Årsredovisning 2025

Distribution of senior executives on reporting date, %
2025 2024
Male Female Male Female
Volati AB Board members 50% 50% 57% 43%
Other members of management, including CEO 80%1) 20% 80% 20%
1) Includes 1 person as interim consultant.
Salaries and other benefits 2025 2024
Board and CEO, Sweden 7 6
Other employees, Sweden 759 724
Other employees, outside Sweden 415 333
1,182 1,063
Of which bonuses to Board and CEO – –
Social security contributions 2025 2024
Contractual and statutory social security contributions 324 311
Pension costs for Board and CEO 0 0
Other pension costs 130 110
454 422
Guidelines for remuneration 
of senior executives
The guidelines set out below for remuneration of 
senior executives were adopted by the 2025 AGM 
and apply until further notice (but not beyond the 
2029 AGM).
These guidelines shall apply to remuneration that is 
agreed, and changes to already agreed remuneration, 
after the date on which the guidelines were adopted 
by the AGM.
In this context, the term senior executives refers 
to the CEO of Volati AB and the other members of 
Group management.
The guidelines’ promotion of the 
Company’s business strategy, long-
term interests and sustainability
Volati’s business strategy, in brief, is aimed at creating 
value by acquiring companies with proven business 
models, leading market positions and strong cash 
flows at reasonable valuations, and developing them 
with a focus on long-term value creation. More 
detailed information about Volati’s strategic priorities 
is provided in the Company’s annual report and on 
the Company’s website.
Successful implementation of Volati’s business 
strategy and safeguarding of its long-term interests 
is dependent on Volati being able to recruit, develop 
and retain senior executives with relevant experience, 
expertise and qualified leadership skills. It is therefore 
important for Volati to be able to offer its senior 
executives a competitive total remuneration.
On this basis, the Company shall endeavour to 
offer its senior executives conditions that are market-
based and motivating, as well as well-balanced and 
reasonable based on the competence, responsibility 
and performance of the senior executives.
The remuneration guidelines are intended to 
provide a clear framework for remuneration of 
Volati’s senior executives so that conditions can be 
formulated that benefit Volati’s business strategy and 
long-term interests, including its sustainability, lasting 
growth and profitability.
Forms of remuneration
Remuneration may take the following forms:
• Fixed cash remuneration
• Variable cash remuneration
• Pension benefits
• Other benefits
 
Guidelines for fixed remuneration
Each senior executive shall receive fixed cash 
remuneration, i.e. a fixed monthly basic salary. This 
represents foreseeable remuneration that contributes 
to attracting and retaining qualified employees. 
Senior executives’ fixed remuneration must be 
competitive and based on the individual’s experience, 
area of responsibility and performance.
160 Volati Annual Report 2025
 Notes – Group

===== SIDA 162 =====

Guidelines for variable remuneration
Senior executives may receive variable remu-
neration in addition to fixed remuneration. Variable 
remuneration shall be linked to pre-defined targets 
and measurable criteria that can be financial or non-
financial. The targets and criteria should be designed 
to promote Volati’s business strategy, long-term 
interests and sustainability by having a clear connec-
tion to Volati’s business objectives and/or strategies.
For variable remuneration, limits for the maximum 
payment shall be set for each individual senior 
executive concerned. Variable remuneration is paid 
in arrears and is conditional on the fulfilment of the 
linked targets or criteria. It shall also be shown to be 
sustainable in the long term and shall not have any 
material detrimental effect on Volati’s position.
The AGM may also decide that variable remunera-
tion will take the form of share-based payment in 
both the Company and its subsidiaries. In addition 
to promoting the Company’s business strategy, 
long-term interests and sustainability, share-based 
payment must be designed to achieve an increased 
community of interests between senior executives 
and the Company’s shareholders.
Whether the agreed targets or criteria for variable 
remuneration have been achieved will be determined 
when the relevant measurement period has ended. 
The Board is responsible for any evaluation of variable 
remuneration paid to the CEO. The CEO is respon-
sible for any evaluation of variable remuneration 
paid to the senior executive concerned. For financial 
targets, the evaluation shall be based on Volati’s most 
recently published financial information.
For each senior executive concerned, variable 
remuneration may represent a maximum of 25 
percent of the fixed remuneration and, if full variable 
remuneration, pension benefits and other benefits 
are paid, a maximum of 14 percent of the total 
remuneration.
Guidelines for pension benefits
Pension benefits shall generally be paid in accord-
ance with rules, collective agreements (which may 
involve a right to early retirement), and, if relevant, 
practice in the country where the senior executive 
resides permanently. This represents foreseeable 
remuneration that contributes to attracting and 
retaining qualified employees. Pension benefits shall 
be defined-contribution, unless the individual in 
question is covered by a defined-benefit pension in 
accordance with compulsory collective agreement 
provisions. Pension benefits are vested when they 
have accrued. Variable remuneration shall only 
form the basis for pension benefits if it follows from 
compulsory collective agreement rules.
For each senior executive concerned, defined-
contribution pension benefits may represent a 
maximum of 33 percent of the fixed remuneration 
and, if full variable remuneration, pension benefits 
and other benefits are paid, a maximum of 19 percent 
of the total remuneration.
Guidelines for other benefits
Senior executives may be entitled to both general 
benefits offered to all employees and additional 
benefits. The benefits contribute to attracting and 
retaining qualified employees. Examples of other 
benefits that may be received by senior executives 
include car allowance, health insurance, household-
related services and financial protection for family/
survivors.
For each senior executive concerned, other 
benefits may represent a maximum of 15 percent of 
the fixed remuneration and, if full variable remunera-
tion, pension benefits and other benefits are paid, a 
maximum of 9 percent of the total remuneration.
Guidelines for termination and severance pay
Employment contracts between Volati and its senior 
executives are normally permanent. The contracts 
may be terminated without objective grounds by 
either party. Salary during the period of notice and 
any severance pay due shall generally be in accord-
ance with rules, collective agreements and practices. 
In addition, the following shall apply: If Volati 
terminates the employment, the period of notice 
shall not exceed 12 months. In addition, severance 
pay based on fixed monthly salaries may be paid for a 
maximum of 12 months. The total remuneration dur-
ing the period of notice and period of severance pay 
shall not exceed a total amount corresponding to the 
agreed fixed monthly salary at the time of termination 
and contractual benefits for 12 months plus the 
fixed monthly salary for 12 months. If termination 
of employment is at the senior manager’s request, 
the period of notice shall not exceed six months and 
severance pay shall not be paid. If Volati chooses to 
apply a non-compete agreement in certain cases, 
fixed remuneration may be paid during the relevant 
period.
161Volati Annual Report 2025
Notes – Group

===== SIDA 163 =====

Consideration of remuneration and terms 
of employment for other employees
In preparing the Board’s proposal for these remunera-
tion guidelines, salary and terms of employment 
for Volati’s other employees have been taken into 
account by ensuring that information about the 
Company’s total salary costs and other personnel 
expenses is included in the Board’s support material 
for these guidelines. This information is also included 
in the Board’s annual remuneration report.
Decision-making process for establishing, 
reviewing and implementing the guidelines
The Volati Board or the Remuneration Committee, if 
such a committee has been established by the Board 
to fulfil its tasks, shall follow and evaluate the applica-
tion of the guidelines for remuneration of senior 
executives, current programmes and programmes 
completed during the year for variable remuneration 
paid to senior executives and applicable remuneration 
structures and remuneration levels within Volati.
The Board shall prepare a remuneration report for 
each financial year and make the report available to 
shareholders on Volati’s website no later than three 
weeks before the AGM.
If a Remuneration Committee is established by the 
Volati Board, it shall prepare the Board’s proposal 
for guidelines for remuneration of senior executives. 
Every four years, or earlier if there is a need for 
significant amendments to the guidelines, the Board 
shall prepare proposed guidelines for resolution 
by the AGM, and if the Board has established a 
Remuneration Committee, the  committee's recom-
mendation in this regard shall form the basis for the 
Board’s proposal. The Meeting shall decide on the 
proposal.
The guidelines shall apply to each remuneration 
obligation to senior executives, and any change to 
such obligation, decided after the meeting at which 
the guidelines were adopted. The guidelines do not 
therefore have any effect on previously binding 
contractual obligations. The guidelines shall apply 
until the new guidelines are adopted by the AGM and 
made available to the public on Volati’s website.
When the Board considers and decides on 
remuneration-related matters, the CEO and other 
members of Group management are not present, 
insofar as they are affected by the matters.
Right to decide on deviations from these guidelines
The Board may decide to occasionally derogate 
from the guidelines, in whole or in part, if there are 
special reasons for doing so in an individual case and 
such derogation is necessary to safeguard Volati’s 
long-term interests, including its sustainability, or to 
ensure Volati’s financial viability. As stated above, the 
tasks of any Remuneration Committee appointed 
include preparing the Board’s decisions in the area 
of remuneration, including decisions to deviate from 
the guidelines. In its annual remuneration report, the 
Board shall report and explain any deviations.
Review of the guidelines, changes and explanation 
of how shareholders’ views have been considered
These guidelines were proposed prior to the 2025 
AGM, and shareholders have not had the opportunity 
to comment on them over and above their normal 
right to make proposals before the AGM.
162 Volati Annual Report 2025
 Notes – Group

===== SIDA 164 =====

Remuneration of Parent Company Board and senior executives
Volati’s Board 2025, SEK million Salary Remuneration
Other  
benefits Pension cost T otal
Patrik Wahlén, Chairman – 0.585 – – 0.585
Karl Perlhagen – 0.265 – – 0.265
Björn Garat – 0.320 – – 0.320
Anna-Karin Celsing – 0.265 – – 0.265
Maria Edsman – 0.265 – – 0.265
Christina Tillman – 0.265 – – 0.265
Magnus Sundström – 0.345 – – 0.345
Volati’s senior executives 2025, SEK million Basic salary
Variable  
remuneration
Other  
benefits Pension cost T otal
Andreas Stenbäck, CEO¹⁾ 4.8 – 0.0 0.4 5.2
Other senior executives (4)²⁾ 15.0 – 0.0 0.9 16.0
¹⁾  In 2025, the Company’s CEO acquired 82,931 warrants issued by Volati AB, which expire in July 2029. In 2024, the Company’s 
CEO acquired 145,516 warrants, which expire in July 2028. In 2023, the Company’s CEO acquired 41,719 warrants, which 
expire in July 2027. In 2022, the Company’s CEO acquired 34,046 warrants, which expire in July 2026.
²⁾ In 2025, the Company’s Head of Strategic HR acquired 24,108 warrants in Volati AB, which expire in July 2029. 
Volati’s Board 2024, SEK million Salary Remuneration
Other  
benefits Pension cost T otal
Patrik Wahlén, Chairman – 0.550 – – 0.550
Karl Perlhagen – 0.250 – – 0.250
Björn Garat – 0.300 – – 0.300
Anna-Karin Celsing – 0.250 – – 0.250
Maria Edsman – 0.250 – – 0.250
Christina Tillman – 0.250 – – 0.250
Magnus Sundström – 0.325 – – 0.325
Volati’s senior executives 2024, SEK million Basic salary
Variable  
remuneration
Other  
benefits Pension cost T otal
Andreas Stenbäck, CEO¹⁾ 4.2 – 0.0 0.4 4.6
Other senior executives (4)²⁾ 13.8 – 0.1 0.9 14.7
¹⁾  In 2024, the Company’s CEO acquired 145,516 warrants issued by Volati AB, which expire in July 2028. In 2023, the Com-
pany’s CEO acquired 41,719 warrants issued by Volati AB, which expire in July 2027. In 2022, the Company’s CEO acquired 
34,046 warrants issued by Volati AB, which expire in July 2026.
Remuneration of the CEO
Pension arrangements
The contractually agreed retirement age is 67. The 
CEO has an individual pension, whereby pension 
contributions can be made as the CEO decides, but 
the cost of such a pension is deducted from the 
CEO’s salary.
T ermination of employment
The reciprocal period of notice is six months. Volati 
AB does not have any agreements concerning 
termination benefits for the CEO.
163Volati Annual Report 2025
Notes – Group

===== SIDA 165 =====

Other senior executives
Variable remuneration 
In accordance with the Group’s guidelines, senior 
executives are entitled to variable remuneration 
A business area manager is entitled to variable 
remuneration which is individually tailored to the 
business area’s operations. Underlying parameters 
for that manager’s variable remuneration are 
profitability and individually defined parameters. 
The ceiling for variable remuneration is 25 
percent of the fixed remuneration.
Pension arrangements
Senior executives have individual pensions, whereby 
pension contributions can be made as each particular 
senior executive decides, but the cost of such a pen-
sion is deducted from the executive’s salary. Senior 
executives have a contractually agreed retirement 
age of 67.
T ermination of employment
None of the senior executives are entitled to termina-
tion benefits. The mutual notice period for senior 
executives is six or twelve months.
Warrant programme Volati 2025
At the Annual General Meeting in April 2025, a 
resolution was passed, in accordance with the Board’s 
recommendation, to introduce a warrant programme 
under which the Company invites four key employees 
to acquire warrants of series 2025/2029 in the com-
pany. Each warrant entitles the holder to subscribe 
for one new ordinary share in Volati from 28 April 
2029 to 28 May 2029 (inclusive). The exercise price 
is SEK 144.25 per ordinary share, corresponding to 
125 percent of the reference price. 
The calculated fair value on the grant date in April 
2025 was SEK 10.37 per option. The fair value was 
calculated using a Black & Scholes valuation model, 
taking into account the market conditions at the  
grant date.
Three key employees accepted the offer, consisting 
of a total of 300,546 warrants, of which the sub-
scribed number was 109,931 on the reporting date. 
Equity increased by SEK 1 million on the grant date. 
As the warrants were acquired at a market price, no 
cost has been reported, in accordance with IFRS 2.
Warrant programme Volati 2024
At the Annual General Meeting in April 2024, a 
resolution was passed, in accordance with the Board’s 
recommendation, to introduce a warrant programme 
under which the Company invites four key employees 
to acquire warrants of series 2024/2028 in the com-
pany. Each warrant entitles the holder to subscribe 
for one new ordinary share in Volati from 25 April 
2028 to 25 May 2028 (inclusive). The exercise price 
is SEK 148.75 per ordinary share, corresponding to 
150 percent of the reference price. 
The calculated fair value on the grant date in April 
2024 was SEK 5.91 per option. The fair value was 
calculated using a Black & Scholes valuation model, 
taking into account the market conditions at the 
grant date.
All of the key employees accepted the offer, 
consisting of a total of 343,137 warrants, of which 
the subscribed number was 338,408 on the reporting 
date. Equity increased by SEK 2 million on the grant 
date. As the warrants were acquired at a market price, 
no cost has been reported, in accordance with IFRS 2.
Warrant programme Volati 2023
At the Annual General Meeting in April 2023, a 
resolution was passed, in accordance with the Board’s 
recommendation, to introduce a warrant programme 
under which the Company invites five key employees 
to acquire warrants of series 2023/2027 in the Com-
pany. Each warrant entitles the holder to subscribe 
for one new ordinary share in Volati on 26 April 2027 
and for three months thereafter. The exercise price is 
SEK 124.97 per ordinary share, corresponding to 126 
percent of the reference price. 
The calculated fair value on the grant date in May 
2023 was SEK 15.82 per option. The fair value was 
calculated using a Black & Scholes valuation model, 
taking into account the market conditions at the grant 
date.
All of the key employees accepted the offer, 
consisting of a total of 146,578 warrants, of which 
the subscribed number was 100,098 on the reporting 
date. Equity increased by SEK 2 million on the grant 
date. As the warrants were acquired at a market price, 
no cost has been reported, in accordance with IFRS 2.
Warrant programme Volati 2022
At the Annual General Meeting in April 2022, a 
resolution was passed, in accordance with the Board’s 
recommendation, to introduce a warrant programme 
under which the Company invites four key employees 
to acquire warrants of series 2022/2026 in the com-
pany. Each warrant entitles the holder to subscribe 
for one new ordinary share in Volati on 27 April 2026 
and for three months thereafter. The exercise price is 
SEK 187.64 per ordinary share, corresponding to 139 
percent of the reference price. 
164 Volati Annual Report 2025
 Notes – Group

