 0
Accounting policies
Targets related to employees
The target is to achieve a gender balance 
within the 40–60 percent range in the Group’s 
management teams by 2030, with 2020 as the 
base year� In the 2020 base year, the gender 
distribution in the Group’s management teams 
was 29 percent women and 71 percent men� 
The employee target has been established at 
Group level based on generally accepted 
practice for balanced gender representation� 
The target relates to the Group’s management 
teams according to the current organisational 
structure and is based on actual staffing at 
each reporting date� The scope of the target 
includes recruitment and training for leader-
ship positions within the Group�
Progress is monitored through the compila-
tion of HR statistics from each business’s HR 
system� The statistics are based on employ-
ment data as at the reporting date and cover all 
management teams within the Group� The data 
is compiled and quality-assured as part of the 
regular HR and reporting processes and is used 
to track developments over time� Relevant 
stakeholders were considered when establish-
ing the target� 
Information on employees  
The number of employees is reported as  
headcount and represents the total number of 
employees in the Group at the end of the 
period� Personnel data is collected from each 
Group company’s HR system and consolidated 
in the Parent Company’s system, where it is 
reviewed to ensure completeness and data 
quality�  
Employee turnover is calculated as the 
number of departures during the period in 
relation to the average number of employees 
during the same period� 
Collective agreement coverage 
Collective agreement coverage refers to the 
proportion of employees covered by applicable 
collective agreements at the reporting date� 
Data on collective agreement coverage within 
the Group is based on reported information on 
the number of employees covered by collective 
agreements� The data is compiled at Group 
level and covers both permanent employees 
and employees with temporary contracts�
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===== SIDA 125 =====

Diversity metrics 
Reported data on gender and age is based on 
information provided by individual employees 
and relates to the end of the reporting period� 
Individual data is collected from each Group 
company’s HR system and consolidated in the 
Parent Company’s system, where it is reviewed 
to ensure completeness and data quality�  
Training and skills development metrics 
Representative time-based metrics for the 
Group’s training and skills development 
initiatives cannot be objectively quantified or 
measured� The time-related metrics reported 
represent a limited selection of programmes 
and processes� Reported data on the total 
number of training days is calculated by 
aggregating the training days reported for each 
training session� Attendance is calculated 
based on the recorded number of participants 
at each session�  
Health and safety metrics 
Sickness absence is calculated based on hours 
of absence in relation to the total number of 
scheduled working days� 
The number of work-related injuries and 
cases of work-related ill health is reported as 
the number of recorded incidents� The share of 
work-related injuries and ill health is reported 
as a percentage of the total number of employ-
ees in the Group during the year� 
The number of lost days is reported as the 
total number of working days lost due to 
recordable work-related injuries and ill health�
Remuneration metrics: Remuneration ratio
The remuneration ratio is the total remunera-
tion ratio of the highest-paid individual to the 
average total remuneration for all employees 
(excluding the highest-paid individual)� The 
highest-paid individual is identified based on 
total remuneration during the financial year� 
Total remuneration includes fixed salary, 
variable remuneration, benefits and the 
employer’s costs for pensions and other 
remuneration, in accordance with the defini-
tion of personnel expenses in the financial 
reporting� The average total remuneration for 
all employees is calculated by dividing the 
Group’s total personnel expenses, excluding 
the remuneration of the highest-paid indi-
vidual, by the average number of employees 
during the financial year, excluding the highest-
paid individual� 
In calculating the ratio between the highest 
salary and the salary level of other employees, 
the average salary has been used instead of the 
median salary� This is because the Group’s 
salary structure is relatively even, with defined 
job levels and market-aligned salary ranges� 
Under such conditions, the average and the 
median tend to be similar� On this basis, the 
relationship between the highest salary and 
the average salary is considered appropriate�
All amounts are reported in the same 
currency as the financial reporting� The 
calculation is based on actual remuneration 
paid or recognised during the reporting period� 
Remuneration metrics: Pay gap
The pay gap is defined as the percentage 
difference between the average salary level of 
female and male employees� The reported 
figure reflects the pay gap between men and 
women�  Average salary is based on reported 
gross salary for permanent employees and 
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===== SIDA 126 =====

employees with temporary contracts as well as 
other forms of remuneration� The disclosure is 
limited to Group companies for which salary 
data was available at the reporting date, 
corresponding to coverage of approximately 
70 percent of the Group’s subsidiaries� The 
intention is for future reporting to cover the 
entire own workforce�
Incident reporting 
No cases of discrimination or harassment had 
occurred as at the reporting date� Nor were any 
complaints received through the channels 
available for raising concerns� No fines, 
penalties or compensation were paid in 
connection with complaints� The channels for 
reporting concerns include the Group’s 
whistleblowing system as well as alternative 
routes, such as reporting to an immediate 
manager� No human rights incidents related to 
the Company’s employees were identified as at 
the reporting date� As no incidents occurred, 
no fines, penalties or compensation were paid 
in relation to such matters�
The reporting of incidents is based on cases 
received through the available reporting 
channels� The method assumes that incidents 
are identified and reported by the relevant 
parties� Events that are not reported through 
the whistleblowing system are therefore not 
included in the reporting�
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===== SIDA 127 =====

Governance information 
Image: Beneli
Volati aims to ensure good business ethics, 
high integrity and a reduced risk of irregulari-
ties throughout the value chain� The concept of 
business ethics includes laws and regulations 
as well as norms and values, and the Group’s 
businesses are expected to work to prevent 
corruption in all its forms� Through proactive 
risk management, structured processes and 
continuous follow-up, the conditions are 
created for an engaged, transparent and ethical 
business environment� Volati works actively to 
ensure compliance with the Group’s business 
ethics requirements� The ambition is to build 
lasting trust and long-term value in all parts of 
the business and throughout the value chain�
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===== SIDA 128 =====

Business conduct
SBM-3  |  Material impacts
Operations in certain geographic areas may 
entail an increased risk of exposure to business 
conduct violations� At the same time, the 
Group’s businesses are generally assessed as 
operating in countries with a low risk of direct 
involvement in unethical business conduct� 
However, indirect exposure may occur through 
parts of the supply chain, where conditions 
may differ from those in the Nordic countries� 
Clear requirements in supplier relationships are 
therefore an important tool� In parallel, the 
Group promotes a strong corporate culture in 
which irregularities can be reported and an 
effective whistleblowing function is maintained 
to minimise negative impacts� 
As a responsible Group, owner and 
employer, Volati bases its corporate culture on 
shared values� Responsible business conduct is 
a central part of the Group’s corporate govern-
ance� The Group applies common guidelines to 
ensure that business relationships are con-
ducted in accordance with Volati’s business 
ethics standards� The combined expertise of 
Volati’s Board includes experience from senior 
executive roles and board assignments in both 
listed and private companies� This experience 
includes work within the capital markets, real 
estate, retail and financial management� Taken 
together, this provides a strong foundation for 
effective corporate governance, risk awareness 
and responsible business conduct� Through 
structured processes for responsible business 
conduct and proactive measures, Volati works 
to reduce the risk of irregularities both within 
its own operations and across the value chain� 
T opic Sub-topic
Impact, risk,  
opportunity 
Location in  
value chain
G1 Business conduct Business ethics    
   
  Actual positive impact
  Actual negative impact
  Opportunity
  Risk
  Upstream 
  Own operations 
  Downstream
G1-1  |  Business conduct policies and processes 
Volati’s belief in the strength of local entrepre-
neurship and a decentralised governance 
model gives the business areas and platforms a 
high degree of freedom in their daily opera-
tions� Volati’s values are based on individual 
responsibility, which places high demands on 
the integrity of employees� As a responsible 
and active owner, Volati works to guide the 
businesses in making the right decisions in 
their daily work� Policy documents are based 
on Volati’s core values and are key tools that 
set out the basic expectations for the entire 
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===== SIDA 129 =====

Group, guiding both the businesses and 
employees� To avoid any derogation from the 
Group’s corporate culture when companies are 
acquired, business ethics aspects are taken into 
account during the acquisition process� The 
businesses’ annual self-assessment of risks and 
internal control includes an evaluation of 
compliance with the Group’s policies and 
governing documents and their effectiveness�
Code of Conduct
Volati’s Code of Conduct is an important part 
of day-to-day work within the Group� It guides 
the Group’s employees in making the right 
decisions and ensures that Volati remains a 
reliable and responsible player in all contexts in 
which the Group operates� It sets out the 
overall expectations for how the Group and its 
employees should act, both within its own 
operations and in business relationships� The 
Code of Conduct covers human rights, working 
conditions, gender equality, diversity, anti-
corruption and environmental responsibility 
and is based on international frameworks such 
as the UN Global Compact, the ILO Core 
Conventions and the OECD Guidelines for 
Multinational Enterprises, and is aligned with 
the UN Convention against Corruption� Volati’s 
Code of Conduct applies to the entire work-
force, including employees, consultants and 
other temporary resources� It also applies to all 
countries in which Volati operates, directly or 
indirectly through its businesses� To maintain 
transparency regarding Volati’s values, princi-
ples and guidelines for ethical behaviour, the 
Code of Conduct has been made publicly 
available on Volati’s website, www�volati�se� 
The businesses may choose either to directly 
adopt the Group’s Code of Conduct or to 
establish their own policy, which must as a mini-
mum include the Group’s commitments� The 
CEO of each business is responsible for 
communicating, implementing and following up 
the guidelines in the Code of Conduct as part of 
the business’s sustainability agenda� The Code 
of Conduct is distributed annually to employees 
to ensure that everyone has access to it� 
Managers within each business are responsible 
for ensuring that employees are kept informed 
about the Code and arranging training based on 
identified needs� (The businesses’ annual 
self-assessment of risks and internal control 
includes an evaluation of compliance with the 
Code of Conduct and its effectiveness� 
Sustainability Policy
The Sustainability Policy integrates Volati’s 
materiality assessment, including related 
impacts, risks and opportunities� The policy 
also includes the Group’s target of zero 
business conduct incidents and the minimum 
criteria linked to this target� Each business area 
and platform is required to implement the 
minimum criteria, including measures to 
prevent corruption in all its forms through 
effective procedures to ensure compliance 
with applicable laws and regulations, including 
employment, competition, environmental and 
animal welfare legislation� In addition to the 
minimum criteria, the Sustainability Policy 
emphasises that the businesses are expected 
to analyse and take action in the areas where 
they can achieve the best results�
 
