Slide 1: 2025 half year results presentation
2025 half year results presentation 13 August 2025 Image: Kinardochy Substation 400kV overhead line, UK
Slide 2: Leo Quinn, Group Chief Executive
Leo Quinn Group Chief Executive Image: Hinkley Point C, UK
Slide 3: Profit growth in earnings-based businesses
On track for full year expectations Profit growth in Outlook for Confidence in earnings-based profitable significant future businesses growth shareholder returns 3% UK construction £19.5 billion 11% increase margin & 35% Support order book & significant in half year Services PFO growth further work
Slide 4: Pipeline momentum underpinning returns
Pipeline momentum underpinning returns £19.5bn order book Average net cash (£m) 1,102 HY23 804 766 671 700 HY24 HY25 UK Construction US Construction Gammon Support Services 2021 2022 2023 2024 H1 2025 c.£20bn pipeline in addition to order book, including: £944m shareholder returns Dividends UK Power
Slide 5: Phil Harrison, Chief Financial Officer
Phil Harrison Chief Financial Officer Image: Knox Street Development, Texas, US
Slide 6: Headline numbers: growth from earnings-based businesses
Headline numbers: growth from earnings-based businesses £m (unless otherwise stated) HY 2025 HY 2024 Variance Group revenue 5,150 4,677 10% Profit from earnings-based businesses* 108 101 7% Profit from operations* 77 77 - Profit for the period* 73 81 (10)% Basic earnings per share* 14.4p 15.3p (6)%
Slide 7: Construction Services: mixed performance
Construction Services: mixed performance £m HY 2025 HY 2024 Revenue PFO* PFO % Revenue PFO* PFO % > Long-term 3% PFO margin target UK 1,563 56 3.6% 1,458 34 2.3% achieved in UK Construction: US 2,087 (11) (0.5%) 1,703 18 1.1% – Includes one-off £10 million insurance recovery Gammon 547 17 3.1% 714 1
Slide 8: Support Services: higher power volumes driving PFO growth
Support Services: higher power volumes driving PFO growth £m HY 2025 HY 2024 Revenue > Profitable recurring revenues Utilities 295 171 underpinned by long-term frameworks Transportation 367 383 > 19% revenue growth driven by increased power transmission and Total 662 554 distribution activity > High
Slide 9: Order book growth in all divisions
Order book growth in all divisions £19.5 billion order book > Small increase in UK Construction FY 2024* HY 2025 order book; 82% of orders are target cost or cost plus (FY 2024: 79%) 7.6 > Strong progress in US Construction, 6.3 6.5 with order book growth in both 6.2 Buildings and Civils > Growth in
Slide 10: Infrastructure Investments
Infrastructure Investments £m HY 2025 HY 2024 Pre-disposals operating (loss)* (12) (7) > Increased operating loss due to: Gain on disposals 2 - – Higher US military housing costs Investments loss* (10) (7) – Hand back costs on UK PFIs Subordinated debt interest receivable 11 16 > £2 million gain on
Slide 11: Directors' valuation of Investments portfolio
Directors’ valuation of Investments portfolio £20m £42m £(2)m £(13)m £(17)m £(61)m £(65)m £1,254m £1,158m FY 2024 Equity Sales Distributions Unwind of Operational Change in Foreign HY 2025 invested proceeds received discount performance discount exchange rates £1.2 billion Investments portfolio 10
Slide 12: Increased cash following working capital inflow
Increased cash following working capital inflow £290m £28m £(18)m £(8)m £161m £(37)m £(23)m £(65)m £(34)m £1,237m £943m Net cash Operating Working Dividends Net equity Pension Lease Capital Share Other Net cash FY 2024 cash flows capital from JVAs invested^ deficit payments expenditure buybacks HY 2
Slide 13: 2025 outlook
2025 outlook > Continued profit growth from earnings-based businesses in 2025: – UK Construction: 3% PFO margin, prior to £10 million insurance recovery – US Construction: roughly £20 million PFO forecast – Support Services: PFO margin towards top end of 6 - 8% targeted range > Gain on Investments d
Slide 14: Leo Quinn, Group Chief Executive
Leo Quinn Group Chief Executive Image: M25 Junction 10 Wisley Bridge, UK
Slide 15: Group well positioned for decade of growth
Group well positioned for decade of growth Growth markets Differentiators UK Energy Power Transmission > Largest UK power workforce and steel pylon fabrication facility and Distribution Power > Nuclear construction experience spanning seven decades Generation UK Defence > Strong track record and exi
Slide 16: Power transmission: building momentum
Growth market Power transmission: building momentum Group opportunity by contract / framework (£m) First half progress 1,500 > Growth underway: Further prospects: England – 73% increase in first half revenue – 850 people recruited in 18 months Further prospects: > Scottish and Southern Electricity N
Slide 17: Power generation: major work secured
