Volati

Quarterly Report • Apr 25, 2023

INTERIM REPORT January–March 2023

Volati AB – Year-end report January–December 2022 – 1 –

"Good growth and increased profitability"

Andreas Stenbäck, President and CEO

This interim report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish original and the translation, the Swedish shall have precedence.

Interim Report January–March 2023

Quarter January–March 2023

• Net sales increased by 13 percent to SEK 1,890 (1,665) million
• EBITA increased by 55 percent to SEK 159 (102) million
• Profit after tax increased by 37 percent to SEK 74 (54) million
• Earnings per ordinary share increased by 63 percent to SEK 0.69 (0.42)
• The acquisition of UK grain handling equipment distributor JW Installations Ltd (JWI) for Tornum Group in the Industry business area was completed on 28 March

Events after the reporting period

• A new credit facility totalling SEK 2,900 million has been agreed with Nordea and SEB

Summary of results and key figures

SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales	1,890	1,665	7,976	7,751
EBITA1)	159	102	766	710
EBITA margin, %	8	6	10	9
EBIT	135	86	674	624
Profit after tax	74	54	453	433
Operating cash flow1)	127	-149	707	431
Net debt/adjusted EBITDA, x1)	2.0	1.7	2.0	1.9
Basic and diluted earnings per ordinary share, SEK	0.69	0.42	4.71	4.44
Return on adjusted equity, %1)	32	45	32	32

0 100 200 300 400 500 600 700 800 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023

EBITA, LTM, SEK million EBITA margin, LTM, %

1) See note 7 for definitions of alternative performance measures. 2) Key figure excluding discontinued operations

Good growth and increased profitability

We are very pleased to report continuing good growth and a very strong first quarter of 2023. Sales for the quarter increased by 13 percent, while EBITA increased by 55 percent. We also see strong growth in earnings per ordinary share, which increased by 63 percent. Efforts to reduce tied-up capital have improved operating cash flow by SEK 275 million compared with the same period the previous year. All three business areas are in good shape, and following the strategic shift towards building strong platforms and value-creating add-on acquisitions in recent years, we are in an excellent position to continue growing through acquisitions.

Industry – strong quarter for all platforms

Industry reported net sales growth of 43 percent in the first quarter, while EBITA increased to SEK 81 million, compared with SEK 18 million the previous year. All companies in the business area performed well, showing net sales growth and stronger margins compared with the previous year. Communication performed particularly strongly. The comparatives for Tornum are partly affected by Russia's invasion of Ukraine, with Tornum's prompt action to compensate for the volume shortfall resulting in a significantly stronger first quarter of 2023. The acquisitions over the last year have also had a positive impact on Industry's businesses and we continue to see favourable market conditions and good demand for the companies' products and services.

Improved margins for Ettiketto Group

Ettiketto Group increased its net sales organically by 2 percent in the first quarter. The systematic work to exploit synergies from previously acquired companies has been effective and, as a consequence, Ettiketto Group strengthened its EBITA margin from 15 to 17 percent during the quarter. Through coordination advantages and synergies, the companies we acquire generate higher earnings for us than for their previous owners, which contributes to increased value creation also after the acquisition. We expect the positive effects of this work to continue in 2023 and Ettiketto Group also has good opportunities for acquisitive growth going forward.

Salix Group performs well and continues margin-strengthening work

Salix Group put in a good Q1 performance in a challenging market. Net sales declined by 3 percent, with margins weakening slightly. The trend of lower demand seen in previous quarters continues. Back in early 2022, management and colleagues in Salix Group initiated margin-strengthening measures, which are expected to produce effects during the

year. We are well placed to continue improving profitability through cost control, pricing and long-term operational improvements and synergies.

New financing enables strong acquisitive growth going forward

In April, we agreed a new credit facility, increasing our credit to a total of SEK 2,900 million, with similar conditions as before, which is a clear sign of strength in the current market. The new credit facility means we now have two partner banks, Nordea and SEB. We currently have available liquidity of over SEK 1,200 million, which together with our net debt/adjusted EBITDA of 2.0x means we have considerable scope to grow through acquisitions.

Good conditions for higher acquisition activity

In the early part of 2023, we have seen tendencies for the acquisition market to ease and we see consistently high activity in our platforms. During the first quarter, an acquisition was made in the UK, and several of our platforms are evaluating interesting add-on acquisitions both in and outside the home markets of Sweden, Norway and Finland. Over the last 12 months, we have made acquisitions that have added over SEK 750 million in annual sales in total.

Long-term value creation is best evaluated in the longer term

After a strong quarter like the one we have just shown, we should remind ourselves that we are best evaluated in the longer term. We are proud to show strong growth figures for the quarter, such as EBITA growth of 55 percent and growth of 63 percent in earnings per ordinary share. But, most important for us is to show value creation over time. Over the last 5 years, our continuing operations have increased their EBITA by an average of about 40 percent per year. Half of the growth is organic and the remainder is acquisition-driven. Our task is to create the conditions for continued strong growth. We do this best by focusing on the right long-term decisions rather than on individual quarters.

Andreas Stenbäck, President and CEO

This is Volati

Volati acquires and develops strong, successful businesses, with a focus on creating long-term value growth. Through an active acquisition strategy and its vision to be regarded as Sweden's best owner of medium-sized companies, Volati has delivered strong and sustainable growth in profitability since the start in 2003. The Group is divided into three business areas with a focus on value-adding add-on acquisitions of businesses with long-term sustainable business models.

Proven track record in long-term value creation

EBITA trend, 2012-2023 Q1, LTM

*Figure excluding a capital gain of SEK 189 million

Financial targets

Volati's financial targets are designed to support continuing successful operations in accordance with our business model. The targets should be assessed on an overall basis.

The long-term target is a return on adjusted

Return on adjusted equity

equity1) of 20 percent.2)

EBITA growth

23%

Det gick inte att hitta bilddelen med relations-ID rId2 i filen.

