Slide 1: Full-Year Results to 31 July 2025: Healthy air, sustainably
Full-Year Results to 31 July 2025 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 Full-Year Results to 31 July 2025 1
Slide 3: Overview
Overview Volution Group plc Full-Year Results to 31 July 2025 2
Slide 4: A strong year: revenue +20.6%, adjusted EPS +18.2%
A strong year: revenue +20.6%, adjusted EPS +18.2% • Revenue +20.6% (+21.9%cc), with 5.7%cc organic and 16.2% inorganic from Fantech • Volume-led organic growth of 5.7%cc; highest in UK at 9.5%, supported by regulations and share gain • Adjusted operating profit margin 22.3% (2024: 22.5%), with orga
Slide 5: Strong, consistent track record
Strong, consistent track record The Group in 2014 Revenue Adjusted operating profit Revenue £121m419.2 +12.4% (10-Year CAGR) 93.4 419.1 +12.2% (10-Year CAGR) 93.4 Revenue from non-UK customers c.30% 307.7 328.0 347.6 69.9 78.0 4 64.9 Number of countries 272.6 56.9 235.7 205.7 216.6 5 185.1 42.1 Numb
Slide 6: Strategic progress and priorities
O Strategic progress and priorities Organic growth Value-adding acquisitions Operational excellence FY25 Progress FY25 Progress FY25 Progress 5.7%cc Organic revenue growth 16.2%cc Inorganic revenue growth 22.3% adjusted operating profit margin FY26 Priorities FY26 Priorities FY26 Priorities •C ontin
Slide 7: Sustainability
Sustainability 2025 2024 Comment Product Low-carbon sales 71.2% 74.6% Low-carbon sales excluding Fantech FY25 77.3% Innovative model built with 3rd party Avoided emissions 1,979kt 1,872kt consultants to measure carbon avoided Heat recovery product sales excluding Fantech Heat recovery products 28.5%
Slide 8: Financial Review
Financial Review Volution Group plc Full-Year Results to 31 July 2025 7
Slide 9: Financial highlights
Financial highlights Revenue £m Adjusted operating profit £m Adjusted operating profit margin % £419.1m +20.6% (+21.9%cc) £93.4m +19.7% 22.3% -20bps 2025 419.1 2025 93.4 2025 22.3 2024 347.6 2024 78.0 2024 22.5 2023 328.0 2023 69.9 2023 21.3 2022 307.7 2022 64.9 2022 21.1 2021 272.6 2021 56.9 2021 2
Slide 10: A strong financial performance
A strong financial performance 2025 2024 Movement Revenue (£m) 419.1 347.6 +20.6% • Revenue up 20.6% (21.9%cc) of which +5.7%(cc) organic Adjusted operating profit (£m)1 93.4 78.0 +19.7% • Adjusted operating profit margin down 20bps to 22.3%, due to the dilutive impact of the Fantech acquisition, wi
Slide 11: Strong organic and inorganic revenue growth
Strong organic and inorganic revenue growth Organic growth £19.8m (+5.7% cc) £56.2m £419.1m £4.2m £0.3m £367.4m £15.3m £347.6m £(4.5)m FY24 UK Continental Australasia FY25 FX Fantech FY25 Europe Organic Total Revenue up 21.9%cc; organic revenue up 5.7%cc (volume 4.5% price 1.2%) Volution Group plc F
Slide 12: Robust adjusted operating profit margin
Robust adjusted operating profit margin £10.0m £93.4m £5.7m £1.2m £0.6m £84.5m £78.0m £(1.0)m £(1.1)m FY24 UK Continental Australasia Unallocated FY25 FX Fantech FY25 Europe Organic Total FY25 22.3% 26.0% 25.0% 24.1% 23.9% 23.8% FY24 22.5% 22.7% 20.6% FY23 21.3% FY22 21.1% Adjusted operating profit
Slide 13: Net debt and cash flow
Net debt and cash flow Strong cash conversion Cash conversion 109% (FY24: 107%) FY25 FY24 £m £m 124% Target 90% Adjusted operating cash flow 104.5 85.8 Target 90% 106% 107% 109% 95% 99% 97% Cash conversion 109% 107% 90% 85% Interest paid on debt (7.6) (5.0) 76% Tax paid (20.1) (16.8) Dividends (19.0
Slide 14: Compelling returns on invested capital (ROIC)
Compelling returns on invested capital (ROIC) 2025 2024 2023 £m £m £m AVERAGE NET ASSETS1 254.0 235.9 216.3 Add/(deduct) + Acquisition-related liabilities 30.7 21.8 15.6 + Net debt 101.9 48.0 58.3 + Historic amortisation charges (net of def. tax) 147.1 137.8 128.2 – Goodwill/intangibles of 2012 LBO
Slide 15: Strong performance ahead of all our financial targets
Strong performance ahead of all our financial targets Revenue growth (cc) Organic revenue growth (cc) Adjusted operating profit margin % FY25 5yr average FY25 5yr average FY25 5yr average +21.9% +14.4% +5.7% +7.8% 22.3% 21.6% Long-term target: Long-term target: Long-term target: +10% +3% to +5% >20%
Slide 16: Business Review
Business Review Volution Group plc Full-Year Results to 31 July 2025 15
Slide 17: Volution in 2014... and today.
