Wilson Bayly Holmes-ovcon Limited · JSE:WBO
Wilson Bayly Holmes-ovcon — FY2026 Earnings Presentation
35 slides from Wilson Bayly Holmes-ovcon's earnings presentation, June 2026
Slide 1: Annual Results Presentation (recording disclaimer)
1 DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT
Slide 2: Contents
1. OPERATIONAL REVIEW CONTENTS —amghucnicaray 3. ORDER BOOK, PIPELINE AND OUTLOOK
Slide 3: Operational Review
ESG PERFORMANCE 1 BUILDING AND CIVIL ENGINEERING 1. . 2. GC) OPERATIONAL By ROADS AND EARTHWORKS REVIEW 4. UNITED KINGDOM
Slide 4: ESG Performance
ESG PERFORMANCE FY2026 PERFORMANCE * Commitment to Zero Harm driven from executive level LOST TIME INJURY FREQUENCY RATIO (LTIFR) * Intensified focus on safety is visible in the downward trend over 5 years °° * Safety initiatives aim to entrench a safety-first mindset at all levels of employees + LT
Slide 5: Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING 5
Slide 6: Building and Civil Engineering: FY2026 Performance
BUILDING AND CIVIL ENGINEERING FY2026 PERFORMANCE Revenue increased by 1.7% at an operating margin of 5.2% BUILDING 15 000 Decline in revenue of 16% due to significant reduction in activity in Gauteng Building market in the W.Cape is robust 12000 Half of all activity from the Building division execu
Slide 7: Geographic Footprint and Geographic Performance
GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 7
Slide 8: Building and Civil Engineering: Order Book Up 19%
BUILDING AND CIVIL ENGINEERING ORDER BOOK UP 19% * 127% growth within Civil engineering order book 30 June 30 June % 2026 2025 h * 7% recovery in Building order book levels shangé - Improvement in Gauteng South Africa Us és 12727 3 - Increased weighting toward rest of Africa -17% of total order book
Slide 9: Roads and Earthworks
ROADS AND EARTHWORKS. FY2026 PERFORMANCE ROADS AND "GEOGRAPHIC ANALYSIS EARTHWORKS : ORDER BOOK
Slide 10: Roads and Earthworks: Performance
ROADS AND EARTHWORKS FY2025 PERFORMANCE + Revenue declined by 5% at an operating margin of 7.2% (FY2025: 7.6%) - Delayed start to two major projects affected growth - Increased volumes of roadwork; an unprofitable project in the E.Cape and lower contribution from the rest of Africa impacted the oper
Slide 11: Roads and Earthworks: Geographic Performance
ROADS AND EARTHWORKS GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE REVENUE (Rm) OPERATING PROFIT (Rm) 8 000 6000 4000 2000 600 400 200 6 667 2447 6502 3094 2026 MSOUTH AFRICA OREST OF AFRICA 395 263 2025 431 301 2026 MSOUTH AFRICA OREST OF AFRICA 2025 1
Slide 12: Roads and Earthworks: Order Book Down 6%
ROADS AND EARTHWORKS ORDER BOOK DOWN 6% * 7% decline in South Africa reflects reduced procurement activity from SANRAL * Roadwork comprises 81% of the order book of which Ré.5 billion to be executed in FY2027 * Fewer procurement opportunities in West Africa replaced with large-scale road project in
Slide 13: United Kingdom
FY2026 PERFORMANCE GEOGRAPHIC ANALYSIS ORDER BOOK UNITED KINGDOM 13
Slide 14: United Kingdom: FY2026 Performance
UNITED KINGDOM FY2026 PERFORMANCE + Revenue up 4% at an improved operating margin of 3.8% (FY2025: 3.3%) + No improvement in market conditions — deterioration in inflation and interest rate outlook BYRNE GROUP * 8% decline in group revenue - 30% decline in Byrne Bros. » Commercial and residential hi
Slide 15: United Kingdom: Geographic Performance
UNITED KINGDOM GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 6000 ~ 8 ¥ oS + + € 4000 = x A 2 = & a 2000 = > a in 0 2026 2025 mBYRNEGROUP RUSSELL WBHO 200 S 10 = € = fe 150 100 8 S « a2 50 3 @ RUSSELL WBHO $ Cl @ BYRNE GROUP 5 0 oe 2026 2 2025 2 Ho -50 oS MBYRNE GROUP RUSSELL WBHO mWBHO UK
Slide 16: United Kingdom: Order Book Down 23%
UNITED KINGDOM ORDER BOOK DOWN 23% Order book levels within the Byrne Group declined by 8% Work executed in FY2026 by Russell WBHO only partially replaced - Sharp decline in order book at 30 June 2026 - Several projects under pre-construction service agreements (PCSA) ORDER BOOK BY SECTOR Infrastruc
Slide 17: Financial Review
2. FINANCIAL REVIEW > ———— FY26 FINANCIAL PERFORMANCE KEY FINANCIAL INDICATORS FINANCIAL POSITION 17
Slide 18: Financial Performance: Continuing Operations
FINANCIAL PERFORMANCE CONTINUING OPERATIONS Activity sustained at prior year levels and remains concentrated in specific sectors and regions High levels of activity concentrated within:- - South African road sector - Renewable energy sector - Western Cape building markets Several multi-billion rand
Slide 19: Key Financial Indicators
