Galliford Try Holdings Plc · LSE:GFRD
Galliford Try — H1 2026 Earnings Presentation
37 slides from Galliford Try's earnings presentation, Mar 4, 2026
Slide 1: Sustainable Growth: Half year results to 31 December 2025
Sustainable Growth Half year results to 31 December 2025 4 March 2026
Slide 2: Agenda
Agenda H1 26 highlights Bill Hocking Financial review Chief Executive Sustainable Growth to 2030 Q&A 286-home Brent Cross Town build to rent scheme 2
Slide 3: Continuing momentum
Continuing momentum Consistently strong performance; improved outlook £935m +1.3% 3.2% +54bps £24.7m +20.5% Revenue Divisional adjusted Adjusted profit (H1 25: £923m) operating margin1 before tax1 (H1 25: 2.7%) (H1 25: £20.5m) 6.5p +18.2% £190m +6.3% £4.1bn +£0.2bn Interim 12-month average Order boo
Slide 4: Financial review
Financial Kris review Hampson Chief Financial Officer Carlisle Southern Link Road 4
Slide 5: Strong and consistent performance
Strong and consistent performance Continued execution of our model drives incremental results Five and a half years of consistent, sequential and H1 26 H1 25 Var profitable growth. Revenue (£m) £934.9m £923.2m +1.3% Revenue up 1.3% - in line with guidance and AMP Adjusted operating profit (£m) £
Slide 6: Segmental analysis
Segmental analysis Broad-based growth driving margins across divisions Building continues to perform well, with strong H1 26 H1 25 Var demand in key sectors including defence, custodial, Revenue (£m) 934.9 923.2 +1.3% education and FM. Building 476.5 467.3 +2.0% Infrastructure 454.2 451.7 +0.6%
Slide 7: Building division
Building division Continued strong demand and tight operational management High-quality order book Health H1 26 H1 25 Var £95m Revenue (£m) 476.5 467.3 +2.0% FM Defence £610m £352m Adjusted operating profit (£m) 14.9 12.5 +19.2% Adjusted operating margin (%) 3.1 2.7 +45bps £2.4bn £337m Commercial Or
Slide 8: Infrastructure division
Infrastructure division Driving margin growth across Environment and Highways High-quality order book H1 26 H1 25 Var Revenue (£m) 454.2 451.7 +0.6% Adjusted operating profit (£m) 15.2 12.3 +23.6% £547m Highways Adjusted operating margin (%) 3.3 2.7 +62bps Environment (National Highways, Local Autho
Slide 9: Strong balance sheet
Strong balance sheet Excellent cash position Robust cash position. Balance sheet £m 31 Dec 2025 30 Jun 2025 • Period-end cash of £211.7m, up c0.8% on December 2024. Intangible assets & goodwill 96.6 97.0 • 12-month average month-end cash of £189.9m, PPP & other investments 38.5 38.6 up 6.3% from F
Slide 10: Robust cash performance
Robust cash performance Average month-end cash c£190m 280 260 24.0 97% of invoices paid in 237.6 60 days. 240 (29.9) 220 (6.8) 3.1 29 days 211.7 (13.8) (2.5) £m 200 average days to pay. 180 160 140 >100% 120 Cash conversion from Opening net cash Cash from Working capital Share Dividends Net interest
Slide 11: Capital allocation model
Capital allocation model Disciplined and consistent policy driving superior sector returns Investing for growth Returns to shareholders FY21 – H1 26 Ability to invest in technology and training to drive quality and efficiency. Reinvest Accelerates adjacent market opportunities. in the Enables
Slide 12: Record performance: half periods of consistent, sequential growth
Record performance 11 half periods of consistent, sequential growth H1 26 revenue +1.3% >£2.2bn H1 26 adjusted PBT +20% H1 26 adjusted EPS +18% TSR 402% 1,764 1,875 1 July 2020 to 31 December 2025 1,394 1,125 1,237 45.0 34.4 £m £m 35.0 29.6 p 20.6 22.4 17.1 18.0 11 half periods of 923 935 7.7 542
Slide 13: Sustainable Growth to 2030
Sustainable Bill Growth to 2030 Hocking Chief Executive Catherine Infant School, Leicester 13
Slide 14: Sustainable Growth Strategy to 2030
Sustainable Growth Strategy to 2030 Grow revenue Grow our specialist Re-enter the Leverage our Continue to and margin in businesses Affordable geographical and generate growing our three core in higher margin, Homes client footprint shareholder businesses adjacent markets market across the UK return
Slide 15: Margin improvement
Margin improvement Divisional adjusted operating margin 4.0% Divisional adjusted Higher operating margin margin work Operational (Specialist 3.0% Better contracting improvement (quality, Services, Investments Volume efficiency, and affordable environment digital & tech) homes) growth & leverage FY25
Slide 16: Organic growth investments
Organic growth investments Capital allocation in practice Water Tech manufacturing facility in Paisley, Scotland Third manufacturing facility, Allows manufacturing closer to our opened in 2025. Scottish and northern client base, improving delivery times. Accommodates three of our Water Tech fi
Slide 17: A leading player in water
A leading player in water 17
Slide 18: 4
4 1 2 3 18
Slide 19: Excellent water position
Excellent water position Higher margin work (Operates across 21 57 21 Design & Build the UK.) AMP7/8 Capital Maintenance frameworks Water Technologies 15 13 We are working with all of the UK’s major water and sewerage companies. Average number of consecutive years 18 working with each client to date
Slide 20: Organic growth: Affordable Homes
Organic growth Affordable Homes Re-entered affordable homes market in 2024. Targeting £250m+ higher margin revenue in 2030. Invested in affordable homes development team and won places on a number of frameworks including: • £20bn Homes England Dynamic Purchasing System. • £3bn Hyde Main Contra