Growth market Power generation: major work secured Indicative shape of UK power generation pipeline First half progress to 2030 (£m) > Sizewell C nuclear power station 1,000 Civil – £38 billion final investment decision Nuclear – Civils Alliance partnership signed Carbon Capture & Hydrogen – On site
Slide 18: UK defence and security: growing opportunity
Growth market UK defence and security: growing opportunity Indicative shape of UK defence and security pipeline Current portfolio to 2030 (£m) > On site at AWE Aldermaston, Rolls-Royce and multiple Cybersecurity Defence Infrastructure Organisation projects & Intelligence 800 > Capabilities aligned w
Slide 19: UK Transport: enhanced Government funding
Growth market UK Transport: enhanced Government funding Indicative shape of UK transport pipeline First half progress (excluding HS2) to 2030 (£m) Further rail & > Strong period of performance across both HS2 contracts 2,000 aviation prospects > c.£500 million of long-term rail maintenance work secu
Slide 20: US Buildings: 6% order book increase in first half
Growth market US Buildings: 6% order book increase in first half Order book progress by region First half progress > Profitable managed growth delivered with 36% revenue $7.1bn $6.7bn increase compared to HY 2024 > No notable impact from economic uncertainty $5.7bn > Further 6% growth in order book;
Slide 21: Strong foundations for future growth and shareholder returns
Strong foundations for future growth and shareholder returns 47% growth in earnings per share (2024 vs 2021) Continued strong cash generation £944 million of shareholder returns (2021 – 2025) 28% of shares bought back; average price of 332 pence Record £19.5 billion order book Improved margin and lo
Slide 22: Appendix
Appendix Image: City U Student Hostel, Hong Kong
Slide 23: Balfour Beatty investment proposition
Balfour Beatty investment proposition 1 High quality > Diverse portfolio across UK, US & Hong Kong and de-risked > £19.5 billion order book portfolio > Robust governance and disciplined bidding c. £944 million of shareholder returns 2021 – 2025 2 £208m £208m Expert > Track record of complex infrastr
Slide 24: Ten years of cultural transformation
Ten years of cultural transformation Group employee engagement score (%) Group Lost Time Injury Rate & safety observations (000s) 0.3 Observations 500 85 400 0.2 75 300 84 0.24 65 0.1 200 0.09 60 55 0 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 25: Order book by phase
Order book by phase Total HY 2025 £19.5bn Total HY 2024 £16.6bn £6.0bn £5.6bn £5.6bn £4.2bn £4.5bn £4.1bn £3.4bn £2.7bn 0-6 months 7-18 months 19-30 months 31+ months UK Construction US Construction Gammon Support Services US Construction Gammon 24
Slide 26: Underlying profit from operations
Underlying profit from operations £m HY 2025* HY 2024* UK Construction 56 34 US Construction (11) 18 Gammon 17 15 Construction Services 62 67 Support Services 46 34 Earnings-based businesses 108 101 Infrastructure Investments Pre-disposals operating loss (12) (7) Gain on disposals 2 - Corporate acti
Slide 27: Group balance sheet
Group balance sheet £m HY 2025 FY 2024 Goodwill and intangible assets 1,069 1,122 Current working capital (1,643) (1,228) Net cash (excluding infrastructure concessions) 1,237 943 Investments in joint ventures and associates 362 385 PPP financial assets 19 21 Infrastructure concessions – non-recours
Slide 28: Cash flow
Cash flow £m HY 2025 HY 2024 £m HY 2025 HY 2024 Operating cash flows 161 128 Working capital flows Working capital inflow/(outflow) 290 (76) Inventories 4 (38) Pension deficit payments≠ (8) (14) Net contract assets 97 (66) Cash from operations 443 38 Trade and other receivables (169) (106) Dividends
Slide 29: Working capital – Group
Working capital – Group £0m 0 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Jun Jun2325 Jun 25 £(200)m (4)% £(400)m (9.9)% (8)% £(600)m (10.3)% (12.1)% £(800)m (12)% (15.3)% (15.4)% (14.9)% £(1,000)m (15.6)% (18.2)% (16)% £(1,200)m £(1,400)m (20)% Period end working capital Period end working cap
Slide 30: Pensions: balance sheet movement
Pensions: balance sheet movement £231m £223m £133m £89m £69m £54m £32m £8m £5m £2m £15m 2017 2018 2019 2020 2021 2022 2023 2024 Pension Net HY 2025 deficit actuarial payments gains & other 29
Slide 31: Net finance income
Net finance income £m HY 2025 HY 2024 Subordinated debt interest receivable 13 Interest on PPP financial assets 1 Interest on non-recourse borrowings (7) Fair value (loss)/gain on investment asset (1) 6 - Net finance income – pension schemes 1 2 Other interest receivable 25 Other interest payable (3
Slide 32: Borrowing repayment profile
Borrowing repayment profile £80m £40m 58 31 25 18 18 £0m 2027 2029 2031 2032 2036 US Private Placement notes 31