Slide 1: Results presentation
Results presentation For the year ended 31 December 2025 Together we shape, create, deliver Results presentation Full Year 2025
Slide 2: Introduction
REPLACE PHOTO Introduction Alex Vaughan Chief Executive Officer Together we shape, create, deliver Sellafield
Slide 3: Going from strength to strength
Going from strength to strength • Continued strong performance reflecting the quality of our contract portfolio • Financial strength and cash generation enabling increased shareholder returns • Strong market momentum and record forward work position underpin future growth • Returned to FTSE250 in Ma
Slide 4: Delivered profit and cash growth, and industry-leading margin
Delivered profit and cash growth, and industry-leading margin 5 years of sustainable growth has driven 12% profit CAGR & c.£100m increase in gross cash Track record of strong financial performance Strengthening balance sheet and increasing shareholder returns Adjusted EBIT CAGR 12% Gross cash balanc
Slide 5: Growing in our chosen markets, with record £7bn forward work
Growing in our chosen markets, with record £7bn forward work Expect revenue and profit growth in FY 26 with a step change in FY 27 and beyond Record forward work position Broadening customer mix in growth markets £2.6bn of work won in FY 25 8 7.0 7 6 5.4 5 4.4 4.3 3.9 4 £bn 3 2 1 0 2021A 2022A 2023A
Slide 6: Financial Review
REPLACE PHOTO Financial Review Helen Willis Chief Financial Officer Together we shape, create, deliver HS2
Slide 7: Headline financial results
Headline financial results Strong financial performance reflecting quality of contract portfolio and predictable execution FY 25 FY 24 Change Financial Summary • Group revenue of £1,045.7m, lower than prior period reflecting growth £m £m % in Natural Resources offset by previously announced reductio
Slide 8: Revenue walk
Revenue walk Reduction in Transportation, as previously announced, offset by growth in Natural Resources Revenue FY 25 vs FY 24 (16.4)% • Transportation: decrease as previously announced, £1,251.1m of 28.4% £17.8m £1,045.7m • Expected reduction in Road due to the completion of £(164.5)m £18.0m £39.6
Slide 9: Adjusted operating profit ahead of expectations
Adjusted operating profit ahead of expectations Quality of portfolio and predictable delivery Adjusted Operating Profit FY 25 vs FY 24 • Adjusted operating profit growth of 9.3% to £47.1m • Transportation adjusted operating profit reduction of £5.0m, Adjusted operating margin(1) improvement as expec
Slide 10: Significant growth in adjusted free cash flow
Significant growth in adjusted free cash flow Net cash position at year-end of £189.3m after £10m share buyback programme 250.0 66.6 1.3 (0.7) (2.8) 200.0 (10.8) (10.0) 189.3 • Significant growth in adjusted free cash (7.3) (2.0) flow to £63.1m (FY 24: £27.1m), 158.5 £17.3m benefitting from lower ca
Slide 11: Cash and banking facilities
Cash and banking facilities Strong balance sheet, with successful refinancing of facilities FY 25 FY 24 • New four-year agreement of bank and bonding facilities to Cash and cash equivalents 189.3 158.5 September 2029 Cash and cash equivalents - with restrictions 26.0 38.4 Cash and cash equivalents (
Slide 12: Increasing shareholder returns
Increasing shareholder returns Shareholder returns of £32m in FY 26, almost double FY 25 Increasing shareholder returns • Shareholder returns commenced in FY 23 with resumption of dividend 35 30 • Recent triennial review of pension scheme with Based on consensus Trustee removed dividend parity arran
Slide 13: High-quality record forward work position of £7bn
High-quality record forward work position of £7bn Increase in both divisions, broadening customer base 8.0 £7.0bn 7.0 6.0 £5.4bn £5.6bn • Forward work position increased 30% 3.4 5.0 4.0 2.9 2.2 • Forward work position built on long-term programmes, normally of a duration of 5 years or 3.0 more 2.0 3
Slide 14: High-quality record forward work position of £7bn
High-quality record forward work position of £7bn We continue to build and expand our customer base to enhance the business’ resilience FY23 FY25 • Broadening the customer base and £3.9bn £7.0bn increasing the size of the forward work 6% position 17% • Significantly reduced reliance on 30% Central G
Slide 15: High-quality record forward work position of £7bn
High-quality record forward work position of £7bn Long-term programmes of work, providing good visibility of future revenue 34% of total 25% of total 41% of total £2.9bn £3bn • Visibility of FY26 and FY27 revenue £0.6bn £2.4bn £2bn • 90% of forecast revenue secured for £1.8bn FY 26 £1.3bn £0.8bn £1b
Slide 16: Outlook
Outlook • Revenue and profit growth in FY 26, with a step change in performance in FY 27 and beyond • Adjusted operating margin around 4.0% in FY 26, ambition to exceed 5% • Implementing dividend cover of 3x adjusted earnings and £20m share buyback programme announced for FY 26 • FY26 year end cash