Sustainable acquisition process 
To prevent deviations from the Group’s 
corporate culture, sustainability and business 
ethics aspects are considered during the 
acquisition process� Volati sets requirements 
and integrates and monitors sustainability in 
connection with investments and as part of its 
companies’ business plans and performance� 
The overview below describes how Volati 
integrates sustainability into the Group’s 
acquisition process�
Identification and evaluation
Volati’s focus is always to deliver long-term 
value to shareholders� This means that Volati 
aims to invest in businesses with long-term 
sustainable business models� Acquisition 
targets are primarily identified within the units 
of Volati’s decentralised Group, which enables a 
high acquisition rate� Identification of acquisi-
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===== SIDA 130 =====

tion targets includes an analysis of structural 
long-term sustainability aspects� Volati follows a 
fundamental principle of prudence and would 
rather refrain from a potential transaction than 
risk making a poor investment� The process 
includes an evaluation of risks as well as 
opportunities, with the aim of successfully 
developing the target company’s operations 
towards a sustainable business model� 
Due diligence 
If an acquisition target progresses beyond the 
initial evaluation, it proceeds to a due diligence 
process� Volati’s investment activities and 
conduct as a responsible owner are based on the 
ten principles of the UN Global Compact, the 
OECD Guidelines for Multinational Enterprises, 
and the UN Principles for Responsible Invest-
ment (UNPRI)� Volati does not acquire companies 
that are assessed as being in breach of one or 
more of the principles of the UN Global Com-
pact� The priority areas defined in Volati’s 
sustainability policy are also to be included in the 
company analysis forming the basis for the 
acquisition decision� The final acquisition decision 
is handled centrally by the Parent Company� 
Integration
Following completion of the transaction, the 
acquired business becomes subject to the 
Group’s sustainability targets and is integrated 
into the Group’s value-creating sustainability 
agenda� As an active owner, Volati ensures a 
high level of sustainability awareness through 
professional corporate governance and active 
board work� The acquired business reports 
sustainability indicators in the same way as the 
Group’s other businesses, which are then 
analysed and followed up in accordance with 
established procedures� 
Whistleblowing process 
In accordance with legal requirements, Volati 
has established a whistleblowing function that 
enables both employees and other stakehold-
ers to report irregularities, such as fraud, 
corruption or other misconduct, that might 
otherwise remain undetected�  
To ensure full transparency regarding how 
cases are handled, whistleblowing is addressed 
in a separate section of Volati’s Code of 
Conduct� Its integration into the Code ensures 
that all employees are aware of their rights and 
understand their responsibility to report 
suspected irregularities� Each business’s CEO is 
responsible for communication, implementa-
tion and follow-up of the Code of Conduct 
guidelines� 
If a report is received, a designated investi-
gation function is responsible for handling and 
investigating the matter� Anyone within the 
investigation function who is involved in the 
reported matter must be excluded from 
handling the case� Depending on the nature of 
the case, the investigation may result in the 
involvement of relevant individuals within the 
Group, a police report being filed, or a review 
carried out by an external auditor or independ-
ent investigator� The investigation function 
aims to provide feedback to the reporter within 
ten working days� The outcome of the investi-
gation is reported to the CEO of the relevant 
company and, where the CEO is involved in the 
reported irregularity, to the Board of Directors� 
Individuals affected by collected information 
are informed when disclosure is not considered 
to jeopardize the investigation�
Employees are expected to report any 
irregularities to their immediate superior in the 
first instance� Employees wishing to make an 
anonymous report are referred to Volati’s 
anonymous whistleblowing function� The 
whistleblowing channel is available to both 
individuals and companies, including suppliers, 
who are not employees of the Volati Group� 
The communication channel is encrypted and 
password-protected, and all messages are 
handled confidentially� Clear guidelines on 
responsibilities and information management 
within investigations are set out in the Code of 
Conduct� The process complies with the GDPR 
and the Swedish Authority for Privacy Protec-
tion’s guidance on handling personal data in 
whistleblowing systems� 
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G1-2  |  Management of relationships with suppliers 
Supplier relationships are entered into and 
managed within the businesses� In recent 
years, Volati has expanded into additional 
geographies, with a continued focus on the 
Nordic region� Based on Transparency Interna-
tional’s Corruption Perceptions Index, it is 
Volati’s assessment that the businesses 
generally operate in countries with a low risk of 
direct involvement in unethical business 
conduct� However, indirect exposure may arise 
through suppliers, with risks of inadequate 
business conduct primarily identified outside 
the Nordic region� To prevent and manage 
these risks, Volati’s businesses work systemati-
cally through clear requirements, supplier 
audits and ongoing dialogue with suppliers�  
Risk management 
As an active owner, Volati establishes guidelines 
that are implemented and followed up through 
a number of policies and governing documents� 
The Code of Conduct sets out how Volati 
remains a responsible business partner while 
defining the fundamental standards for the 
types of relationships the Group enters into� 
The Group’s businesses are required to priori-
tise long-term, sustainable relationships with 
suppliers that share the environmental, social 
and business ethics values defined in the Code�  
As part of monitoring and evaluating value 
chain activities, the Group’s businesses have 
begun sharing the Code of Conduct with 
significant suppliers� In this way, Volati’s 
sustainability agenda and expectations 
regarding business ethics, social conditions 
and environmental matters are communicated� 
This measure will increase transparency in the 
value chain while acting as a proactive mecha-
nism to strengthen quality in the supply chain� 
The intention going forward is to measure 
developments over time� A formal plan and 
associated monitoring metrics have not yet 
been established� 
A current example is Tornum Group, which 
made its Supplier Code of Conduct and related 
standard terms mandatory in its business 
relationships in 2025� Going forward, Tornum 
will track the number of signatories and 
monitor progress�
Volati’s businesses carry out comprehensive 
annual risk assessments to identify, evaluate 
and manage significant risks� In accordance 
with Volati’s performance monitoring model, 
management within the Salix Group and 
Ettiketto Group business areas and Industry’s 
platforms hold quarterly reviews with each 
CEO and CFO, during which risks are among 
the items reviewed� 
To remain a reliable business partner, the 
Group requires its businesses to ensure that 
all invoices are paid in accordance with 
agreed payment terms�  The Group has not 
identified any individual supplier presenting 
a significant risk�  
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===== SIDA 132 =====

G1-3  |   Anti-corruption and bribery
G1-4  |  Incidents of corruption or bribery
Volati has a strict zero-tolerance policy towards 
corruption and bribery� Corruption is defined as 
the abuse of a position of trust for personal or 
corporate gain, for example through bribery� 
Offering, promising, giving or accepting bribes 
that could influence someone to unfairly favour 
the giver in their work is prohibited� The busi-
nesses are expected to actively counter all forms 
of corruption and take proactive measures to 
prevent such conduct� They must ensure that 
effective procedures are established to ensure 
strong compliance with the Code of Conduct, 
both internally and across the value chain� 
Managers have a particular responsibility, as they 
are expected to address employees’ questions or 
concerns related to the areas covered by the 
Code, such as the giving or receiving of gifts and 
benefits and conflicts of interest�
Employees are expected to report suspected 
cases to their immediate manager in the first 
instance� For those who wish to remain 
anonymous, and for individuals outside the 
Group, reports can be submitted through 
Volati’s whistleblowing service� Investigations 
of reported cases are conducted by repre-
sentatives from Group management and the 
Board� If any investigator is directly involved in 
the reported irregularity, they must be 
excluded from handling the case� 
Incidents of corruption or bribery 
2025
Convictions and fines -
Confirmed incidents of business conduct 
violations -
Cases where employment was terminated 
due to business conduct violations -
The CEO of each business is responsible for 
maintaining an adequate anti-corruption 
programme and taking additional measures as 
considered necessary� This includes identifying 
roles that may be exposed to risks related to 
corruption and bribery� No training is con-
ducted at Group level, and no specific roles 
have been identified as having a higher risk of 
corruption or bribery� Risks are monitored 
through the businesses’ annual risk assess-
ments and through quarterly reviews involving 
the Group CEO, CFO, and the management 
teams of the business areas and platforms�
Key personnel in sustainability work have 
completed Group-wide training on sustain-
ability matters, aimed at increasing understand-
ing of stakeholder expectations and providing 
practical knowledge on identifying sustainabil-
ity-related risks and opportunities� In line with 
the Group’s goal of achieving zero business 
conduct incidents annually, participants 
received training on methods for analysing 
challenges within their own operations and the 
link between these challenges and the busi-
nesses’ objectives� 
For information on the Board’s expertise, see 
section GOV-1�
During the year, the Group did not identify any 
incidents of corruption or bribery, and there were 
no convictions or fines for violations of laws 
relating to corruption and bribery� No individual 
within the Group was dismissed or subject to 
disciplinary action due to incidents related to 
corruption and bribery� No business relationships 
were terminated or not renewed due to incidents 
related to corruption and bribery� 
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MDR-T  |  Target
Volati works proactively to maintain high 
standards of business ethics and to counter 
corruption through the Code of Conduct, 
strengthened supplier requirements and risk 
analyses� No business conduct incidents were 
identified in 2025, in line with the previous 
year� Volati intends to maintain this outcome by 
preserving a strong corporate culture while 
applying and strengthening risk management 
processes and awareness in this area�
The target is set annually and aims to 
achieve zero business conduct incidents per 
year� Efforts to prevent business conduct 
incidents require the entire value chain to be 
characterised by responsibility and transpar-
ency, with zero tolerance for all forms of 
misconduct, including corruption and bribery� 
Relevant stakeholders were considered when 
establishing the target�
Volati’s whistleblowing function ensures that 
both internal and external stakeholders can 
report misconduct anonymously� Several 
alternative reporting channels are also avail-
able, for example via the immediate manager or 
direct contact with senior executives� All 
reports are investigated and handled in 
accordance with the Group’s whistleblowing 
process, regardless of the reporting channel 
used� 
Follow-up of the target is carried out by 
monitoring the number of reports received via 
the whistleblowing system� Reports submitted 
through other channels are documented and 
followed up manually� 
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 
OUTCOME:
0 
INCIDENTS
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===== SIDA 134 =====