===== SIDA 166 =====

The calculated fair value on the grant date in May 
2022 was SEK 13.59 per option. The fair value was 
calculated using a Black & Scholes valuation model, 
taking into account the market conditions at the  
grant date.
All of the key employees accepted the offer, 
consisting of a total of 131,026 warrants, of which 
the subscribed number was 130,059 on the reporting 
date. Equity increased by SEK 2 million on the grant 
date. As the warrants were acquired at a market price, 
no cost has been reported, in accordance with IFRS 2.
Warrant programme 2025 2024
1 January 568,565 230,157
Granted during the year 109,931 338,408
Exercised during the year – –
Forfeited during the year – –
31 December 678,496 568,565
Grant date
Warrants
Expiry Exercise price 2025 2024
April 2022 27 July 2026 187.64 130,059 130,059
April 2023 26 July 2027 124.97 100,098 100,098
April 2024 25 May 2028 148.75 338,408 338,408
April 2025 28 May 2029 144.25 109,931
678,496 568,565
Salix Group warrant programme 
At the Annual General Meeting in April 2024, a 
resolution was passed, in accordance with the Board’s 
recommendation, to introduce a warrant programme 
for Salix Group AB, under which the company invites 
three key employees to acquire warrants of series 
2024/2028 in the company. Each warrant entitles 
the holder to subscribe for one new ordinary share 
in Salix Group AB from 25 April 2028 to 25 May 
2028 (inclusive). The exercise price is SEK 40.87 per 
ordinary share, corresponding to 133 percent of the 
reference price. 
The calculated fair value on the grant date in April 
2024 was SEK 3.31 per option. The fair value was 
calculated using a Black & Scholes valuation model, 
taking into account the market conditions at the  
grant date.
All of the key employees accepted the offer, 
consisting of a total of 241,692 warrants, of which 
the subscribed number was 241,692 on the reporting 
date. Equity increased by SEK 1 million on the grant 
date. As the warrants were acquired at a market price, 
no cost has been reported, in accordance with IFRS 2. 
Salix Group has two additional warrant programmes 
consisting of 831,863 warrants of series 2021/2026 
and 597,676 warrants of series 2022/2027. The 
warrants are held by Salix Group’s CEO and by Salix 
Group. Each warrant of series 2021/2026 entitles 
the holder to subscribe for one share in Salix Group 
at a subscription price of SEK 37.00 per share and 
each warrant of series 2022/2027 entitles the holder 
to subscribe for one new share in Salix Group at a 
subscription price of 39.10 per share.
Warrant programme 2025 2024
1 January 1,671,231 1,429,539
Granted during the year – 241,692
Exercised during the year – –
Forfeited during the year – –
31 December 1,671,231 1,671,231
Outstanding warrants at the end of the year have the following expiry dates and exercise prices: 
Grant date
Warrants
Expiry Exercise price 2025 2024
April 2021 27 July 2026 37.00 831,863 831,863
April 2022 26 July 2027 39.10 597,676 597,676
April 2024 25 May 2028 40.87 241,692 241,692
1,671,231 1,671,231
165Volati Annual Report 2025
Notes – Group

===== SIDA 167 =====

NOTE 6  |  Auditors’ fees 
and remuneration
2025 2024
KPMG
Audit services 11 9
Other auditing services 0 0
Tax advisory services 0 0
12 10
Other auditors 2025 2024
Audit services 1 2
Tax advisory services 0 0
Other services 0 1
 2 3
NOTE 7  |  Finance income and costs
Finance income 2025 2024
Interest income from bank deposits¹⁾ 5 3
Exchange gains 43 35
Other finance income 3 2
51 40
Finance costs 2025 2024
Interest expenses on loans¹⁾ –111 –123
Interest expenses for lease liabilities –33 –35
Interest expenses on derivatives –1 0
Discounting effect, contingent 
consideration –7 –4
Exchange losses –62 –32
Other finance costs²⁾ –13 –15
–227 –209
¹⁾   Interest income and expenses accounted for using the 
effective interest method.
²⁾   Other finance costs mainly comprise bank charges and 
factoring fees.
NOTE 8  |  Tax
2025 2024
Current tax expense –116 –100
Deferred tax 19 13
Tax expense for the year -97 -86
2025 2024
Reconciliation of effective tax SEK million % SEK million %
Profit before tax 412 – 369 –
Tax at applicable tax rate –85 20.6% –76 20.6%
Tax at other tax rates 1 –0.4% –5 1.2%
Non-deductible expenses –6 1.3% –4 1.2%
Non-taxable income 1 –0.3% 1 –0.3%
Tax on imputed interest on tax allocation reserve –3 0.8% –4 1.0%
Tax relating to prior years and tax not recognised in profit 
or loss –6 1.4% 3 –0.7%
Other 0 0.0% –2 0.4%
Reported effective tax –97 23.5% –86 23.4%
Tax recognised in equity was SEK 0 (0) million in 2025.
166 Volati Annual Report 2025
 Notes – Group

===== SIDA 168 =====

Deferred tax 2025 2024
Property, plant & equipment and intangible assets 22 23
Inventories –1 –2
Trade receivables –2 1
Untaxed reserves –12 –12
Unused losses from prior years 13 5
Other temporary differences 0 –1
Deferred tax attributable to prior years –2 –1
Deferred tax on temporary differences during the year 19 13
Deferred tax assets 2025 2024
Property, plant & equipment and intangible assets 6 6
Inventories 6 7
Unused losses from prior years 24 14
Trade receivables 1 3
Lease liabilities 115 122
Other temporary differences 17 9
Amounts offset against deferred tax liabilities in accordance with offsetting rules –108 –115
60 45
Deferred tax liabilities 2025 2024
Property, plant & equipment and intangible assets 249 263
Right-of-use assets 108 115
Untaxed reserves 183 174
Other temporary differences 9 11
Amounts offset against deferred tax assets in accordance with offsetting rules –108
441 448
Volati is subject to the OECD Model Rules for Pillar 
Two, which entered into force on 1 January 2024. 
Volati applies the exception in IAS 12 from recognis-
ing and disclosing deferred tax assets and liabilities 
related to Pillar Two income taxes. Under Pillar Two, 
the Group is required to pay a top-up tax correspond-
ing to the difference between its GloBE effective tax 
rate in each jurisdiction and the minimum rate of 15 
percent.
Some subsidiaries within Volati had an effective tax 
rate below 15 percent as at 31 December 2025. One 
subsidiary in the Group did not meet the conditions 
of the Safe Harbour tests as at 31 December 2025.  
A full calculation of the top-up tax shows that no 
top-up tax is payable. Accordingly, Volati has not 
recognised any current tax expense related to adjust-
ments under the Pillar Two legislation. 
NOT 9  |  Earnings per share
The calculation of earnings per ordinary share for 
2025 is based on profit attributable to owners of the 
Parent, which was SEK 302 (273) million. The figure 
for earnings per ordinary share has been reduced by 
the preference shareholders’ proportionate share of 
the dividend for 2025, which was SEK 64 (64) million.
The remaining portion of the profit, SEK 238 (209) 
million, has been divided by the average number of 
ordinary shares, which was 79,406,571. The Group 
has outstanding warrant programmes related to 
Volati AB and Salix Group AB’s shares that may have 
a dilutive effect in future periods if the value of the 
share exceeds the exercise price, see note 5.
167Volati Annual Report 2025
Notes – Group

===== SIDA 169 =====

2025 2024
Profit attributable to owners of the Parent 302 273
Deduction for preference share dividend 64 64
Profit attributable to owners of the Parent adjusted for preference share dividend 238 209
Ordinary shares outstanding 79,406,571 79,406,571
Average no. of ordinary shares 79,406,571 79,406,571
Basic and diluted earnings per share 3.00 2.63
NOTE 10 | Intangible assets
Cost Goodwill
Patents/ 
T echnology Brands/Other
Capitalised  
development  
expenses T otal
1 January 2024 1,899 17 1,147 139 3,202
Investments – – – 20 20
Business acquisitions 163 – 418 – 582
Disposals – 0 0 –1 –1
Reclassifications – – – 1 1
Translation differences 0 0 3 0 3
1 January 2025 2,062 17 1,568 160 3,807
Investments – 5 0 35 40
Business acquisitions 28 – 22 – 50
Disposals 0 - 0 –2 –2
Reclassifications – – – 4 4
Translation differences –28 0 –28 –1 -58
31 December 2025 2,062 21 1,562 196 3,841
Accumulated amortisation
1 January 2024 –102 –15 –276 -81 -474
Amortisation/impairment for the year 0 –1 –117 –17 –134
Business acquisitions –11 – – – –11
Disposals – 0 – 0 1
Reclassifications 2 –2 0
Translation differences 0 – –1 0 0
1 January 2025 –112 –14 -394 -99 -618
Amortisation/impairment for the year 0 -4 –133 –18 –154
Disposals – 0 0 1 1
Reclassifications - - - –2 –2
Translation differences 4 0 5 0 10
31 December 2025 –107 –17 -522 –117 -764
Carrying amount
31/12/2024 1,950 3 1,174 62 3,189
31/12/2025 1,954 4 1,040 79 3,077
168 Volati Annual Report 2025
 Notes – Group

===== SIDA 170 =====

Distribution of the Group’s goodwill and trademarks with 
indefinite useful lives
2025 2024
Goodwill Trademarks Goodwill Trademarks
Tornum Group 139 – 144 –
Corroventa 84 – 84 –
Ettiketto Group 237 5 232 5
S:t Eriks 274 32 274 32
Scanmast 140 – 140 –
Salix Group 1,081 135 1,076 135
T otal 1,954 172 1,950 172
 
During impairment testing, goodwill and other intan-
gible assets with indefinite useful lives are allocated 
to the business areas or units which are considered to 
be cash generating units. The goodwill value of each 
cash generating unit is tested annually against the 
calculated recoverable amount, which is either the 
value in use or the fair value less costs of disposal.
Value in use
Value in use is calculated as the Group’s share of the 
present value of projected future cash flows gener-
ated by the cash generating unit.
The cash flow projection is based on reasonable 
and verifiable assumptions that represent Volati’s best 
estimate of the economic  conditions that will exist, 
and considerable emphasis is therefore placed on 
external factors. We have taken into account factors 
such as the potential impact of climate change on 
our operations. The assessment of future cash flows 
is based on forecasts arising from the most recent 
budgets, projections and business plans submitted by 
each cash generating unit. These include the budget 
for the coming years and a projection for the subse-
quent four to five years. Cash flows after the forecast 
period are estimated based on an assumption of a 
long-term annual growth rate of 2 percent after the 
forecast period.
Cash flow projections do not include cash inflows 
and outflows from financing activities. The estimated 
value in use is comparable with the carrying amount 
of the subsidiary group. Key assumptions used for the 
calculations include the discount rate, sales growth. 
EBITDA margins, development of working capital and 
investment needs. Various assumptions have been 
made due to each subsidiary group operating as an 
independent unit with its own unique conditions. The 
key assumptions used for each subsidiary group are 
described below
Key assumptions used for value in 
use per cash generating unit
Discount rate
Future cash flows for each cash generating unit have 
been discounted to present value using a discount 
rate. Volati has chosen to calculate the present value 
of cash flows after tax. The discount rate reflects 
market assessments of the time value of money 
and the risks specific to each cash generating unit. 
The discount rate does not reflect such risks that 
are taken into account when calculating future cash 
flows. The calculation of the discount rate is based 
on the company’s weighted average capital cost, the 
company’s incremental borrowing rate and other 
market interest rates on loans independent from 
Volati’s capital structure. The required rate of return 
for loan capital is based on an interest expense for 
risk-free loans of 2.6 percent adjusted for an interest 
margin of 1.0 percent and a tax rate of 20.6 percent. 
The required rate of return for equity is based on a 
risk-free interest rate, plus a market risk premium of 
5.9 percent, a company-specific risk premium of 5.0 
percent and a beta value for each cash generating 
unit of 0.80–1.40. The post-tax discount rates 
applied by Volati are as follows: Corroventa 12.6%, 
Ettiketto 10.3%, Tornum 10.0%, S:t Eriks 12.0%, Salix 
Group 11.1% and Scanmast 12.0%
169Volati Annual Report 2025
Notes – Group

===== SIDA 171 =====

T ornum Group
The cash flow projection for Tornum Group is based 
on the company’s capacity to leverage its market 
position in the markets where it is established, with 
local financing and EU grants enabling the start-up of 
projects in these countries. The key assumptions used 
to calculate Tornum Group’s value in use are net sales 
growth, EBITDA margin and investment needs. Volati 
considers that long-term demand for Tornum Group’s 
products in the company’s established markets 
remains good and that there is a need for modernisa-
tion and expansion investments in these markets. 
Based on this, Volati assumes that growth in net sales 
will be higher than GDP growth, while the EBITDA 
margin is expected to show a slightly increasing trend 
during the forecast period. Major macroeconomic 
events that negatively affect economic development 
and investment willingness in Eastern Europe, Russia 
and Ukraine could result in weaker performance than 
forecast. Management’s assessment is that no other 
reasonably possible changes in key assumptions 
would result in the calculated value in use for Tornum 
Group falling below its carrying amount.
Corroventa
Corroventa’s projected cash flows have been 
based on the company’s ability to obtain returns on 
investments in developing the product range and 
to leverage its geographic establishment. The key 
assumptions used to calculate Corroventa’s value in 
use are net sales growth, EBITDA margin and invest-
ment needs. In addition, it is considered likely that 
the historic frequency and extent of weather-related 
flooding will continue into future forecast periods. 
Based on these factors, Volati anticipates that net 
sales growth will be higher than GDP growth and 
that the EBITDA margin will show a marginal increase 
during the forecast period. If the frequency of 
weather-related flooding falls in the future, the trend 
may be below the forecast. The assessment is that no 
reasonable changes in key assumptions will result in 
Corroventa’s calculated value in use falling below the 
carrying amount.
S:t Eriks
The forecast cash flows for S:t Eriks have been 
based on the companies’ ability to obtain returns 
on the investments and efficiency improvements 
that are taking place, and on no significant changes 
taking place in the market. Volati’s assessment is 
that long-term demand for S:t Eriks’ products in the 
Swedish market, where the company is established, 
is good. Based on this, Volati assumes that growth in 
net sales will be somewhat higher than GDP growth, 
while the EBITDA margin is expected to improve 
during the forecast period. The assessment is that 
no reasonable changes in key assumptions will result 
in S:t Eriks’ calculated value in use falling below the 
carrying amount.
Communication
The forecast cash flows for Communication have 
been based on the companies continuing to benefit 
from their established market positions and continu-
ing to broaden their customer portfolios. The key 
assumptions used to calculate value in use for Com-
munication are net sales growth and EBITDA margin. 
It is Volati’s assessment that Communications is well 
placed to gain market share in the future through 
geographical expansion and to broaden the customer 
portfolio, and Volati assumes net sales growth 
above GDP growth. At the same time, the EBITDA 
margin is expected to increase during the period. 
The assessment is that no reasonable changes in key 
assumptions will result in Communication’s calculated 
value in use falling below the carrying amount.
Ettiketto Group
The forecast cash flows for Ettiketto Group have 
been based on the company’s ability to obtain 
returns on its existing non-current assets and on no 
significant changes in the behaviour of the company’s 
major customers. The key assumptions used to 
calculate Ettiketto Group’s value in use are net sales 
growth, EBITDA margin and investment needs. Based 
on this, Volati assumes net sales growth slightly above 
GDP growth, with the EBITDA margin increasing 
during the forecast period as synergies from recently 
acquired companies are realised. The assessment is 
that no reasonable changes in key assumptions will 
result in Ettiketto Group’s calculated value in use 
falling below the carrying amount.
170 Volati Annual Report 2025
 Notes – Group