Slide 21: Acquisitive growth
Acquisitive growth Capital allocation in practice Acquisition of passive fire protection business, with focus on Midlands and South. Line Adds critical mass to our existing passive and active fire AI and OFP logos protection businesses; provides springboard into larger line market share of £1bn
Slide 22: Acquisitive growth: track record of bolt-on acquisitions
Acquisitive growth Track record of successful bolt-on acquisitions Acquisitions The four previous deals originally brought c£124m of annual revenues and October critical mass to our Environment business which, now matured, are 2021 expected to deliver £500m-£600m of annual revenues over period 2027
Slide 23: Growing, high-quality order book
Growing, high-quality order book Volume growth and leverage Order book by division Order book by client type 94% Repeat clients for H1 26 £4.1bn £4.1bn £4.1bn £4.1bn (H1 25: 92%) £3.7bn £3.8bn £3.7bn £3.8bn 7% 5% £3.4bn 9% 41% 41% 13% 41% 39% 98% 41% 93% 95% 87% 91% Work secured for FY26 59% 61% 59%
Slide 24: Why we target frameworks
Why we target frameworks Better contracting environment Improved risk allocation. Frameworks provide long-term visibility Infrastructure Established and well-understood T&Cs. Long-term visibility and better strategic Building planning. Long-term client relationships. Continuous Adjacent ma
Slide 25: Winning work based on quality over price
Winning work based on quality over price Better contracting environment Order book by procurement Example of scoring route over time criteria Management 20% Project delivery 19% Multi-stage negotiation 52% 48% 51% 50% 20% SHEQ 15% 38% 43% 41% 42% Sustainability and carbon 8% 9% 8% 7% 7% 80% FY23 FY2
Slide 26: Summary and outlook
Summary and outlook 11 periods of delivery, compelling opportunity Adjusted PBT up 20.5% Excellent performance in the first half of the £45.0m financial year. £35.0m £20.6m £22.4m Strong balance sheet supports deploying capital £8.7m organically and through M&A. £20.5m £24.7m £4.6m £7.8m £12.7m
Slide 27: Questions
Questions Bill Hocking Chief Executive Kris Hampson Chief Financial Officer 27
Slide 28: Appendices
Appendices 1. Video library 2. Sustainable Growth Strategy 3. Better contracting environment 4. Why we target frameworks 5. Investment case 6. Our sustainability commitments 7. A destination employer 28
Slide 29: Appendices: Video library
Appendices 1. Video library Modern Methods of Modern Construction Water sector Methods of Peel Hunt Panmure Liberum interview with Construction interview with CEO Bill Hocking The Rise, Cardiff CEO Bill Hocking Our Fact Annual business Sheet Report 29
Slide 30: Appendices: Sustainable Growth Strategy
Appendices 2. Sustainable Growth Strategy A people-orientated, progressive Protect the environment and create culture driven by our values. greater social value for communities. . Environment and climate change: Health and safety: Prioritising Adopting sustainable resourcing and health, safety and w
Slide 31: Appendices: Better contracting environment
Appendices 3. Better contracting environment The Construction Playbook is driving A more mature contracting environment and co-operative approach to problem-solving and risk by promoting early engagement, transparency, and clear risk allocation between contracting authorities and suppliers. A cu
Slide 32: Appendices: Why we target frameworks
Appendices 4. Why we target frameworks 87% Improved risk and favourable outcomes Improved risk allocation: • Established and well-understood terms and conditions. Work in frameworks • Long-term client relationships. • Predictable behaviours. • Certainty in tendering and typically reduced cost of t
Slide 33: Appendices: Investment case
Appendices 5. Investment case A compelling investment High-quality business operating in robust markets generating growing returns Robust market Rigorous risk opportunity management Excellent position in chosen sectors. Embedded culture of assessing and managing risk. Non-cyclical demand driven by a
Slide 34: Appendices: Our sustainability commitments
Appendices 6. Our sustainability commitments Strategic Sustainability FY24 FY25 Ambition priorities pillars Health and Lost Time Frequency Rate 0.14 0.09 No harm safety Accident Frequency Rate 0.04 0.03 No harm Progressive culture Early careers as a % of total employees 10.2% 10.1% >9.0% Our people
Slide 35: Appendices: Our sustainability commitments - FY25
Appendices 6. Our sustainability commitments - FY25 Environment: carbon | biodiversity | resources reduction in Scope 1 and 98% Net zero by 2030 within 59% 2 carbon emissions since 2012* of our company car fleet is electric/plug-in hybrid 12.4 tonnes of waste per £100,000 of revenue 2030 our operati
Slide 36: Appendices: A destination employer - FY25
Appendices 7. A destination employer – FY25 4,300 87% Employees in our business Employee advocacy score 401 10.7% Promotions Churn No1 Construction & civil engineering employer for apprentices and graduates 36
Slide 37: Disclaimer
Disclaimer This document contains statements that are, or may be deemed to be, occurrence of the events expressed or implied in any forward-looking “forward-looking statements” which are prospective in nature. These statements in this document will actually occur. You are cautioned forward-looking s
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