Other information
Image: Habo
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===== SIDA 135 =====

IRO-2  |  Index of disclosures in the sustainability report 
The table below presents a reference index of the ESRS disclosure requirements covered by the 
sustainability report� 
The sustainability report also includes disclosures in accordance with the EU Taxonomy Regula-
tion (2020:852), which are presented on pages 136–141�
ESRS Disclosure Requirements  Page
General information
BP-1 General basis for preparation of the sustainability statement 77
BP-2 Disclosures in relation to specific circumstances 78
GOV-1 The role of the administrative, management and supervisory bodies 79
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, 
management and supervisory bodies
81
GOV-3 Integration of sustainability-related performance in incentive schemes 83
GOV-4 Statement on due diligence 83
GOV-5 Risk management and internal controls over sustainability reporting 84
SBM-1 Strategy, business model and value chain 85
SBM-2 Interests and views of stakeholders 88
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 90
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 91
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 134
Environmental information
GOV-3, E1 Integration of sustainability-related performance in incentive schemes 
SBM-3, E1 Material impacts, risks and opportunities and their interaction with strategy and business model 83
IRO-1, E1 Description of the processes to identify and assess material impacts, risks and opportunities (climate-
related)
91
E1-1 Transition plan for climate change mitigation 97
E1-2 Policies related to climate change mitigation and adaptation 98
E1-3 Actions and resources related to climate change policies 99
E1-4 Targets related to climate change mitigation and adaptation 101
E1-5 Energy consumption and mix 102
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 103
SBM-3, E5 Material impacts, risks and opportunities and their interaction with strategy and business model 107
IRO-1, E5 Description of the processes to identify and assess material impacts, risks and opportunities (resource use 
and circular economy)
93
E5-1 Policies related to resource use and circular economy 108
E5-2 Actions and resources related to resource use and circular economy 109
E5-3 Targets related to resource use and circular economy 110
E5-4 Resource inflows 111
Index of disclosures
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===== SIDA 136 =====

ESRS Disclosure Requirements  Page
Social information
SBM-2, S1 Interests and views of stakeholders 88
SBM-3, S1 Material impacts, risks and opportunities and their interaction with strategy and business model 113
IRO-1, S1 Description of the processes to identify and assess material impacts, risks and opportunities 94
S1-1 Policies related to own workforce 114
S1-2 Processes for engaging with own workers and workers’ representatives about impacts 116
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 116
S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and 
pursuing material opportunities related to own workforce, and effectiveness of those actions
117
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material 
risks and opportunities
119
S1-6 Characteristics of the undertaking’s employees 120
S1-8 Collective bargaining coverage and social dialogue 121
S1-9 Diversity metrics 121
S1-10 Adequate wages 121
S1-11 Social protection 122
S1-13 Training and skills development metrics 122
S1-14 Health and safety metrics 122
S1-16 Remuneration metrics (pay gap and total remuneration ) 123
S1-17 Incidents, complaints and severe human rights impacts 123
Governance information  
SBM-3, G1 Material impacts, risks and opportunities and their interaction with strategy and business model 127
IRO-1, G1 Description of the processes to identify and assess material impacts, risks and opportunities 94
GOV-1, G1 The role of the administrative, management and supervisory bodies 79
G1-1 Business conduct policies and corporate culture 127
G1-2 Management of relationships with suppliers 130
G1-3 Prevention and detection of corruption and bribery 131
G1-4 Confirmed incidents of corruption or bribery 131
MDR-T, G1 Targets 132
Phased-in disclosure requirements ¹⁾
ESRS Disclosure Requirements Comments 
SBM-3 
paragraph 
48(e)
Anticipated financial effects For the first year in which an undertaking prepares its sustainability 
report in accordance with ESRS, the information referred to in 
paragraph 48(e) may be omitted� However, this report includes the 
related qualitative disclosures�  
S1-7 Characteristics of non-employee workers 
in the undertaking’s own workforce
This disclosure requirement has been phased in in accordance with 
the ESRS transitional provisions�
S1-12 Employees with disabilities The information has not been collected�
S1-13 Training and skills development metrics The information presented has been selected by Volati and does not 
meet the specific disclosure requirements set out in ESRS�
S1-14  Health and safety metrics The information related to this disclosure requirement has been 
partially addressed, but not in full in accordance with ESRS�
S1-15 Work-life balance This disclosure requirement has been phased in in accordance with 
the ESRS transitional provisions�
1)  ESRS includes phase-in provisions that allow certain disclosure requirements to be omitted or not applied in the first year in 
which the sustainability report is prepared in accordance with ESRS�
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===== SIDA 137 =====

EU Taxonomy Regulation
In 2021, the EU decided to implement the EU 
Taxonomy Regulation� The Taxonomy is a tool 
for comparing and identifying sustainable 
investments� The aim is to increase transpar-
ency for the public and investors regarding 
which economic activities are environmentally 
sustainable� The Taxonomy is still in its early 
stages, and not all economic activities are yet 
included� For example, trading in goods is not 
covered by the Taxonomy Regulation, which 
means that Salix Group’s entire activities still 
fall outside the defined areas of the Taxonomy� 
Volati has already implemented the EU Tax-
onomy Regulation and therefore complies with 
the reporting requirements for the 2025 
reporting period� This means that the Group 
has identified the proportion of turnover (net 
sales), capital expenditure and operating 
expenditure related to Taxonomy-eligible 
economic activities�
Outcome of the EU Taxonomy Regulation 
analysis
The outcome of the analysis of Volati’s eco-
nomic activities for 2025 in accordance with 
the EU Taxonomy Regulation is shown in tables 
2, 3 and 4� The analysis was carried out on the 
basis of the main revenue-generating eco-
nomic activities of the businesses� The analysis 
shows that a very small proportion of turnover 
is related to Taxonomy-eligible economic activi-
ties� Based on 2025 turnover, less than 1 
percent of total turnover is Taxonomy-eligible, 
see table 2� Total turnover is taken from note 3 
Segment reporting on page 151� The analysis 
also shows that no part of the identified capital 
expenditure (CapEx) is Taxonomy-eligible (table 
3) and that a negligible proportion of operating 
expenditure (OpEx) is Taxonomy-eligible (table 
4)� Total CapEx is taken from note 10 Intangible 
assets, note 11 Property, plant and equipment 
and note 12 Leases, see pages 168–173�
Volati has significant CapEx related to right-of-
use assets in accordance with IFRS 16� CapEx 
related to right-of-use assets under IFRS 16 
consists mainly of properties and vehicles held 
under leases� As the Group has limited ability 
to convert the existing leased properties to 
more green properties, the assessment has 
been made that property rents should be 
excluded from capital expenditure reported in 
the CapEx Taxonomy table� For vehicles, this 
capital expenditure, attributable to IFRS 16, is 
significantly smaller than property rents and 
Volati has therefore decided to exclude these 
non-material amounts from the CapEx Tax-
onomy table� Volati does not have any nuclear-
related activities�
Assessment of qualification under the EU 
Taxonomy Regulation
The majority of the Group's activities are 
considered not to be Taxonomy-eligible 
economic activities currently described in the 
EU Taxonomy� The economic activities identi-
fied as relevant are listed and described in table 
1� Of all the companies in the Volati Group, 
only Scanmast has some Taxonomy-eligible 
economic activity based on products, tech-
nologies or services� Scanmast’s activities 
include maintenance and new construction 
related to electricity networks and electricity 
supply, eligible under 4�9 of the Taxonomy� 
Scanmast is also eligible under 7�3, as its 
services include installation and replacement of 
energy efficient light sources� The turnover, 
CapEx and OpEx relevant to the Taxonomy 
from the qualifying companies and their 
activities have been reported separately by 
each company� CapEx and OpEx from Scan-
mast linked to one or more of the Taxonomy-
eligible economic activities was non-existent in 
relation to the Group’s total capital and 
operating expenditure in 2024�
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===== SIDA 138 =====