===== SIDA 172 =====

Salix Group
The Salix Group business area is treated as one 
cash-generating unit as its components largely 
share the same platform. The projected cash flows 
for Salix Group are based on the fact that the 
companies can benefit from their market position 
in the Nordic region, while the underlying economy 
does not decline significantly in the long term. The 
key assumptions used to calculate value in use for 
Salix Group are net sales growth and EBITDA margin. 
Volati’s assessment is that long-term demand for Salix 
Group’s products in the markets where the company 
is established is relatively good. Based on this, Volati 
assumes that growth in net sales will be higher than 
GDP growth, while the EBITDA margin is expected to 
show an increase during the forecast period. Should 
major macroeconomic events occur that negatively 
affect developments and willingness to invest in the 
Nordic region throughout the forecast period, growth 
may be lower than the forecast. The assessment 
is neither the current decline in demand nor other 
reasonable changes in key assumptions will result in 
Salix Group’s calculated value in use falling below the 
carrying amount.
Sensitivity analysis
The value in use for each cash generating unit is 
dependent on the assumptions used to calculate 
discounted cash flows. Volati has made simulations 
of value in use in the event of changes to key 
assumptions used for the calculation. When testing 
the carrying amount in relation to value in use, with 
an assumption of EBITDA at twenty percent below 
the forecasts for all years in the forecast period, the 
value in use for all cash generating units would be 
higher than the carrying amount. For corresponding 
testing of growth after the end of the forecast period, 
i.e. year 5 and beyond, annual growth of one percent 
rather than two percent in the forecast would still 
result in the value in use for all units being higher 
than the carrying amount. In a simulation where the 
discount rate is increased by one percentage point, 
the value in use for all units would still be higher than 
the carrying amount.
Impairment
No impairment losses on goodwill or intangible assets 
were recognised during 2025. No impairment was 
identified at the end of 2025 after comparing the 
companies’ value in use with the Group’s carrying 
amount for each cash generating unit. No impairment 
losses were recognised in 2024.
171Volati Annual Report 2025
Notes – Group

===== SIDA 173 =====

NOTE 11 | Property, plant & equipment
Cost Land and buildings Machinery and equipment T otal
1 January 2024 199 688 887
Investments 2 80 82
Business acquisitions 11 6 16
Sales/disposals 0 –61 –62
Translation differences 1 3 3
Reclassifications 0 –1 0
Discontinued operations – 0 0
1 January 2025 212 715 927
Investments 5 86 92
Business acquisitions 54 43 97
Sales/disposals 0 –173 –173
Translation differences –4 –10 –13
Reclassifications 5 –8 –2
Discontinued operations –2 – –2
31 December 2025 271 654 925
Accumulated depreciation
1 January 2024 –47 –428 –475
Depreciation for the year –7 –70 –77
Sales/disposals 0 59 59
Reclassifications – –1 –1
Translation differences 0 –1 –1
Discontinued operations – 0 0
1 January 2025 –54 –441 –495
Depreciation for the year –10 –69 –79
Sales/disposals 0 162 162
Reclassifications –1 1 1
Translation differences 0 3 4
Discontinued operations 0 – 0
31 December 2025 –63 –343 –406
Carrying amount
31/12/2024 159 273 432
31/12/2025 208 310 519
172 Volati Annual Report 2025
 Notes – Group

===== SIDA 174 =====

NOTE 12  |  Leases
Right-of-use assets
Volati’s right-of-use assets and lease liabilities are 
mainly related to rents for premises and warehouses 
etc, and leased cars, trucks and machinery. 
Some leases also involve exposure regarding non-
lease components such as costs of water, heating etc. 
However, their value is considered non-material to 
the Group. 
The future lease payments are discounted at the 
interest rate implicit in the lease, if that rate can be 
readily determined, Otherwise, the incremental bor-
rowing rate is calculated based on the type of leased 
asset it refers to, the geographical location of the 
asset and the estimated financial risk associated with 
the lessee. The discount rate used for obligations 
varies between 3 and 17 percent depending on these 
different assumptions. 
Volati’s calculation of the length of the obligations 
is based on the remaining lease terms, but extension 
options have been taken into account if the exercise 
of such options is reasonably certain. 
Cost Premises and warehouses Cars, trucks and machines T otal
1 January 2024 842 243 1,085
Investments 98 67 165
Business acquisitions 31 4 35
Completed contracts –59 –61 –120
Reclassifications 16 –16 0
Translation differences 2 1 2
Discontinued operations – –1 –1
1 January 2025 930 236 1,166
Investments 101 67 168
Business acquisitions 6 0 6
Completed contracts –35 –52 –87
Reclassifications –23 0 –24
Translation differences –12 –2 –14
31 December 2025 967 249 1,216
Accumulated depreciation  
1 January 2024 –391 –123 –514
Depreciation for the year –123 –71 –194
Completed contracts 57 58 114
Reclassifications –1 1 0
Translation differences –1 0 –1
Discontinued operations – 2 2
1 January 2025 –459 –133 –592
Depreciation for the year –131 –63 –195
Completed contracts 34 47 82
Reclassifications 14 10 24
Translation differences 4 3 7
31 December 2025 –539 –136 –675
Carrying amount
31/12/2024 471 104 574
31/12/2025 428 113 541
173Volati Annual Report 2025
Notes – Group

===== SIDA 175 =====

Amounts reported in income statement 2025 2024
Depreciation of right-of-use assets –195 –194
Interest expenses for lease liabilities –33 –35
Costs attributable to short-term 
leases –2 –3
Costs attributable to low-value leases –6 –5
T otal earnings effect –236 –237
Cash flow from leases 2025 2024
Lease interest paid –33 –35
Repayment of lease liabilities –194 –194
Lease payments for short-term leases –2 –3
Lease payments for low-value leases –6 –4
T otal cash flow –235 –235
For a maturity analysis of lease liabilities, see  note 22.
On 31 December 2025, the Group’s obligations 
under short-term leases were SEK 3.0 (3.4) million.
Future cash flows
There are future cash flows to which the Group could 
potentially be exposed that are not reflected in the 
measurement of the lease liability. These include 
exposure attributable to:
• Extension options
• Residual value guarantees
• Leases agreed but not yet commenced
Assessment of the extension options is on the basis 
that exercise of such options is reasonably certain. 
For Volati, residual value guarantees do not represent 
a material amount. 
Leases that have been agreed but have not yet 
commenced are not considered to have any material 
impact on cash flow.
NOTE 13 | Non-current financial assets
Other shares and interests 2025 2024
Opening cost 2 2
Change during the year – –
2 2
Other non-current financial assets 2025 2024
Opening cost 4 4
Investments 0 9
Disposals –0 –8
Translation effect 0 0
4 4
NOT 14  |  Inventories
2025 2024
Raw materials and supplies 208 131
Products in progress 26 20
Finished goods and merchandise 1,154 1,276
Work in progress for third parties 13 29
Advances to suppliers 85 105
1,486 1,561
Recognised obsolescence write-down of SEK –53 
(–41) million.
NOTE 15 | Prepayments 
and accrued income
2025 2024
Accrued supplier bonus 33 34
Accrued income, percentage of 
completion projects 91 54
Prepaid cost of sale 20 4
Prepaid rent 6 6
Prepaid insurance 6 7
Other prepayments 48 34
Other accrued income 4 11
208 150
174 Volati Annual Report 2025
 Notes – Group

===== SIDA 176 =====

NOTE | 16 Equity
Share capital 
Class of shares Number
Voting rights 
per share
Number  
of votes Share of capital Share of votes
Ordinary shares 79,406,571 1.0 79,406,571.0 98.0% 99.80%
Preference shares 1,603,774 0.1 160,377.4 2.0% 0.20%
T otal 81,010,345 – 79,566,948.4 100.0% 100.0%
Ordinary 
shares
Preference 
shares
No. of shares outstanding 
at beginning of period 79,406,571 1,603,774
No. of shares outstanding 
at end of period 79,406,571 1,603,774
All shares issued by the Parent Company are fully 
paid up. No shares in the Company are held by the 
Company itself, on its behalf or by its subsidiaries.
All shareholders with voting rights may vote for 
the full number of shares owned and represented, 
without any restrictions on voting rights. As at 31 
December 2025, the par value per share was SEK 
0,127.
Preference shares carry preferential rights to a 
dividend of SEK 40 per preference share 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.
Reserves –  translation reserve
The translation reserve includes all exchange differ-
ences arising on translation of the financial state-
ments of foreign operations. These entities prepare 
their financial statements in a different currency than 
the Group and the Parent Company, which report in 
Swedish kronor.
SEK million 31/12/2025 31/12/2024
Translation reserve
Opening translation reserve 28 24
Translation effect for the year –78 4
Closing translation reserve –50 28
Dividend
Dividends paid during the year, in accordance with the 
Board’s proposal to the 2025 AGM, were as follows: 
SEK 159 million to ordinary shareholders, correspond-
ing to SEK 2.00 per ordinary share, and SEK 64 million 
to preference shareholders, corresponding to SEK 40 
per preference share.
After the reporting date, the Board has proposed a 
dividend of SEK 159 million to ordinary shareholders, 
corresponding to SEK 2.00 per ordinary share, to be 
paid in two equal instalments of 1.0 per share in May 
and November, and SEK 64 million to preference 
shareholders, corresponding to SEK 40 per prefer-
ence share, for the 2025 financial year.
The dividend is subject to approval by the Annual 
General Meeting on 29 April 2026.
175Volati Annual Report 2025
Notes – Group

===== SIDA 177 =====

NOTE 17  |  Interest-bearing liabilities
Non-current liabilities 2025 2024
Lease liabilities 375 402
Liabilities to credit institutions 2,678 2,350
3,053 2,753
Current liabilities 2025 2024
Overdraft facilities – –
Liabilities to credit institutions 12 7
Lease liabilities 180 185
192 191
At the end of 2025, the unutilised portion of the 
overdraft facility was SEK 300 (300) million, the 
unutilised portion of the revolving credit facility was 
SEK 680 (250) million and cash & cash equivalents 
were SEK 679 (317) million.
NOTE 18  |  Changes to loans in 
cash flow from financing
2025 2024
31 December 2,944 2,321
Non-cash changes
Business acquisitions 72 8
Lease liabilities in acquired companies 6 35
Lease liabilities in divested companies 0 –1
Translation differences –10 2
Non-cash change in lease liabilities 163 161
Other non-cash changes –1 0
Cash changes
Proceeds from borrowings 330 635
Repayment of borrowings –65 –24
Repayment of lease liabilities –194 –194
31 December 3,246 2,944
NOTE 19  |  Contract assets and liabilities
Contract assets Contract liabilities
2025
Revenue recog-
nised over time 
from projects¹⁾
Customer  
advances -  
current 1)
Customer  
advances - 
non-current 1)
T otal  
customer  
advances
Provisions for 
extended  
warranties
Opening balance, 1 Jan 2025 54 131 9 140 2
Invoiced projects –262
Projects accrued during the year 314 –81 –1 –83
Acquisitions – 2 – 2 –
Translation differences 0 –5 – –5 –
Reclassifications –2 – – – –
Advances for work not yet performed 41 – 41
Provision for the year –1
Closing balance, 31 Dec 2025 104 87 8 95 1
Timing of revenue recognition, contract 
liabilities
Within 1 year 87 87 1
1–2 years 2 2 –
2–5 years 3 3 –
After 5 years 2 2 –
87 8 95 1
Contract liabilities recognised as revenue 
during the year that were included in the 
opening balance
Opening contract liabilities 131 9 140 2
of which recognised as revenue during the year 126 – 126 1
¹⁾   Advances and and revenue recognised over time from projects consist mainly of installations, assembly and paving. 
176 Volati Annual Report 2025
 Notes – Group

===== SIDA 178 =====

Contract assets Contract liabilities
2024
Revenue recog-
nised over time 
from projects¹⁾
Customer  
advances -  
current 1)
Customer  
advances - 
non-current 1)
T otal  
customer  
advances
Provisions for 
extended  
warranties
Opening balance, 1 Jan 2024 118 152 7 159 4
Invoiced projects –95
Projects accrued during the year 28 –98 2 –96
Acquisitions – 20 – 20 –
Translation differences 2 2 – 2 –
Reclassifications 1 – – – –
Advances for work not yet performed 55 – 55
Provision for the year –2
Closing balance, 31 Dec 2024 54 131 9 140 2
Timing of revenue recognition, contract 
liabilities
Within 1 year 131 131 2
1–2 years 4 4 –
2–5 years 3 3 –
After 5 years 2 2 –
131 9 140 2
Contract liabilities recognised as revenue 
during the year that were included in the 
opening balance
Opening contract liabilities 152 7 159 4
of which recognised as revenue during the year 46 – 46 2
¹⁾   Advances and and revenue recognised over time from projects consist mainly of installations, assembly and paving. 
Contract assets are included in the item Prepayments and accrued income in the statement of financial position. 
Contract liabilities are included in the items Advances from customers, Non-current non-interest-bearing 
liabilities and Warranty commitments and other provisions in the statement of financial position. 
NOTE 20 | Warranty commitments 
and other provisions
2025 2024
Opening balance, 1 Jan 21 17
Warranty provisions in acquired 
companies – 5
Warranty provisions 3 3
Provisions used 0 –1
Reversal of unused provisions –2 –2
Translation differences 0 0
Closing balance, 31 December 22 21
NOTE 21 | Accruals and 
deferred income
Accrued expenses 2025 2024
Accrued personnel expenses 244 218
Accrued customer bonuses 98 95
Accrued interest expenses 15 18
Accrued rental discounts 5 9
Accrued cost of goods sold 28 22
Cost of premises 5 4
Accrued audit and legal costs 5 8
Other 17 38
Accrued expenses 416 410
Deferred income 14 9
T otal 430 419
177Volati Annual Report 2025
Notes – Group

===== SIDA 179 =====

NOTE 22  |  Financial risk management 
and financial instruments
The Volati Group is exposed to various types of 
financial risk in the course of its operations. Some of 
Volati’s operations are conducted outside Sweden. 
This exposes the Group to several different types of 
financial risks which could result in fluctuations in 
net profit, cash flow or equity, due to exchange rate 
movements. In addition, Volati has exposure in the 
form of loan financing with floating interest expenses 
and various risks associated with the duration of 
financing. The Parent Company manages the financial 
risks attributable to loan financing.
For currency risks, each unit has its own 
procedures for when and how to manage currency 
exposure.
Credit risk
Credit risk involves exposure to losses if a 
counterparty fails to discharge its financial obligations 
to the Group. If counterparties are unable to fulfil 
their financial obligations to the Group, this may 
have a negative effect on the Company's operations, 
financial position and earnings.
In its ongoing sales, Volati  is exposed to credit risk 
in outstanding trade receivables. This risk is reduced 
as most companies in the Group have trade receiva-
bles with a short expected maturity, distributed 
among a large number of customers at low amounts 
per customer. These are measured without discount-
ing at the amounts initially invoiced less an allowance 
for expected losses. In addition, the risk in some 
larger and longer projects is reduced by means of 
credit insurance. Historically, overall customer losses 
have been low throughout the Group. The total 
gross value of outstanding trade receivables at 31 
December was SEK 982 (1,011) million. These were 
written down by a total of SEK –15 (–19) million. The 
age analysis of trade receivables at 31 December and 
the Group's loss allowance policy is described later 
in this note.
Currency risk
Volati’s main currency risks are associated with the 
translation of equity and earnings in foreign subsidiar-
ies, and the effect on earnings of the flows of goods 
between countries with different currencies.
Currency risk is based on exchange rate changes 
having an impact on the Company’s earnings, and 
arises when transactions take place in foreign cur-
rency, i.e. when the Group makes purchases or sales 
in foreign currency, and when assets and liabilities 
are held in foreign currency. When consolidating 
foreign subsidiaries, the relevant country's currency is 
translated to Swedish kronor, which may have a nega-
tive effect on the Group's financial position. Large 
amounts of purchases are from suppliers in countries 
with different currencies, while sales are often in 
another currency. Future currency fluctuations can 
therefore have a negative effect on the Group’s 
earnings and financial position. Volati’s main exposure 
is to USD, EUR, NOK and DKK. USD exposure is 
due to a certain proportion of the Group’s purchases 
being transacted in this currency, while revenue in 
USD is considerably lower. The Group’s exposure to 
EUR is mainly due to net purchases being higher than 
revenue in EUR for certain of the Group companies, 
but revenue in EUR is higher than expenditure for 
some other companies and the exposure varies from 
business area to business area, which means that 
financial development for a business area can be 
affected by EUR exchange rate movements. Exposure 
to NOK and DKK is related to revenue in the curren-
cies being significantly higher than expenditure. From 
time to time, the units may use financial instruments 
to temporarily hedge their cash flows.
Transaction exposure
As the Group's companies have revenues and 
expenses in different currencies, it is exposed to risks 
associated with currency fluctuations. Transaction 
risks are managed in the units based on each unit’s 
circumstances, risks and controls, which are formu-
lated and adopted separately for each subsidiary. 
Some of the units engage in active currency hedging, 
whereby purchases and income are hedged to varying 
degrees by forward exchange contracts. The degree 
of currency hedging varies from unit to unit, mainly 
in terms of the companies’ ability to transfer currency 
exposures to customers or suppliers. At the reporting 
date, there were no outstanding forward exchange 
contracts.
178 Volati Annual Report 2025
 Notes – Group

