Wilson Bayly Holmes-ovcon Limited · JSE:WBO
Wilson Bayly Holmes-ovcon — FY2025 Earnings Presentation
35 slides from Wilson Bayly Holmes-ovcon's earnings presentation, June 2025
Slide 1: Results Presentation 2025
RESULTS PRESENTATION 2025 DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT 1
Slide 2: Contents
CONTENTS 1. OPERATIONAL REVIEW CONTENTS 2. FINANCIAL REVIEW 3. ORDER BOOK, PIPELINE AND OUTLOOK 2
Slide 3: Operational Review
OPERATIONAL REVIEW 1. ESG PERFORMANCE OPERATIONAL 2. BUILDING AND CIVIL ENGINEERING REVIEW 3. ROADS AND EARTHWORKS 4. UNITED KINGDOM 3
Slide 4: ESG Performance
ESG PERFORMANCE FY2025 PERFORMANCE LOST TIME INJURY FREQUENCY RATIO (LTIFR) • All time safety record improved upon with an LTIFR of 0.14 (FY2024: 0.24) 1.0 • Commitment to Zero Harm driven from executive level • One fatality across the Group (FY2024: Nil) 0.8 • Intensified focus on safety is visible
Slide 5: Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING BUILDING 1. FY2025 PERFORMANCE AND CIVIL 2. GEOGRAPHIC ANALYSIS ENGINEERING 3. ORDER BOOK 5
Slide 6: Building and Civil Engineering FY2025 Performance
BUILDING AND CIVIL ENGINEERING FY2025 PERFORMANCE • Decline in revenue of 2% but an improved operating margin of 5.1% (FY2024: 4.7%) 15 000 1 000 12 068 BUILDING 11 854 10 981 • Decline in revenue of 2% (FY2024: 3% growth) 12 000 800 • Margins maintained in FY2025 but under pressure looking ahead •
Slide 7: Building and Civil Engineering Geographic Analysis
BUILDING AND CIVIL ENGINEERING GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 11 820 16 000 11 276 12 000 REVENUE (Rm) 8 000 4 000 578 248 0 2025 2024 SOUTH AFRICA REST OF AFRICA 800 552 OPERATING PROFIT (Rm) 535 600 400 200 64 16 0 2025 2024 SOUTH AFRICA REST OF AFRICA 7
Slide 8: Building and Civil Engineering Order Book Up 15%
BUILDING AND CIVIL ENGINEERING ORDER BOOK UP 15% • Growth due to award of R4.6 billion Khauta solar project 30 June 30 June % 2025 2024 change • Building order book South Africa 12 727 11 086 15 - Gauteng at significantly low levels - Offset by demand in the coastal regions of W.Cape and KZN Rest of
Slide 9: Roads and Earthworks
ROADS AND EARTHWORKS ROADS AND 1. FY2025 PERFORMANCE EARTHWORKS 2. GEOGRAPHIC ANALYSIS 3. ORDER BOOK 9
Slide 10: Roads and Earthworks FY2025 Performance
ROADS AND EARTHWORKS FY2025 PERFORMANCE • Revenue growth of 7% at an operating margin of 7.6% (FY2024: 7%) • Moderate consolidation following a doubling of revenue over three years 12 000 1 000 SOUTH AFRICA 9 596 8 935 10 000 • Revenue growth of 8.3% in South Africa 800 • Ongoing growth in roadwork
Slide 11: Roads and Earthworks Geographic Analysis
ROADS AND EARTHWORKS GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 6 502 8 000 6 004 6 000 REVENUE (Rm) 3 094 2 931 4 000 2 000 0 2025 2024 SOUTH AFRICA REST OF AFRICA 600 431 OPERATING PROFIT (Rm) 342 400 301 284 200 0 2025 2024 SOUTH AFRICA REST OF AFRICA 11
Slide 12: Roads and Earthworks Order Book Up 26%
ROADS AND EARTHWORKS ORDER BOOK UP 26% 30 June 30 June % • 34% growth in South Africa following sizeable awards 2025 2024 Change • Roadwork comprises 81% of the order book of which R4.9 billion South Africa 16 535 12 373 34 to be executed in FY2026 Rest of Africa 1 790 2 183 (18) • Fewer procurement
Slide 13: United Kingdom
UNITED KINGDOM 1. FY2025 PERFORMANCE UNITED 2. GEOGRAPHIC ANALYSIS KINGDOM 3. ORDER BOOK 13
Slide 14: United Kingdom FY2025 Performance
