Galliford Try Holdings Plc · LSE:GFRD
Galliford Try — FY2025 Earnings Presentation
49 slides from Galliford Try's earnings presentation, Sep 17, 2025
Slide 1: Sustainable Growth
Sustainable Growth Full year results to 30 June 2025 17 September 2025
Slide 2: Agenda
Agenda FY25 highlights Bill Hocking Financial review Chief Executive Sustainable Growth to 2030 Q&A Guildford Crescent, Cardiff 2
Slide 3: Fifth year of sequential growth
Fifth year of sequential growth Consistently strong performance; confident outlook £1.9bn +6.3% 3.0% + 42 BPS £45.0m +28.6% Revenue Divisional adjusted Adjusted profit (FY24: £1.8bn) operating margin1 before tax1 (FY24: 2.5%) (FY24: £35.0m) 19.0p +22.6% £178.7m +15.4% £4.1bn +£0.3bn Full year Averag
Slide 4: 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 5: Financial review
Financial Kris review Hampson Chief Financial Officer Hackleton Sewage Treatment Works 5
Slide 6: Strong & consistent performance
Strong & consistent performance Continued execution of our model drives incremental results Five years of consistent, sequential and profitable growth. FY25 FY242 Var Adjusted PBT up strongly by 28.6%. Revenue (£m) 1,875.2 1,763.7 +6.3% • Revenue, up 6.3%. Adjusted operating profit (£m) 40.6 29.
Slide 7: Segmental analysis
Segmental analysis Broad-based growth driving margins across divisions Building continues to perform well, with strong FY25 FY241 Var demand in key sectors including defence, custodial, Revenue (£m) 1,875.2 1,763.7 +6.3% education and FM. Building 964.7 938.3 +2.8% Infrastructure 902.5 810.7 +11.3
Slide 8: Building division
Building division Strong continued demand & tight operational management High-quality order book FY25 FY24 Var £32m Revenue (£m) 964.7 938.3 +2.8% £382m £701m Adjusted operating profit (£m) 28.1 24.0 +17.1% Defence Health Adjusted operating margin (%) 2.9 2.6 +36bps Order book (£bn) 2.4 2.3 +7.0% Cu
Slide 9: Infrastructure division
Infrastructure division Demand driving growth across Environment and Highways High-quality order book FY25 FY24 Var Revenue (£m) 902.5 810.7 +11.3% £617m Adjusted operating profit (£m) 27.4 20.1 +36.3% Adjusted operating margin (%) 3.0 2.5 +50bps Environment Highways (Design and build, £1.7bn (Natio
Slide 10: Strong balance sheet
Strong balance sheet Excellent cash position Robust cash position. Balance sheet £m 30 June 2025 30 June 2024 • Period-end cash of £237.6m, up 4.7%. Intangible assets & goodwill 97.0 97.9 • Average month-end cash of £178.7m, up 15.4%. • No drawn bank debt. PPP & other investments 38.6 41.8 • No pe
Slide 11: Robust cash performance
Robust cash performance Average month-end cash £178.7m 280 260 46.3 (2.8) 10.4 97% of invoices paid in (17.4) (10.0) 1.9 237.6 60 days. 240 227.0 (17.5) (0.3) 220 26 days £m 200 average days to pay. 180 160 140 >100% Cash conversion from 120 PBT to cash from Opening net Cash from Working VAT Corpora
Slide 12: Capital allocation model
Capital allocation model Disciplined and consistent policy driving superior sector returns Investing for growth Returns to shareholders FY21 - FY25 Ability to invest in technology and training to drive quality and efficiency. Reinvest Accelerates adjacent market opportunities. in the Enables s
Slide 13: Record performance, consistent sequential growth
Record performance 10 half periods of consistent, sequential growth FY25 revenue +6% >£2.2bn FY25 adjusted PBT2 +29% FY25 adjusted EPS2 +16% TSR 352% 1,764 1,875 1 July 2020 to 30 June 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 Fifth year of 923 7.7 542 594 679 819 8.7
Slide 14: Sustainable Growth to 2030
Sustainable Bill Growth to 2030 Hocking Chief Executive Woodham Academy, County Durham 14
Slide 15: Our engine for Sustainable Growth
Our engine for Focused risk Sustainable Growth management Embedded culture of discipline and risk awareness that Assessing and managing risks and uncertainties is the drives a high-quality order book and selective bidding. central element of our process and business strategy. Board Robust approval f
Slide 16: 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 17: Margin improvement