Volution in 2014... and today. UK Continental UK Continental Australasia Europe Europe Organic revenue growth (cc) (average since 2014) +4.1% (+23 acquisitions) Revenue Revenue Revenue Revenue Revenue £95m £26m £176.1m £136.6m £106.4m 79.0%* 21.0%* 42.0%* 32.6%* 25.4%* 23% New build 77% 22% RMI Comm
Slide 18: Our increasing geographic diversity
Our increasing geographic diversity £450m £300m Revenue £150m 0 FY12 FY14 FY16 FY18 FY20 FY22 FY24 FY25 UK Continental Europe Australasia Volution Group plc Full-Year Results to 31 July 2025 17
Slide 19: United Kingdom: Regulatory tailwinds support strong residential revenue growth
United Kingdom: Regulatory tailwinds support strong Revenue Organic revenue Adjusted operating residential revenue growth growth growth (cc) profit margin +9.5% +9.5% 26.0% 2025 2024 Change £m £m % • Revenue growth of 9.5% our strongest regional performance UK in the year Residential 115.2 105.0 9.7
Slide 20: Continental Europe: ClimaRad and ERI drive good Central Europe growth
Continental Europe: ClimaRad and ERI drive good Central Europe Revenue Organic revenue Adjusted operating growth; offsetting weaker Nordics markets growth growth (cc) profit margin +1.7% +3.1% 24.1% Change 2025 2024 Change (cc) • Organic revenue growth of 3.1%cc, Central Europe £m £m % % stronger an
Slide 21: Australasia: Fantech integration progressing well
Australasia: Fantech integration progressing well; New Revenue Organic revenue Adjusted operating Zealand market showing signs of improving growth growth (cc) profit margin +102.8% +0.6% 20.6% Organic change • Revenue increased to £106.4m supported by the acquisition 2025 2024 Change (cc) £m £m % %
Slide 22: Fantech update: Strong platform for continued organic and inorganic growth
Fantech update: Strong platform for continued organic and inorganic growth • Transaction recap: AUD$281 million consideration ($60 million deferred to Breadth of applications Full regional coverage December 2025), c8.5x 2024 EBITDA, funded through cash and RCF • Broad and deep market reach with stro
Slide 23: Summary and outlook
Summary and outlook Volution Group plc Full-Year Results to 31 July 2025 22
Slide 24: A strong year: revenue +20.6%, adjusted EPS +18.2%
A strong year: revenue +20.6%, adjusted EPS +18.2% • Revenue +20.6% (+21.9%cc), with 5.7%cc organic and 16.2% inorganic from Fantech • Volume-led organic growth of 5.7%cc; highest in UK at 9.5%, supported by regulations and share gain • Adjusted operating profit margin 22.3% (2024: 22.5%), with orga
Slide 25: Outlook
Outlook The new year has started well, with continuing organic revenue growth complemented by the inorganic revenue benefit from the Fantech acquisition. Notwithstanding the still difficult economic backdrop in many of our end markets, we remain confident of continuing to deliver compounding growth
Slide 26: Thank you Q&A
Thank you Q&A Volution Group plc Full-Year Results to 31 July 2025 25
Slide 27: Appendix
Appendix Volution Group plc Full-Year Results to 31 July 2025 26
Slide 28: Financial summary
Financial summary 2025 2024 Movement Revenue (£m) 419.1 347.6 20.6% Revenue (cc) (£m) 423.6 347.6 21.9% Gross Margin (%) 49.1% 51.3% (2.2)pp Adjusted operating profit (£m)1 93.4 78.0 19.7% Adjusted operating margin (%)1 22.3% 22.5% (0.2)pp Adjusted profit before tax (£m)1 83.9 70.7 18.7% Adjusted EP
Slide 29: Reconciliation of adjusted to reported profit
Reconciliation of adjusted to reported profit 2025 2024 Movement £m £m £m Acquisition-related costs: Adjusted profit before tax 83.9 70.7 13.2 • Acquisition related costs: Items excluded from adjusted measures: • £7.1 million (2024: £nil million) Amortisation of acquired inventory fair value adjustm
Slide 30: Consolidated statement of financial position summary
Consolidated statement of financial position summary 2025 2024 £m £m Non-current assets Property, plant and equipment 34.0 30.2 Right-of-use assets 39.9 24.9 Intangible assets – goodwill 235.8 171.4 Intangible assets – others 125.3 76.9 435.0 303.4 Current assets Inventories 71.3 53.1 Trade and othe
Slide 31: Cash flow/net debt
Cash flow/net debt FY25 FY24 Movement Movement £m £m £m % Adjusted EBITA (A) 95.6 79.9 15.7 19.6% Depreciation 10.7 9.1 Adjusted EBITDA 106.3 89.0 17.3 19.4% Change in net working capital 4.5 2.7 Share-based payments 2.1 1.2 Net investment in fixed assets (8.4) (7.1) Adjusted operating cash flow (B)
Slide 32: 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