Volution Group (FAN) H1 2026 earnings summary

Executive summary

• Revenue grew 21.7% year-over-year to £228.7m, with 4.2% organic growth at constant currency and significant inorganic growth from acquisitions, supported by all regions.

• Adjusted operating profit rose 21.1% to £51.6m, with margin at 22.6% and organic margin expansion of 40bps.

• Cash conversion was robust at 98%, and debt leverage stood at 1.3x pre-AC Industries acquisition.

• Low carbon revenue increased to 72.1%, reflecting growth in heat recovery and sustainability-focused products.

• Completed acquisition of AC Industries in Australia, strengthening the position in Australasia and expanding into mining ventilation.

Financial highlights

• Revenue reached £228.7m, up 21.7% year-over-year, with organic growth of 4.2% at constant currency.

• Adjusted operating profit margin improved to 22.6%, with UK margin at 26.3% and Europe at 25.3%.

• Adjusted EPS increased 19.0% to 18.2p; interim dividend up 17.6% to 4.0p per share.

• Reported profit before tax grew 46.5% to £37.6m; statutory basic EPS up 52.6% to 14.5p.

• Finance costs increased to £5.1m from £3.6m due to acquisition-related borrowings.

Outlook and guidance

• Adjusted EPS for FY26 expected at the top end of market forecasts (35.0p–36.5p, consensus 35.8p).

• Short to medium-term outlook remains positive, supported by regulatory tailwinds and market dynamics.

• Remains mindful of heightened geopolitical risks but confident in agility and operational resilience.

• AC Industries expected to contribute around 1 pence of additional EPS in FY 2026.