Margin improvement Divisional adjusted operating margin 4.0% Divisional adjusted d. Higher operating margin margin work c. Operational (Specialist 3.0% b. Better contracting improvement (quality, Services, Investments a. Volume efficiency, and affordable environment digital & tech) homes) growth & l
Slide 18: Drivers of revenue growth
Drivers of revenue growth a. Volume growth and leverage Ageing social and economic Climate Population infrastructure change growth External Strong Government support and major UK’s net zero targets. Ageing and growing population places investment reinforced across our chosen Client carbon/ne
Slide 19: Robust markets
Robust markets a. Volume growth and leverage Environment Highways Education £104bn £24bn £22bn Total Ofwat settlement for Between 2026-2030 to £20bn for School Rebuilding AMP8 period. maintain and improve road Programme in England. networks. £2bn for Learning Estate Investment Programme in S
Slide 20: Growing, high-quality order book
Growing, high-quality order book a. Volume growth and leverage Order book by division Order book by client type 93% Repeat clients for FY25 £4.1bn £4.1bn (FY24: 93%) £3.7bn £3.8bn £3.7bn £3.8bn 7% £3.4bn 9% 41% 13% 41% 39% 92% 41% 91% 93% 87% Work secured for FY26 59% 61% 59% (FY24: 92%) 59% FY22 FY
Slide 21: Why we target frameworks
Why we target frameworks b. Better contracting environment Frameworks provide long-term visibility Infrastructure Improved risk allocation. Established and well-understood T&Cs. Building Long-term visibility and better strategic planning. Long-term client Adjacent markets relationships. Co
Slide 22: Winning work based on quality over price
Winning work based on quality over price b. 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% 20% SHEQ 15% 38% 43% 41% Sustainability and carbon 8% 9% 8% 7% 80% FY23 FY24 FY25 T
Slide 23: Benefits of Early Contractor Involvement
Benefits of Early Contractor Involvement b. Better contracting environment Single-stage procurement (1% of contracts) Design BID Construction No or limited contractor Contract involvement award Mature contracting environment Multi-stage negotiation (99% of contracts) Scope Design Price Construction
Slide 24: Drivers of margin growth
Drivers of margin growth c. Operational improvements Digital tools and Increasing Maturing client Quality right first- processes to drive capabilities in procurement and time; reducing time quality, efficiency higher-margin sector attitudes and cost of rework and carbon savings adjacent markets Robu
Slide 25: MMC case study: Guildford Crescent, Cardiff
MMC case study: Guildford Crescent, Cardiff c. Operational improvements Scan to watch Scan to watch the video the video 25
Slide 26: PRS and co-development
PRS and co-development d. Higher margin work Guildford Crescent, Cardiff underway. Preferred bidder on four schemes (FY24: three) with a Gross Development 599 Grafton Gate, Milton Keynes Corah, Leicester Value of £360m (FY24: £260). Eight further schemes in the pipeline with a Gross Developmen
Slide 27: Excellent water position
Excellent water position d. Higher margin work (Operates across 20 21 55 the UK.) AMP7/8 frameworks 14 Design & Build Capital Maintenance Water Technologies 13 We are working with all of the UK’s major water and sewerage companies. Average number of consecutive years Lintott control panels 18 workin
Slide 28: Growing in higher margin specialist businesses
Growing in higher margin specialist businesses d. Higher margin work 2025 2026 2027 2028 2029 2030 Environment AMP8 AMP9 (Capital Maintenance) Environment Agency Asset Operation Maintenance Response Environment Agency Asset Operation Maintenance Response Environment AMP8 AMP9 (Water Technologies) En
Slide 29: Margin improvement
Margin improvement Divisional adjusted operating margin 4.0% Divisional adjusted d. Higher operating margin margin work c. Operational (Specialist 3.0% b. Better contracting improvement (quality, Services, Investments a. Volume efficiency, and affordable environment digital & tech) homes) growth & l
Slide 30: Summary and outlook
Summary and outlook Five years of delivery, confident route ahead Adjusted PBT1 up 28.6% Another year of strong results. £45.0m Consistent cash conversion of profits; clear £35.0m capital allocation policy and new £10m share £20.6m £22.4m buyback announced. £8.7m £16.8m £20.5m £4.6m £7.8m £12.7m
Slide 31: Questions