===== SIDA 180 =====

The table below shows the Group’s net currency 
exposure of assets and liabilities at the reporting date 
(assets + and liabilities –) in the largest currencies.
Net currency exposure of assets and lia-
bilities, major currencies
Currency exposure
2025 2024
USD –75 –58
NOK 25 37
PLN 31 35
EUR 77 –58
DKK 149 4
Translation exposure
Volati AB presents its statements of income and 
financial position in SEK. Foreign companies have 
different presentation currencies. This means that 
the Group’s earnings and equity are exposed during 
consolidation when foreign currencies, primarily 
EUR, NOK and DKK, are translated to SEK. At the 
reporting date, there was a significant amount of 
translation exposure, primarily NOK, EUR and DKK. 
NOK translation exposure in equity has increased 
from the previous year due to internal restructuring 
carried out within Salix Group. Although Volati AB 
can hedge its translation exposure by borrowing in 
matching currencies, equity hedging had not been 
used at the reporting date.
The table below shows the Group’s translation 
exposure in equity in the three largest currencies at 
the reporting date.
Translation exposure in equity in the 
statement of financial position, major 
currencies, SEK million
 
Currency exposure
2025 2024
NOK 663 555
EUR 439 415
DKK 185 186
The table below shows the impact on the Group’s 
EBITA in the event of a 10 percent decline in the 
Swedish krona against the four largest currencies, 
with all other variables remaining constant.
Translation exposure in the income 
statement, major currencies, SEK mil-
lion
Currency exposure
2025 2024
NOK –3 –5
DKK –8 0
EUR –1 –4
USD –1 –3
Capital risk
The Group strives to achieve a solvency ratio that 
enables it to conduct operations in accordance with 
the strategic plan. However, the solvency ratio for the 
entire Group is not a true indicator of the Company’s 
assessment of its financial position as it does not take 
into account the value growth of underlying holdings 
when calculating equity. The capital structure reflects 
the Group’s relatively low operational risks. The level 
of debt gives scope for generating a good return for 
shareholders, while equity is sufficient to safeguard 
the Group's long–term ability to continue operating. 
Volati does not have a financial target for the size of 
equity. The financial target for Volati’s capital struc-
ture is a net debt/adjusted EBITDA ratio of 2–3x, and 
not exceeding 3.5x. The outcome on 31 December 
2025 was 2.6x (2.6). Cash and cash equivalents 
that cannot be invested in accordance with the 
Company’s objectives and investment strategy are 
distributed to the owners within the framework of 
Volati’s dividend policy. Volati’s target for ordinary 
shares is to distribute 10–30 percent of the Group’s 
net profit attributable to owners of the Parent. When 
determining the dividend, consideration is given to 
net debt in relation to the Company’s targets, future 
acquisition opportunities, development opportunities 
in existing companies and other factors that the 
Board of Volati considers relevant. Dividends on 
preference shares are issued at an annual amount of 
SEK 40.00 per preference share, in quarterly pay-
ments of SEK 10.00, in accordance with the Articles 
of Association.
Interest rate risk
Interest rate risk is the risk that the Volati’s net finan-
cial items will be affected by changes in market inter-
est rates. In the longer term, interest rate changes will 
have a significant effect on Volati’s earnings and cash 
flow. The Group’s total interest expenses for bank 
loans for the financial year 2025 amounted to SEK 
111 (123) million and for lease obligations SEK 33 
(35) million. The average interest rate on outstanding 
bank loans at 31 December 2025 was approximately 
3.5 percent.  The discount rate used for lease obliga-
tions varies between 3 and 17 percent.
If the prevailing interest rates were to change and/
or the Company failed to pay interest in the future, 
the Company’s operations, earnings and financial 
position could be adversely affected.
179Volati Annual Report 2025
Notes – Group

===== SIDA 181 =====

Outstanding bank loans have a duration of three 
months. Based on net debt at the reporting date, a 
change of one (1) percentage point in the borrowing 
interest rate would have an effect of SEK 17 million 
on Volati’s profit after tax. 
Volati continuously monitors interest rate trends 
and, on this basis, assesses which interest terms are 
best for the Group in the long and short term.
Financing and liquidity risk
Financing risk is defined as the risk of being unable 
to discharge payment obligations as a result of insuf-
ficient liquidity or difficulties in obtaining external 
financing. Liquidity risk is the risk of the Company 
being unable to discharge its payment obligations as a 
result of insufficient liquidity at the due date without 
a significant increase in the associated cost of obtain-
ing funds. If the Company’s sources of financing 
prove to be inadequate, this could have a material 
adverse effect on the Group's operations, earnings 
and financial position.
Volati is dependent on obtaining financing through 
lenders. The Company’s financing needs include 
both operating activities and preparedness for future 
investments. The availability of financing is influenced 
by factors such as general availability of risk capital 
and the Group’s creditworthiness.
Volati manages financing risk at a consolidated 
level. Volati endeavours to have available cash and 
cash equivalents or unutilised credit facilities in order 
to manage any significant disruptions in the financing 
market. The available liquidity margin varies during 
the year and is dependent on whether there have 
been any significant acquisitions or divestments.
Volati’s borrowing from credit institutions is mainly 
in SEK and at floating interest rates. In 2025, the 
existing credit facilities were increased by SEK 750 
million. Volati has a sustainability–linked credit agree-
ment of SEK 3,650 million with Nordea and SEB. 
Volati’s borrowing from credit institutions consists of 
three different financing frameworks: a loan facility 
of SEK 1,500 million, a revolving credit facility of SEK 
1,850 million, with the option for different maturities 
for the tranches, and an overdraft facility of SEK 
300 million. The terms of the sustainability–linked 
loan are tied in with Volati Group’s ability to reduce 
its carbon footprint, to reduce the carbon footprint 
of cement consumption in S:t Eriks and to ensure 
gender balance in management teams. In 2025, the 
credit agreement was extended by one year and 
now runs until April 2028. At the end of 2025, the 
unutilised portion of the revolving credit facility was 
SEK 680 (250) million, the unutilised portion of the 
overdraft facility was SEK 300 (300) million and cash 
& cash equivalents were SEK 679 (317) million. The 
overdraft facility has a duration of 12 months and is 
automatically extended by another 12 months each 
year unless the bank has stated otherwise. The credit 
agreement of SEK 3,650 million with Nordea and 
SEB is dependent on the Company’s financial per-
formance fulfilling certain covenants on a quarterly 
basis. The covenant for the the credit agreement is 
net debt divided by adjusted EBITDA. Volati AB has 
not breached any covenants during 2025.
In addition, Volati has chosen to make certain 
investments in property, plant & equipment under 
leases. See note 12 for information about these lease 
liabilities.
Volati has agreements with shareholders with 
non–controlling interests in certain units which 
include put options on their company shares. The 
shareholder agreements entitle these shareholders, 
under certain conditions and on certain occasions, 
to sell the shares to Volati at market prices. 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.
Due dates
The due dates for non–interest–bearing and interest–
bearing financial assets are mainly within one year.
The liquidity risk table below shows the due 
dates for Volati’s financial assets and liabilities. The 
amounts in the table are undiscounted and include 
known future interest payments.The amounts do 
not therefore correspond to those presented in the 
statement of financial position.
180 Volati Annual Report 2025
 Notes – Group

===== SIDA 182 =====

Liquidity risk
2025 2024
Within  
one year 1–5 years >5 years
Within  
one year 1–5 years >5 years
Assets
Cash and cash equivalents 679 – – 317 – –
Financial receivables 14 – – – –
Trade receivables 967 – – 992 – –
Other shares and interests 2 – – 2 – –
Other non–current financial assets – 0 4 – 0 4
Derivatives – – – 0 – –
Liabilities
Liabilities to credit institutions¹⁾ –113 –2,809 – –116 –2,490 –
Overdraft facilities –1 –1 – –1 –1 –
Contingent consideration –14 –7 – –23 –20 –
Deferred fixed consideration 17 –43 – – –2 –
Put options –274 – – –216 – –
Lease liabilities –167 –383 –69 –174 –406 –80
Derivatives – – – – – –
Other current liabilities –16²⁾ – – –16⁾ – –
Trade payables –758 – – –747 – –
Net 302 –3,244 –65 19 –2,920 –76
¹⁾   Maturities based on the contractual terms of each loan. However, management intends to extend the majority of the loans 
under its existing credit agreement.
²⁾   Refers to adopted dividend to preference shareholders for Q1 2026. A new decision on dividends to preference shareholders 
will be made at the 2026 AGM.
³⁾  Refers to adopted dividend to preference shareholders for Q1 2025. A new decision on dividends to preference shareholders 
will be made at the 2025 AGM.
Financial instruments: carrying amounts and fair values by measurement category
2025 2024
Classification¹⁾
Carrying 
amount Fair value Classification¹⁾
Carrying 
amount Fair value
Financial assets
Other shares and interests 2 2 2 2 2 2
Other non–current financial assets 1.2 4 4 1.2 4 4
Derivatives held for trading 2 – – 2 0 0
Financial liabilities
Loans from credit institutions 4 2,690 2,690 4 2,357 2,357
Contingent consideration 5 19 19 5 46 46
Put options 6 274 274 6 216 216
Other current liabilities 4 16 16 4 16 16
¹⁾   applicable classifications:
1 = Financial assets at amortised cost
2 = Financial assets at fair value through profit or loss 
3 = Financial assets at fair value through OCI
4 = Financial liabilities at amortised cost
5 = Financial liabilities at fair value through profit or loss 
6 = Financial liabilities at fair value through equity
181Volati Annual Report 2025
Notes – Group

===== SIDA 183 =====

The fair value of non–current borrowing is based 
on observable data from discounted cash flows to 
market interest rates, while the fair value for current 
receivables and liabilities is considered to correspond 
to the carrying amount. As interest charges are 
variable in relation to the debt, the carrying amount 
represents the fair value.
Financial instruments measured at fair value
2025 2024
Carrying  
amount
Quoted  
prices
Observable 
inputs
Unobservable 
inputs
Carrying  
amount
Quoted  
prices
Observable 
inputs
Unobservable 
inputs
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets
Other shares and interests 2 – – 2 2 – – 2
Derivatives – – – – 0 0 – –
Financial liabilities
Put options 274 – – 274 216 – – 216
Contingent consideration¹⁾ 19 – – 19 46 – – 46
¹⁾   Additional consideration that is contingent on the financial performance of the acquired business over a specific period and  
measured based on management’s best estimate. Discounting to present value is applied for large amounts or long durations.
Specification of financial instruments Level 3:
Financial assets Financial liabilities 
Other shares and interests Put options Contingent consideration
Balance, 1 Jan 2024 2 –174 –58
Additions through acquisitions – – –10
Cash settled – 16 23
Change in value recognised through profit or loss – – –6
Change in value recognised in equity – –58 –
Reclassifications 0 – –
Other changes – – 5
Balance, 31 Dec 2024 2 –216 –46
Balance, 1 Jan 2025 2 –216 –46
Cash settled – 1 14
Change in value recognised through profit or loss – – 10
Change in value recognised in equity – –59 –
Reclassifications – – 2
Balance, 31 Dec 2025 2 –274 –19
Derivatives outstanding at 31 December
31 December 2025 31 December 2024
Instruments
Positive market 
value
Negative market 
value
Nominal 
value
Positive market 
value
Negative market 
value
Nominal 
value
Currency derivatives – – – 0 – 59
T otal – – – 0 – 59
182 Volati Annual Report 2025
 Notes – Group

===== SIDA 184 =====

Trade receivables
2025 2024
Trade receivables 982 1,011
Allowance for expected credit losses –15 –19
967 992
2025 2024
Maturity analysis Nominal Impairment
Carrying 
amount Nominal Impairment
Carrying 
amount
Not past due 861 –2 859 859 –2 858
Past due, less than  
3 months 105 –2 103 119 –2 117
Past due, more than  
3 months 16 –12 5 33 –15 18
T otal 982 –15 967 1,011 –19 992
As the Group includes companies within widely 
differing sectors, there is no general scale for loss 
allowances. Instead, the loss allowance is assessed 
for each unit. The allowance is distributed as follows: 
receivables not overdue, less than one percent, up to 
30 days, about one percent to a few percent, 30–90 
days, a few percent to 100 percent, and over 90 days, 
often 100 percent.
Loss allowance
The Volati Group’s loss allowance model is based on 
expected losses, which means that the reduction in 
value is recognised immediately when the receivable 
arises. Volati applies the simplified approach for trade 
receivables. As the Group’s units operate in very 
different sectors and have different counterparties 
as customers, from government authorities to private 
individuals in other countries, the calculation basis 
for the loss allowance also differs. The underlying 
calculation for the loss allowance has therefore been 
adapted to each unit. Generally, expected credit 
losses on trade receivables have been estimated for 
all companies using a provision matrix, which is based 
on the debtor’s payment history, and an analysis of 
the debtor’s current financial position, adjusted for 
factors specific to the debtor, the general economic 
situation in the debtor’s industry and an assessment 
of both current and forecast conditions on the 
reporting date.
The average credit period differs greatly within the 
companies in the Group, from a large proportion of 
advance payments in certain operations to over 90 
days in other units, but the majority have payment 
terms of 30 days. The Group writes off a trade receiv-
able when there is information that indicates that 
the debtor is in financial hardship and there are no 
realistic prospects of recovery, e.g. when the debtor 
has gone into liquidation or has filed for bankruptcy.
Year’s change in allowance for expected 
credit losses 2025 2024
Opening balance 19 12
Acquisitions and disposals 2 1
Established losses –7 –2
Reversal of unused amounts –3 –2
Allowance for expected credit losses 5 10
Currency effects –1 0
Closing balance 15 19
Trade receivables by currency 2025 2024
SEK 599 634
EUR 191 181
NOK 90 90
DKK 68 46
USD 8 21
GBP 8 13
PLN 9 12
Other currencies 9 14
982 1,011
183Volati Annual Report 2025
Notes – Group

===== SIDA 185 =====

NOTE 23  |  Pledged assets and contingent liabilities
Pledged assets 2025 2024
Floating charges 32 20
Other guarantees provided 15 0
47 20
An environmental risk related to previous activities 
at a Salix Group property was identified in 2023. The 
risk has not yet been quantified as the size of the 
risk and the question of liability have still not been 
sufficiently investigated.
NOTE 24 | Investments in Group companies
Subsidiary, corp. ID, registered office Number Holding
Corroventa
Volati Luftbehandling Holding AB, 559046-2239, Bankeryd 960 96%
Volati Luftbehandling AB, 556717-4122, Bankeryd 1,000 100%
Corroventa Avfuktning AB, 556393-4669, Bankeryd 1,000 100%
Corroventa Entfeuchtung GmbH, Willich, Germany – 100%
Corroventa Entfeuchtung GmbH, Vienna, Austria – 100%
Corroventa Ltd, Manchester, UK 50,000 100%
Corroventa Finland Oy Ab, Esbo, Finland 100 100%
Corroventa Avfuktning Norge AS, Oslo, Norway – 100%
Corroventa Déshumidification S.A., Paris, France – 100%
Corroventa Osuszanie Sp. z o.o., Poland 250 100%
Ventotech AB, 556699-5485, Bankeryd 142,513 100%
Ettiketto Group
Volati 1 Holding AB, 559026-2282, Stockholm 480 96%
Ettiketto Group AB, 556656-4786, Stockholm 6,096,991 100%
Ettiketto AB, 556195-2465, Malmö 10,000 100%
Ettiketto Fastighets AB, 556186-7804, Åtvidaberg 30,000 100%
Beneli AB, 556913-9719, Helsingborg 50,000 100%
Ettiketto Trondheim AS, 968 808 257, Trondheim 560 100%
Jägersro Fastighets  AB, 559414-0781, Malmö 500 100%
Ettiketto Holding Germany GmbH, HRB 18452 Cottbus 25,000 100%
“Clever” Etiketten GmbH, HRB 2382 CB, Senftenberg 31,000 100%
Label 123 GmbH, HRB 14893 CB, Senftenberg 25,000 100%
Etiketten GmbH, HRB 13429 CB, Senftenberg 25,000 100%
Smart Label Polska Sp. z o.o., 236476, Nowa Sol 500 100%
Salix Group
Salix Group AB, 559016-1500, Malmö 97,443,441 97.4%
Habo Gruppen AB, 556199-2149, Habo 25,000 100%
Habo Danmark A/S, 10367484, Hinnerup, Denmark 10,000 100%
Habo Finland Oy, 1524026-9, Vanda, Finland 5,000 100%
Habo Norge AS, 979 746 881, Trondheim, Norway 4,416,016 100%
Salix Home & Fittings Oy Finland, 3122950-2, Helsinki, Finland 100 100%
Pisla Oy, 2659337-7, Viitasaari, Finland 2,000 100%
184 Volati Annual Report 2025
 Notes – Group