Assessment of identified economic 
activities’ alignment with the EU Taxonomy 
Regulation
Given that a low proportion of Volati’s activities 
are  Taxonomy-eligible, these activities have 
not been analysed for Taxonomy alignment in 
2025�
Comments on the results
The EU Taxonomy Regulation is still at an early 
stage and does not yet cover a large proportion 
of all economic activities in the market� It has 
been decided to prioritise the areas where 
major environmental improvements can be 
made� We note that our survey shows Volati is 
not engaged in the activities assessed by the 
EU as having the highest negative impact on 
the environment, which we see as positive� 
Table 1
EU Taxonomy economic activity The company’s products/technologies/services
4�9  Transmission and distribution of electricity Scanmast’s contract work for maintenance and new construction 
related to electricity networks and electricity supply�
7�3  Installation, maintenance and repair of energy 
efficiency equipment
Scanmast’s services that include installation and replacement of 
energy efficient light sources such as LED lamps in stadiums�
Table 2
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment 
of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste 
from the fuel cycle�
NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear 
installations to produce electricity or process heat, including for the purposes of district heating or industrial 
processes such as hydrogen production, as well as their safety upgrades, using best available technologies�
NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that 
produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production from nuclear energy, as well as their safety upgrades�
NO
Fossil gas related activities 
The undertaking carries out, funds or has exposures to construction or operation of electricity generation 
facilities that produce electricity using fossil gaseous fuels� NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels� NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels� NO
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===== SIDA 139 =====

Table 3
Net sales
2025 Substantial contribution criteria
DNSH criteria 
 (Do No Significant Harm)
Minimum safeguards
Proportion of Taxonomy-aligned (A�1�)  
or eligible (A�2�) Turnover, 2024 (%)
Category – enabling activity
Category – transitional activityEconomic activities
Code(s)
Turnover (SEK million)
Proportion of Turnover, 2025 (%)
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
A� TAXONOMY-ELIGIBLE 
ACTIVITIES
A1� Environmentally 
sustainable activities 
(Taxonomy-aligned)
Turnover of environmentally 
sustainable activities 
(Taxonomy-aligned) (A�1)
Of which enabling
Of which transitional
A2� Taxonomy-eligible but 
not environmentally 
sustainable activities (not 
Taxonomy-aligned 
activities)
Transmission and distribution 
of electricity 
4�9 5�1 0�06 N/EL N/EL N/EL N/EL N/EL N/EL 0�07
Installation, maintenance and 
repair of energy efficiency 
equipment
7�3 44�7 0�53 N/EL N/EL N/EL N/EL N/EL N/EL 0�75
Turnover of Taxonomy-
eligible but not 
environmentally sustainable 
activities (not Taxonomy-
aligned activities) (A�2)
49�8 0�59 0�82
A� Turnover of Taxonomy-
eligible activities (A�1 + A�2)
49�8 0�59 0�82
B� TAXONOMY-NON-
ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities (B)
8,369 99�41 99�18
T otal (A+B) 8,419 100�00 100�00
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===== SIDA 140 =====

Table 4
CapEx
2025 Substantial contribution criteria
DNSH criteria 
 (Do No Significant Harm)
Minimum safeguards
Proportion of Taxonomy-aligned (A�1�)  
or eligible (A�2�) CapEx, 2024 (%)
Category – enabling activity
Category – transitional activityEconomic activities
Code(s)
CapEx (SEK million)
Proportion of CapEx, 2025 (%)
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
A� TAXONOMY-ELIGIBLE 
ACTIVITIES
A1� Environmentally 
sustainable activities 
(Taxonomy-aligned)
CapEx of environmentally 
sustainable activities 
(Taxonomy-aligned) (A�1)
Of which enabling
Of which transitional
A2� Taxonomy-eligible but 
not environmentally 
sustainable activities (not 
Taxonomy-aligned 
activities)
Transmission and distribution 
of electricity
4�9 0�0 0�00 N/EL N/EL N/EL N/EL N/EL N/EL 0�00
Installation, maintenance and 
repair of energy efficiency 
equipment
7�3 0�0 0�00 N/EL N/EL N/EL N/EL N/EL N/EL 0�00
CapEx of Taxonomy-eligible 
but not environmentally 
sustainable activities (not 
Taxonomy-aligned 
activities) (A�2)
0�0 0�00 0�00
CapEx of Taxonomy-eligible 
activities (A�1 + A�2)
0�0 0�00 0�00
B� TAXONOMY-NON-
ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities (B)
420�2 100�00 100�00
T otal (A+B) 420�2 100�00 100�00
Sustainability Report
139Volati Annual Report 2025

===== SIDA 141 =====

Table 5
OpEx
2025 Substantial contribution criteria
DNSH criteria  
(Do No Significant Harm)
Minimum safeguards
Proportion of Taxonomy-aligned (A�1�)  
or eligible (A�2�) OpEx, 2024 (%)
Category – enabling activity 
Category – transitional activityEconomic activities
Code(s)
OpEx (SEK million) 
Proportion of OpEx, 2025 (%)
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
A� TAXONOMY-ELIGIBLE 
ACTIVITIES
A1� Environmentally 
sustainable activities 
(Taxonomy-aligned)
OpEx of environmentally 
sustainable activities 
(Taxonomy-aligned) (A�1)
Of which enabling
Of which transitional
A2� Taxonomy-eligible but 
not environmentally 
sustainable activities (not 
Taxonomy-aligned 
activities)
Transmission and distribution 
of electricity
4�9 0�0 0�00 N/EL N/EL N/EL N/EL N/EL N/EL 0�00
Installation, maintenance and 
repair of energy efficiency 
equipment
7�3 0�0 0�00 N/EL N/EL N/EL N/EL N/EL N/EL 0�00
OpEx of Taxonomy-eligible 
but not environmentally 
sustainable activities (not 
Taxonomy-aligned 
activities) (A�2)
0�0 0�00 0�00
OpEx of Taxonomy-eligible 
activities (A�1 + A�2) 
0�0 0�00 0�00
B� TAXONOMY-NON-
ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities (B)
120�7 100�00 100�00
T otal (A+B) 120�7 100�00 100�00
Sustainability Report
140 Volati Annual Report 2025

===== SIDA 142 =====

Accounting policies for the EU Taxonomy Regulation 
Below is an explanation of how each of the 
three KPIs, Turnover, CapEx and OpEx, 
have been produced, including the 
methodology used�
Net sales
Total turnover (net sales) for the Group in 
2025 (SEK 8,419 million) has been 
produced and determined without 
significant assumptions or estimates� This 
has been done according to the Taxonomy 
definition of turnover as set out in Direc-
tive 2013/34/EU on annual financial 
statements, consolidated financial state-
ments and related reports� Turnover 
includes revenue recognised in accordance 
with IAS 1�82a�
CapEx
Total CapEx for the Group (SEK 420 
million) is calculated as the sum of invest-
ments in assets, accounted for in accord-
ance with IAS 16 Property, Plant and 
Equipment, IAS 38 Intangible Assets and 
IFRS 16 Leases (additions to right-of-use 
assets)� Scanmast did not have any CapEx 
linked to Taxonomy-eligible economic 
activities in 2025�
OpEx
The Group’s total OpEx (SEK 121 million) 
has been calculated as the total Taxonomy-
eligible operating expenditure, comprising 
research and development, building 
renovation, short-term leases, mainte-
nance and repairs, and all other direct 
expenditure relating to the day-to-day 
servicing of property, plant and equipment 
carried out by the Company or by a third 
party to whom activities are outsourced 
and which is necessary to ensure the 
continued and effective functioning of 
those assets� Examples of items included 
from the consolidated income statement 
are direct costs for Tools, repair and 
maintenance of machinery, and Develop-
ment expenses� Scanmast did not have any 
OpEx linked to Taxonomy-eligible eco-
nomic activities in 2025�
Sustainability Report
141Volati Annual Report 2025

===== SIDA 143 =====

Financial statements
 
Financial Statements – Group  �����������������������143
Notes – Group  ��������������������������������������������������147
Financial Statements – Parent Company  ����193
Notes – Parent Company  �������������������������������197
Auditor’s Report  �����������������������������������������������202
142 Volati Annual Report 2025

===== SIDA 144 =====

Consolidated Income Statement
SEK million Note 2025 2024
Operating income
Net sales 3 8,419 7,866
Operating expenses
Raw materials and supplies –5,047 –4,767
Other external expenses 6 –621 –555
Personnel expenses 5 –1,758 –1,623
Other operating income 2 38 37
Other operating expenses 2 –12 –17
Gain on disposal 0 0
EBITDA 1,018 941
Depreciation/amortisation excl. acquired surplus values. 10, 11, 12 –293 –283
EBITA 726 658
Acquisition-related amortisation 10, 11 –137 –120
Operating profit 589 538
Finance income and costs
Finance income 7 51 40
Finance costs 7 –227 –209
Profit before tax 412 369
Tax 8 –97 –86
Net profit 315 283
Profit for the year attributable to:
Owners of the Parent 302 273
Non-controlling interests 13 10
Basic and diluted earnings per ordinary share, SEK 9 3.00 2.63
Consolidated Statement of Comprehensive Income
SEK million Note 2025 2024
Net profit 315 283
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Translation differences for the year 22 –78 4
Total –78 4
Other comprehensive income for the year –78 4
T otal comprehensive income for the year 237 286
T otal comprehensive income attributable to:
Owners of the Parent 224 276
Non-controlling interests 13 10
143Volati Annual Report 2025
Financial Statements – Group