KEY FINANCIAL INDICATORS | 2026 2025 Target / growth Revenue growth -0.6% 3.5% >10% Segment operating margin 5.5% 5.5% 4.0% - 5.5% Cash and cash equivalents (Rm) 4470 4305 3.8% Earnings per share from continuing operations (cents) 2262 2299 -1.6% Headline earnings per share from continuing operation
Slide 20: Consolidated Contribution by Geography
CONSOLIDATED CONTRIBUTION BY GEOGRAPHY — CONTINUING OPERATIONS 2026 2025 REVENUE 2026 2025 % change South Africa 19 320 19147 1 20% Rest of Africa 3149 3691 (15) United Kingdom 5 856 5 655 4 1% Total 28 325 28 493 (0.6) “a 2026 2025 OPERATING PROFIT 2026 2025 % change South Africa 958 991 (3) Rest o
Slide 21: Financial Performance
FINANCIAL PERFORMANCE Rm 2026 2025 Revenue 28 325 28 493 Operating profit before non-trading items 1553 1 568 Share-based payment expense (147) (154) Movement in loss allowance on long-term receivables (32) - Share of profits from interests in associates and joint ventures 73 111 Impairment of inves
Slide 22: Financial Position: Property, Plant and Equipment
FINANCIAL POSITION Property, plant and equipment (Rm) 2026 2025 Property, plant and equipment 2771 2559 Right of use assets (IFRS 16) 95 131 Total 2 865 2 690 Depreciation Property, plant and equipment 350 342 Right of use assets 38 44 Approved Actual Actual Capital expenditure (Rm) 2027 2026 2025 R
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 2026 2025 Concession investments: Gigajoule Group Power and gas Mozambique 26.6 366 51 59 Tsala-Bese Uyavuma Serviced accommodation South Africa 32.5 137 23 2
Slide 24: Financial Position: Tax
FINANCIAL POSITION Tax (Rm) 2026 2025 Deferred tax asset consists of: Net deferred tax asset 440 416 * Tax losses of R23m (2025: R20m) Net current tax (liability)/asset (7) 112 * Timing differences of R417m (2025: R396m) United Current tax asset consists of: Tax expense (Rm) Africa Kingdom 2026 2028
Slide 25: Financial Position: Long-term Liabilities
FINANCIAL POSITION Long-term liabilities (Rm) 2026 2025 Property funding (ABSA) 101 101 Asset-based finance 469 291 VRP settlement 41 38 Cash-settled share scheme liability 10 86 Other 2 2 Less: current portion (218) (270) Total 403 248 Property funding related to co-ownership of student accommodati
Slide 26: Financial Position: Cash and Cash Generated
FINANCIAL POSITION Cash and cash equivalents (Rm) 2026 2025 South Africa 2046 1978 Africa 933 862 United Kingdom 1491 1465 Total 4470 4305 Cash generated from operations (Rm) 2026 2025 Operating profit 1373 1415 Non-cash items 570 484 Operating income before working capital changes 1943 1900 Movemen
Slide 27: Financial Position: Cash Flow Bridge
FINANCIAL POSITION 8000 Q S o ~ & “ — ‘o | | ° g 8 2 = _- B 3 ea ~ 8 8 z ee 4000 a bw o Q ra S a Nn 2000 Cash &cash Foreign Operating Working Netfinance Settlement Taxation Dividends Cashflows Cashflows Cash flows Cash & cash equivalents currency profit capital and paid paid from from from equivalen
Slide 28: Order Book, Pipeline and Outlook
ORDER BOOK, PIPELINE AND OUTLOOK 28
Slide 29: Consolidated Order Book
CONSOLIDATED ORDER BOOK GROUP ORDER BOOK MAINTAINED * 2% decline in South Africa - SA order book concentrated in roadwork, renewable energy and W.Cape building sectors - Revival of data centre market offers opportunities * 81% growth in the rest of Africa - Current workload has shifted to southern A
Slide 30: Project Pipeline: Building and Civil Engineering
PROJECT PIPELINE Building and civil engineering (Rm) South Africa Rest of Africa 2026 2025 Seveemene eens’ 16958 350 17308 13.799 Residential 9 087 1000 10 087 9 088 orchosing and 13.910 - 13910 10544 Data centres 16199 - 16199 3 843 Healthcare and education 15 837 - 15 837 16 875 Retail 1794 - 1794
Slide 31: Project Pipeline: Roads and Earthworks
PROJECT PIPELINE Roads and earthworks (Rm) South Africa Rest of Africa 2026 2025 Roadwork 35 549 5 465 41014 30 850 Mining infrastructure 3.850 12 840 16 690 35 700 Energy infrastructure 12 620 7700 20320 18 600 Marine infrastructure - - = 820 Arports, fait ang pipeline 6 800 4722 11522 4.860 Water
Slide 32: Project Pipeline: United Kingdom and Summary
PROJECT PIPELINE United Kingdom (Rm) 2026 2025 Byrne Group 26 708 26 890 Russell WBHO 9698 10 306 Total 36 406 37196 Summary (Rm) 2026 2025 Building and civil engineering 148 487 127 706 Roads and earthworks 134556 131 080 United Kingdom 36 406 37196 Total 319 449 295 982 32
Slide 33: Outlook
OUTLOOK * Elevated order book levels and imminent awards should support activity levels for the next 18 - 24 months * Conflict in the Middle East continues to create instability across global markets * Inflation outlook and accompanying interest rate expectations have deteriorated * Increasing cost
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 35
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