Slide 1: Healthy air, sustainably
Healthy air, sustainably Volution Group plc Interim results to 31 January 2025 Fantech Trade, Melbourne, Australia
Slide 2: Agenda
Agenda Overview Financial Review Business Review Summary and Outlook Q&A Ronnie George Andy O’Brien Chief Executive Officer Chief Financial Officer Volution Group plc Interim results to 31 January 2025 1
Slide 3: Overview
Overview Volution Group plc Interim results to 31 January 2025 Diffusion production, West Molesey, UK 2
Slide 4: Key takeaways
Key takeaways Group revenue up 8.9%; good organic growth of 4.0% cc 1 Adjusted operating profit of £42.6m up 10.4% on prior year 2 Acquired Fantech (AUD$280m), our largest acquisition to date Good momentum with FY2025 earnings expected to be 3 ahead of consensus Volution Group plc Interim results to
Slide 5: Fantech – Volution's largest acquisition to date
Fantech – Volution’s largest acquisition to date Strong brand portfolio Australia Key Strong founded in 1973 Darwin Manufacturing site Brands Warehousing and sales site Current Volution Locations Access leading position in both to market Australia and New Zealand Brisbane Good with significant exper
Slide 6: Focus on sustainability
Focus on sustainability • Regulations and market preferences in Australia mean Low Carbon Sales that Fantech has much lower low carbon revenue (c30%) Product 67.8% (70.4% ex Fantech) (H1 2024: 70.5%) • New product introductions continue to focus on low carbon solutions • Good early progress in adopt
Slide 7: Continuing to develop our people and capability
Continuing to develop our people and capability • Continued progress on health and safety with accident Accident frequency rate frequency rate 0.15 vs 0.2 (FY24), 0.3 (FY23) People 0.15 (FY24: 0.20) • Fantech health and safety culture is strong and in line with Group • New Regional Leadership struct
Slide 8: Financial Review
Financial Review Volution Group plc Interim results to 31 January 2025 InVENTer team, Jena, Germany 7
Slide 9: Strong performance against our key financial metrics
Strong performance against our key financial metrics HY25: HY25: Adjusted Revenue +10.6%cc Good organic growth operating 110% Record H1 cash conversion (110%) plus 2 months of Growth Target: Fantech cash Target: Leverage 1.5x (proforma) +10% conversion >90% HY25: HY25: Organic Return on +4.0%cc inve
Slide 10: Financial highlights
Financial highlights Revenue £m Adjusted operating profit £m Adjusted operating profit margin % £187.8m+8.9% (+10.6%cc) £42.6m +10.4%(+12.0%cc) 22.7% +30bps 2025 187.8 2025 42.6 2025 22.7 2024 172.5 2024 38.6 2024 22.4 2023 162.3 2023 34.2 2023 21.1 2022 149.6 2022 21.3 2022 31.9 2021 131.7 2021 21.
Slide 11: A strong financial performance
A strong financial performance H1 2025 H1 2024 Movement • Revenue up 8.9%; 4.0% (cc) organic, 6.6% Revenue (£m) 187.8 172.5 +8.9% inorganic, 1.7% adverse FX translation Adjusted operating profit (£m)1 42.6 38.6 +10.4% • Adjusted operating profit margin up 30bps Adjusted operating profit margin (%)1
Slide 12: Revenue (up 8.9%)
Revenue (up 8.9%) Organic growth £6.8m, +4.0%cc £11.4m £187.8m £5.6m £1.7m £(2.9)m £172.5m £(0.5)m H1 FY24 UK Continental Australasia Fantech Currency H1 FY25 Europe Revenue up 10.6% cc, organic revenue up 4.0% cc Volution Group plc Interim results to 31 January 2025 11
Slide 13: Group adjusted operating profit (up 10.4%)
Group adjusted operating profit (up 10.4%) Organic growth £3.0m, +7.9% £1.6m £42.6m £2.5m £0.3m £0.1m £0.1m £(0.6)m £38.6m H1 FY24 UK Continental Australasia Unallocated Fantech Currency H1 FY25 Europe Target >20% 25.7% 24.8% 24.3% 24.2% 24.1% 23.9% H1 2025 22.7% Adjusted operating profit 21.4% H1 2
Slide 14: Excellent cash conversion (110%)
Excellent cash conversion (110%) Cash conversion 110% (FY24 99%) 105% 110% 98% 94% 93% H1 2025 H1 2024 88% £m £m 75% 75% Adjusted operating cash flow 47.9 38.8 63% Cash conversion 110% 98% 50% Interest paid on debt (3.0) (2.8) Tax paid (8.2) (7.2) Dividends (12.3) (10.9) Free cash flow 24.4 17.9 H1
Slide 15: Compelling returns on invested capital (ROIC)
Compelling returns on invested capital (ROIC) H1 2025 H1 2024 £m £m • Strong pre-tax ROIC of 25.0%, significantly ahead of Group WACC AVERAGE NET ASSETS1 243.5 224.5 Add/(deduct) • Decrease of 250bps vs H1 2024 attributable to the acquisition of Fantech + Acquisition-related liabilities 26.6 19.8 +
Slide 16: Business Review
Business Review Volution Group plc Interim results to 31 January 2025 Fantech production, Melbourne, Australia 15