===== SIDA 145 =====

Consolidated Statement of Financial Position
SEK million Note 31/12/2025 31/12/2024
ASSETS
Non-current assets
Intangible assets 10 3,077 3,189
Property, plant and equipment 11 518 432
Right-of-use assets 12 541 574
Other non-current financial assets 13 4 4
Other shares and interests 13 2 2
Deferred tax assets 8 60 45
T otal non-current assets 4,202 4,246
Current assets
Inventories 14 1,486 1,561
Trade receivables 22 967 992
Current tax receivables 128 112
Other current receivables 86 71
Derivatives 22 – 0
Prepayments and accrued income 15 208 150
Financial receivables 14 –
Cash and cash equivalents 22 679 317
T otal current assets  3,568 3,204
T otal assets  7,770 7,451
EQUITY AND LIABILITIES
Equity 1, 16
Share capital 10 10
Other paid-in capital 1,995 1,995
Other reserves –50 28
Retained earnings, including net profit 205 172
Equity attributable to owners of the Parent 2,160 2,205
Non-controlling interests 10 10
T otal equity  2,171 2,215
Liabilities
Non-current interest-bearing liabilities 17, 22 2,678 2,350
Non-current lease liabilities 12, 17, 22 375 402
Non-current non-interest-bearing liabilities 22 325 246
Pension obligations 4 4
Warranties and other provisions 19, 20 22 21
Deferred tax 8 441 448
T otal non-current liabilities 3,845 3,473
Current interest-bearing liabilities 17, 22 12 7
Current lease liabilities 12, 17, 22 180 185
Customer advances 19 87 131
Trade payables 758 747
Current tax liabilities 94 98
Derivatives 22 – –
Accruals and deferred income 21 430 419
Other current liabilities  194 177
T otal current liabilities 1,755 1,763
T otal liabilities 5,600 5,236
T otal equity and liabilities 7,770 7,451
For information on the Group's pledged assets and contingent liabilities, see note 23.
144 Volati Annual Report 2025
 Financial Statements – Group

===== SIDA 146 =====

Consolidated Cash Flow Statement
SEK million Note 2025 2024
Operating activities
Profit before tax 412 369
Adjustment for non-cash items
Depreciation, amortisation and impairment of non-current assets 430 403
Capital gain/loss on sale of non-current assets –5 –4
Unrealised exchange differences 21 –5
Unrealised currency derivatives 0 0
Gains/losses on disposal of operations and Group companies 0 0
Contingent consideration remeasurement –6 6
Reversal of financial items 139 152
Other provisions  1 –4
T otal adjustments for non-cash items 579 548
Interest paid, excl. lease interest –116 –124
Lease interest paid –33 –35
Interest received 8 5
Income tax paid –139 –127
Cash flow from operating activities  
before changes in working capital 711 636
Cash flow from changes in working capital
Change in inventories 81 –12
Change in operating receivables –27 91
Change in operating liabilities –19 65
Cash flow from changes in working capital  35 144
Cash flow from operating activities 746 780
Investing activities
Investments in property, plant & equipment  
and intangible assets 3, 10, 11 –131 –113
Sale of property, plant & equipment  
and intangible assets 10, 11 16 6
Business acquisitions 4 –92 –636
Investments in financial assets 0 –9
Divestments of financial assets 0 9 
Divested operations and Group companies 0 2
Cash flow from investing activities  –208 –741
Financing activities
Dividend on preference shares –64 –64
Dividend on ordinary shares –159 –151
Warrant proceeds 1 3
Transactions with non-controlling interests –1 –23
Repayment of lease liabilities 18 –194 –194
Proceeds from borrowings 18 330 635
Repayment of borrowings 18 –65 –24
Cash flow from financing activities  –152 183
Cash flow for the year 386 222
Cash and cash equivalents at beginning of year 317 96
Exchange differences –24 0
Cash and cash equivalents at end of year  679 317
145Volati Annual Report 2025
Financial Statements – Group

===== SIDA 147 =====

Consolidated Statement of Changes in Equity
SEK million
Share  
capital
Other  
paid-in  
capital
Translation 
reserve
Retained  
earnings incl.  
net profit
Non-controlling  
interests
T otal  
equity
Opening balance, 1 Jan 2024 10 1,995 24 168 9 2,206
Net profit – – – 273 10 283
Other comprehensive income – – 4 – 0 4
T otal comprehensive income – – 4 273 10 286
Dividend – – – –222 – –222
Issue of warrants – – – 3 – 3
Revaluation of liability for put option 
issued to non-controlling interest – – – –50 –8 –58
Closing balance, 31 Dec 2024 10 1,995 28 172 10 2,215
SEK million
Share  
capital
Other  
paid-in  
capital
Translation 
reserve
Retained  
earnings incl.  
net profit
Non-controlling  
interests
T otal  
equity
Opening balance, 1 Jan 2025 10 1,995 28 172 10 2,215
Net profit – – – 302 13 315
Other comprehensive income – – –78 – 0 –78
T otal comprehensive income – – –78 302 13 237
Dividend – – – –223 – –223
Issue of warrants – – – 1 – 1
Revaluation of liability for put option 
issued to non-controlling interest – – – –47 –13 –59
Closing balance, 31 Dec 2025 10 1,995 –50 205 10 2,171
146 Volati Annual Report 2025
 Financial Statements – Group

===== SIDA 148 =====

NOTE 1  |  Accounting policies
Notes to consolidated financial statements
General information
The Parent Company Volati AB (publ), corp. ID 
556555-4317, is a Swedish limited liability company 
with its registered office in Stockholm. The postal and 
visiting address of the head office is Engelbrektsplan 
1, SE-114 34 Stockholm. The financial statements 
relate to the financial year 2025.
Presentation of the financial statements
The financial statements and notes are presented in  
SEK millions unless otherwise stated.
Basis of preparation
The consolidated accounts are prepared in accord-
ance with the IFRS® reporting standards issued by 
the International Accounting Standards Board, as 
adopted by the European Commission for application 
within the EU. 
New standards and amendments 
not yet applied by the Group
Amendments effective on or after 1 January 2026:
• IFRS 18 Presentation and Disclosure in Financial 
Statements – supersedes IAS 1. Mainly affects the 
structure of the income statement and defined 
subtotals. 
Basis of consolidation 
The consolidated financial statements are prepared 
in accordance with the Group’s accounting policies 
and include the Parent Company and all Group 
companies. 
Non-controlling interests 
Non-controlling interests are recognised as a separate 
item in consolidated equity. 
Put options over non-controlling interests
Put options over non-controlling interests are agree-
ments with owners with non-controlling interests 
entitling them to sell their shares in the company at 
fair value. The agreement, i.e. the put option, which 
corresponds to the purchase price of the shares, 
is recognised as a liability. On remeasurement of 
the liability, the change in value is recognised in 
equity. When the put option is initially recognised 
as a liability, equity is reduced by the present value 
of the amount expected to be paid on exercise, 
whereby Volati has chosen to account for primarily 
non-controlling interests' equity and, if this is not suf-
ficient, in equity attributable to owners of the Parent. 
See also the section Financing risk in note 22. On the 
reporting date, these put options were measured at a 
market value based on a multiple analysis adjusted for 
the net debt in each unit.
Acquisitions 
For acquisitions, subsidiaries are included in the 
consolidated financial statements from the date on 
which control is transferred to the Group. An acquisi-
tion analysis is prepared for each acquisition, in which 
assets and liabilities are measured at fair value. The 
fair value measurement is to some extent based on  
management’s assessment of the acquired company's 
future earnings capacity. Certain acquisitions are 
subject to contingent consideration, which is based 
on the outcome of the acquired company’s earnings 
during a predetermined period. Management makes 
regular evaluations of the fair value of the contingent 
consideration liability, as well as an assessment of 
the future earnings development for the acquisition. 
Gains and losses arising from contingent considera-
tion remeasurement and translation are recognised 
on a net basis as other operating expenses or other 
operating income. Gains and losses arising from 
contingent consideration discounting are recognised 
as finance costs. In the statement of financial 
position, contingent consideration with a maturity of 
more than one year is recognised under non-current 
non-interest-bearing liabilities and contingent 
consideration with a maturity of less than one year 
under other current liabilities. Acquisition-related 
costs are expensed as incurred and recognised under 
other operating expenses. 
Foreign currency
Items included in the financial statements of each entity 
within the Group are reported in its functional currency. 
The consolidated financial statements are presented 
in Swedish kronor (SEK), which is the functional and 
presentation currency of the Parent Company.
147Volati Annual Report 2025
Notes – Group

===== SIDA 149 =====

Transactions
Exchange differences related to operating receivables 
and liabilities are recognised in operating profit, while 
exchange differences related to financial assets and 
liabilities are recognised as finance income or finance 
costs.
The following exchange rates were used for the 
principal currencies:
2025 2024
 