The target is average annual growth in EBITA1) per ordinary share of at least 15 percent over a business cycle.

58%

2019 2020 2021 2022 2023 Q1 Growth in EBITA per ordinary share,

Capital structure

The target is a net debt/adjusted EBITDA1) ratio of 2 to 3 times, not exceeding 3.5 times.

1) See note 7 for definitions of alternative performance measures

7%

15%

2) Includes discontinued operations

LTM, % Financial target

35%

Consolidated financial trend

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales, SEK million	1,890	1,665	7,976	7,751
EBITA1), SEK million	159	102	766	710
EBIT, SEK million	135	86	674	624
Profit after tax, SEK million	74	54	453	433

1) See note 7 for definitions of alternative performance measures

Net sales

The Group's net sales for Q1 2023 amounted to SEK 1,890 (1,665) million, an increase of 13 percent compared with the same period the previous year. Organic net sales growth was 1 percent.

Net sales for the last 12 months increased by 19 percent to SEK 7,976 (6,720) million. The increase in sales is mainly due to the effects of acquisitions in Volati's business areas. Organic net sales growth for the same period was 3 percent.

Earnings

EBITA for Q1 increased by 55 percent to SEK 159 (102) million. The Industry and Ettiketto Group business areas contributed positively and reported increased earnings compared with the same period in the previous year, while also Salix Group's earnings showed a decline from the previous year. Items affecting comparability made a negative contribution of SEK 2 million during the period. Profit after tax increased to SEK 74 (54) million during the first quarter

EBITA for the last 12 months increased by 15 percent to SEK 766 (665) million. Profit after tax for the last 12 months increased by 6 percent to SEK 453 (429) million.

2019 2020 2021 2022 2023

Net sales, SEK million EBITA, SEK million

+13%

Net sales Q1 2023

+55%

EBITA Q1 2023

Seasonal variations

Volati's sales, earnings and cash flow are affected by seasonal variations. This means that Volati's operations, sales and earnings development should ideally be analysed on a rolling 12-month basis.

Historical breakdown of EBITA by quarter (continuing operations)

SEK

Operating cash flow (for definition and calculation, see pages 24-25) amounted to SEK 127 (-149) million in Q1 2023. Compared with the same period in the previous year, operating cash flow was positively affected by an increase in earnings and a lower increase in tied-up working capital. Operating cash flow for the last 12 months was SEK 707 million compared with SEK 431 million for the full year 2022. The increase compared with 2022 is largely due to increased earnings, a lower increase in working capital tied up in inventories and a decrease in working capital tied up in trade receivables.

Cash flow from operating activities for Q1 (see page 16) amounted to SEK 61 (-160) million. Compared with the same period in the previous year, cash flow was positively affected by a lower increase in tiedup working capital. Cash flow from operating activities for the last 12 months was SEK 704 million, compared with SEK 483 million for the full year 2022. Cash flow for the last 12 months has been positively affected by increased earnings and a lower increase in tied-up working capital.

Investments in non-current assets during Q1 amounted to SEK 22 (14) million and were primarily investments in the businesses, including ongoing investments in machinery, equipment and IT systems. Cash flow was also affected by company acquisitions of SEK 85 million, compared with Q1 2022 when acquisitions amounted to SEK 66 million.

Total dividends of SEK 16 million were paid in Q1.

Equity

Cash flow

The Group's equity amounted to SEK 2,174 million at the end of the period, compared with SEK 2,136 million at the end of 2022.. The change is mainly attributable to profit for the period. The equity ratio was 33 percent on 31 March 2023, compared with 32 percent on 31 December 2022. The return on adjusted equity was 32 percent which is unchanged from the end of 2022.

• 20% 0 % 20 % 40 % 60 % 80 % 100 % 120 % 140 % 160 % 180 % 20 0%

Net debt

2.0x Net debt/ adjusted EBITDA Q1 2023

The Group had net debt of SEK 1,760 million at the end of the period, compared with SEK 1,632 million on 31 December 2022. The change in debt is mainly due to earnings for the quarter, dividends, acquisitions and changes in working capital. Net debt/adjusted EBITDA was 2.0x at the end of the quarter, compared with 1.9x on 31 December 2022. Total liabilities amounted to SEK 4,510 (4,550) million on 31 March 2023, of which interest-bearing liabilities, including pension obligations and lease liabilities, amounted to SEK 2,350 (2,381) million.

Business acquisitions and divestments

Acquisitions are a core element of Volati's strategy for creating long-term value growth, and the Company continuously evaluates both complementary add-on acquisitions and acquisitions in new lines of business. It is Volati's assessment that there is a lower risk level for add-on acquisitions than for acquisitions in new lines of business, as in-depth industrial know-how and a recipient organisation are already in place in the acquiring company. Add-on acquisitions also enable synergies.

On 28 March, Volati acquired all shares in JW Installations Ltd (JWI), a distributor of grain handling equipment in the UK. This add-on acquisition for Tornum Group in the Industry business area is part of Tornum Group's strategy of continued international growth. The acquisition of JWI will contribute to an even stronger position as a supplier of turnkey system solutions in one of Europe's largest agricultural markets. JWI reported net sales of £3.2 million (about SEK 40 million) in the last financial year. The acquisition was completed with access to the shares on 28 March.

Volati's business areas

Volati's net sales and earnings by business area

The diagrams relate to the 12-month period 1 April 2022 to 31 March 2023. Acquired operations are included in the relevant business area from the acquisition closing date and their proportion is calculated net of central costs and items affecting comparability.

Salix Group

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales, SEK million	855	878	3,575	3,598
EBITA, SEK million1)	53	71	279	296
EBITA margin, %1)	6	8	8	8
EBIT, SEK million	49	68	262	280
ROCE excl. goodwill, %1)	24	37	24	26
ROCE incl. goodwill, %1)	13	18	13	14

1) See note 7 for definitions of alternative performance measures.

The Salix Group business area offers products for building and industry, primarily hardware, consumables, material and packaging. The business area also offers a broad range of products for home and garden, and agriculture and forestry. The products consists of both own brands and external brands.

