Slide 1: 2025 full year results presentation
2025 full year results presentation 11 March 2026 M3 Junction 9 Improvement Scheme, UK
Slide 2: Philip Hoare, Group Chief Executive
Philip Hoare Group Chief Executive 2025 UK Early Careers Festival welcoming c.400 apprentices and graduates
Slide 3: Strong performance and confident outlook
2 Strong performance and confident outlook 2025 Outlook Shareholder returns Full year Record order Attractive and expectations book with sustainable delivered momentum in shareholder with profitable chosen growth returns growth and markets increased cash 9% £23 billion £200 million EPS growth order
Slide 4: The next chapter of growth
3 The next chapter of growth Evolve Energise Explore Strengthen our core Accelerate profitable growth Shape what’s next Increase long-term Improve margins across the portfolio US Construction expansion Responsive to dynamic markets value Drive operational Leverage high growth Explore excellence thro
Slide 5: Phil Harrison, Chief Financial Officer
Phil Harrison Chief Financial Officer Hanslope Junction track renewal, UK
Slide 6: Headline numbers: strong year of growth
5 Headline numbers: strong year of growth £m (unless otherwise stated) 2025 2024 Variance Group revenue 10,767 10,015 8% Profit from earnings-based businesses* 293 252 16% Profit from operations* 252 248 2% Profit for the year* 239 227 5% Basic earnings per share* 47.6p 43.6p 9% Dividends per share
Slide 7: Construction Services: UK margin ahead of 3% target
6 Construction Services: UK margin ahead of 3% target £m 2025 2024 Revenue PFO* PFO % Revenue PFO* PFO % o 8% growth in PFO UK 3,112 110 3.5% 3,011 81 2.7% o UK: surpassed long-term 3% US 4,509 25 0.6% 3,638 40 1.1% PFO margin target: Gammon 1,090 36 3.3% 1,550 38 2.5% ̶ 3.2% margin when excluding o
Slide 8: Support Services: Power expansion drives PFO growth
7 Support Services: Power expansion drives PFO growth £m 2025 2024 Revenue o Profitable recurring revenues Utilities 631 385 underpinned by long-term frameworks Transportation 796 825 o 18% revenue growth driven by increased Power T&D activity Total 1,427 1,210 o Profit growth driven by revenue and
Slide 9: Group order book: 23% increase with growth in all divisions
8 Group order book: 23% increase with growth in all divisions £22.7 billion order book o 44% increase in UK Construction driven 8.9 by new power generation projects: 2024** 2025 7.8 ̶ 88% of orders are target cost or cost plus 6.6 6.2 o Strong progress in US Construction, with larger order books in
Slide 10: Infrastructure Investments: £120 million disposal proceeds
9 Infrastructure Investments: £120 million disposal proceeds £m 2025 2024 Pre-disposals operating (loss)* (31) (8) o Increased operating loss due to Gain on disposals 36 43 higher US military housing costs Investments profit* 5 35 o Monitorship anticipated to complete in June 2026 Subordinated debt
Slide 11: £1.1 billion Infrastructure Investments Directors' valuation
10 £1.1 billion Infrastructure Investments Directors’ valuation £29m £82m £(120)m £(31)m £(30)m £(62)m £(53)m £1,254m £1,069m 2024 Equity Sales Distributions Unwind of Operational Change in Foreign 2025 invested proceeds received discount performance discount exchange rates
Slide 12: Strong cash performance
11 Strong cash performance 2025 average net cash £1,212 million £91m £408m £59m £(10)m £(77)m £(49)m £297m £(190)m £(26)m £1,446m £943m Net cash Operating Working Dividends Net Pension Lease Capital Shareholder Other Net cash 2024 cash flows capital from JVAs disposal deficit payments expenditure re
Slide 13: Consistent capital allocation policy
12 Consistent capital allocation policy Continued Additional cash Active realisation Strong but Sustainable investment in returns via share of Investments efficient ordinary dividend organic growth buybacks portfolio balance sheet opportunities £77 million £120 million £1.2 billion 12% increase £200
Slide 14: Foundations set for further growth
13 Foundations set for further growth Transformed financial performance Track record of value creation in Over £1.2 billion of shareholder and record order book Investments portfolio returns 2021 – 2026 £23bn c.£267m Earnings per share Order book 48p £0.4bn £1.6bn £208m £208m £189m £1.2bn £179m £161