Closing 
rate
Average 
rate
Closing 
rate
Average 
rate
EUR 10.822 11.068 11.459 11.432
NOK 0.914 0.944 0.972 0.983
USD 9.210 9.819 11.030 10.561
Financial statements of foreign entities
Income and expenses for foreign entities are trans-
lated into SEK at average exchange rates representing 
an approximation of the rates prevailing on the 
transaction dates. Exchange differences arising on 
translation of foreign operations are recognised in 
other comprehensive income and accumulated in the 
translation reserve in equity.
Revenue from contracts with customers
The Group has diversified operations. 
In note 3, there is a summary of the most common 
performance obligations and payment terms that are 
found within Volati’s different business areas.
The Group’s revenue categories consist of revenue 
from the sale of goods and services, revenue from 
machine rental and other. 
Sales of goods are partly conducted under 
framework agreements. For recognition of revenue, 
orders in combination with framework agreements 
are treated as contracts with customers and each 
separate product in the order is considered to be 
a performance obligation. In cases where there is 
a material right to receive discounts, this right is 
considered to be a separate performance obligation. 
Revenue is recognised at a certain point in time, as 
none of the criteria for the transfer of control over 
time are met. Control is normally passed on comple-
tion of delivery in accordance with applicable terms 
of delivery, which is the point when risks and rewards 
are transferred to the customer.
When control is passed over time, revenue is 
recognised based on the progress towards satisfac-
tion of the performance obligation. The choice of 
method for measuring progress requires judgement 
and is based on the type of product or service in 
question. The cost by cost method is generally 
used to measure the contract’s stage of completion 
as it best represents the transfer of control to the 
customer, which is the point when Volati incurs costs 
on  performance obligations. Use of the cost by cost 
method measures the stage of completion based on 
costs incurred at a given point time in relation to the 
total calculated costs to fulfil the contract. Revenue 
including estimated fees or profits is recognised 
proportionately as costs are incurred. Costs incurred 
to fulfil a contract include salaries, materials and any 
subcontractors’ costs, other direct costs and any 
material and manufacturing overheads.
In certain units, the Group recognises a provision 
for service warranties, reported as costs and 
liabilities at the inception of a contract, based on 
the contractual requirements that may arise and are 
considered probable.
In some contracts, a unit in the Group provides 
extended service warranties of up to ten years in 
addition to fixing defects that existed at the time 
of sale. Under IFRS 15, such service warranties are 
treated as separate performance obligations, whereby 
part of the revenue is allocated and apportioned over 
the term of the obligation. See also note 19.
The Group has contracts with variable remu-
neration in the form of volume discounts. Volume 
discounts are handled as a reduction in revenue at 
the time of the transaction for every performance 
obligation. This is based on the estimated discount 
under the customer agreement.
Contract assets and liabilities
Contract assets related to accrued project revenue 
are recognised in the statement of financial position 
as prepaid expenses and accrued income. Contract 
liabilities related to extended warranties to customers 
are recognised in the statement of financial position 
under warranty commitments and other provisions.
Government grants
Government grants are recognised at fair value 
when there is reasonable assurance that the grant 
will be received and that the Group will comply with 
any conditions attached to the grant. The grant is 
recognised as a reduction in the cost item to which 
the grant relates in the period in which the cost has 
arisen. 
Finance income and costs
Net financial items includes dividends, interest 
income and expenses, interest charges on leases, 
costs for securing financing, bank charges, factoring 
charges and exchange rate changes relating to 
148 Volati Annual Report 2025
 Notes – Group

===== SIDA 150 =====

financial assets and liabilities. Capital gains/losses and 
impairment of financial assets are also reported under 
net financial items. 
Intangible assets
Goodwill
The value of goodwill is tested annually by calculating 
the recoverable amount, i.e. the value in use for each 
cash generating unit. Calculation of these values is 
based on assumptions about future conditions and 
estimates of parameters, such as discount rates and 
future cash flows. For information on the calculation 
of value in use for the year, see note 10.
Capitalised development expenses
Development expenses that are directly attributable 
to the development and testing of identifiable and 
unique products and business systems controlled by 
the Group are reported as intangible assets.
In the Group, these items consist largely of ERP 
systems and development projects.
Other development expenditure that does not 
meet these criteria is recognised as other external 
expenses as it arises.
Amortisation
Amortisation is recognised in profit or loss on a 
straight-line basis over the estimated useful life of the 
intangible asset.
Estimated useful lives:
Number of 
years
Patents 5
Trademarks 10–20
Technology 3–10
Customer relationships 10–20
Customer databases 5
Capitalised development expenses 3–7
 
In some cases, trademarks are considered to have 
indefinite useful lives as the Group has both the right 
and the intention to continue using the trademarks 
for the foreseeable future, while they generate 
positive cash flows for the Group. 
Property, plant and equipment
Owned assets
Gains and losses on disposal are reported under other 
operating income/expenses.
Depreciation
Depreciation is applied on a straight-line basis over 
the useful life of the asset. 
Number of 
years 
Buildings 20–50
Machinery and equipment 3–10
 
Calculation of recoverable amount of property, 
plant and equipment and intangible assets
See note 10 for a detailed description of the recover-
able amount for intangible assets.
Leases
Leases
Right-of-use assets and lease liabilities are recognised 
in the statement of financial position for most 
contracts or components of contracts that qualify as 
leases. Low-value leases and short-term leases (lease 
term of no more than 12 months) are not included in 
the lease liability but are recognised as an expense in 
the income statement. Low-value leases are leases 
of less than SEK 50 thousand. The Group applies 
the practical expedient in !FRS 16 and therefore 
does not separate non-lease components from lease 
components but accounts for each lease component 
and any associated non-lease components as a single 
lease component. See also note 12.
Right-of-use assets
Right-of-use assets consist essentially of rents for 
premises and warehouses etc. and leased cars and 
trucks. Right-of-use assets are depreciated on a 
straight-line basis over the useful life or the lease 
term, whichever is shorter. See also note 12.
Lease liabilities
The lease liabilities include the present value of 
the following lease payments: All future reasonably 
certain payment obligations related to the lease 
are included in the lease payments. Fixed fee/base 
rent is always included in the lease payment. Lease 
payments include fixed payments, variable lease 
payments that depend on an index or a rate, and 
amounts expected to be payable under residual value 
guarantees. Variable lease payments that do not 
depend on an index or a rate are recognised as an 
expense in the period to which they relate. See also 
note 12.
149Volati Annual Report 2025
Notes – Group

===== SIDA 151 =====

Financial assets and liabilities
Financial instruments recognised in the statement of 
financial position include derivatives, cash and cash 
equivalents, securities, other financial receivables, 
trade receivables, loan receivables, trade payables 
and loan liabilities.
Equity
Share capital/other paid-in capital
A specification of share capital development can be 
found under ‘Share information’ in this annual report. 
Transaction costs directly attributable to the issue 
of new shares are recognised in equity, net of tax, 
as a deduction from the issue proceeds. In addition, 
costs attributable to transactions with minorities are 
recognised directly in equity.
Other reserves
Other reserves comprise the translation reserve, 
which includes all exchange differences arising on 
translation of foreign operations’ financial reports 
prepared in a currency other than the Group’s 
presentation currency. 
Preference shares
Preference shares are reported under equity, as 
the preference dividend is subject to the decision 
of the AGM and only the Company can require the 
Company to buy back preference shares. Preference 
shares were issued in May 2015, giving entitlement 
to a priority dividend of SEK 40 per preference 
share (in quarterly payments of SEK 10). Following a 
decision by the Board, the preference shares may be 
redeemed at a fixed amount that is reduced from SEK 
725 per share up to the fifth anniversary of the issue 
to SEK 675 per share up to the tenth anniversary and 
to SEK 625 per share for the period thereafter.
Employee benefits
Defined-contribution plans
Within the Group, there are only defined-contribution 
plans. Obligations under defined-contribution plans 
are recognised as a personnel expense in the income 
statement as earned. 
Share-based payments
Outstanding option programmes are accounted for 
in accordance with IFRS 2 Share-based Payment. 
The fair value of granted warrants is calculated at the 
grant date using an accepted valuation model that 
takes into account market conditions, see note 5 for 
further information. Fair value has been paid for the 
warrants, which means that no expense has been 
recognised in the income statement. The amount paid 
for the warrants is recognised as an increase in equity.
Tax
Income tax consists of current tax and deferred 
tax. Taxes are recognised in the income statement 
except when the underlying transaction is recognised 
directly in equity or other comprehensive income, in 
which case the related tax effect is also recognised in 
equity or other comprehensive income.
Segment reporting
The Group’s operations are managed and reported 
primarily by business area. Segments are consolidated 
in accordance with the same principles as for the 
Group as a whole. Operating segments are reported 
in a manner consistent with the internal reporting 
provided to the chief operating decision-maker. 
The chief operating decision-maker is the function 
responsible for allocating resources and assessing 
the operating segments’ performance. In the Group, 
this function has been identified as the CEO. The 
CEO manages the Group’s financial development at 
business-area level. 
A segment’s assets include all operating assets 
used by the segment and primarily comprise 
intangible assets, property, plant and equipment, 
inventories, external trade receivables, other receiva-
bles, prepaid expenses and contract assets.
A segment’s liabilities include all operating and 
interest-bearing liabilities used by the segment and 
primarily consist of provisions, deferred tax liabilities, 
external trade payables, other current liabilities, 
accrued expenses, contract liabilities and deferred 
income. Unallocated assets and liabilities mainly 
include the Parent Company’s assets, liabilities and 
Group eliminations of internal balances. See note 3 
for further information on the Group’s segments.
150 Volati Annual Report 2025
 Notes – Group

===== SIDA 152 =====

NOTE 2  |  Other operating income and expenses
Other operating income 2025 2024
Gains/losses on sale of machinery 
and equipment 7 6
Warranty compensation relating to 
prior years - 6
Insurance proceeds 1 4
Government grant relating to prior 
years - 4
Contingent consideration 
remeasurement 14 0
Currency effects 12 6
Other 5 9
38 37
Other operating expenses 2025 2024
Gains/losses on sale of machinery 
and equipment –1 –2
Currency effects –7 –9
Contingent consideration 
remeasurement - –2
Other –4 –3
–12 –17
NOTE 3 | Segment reporting
At the reporting date, the Group's business areas 
consist of Salix Group, Ettiketto Group and Industry. 
Salix Group and Ettiketto Group are natural business 
areas with a clear industrial logic and the ability to 
grow independently through value-creating add-on 
acquisitions. The Industry business area consists of 
four businesses with leading market positions in their 
respective niches. The businesses are manufacturing 
providers of solutions in various sectors. The busi-
nesses are well placed for rapid growth with a clear 
focus on long-term value creation. 
2025 2024
Net sales1)
External  
net sales
Internal  
net sales Net sales
External  
net sales
Internal  
net sales Net sales
Salix Group 4,111 3 4,115 3,585 4 3,588
Ettiketto Group 1,201 1  1,203 935 1  936
Industry 3,106 0 3,106 3,347 0 3,347
Internal eliminations –5 –5 –5 –5
8,419 0 8,419 7,866 0 7,866
¹⁾  The business areas include acquired entities from the acquisition date.  
See note 4 on acquisitions completed during the respective periods.
151Volati Annual Report 2025
Notes – Group