===== SIDA 186 =====

Subsidiary, corp. ID, registered office Number Holding
Sørbø Industribeslag AS, 998 327 865, Trondheim, Norway 333,984 100%
Salix Industri AS, 927 396 823, Trondheim, Norway 3,000 100%
Miljöcenter i Malmö AB, 556424-9018, Arlöv 2,000 100%
Miljöcenter Green Technology Hong Kong Limited, 2234277, Hong Kong 100 100%
Salix Lantbruk, Skog och Entreprenad AB, 556795-4325, Skara 1,000 100%
Kellfri AB, 556471-9101, Skara 10,000 100%
Oy Kellfri AB, 20299787-6, Helsinki, Finland 1,000 100%
Kellfri Aps, 29404569, Fredericia, Denmark 1,000 100%
Salix Bygg och Emballagelösningar AB, 556251-0999, Malmö 10,000 100%
TECCA AB, 556191-0737, Vetlanda 10,000 100%
T-Emballage AB, 556497-9986, Vetlanda 2,000 100%
Väggmaterial Sverige AB, 556597-3996, Kungsbacka 1,000 100%
Salix Järn och Byggg, 559233-6753, Malmö 1,000 100%
Thomée Gruppen AB, 556014-1896, Malmö 12,000 100%
Hans Eggestrand AB, EAB, 556182-6354, Kungsbacka 2,000 100%
Heco Nordiska AB, 556370-9954, Hillerstorp 8,000 100%
Salix Business Partner AB, 556805-9090, Malmö 1,000 100%
Salix Hem och Beslag AB, 559267-3536, Habo 25,000 100%
Duschprodukter Sweden AB, 559171-8274, Gothenburg 1,000 100%
SIA Duschy Marketing, 40003368826, Riga, Latvia 100 100%
UAB Duschy, 300604740, Kaunas, Lithuania 400 100%
Duschy Marketing OU, 10187318, Kuressaare, Estonia Q4 00 100%
Arrow Norge AS, 988942332, Viken, Norway 1,000 100%
Salix Forbruksvarer Industri AS, 984 698 569, Tiller, Norway 50,000 100%
Nibu AS, 924 748 842, Asker, Norway 250 100%
Skandinavisk Beslagskompani AB, 556598-6618, Stockholm 3,000 100%
Miljöcenter AS, 932 524 686, Skien, Norway 3,000 100%
Trejon Försäljnings AB, 556684-5391, Vännäs 1,000 100%
Beslag Design AS, 912327906, Oslo, Norway 100 100%
BeslagOnline i Båstad AB, 559023-4430, Båstad 50,000 100%
Beslag Design i Båstad AB, 556166-4409, Båstad 2,000 100%
Timberman Denmark AS, 25776380, Hadsund, Denmark 4,387,000 100%
Timberman Golv AB, 559102-7221, Mölndal 1,000 100%
Timberman Holding ApS, 45259234, Hadsund, Denmark 40,000 90%
Shanghai Salix Trading Co. Ltd 91310000MAC43YHA1H, Shanghai, China 100%
S:t Eriks
Volati Infrastruktur AB, 559162-9612, Stockholm 3,663 99.9%
Stenentreprenader i Hessleholm AB, 556509-4702, Hässleholm 5,000 100%
S:t Eriks Group AB, 556993-9829, Staffanstorp 782,500 100%
S:t Eriks Holding AB, 556793-4970, Staffanstorp 1,000,000 100%
S:t Eriks AB, 556203-4750, Staffanstorp 22,222 100%
NoFo2 AB, 556777-2255, Staffanstorp 100,000 100%
NoFo3 AB, 556777-6736, Staffanstorp 100,000 100%
S:t Eriks Norge AS, 990918635, Slattum, Norway 1,000 100%
Vinninga Cementvarufabrik AB, 556693-3957, Vinninga 300 100%
Nordskiffer AB, 556443-1103, Höganäs 1,000 100%
Håle Stenbrott AB, 556949-2068, Staffanstorp 500 100%
S:t Eriks Blommedal, 559245-5504, Staffanstorp 250 100%
Byggsystem Direkt Sverige AB, 556674-6417, Laholm 6,000 100%
Betong Direkt Sverige AB, 556737-7295, Laholm 1,000 100%
185Volati Annual Report 2025
Notes – Group

===== SIDA 187 =====

Subsidiary, corp. ID, registered office Number Holding
MEAG VA-system AB, 556166-1454, Västerås 50,000 100%
Gunnar Prefab AB, 556265-6677, Rättvik 1,000 100%
SGs Blockbrytning AB, 559460-0644, Staffanstorp 250 100%
T ornum Group
Tornum Group AB,559214-8638, Kvänum 500 100%
Volati Agri AB, 556744-8955, Kvänum 1,000 100%
Tornum AB, 556552-1399, Kvänum 1,000 100%
Tornum Polska Sp. z o.o., 7752500766, Kutno, Poland 100 100%
Tornum Kft., 01-09-880602, Debrecen, Hungary 100 100%
SIA Tornum, 40203393692, Akācijas, Latvia 5,000 100%
Tornum S.R.L., 24851384, Bucharest, Romania 100 100%
OOO Tornum, 1123444005640, Volgograd, Russia 100 100%
Tornum LLC, 38908992, Kiev, Ukraine 100 100%
JPT Industria Oy , 2161684-0, Iljmajoki, Finland 30 100%
Apisa, B22005524, Huesca, Spain 69,602 100%
Volati Agri 1 AB, 559372-3918, Kvänum 960 96%
Terästorni OY, 2012386-8, Lappenranta, Finland 1,000 100%
SIMEZA SLU, B50035294, Zaragosa, Spain 10,000 100%
Tornum Ltd, 03703617, UK 8 100%
Volati Communication
Volati Communication Holding AB, 559322-1640, Mora 19,592,386,039 99.8%
Scanmast AB, 556775-5938, Mora 120,000 100%
Scanmast AS, 915 115 829, Österås, Norway 100 100%
Scanmast Oy, 3256147-8, Helsinki, Finland 1,000 100%
MAFI Group AB, 556679-4417, Mora 2,165 100%
MAFI  US Inc,7331918, Lewisville, USA 1,000 100%
MAFI AB, 556441-9140, Mora 1,000 100%
MAFI Shanghai Trading Ltd, 91310115MA1K4E7P69, Shanghai, China – 100%
MAFI Norge AS, 998531713, Oslo, Norway 1,000 100%
MAFI Mexico, MFI2202171M5, Guadalajara, Mexico 10,000 100%
MAFI India Ltd, U26109HR2023FTC113905, HARYANA, India 1,730,000 100%
Other
Volati 2 AB,  556809-7975, Stockholm 1,051,854 100%
Volati Bok Holding AB, 559233-6746, Stockholm 1,000 100%
Volati Finans AB, 556762-3334, Stockholm 1,000 100%
Volati Industri AB, 556880-6235, Stockholm 500 100%
Volati Konsument AB, 556947-0064, Stockholm 1,000 100%
As of the reporting date, there are non-controlling 
interests within the Group’s platforms and business 
areas. This is part of Volati’s business model aimed at 
creating common interest with key individuals in the 
Group through co-investments.
186 Volati Annual Report 2025
 Notes – Group

===== SIDA 188 =====

Non-controlling interests, %
31 December 2025 2024
Salix Group AB 2.6 2.6
Timberman Holding ApS 10.0 10.0
Volati 1 Holding AB 4.0 4.0
Volati Industri AB – –
Volati Luftbehandling AB 4.0 4.0
Volati Agri 1 AB 4.0 6.0
Tornum Group AB – –
Volati Communication Holding AB 0.2 0.4
Volati Infrastruktur AB 0.1 0.3
On the reporting date, liabilities to non-controlling 
interests with put option rights amounted to SEK 274 
(216) million and liabilities to other non-controlling 
interests amounted to SEK 10 (10) million Profit for 
the year attributable to non-controlling interests 
amounted to SEK 13 (10) million.
Dividends for the year attributable to non-controlling 
interests amounted to SEK 0 (7) million.
For further information about non-controlling 
interests see notes 1 and 22.
NOTE 25  |  Events after 
the reporting period
In January 2026, all shares in Interket Group were 
acquired, an add-on acquisition for Ettiketto Group. 
Interket Group is a leading supplier of label solutions, 
with operations in Sweden, Germany, the Nether-
lands and the UK. Interket Group’s annual net sales 
amount to approximately SEK 450 million.
NOTE 26  |  Related parties
Personnel expenses for Board members and senior 
executives who are also shareholders are presented 
in note 5.
During the year, two units rented premises from 
companies owned by a member of Volati’s Board. 
Rent for these premises during the year amounted to 
SEK 7 (7) million. 
In April 2025, 109,931 warrants in Volati AB were 
issued to key individuals in the company. The war-
rants were issued in accordance with the resolution 
adopted by the Annual General Meeting on 28 April 
2025. In May 2025, Volati repurchased 700,000 
shares in Salix Group AB from key individuals in the 
company. In May 2025, Volati sold 700,000 shares in 
Salix Group AB to key individuals in the company. In 
July 2025, Volati repurchased, through the subsidiary  
Tornum Group AB, 20 shares in Volati Agri 1 AB  from 
a key individual in the company. These transactions 
represent a part of Volati’s business model aimed at 
creating common interest with key individuals within 
the units or business areas through co-investments. 
All transactions have been conducted at market 
conditions.
There are no loans between minority shareholders 
of Volati AB’s subsidiaries. 
187Volati Annual Report 2025
Notes – Group

===== SIDA 189 =====

NOTE 27  |  Alternative performance measures
The financial reports published by Volati include 
alternative performance measures (APMs), which 
supplement the metrics defined or specified in 
the applicable rules for financial reporting, such as 
revenue, profit or loss and earnings per share. APMs 
are specified when they, in their context, provide 
clearer or more in-depth data than those metrics 
defined in the applicable rules for financial reporting. 
The basis for APMs is that they are used by manage-
ment to assess financial performance and can thus 
be considered to give analysts and other stakeholders 
valuable information.
Volati regularly uses APMs as a complement to 
the key metrics that represent generally accepted 
accounting policies. The APMs derive from Volati’s 
consolidated accounts and do not comprise measures 
of financial performance or liquidity in accordance 
with IFRS and, accordingly, should not be considered 
as alternatives to net income, operating profit or 
other key metrics that are derived pursuant to IFRS 
or as an alternative to cash flow as a measure of 
consolidated liquidity. 
The following table sets out definitions for Volati’s 
key figures. The calculation of APMs is presented 
separately below.
Non-IFRS APMs  
and key metrics Description Reason for use
EBITDA Earnings before interest, taxes, depreciation and 
amortisation.
EBITDA is used together with EBITA to 
clarify earnings before the effects of 
depreciation and impairment, and before 
amortisation of acquisition-related 
intangible assets, in order to provide a 
view of the profit generated by operating 
activities. 
Items affecting 
comparability
These include transaction-related costs, restructuring 
costs, contingent consideration remeasurement, capital 
gains/losses on the sale of operations and non-current 
assets, and other items that affect comparability over 
time.
Items affecting comparability represent 
income and expenses that are not 
attributable to the underlying 
performance of the business.
Adjusted EBITDA Calculated as EBITDA, adjusted by adding back to 
earnings, as a minus item, interest expenses and 
depreciation attributable to operating leases for the last 
twelve months, as of the current reporting date,                       
for the companies included in the Group on the 
reporting date, as if they had been owned for the last 12 
months, adjusted for items affecting comparability.
Adjusted EBITDA provides management 
and investors with a view of the size of 
the operations included in the Group at 
the reporting date, as it does not include 
items not directly attributable to day-to-
day operations. Also used in our 
covenant calculations for the bank.
EBITA Earnings before interest, taxes and amortisation. Together with EBITDA, EBITA provides a 
view of the profit generated by operating 
activities.
EBITA excl. items 
affecting 
comparability
Calculated as EBITA, adjusted for items affecting 
comparability.
Used by management to monitor the 
underlying earnings growth for the 
Group.
EBITA growth per 
ordinary share
Calculated as EBITA divided by the number of ordinary 
shares outstanding at the end of the period compared 
with the same period the previous year.
Used to illustrate earnings per ordinary 
share generated by operating activities.
Organic net sales 
growth
Calculated as net sales for the period, adjusted for 
acquired and divested net sales and currency effects, 
compared with net sales for the same period the 
previous year as if the businesses had been owned for 
the same length of time in the comparative period as the 
length of time they have been legally consolidated in the 
current period.
This metric is used by management to 
monitor the underlying net sales growth 
in existing operations.
188 Volati Annual Report 2025
 Notes – Group

===== SIDA 190 =====

Non-IFRS APMs  
and key metrics Description Reason for use
Organic EBITA 
growth
Calculated as EBITA excluding items affecting 
comparability for the period, adjusted for total acquired 
and divested EBITA and currency effects, compared with 
EBITA excluding items affecting comparability for the 
same period the previous year, as if the businesses had 
been owned for the same length of time in the 
comparative period as the length of time they have been 
legally consolidated in the current period.
Used by management to monitor the 
underlying earnings growth for existing 
operations.
Return on equity Net profit (including share attributable to non-controlling 
interests) divided by average equity for the last four 
quarters (including share attributable to non-controlling 
interests).
Shows the return generated on the total 
capital invested in the Company by 
shareholders.
Return on adjusted 
equity
Net profit (including share attributable to non-controlling 
interests) less preference share dividend divided by 
average equity for the last four quarters (including share 
attributable to non-controlling interests) less preference 
share capital.
Shows the underlying return generated 
on ordinary share capital invested in the 
Company by owners of ordinary shares. 
Return on capital 
employed (ROCE 
excl. goodwill) 
EBITA excluding items affecting comparability for the last 
12 months divided by average capital employed for the 
last 12 months.
Shows the return on capital employed 
generated by each business area and the 
Group without taking into consideration 
acquisition-related intangible assets with 
indefinite useful lives.
Return on capital 
employed incl. 
goodwill 
(ROCE incl. goodwill) 
EBITA excluding items affecting comparability for the last 
12 months divided by average capital employed includ-
ing goodwill and other intangible assets with indefinite 
useful lives for the last 12 months.
Shows the return on capital employed 
generated by each business area and the 
Group.
Equity ratio Equity (including share attributable to non-controlling 
interests) as a percentage of total assets.
The metric can be used to assess 
financial risk.
Cash 
conversion
Calculated as operating cash flow for the last twelve 
months divided by EBITDA, adjusted by adding back to 
earnings, as a minus item, interest expenses and 
depreciation attributable to operating leases for the last 
twelve months as of the current reporting date.
Cash conversion is used by management 
to monitor how efficiently the Company 
manages working capital and ongoing 
investments.
Operating cash flow Calculated as EBITDA, adjusted by adding back to 
earnings, as a minus item, interest expenses and 
depreciation attributable to operating leases, adjusted 
for non-cash items less the net of investments in and 
disposals of property, plant and equipment and 
intangible assets, and adjusted for cash flow from 
changes in working capital including prepaid operating 
lease expenses.
Operating cash flow is used by 
management to monitor cash flow 
generated by operating activities. 
Net debt/Adjusted 
EBITDA
Calculated as the sum of interest-bearing loans, finance 
lease liabilities, provisions for pensions and liabilities 
attributable to unrealised losses on valuations of 
outstanding derivatives less cash and cash equivalents, 
endowment insurance assets and assets attributable to 
unrealised gains on valuations of outstanding derivatives 
in relation to adjusted EBITDA for the period. 
The metric can be used to assess 
financial risk.
189Volati Annual Report 2025
Notes – Group

