Slide 1: Half-Year Results to 31 January 2026
Half-Year Results to 31 January 2026 Healthy air, sustainably
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 Half-Year Results to 31 January 2026 1
Slide 3: Overview
Overview Volution Group plc Half-Year Results to 31 January 2026 2
Slide 4: Strong first half performance
Strong first half performance • Total Revenue growth +21.7% (+20.6% cc) • Strong volume-led organic growth of 4.2% cc; all three regions grew organically • Adjusted operating profit margin 22.6%; organic margin up 40bps • Good cash conversion of 98% with debt leverage at 1.3x • Low carbon revenue in
Slide 5: Strong performance against our key financial metrics
Strong performance against our key financial metrics H1 2026: H1 2026: Adjusted Revenue +20.6% cc Good organic growth operating 98% H1 cash conversion (98%) Growth Target: plus Fantech cash Target: Leverage 1.3x +10% conversion >90% H1 2026: H1 2026: Organic Return on +4.2% cc All three regions grew
Slide 6: Financial Review
Financial Review Volution Group plc Half-Year Results to 31 January 2026 5
Slide 7: Financial highlights - half-year results
Financial highlights - half-year results Revenue £m Adjusted operating profit £m Adjusted operating profit margin % £228.7m (+21.7% +20.6%cc) £51.6m (+21.1%) 22.6% (-10bps) 2026 228.7 2026 51.6 2026 22.6 23.1% 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
Slide 8: A strong financial performance
A strong financial performance H1 2026 H1 2025 Movement Revenue (£m) 228.7 187.8 +21.7% • Revenue up +21.7%; +4.2%cc organic, +16.4% inorganic, +1.1% favourable FX translation Adjusted operating profit (£m)1 51.6 42.6 +21.1% Adjusted operating profit margin (%)1 22.6 22.7 -10bps • Organic adjusted o
Slide 9: Revenue
Revenue (up 21.7%) Organic growth £8.0m, +4.2%cc £30.7m £2.2m £228.7m £3.2m £3.6m £1.2m £187.8m +3.8%cc +5.3%cc +3.3%cc H1 FY25 UK Continental Australasia Inorganic Currency H1 FY26 Europe Fantech Revenue up 20.6% cc, organic revenue up 4.2% cc (3.6% volume, 0.6% price) Volution Group plc Half-Year
Slide 10: Group adjusted operating profit
Group adjusted operating profit (up 21.1%) Organic growth £2.9m, +7.0% £0.9m £5.5m £0.6m £51.6m £42.6m £1.3m £1.6m £(0.9)m H1 FY25 UK Continental Australasia Unallocated Inorganic FX H1 FY26 Europe Fantech 21.6% H1 FY26 22.6% 23.1% 26.3% Adjusted operating profit up 25.7% 25.3% 24.1% 21.1% to £51.6m
Slide 11: Good cash conversion (98%)
Good cash conversion (98%) Cash conversion 0 98% (FY25 109%) 110% 98% 98% 88% 50% £59.1m H1 H1 H1 H1 H1 2022 2023 2024 2025 2026 £(4.0)m £(4.3)m Leverage £(4.3)m £(4.7)m £(8.4)m 1.3x 1.5x 1.3x 1.2x £(14.7)m £(5.3)m 0.8x £(126.0)m 0.7x £(30.1)m £(142.7)m 1 Aug 25 Adjusted Working CAPEX Lease Interest
Slide 12: Compelling returns on invested capital (ROIC)
Compelling returns on invested capital (ROIC) H1 2026 H1 2025 £m £m • Strong pre-tax ROIC of 24.6%, significantly ahead of Group WACC Average net assets1 269.3 243.5 Add/(deduct) • Decrease of 40bps vs H1 2025 attributable to the acquisition of Fantech + Acquisition-related liabilities 24.3 26.6 + N
Slide 13: Focus on sustainability - monitoring our progress
Focus on sustainability - monitoring our progress Low Carbon Sales Product 72.1% • Continued growth in heat recovery and low carbon continuous running solutions (H1 2025 67.8%) Recycled Plastic • Impacted in the period by limited availability of some Planet 82.3% recycled materials (H1 2025: 84.6%)
Slide 14: Business Review
Business Review Volution Group plc Half-Year Results to 31 January 2026 13
Slide 15: Volution at a glance
Volution at a glance 38.7% New build UK Continental Australasia 37.8% Europe 29.2% of Group revenue of Group revenue Revenue 33.0% split of Group revenue 61.3% RMI 32.2% Commercial Revenue Revenue Revenue Revenue split £86.5m £75.4m £66.8m Adjusted operating profit Adjusted operating profit Adjusted
Slide 16: Our increasing geographic diversity