Salix Group's sales for Q1 declined by 3 percent compared with the same period in the previous year. The EBITA margin for the same period fell by 2 percentage points. Salix Group's sales for the last 12 months increased by 5 percent and its EBITA margin fell by two percentage points.

Demand remains relatively strong in the industrial and professional segment, where Salix Group has its greatest exposure. Demand from do-it-yourself consumers continued to slow down in the quarter due to high inflationary pressures, higher interest rates and increased geopolitical uncertainty. This is having a short-term impact on demand for Salix Group's consumer-oriented products in the building materials, hardware and garden retail sectors. The long-term need for Salix Group's products is good, with the housing shortage in Sweden driving long-term demand for new construction, refurbishment and renovation of housing. Demand in Norway was good during 2022, but Salix Group experienced reduced demand in the Norwegian market during the quarter. The unfavourable currency situation has continued during the quarter, while freight prices and some raw material prices have fallen.

Salix Group is working actively to realise the synergies that arise from being a business area with a coordinated industrial logic. Examples include cost synergies in the form of cost savings that have been achieved. In addition to a strong focus on cost control, Salix Group continues to actively address market challenges through a disciplined approach to customer communication, pricing and a focus on growth.

The process of integrating and developing Norholding Invest AS and the operations of Embo Import AB is progressing according to plan. The acquisitions strengthen the business area's offering in kitchen and interior fittings in Norway and Sweden, and its offering to the paint retail sector. The business area sees further acquisition opportunities in most of its operations.

Ettiketto Group

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales, SEK million	221	216	884	879
EBITA, SEK million1)	38	32	143	137
EBITA margin, %1)	17	15	16	16
EBIT, SEK million	33	27	122	116
ROCE excl. goodwill, %1)	58	66	58	57
ROCE incl. goodwill, %1)	30	29	30	28

1) See note 7 for definitions of alternative performance measures.

Ettiketto Group is a leading Nordic supplier of selfadhesive labels for a variety of applications including consumer goods, food and industry. The company also has a comprehensive range of labelling machines that are integrated into customers' production lines.

Ettiketto Group's sales for Q1 increased by 2 percent compared with the same period in the previous year. The EBITA margin for the same period increased by 2 percentage points. Ettiketto Group's sales for the last 12 months increased by 23 percent and its EBITA margin was stable.

The business area shows good growth for the quarter,

which reflects Ettiketto Group's ability to grow organically. Ettiketto Group also strengthened its EBITA margin by over 2 percentage points during the quarter. This is an effect of Ettiketto Group's strategy to acquire companies, often with lower margins than Ettiketto Group's, then to increase profitability through operational improvements and realisation of synergies. Historically, the EBITA margin has been around 20 percent, and Ettiketto Group's ambition is to raise its acquired units to this level.

Demand for Ettiketto Group's products remains good. The company's business is not cyclically sensitive, as demand for food and other everyday products that use labels is less affected by macroeconomic developments. Ettiketto Group continues to work actively on pricing and operational improvements to meet increasing material and energy costs in production. The company is also continuing to work on expanding production capacity and broadening its product range.

The business area works actively to identify companies to acquire, both in the Nordic region and the rest of Europe. The prospects for acquisitive growth remain good.

Industry1)

	Jan-Mar	Jan-Mar	LTM	Full year 2022
	2023	2022
Net sales, SEK million	816	572	3,524	3,280
EBITA, SEK million2)	81	18	421	358
EBITA margin, %2)	10	3	12	11
EBIT, SEK million	67	10	366	310
ROCE excl. goodwill, %2)	39	33	39	34
ROCE incl. goodwill, %2)	25	21	25	22

1) The periods have been restated excluding Ettiketto Group.

2) See note 7 for definitions of alternative performance measures.

The Industry business area consists of four businesses with leading market positions in their own niches. The businesses are manufacturing suppliers of solutions in various sectors – grain handling, moisture and water damage restoration, infrastructure for telecom and lighting, and stone and cement products for infrastructure, paving and roofing.

Industry's businesses have continued to develop positively, resulting in sales growth of 43 percent in the first quarter. EBITA for the same period increased by 346 percent. Industry's sales for the last 12 months increased by 36 percent and EBITA by 50 percent.

Industry's businesses performed well during the quarter, with all of them showing sales growth and stronger EBITA margins. Acquisitions and realised synergies have contributed positively and demand for the units' products remains strong. The business area is relatively insensitive to cyclical fluctuations as the business is diversified and demand for the units' products is mainly driven by factors other than economic developments. S:t Eriks experienced generally good demand during the quarter, but with some slowdown in the segment targeting the building market, particularly for consumer-oriented products. In Q1 2022, Tornum was severely affected by reduced volumes to Ukraine and Russia as a result of Russia's invasion, but had successfully replaced these volumes by Q1 2023. Industry's newest platform, Communication, continued to perform well in the quarter, mainly driven by strong demand for MAFI's products. Cost inflation has continued have an impact during the quarter, and the businesses' active work on price discipline, productivity improvements and good cost control has enabled them to manage these challenges effectively.

The process of integrating and developing the acquired companies MAFI, Terästorni and JWI is progressing according to plan. The acquisitions strengthen and complement Volati's telecom offering and the operations of the Tornum Group unit. The business area sees further acquisition opportunities in most of its operations.

Head office

Head office comprises the central costs in the Parent Company Volati AB and associated operations. Head office costs for the quarter amounted to SEK 12 (12) million.

Other information

Share capital

Volati has two classes of shares: ordinary shares and preference shares. The shares are listed on Nasdaq Stockholm under the tickers VOLO and VOLO PREF. The number of shareholders at the end of Q1 was 11,515.

The number of ordinary shares on 31 March 2023 was 79,406,571 and the number of preference shares was 1,603,774 . Share capital amounted to SEK 10 million on the same date.