===== SIDA 191 =====

Calculations of alternative performance measures are presented separately below.
Items affecting comparability, SEK millions Full year 2025 Full year 2024
Transaction costs –8 –7
Restructuring costs –20 –
Contingent consideration remeasurement 14 –2
Capital gains/losses on sale of operations and non-current assets 0 0
Other non-recurring income and expenses 0 6
Items affecting comparability –14 –3
Adjusted EBITDA, SEK millions Full year 2025 Full year 2024
EBITDA 1,018 941
Reversal of IFRS 16 effect –193 –190
Acquired companies 2 70
Reversal of items affecting comparability 14 3
Adjustment of items affecting comparability not affecting EBITDA –2 –
Adjusted EBITDA 839 824
Calculation of organic net sales growth, % Full year 2025 Full year 2024
Net sales 8,419 7,866
Total acquired/divested net sales –693 –617
Currency effects 107 21
Comparative figure for previous year 7,833 7,270
Organic net sales growth, % 0 –7
Calculation of organic EBITA growth, % Full year 2025 Full year 2024
EBITA 726 658
Adjustment for items affecting comparability 14 3
EBITA excl. items affecting comparability 739 661
Total acquired/divested EBITA –73 –60
Currency effects 8 0
Comparative figure for previous year 673 601
Organic EBITA growth, % 2 –21
Calculation of EBITA growth per ordinary share, % Full year 2025 Full year 2024
EBITA 726 658
No. of ordinary shares outstanding at end of period 79,406,571 79,406,571
EBITA per ordinary share, SEK 9.14 8.29
EBITA per ordinary share for same period previous year 8.29 9.28
EBITA growth per ordinary share, % 10 –11
Basic and diluted earnings per ordinary share Full year 2025 Full year 2024
Net profit attributable to owners of the Parent 302 273
Deduction for preference share dividend 64 64
Net profit attributable to owners of the Parent, adjusted for preference dividend 238 209
Average no. of ordinary shares 79,406,571 79,406,571
Earnings per ordinary share, SEK 3.00 2.63
190 Volati Annual Report 2025
 Notes – Group

===== SIDA 192 =====

Calculation of return on equity Full year 2025 Full year 2024
(A) Net profit, LTM, including non-controlling interests 315 283
Adjustment for preference dividend, including dividend accrued but not yet paid –64 –64
(B) Net profit, adjusted 251 218
(C) Average total equity 2,151 2,186
(D) Average adjusted equity 1,323 1,358
(A/C) Return on total equity, % 15 13
(B/D) Return on adjusted equity, % 19 16
Calculation of equity ratio Full year 2025 Full year 2024
Equity including non-controlling interests 2,171 2,215
Total assets 7,770 7,451
Equity ratio, % 28 30
Calculation of operating cash flow and cash conversion Full year 2025 Full year 2024
EBITDA 1,018 941
Reversal of IFRS 16 effect –193 –190
(A) EBITDA excl. IFRS 16 effect 825 751
(B) adjustment for non-cash items –18 –7
Change in working capital 36 142
Net investments in property, plant  
& equipment and intangible assets –115 –107
(C) Operating cash flow 728 779
(C/A) Cash conversion, % 88 104
Calculation of Net debt/adjusted EBITDA, x Full year 2025 Full year 2024
Net debt
Cash & cash equivalents and other interest-bearing assets –683 –322
Non-current interest-bearing loans and provisions for pensions 2,682 2,354
 - reversal of capitalised borrowing costs 8 7
Non-current finance lease liabilities 39 35
Current interest-bearing loans 12 7
Current finance lease liabilities 24 24
Net debt 2,081 2,105
Adjusted EBITDA 839 824
Net debt/adjusted EBITDA, x 2.5 2.6
191Volati Annual Report 2025
Notes – Group

===== SIDA 193 =====

ROCE %, 31 December 2025 Salix Group
Ettiketto 
Group Industry
Central 
costs Volati Group
¹⁾ EBITA LTM 411 215 172 –60 739
Capital employed, 31 December 2025
Intangible assets 1,664 358 1,072 3,077
Adjustment for goodwill, patent/technology, brands –1,636 –347 –1,032 –2,998
Property, plant and equipment 30 209 279 518
Right-of-use assets 253 71 208 541
Operating receivables 1,369 304 1,079 2,747
Operating liabilities –679 –173 –550 –1,414
Capital employed, 31 December 2025 1,001 421 1,056 2,471
Adjustment for average capital employed, LTM 158 7 102 271
¹⁾ Average capital employed, LTM 1,159 429 1,157 2,742
ROCE excl. goodwill ¹⁾/²⁾, % 35 50 15 27
³⁾ Average capital employed, LTM, incl. goodwill and other 
intangible assets with indefinite useful lives 2,330 679 1,827 4,843
ROCE incl. goodwill ¹⁾/³⁾, % 18 32 9 15
ROCE %, 31 December 2024 Salix Group
Ettiketto 
Group Industry
Central 
costs Volati Group
¹⁾ EBITA LTM 273 200 240 –53 661
Capital employed, 31 December 2024
Intangible assets 1,694 364 1,148 3,189
Adjustment for goodwill, patent/technology, brands –1,682 –357 –1,105 –3,127
Property, plant and equipment 42 96 294 432
Right-of-use assets 248 57 266 574
Operating receivables 1,396 243 1,142 2,784
Operating liabilities –649 –139 –626 –1,422
Capital employed, 31 December 2024 1,050 264 1,119 2,429
Adjustment for average capital employed, LTM 77 –8 82  140
¹⁾ Average capital employed, LTM 1,126 256 1,200  2,569
ROCE excl. goodwill ¹⁾/²⁾, % 24 78 20 26
³⁾ Average capital employed, LTM, incl. goodwill and other 
intangible assets with indefinite useful lives 2,242 494 1,877 4,512
ROCE incl. goodwill ¹⁾/³⁾, % 12 41 13 15
192 Volati Annual Report 2025
 Notes – Group

===== SIDA 194 =====

Income Statement, Parent Company
SEK million Note 2025 2024
Operating income
Net sales 20 17
Operating expenses
Other external expenses 2 –23 –19
Personnel expenses 3 –35 –33
Other operating income 0 0
Other operating expenses –1 –2
Depreciation of property, plant and equipment 0 0
Operating profit –40 –36
Profit/loss from financial investments
Profit/loss from investments in Group companies 4 – 1,270
Interest and similar income 5 247 234
Interest and similar expenses 6 –122 –142
Profit after financial items 85 1,326
Appropriations 7 41 36
Tax 8 0 0
Net profit 126 1,361
Statement of Comprehensive Income,  
Parent Company
SEK million Note 2025 2024
Net profit and Comprehensive income for the year 126 1,361
193Volati Annual Report 2025
Financial Statements – Parent Company

===== SIDA 195 =====

Statement of Financial Position, Parent Company
SEK million Note 31/12/2025 31/12/2024
ASSETS
Non-current assets
Property, plant and equipment 9 0 1
Other shares and interests 1 1
Other non-current financial assets 4 4
Deferred tax assets 1 1
Investments in subsidiaries 10 1,930 1,762
T otal non-current assets 1,936 1,768
Current assets
Receivables from Group companies 4,489 5,018
Prepayments and accrued income 9 3
Current tax receivables 0 0
Other receivables 1 1
Cash and cash equivalents 369 159
T otal current assets 4,868 5,181
T otal assets 6,804 6,949
EQUITY AND LIABILITIES
Equity 11
Restricted equity
Share capital 10 10
Unrestricted equity
Share premium reserve 2,376 2,376
Retained earnings 953 –186
Net profit 126 1,361
T otal equity  3,465 3,561
Untaxed reserves
Tax allocation reserve 0 0
Liabilities
Non-current liabilities
Non-current non-interest-bearing liabilities 16 16
Non-current interest-bearing liabilities 2,662 2,343
Pension obligations 4 4
T otal non-current liabilities 2,682 2,362
Current liabilities
Liabilities to Group companies 610 982
Trade payables 11 4
Other current liabilities 16 20
Accruals and deferred income 13 20 20
T otal current liabilities  657  1,025
T otal equity and liabilities 6,804 6,949
For information on the Parent Company's pledged assets and contingent liabilities, see note 12.
194 Volati Annual Report 2025
 Financial Statements – Parent Company

===== SIDA 196 =====

Cash Flow Statement, Parent Company 
SEK million 2025 2024
Operating activities
Profit after financial items 85 1,326
Adjustment for non-cash items
Depreciation 0 0
Reversal of dividend from subsidiary – –1,268
Reversal of gain/loss on divestment of shares in subsidiaries – –2
Reversal of financial items –127 –93
T otal adjustments for non-cash items –1,363 –1,363
Interest paid –123 –142
Interest received 5 5
Tax paid –1 0
Cash flow from operating activities before changes in working capital –161 –173
Cash flow from changes in working capital
Change in receivables –5 –2
Change in operating liabilities 6 1
Cash flow from changes in working capital 1 –1 
Cash flow from operating activities –160 –174
Investing activities
Investments in property, plant & equipment 0 0
Investments in subsidiaries – 1
Dividends received – 168
Cash flow from investing activities 0 168
Financing activities
Dividends paid –223 –215
Change in intra-Group transactions 272 –260
Acquisitions and disposals of shares in Group companies held by NCI – 2
Issue of warrants 1 1
Proceeds from borrowings 320 635
Cash flow from financing activities 370 163
Cash flow for the year 210 157
Cash and cash equivalents at beginning of year 159 1
Cash and cash equivalents at end of year 369 159
195Volati Annual Report 2025
Financial Statements – Parent Company

===== SIDA 197 =====

Statement of Changes in Equity, Parent Company
SEK million
Share  
capital
Share premium 
reserve
Retained 
 earnings Net profit T otal equity
Closing balance, 31 Dec 2023 10 2,376 –128 155 2,414
Other appropriations of profits – – 155 –155 0
Dividend on ordinary shares – – –151 – –151
Dividend on preference shares – – –64 – –64
Issue of warrants – – 2 – 2
Comprehensive income for the year – – – 1,361 1,361
Closing balance, 31 Dec 2024 10 2,376 –186 1,361 3,561
Other appropriations of profits – – 1,361 –1,361 0
Dividend on ordinary shares – – –159 – –159
Dividend on preference shares – – –64 – –64
Issue of warrants – – 1 – 1
Comprehensive income for the year – – – 126 126
Closing balance, 31 Dec 2025 10 2,376 953 126 3,465
196 Volati Annual Report 2025
 Financial Statements – Parent Company

===== SIDA 198 =====

Notes to the Parent Company’s accounts
NOTE 1  |  Accounting policies
The Parent Company’s annual report is prepared in 
accordance with the Swedish Annual Accounts Act 
(1995:1554) and the Swedish Corporate Reporting 
Board’s recommendation RFR 2 Accounting for Legal 
Entities and its interpretations for listed companies. 
RFR 2 requires the Parent Company, as a legal entity, 
to prepare financial statements in accordance with 
IFRS reporting standards and statements adopted by 
the EU to the extent allowed within the framework 
of the Swedish Annual Accounts Act, and taking into 
account the relationship between tax expense and 
accounting profit. The recommendation also specifies 
permissible IFRS exemptions and additions, and the 
Company has decided to use the exemption from 
applying IFRS 9 in its reporting. Differences between 
the Group’s and the Parent Company’s accounting 
policies are described below.
The accounting policies described below have 
been applied consistently to all periods presented in 
the Parent Company's financial statements.
Revenue recognition 
Dividends to the Parent Company are recognised as 
revenue.
Leases
The Parent Company applies the exemption rule in 
RFR 2 and recognises lease payments as an expense 
on a straight-line basis over the lease term.
Property, plant and equipment 
The Parent Company recognises property, plant and 
equipment at cost less accumulated depreciation and 
impairment.
Depreciation
Depreciation is applied on a straight-line basis over 
the useful life of the asset.
Number of years 
Equipment 3–10
The residual values and useful lives of assets are 
reviewed annually.
Financial instruments
The Parent Company applies the IFRS 9 exemption 
rules in RFR 2 and financial instruments are therefore 
recognised at cost less impairment.
Group contributions
The Parent Company recognises Group contributions 
paid and received as appropriations in the income 
statement.
Tax
Deferred tax assets arising from tax loss carryfor-
wards or other future tax deductions are recognised 
to the extent that it is likely that the loss can be offset 
against future profits.
Investments in subsidiaries
The Parent Company only recognises an impairment 
loss on the carrying amount of investments in sub-
sidiaries when the value of a subsidiary is less than its 
value in use, as described in Group note 10.
NOTE 2  |  Auditors’ fees 
and remuneration
2025 2024
KPMG
Audit 2 2
Other auditing services 0 0
Tax advisory services 0 0
 2 2
The items 'audit' and 'other auditing services' refer 
to examination of the annual financial statements, 
accounting records and administration of the business 
by the CEO and Board, other procedures required to 
be carried out by the Company's auditors and advice 
or other assistance relating to observations made 
during the performance of these other procedures. 
Anything else is classified as other services.
197Volati Annual Report 2025
Notes – Parent Company

===== SIDA 199 =====

NOTE 3  |  Employees and 
personnel expenses 
The average number of employees in the Parent 
Company was 14 (15), of whom 5 (7) were men. At 
the end of 2025, two of the senior executives were 
employed by the Parent Company and one was an 
interim consultant. Two are employed in the Group 
(Salix Group & Ettiketto Group). 
2025 2024
Salaries and other benefits
Board and CEO 7 6
Other employees 16 14
23 21
Social security contributions
Contractual and statutory social 
security contributions 7 7
Pension costs, Board and CEO (incl. 
payroll tax) 0 0
Other pension costs 3 3
11 11
NOTE 4 | Profit/loss from 
investments in subsidiaries
 2025 2024
Dividends from subsidiaries – 1,268
Gains/losses on disposal of shares to 
NCI – 2
 – 1,270
NOTE 5 | Interest and similar income
 2025 2024
Interest income from Group 
companies 245 233
Interest income from bank deposits  2 1
Other interest income 1 0
247 234
NOTE 6 | Interest and similar expenses
2025 2024
Interest expenses to Group 
companies –11 –19
Interest expenses on loans –108 –113
Other interest expenses –1 –9
Exchange losses –2 –1
Other finance costs 0 0
–122 –142
NOTE 7  |  Appropriations
 2025 2024
Group contributions received 41 36
Change in accelerated depreciation 0 0
41 36
NOTE 8  |  Tax 
 2025 2024
Current tax expense 0 0
Deferred tax – 0
Tax expense for the year 0 0
Reconciliation of effective tax 2025 2024
Profit before tax 126 1,361
Tax at applicable tax rate –26 –280
Tax effect of non–taxable income 0 262
Tax effect of non–deductible 
expenses 0 0
Taxable net interest income received 26 19
Tax effect, other – 0
Reported effective tax 0 0
198 Volati Annual Report 2025
 Notes – Parent Company

===== SIDA 200 =====

NOTE 10 | Investments in Group companies
Accumulated cost 2025 2024
1 January 1,762 1,697
Shareholder contributions 168 65 
Acquisition of subsidiaries – –
Owner transactions – –1
31 December 1,930 1,762
Carrying amount
Subsidiary, corp. ID, registered office Number Holding 2025 2024
Salix Group AB, 559016-1500, Malmö 97,443,441 97.4% 813 712
Volati 2 AB, 556809-7975, Stockholm 1,051,854 100% 5 5
Volati Bok Holding AB, 559233-6746, Stockholm 1,000 100% 1 1
Volati Finans AB, 556762-3334, Stockholm 1,000 100% 23 23
Volati Industri AB, 556880-6235, Stockholm 500 100% 783 783
Volati Konsument AB, 556947-0064, Stockholm 1,000 100% 1 1
Volati 1 Holding AB, 559026-2282, Stockholm  480 96% 304 237
1,930 1,762
NOTE 9 | Property, plant & equipment
Equipment 2025 2024
Accumulated cost
Opening cost 1 0
Investments 0 0
Disposals – –
Closing accumulated cost 1 1
Accumulated scheduled depreciation
Opening depreciation 0 0
Depreciation for the year 0 0
Disposals – –
Closing accumulated depreciation 0 0
Closing scheduled residual value 0 1
199Volati Annual Report 2025
Notes – Parent Company

