Volution Group (FAN) H2 2026 earnings summary

Executive summary

• FY 2026 revenue was £484.8m, up 15.7%; adjusted operating profit rose 20.2%, adjusted EPS 15.4% and adjusted operating cash flow 17.5%.

• Organic revenue growth was 2.8% at constant currency; adjusted operating margin expanded 90bps to 23.2%.

• AC Industries and getAir broadened exposure to Australian and German ventilation markets; Continental Europe and Australasia supported growth.

Financial highlights

• Revenue rose 15.7% to £484.8m: 2.8% organic growth at constant currency, 11.0% inorganic growth and 1.9% FX.

• Adjusted operating profit increased 20.2% to £112.4m; adjusted operating margin expanded 90bps to 23.2%.

• Adjusted EPS rose 15.4% to 38.2p and adjusted profit before tax increased 18.2% to £99.2m; reported operating profit was £95.9m, up 42.5%.

• Adjusted operating cash flow grew 17.5% to £122.8m; cash conversion was 107%, above the >90% target.

• Dividend per share increased 18.5% to 12.8p.

Outlook and guidance

• FY 2027 started well, with organic growth and a positive revenue contribution from AC Industries; getAir was acquired after year-end.

• The Board expects another year of good progress, with Continental Europe and Australasia expected to be important growth drivers.

• UK new-build residential remains challenging; recent Australian data-center ventilation orders and stronger order intake support growth opportunities.

• ERI has an internal ambition to double revenue over five years, supporting investment in expanded production capacity; this is not a formal target.