Nomination Committee

Volati's Nomination Committee has submitted its proposals to the Company's Annual General Meeting. The Nomination Committee recommends the re-election of Anna-Karin Celsing, Björn Garat, Karl Perlhagen, Magnus Sundström, Christina Tillman and Patrik Wahlén to the Board and the election of Maria Edsman as a new Board member. Louise Nicolin has declared herself unavailable for re-election as a Board member. The Committee also proposes the re-election of Patrik Wahlén as Chairman of the Board. The Committee's full proposals can be found on Volati's website.

2023 Annual General Meeting

Volati AB's 2023 Annual General Meeting will be held at 5 p.m. on 26 April 2023 at GT30, Grev Turegatan 30, 114 38, Stockholm. Shareholders may participate in the meeting in person, through a proxy or by postal voting. Meeting-related documents with information on the Board's proposal were published on the Company's website www.volati.se on 24 March 2023.

The 2022 Annual Report for Volati AB (publ) was published on Volati's website on 30 March 2023 and copies can be sent out on request.

Related-party transactions

During the period, 20 shares (corresponding to 2 percent) in Volati Infrastruktur AB were repurchased from a key individual in the company. Other related-party transactions are presented in the 2022 Annual Report. All transactions have been conducted at market conditions.

Events after the end of the reporting period

A new credit facility totalling SEK 2,900 million has been agreed with Nordea and SEB.

Financial calendar

2023 Annual General Meeting	26 April 2023
Interim Report, January-June 2023	17 July 2023
Interim Report, January-September 2023	25 October 2023
2023 Year-end Report	9 February 2024

Declaration by the Board

The Board of Directors and the CEO hereby certify that this interim report provides a fair overview of the Parent Company's and the Group's operations, financial position and performance and describes material risks and uncertainties faced by the Parent Company and Group companies.

Volati AB (publ)

The Board of Directors and CEO Stockholm, 25 April 2023

Patrik Wahlén Chairman of the Board	Karl Perlhagen Board Member
Björn Garat	Christina Tillman
Board Member	Board Member
	Louise Nicolin
	Board Member
Anna-Karin Celsing	Magnus Sundström
Board Member	Board Member
	Andreas Stenbäck
	CEO

The interim report has not been reviewed by the Company's auditors.

This information is information that Volati AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons below, at 7.45 a.m. CEST on 25 April 2023.

Conference call

CEO Andreas Stenbäck and CFO Martin Aronsson will present the interim report in a conference call on 25 April at 9.00 a.m. The presentation will be conducted in English.

For a webcast of the conference call (opportunity for written questions), go to: https://www.finwire.tv/webcast/volati/q1-2023/

The conference call (opportunity for oral questions) can be accessed at: Phone number +46 8 5050 0829, Meeting ID 890 3832 5679, #9 to ask a question

For more information, please contact:

Andreas Stenbäck, CEO Volati AB, 070-889 09 60, andreas.stenback@volati.se Martin Aronsson, CFO Volati AB, +46 70 741 20 12 martin.aronsson@volati.se

Volati AB (publ)

Corporate reg. no. 556555–4317 Engelbrektsplan 1, SE-114 34 Stockholm Tel: +46 8-21 68 40 www.volati.se

Financial Statements

Condensed consolidated income statement

SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Operating income
Net sales	1,890	1,665	7,976	7,751
Operating expenses
Raw materials and supplies	-1,152	-1,053	-4,966	-4,867
Other external costs	-134	-110	-522	-498
Personnel expenses	-375	-343	-1,475	-1,443
Other operating income and expenses	-6	1	7	14
EBITDA	223	161	1,019	956
Depreciation	-64	-58	-253	-247
EBITA	159	102	766	710
Acquisition-related amortisation	-24	-17	-92	-85
EBIT	135	86	674	624
Finance income and costs
Finance income and costs	-41	-10	-103	-72
Profit before tax	94	76	571	553
Tax	-20	-22	-118	-119
Net profit	74	54	453	433
Attributable to:
Owners of the Parent	71	50	438	417
Non-controlling interests	3	4	15	17
Earnings per ordinary share
Basic and diluted earnings per ordinary share, SEK	0.69	0.42	4.71	4.44
No. of ordinary shares	79,406,571	79,406,571	79,406,571	79,406,571
Average no. of ordinary shares	79,406,571	79,406,571	79,406,571	79,406,571
Average no. of ordinary shares after dilution	79,406,571	79,406,571	79,406,571	79,406,571
No. of preference shares	1,603,774	1,603,774	1,603,774	1,603,774
Preference share dividend, SEK	10.00	10.00	40.00	40.00

Consolidated statement of comprehensive income

SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net profit	74	54	453	433
Items that may be reclassified subsequently to profit or loss
Translation differences for the period	-25	10	-4	32
Total	-25	10	-4	32
Total comprehensive income for the period	48	64	449	465
Owners of the Parent	46	60	434	449
Non-controlling interests	3	4	15	17

Condensed consolidated statement of financial position

SEK million	31 Mar 2023	31 Mar 2022	31 Dec 2022
ASSETS
Non-current assets
Intangible assets	2,639	2,237	2,646
Property, plant and equipment	383	361	383
Right-of-use assets	577	584	580
Financial assets	11	10	11
Deferred tax assets	42	39	43
Total non-current assets	3,651	3,231	3,663
Current assets
Inventories	1,516	1,278	1,474
Trade receivables	1,168	1,155	1,073
Other current receivables	280	228	250
Cash and cash equivalents	68	124	227
Total current assets	3,033	2,784	3,024
Total assets	6,684	6,015	6,686
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the Parent	2,156	1,931	2,119
Non-controlling interests	18	18	17
Total equity	2,174	1,950	2,136
Liabilities
Non-current interest-bearing liabilities	11	24	13
Non-current lease liabilities	429	463	440
Other non-current liabilities and provisions	221	310	266
Deferred tax	356	297	359
Total non-current liabilities	1,018	1,093	1,078
Current interest-bearing liabilities	1,751	1,358	1,774
Current lease liabilities	159	140	153
Trade payables	783	716	690
Other current liabilities	800	758	854
Total current liabilities	3,493	2,972	3,472
Total liabilities	4,510	4,065	4,550
Total equity and liabilities	6,684	6,015	6,686