Questions Bill Hocking Chief Executive Kris Hampson Chief Financial Officer 31
Slide 32: Appendices
Appendices 1. Video library 2. Sustainable Growth Strategy 3. Better contracting environment 4. Why we target frameworks 5. Forward order book 6. Contract types 7. PPP Investments valuation 8. Our approach to M&A 9. Impact of changes in Adjusted Performance Measures 10. Cash and VAT phasing over fin
Slide 33: Video library
Appendices 1. Video library Water sector Our Fact Annual Report interview with CEO business Sheet (available mid October Bill Hocking 2025) 33
Slide 34: Sustainable Growth Strategy
Appendices 2. Sustainable Growth Strategy A people-orientated, progressive Deliver excellence for our clients. culture driven by our values. . Clients: Delivering lower carbon, superior buildings and infrastructure Health and safety: Prioritising with a better social footprint for clients health, sa
Slide 35: 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 36: Why we target frameworks
Appendices 4. Why we target frameworks 90% 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 37: Forward order book
Appendices 5. Forward order book <£20m average contract Forward order book distribution – Building (excluding FM) size. 70 60 Number of contracts 50 40 30 20 10 0 Contract size 37
Slide 38: Contract type: multi-stage negotiation
Appendices 6. Contract type: multi-stage negotiation, early contractor involvement Order book procurement Target cost/cost plus: an agreed target cost plus our overhead and profit is agreed based on our initial estimate and builds in our overhead, profit, risk and inflation contingencies. Cost savin
Slide 39: Contract type: multi-stage negotiation, benefits
Appendices 6. Contract type: multi-stage negotiation, early contractor involvement Order book procurement Benefits of multi-stage negotiation Improved buildability, programme, and construction risk 51% through earlier collaboration between designers, contractor and supply chain. Improved innovat
Slide 40: PPP Investments valuation
Appendices 7. PPP Investments valuation PPP Investments valuation £39.9m 40 Valuation £m £38.6m £37.3m 35 7.4% 7.9% 8.4% Discount rate % 40
Slide 41: Our approach to M&A
Appendices 8. Our approach to M&A Our 2030 strategic targets do not assume any further acquisitions, however Acquisition history our capital allocation framework allows for investment in M&A given the following criteria are met. October 2021 Strategic criteria Financial criteria Existing or adjacent
Slide 42: Impact of changes in Adjusted Performance Measures
Appendices 9. Impact of changes in Adjusted Performance Measures Pre FY25 pre-exceptional PBT FY25 pre-exceptional EPS Adjusted profit before tax definition up 35% £44.1m up 21% 33.7p This measure has been changed to exclude change £32.7m 27.9p amortisation of acquired intangible assets £23.4m 18.9p
Slide 43: Cash and VAT phasing over financial quarter
Appendices 10. Cash and VAT phasing over financial quarter 3-month VAT quarter 2025 impact on average month- 100% Historic end cash of £8m and expected 2026 impact of £18m. Month 1 Month 2 Month 3 Month 4 Month 5 2025 average cash c£161m vs reported c£179m on a rebased full year new VAT 15% 15% 70%
Slide 44: Investment case
Appendices 11. 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
Slide 45: Our sustainability commitments
Appendices 12. 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 46: Our sustainability commitments
Appendices 12. Our sustainability commitments 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 operations an
Slide 47: A destination employer
Appendices 13. A destination employer 4,300 87% Employees in our business Employee advocacy score 401 10.7% Promotions Churn No1 Construction & civil engineering employer for apprentices and graduates 47
Slide 48: MMC case study; Guildford Crescent
Appendices 14. MMC case study; Guildford Crescent The Rise is a landmark project, which will become one of Cardiff’s tallest buildings, delivering 272 Private Rented Sector (PRS) apartments, retail units, and amenity spaces. The project is privately funded by Lloyds Living, with Galliford Try Invest
Slide 49: 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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