Slide 17: Strategy & Outlook
Gallows Corner - TfL Strategy & Outlook Alex Vaughan, Chief Executive Officer Together we shape, create, deliver Results presentation Full Year 2025 17
Slide 18: Our growth and value creation strategy
Our growth and value creation strategy Creating a sustainable future Purpose Improving people's lives Vision To create connected, sustainable infrastructure enabling people and the planet to thrive Sustainable A more prosperous UK A more resilient UK A decarbonised UK future Strategic Growth in stro
Slide 19: Significant growth in strategic infrastructure investment
Significant growth in strategic infrastructure investment Market Dynamics: Consistency – Continuity – Collaboration Committed Investment 2026 2027 2028 2029 2030 2031 2032 investment (1) period National and local roads £24bn 2026 - 2030 Motorway and local road improvements(5) High Speed Rail £25bn 2
Slide 20: Bringing our strategy to life – Nuclear energy case study
Bringing our strategy to life – Nuclear energy case study Long-term partnerships across the asset lifecycle in a growth market meeting critical national needs Road Rail Integrated Transport (Aviation) Water Energy Defence and Nuclear Energy Nuclear energy as % of Group forward work: FY23: 2% FY 25:
Slide 21: Transportation
Transportation Broadening customer mix, return to growth in FY 26 Road • Several major projects completed (A30, A1, M6) • Two new projects commencing (M60, M5) • Continuing to maintain roads on the strategic network (Area 14) • Building strategically important local roads presence with Eastern Highw
Slide 22: Natural Resources
Natural Resources Strongly positioned in structurally growing markets Water • Delivered very strong close to AMP7, in design phase for AMP8 • Continue to expect AMP8 investment to be double AMP7 • Completed Tideway, secured Anglian Water SPA extension • Secured place on SESRO project, positioned for
Slide 23: Strong markets and record forward work underpin future growth
Strong markets and record forward work underpin future growth Further progress in FY 26, with a step change in performance in FY 27 and beyond • Strong market momentum and record forward work position REPLACE PHOTO underpin future growth • Continued strong performance reflecting the quality of our c
Slide 24: Q&A
Click icon to add picture Gallows Corner - TfL Q&A Together we shape, create, deliver Results presentation Full Year 2025 24
Slide 25: Appendices
Spernal WwTW: Severn Trent Water Appendices Together we shape, create, deliver Results presentation Full Year 2025 25
Slide 26: Finance income/(expense)
Finance income/(expense) Finance Income / (Expense) FY 25 FY 24 • £5.0m of interest income from bank deposits, lower than FY 24 of £6.7m on decreased cash on deposit £m £m at lower rates Interest income from bank deposits 5.0 6.7 • £3.0m of interest income on the net assets of the Interest income on
Slide 27: Balance sheet
Balance sheet Consolidated statement of financial position FY 25 FY 24 £m £m Assets Retirement benefit asset 60.0 54.9 Other non-current assets 90.8 99.8 Total non-current assets 150.8 154.7 Current assets Trade receivables and other current assets 192.6 195.6 Cash and cash equivalents - with restri
Slide 28: Cash flow
Cash flow Consolidated cash flow statem ent FY 25 FY 24 £m £m Cash from operations before changes in w orking capital and provisions 60.2 46.2 Changes in w orking capital and provisions 2.9 (16.6) Contributions to defined benefit pension scheme 0.0 (1.9) Interest and tax paid 0.6 1.0 Net cash from o
Slide 29: Adjusted to reported reconciliation
Adjusted to reported reconciliation £m FY 25 FY 24 Reported Contract Other Adjusted Reported Contract Other Adjusted Adjustm ents Adjustm ents Adjustm ents Adjustm ents Group Revenue 1,045.7 0.0 0.0 1,045.7 1,251.1 0.0 0.0 1,251.1 Cost of sales (931.9) 0.0 0.0 (931.9) (1,147.8) 0.0 0.0 (1,147.8) Gro
Slide 30: Adjusted free cash flow
Adjusted free cash flow Adjusted free cash flow FY 25 FY 24 £m £m Cash from operations 50.7 41.7 Add back cash flow on adjusting items 3.5 8.6 Add back pension deficit contributions 0.0 2.0 Less cash flows on cash and cash equivalents - with restrictions 12.4 (14.0) Less taxation (0.7) (2.2) Adjuste
Slide 31: FY 25 IFRS 16 impact
FY 25 IFRS 16 impact Incom e statem ent im pact £m Decrease in operating costs 13.1 Loss on disposal of assets (0.4) Increase in depreciation (10.6) Increase in finance costs (2.4) Net im pact on incom e statem ent (0.2) Fixed Assets im pact £m Fixed assets opening position 27.0 Additions 11.2 Dispo
Slide 32: Cautionary forward-looking statements
Cautionary forward-looking statements This presentation contains certain statements that are forward-looking statements based on current expectations and reasonable assumptions. Various known and unknown risks, uncertainties and other factors may cause actual results to differ from any future result