Condensed consolidated cash flow statement1)

SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Operating activities
Profit before tax incl. discontinued operations	94	76	571	553
Adjustment for other non-cash items	135	95	424	383
Interest paid and received, excl. interest on lease liabilities	-22	-6	-50	-34
Interest paid on lease liabilities	-8	-8	-31	-30
Income tax paid	-103	-53	-168	-118
Cash flow from operating activities	96	104	746	754
before changes in working capital
Cash flow from changes in working capital
Change in inventories	-37	-88	-128	-179
Change in operating receivables	-89	-258	73	-96
Change in operating liabilities	92	82	13	3
Cash flow from changes in working capital	-35	-264	-42	-272
Cash flow from operating activities	61	-160	704	483
Investing activities
Net investments in property, plant & equipment and intangible assets	-19	-13	-86	-79
Acquisitions and disposals	-85	-66	-491	-472
Net investments in financial assets	-	-	0	0
Cash flow from investing activities	-104	-79	-577	-551
Financing activities
Dividend	-16	-16	-203	-203
New borrowings and repayment of borrowings, excl. leases	-41	220	324	585
Repayment of lease liabilities	-44	-46	-168	-171
Other financing activities	-10	-	-137	-127
Cash flow from financing activities	-111	157	-184	84
Cash flow for the period	-154	-82	-57	15
Cash & cash equivalents at beginning of period	227	203	124	203
Exchange differences	-4	2	2	8
Cash & cash equivalents at end of period	68	124	68	227

Consolidated statement of changes in equity

SEK million	Share capital	Other paid-in capital	Other reserves	Retained earnings incl. net profit	Non controlling interests	Total equity
Closing balance, 31 Dec 2021	10	1,995	29	-162	18	1,890
Net profit	-	-	-	50	4	54
Other comprehensive income	-	-	10	-	0	10
Comprehensive income for the period	-	-	10	50	4	64
Remeasurement of non-controlling interests	-	-	-	1	-3	-2
Other owner transactions	-	-	-	-2	-	-2
Closing balance, 31 Mar 2022	10	1,995	40	-113	18	1,950

SEK million	Share capital	Other paid-in capital	Other reserves	Retained earnings incl. net profit	Non controlling interests	Total equity
Closing balance, 31 Dec 2022	10	1,995	61	53	17	2,136
Net profit	-	-	-	71	3	74
Other comprehensive income	-	-	-25	-	0	-25
Comprehensive income for the period	-	-	-25	71	3	48
Remeasurement of non-controlling interests	-	-	-	-9	-2	-11
Other owner transactions	-	-	-	-	-	-
Closing balance, 31 Mar 2023	10	1,995	36	115	18	2,174

Key figures1)

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales, SEK million	1,890	1,665	7,976	7,751
Net sales growth, %	13	33	19	23
Organic net sales growth, %	1	11	3	3
EBITDA, SEK million	223	161	1,019	956
EBITA, SEK million	159	102	766	710
EBITA margin, %	8	6	10	9
EBITA growth, %	55	1	15	7
Organic EBITA growth, %	12	-9	-4	-8
EBITA growth per ordinary share, %	55	1	15	7
EBIT, SEK million	135	86	674	624
Profit after tax, SEK million	74	54	453	433
Basic and diluted earnings per ordinary share, SEK2)	0.69	0.42	4.71	4.44
Return on equity, %	22	28	22	22
Return on adjusted equity, %	32	45	32	32
Equity ratio, %	33	32	33	32
Cash conversion, LTM, %	83	50	83	54
Operating cash flow, SEK million	127	-149	707	431
Net debt/EBITDA, x	2.0	1.7	2.0	1.9
Number of full-time equivalents	1,997	1,865	1,997	1,892
Ordinary shares outstanding	79,406,571	79,406,571	79,406,571	79,406,571
Average no. of ordinary shares outstanding	79,406,571	79,406,571	79,406,571	79,406,571
Preference shares outstanding	1,603,774	1,603,774	1,603,774	1,603,774

1) All performance measures, apart from net sales, EBIT, profit after tax and earnings per share, are non-IFRS performance measures – see also note 7 Alternative performance measures.

2) When calculating earnings per ordinary share, the preference share dividend of SEK 16 million per quarter is deducted for the period.

Notes to consolidated financial statements

Note 1 Accounting policies

The Group applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and RFR 1 Supplementary Accounting Rules for Groups. The report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The accounting policies are consistent with those applied by the Group in the 2022 annual report.

Some figures in this report have been rounded, which means that certain tables do not always add up exactly. This applies where figures are stated in thousands, millions or billions. Pages 1-12 of this report are an integral part of the interim report.

Note 2 Risks and uncertainties

The current war between Russia and Ukraine affects us all, but above all it is a humanitarian disaster for the Ukrainian people. Volati's direct economic exposure to Russia and Ukraine is relatively limited, but the war has also caused turbulence in world markets, and inflation and interest rates have risen since the war began, affecting the cost of the Group's purchases and increasing net interest. Volati is closely monitoring developments.

It is the assessment that the Group's other material risks and uncertainties are unchanged from those described in detail in the 2022 Annual Report.

Note 3 Segment reporting

On 26 September 2022, Ettiketto Group, formerly part of the Industry business area, was established as a new business area. This meant that, at the end of Q1 2023, Volati consisted of the three business areas Salix Group, Ettiketto Group and Industry. The change is in line with Volati's strategy to build strong platforms for acquisition-driven growth that over time can become natural business areas within Volati with a clear industrial logic. The transition of Ettiketto Group to a business area has involved a change to internal reporting, and Ettiketto Group is now also a separate segment under IFRS 8. In other respects, segment reporting follows the principles set out in the 2022 Annual Report. Historical periods for Industry have been restated to exclude Ettiketto Group.