UNITED KINGDOM FY2025 PERFORMANCE • Challenging market conditions continue to prevail 5 655 5 509 • Delayed awards and project cancellations still occur 6 000 800 5 379 4 988 • Margins in traditional London markets remain competitive BYRNE GROUP 4 210 600 • 11% growth in Group revenue 4 000 - Byrne
Slide 15: United Kingdom Geographic Analysis
UNITED KINGDOM GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 6 000 4 466 4 021 REVENUE (Rm) 4 000 1 359 1 189 2 000 0 2025 2024 BYRNE GROUP RUSSELL WBHO 169 200 154 OPERATING PROFIT (Rm) 150 100 37 50 26 0 (8) (8) 2025 2024 -50 BYRNE GROUP RUSSELL WBHO WBHO UK 15
Slide 16: United Kingdom Order Book Up 32%
UNITED KINGDOM ORDER BOOK UP 32% 30 June 30 June % • Order book levels within the Byrne Group maintained but 2025 2024 change weighted toward Ellmers Byrne Group 4 096 3 998 9 • Strong procurement in H2 for Russell WBHO supports growth Russell WBHO 1 727 817 156 outlook FY2026 Total 5 823 4 815 32 O
Slide 17: Financial Review
FINANCIAL REVIEW 1. FINANCIAL PERFORMANCE FINANCIAL 2. KEY FINANCIAL INDICATORS REVIEW 3. FINANCIAL POSITION 17
Slide 18: Key Financial Indicators
KEY FINANCIAL INDICATORS 2025 2024 Target / growth Revenue growth 3.5% 16% >10% Segment operating margin 5.5% 5.1% 4.0% - 5.5% Cash and cash equivalents (Rm) 4 305 3 660 18% Earnings per share from continuing operations (cents) 2 299 1 853 22% Headline earnings per share from continuing operations (
Slide 19: Financial Performance
FINANCIAL PERFORMANCE CONTINUING OPERATIONS 28 493 • A year of consolidation after steep growth trajectory 27 526 30 000 2 500 • Growth driven by the size of infrastructure projects versus volume of available 23 769 projects 25 000 • Several multi-billion rand projects secured from renewable and roa
Slide 20: Consolidated Contribution by Geography – Continuing Operations
CONSOLIDATED CONTRIBUTION BY GEOGRAPHY – CONTINUING OPERATIONS 2025 2024 REVENUE 2025 2024 % change South Africa 19 147 18 926 1 20% 20% Rest of Africa 3 691 3 221 15 11% 13% United Kingdom 5 655 5 379 5 67% 69% Total 28 493 27 526 4 2025 2024 OPERATING PROFIT 2025 2024 % change South Africa 991 930
Slide 21: Financial Performance
FINANCIAL PERFORMANCE Rm 2025 2024 Revenue 28 493 27 526 Operating profit before non-trading items 1 569 1 415 Share-based payment expense (154) (82) Impairment of goodwill - (86) Share of profits from interests in associates and joint ventures 111 96 Net finance income 243 198 Profit before tax 1 7
Slide 22: Financial Position
FINANCIAL POSITION Property, plant and equipment (Rm) 2025 2024 • Plant replacement policy aims for an optimal Property, plant and equipment 2 559 2 331 fleet size and age relative to the operations Right of use assets (IFRS 16) 131 156 • Expansionary capex still necessary to support Total 2 690 2 4
Slide 23: Financial Position: Associates and Joint Ventures
FINANCIAL POSITION Share of profits Interests in associates Country Effective Carrying and joint ventures (Rm) Industry of operation % amount 2025 2024 Concession investments: Gigajoule Group Power and gas Mozambique 26.6 401 59 71 Tsala-Bese Uyavuma Serviced accommodation South Africa 32.5 130 28 4
Slide 24: Financial Position: Tax
FINANCIAL POSITION Tax (Rm) 2025 2024 Deferred tax asset consists of: Net deferred tax asset 416 518 • Tax losses of R22m (2024: R33m) Net current tax asset 112 27 • Timing differences of R396m (2024: United R485m) Tax expense (Rm) Africa Kingdom 2025 2024 Current tax asset consists of: Profit befor
