Volution (VLUTF) Q4 2026 Earnings Report
VLUTF Q4 2026 EPS Results
- Actual EPS
- $0.23
- Consensus EPS
- $0.23
- Beat/Miss
- Met expectations
- One Year Ago EPS
- $0.23
VLUTF Q4 2026 Revenue Results
- Actual Revenue
- $341.66M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +10.74%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 10/08/2026
- Time
- Before Open
- Conference Call
- Thursday, October 8, 2026
Volution's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
The call was strongly positive overall. Management reported greater than 15% growth in revenue, operating profit, EPS and cash generation, margin expansion to 23.2%, 107% cash conversion, returns on invested capital above 25%, successful acquisitions and a positive start to FY27. The main challenges were organic growth of 2.8%, a difficult and declining U.K. market, weaker U.K. commercial revenue, selected Continental European challenges, higher finance costs and an increased accident frequency rate. Management nevertheless expressed confidence in sustainable growth and another year of good progress.
Management said the year has started well, with the group delivering organic growth alongside a positive revenue contribution from AC Industries, and expects AC Industries to underpin organic growth this year; the U.K. will be challenging but is fully baked into its view, while the group remains confident of delivering another year of good progress and sustainable growth, with no material difference in its outlook to what it has delivered in the past. Long-term targets remain organic growth of 3% to 5%, operating margin of 20% and above, return on invested capital of 20% and above, and adjusted earnings per share growth of over 10%; management also said margins could remain in the low 20s, CapEx would normally be GBP 9 million, GBP 10 million, GBP 11 million range with more in 2027, a year with 0 M&A would delever about 0.5 turn per year, and if it did nothing else this year, it probably ends the year at 1.3, 1.4 leverage after getAir took it to 1.8.
- Strong FY26 Financial PerformanceRevenue, operating profit, adjusted earnings per share and cash generation all increased by greater than 15% in FY26, meeting or exceeding the company's long-term target of above 15% for those metrics.
- Operating Margin ExpansionGroup operating margin increased by 90 basis points to 23.2%, supported by scale benefits, procurement, engineering, product-range initiatives, sourcing, manufacturing and operational efficiencies.
- Adjusted EPS Growth and Long-Term CompoundingAdjusted EPS grew 15.4% in FY26, at the high end of expectations. The company has compounded adjusted EPS at 11.7% over the last 10 years, against a long-term target of above 10%.
- Acquisition-Led Revenue GrowthAC Industries delivered 11% inorganic revenue growth contribution despite being included for only half of FY26. The company also completed the acquisition of getAir in Germany at the beginning of FY27.
- Strong Acquisition Track Record and Capital DisciplineThe company has completed 31 acquisitions over the last 15 years and completed two deals since the previous results presentation. Management emphasized that it has also declined other opportunities rather than pursuing acquisitions solely for the sake of doing deals.
- Healthy Leverage Despite Major AcquisitionsThe company invested more than GBP 200 million in its two largest acquisitions over the last two years and ended FY26 at 1.5x leverage on an old-money, ex-leases basis. Immediately after the getAir transaction, leverage would have been approximately 1.8x.
- Strong Cash Conversion and Balance SheetCash conversion was 107%, above the company's 90% target, supported by good working-capital control. The company spent GBP 105 million on acquisitions during the year and still ended FY26 with a healthy balance-sheet position.
- Return on Invested Capital Remains Above TargetOverall return on invested capital improved by 20 basis points and remained above 25%, at approximately 25.5%. AC Industries caused 40 basis points of dilution, Fantech contributed a 20-basis-point improvement, and other organic improvements contributed 40 basis points.
- Margin Expansion Across All RegionsAll three geographic regions expanded margins on an organic basis. The U.K. margin improved by 230 basis points despite flat revenue, Continental Europe increased its margin slightly, and Australasia achieved approximately 100 basis points of underlying margin improvement excluding the 60-basis-point benefit from AC Industries.
- Continental Europe Organic Growth Above Target RangeContinental Europe delivered 5.9% constant-currency organic revenue growth, above the company's long-term 3% to 5% range, with an operating profit margin of 24.3%. The Nordics performed well, and the company continued investing in central systems and its commercial proposition.