===== SIDA 153 =====

Distribution of revenue 2025
Net sales¹⁾
Sale of 
goods Services Other
T otal revenue  
from contracts  
with customers
Equipment  
leasing Other T otal
Salix Group 4,079 10 21 4,110 – 1 4,111
Ettiketto Group 1,185 17 0 1,201 – 0 1,201
Industry 2,561 507 8 3,076 30 0 3,106
7,825 533 29 8,387 30 2 8,419
Distribution of revenue 2024
Net sales¹⁾
Sale of 
goods Services Other
T otal revenue  
from contracts  
with customers
Equipment  
leasing Other T otal
Salix Group 3,561 13 9 3,583 – 2 3,585
Ettiketto Group 919 15 0 935 – – 935
Industry 2,636 627 – 3,262 77 7 3,347
7,116 655 9 7,780 77 9 7,866
¹⁾  The business areas include acquired entities from the acquisition date.  
See note 4 on acquisitions completed during the respective periods.
The Group does not have any customers that individually represent more than 10 percent of the Group’s net sales.
The performance obligations and payment terms for the main revenue categories are set out below.
Revenue categories Performance obligation Payment
Sale of goods For the Salix Group, Ettiketto Group and Industry business 
areas, the performance obligation is satisfied at a point in time, 
i.e. when the customer has received the goods or has control 
over the goods. Within Ettiketto Group and Industry, some of 
the performance obligations are satisfied over time. Variable 
types of consideration such as discounts are treated as a 
reduction in revenue and measured based on management’s 
assessment. In the Industry business area, performance 
obligations for warranties are satisfied over time.
Payment is immediate in some cases but 
no later than 30 days.
Services Most services are found within the Industry business area. 
The associated performance obligation is satisfied at a point 
in time, which is when the customer has had the service 
carried out. There are also services in Industry, and here too 
the performance obligation is satisfied at a point in time.
Payment is in advance in some cases, but 
no later than 30 days.
Equipment leasing This takes place in the Industry business area and here the 
performance obligation is satisfied over time. 
Payment is in advance in some cases, but 
no later than 30 days.
See also note 1 for a further description of revenue streams.
152 Volati Annual Report 2025
 Notes – Group

===== SIDA 154 =====

Net sales by country ¹⁾²⁾ 2025 2024
Sweden 5,908 5,687
Norway 655 674
Finland 467 536
Spain 178 228
Germany 358 151
UK 85 110
Denmark 466 100
Mexico 51 74
China 71 65
United States 18 41
Ukraine 36 38
Latvia 27 34
Hungary 5 32
France 13 28
Poland 50 26
Austria 11 24
Estonia 11 12
Lithuania 8 8
Romania 1 1
8,419 7,866
¹⁾  The business areas include acquired entities from the acqui-
sition date. See note 4 on acquisitions completed during 
the respective periods.
2)  Net sales by country refers to the country in which the 
Group company that delivered the product or service has 
its registered office, which is usually the same as the end 
customer’s market.
Non-current assets by country¹⁾ 2025 2024
Sweden 3,085 3,124
Norway 383 408
Denmark 247 283
Finland 149 181
Spain 133 152
UK 16 17
Germany 109 13
United States 3 6
France 4 5
Poland 1 2
China 1 2
Romania 1 1
Hungary 1 0
Ukraine 0 0
Estonia 0 0
Latvia 0 0
Lithuania 0 0
Austria 0 0
4,136 4,195
1)  Non-current assets by country refers to the country in 
which the Group company that holds the non-current asset 
has its registered office, which is usually the same as the 
non-current asset’s location.
EBITA¹⁾ 2025 2024
Salix Group 411 273
Ettiketto Group 215 200
Industry 172 240
Items affecting comparability²⁾ –14 –3
Central costs –60 –53
T otal EBITA 726 658
Acquisition-related amortisation –137 –120
Net financial items –176 –169
Profit before tax 412 369
Tax –97 –86
Net profit 315 283
¹⁾  The business areas include acquired entities from the acqui-
sition date. See note 4 on acquisitions completed during 
the respective periods.
²⁾  See note 27 for definition and specification.
153Volati Annual Report 2025
Notes – Group

===== SIDA 155 =====

Operating profit¹⁾ 2025 2024
Salix Group 357 238
Ettiketto Group 196 180
Industry 109 176
Items affecting comparability²⁾ –14 –3
Central costs –60 –53
T otal EBIT 589 538
Depreciation¹⁾ 2025 2024
Salix Group 154 132
Ettiketto Group 77 65
Industry 196 202
Parent Company/Other 3 4
430 403
¹⁾  The business areas include acquired entities from the acqui-
sition date. See note 4 on acquisitions completed during 
the respective periods. 
²⁾  See note 27 for definition and specification.
2025 2024
Assets¹⁾
T otal 
assets
Of which intangible assets 
and PPE
T otal 
assets
Of which intangible assets 
and PPE
Salix Group 3,628 1,947 3,996 1,985
Ettiketto Group 1,133 620 935 500
Industry 3,407 1,559 3,498 1,707
Unallocated assets –398 10 –979 3
7,770 4,136 7,451 4,195
Liabilities¹⁾ 2025 2024
Salix Group 2,413 2,928
Ettiketto Group 888 796
Industry 4,079 3,082
Unallocated liabilities –1,781 –1,570
5,600 5,236
Cost, investments in intangible assets and PPE¹⁾ 2025 2024
Salix Group 21 15
Ettiketto Group 65 50
Industry 45 48
131 113
1)  The business areas include acquired entities from the acquisition date and divested operations until the date of disposal. See 
separate notes on acquisitions and disposals completed during the respective periods.
154 Volati Annual Report 2025
 Notes – Group

===== SIDA 156 =====

Note 4  |  Business acquisitions
2025
On 4 February, all shares in Clever Etiketten GmbH 
and its sister companies were acquired – a leading 
supplier of label solutions in Germany. This is an add-
on acquisition for Ettiketto Group. Clever Etiketten 
reported net sales of approximately SEK 290 million 
in 2024. 
On 25 April, an agreement was signed to 
acquire Hans Eggestrand AB, a wholesaler of tools 
and machinery with annual net sales of SEK 45 
million, as an add-on acquisition for the Salix Group 
platform. The shares were acquired on 22 May. On 
1 December, the operations of Swerock’s concrete 
plant in Rättvik were acquired as an add-on acquisi-
tion for Industry. The business reported net sales of 
approximately SEK 17 million in 2024.
The Group’s earnings were affected by transaction 
costs of SEK 8 million for the above acquisitions. 
Goodwill of SEK 28 million arising from the transac-
tions is supported by several factors, largely attribut-
able to the acquired companies’ synergies, employees 
and market shares. Contingent consideration of SEK 
14 million related to acquisitions in previous years 
was settled during the year.
The impact of the acquisitions on the Volati 
Group’s statement of financial position at the acquisi-
tion date is set out below.
Impact of acquisitions on statement of financial posi-
tion (SEK million) T otal
Intangible assets 22
Property, plant and equipment 97
Right-of-use assets 6
Deferred tax assets 10
Inventories 32
Trade receivables 35
Other receivables 18
Cash and cash equivalents 13
Deferred tax liability and other provisions –14
Non-current interest-bearing liabilities –26
Non-current lease liabilities –6
Current interest-bearing liabilities –2
Current lease liabilities 0
Current liabilities –88
Net assets 97
Goodwill 28
Purchase consideration for shares 125
Purchase consideration for shares 125
Preliminary purchase consideration paid for 
current-year acquisitions and settlement of 
contingent consideration for prior-year acquisitions 28
Deferred fixed consideration –48
Cash and cash equivalents in acquired companies 
at the acquisition date –13
Impact on the Group’s cash and cash equivalents 
at the acquisition date 92
Impact of acquisitions on  
income statement (SEK million)
Net sales EBITDA EBITA EBIT
Full year 2025 Full year 2025 Full year 2025 Full year 2025
Salix Group 22 4 4 3
Ettiketto Group 258 8 –1 –3
Industry 1 0 0 0
Volati Group 281 11 2 0
If the acquisitions had been consolidated with effect from 1 January 2025, their contribution to the Group’s 
income statement, excluding transaction costs, for the full year 2025 would have been as follows: net sales SEK 
339 million, EBITDA SEK 13 million, EBITA SEK 3 million and operating profit SEK –1 million.
155Volati Annual Report 2025
Notes – Group