Slide 17: Volution at a glance
Volution at a glance 35.1% New build UK Continental Australasia 44.3% Europe 19.4% of Group revenue of Group revenue Revenue 36.3% split of Group revenue 64.9% RMI 27.4% Commercial Revenue Revenue Revenue Revenue split £83.3m £68.1m £36.4m Adjusted operating profit Adjusted operating profit Adjusted
Slide 18: Our increasing geographic diversity
Our increasing geographic diversity £450m£450m 32.7% 32.7% £300m£300m 30.7% 30.7% £150m£150m 36.6% 36.6% 0 0 FY12 FY12 FY14 FY14 FY16 FY16 FY18 FY18 FY20 FY20 FY22 FY22 FY24 FY24 Pro-forma Pro-forma post post Fantech Fantech acquisition acquisition UK UK Continental Continental Europe Europe Austral
Slide 19: United Kingdom: Continued strong residential growth; revenue up 7.3% cc
United Kingdom: Continued strong residential growth; Revenue Organic revenue Adjusted operating revenue up 7.3% cc Growth growth (cc) profit margin +7.1% +7.3% +25.7% 6 months to 31 Jan • Excellent performance in residential (+11.4%) and export (+20.1%) 2025 2024 Growth Market sector revenue £m £m %
Slide 20: Continental Europe: Modest 2.4% cc growth in challenging markets
Continental Europe: Modest 2.4% cc growth in the face of Revenue Organic revenue Adjusted operating generally challenging markets Growth growth (cc) profit margin -0.5% +2.4% +24.1% 6 months to 31 Jan • Nordics down 3.2% cc due to weak new build markets (Denmark, 2025 2024 Growth Growth Finland), wi
Slide 21: Australasia: Fantech acquisition brings leadership in ventilation
Australasia: Fantech acquisition brings leadership in Revenue Organic revenue Adjusted operating residential and commercial ventilation Growth growth (cc) profit margin markets in the region +38.8% -1.7% +21.4% 6 months to 31 Jan • Australasia revenue up 38.8% (41.7% cc), driven by the 2025 2024 Gro
Slide 22: Summary and outlook
Summary and outlook Volution Group plc Interim results to 31 January 2025 ClimaRad warehouse, Oldenzaal, Netherlands 21
Slide 23: Key takeaways
Key takeaways Group revenue up 8.9%; good organic growth of 4.0% cc 1 Adjusted operating profit of £42.6m up 10.4% on prior year 2 Acquired Fantech (AUD$280m), our largest acquisition to date Good momentum with FY2025 earnings expected to be 3 ahead of consensus Volution Group plc Interim results to
Slide 24: Outlook
Outlook We have good momentum going into the second half, supported by our ongoing growth initiatives, focus on efficiency and costs, and the benefits that Fantech is bringing to the Group. As a result, the Board expects earnings for the Full Year to be ahead of consensus. Volution Group plc Interim
Slide 25: Thank you Q&A
Thank you Q&A Volution Group plc Interim results to 31 January 2025 Fantech facility, Melbourne, Australia 24
Slide 26: Appendix
Appendix Volution Group plc Interim results to 31 January 2025 Sales Team, Volution Nordics, Sweden 25
Slide 27: Financial summary
Financial summary H1 2025 H1 2024 Movement Revenue (£m) 187.8 172.5 +8.9% Revenue (cc) (£m) 190.8 172.5 +10.6% Gross Margin (%) 48.8 50.8 (2.0)pp Adjusted operating profit (£m)1 42.6 38.6 +10.4% Adjusted operating margin (%)1 22.7 22.4 +0.3pp Adjusted profit before tax (£m)1 38.6 35.0 +10.4% Adjuste
Slide 28: Reconciliation of adjusted to reported profit
Reconciliation of adjusted to reported profit H1 2025 H1 2024 Movement £m £m £m Acquisition-related costs: Adjusted profit before tax 38.6 35.0 3.6 • Acquisition related costs: Items excluded from adjusted measures: • £1.9 million (H1 2024: £0.1 million) of professional fees in respect of the acquis
Slide 29: Consolidated statement of financial position summary
Consolidated statement of financial position summary 31 January 31 July 2025 2024 £m £m Non-current assets Property, plant and equipment 31.6 30.2 Right-of-use assets 35.0 24.9 Intangible assets – goodwill 238.8 171.4 Intangible assets – others 128.7 76.9 434.1 303.4 Current assets Inventories 73.9
Slide 30: Cash flow/net debt
Cash flow/net debt 31 January 2025 31 January 2024 Movement Movement £m £m £m % Adjusted EBITA (A) 43.7 39.4 4.3 10.9% Depreciation 5.0 4.5 Adjusted EBITDA 48.7 43.9 4.8 10.9% Change in net working capital 1.0 (2.5) Share-based payments 1.0 0.9 Net investment in fixed assets (2.8) (3.5) Adjusted ope
Slide 31: Cautionary statement
Cautionary statement This document may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. You can sometimes, but not always, identify these statements by the use of a date in the future or such