Our increasing geographic diversity £250m 29.2% 33.0% Revenue £125m 37.8% 0 H1 FY12 H1 FY14 H1 FY16 H1 FY18 H1 FY20 H1 FY22 H1 FY24 H1 FY26 UK Continental Europe Australasia Volution Group plc Half-Year Results to 31 January 2026 15
Slide 17: United Kingdom: Continued good growth in residential; commercial remains challenging
United Kingdom: Continued good growth in residential; Revenue Organic revenue Adjusted commercial remains challenging Growth growth (cc) operating margin +3.8% +3.8% +26.3% • Continued growth in residential (+4.2%), underpinned H1 2026 £m H1 2025 £m Change % by regulatory changes and share gains in
Slide 18: Continental Europe: Nordics recovering, good growth in Central Europe
Continental Europe: Nordics recovering, good growth in Central Revenue Organic revenue Adjusted Europe Growth growth (cc) operating margin +10.7% +5.3% +25.3% • Nordics up 11.5% (+4.1% cc), residential H1 2026 H1 2025 Charge Change (cc) refurbishment showing upward momentum; £m £m % % new-build orde
Slide 19: Australasia: Organic growth 3.3% cc; residential up 5.2%
Australasia: Organic growth 3.3% cc; residential up 5.2% Revenue Organic revenue Adjusted Growth growth (cc) operating margin +83.6% +3.3% +20.4% • Revenue up 83.6% (+87.8% cc), mainly from the Organic change Fantech acquisition; organic growth 3.3% cc. H1 2026 £m H1 2025 £m Change % (cc) % • Reside
Slide 20: Acquisition of AC Industries, further strengthening our position in Australasia
Acquisition of AC Industries, further strengthening our position in Australasia • Acquisition of leading manufacturer and supplier of underground ducting ventilation systems in Australia and overseas markets • Consideration of up to AUD$178.9m (£88m); of which AUD$150m on completion, up to AUD$28.9m
Slide 21: Summary and outlook
Summary and outlook Volution Group plc Half-Year Results to 31 January 2026 20
Slide 22: Strong first half performance
Strong first half performance • Total Revenue growth +21.7% (+20.6% cc) • Strong volume-led organic growth of 4.2% cc; all three regions grew organically • Adjusted operating profit margin 22.6%; organic margin up 40bps • Good cash conversion of 98% with debt leverage at 1.3x • Low carbon revenue in
Slide 23: Outlook
Outlook The short to medium-term outlook for We are mindful of the recent the Group remains very encouraging, heightened geopolitical instability supported by favourable regulatory and we remain agile and proactive to tailwinds and market dynamics. Whilst the potentially changing conditions. end mar
Slide 24: Thank you Q&A
Thank you Q&A Volution Group plc Half-Year Results to 31 January 2026 23
Slide 25: Appendix
Appendix Volution Group plc Half-Year Results to 31 January 2026 24
Slide 26: Financial summary
Financial summary H1 2026 H1 2025 Movement Revenue (£m) 228.7 187.8 +21.7% Revenue (cc) (£m) 226.5 190.8 +20.6% Gross Margin (%) 51.2% 48.8% +2.4pp Adjusted operating profit (£m)1 51.6 42.6 +21.1% Adjusted operating margin (%)1 22.6% 22.7% -0.1pp Adjusted profit before tax (£m)1 46.5 38.6 +20.7% Adj
Slide 27: Reconciliation of adjusted to statutory profit
Reconciliation of adjusted to statutory profit H1 2026 H1 2025 Movement £m £m £m Acquisition-related costs: Adjusted profit before tax 46.5 38.6 7.9 • £nil (H1 2025: £4.2 million) amortisation of acquired inventory fair value adjustments, specific to Fantech Items excluded from adjusted measures: •
Slide 28: Consolidated statement of financial position summary
Consolidated statement of financial position summary 31-Jan-26 31-Jul-25 £m £m Non-current assets Property, plant and equipment 35.8 34.0 Right-of-use assets 41.6 39.9 Intangible assets – goodwill 239.6 235.8 Intangible assets – others 122.0 125.3 439.0 435.0 Current assets Inventories 74.7 71.3 Tra
Slide 29: Cash flow/net debt
Cash flow/net debt H1 2026 H1 2025 Movement Movement £m £m £m % Adjusted EBITA (A) 52.7 43.7 9.0 20.6% Depreciation 6.4 5.0 Adjusted EBITDA 59.1 48.7 10.4 21.4% Change in net working capital (4.0) 1.0 Share-based payments 0.8 1.0 Net investment in fixed assets (4.3) (2.8) Adjusted operating cash flo
Slide 30: 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