Net sales, SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Salix Group	855	878	3,575	3,598
Ettiketto Group	221	216	884	879
Industry	816	572	3,524	3,280
Internal eliminations	-2	-1	-7	-6
Total net sales	1,890	1,665	7,976	7,751

Sales between segments are immaterial.

Distribution of revenue, January-March 2023, SEK million	Sale of goods	Services	Other	Total revenue from contracts with customer s	Equipme nt leasing	Other	Total
Salix Group	853	-	-	853	-	1	853
Ettiketto Group	219	2	-	221	-	-	221
Industry	711	88	0	800	16	1	816
Total	1,783	90	0	1,873	16	1	1,890

Distribution of revenue, January-March 2022, SEK million	Sale of goods	Services	Other	Total revenue from contracts with customer s	Equipme nt leasing	Other	Total
Salix Group	877	-	-	877	-	0	877
Ettiketto Group	215	2	-	216	-	-	216
Industry	472	87	-	559	12	0	572
Total	1,564	89	0	1,652	12	1	1,665

EBITA, SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Salix Group	53	71	279	296
Ettiketto Group	38	32	143	137
Industry	81	18	421	358
Items affecting comparability1)	-2	-7	-23	-28
Central costs	-12	-12	-54	-54
Total EBITA	159	102	766	710
Acquisition-related amortisation	-24	-17	-92	-85
Net financial items	-41	-10	-103	-72
Profit before tax from continuing operations	94	76	571	553

EBIT, SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Salix Group	49	68	262	280
Ettiketto Group	33	27	122	116
Industry	67	10	366	310
Items affecting comparability1)	-2	-7	-23	-28
Central costs	-12	-12	-54	-54
Total EBIT	135	86	674	624

1) See note 7 for definition and specification.

Note 4 Business acquisitions

The operations of the painting tool wholesaler Embo Import AB – an add-on acquisition for the Salix Group business area – were consolidated on 2 January. Embo Import AB reported annual sales of approximately SEK 25 million in 2021. The agreement was signed on 17 November 2022.

On 28 March, Volati acquired all shares in JW Installations Ltd (JWI), a distributor of grain handling equipment in the UK. This is an add-on acquisition for Tornum Group in the Industry business area. The acquisition was consolidated with effect from 28 March.

The Group's earnings were affected by transaction costs of SEK 1 million for the above acquisitions. Goodwill of SEK 13 million arising from the transactions is supported by several factors, largely attributable to the acquired companies' synergies, employees and market shares. Cash settlements of additional consideration during the year amounted to SEK 50 million.

The impact of the acquisitions on the Volati Group's balance sheet on the acquisition date is set out below.

Impact of acquisitions on balance sheet (SEK million)	Total
Intangible assets	21
Property, plant and equipment	4
Right-of-use assets	2
Deferred tax asset	0
Inventories	9
Trade receivables	3
Other receivables	4
Cash and cash equivalents	14
Deferred tax liability and other provisions	-2
Non-current interest-bearing liabilities	0
Non-current lease liabilities	-1
Current interest-bearing liabilities	0
Current lease liabilities	-1
Current liabilities	-11
Net assets	42
Goodwill	13
Purchase price for shares	55
Purchase price for shares	-55
Deferred variable consideration	6
Cash & cash equivalents in acquired companies at the acquisition date	14
Acquisition-date impact of acquisitions on the Group's cash & cash equivalents	-35

	Net sales	EBITDA	EBITA	EBIT
Impact of acquisitions on income statement (SEK million)	Jan-Mar 2023	Jan-Mar 2023	Jan-Mar 2023	Jan-Mar 2023
Salix Group	5	1	1	1
Ettiketto Group	-	-	-	-
Industry	-	-	-	-
Volati Group	5	1	1	1

If the acquisitions had been consolidated with effect from 1 January 2023, their contribution to the Group's income statement, excluding transaction costs, for the period 1 January to 31 March would have been as follows: sales SEK 23 million, EBITDA 4 million, EBITA SEK 4 million and operating profit SEK 4 million.

Note 5 Financial Instruments

Financial instruments: carrying amounts and fair values by measurement category

		31 Mar 2023		31 Dec 2022
	Classification	Carrying		Classification	Carrying
SEK million	1)	amount	Fair value	1)	amount	Fair value
Financial assets
Other shares and interests	2	2	2	2	2	2
Other non-current financial assets	1.2	8	8	1	8	8
Derivatives held for trading	2	0	0	2	0	0
Financial liabilities
Loans from credit institutions	4	1,758	1,758	4	1,785	1,785
Derivatives held for trading	5	0	0	5	-	-
Additional consideration	5	34	34	5	78	78
Put options	6	170	170	6	169	169
Other current liabilities	4	-	-	4	16	16

1) applicable IFRS 9 categories

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

For a description of what is included in the various items and the measurement method, see note 22 of the 2022 annual report.

Financial instruments measured at fair value

	31 Mar 2023				31 Dec 2022
SEK million	Carrying amounts	Quoted prices Level 1	Observable inputs Level 2	Unobservabl e inputs Level 3	Carrying amounts	Quoted prices Level 1	Observable inputs Level 2	Unobservabl e inputs Level 3
Financial assets
Other shares and interests	2	-	-	2	2	-	-	2
Derivatives	0	0	-	-	0	0	-	-
Financial liabilities
Derivatives	0	0	-	-	-	-	-	-
Put options	170	-	-	170	169	-	-	169
Additional consideration 1)	34	-	-	34	78	-	-	78

1) Additional consideration is often contingent on the financial performance of the acquired business over a specific period and is measured on the basis of 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	Additional consideration
Balance, 1 Jan 2022	2	-280	-24
Additions through acquisitions	-	-	-63
Cash settled	-	129	13
Change in value recognised in OCI	0	-	-3
Change in value recognised in equity	-	-18	-
Investments	-	-	-
Balance, 31 Dec 2022	2	-169	-78
Balance, 1 Jan 2023	2	-169	-78
Additions through acquisitions	-	-	-6
Cash settled	-	10	50
Change in value recognised in OCI	-	-	0
Change in value recognised in equity	-	-11	-
Investments	-	-	-
Balance, 31 Mar 2023	2	-170	-34