===== SIDA 201 =====

NOTE | 11 Equity
Dividend
In 2025, Volati AB adopted a dividend of SEK 159 
(151) million to ordinary shareholders and SEK 64 
(64) million to preference shareholders. 
Retained earnings 
Retained earnings comprise unrestricted equity 
from previous years. Together with net profit for 
the year, this comprises total unrestricted equity, 
i.e., the amount that is available for distribution to 
shareholders.
Proposed appropriation of profits
Information on the Board’s proposed appropriation 
of profits can be found in the administration report in 
this Annual Report and below.
The Board of Directors proposes that:
SEK 
Retained earnings 952,587,159.64
Net profit 126,033,062.92
Share premium reserve 2,376,398,417.10
T otal 3,455,018,639.66
be appropriated as follows:
Dividend of SEK 2.00 per ordinary 
share, total1) 158,813,142.00
Dividend of SEK 40.00 per 
preference share, total 64,150,960.00
Carried forward 3,232,054,537.66
T otal 3,455,018,639.66
1)  The proposed dividend will be paid in two instalments: 
SEK 1.00 per share in May 2026 and SEK 1.00 per share in 
November 2026.
NOTE 12  |  Pledged assets and 
contingent liabilities
Pledged assets 2025 2024
Shares in subsidiaries – –
Contingent liabilities 2025 2024
Rental guarantee 7 10
Parent Company guarantee 47 47
Guarantees 27 31
81 88
The comparative figure for 2024 for guarantees has 
been updated. See Group note 23 for information on 
the Group’s pledged assets. 
NOTE 13  |  Accrued expenses
Accumulated cost 2025 2024
Accrued personnel expenses 2 2
Accrued social security contributions 
on accrued personnel expenses 1 2
Accrued liability for preference share 
dividend 16 16
Other accruals 1 1
20 20
NOTE 14 | Related parties
The Parent Company has a related party relationship 
with its Group companies and owners. See Group 
note 26. During the year, Group contributions and 
dividends were received from subsidiaries. In April 
2025, 109,931 warrants in Volati AB were issued to 
key individuals in the company. The warrants were 
issued in accordance with the resolution adopted 
by the Annual General Meeting on 28 April 2025. 
In May 2025, Volati repurchased 700,000 shares in 
Salix Group AB from key individuals in the company. 
In May 2025, Volati sold 700,000 shares in Salix 
Group AB to key individuals in the company. The 
transactions were conducted at market conditions. 
In addition, the Parent Company has invoiced its 
subsidiaries SEK 20 (17) million for services rendered 
during the year. Personnel expenses for owners are 
shown in Group note 5.
200 Volati Annual Report 2025
 Notes – Parent Company

===== SIDA 202 =====

The Board of Directors and the CEO confirm that the Parent Company financial statements have been prepared 
in accordance with generally accepted accounting principles in Sweden, that the consolidated financial state-
ments have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, and that the 
sustainability report has been prepared in accordance with the European Sustainability Reporting Standards 
(ESRS) and the specifications adopted pursuant to the EU Taxonomy Regulation (EU) 2020/852. The Parent 
Company financial statements and the consolidated financial statements give a true and fair view of the Parent 
Company’s and the Group’s financial position and results. The Administration Report provides a fair overview 
of the development of the operations, financial position and results of the Parent Company and the Group and 
describes significant risks and uncertainties facing the Parent Company and the companies included in the Group.
The Annual Report was approved for issue on 19 March 2026.
Stockholm, 19 March 2026
Patrik Wahlén Maria Edsman
Chairman of the Board Board Member
Björn Garat Christina Tillman
Board Member Board Member
Anna-Karin Celsing Magnus Sundström
Board Member Board Member
Andreas Stenbäck
CEO
Our auditor’s report on the annual accounts and consolidated accounts and our independent auditor’s limited 
assurance report on the sustainability report were issued on 24 March 2026.
KPMG AB
Helena Nilsson Ola Larsmon
Authorised Public Accountant 
Chief Auditor
Authorised Public Accountant 
201Volati Annual Report 2025
Declaration by the Board

===== SIDA 203 =====

Auditor’s Report
To the general meeting of the shareholders of Volati AB (publ.), corp. id 556555-4317
Report on the annual accounts and consolidated accounts
Opinions
We have audited the annual accounts and consoli-
dated accounts of Volati AB (publ.) for the year 2025, 
except for the corporate governance statement on 
pages 62–75 and the sustainability report on pages 
76–141. The annual accounts and consolidated 
accounts of the company are included on pages 
53–201 in this document. 
In our opinion, the annual accounts have been 
prepared in accordance with the Annual Accounts 
Act, and present fairly, in all material respects, the 
financial position of the parent company as of 31 
December 2025 and its financial performance and 
cash flow for the year then ended in accordance 
with the Annual Accounts Act. The consolidated 
accounts have been prepared in accordance with the 
Annual Accounts Act and present fairly, in all material 
respects, the financial position of the group as of 31 
December 2025 and their financial performance and 
cash flow for the year then ended in accordance with 
IFRS Accounting Standards, as adopted by the EU, 
and the Annual Accounts Act. Our opinions do not 
cover the corporate governance statement on pages 
62–75 and sustainability report on pages 76–141. 
The statutory administration report is consistent 
with the other parts of the annual accounts and 
consolidated accounts.
We therefore recommend that the general meeting 
of shareholders adopts the income statement and 
balance sheet for the parent company and the group.
Our opinions in this report on the the annual 
accounts and consolidated accounts are consistent 
with the content of the additional report that has 
been submitted to the parent company's audit 
committee in accordance with the Audit Regulation 
(537/2014) Article 11. 
Basis for Opinions
We conducted our audit in accordance with 
International Standards on Auditing (ISA) and 
generally accepted auditing standards in Sweden. 
Our responsibilities under those standards are further 
described in the Auditor’s Responsibilities section. 
We are independent of the parent company and 
the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled 
our ethical responsibilities in accordance with these 
requirements.This includes that, based on the best 
of our knowledge and belief, no prohibited services 
referred to in the Audit Regulation (537/2014) Article 
5.1 have been provided to the audited company or, 
where applicable, its parent company or its controlled 
companies within the EU.
We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our opinions.
Key Audit Matters 
Key audit matters of the audit are those matters 
that, in our professional judgment, were of most 
significance in our audit of the annual accounts and 
consolidated accounts of the current period. These 
matters were addressed in the context of our audit 
of, and in forming our opinion thereon, the annual 
accounts and consolidated accounts as a whole, 
but we do not provide a separate opinion on these 
matters. 
Translation from the Swedish original
202 Volati Annual Report 2025
Auditor’s Report

===== SIDA 204 =====

Valuation of acquired intangible assets
See disclosure 10 and accounting principles on page 149 in the annual account and consolidated accounts 
for detailed information and description of the matter.
Description of key audit matter
The carrying value of acquired intangible assets, 
consisting of goodwill and brands/other amount 
to SEK 2,998 million as at 31 December 2025, 
representing 39% of total assets.
Goodwill and other intangible assets with 
indefinite lifetimes shall be subject to impairment 
testing annually. Other intangible assets should be 
tested if there are indicators of impairment. The 
impairment tests are both complex and involves 
significant elements of judgement from group 
management. 
According to current regulations, the prescribed 
method for carrying out impairment tests involves 
management making forecasts for how internal as 
well as external conditions and plans may impact 
the business. Examples of such forecasts include 
future cash flows, which in turn require assump-
tions to be made about future market conditions. 
Another important assumption is which discount 
rate to use in order to correctly reflect the time 
value of money of forecast future cash in-flows, 
which carry a certain level of risk.
This area, therefore, involves significant levels 
of judgement which are in turn significant to the 
group’s financial statements.
How the matter was addressed in the audit
We reviewed the Company’s impairment tests 
to assess whether they had been performed in 
accordance with the prescribed methodology. 
We also evaluated management’s forecasts of 
future cash flows and the underlying assumptions, 
including the long-term growth rate and the 
discount rate applied, by reviewing and assessing 
the Group’s written documentation and plans. We 
also evaluated prior-year assessments in relation 
to actual outcomes. 
An important part of our work was also to 
evaluate how changes in assumptions could affect 
the valuation, including performing and reviewing 
the Group’s sensitivity analyses. 
We also assessed the completeness of the 
disclosures in the annual accounts and consoli-
dated accounts and evaluated whether they are 
consistent with the assumptions applied by the 
Group in its impairment testing and whether the 
information provided is sufficiently comprehensive 
to enable an understanding of management’s 
assessments.
203Volati Annual Report 2025
Auditor’s Report

===== SIDA 205 =====

Other Information than the annual 
accounts and consolidated accounts 
This document also contains other information than 
the annual accounts and consolidated accounts and 
is found on pages 1–52, 76–141 and 211–212. The 
other information comprises also of the remuneration 
report which we obtained prior to the date of this 
auditor’s report. The Board of Directors and the 
Managing Director are responsible for this other 
information.
Our opinion on the annual accounts and consoli-
dated accounts does not cover this other information 
and we do not express any form of assurance conclu-
sion regarding this other information.
In connection with our audit of the annual 
accounts and consolidated accounts, our responsibil-
ity is to read the information identified above and 
consider whether the information is materially incon-
sistent with the annual accounts and consolidated 
accounts. In this procedure we also take into account 
our knowledge otherwise obtained in the audit and 
assess whether the information otherwise appears to 
be materially misstated.
If we, based on the work performed concerning 
this information, conclude that there is a material mis-
statement of this other information, we are required 
to report that fact. We have nothing to report in this 
regard.
Responsibilities of the Board of 
Directors and the Managing Director
The Board of Directors and the Managing Director 
are responsible for the preparation of the annual 
accounts and consolidated accounts and that they 
give a fair presentation in accordance with the Annual 
Accounts Act and, concerning the consolidated 
accounts, in accordance with IFRS Accounting Stand-
ards as adopted by the EU. The Board of Directors 
and the Managing Director are also responsible for 
such internal control as they determine is necessary 
to enable the preparation of annual accounts and 
consolidated accounts that are free from material 
misstatement, whether due to fraud or error. 
In preparing the annual accounts and consolidated 
accounts The Board of Directors and the Managing 
Director are responsible for the assessment of the 
company’s and the group's ability to continue as a 
going concern. They disclose, as applicable, matters 
related to going concern and using the going concern 
basis of accounting. The going concern basis of 
accounting is however not applied if the Board 
of Directors and the Managing Director intend to 
liquidate the company, to cease operations, or has no 
realistic alternative but to do so.
The Audit Committee shall, without prejudice to 
the Board of Director’s responsibilities and tasks in 
general, among other things oversee the company’s 
financial reporting process.
 
Auditor’s responsibility
 Our objectives are to obtain reasonable assurance 
about whether the annual accounts and consolidated 
accounts as a whole are free from material misstate-
ment, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions. Reason-
able assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance 
with ISAs and generally accepted auditing standards 
in Sweden will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in 
the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on 
the basis of these annual accounts and consolidated 
accounts.
As part of an audit in accordance with ISAs, we 
exercise professional judgment and maintain profes-
sional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstate-
ment of the annual accounts and consolidated 
accounts, whether due to fraud or error, design 
and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient 
and appropriate to provide a basis for our opinions. 
The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the 
override of internal control.
• Obtain an understanding of the company’s internal 
control relevant to our audit in order to design 
audit procedures that are appropriate in the cir-
cumstances, but not for the purpose of expressing 
an opinion on the effectiveness of the company’s 
internal control.
• Evaluate the appropriateness of accounting 
policies used and the reasonableness of accounting 
estimates and related disclosures made by the 
Board of Directors and the Managing Director.
204 Volati Annual Report 2025
Auditor’s Report

===== SIDA 206 =====

• Conclude on the appropriateness of the Board of 
Directors’ and the Managing Director's, use of the 
going concern basis of accounting in preparing 
the annual accounts and consolidated accounts. 
We also draw a conclusion, based on the audit 
evidence obtained, as to whether any material 
uncertainty exists related to events or conditions 
that may cast significant doubt on the company’s 
and the group's ability to continue as a going 
concern. If we conclude that a material uncertainty 
exists, we are required to draw attention in our 
auditor’s report to the related disclosures in the 
annual accounts and consolidated accounts or, 
if such disclosures are inadequate, to modify our 
opinion about the annual accounts and consoli-
dated accounts. Our conclusions are based on 
the audit evidence obtained up to the date of our 
auditor’s report. However, future events or condi-
tions may cause a company and a group to cease to 
continue as a going concern.
• Evaluate the overall presentation, structure and 
content of the annual accounts and consolidated 
accounts, including the disclosures, and whether 
the annual accounts and consolidated accounts 
represent the underlying transactions and events in 
a manner that achieves fair presentation.
• Plan and perform the group audit to obtain 
sufficient and appropriate audit evidence regarding 
the financial information of the entities or business 
units within the group as a basis for forming an 
opinion on the consolidated accounts. We are 
responsible for the direction, supervision and 
review of the audit work performed for purposes 
of the group audit. We remain solely responsible 
for our opinions.
We must inform the Board of Directors of, among 
other matters, the planned scope and timing of 
the audit. We must also inform of significant audit 
findings during our audit, including any significant 
deficiencies in internal control that we identified. 
We must also provide the Board of Directors with 
a statement that we have complied with relevant 
ethical requirements regarding independence, and to 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on 
our independence, and where applicable, measures 
that have been taken to eliminate the threats or 
related safeguards.
From the matters communicated with the Board of 
Directors, we determine those matters that were of 
most significance in the audit of the annual accounts 
and consolidated accounts, including the most 
important assessed risks for material misstatement, 
and are therefore the key audit matters. We describe 
these matters in the auditor’s report unless law or 
regulation precludes disclosure about the matter.
205Volati Annual Report 2025
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Report on other legal and regulatory requirements
Auditor's audit of the administration and the 
proposed appropriations of profit or loss 
Opinions
In addition to our audit of the annual accounts 
and consolidated accounts, we have also audited 
the administration of the Board of Directors and 
the Managing Director of Volati AB (publ.) for the 
year 2025 and the proposed appropriations of the 
company's profit or loss.
We recommend to the general meeting of share-
holders that the profit be appropriated in accordance 
with the proposal in the statutory administration 
report and that the members of the Board of Direc-
tors and the Managing Director be discharged from 
liability for the financial year.
Basis for Opinions
We conducted the audit in accordance with gener-
ally accepted auditing standards in Sweden. Our 
responsibilities under those standards are further 
described in the Auditor’s Responsibilities section. 
We are independent of the parent company and 
the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled 
our ethical responsibilities in accordance with these 
requirements. 
We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our opinions.
Responsibilities of the Board of Directors 
and the Managing Director 
The Board of Directors is responsible for the 
proposal for appropriations of the company’s profit 
or loss. At the proposal of a dividend, this includes 
an assessment of whether the dividend is justifiable 
considering the requirements which the company's 
and the group's type of operations, size and risks 
place on the size of the parent company's and the 
group’s equity, consolidation requirements, liquidity 
and position in general.
The Board of Directors is responsible for the 
company’s organization and the administration of 
the company’s affairs. This includes among other 
things continuous assessment of the company’s 
and the group's financial situation and ensuring that 
the company's organization is designed so that the 
accounting, management of assets and the company’s 
financial affairs otherwise are controlled in a reassur-
ing manner. 
The Managing Director shall manage the ongoing 
administration according to the Board of Directors' 
guidelines and instructions and among other matters 
take measures that are necessary to fulfill the com-
pany's accounting in accordance with law and handle 
the management of assets in a reassuring manner.
 