Slide 25: Financial Position: Long-term Liabilities
FINANCIAL POSITION Long-term liabilities (Rm) 2025 2024 Property funding (ABSA) 101 101 • Property funding related to co-ownership of student accommodation Working capital loan (Standard Bank) - 53 - Sale agreement remains suspended Asset-based finance 291 325 - Repayment of debt extended to July 20
Slide 26: Financial Position: Cash and Cash Generated
FINANCIAL POSITION Cash and cash equivalents (Rm) 2025 2024 South Africa 1 978 1 892 • Strong cash generation across all businesses reflected in improved cash balances in all Africa 862 763 regions United Kingdom 1 465 1 005 • UK cash balance also supported by £7m loan Total 4 305 3 660 repayment fr
Slide 27: Financial Position: Cash Flow Bridge
FINANCIAL POSITION 8 000 1 900 240 36 6 000 4 305 373 296 9 3 660 47 898 4 000 2 2 000 - Cash & cash Foreign Operating Working Net finance Taxation Dividends Cash flows Cash flows Cash flows Cash & cash equivalents currency profit capital and paid paid from investing from from equivalents at the tra
Slide 28: Order Book, Pipeline and Outlook
ORDER BOOK, PIPELINE AND OUTLOOK ORDER BOOK, 1. CONSOLIDATED ORDER BOOK PIPELINE AND 2. PROJECT PIPELINE OUTLOOK 3. OUTLOOK 28
Slide 29: Consolidated Order Book
CONSOLIDATED ORDER BOOK GROUP ORDER BOOK UP 23% 30 June 30 June Beyond 2024 2025 2026 2026 • 25% growth in South Africa South Africa 23 459 29 262 15 984 13 278 • 32% growth in the UK • Potential near awards of R17 billion could Rest of Africa 2 713 2 466 2 034 432 materialise in Q4:2025 United King
Slide 30: Project Pipeline: Building and Civil Engineering
PROJECT PIPELINE Building and civil engineering (Rm) South Africa Rest of Africa 2025 2024 Commercial and mixed-use 13 799 12 664 1 135 13 084 6% developments Residential 8 088 1 000 9 088 11 767 Industrial buildings and 10 544 10 544 - 11 730 warehousing Data centres 3 843 - 3 843 7 470 94% Healthc
Slide 31: Project Pipeline: Roads and Earthworks
PROJECT PIPELINE Roads and earthworks (Rm) South Africa Rest of Africa 2025 2024 Roadwork 24 700 6 150 30 850 57 920 Mining infrastructure 8 450 27 250 35 700 18 640 33% Energy infrastructure 11 450 7 150 18 600 15 660 Marine infrastructure - 820 820 2 500 67% Airports, rail and pipeline 4 860 4 610
Slide 32: Project Pipeline: United Kingdom and Summary
PROJECT PIPELINE 2025 2024 United Kingdom Rm Rm Byrne Group 26 890 33 247 Russell WBHO 10 306 11 064 Total 37 196 44 311 2025 2024 Summary Rm Rm Building and civil engineering 127 706 107 950 Roads and earthworks 131 080 107 080 United Kingdom 37 196 44 311 Total 295 982 259 341 32
Slide 33: Outlook
OUTLOOK • Lower interest rates have reduced the cost of project finance • Impact of US tariffs still to materialise • Global tensions still prevail creating uncertainty for developed markets • Outlook for the UK economy remains gloomy – Labour government is raising taxes • Structural and economic is
Slide 34: Disclaimer
DISCLAIMER Certain statements contained within this presentation may be classified as forward-looking statements. Words, including but not limited to, “believe”, “anticipate”, “expect”, “seek”, “intend”, “estimate”, “project”, “plan”, or “predict” are used to identify such statements. Forward-lookin
Slide 35: Thank you
Thank you DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT 35
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