Note 7 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 management 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 defined in IFRS. 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 items include transaction-related costs, restructuring costs, remeasurement of additional consideration, capital gains/losses on the sale of operations and non-current assets, and other income and expenses considered to be non-recurring.	Items affecting comparability represent income and expenses that are not attributable to the underlying performance of the business.
Adjusted EBITDA	Calculated as EBITDA, excl. IFRS 16 adjustments, for the last 12 months for the companies included in the Group at the reporting date, as if they had been owned for the last 12 months, and adjusted for transaction-related costs, restructuring costs, remeasurement of additional consideration, capital gains/losses on the sale of operations and non-current assets, and other income and expenses considered to be non-recurring.	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 transaction-related costs, restructuring costs, remeasurement of purchase consideration, capital gains/losses on the sale of operations and assets, and other income and expenses considered to be non-recurring.	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 units 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.
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 units 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.
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.

Non-IFRS APMs and key metrics	Description	Reason for use
Cash conversion	Calculated as operating cash flow for the last 12 months divided by EBITDA excl. IFRS 16.	Cash conversion is used by management to monitor how efficiently the Company is managing working capital and ongoing investments.
Operating cash flow	Calculated as EBITDA, excl. IFRS 16, adjusted for non cash items, less the difference between investments in/divestments of property, plant & equipment and intangible assets, after adjustment for cash flow from changes in working capital, excl. IFRS 16.	Operating cash flow is used by management to monitor cash flow generated by operating activities.
Net debt/Adjusted EBITDA	Interest-bearing net debt, excl. IFRS 16 adjustments, additional consideration and put options at the end of the period in relation to adjusted EBITDA for the period,	The metric can be used to assess financial risk.
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 including goodwill (ROCE incl. goodwill)	EBITA excluding items affecting comparability for the last 12 months divided by average capital employed including 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.

1) Key figure includes discontinued operations

Calculations of alternative performance measures are presented separately below.

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Items affecting comparability, SEK million
Transaction costs	-2	-2	-11	-12
Restructuring costs	-	-	-1	-1
Additional consideration remeasurement	0	-	-8	-8
Capital gains/losses on sale of operations and non-current assets	-	-	3	3
Impairment of assets in Ukraine and Russia	1	-7	3	-4
Other non-recurring income and expenses	0	2	-8	-6
Items affecting comparability	-2	-7	-23	-28
Adjusted EBITDA, LTM, SEK million
EBITDA, LTM	1,019	881	1,019	956
Reversal of IFRS 16 effect	-170	-141	-170	-164
Acquired companies	7	37	7	39
Reversal of items affecting comparability	23	16	23	28
Adjusted EBITDA	878	793	878	859
Calculation of organic net sales growth,%
Net sales	1,890	1,665	7,976	7,751
Total acquired/divested net sales	-198	-259	-1,059	-1,163
Currency effects	-13	-16	0	-102
Comparative figure for previous year	1,680	1,390	6,917	6,486
Organic net sales growth, %	1	11	3	3
Calculation of organic EBITA growth, %

Organic EBITA growth, %	12	-9	-4	-8
Comparative figure for previous year	122	94	655	617
Currency effects	-1	-1	0	-8
Total acquired/divested EBITA	-37	-15	-133	-112
EBITA excl. items affecting comparability	160	109	788	737
Adjustment for items affecting comparability	2	7	23	28
EBITA	159	102	766	710

	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Calculation of EBITA growth per ordinary share, %
EBITA	159	102	766	710
No. of ordinary shares outstanding at end of period	79,406,571	79,406,571	79,406,571	79,406,571
EBITA per ordinary share, SEK	2.00	1.29	9.64	8.94
EBITA per ordinary share for same period
in previous year	1.29	1.28	8.37	8.36
EBITA growth per ordinary share, %	55	1	15	7
Basic and diluted earnings per ordinary share
Net profit attributable to owners of the Parent	71	50	438	417
Deduction for preference share dividend	16	16	64	64
Net profit attributable to owners of the Parent, adjusted for preference share dividend	55	34	374	352
Average no. of ordinary shares	79,406,571	79,406,571	79,406,571	79,406,571
Earnings per ordinary share, SEK	0.69	0.42	4.71	4.44
Calculation of return on equity
(A) Net profit, LTM, including non-controlling interests	453	522	453	433
Adjustment for preference share dividends, including dividends accrued but not yet paid	-64	-64	-64	-64
(B) Net profit, adjusted	389	458	389	369
(C) Average total equity	2,048	1,856	2,048	1,992
(D) Average adjusted equity	1,220	1,028	1,220	1,164
(A/C) Return on total equity, %	22	28	22	22
(B/D) Return on adjusted equity, %	32	45	32	32
Calculation of equity ratio, %
Equity including non-controlling interests	2,174	1,950	2,174	2,136
Total assets	6,684	6,015	6,684	6,686
Equity ratio, %	33	32	33	32
Calculation of operating cash flow and cash conversion, %
EBITDA	223	161	1,019	956
Reversal of IFRS 16 effect	-43	-37	-170	-164
(A) EBITDA excl. IFRS 16 effect	180	123	849	792
(B) adjustment for non-cash items	2	6	-11	-7
Change in working capital	-36	-266	-44	-274
Net investments in property, plant & equipment and intangible assets	-19	-13	-86	-79
(C) Operating cash flow	127	-149	707	431
(C/A) Cash conversion, %	70	-121	83	54