===== SIDA 157 =====

2024
The acquisition of Trejon Försäljnings AB was finalised 
on 25 January and an agreement to acquire all shares 
in Beslag Design AB was signed on 29 February. Both 
companies are add-on acquisitions for Salix Group. 
Trejon Försäljnings AB reported annual net sales of 
SEK 300 million in 2022/23. Beslag Design reported 
annual net sales of approximately SEK 190 million 
in 2023.
An acquisition in the Ettiketto Group business 
area was completed on 16 September. The acquired 
company reported sales of SEK 7 million in 2023. 
On 11 December, all shares in Timberman A/S 
were acquired. This is an add-on acquisition for 
Salix Group. The company reported annual sales of 
approximately SEK 420 million in 2023.
The Group’s earnings were affected by transaction 
costs of SEK 6 million for the above acquisitions.  
Goodwill of SEK 169 million arising from the 
transactions is supported by several factors, largely 
attributable to the acquired companies’ synergies, 
employees and market shares. Contingent considera-
tion cash settlements during the year amounted to 
SEK 23 million. The impact of the acquisitions on the 
Volati Group’s statement of financial position at the 
acquisition date is set out below.
Impact of acquisitions on statement of financial  
position (SEK million) T otal
Intangible assets 395
Property, plant and equipment 3
Right-of-use assets 35
Deferred tax assets 3
Inventories 152
Trade receivables 109
Other receivables 4
Cash and cash equivalents 102
Deferred tax liability and other provisions -94
Non-current interest-bearing liabilities -8
Non-current lease liabilities -29
Current lease liabilities -6
Current liabilities –110
Net assets 556
Goodwill 169
Purchase consideration for shares 725
Purchase consideration for shares 725
Net deferred contingent consideration for current-
year acquisitions and settlement of contingent 
consideration for prior-year acquisitions 13
Prepaid purchase consideration 0
Cash and cash equivalents in acquired companies 
at the acquisition date –102
Impact on the Group’s cash and cash equivalents 
at the acquisition date 636
Impact of acquisitions on  
income statement (SEK million)
Net sales EBITDA EBITA EBIT
Full year 2024 Full year 2024 Full year 2024 Full year 2024
Salix Group 403 52 47 31
Ettiketto Group 1 0 0 0
Industry – – – –
Volati Group 404 52 47 31
If the acquisitions had been consolidated with effect from 1 January 2024, their contribution to the Group’s 
income statement, excluding transaction costs, for the full year 2024 would have been as follows: net sales 
SEK 813 million, EBITDA SEK 122 million, EBITA SEK 117 million and operating profit SEK 78 million.
156 Volati Annual Report 2025
 Notes – Group

===== SIDA 158 =====

NOTE 5  |  Employees and personnel expenses
2025 2024
Average number of full-time equivalents per company Male Female T otal Male Female T otal
Volati Head Office 5 9 14 7 8 15
Industry
Volati Industri AB 0 0 0 0 0 0
Corroventa 
Corroventa England 4 0 4 4 0 4
Corroventa France 3 0 3 3 0 3
Corroventa Norway 2 0 2 2 0 2
Corroventa Poland 2 0 2 2 0 0
Corroventa Sweden 32 11 42 31 11 41
Corroventa Germany 13 2 15 13 2 15
Corroventa Austria 2 0 2 3 0 3
Ettiketto Group
123 Etiketten GmbH¹⁾ 20 13 33 – – –
Beneli AB 19 9 28 20 11 31
Clever Etiketten GmbH¹⁾ 80 56 136 – – –
Etiprint Aktiebolag²⁾ – – – 0 1 0
Ettiketto AB 179 68 247 172 64 236
Ettiketto Germany Holding GmbH 0 0 0 0 0 0
Ettiketto Group AB 3 5 8 – – –
Ettiketto Trondheim AS 16 11 27 17 13 30
Label 123 GmbH¹⁾ 8 3 11 – – –
Smart Label Polska Sp. z o.o.¹⁾ 0 1 1 – – –
Salix Group
Beslag Design i Båstad AB³⁾ 24 27 51 20 22 42
Beslag Design i Båstad AS³⁾ 1 0 1 0 0 0
Duschprodukter Sweden AB 10 5 15 10 5 15
Duschy Marketing OU 2 2 4 2 2 4
Habo Danmark A/S 5 2 7 5 1 6
Habo Finland OY 4 2 6 4 2 6
Habo Gruppen AB 19 18 37 20 17 37
Habo Norge AS 8 7 15 8 6 14
Hans Eggestrand AB⁴⁾ 2 1 3 – – –
Heco Nordiska AB 22 33 55 22 34 56
Kellfri AB 44 19 63 40 18 59
Kellfri Aps 2 0 2 2 1 3
Kellfri Oy 3 0 3 3 0 3
Miljöcenter AS⁵⁾ 1 0 1 1 0 1
Miljöcenter i Malmö AB 11 12 23 11 12 23
Norholding Invest AS 13 10 23 13 10 23
157Volati Annual Report 2025
Notes – Group

===== SIDA 159 =====

2025 2024
Average number of full-time equivalents per company Male Female T otal Male Female T otal
Pisla Oy 32 26 58 35 31 66
Salix Business Partner AB 85 17 102 82 16 98
Salix Bygg och Emballagelösningar AB 3 1 4 3 0 3
Salix Group AB 2 5 7 2 4 6
Salix Hem & Beslag AB 2 2 4 2 2 4
Salix Home & Fittings OY 3 0 3 3 0 3
Salix Järn & Bygg AB 2 1 3 2 1 3
Shanghai Salix Trading Co Ltd 0 2 2 0 2 2
SIA Duschy Marketing 1 2 3 1 2 3
Skandinavisk Beslagkompani AB 0 0 0 5 4 9
Sørbø Industribeslag AS 37 7 44 39 6 45
TECCA AB 10 16 26 10 15 25
T-Emballage AB 20 7 27 21 8 29
Thomée Gruppen AB 17 18 35 17 14 31
Timberman A/S⁶⁾ 11 7 18 1 0 1
Timberman AB⁶⁾ 2 0 2 1 0 1
Trejon Försäljnings AB⁷⁾ 18 5 23 17 5 22
UAB Duschy 2 1 3 2 1 3
Väggmaterial i Sverige AB 6 4 10 6 4 10
Communication
Scanmast AB 65 14 79 66 16 82
Scanmast AS 1 0 1 1 0 1
Scanmast OY 3 0 3 4 0 4
MAFI Group AB 5 0 5 6 1 7
MAFI AB 19 4 23 17 3 20
MAFI India Ltd 1 0 1 1 0 1
MAFI Shanghai Trading Ltd 2 1 3 2 2 4
MAFI US Inc 3 3 6 2 3 5
Volati Communication Holding AB 2 0 2 2 0 2
S:t Eriks
Byggsystem Direkt AB  11 1 12 11 2 13
Gunnar Prefab AB 21 1 22 20 1 21
MEAG VA-System AB  0 0 0 0 0 0
Nordskiffer AB 5 1 6 5 1 6
S:t Eriks AB 352 66 418 361 64 425
Stenentreprenader i Hessleholm AB 11 2 13 16 2 18
Vinninga Cementvarufabrik AB 42 3 45 36 3 39
T ornum Group
Apisa S.L. 40 5 45 36 5 41
JPT Industria Oy  29 4 33 25 3 28
SIMEZA 41 6 47 37 5 43
158 Volati Annual Report 2025
 Notes – Group

===== SIDA 160 =====

2025 2024
Average number of full-time equivalents per company Male Female T otal Male Female T otal
Terästorni Oy 41 3 44 44 3 47
Tornum Group AB 5 2 7 0 2 2
Tornum Latvia 6 1 7 7 1 8
Tornum Ltd 15 3 18 15 3 18
Tornum Poland 7 2 9 5 2 7
Tornum Romania 6 0 6 6 0 6
Tornum Sweden 56 7 63 62 8 70
Tornum Ukraine 11 2 13 9 2 11
Tornum Hungary 2 0 2 2 0 2
1,613 576 2,189 1,482 486 1,968
1)  Clever Etiketten GmbH and sister companies were consolidated from 2 February 2025, and the number of employees is there-
fore reported as FTEs for the period during which the companies were included in the Group.
2)  Etiprint Aktiebolag was consolidated from 16 September 2024, and the number of employees is therefore reported as FTEs for 
the period during which the company was included in the Group.
3)  Beslag Design i Båstad AB was consolidated from 29 February 2024, and the number of employees is therefore reported as 
FTEs for the period during which the company was included in the Group.
4)  Hans Eggestrand AB was consolidated from 26 May 2025, and the number of employees is therefore reported as FTEs for the 
period during which the company was included in the Group.
5)  Miljöcenter AS was consolidated from1 March 2024 and the number of employees is therefore reported as FTEs for the period 
during which the company was included in the Group.
6)  Timberman A/S and Timberman AB were consolidated from 11 December 2024 and the number of employees is therefore 
reported as FTEs for the period during which the companies were included in the Group.
7)  Trejon Försäljnings AB was consolidated from 26 January 2024 and the number of employees is therefore reported as FTEs for 
the period during which the company was included in the Group.
 
2025 2024
Average number of full-time equivalents per country Male Female T otal Male Female T otal
Denmark 18 9 27 8 2 10
UK 19 3 22 19 3 22
Estonia 2 2 4 2 2 4
Finland 115 35 150 118 39 157
France 3 0 3 3 0 3
India 1 0 1 1 0 1
Norway 79 35 114 81 35 116
Latvia 7 3 10 8 3 11
Lithuania 2 1 3 2 1 3
Poland 9 2 11 7 2 9
Romania 6 0 6 6 0 6
Shanghai 2 3 5 2 4 6
Spain 81 11 92 73 10 83
Sweden 1,131 392 1,523 1,123 379 1,501
Germany 121 75 196 13 2 15
United States 3 3 6 2 3 5
Ukraine 11 2 13 9 2 11
Hungary 2 0 2 2 0 2
Austria 2 0 2 3 0 3
1,613 576 2,189 1,482 486 1,968
159Volati Annual Report 2025
Notes – Group

===== SIDA 161 =====