Auditor’s responsibility
Our objective concerning the audit of the administra-
tion, and thereby our opinion about discharge from 
liability, is to obtain audit evidence to assess with a 
reasonable degree of assurance whether any member 
of the Board of Directors or the Managing Director in 
any material respect:
• has undertaken any action or been guilty of any 
omission which can give rise to liability to the 
company, or
• in any other way has acted in contravention of the 
Companies Act, the Annual Accounts Act or the 
Articles of Association.
Our objective concerning the audit of the proposed 
appropriations of the company’s profit or loss, and 
thereby our opinion about this, is to assess with 
reasonable degree of assurance whether the proposal 
is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted 
in accordance with generally accepted auditing 
standards in Sweden will always detect actions 
or omissions that can give rise to liability to the 
company, or that the proposed appropriations of the 
company’s profit or loss are not in accordance with 
the Companies Act.
As part of an audit in accordance with generally 
accepted auditing standards in Sweden, we exercise 
professional judgment and maintain professional 
scepticism throughout the audit. The examination of 
the administration and the proposed appropriations 
of the company’s profit or loss is based primarily on 
the audit of the accounts. Additional audit procedures 
performed are based on our professional judgment 
with starting point in risk and materiality. This means 
that we focus the examination on such actions, areas 
and relationships that are material for the operations 
and where deviations and violations would have 
particular importance for the company’s situation. We 
206 Volati Annual Report 2025
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examine and test decisions undertaken, support for 
decisions, actions taken and other circumstances that 
are relevant to our opinion concerning discharge from 
liability. As a basis for our opinion on the Board of 
Directors’ proposed appropriations of the company’s 
profit or loss we examined the Board of Directors' 
reasoned statement and a selection of supporting 
evidence in order to be able to assess whether the 
proposal is in accordance with the Companies Act. 
The auditor’s examination of the Esef report
Opinion
In addition to our audit of the annual accounts and 
consolidated accounts, we have also examined that 
the Board of Directors and the Managing Director 
have prepared the annual accounts and consolidated 
accounts in a format that enables uniform electronic 
reporting (the Esef report) pursuant to Chapter 16, 
Section 4(a) of the Swedish Securities Market Act 
(2007:528) for Volati AB (publ.) for year 2025. 
Our examination and our opinion relate only to the 
statutory requirements. 
In our opinion, the Esef report has been prepared 
in a format that, in all material respects, enables 
uniform electronic reporting.
Basis for opinion
We have performed the examination in accordance 
with FAR’s recommendation RevR 18 Examination of 
the Esef report. Our responsibility under this recom-
mendation is described in more detail in the Auditors’ 
responsibility section. We are independent of Volati 
AB (publ.) in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled 
our ethical responsibilities in accordance with these 
requirements. 
We believe that the evidence we have obtained is 
sufficient and appropriate to provide a basis for our 
opinion.
Responsibilities of the Board of Directors 
and the Managing Director  
The Board of Directors and the Managing Director 
are responsible for the preparation of the Esef report 
in accordance with the Chapter 16, Section 4(a) of 
the Swedish Securities Market Act (2007:528), and 
for such internal control that the Board of Directors 
and the Managing Director determine is necessary 
to prepare the Esef report without material misstate-
ments, whether due to fraud or error.
 
Auditor’s responsibility
 Our responsibility is to obtain reasonable assurance 
whether the Esef report is in all material respects 
prepared in a format that meets the requirements of 
Chapter 16, Section 4(a) of the Swedish Securities 
Market Act (2007:528), based on the procedures 
performed. 
RevR 18 requires us to plan and execute 
procedures to achieve reasonable assurance that the 
Esef report is prepared in a format that meets these 
requirements. 
Reasonable assurance is a high level of assurance, 
but it is not a guarantee that an engagement carried 
out according to RevR 18 and generally accepted 
auditing standards in Sweden will always detect a 
material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered 
material if, individually or in aggregate, they could 
reasonably be expected to influence the economic 
decisions of users taken on the basis of the Esef 
report. 
The audit firm applies International Standard on 
Quality Management 1, which requires the firm 
to design, implement and operate a system of 
quality management including policies or procedures 
regarding compliance with ethical requirements, 
professional standards and applicable legal and 
regulatory requirements.
The examination involves obtaining evidence, 
through various procedures, that the Esef report 
has been prepared in a format that enables uniform 
electronic reporting of the annual accounts and 
consolidated accounts. The procedures selected 
depend on the auditor’s judgment, including the 
assessment of the risks of material misstatement in 
the report, whether due to fraud or error. In carrying 
out this risk assessment, and in order to design 
procedures that are appropriate in the circumstances, 
the auditor considers those elements of internal 
control that are relevant to the preparation of the 
Esef report by the Board of Directors and the Manag-
ing Director, but not for the purpose of expressing 
an opinion on the effectiveness of those internal 
controls. The examination also includes an evaluation 
of the appropriateness and reasonableness of the 
assumptions made by the Board of Directors and the 
Managing Director. 
The procedures mainly include a validation that 
the Esef report has been prepared in a valid XHTML 
format and a reconciliation of the Esef report with the 
audited annual accounts and consolidated accounts.
207Volati Annual Report 2025
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Furthermore, the procedures also include an 
assessment of whether the consolidated statement 
of financial performance, financial position, changes 
in equity, cash flow and disclosures in the Esef report 
have been marked with iXBRL in accordance with 
what follows from the Esef regulation.
 
The auditor's examination of the 
corporate governance statement
The Board of Directors is responsible for that the 
corporate governance statement on pages 62-75 
has been prepared in accordance with the Annual 
Accounts Act.
Our examination of the corporate governance 
statement is conducted in accordance with FAR´s 
standard RevR 16 The auditor´s examination of the 
corporate governance statement. This means that our 
examination of the corporate governance statement 
is different and substantially less in scope than an 
audit conducted in accordance with International 
Standards on Auditing and generally accepted 
auditing standards in Sweden. We believe that the 
examination has provided us with sufficient basis for 
our opinions. 
A corporate governance statement has been 
prepared. Disclosures in accordance with chapter 
6 section 6 the second paragraph points 2-6 of 
the Annual Accounts Act and chapter 7 section 31 
the second paragraph the same law are consistent 
with the other parts of the annual accounts and 
consolidated accounts and are in accordance with the 
Annual Accounts Act.
KPMG AB, Box 382, 101 27, Stockholm, was appointed auditor of Volati AB (publ.) by the general meeting of 
the shareholders on the 28 April 2025. KPMG AB or auditors operating at KPMG AB have been the company's 
auditor since 2024.
Stockholm 24 March 2026
Helena Nilsson Ola Larsmon
Authorized Public Accountant 
Auditor in charge
Authorized Public Accountant
208 Volati Annual Report 2025
Auditor’s Report

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Auditor’s limited assurance report of Volati AB (publ.)s  
sustainability statement 
To the general meeting of the shareholders of Volati AB (publ.), corporate identity number 556555-4317
Conclusion 
We have conducted a limited assurance engagement 
of the sustainability statement for Volati AB (publ.) (the 
“company”) for the financial year 2025. The sustain-
ability statement is included 76 - 141 in this document.
Based on our limited assurance engagement as 
described in the section Auditor's responsibility, noth-
ing has come to our attention that causes us to believe 
that the sustainability statement does not, in all material 
respects, meet the requirements of the Swedish Annual 
Accounts Act which includes,
• whether the sustainability statement meets the 
requirements of ESRS,
• whether the process the company has carried out 
to identify reported sustainability information has 
been conducted as described in the sustainability 
statement, and
• compliance with the reporting requirements of the 
EU:s Green Taxonomy Regulation Article 8.
Basis for conclusion
We have conducted the assurance engagement in 
accordance with FAR's recommendation RevR 19 The 
auditor’s limited assurance regarding the statutory 
sustainability statement. Our responsibility according to 
this recommendation is further described in the section 
Auditor's responsibility.
We believe that the evidence we have obtained is 
sufficient and appropriate to provide a basis for our 
conclusion.
Other matters
The sustainability information for the prior year has 
not been subject to any assurance, and consequently 
no assurance of the comparative information in the 
sustainability statement for 2025 has been performed.
Information other than the 
sustainability statement
This document also contains information other than the 
sustainability statement and is found on pages 1–75, 
142–201 and 21–212. The Board of Directors and the 
Chief Executive Officer are responsible for this other 
information.
Our conclusion on the sustainability statement does 
not cover this other information and we do not express 
any form of assurance conclusion regarding this other 
information.
In connection with our limited assurance engagement 
on the sustainability statement, our responsibility is 
to read the information identified above and consider 
whether the information is materially inconsistent 
with the sustainability statement. In this procedure 
we also take into account our knowledge otherwise 
obtained in the limited assurance engagement and 
assess whether the information otherwise appears to 
be materially misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstate-
ment of this other information, we are required to report 
that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors 
and the Chief Executive Officer
The Board of Directors and the Chief Executive Officer 
are responsible for the preparation of sustainability 
statement in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act, and for 
such internal control as they determine is necessary to 
enable the preparation of the sustainability statement 
that is free from material misstatements, whether due 
to fraud or error.
Auditor’s responsibility
Our responsibility is to express a conclusion with limited 
assurance on whether the sustainability statement has 
been prepared in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act based 
on our review. The limited assurance engagement 
has been conducted in accordance with FAR's recom-
mendation RevR 19 The auditor’s limited assurance 
regarding the statutory sustainability statement. This 
recommendation requires that we plan and perform 
our procedures to obtain limited assurance that the 
sustainability statement is prepared in accordance with 
these requirements.
The procedures in a limited assurance engagement 
vary in nature and timing from, and are less in extent 
than for, a reasonable assurance engagement. 
Consequently, the level of assurance obtained in a 
limited assurance engagement is substantially lower 
than the assurance that would have been obtained had 
a reasonable assurance engagement been performed. 
This means that it is not possible for us to obtain such 
assurance that we become aware of all significant 
209Volati Annual Report 2025
Auditor’s Report

===== SIDA 211 =====

matters that could have been identified if a reasonable 
assurance engagement had been performed.
Our firm applies ISQM 1 (International Standard 
on Quality Management), which requires the firm to 
design, implement and operate a system of quality 
management, including policies and procedures 
regarding compliance with ethical requirements, profes-
sional standards, and applicable legal and regulatory 
requirements.
We are independent of Volati AB (publ.) in 
accordance with professional ethics for accountants 
in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements.
A limited assurance engagement involves performing 
procedures to obtain evidence to support the sustain-
ability statement. The auditor selects the procedures 
to be performed, including assessing the risks of 
material misstatements in the sustainability statement, 
whether due to fraud or error. In this risk assessment, 
the auditor considers the parts of the internal control 
that are relevant to how the Board of Directors and 
the Chief Executive Officer prepare the sustainability 
statement, in order to design procedures that are 
appropriate under the circumstances, but not for the 
purpose of providing a conclusion on the effectiveness 
of the company’s internal control. The review consists 
of making inquiries, primarily of persons responsible 
for the preparation of the sustainability statement, 
performing analytical review, and conducting other 
limited review procedures.
In conducting our limited assurance engagement, 
with respect to the process undertaken to identify the 
sustainability information to be reported, we have:
• Obtained an understanding of the Process by:
–   performing inquiries to understand the sources of 
the information used by management; and 
–   reviewing the company’s internal documentation 
of its Process; and
• Evaluated whether the evidence obtained from 
our review procedures regarding the Process 
implemented by the company was consistent with 
the description of the Process set out in the sustain-
ability statement.
In conducting our limited assurance engagement, 
with respect to the sustainability statement, we have 
performed, but were not limited to, the following:
• Through inquiries, obtained a general understanding 
of the company's reporting and consolidation 
processes, including the company's internal control 
environment and information systems, relevant to 
the preparation of information in the sustainability 
statement.
• Evaluated whether information identified as material 
through the process the company has carried out is 
also included in the sustainability statement.
• Evaluated whether the structure and the presenta-
tion of the sustainability statement is in accordance 
with the requirements of the ESRS.
• Performed inquiries with relevant personnel and 
analytical procedures on selected disclosures in the 
sustainability statement.
• Performed substantive procedures through sample 
testing on selected disclosures in the sustainability 
statement.
• Through inquiries, obtained understanding of the 
methods used to develop material estimates and 
how these methods were applied.
• Through inquiries, obtained a general understanding 
of the process to identify economic activities which 
are eligible and aligned with the EU Green Taxonomy, 
and the corresponding disclosures in the sustain-
ability statement.
Inherent limitations in preparing 
the sustainability statement
In reporting forward-looking information in accordance 
with ESRS, the Board of Directors and the Chief 
Executive Officer of Volati AB (publ.) are required to 
prepare the forward-looking information on the basis 
of disclosed assumptions about events that may occur 
in the future and possible future actions by Volati AB 
(publ.). Actual outcomes are likely to be different since 
anticipated events frequently do not occur as expected.
Stockholm 24 March 2026
KPMG AB
Helena Nilsson Ola Larsmon
Authorized Public Accountant 
Auditor in charge
Authorized Public Accountant
210 Volati Annual Report 2025
Auditor’s Report

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Volati AB 
Engelbrektsplan 1
SE-114 34 Stockholm
+46 8-21 68 40
info@volati.se
www.volati.se 
BUSINESS AREA INDUSTRY
Corroventa Avfuktning 
Mekanikervägen 3
SE-564 35 Bankeryd
+46 36-37 12 00
mail@corroventa.se 
www.corroventa.se
MAFI 
Box 275 
SE-792 24 Mora 
0250-38160
order@mafigroup.com
www.mafigroup.com
Scanmast 
Box 121
SE-792 22 Mora 
+46 250-290 00
info@scanmast.com 
www.scanmast.com
S:t Eriks: Meag, Nordskiffer, 
Stenentreprenader, Vinninga 
Cementvarufabrik, Byggsystem 
Direkt, Gunnar Prefab
Industrivägen 4
SE-245 34 Staffanstorp
+46 771-50 04 00
info@steriks.se
www.steriks.se
T ornum: JPT Industria, Apisa, 
T erästorni, Simeza, T ornum Ltd
Skaragatan 13
535 30 Kvänum 
+46 512-291 00
info@tornum.com
www.tornum.com
Ettiketto AB, Ettiketto Norge 
AS, Clever Etiketten GmbH 
Box 9033
SE-200 39 Malmö
+46 40-55 27 00 
info@ettiketto.se
www.ettiketto.se
Beneli
Box 22023
SE-250 22 Helsingborg
+46 42-25 60 00
info@beneli.com
www.beneli.com
BUSINESS AREA ETTIKETTO GROUP
211Volati Annual Report 2025

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Salix Group 
Propellergatan 2
SE-211 15 Malmö 
info@salixgroup.se
www.salixgroup.se
Duschprodukter Sweden 
Solbräckegatan 41 A
SE-442 45 Kungälv 
+46 31-330 36 00
info@dpsgroup.se
www.dpsgroup.se
Gunnar Eiklid 
Østre Aker vei 213
NO-0975 Oslo
+47 22 80 33 50
eiklid@eiklid.no 
www.eiklid.no
Habo Gruppen AB
Box 223
SE-541 14 Jönköping
+46 36-484 00
info@habo.com 
www.habo.com
 
Heco 
Rocknevägen 16
SE-335 73 Hillerstorp
+46 370-37 51 00
info@heco.se
www.heco.se
Kellfri
Storsvängen 2
SE-532 38 Skara
+46 511-242 50
info@kellfri.se
www.kellfri.se
Miljöcenter
Kvalitetsvägen 1
SE-232 61 Arlöv
+46 40-668 08 50
info@miljocenter.com
www.miljocenter.com
Pisla
Teollisuustie 6-8
FI-445 00 Viitasaari, Finland 
+358 10 843 210
www.pisla.eu
Sweja
Box 60006
SE-216 10 Malmö 
+46 40 15 50 60
info@sweja.se
www.sweja.se
Sørbø Industribeslag, Nibu, 
Skandinavisk Beslagskompani
Postboks 5718 Torgarden
NO-7437 Trondheim, Norway 
firmapost@sorboas.no
www.sorboas.no
T-Emballage Förpackning
Nydalavägen 14
SE-574 35 Vetlanda
+46 383-599 00
info@t-emballage.se
www.t-emballage.se
TECCA
Nydalavägen 14
SE-574 35 Vetlanda
+46 383-599 00
info@teccaworld.com
www.teccaworld.com
Thomée Gruppen
Box 503 04
SE-202 13 Malmö
+46 40-38 60 00
info@thomee.se 
www.thomee.se
Timberman Denmark A/S
Havnevej 11
DK-9560 Hadsund
Denmark
+45 99 52 52 52
Timberman@timberman.dk
www.timberman.dk 
Trejon 
Företagsvägen 9
SE-911 35 Vännäsby
+46 935-399 00
info@trejon.se
www.trejon.se
Väggmaterial 
Energigatan 11
SE-434 37 Kungsbacka
+46 300-56 38 88
info@vaggmaterial.se
www.vaggmaterial.se
BUSINESS AREA SALIX GROUP
212 Volati Annual Report 2025

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Production: Volati in cooperation with Vero Kommunikation.
Photography: Jacqueline Nordh, Joel Dittmer Studio Dittmer and Juliana Fälldin.
Printing: Åtta45 Tryckeri AB, 2026.