Calculation of Net debt/adjusted EBITDA, LTM, x	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net debt
Cash & cash equivalents and other interest-bearing assets	-72	-127	-72	-231
Non-current interest-bearing liabilities	54	84	54	61
Current interest-bearing liabilities	1,778	1,387	1,778	1,801
Net debt	1,760	1,344	1,760	1,632
Adjusted EBITDA	878	793	878	859
Net debt/adjusted EBITDA, x	2.0	1.7	2.0	1.9

ROCE %, 31 March 2023	Salix Group	Ettiketto Group	Industry	Central costs	Volati Group
1) EBITA, LTM	279	143	421	-54	788
Capital employed, 31 March 2023
Intangible assets	1,165	392	1,082		2,639
Adjustment for goodwill, patent/technology, brands	-1,159	-389	-1,046		-2,594
Property, plant and equipment	49	53	281		383
Right-of-use assets	241	71	257		577
Operating receivables	1,427	212	1,265		2,905
Operating liabilities	-614	-106	-757		-1,483
Capital employed, 31 March 2023	1,110	232	1,082		2,427
Adjustment for average capital employed, LTM	52	13	4		59
2) Average capital employed, LTM	1,162	245	1,086		2,486
ROCE excl. goodwill 1)/2), %	24	58	39		32
3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives	2,162	483	1,682		4,276
ROCE incl. goodwill 1)/3), %	13	30	25		18

ROCE %, 31 December 2022	Salix Group	Ettiketto Group	Industry	Central costs	Volati Group
1) EBITA, LTM	296	137	358	-54	737
Capital employed, 31 December 2022
Intangible assets	1,165	399	1,081		2,646
Adjustment for goodwill, patent/technology, brands	-1,159	-397	-1,046		-2,602
Property, plant and equipment	51	58	273		383
Right-of-use assets	251	72	248		580
Operating receivables	1,354	233	1,181		2,770
Operating liabilities	-572	-125	-675		-1,380
Capital employed, 31 December 2022	1,091	240	1,062		2,397
Adjustment for average capital employed, LTM	55	-1	-23		24
2) Average capital employed, LTM	1,146	240	1,039		2,421
ROCE excl. goodwill 1)/2), %	26	57	34		30
3) Average capital employed, LTM, incl. goodwill and other intangible assets with indefinite useful lives	2,113	496	1,599		4,160
ROCE incl. goodwill 1)/3), %	14	28	22		18

Parent Company Volati AB (publ)

The Parent Company Volati AB acts as a holding company and the members of Volati's management are employed within the Parent Company.

Parent Company condensed income statement

SEK million	Jan-Mar 2023	Jan-Mar 2022	LTM	Full year 2022
Net sales	4	5	20	21
Operating expenses	-12	-14	-44	-46
Operating profit	-8	-9	-23	-25
Profit/loss from financial investments	19	20	115	116
Profit after financial items	11	11	91	91
Appropriations	0	0	45	45
Tax for the period	-2	-1	-3	-2
Net profit	9	10	133	134

Parent Company comprehensive income for the period

Comprehensive income for the period	9	10	133	134

Parent Company condensed statement of financial position

SEK million	31 Mar 2023	31 Mar 2022	31 Dec 2022
Non-current assets	1,480	1,300	1,480
Current assets	3,361	3,057	3,577
Total assets	4,841	4,357	5,057
Equity	2,476	2,542	2,467
Untaxed reserves	49	48	49
Pension obligations	3	2	3
Non-current liabilities	26	29	27
Current liabilities	2,288	1,735	2,512
Total equity and liabilities	4,841	4,357	5,057

Quarterly overview
SEK million				Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021
Operating income
Net sales	1,890	1,930	1,977	2,180	1,665	1,722	1,693	1,641	1,254
Operating expenses
Raw materials and supplies	-1,152	-1,173	-1255	-1,387	-1,053	-1,049	-1,065	-1,026	-757
Other external costs	-134	-138	-121	-130	-110	-107	-91	-84	-79
Personnel expenses	-375	-391	-335	-374	-343	-359	-277	-292	-273
Other operating income and expenses	-6	12	-1	2	1	7	6	1	4
EBITDA	223	239	266	290	161	215	266	240	148
Depreciation	-64	-61	-64	-64	-58	-56	-54	-48	-46
EBITA	159	179	203	226	102	159	211	191	102
Acquisition-related amortisation	-24	-23	-23	-22	-17	-16	-13	-8	-8
EBIT	135	155	180	204	86	143	199	183	94
Finance income and costs
Finance income and costs	-41	-30	-19	-12	-10	-11	-11	-23	-9
Profit before tax	94	125	160	192	76	132	188	161	85
Tax	-20	-20	-35	-42	-22	-28	-45	-32	-19
Profit from continuing operations	74	105	125	150	54	104	142	129	66
Net profit from discontinued operations	-	-	-	-	-	-	-	93	-13
Net profit	74	105	125	150	54	104	142	221	54
Attributable to: Owners of the Parent	71	102	119	146	50	99	134	213	50
Non-controlling interests	3	3	6	4	4	5	9	9	4

Net sales, SEK million		Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021
Salix Group	855	823	868	1029	878	809	824	898	730
Ettiketto Group	221	234	209	220	216	188	167	147	142
Industry	816	875	900	933	572	725	702	596	382
Internal eliminations	-2	-2	-1	-2	-1	-1	-1	-1	-1
Total net sales	1,890	1,930	1,977	2,180	1,665	1,722	1,693	1,641	1,253
EBITA, SEK million
Salix Group	53	45	73	107	71	65	93	107	65
Ettiketto Group	38	38	34	34	32	31	28	26	25
Industry	81	113	117	110	18	87	101	74	25
Items affecting comparability	-2	-2	-9	-10	-7	-9	2	-2	-1
Central costs	-12	-15	-12	-15	-12	-14	-12	-13	-12
Total EBITA	159	179	203	226	102	159	211	191	102
EBITA margin, %
Salix Group	6	5	8	10	8	8	11	12	9
Ettiketto Group	17	16	16	15	15	16	17	18	18
Industry	10	13	13	12	3	12	14	12	7
Volati Group	8	9	10	10	6	9	12	12	8