Slide 15: 2026 outlook
14 2026 o High single-digit % growth forecast for earnings-based business PFO: – Construction Services: PFO margin growth in outlook UK and US Construction – Support Services: further growth in Power T&D revenue and PFO margin remaining above 8% o Infrastructure Investments: Further growth in – smal
Slide 16: Philip Hoare, Group Chief Executive
Philip Hoare Group Chief Executive Hinkley Point C tunnelling and marine works, UK
Slide 17: Strong and diversified Group
16 Strong and diversified Group £22.7 billion £1.1 billion Momentum high quality & diversified order book Investments portfolio in growth markets 39% UK Construction 35% UK 65% US UK Energy UK Defence UK Transport US Buildings 18% Support Services Deep end-to-end expertise 34% US Construction Design
Slide 18: US Construction: significant growth opportunity
17 US Construction: significant growth opportunity Organic growth strategy: revenue up 28% Further geographic expansion Leveraging existing customer relationships Diversified $10.5 billion Data centres order book Order Book 200% increase 18% increase Education 25% increase in 2025 Roads 50% increase
Slide 19: US Construction: rising demand for data centre expertise
18 US Construction: rising demand for data centre expertise Strong opportunity Continued market growth US data centres: $250 billion market 2026 - 2029 Source: FMI 2026 North American engineering and construction industry overview: Q1 2026 o Market compound annual growth rate forecast at 17% (2025 –
Slide 20: US Construction: growth in aviation investment
19 US Construction: growth in aviation investment Expert capabilities and delivery record in growing market Strong track record US aviation: o Projects currently being delivered at Los $140 billion market Angeles, Sacramento, Raleigh Durham, 2026 – 2029 Orlando and Jacksonville airports Source: Inte
Slide 21: UK growth markets: strong momentum
20 UK growth markets: strong momentum Energy Defence Transport c.£70bn Addressable market to 2031 c.£15bn Addressable market to 2030 c.£85bn Addressable market to 2030 2025 Spending Review and RIIO –T3 estimates internal estimate of six key defence segments (excl. HS2) 2025 Spending Review o c.£3 bi
Slide 22: UK Power Transmission: leading share of growing market
21 UK Power Transmission: leading share of growing market Target market: 2025-30 (£bn) Source: Internal estimates £0.6 billion £1.6 billion £6 - 8 billion 2025 revenue Order book Further pipeline UK power transmission market 5.7 Power revenue: 2025 5.3 Largest workforce Design Overhead lines 4.6 and
Slide 23: UK Power Generation: long term workload secured
22 UK Power Generation: long term workload secured Constructing the next wave of onshore UK power stations £4 billion Nuclear new build Carbon capture o Hinkley Point C: o Net Zero Teesside project: 10-year secured pipeline UK’s first new nuclear delivering world’s first CCGT power station in with c
Slide 24: UK Defence: well positioned in complex market
23 UK Defence: well positioned in complex market Government commitment to increase defence spending c.£15 billion addressable market to 2030 Our differentiators Extensive capability Complex nuclear experience Strong balance sheet UK domiciled o Multiple major project bids being Security clearance Ri
Slide 25: UK Transport: strong positions in high spend market
24 UK Transport: strong positions in high spend market Resilience and responsiveness to dynamic markets £85 billion Addressable market to 2030 Roads o £315 million Warwickshire Rail o £750 million long term rail orders maintenance contract renewed secured in 2025 o Lower Thames Crossing being o Ongo
Slide 26: Gammon: strong reputation and high-quality delivery
25 Gammon: strong reputation and high-quality delivery Expert capabilities aligned to long-term infrastructure demand 18% order book growth Hong Kong 57% Buildings Hong Kong Government Robust Singapore pipeline Northern Metropolis 26% (Buildings & Civils) committed to major across commercial and £2
Slide 27: Infrastructure Investments: improving landscape