- Australasia Revenue Growth and Market PositionAustralasia revenue increased 48.7%, including the contribution from acquisitions, while organic revenue growth was 3.3% and adjusted operating profit margin was 22.2%. Management said the region has a strong market position following the Fantech acquisition.
- AC Industries Performing StronglyManagement described AC Industries as potentially one of its best-returning acquisitions to date. The business provides ventilation systems for copper and gold mining, is already expanding internationally, and management said its revenue growth was above the company's range.
- Data Center OpportunityThe company received a first order of approximately USD 12 million for ventilation and cooling fans for data centers. Management said Fantech is a leading and trusted brand in Australia and that the company is in confidential discussions regarding future projects.
- Decentralized Heat Recovery ExpansionManagement highlighted a broad decentralized heat-recovery portfolio including ClimaRad, getAir, InVENTer, I-Vent and Energy Recovery Industries. ClimaRad achieved strong revenue growth in the Netherlands, InVENTer improved after a leadership change, and getAir provides an OEM proposition for German heating companies.
- Investment in Energy Recovery IndustriesThe company has invested in a new facility and expanded product and production capabilities at Energy Recovery Industries in North Macedonia. Management said its internal ambition is to double ERI revenue over the next five years, although this was not presented as formal guidance.
- U.K. Margin and Product ProgressThe U.K. delivered a 28.3% operating profit margin, with the second half margin higher than the first half despite a second-half revenue decline. Residential growth has been supported by regulation, innovation and first-mover products focused on specific fan power, noise and cost.
- Public Housing and Low-Carbon Product OpportunityManagement described the U.K. public-housing market as a positive multiyear opportunity, citing approximately 5 million homes, low housing quality and available funding. The Revive product and its integration with Switchee data capture were highlighted as areas of progress.
- Sustainability ProgressRevenue from low-carbon products was 72.1% of total revenue. Carbon intensity improved to GBP 10.5 million of CO2 per GBP 1 million of revenue, in line with the company's long-term SBTi targets. Recycled plastic content was 81.3%, and the absolute amount of recycled plastic used increased.
- Pricing and Cost ManagementPrice contributed approximately 1.5%, or slightly more than 1.4%, to revenue growth. Management said the company used forward visibility, safety stocks, inventory and forward supplier orders of up to 9 to 12 months to manage cost changes and preserve margins.
- Future M&A CapacityManagement said that, with no acquisitions, the company would delever by approximately 0.5 turns per year. It is comfortable undertaking acquisitions that take leverage to approximately 2.0x to 2.1x if they are good cash-generative businesses; after getAir, management estimated that leverage could fall to approximately 1.3x to 1.4x if no further deals were completed during the year.
- Positive FY27 Start and OutlookThe year started well, with group organic growth and a positive revenue contribution from AC Industries. Integration of getAir is underway, and management said it remains confident of delivering another year of good progress and sustainable growth.
- Ventilation and Cooling TailwindsManagement identified overheating and the need for energy-efficient cooling as an opportunity. Products such as natural hybrid ventilation, bypass systems in mechanical ventilation heat-recovery units and U.K. cool-box products can provide ambient or free cooling.
VLUTF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2027 (Q2) | 0.27- | 0.2 | ― | ― |
| Oct 08, 2026 | 2026 (Q4) | 0.230.23 | 0.23 | 0.00% (+0.00) | |
| Mar 12, 2026 | 2026 (Q2) | 0.230.20 | 0.2 | 0.00% (+0.00) | |
| Oct 09, 2025 | 2025 (Q4) | 0.230.23 | 0.18 | 27.54% (+0.05) | |
| Mar 13, 2025 | 2025 (Q2) | 0.200.20 | 0.15 | 37.27% (+0.05) | |
| Oct 10, 2024 | 2024 (Q4) | 0.180.18 | 0.17 | 8.66% (+0.01) | |
| Mar 15, 2024 | 2024 (Q2) | 0.170.15 | 0.16 | -9.84% (-0.02) | |
| Oct 05, 2023 | 2023 (Q4) | 0.170.17 | 0.13 | 29.59% (+0.04) | |
| Mar 09, 2023 | 2023 (Q2) | 0.150.16 | 0.15 | 5.17% (+0.01) | |
| Oct 06, 2022 | 2022 (Q4) | ―0.13 | 0.07 | 84.91% (+0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