26 Infrastructure Investments: improving landscape Project opportunities across UK and US UK Government Major Electric Fort Carson plans to fund public Vehicle charging refinancing raises infrastructure with contract secured $444 million for private finance in Kent redevelopment o NISTA combines Inf
Slide 28: A powerful platform for growth
27 A powerful o Strong 2025 performance with momentum building into 2026 platform for o Significant and high-quality order book o Disciplined governance processes growth o Well positioned in growing markets, with increasing demand for the Group’s expertise Confidence in creating further o Robust bal
Slide 29: Appendix
Appendix Queensway Bridge, Hong Kong
Slide 30: Disclaimer and important information
29 Disclaimer and important information This presentation, including information incorporated by reference in it, contains statements that are or may be forward-looking statements which are prospective in nature with respect to Balfour Beatty’s business, financial condition, operations and prospects
Slide 31: Balfour Beatty investment proposition
30 Balfour Beatty investment proposition High quality o Diverse portfolio across UK, US & Hong Kong and de-risked o Record £23 billion order book Over £1.2 billion of shareholder returns portfolio o Robust governance and disciplined bidding 2021 – 2026 c.£267m o Track record of complex infrastructur
Slide 32: Building New Futures Sustainability Strategy
31 Building New Futures Sustainability Strategy Protecting and enhancing the environment Leaving a positive social legacy Climate Nature Resource Supply chain Community Employee diversity, change positive efficiency integrity engagement equity and inclusion 7.8% reduction in Launched nature Switched
Slide 33: Order book by phase
32 Order book by phase Total FY 2025 £22.7bn Total FY 2024 £18.4bn £8.7bn £8.9bn £7.6bn £6.3bn £5.1bn £4.5bn FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 0-12 months 13-24 months 25+ months UK Construction US Construction Gammon Support Services US Construction Gammon
Slide 34: Underlying profit from operations
33 Underlying profit from operations £m 2025* 2024* UK Construction 110 81 US Construction 25 40 Gammon 36 38 Construction Services 171 159 Support Services 122 93 Earnings-based businesses 293 252 Infrastructure Investments Pre-disposals operating loss (31) (8) Gain on disposals 36 43 Corporate act
Slide 35: Group balance sheet
34 Group balance sheet £m 2025 2024 Goodwill and intangible assets 1,075 1,122 Current working capital (1,639) (1,228) Net cash (excluding infrastructure concessions) 1,446 943 Investments in joint ventures and associates 363 385 PPP financial assets 18 21 Infrastructure concessions – non-recourse n
Slide 36: Cash flow
35 Cash flow £m 2025 2024 £m 2025 2024 Operating cash flows before working capital Working capital flows 297 208 movements and pension deficit payments Inventories 2 (34) Working capital (outflow)/inflow 408 99 Net contract assets 376 165 • Pension deficit payments≠ (10) (30) Trade and other receiva
Slide 37: Working capital – Group
36 Working capital – Group £0m 0 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 £(200)m £(400)m (4)% £(600)m (8)% £(800)m £(1,000)m (9.9)% (10.3)% (12)% £(1,200)m (12.1)% £(1,400)m (16)% (15.3)% (15.4)% (14.9)% (15.6)% £(1,600)m (17.3)% £(1,800)m (20)% Period end working capital Period end
Slide 38: Pensions: balance sheet movement
37 Pensions: balance sheet movement £231m £223m £133m £89m £69m £54m £10m £32m £2m £(48)m £(60)m 2017 2018 2019 2020 2021 2022 2023 2024 Employer Net 2025 contributions actuarial losses & other
Slide 39: Net finance income
38 Net finance income £m 2025 2024 Subordinated debt interest receivable 26 Interest on infrastructure concession assets 1 Interest on non-recourse borrowings (14) 13 5 Net finance income – pension schemes 1 4 Other interest receivable 52 Other interest payable (6) 46 35 US private placement (10) (1
Slide 40: Borrowing repayment profile
39 Borrowing repayment profile £80m £40m 59 34 26 18 18 £0m 2027 2029 2031 2032 2036 US Private Placement notes
Slide 41: Balfour Beatty
Balfour Beatty