Galliford Try Holdings Plc · LSE:GFRD
Galliford Try — Investor Presentation (March 2026)
42 slides from Galliford Try's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation Consistent, sequential and profitable growth March 2026
Slide 2: Our engine for Sustainable Growth and focused risk management
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 3: One of the UK's leading construction groups
One of the UK’s leading construction groups Environment Defence Health Infrastructure Asset Intelligence Education Secure and Custodial Affordable Homes & Digital infrastructure Commercial PRS Investments Facilities Management 3
Slide 4: Building, Specialist Services, Infrastructure
Building Specialist Services Infrastructure Environment (Water) § Education § Investments § Roads § Asset Creation § Health § Digital Infrastructure § Bridges § Design services § Defence § Facilities Management § Public realm § Capital and Asset Maintenance § Custodial § Active and passive fire § Mu
Slide 5: Our clients
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Slide 6: 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 7: Grow Together
Retain Gain Internal mobility Early Careers programme Explore Dedicated programme to build talent Supports upskilling, development, pipeline. succession planning, employee satisfaction and retention. Mentoring the Next Grow Generation Succession planning Industry perception and providing routes into
Slide 8: A destination employer
A destination employer 4,400 87% Employees in our business1 Employee advocacy score 401 10.7% Promotions Churn No1 Construction & civil engineering employer for apprentices and graduates 8
Slide 9: Our sustainability commitments
Our sustainability commitments Environment: carbon | biodiversity | resources reduction in Scope 1 and 12.4 Net zero by 2030 within 59% 2 carbon emissions since 98% of our company car fleet is electric/plug-in hybrid tonnes of waste per £100,000 of revenue 2030 our operations and by 2045 across all
Slide 10: Financial review
Financial Kris review Hampson Chief Financial Officer Carlisle Southern Link Road 10
Slide 11: Continuing momentum
Continuing momentum Consistently strong performance; improved outlook £935m +1.3% 3.2% +54bps £24.7m +20.5% Revenue Divisional adjusted Adjusted profit (H1 25: £923m) operating margin1 before tax1 (H1 25: 2.7%) (H1 25: £20.5m) 6.5p +18.2% £190m +6.3% £4.1bn +£0.2bn Interim 12-month average Order boo
Slide 12: Segmental analysis
Segmental analysis Broad-based growth driving margins across divisions § Building continues to perform well, with strong H1 26 H1 25 Var demand in key sectors including defence, custodial, Revenue (£m) 934.9 923.2 +1.3% education and FM. Building 476.5 467.3 +2.0% Infrastructure 454.2 451.7 +0.6% §
Slide 13: Building division
Building division Continued strong demand and tight operational management High-quality order book Health H1 26 H1 25 Var £95m Revenue (£m) 476.5 467.3 +2.0% FM Defence £610m £352m Adjusted operating profit (£m) 14.9 12.5 +19.2% Adjusted operating margin (%) 3.1 2.7 +45bps £2.4bn £337m Commercial Or
Slide 14: Infrastructure division
Infrastructure division Driving margin growth across Environment and Highways High-quality order book H1 26 H1 25 Var Revenue (£m) 454.2 451.7 +0.6% Adjusted operating profit (£m) 15.2 12.3 +23.6% £547m Highways Adjusted operating margin (%) 3.3 2.7 +62bps Environment (National Highways, Local Autho
Slide 15: Strong balance sheet
Strong balance sheet Excellent cash position § Robust cash position. Balance sheet £m 31 Dec 2025 30 Jun 2025 • Period-end cash of £211.7m, up c0.8% on December 2024. Intangible assets & goodwill 96.6 97.0 • 12-month average month-end cash of £189.9m, PPP & other investments 38.5 38.6 up 6.3% from F
Slide 16: Capital allocation model
Capital allocation model Disciplined and consistent policy driving superior sector returns Investing for growth Returns to shareholders FY21 – H1 26 § Ability to invest in technology and training to drive quality and efficiency. Reinvest in § Accelerates adjacent market opportunities. the § Enables
Slide 17: Record performance, half periods of consistent sequential growth
Record performance 11 half periods of consistent, sequential growth H1 26 revenue +1.3% >£2.2bn H1 26 adjusted PBT +20% H1 26 adjusted EPS +18% TSR 402% 1,764 1,875 1 July 2020 to 31 December 2025 1,394 1,125 1,237 45.0 34.4 £m 29.6 £m 35.0 p 2… 22.4 17.1 18.0 § 11 half periods of 923 935 7.7 542 59
Slide 18: Sustainable Growth to 2030
Sustainable Bill Growth to 2030 Hocking Chief Executive Catherine Infant School, Leicester 18
Slide 19: Margin improvement
Margin improvement Divisional adjusted operating margin 4.0% Divisional adjusted Higher operating margin margin work Operational (Specialist 3.0% Better contracting improvement (quality, Services, Investments efficiency, and affordable Volume growth environment digital & tech) homes) & leverage FY25
Slide 20: Drivers of revenue growth
Drivers of revenue growth 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/net z
Slide 21: Drivers of margin growth
Drivers of margin growth 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 Robust
Slide 22: Robust markets
Robust markets 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 Scotlan
Slide 23: Growing, high-quality order book
Growing, high-quality order book Volume growth and leverage Order book by division Order book by client type 94% Repeat clients for H1 26 £4.1bn £4.1bn £4.1bn £4.1bn (H1 25: 92%) £3.7bn £3.8bn £3.7bn £3.8bn 7% 5% £3.4bn 9% 41% 41% 13% 41% 39% 98% 41% 93% 95% 87% 91% Work secured for FY26 59% 61% 59%
Slide 24: Why we target frameworks
Why we target frameworks Better contracting environment § Improved risk allocation. Frameworks provide long-term visibility Infrastructure § Established and well-understood T&Cs. § Long-term visibility and better strategic Building planning. § Long-term client relationships. § Continuous Adjacent ma
Slide 25: Excellent water position
Excellent water position Higher margin work (Operates across 21 57 21 Design & Build the UK.) AMP7/8 Capital Maintenance frameworks Water Technologies 15 13 We are working with all of the UK’s major water and sewerage companies. Average number of consecutive years 18 working with each client to date
Slide 26: Deploying core and specialist capabilities for Thames Water
Deploying core and specialist capabilities for Thames Water Bracknell Sewage Treatment Works Key: 4 1. Newly primary filters add process capacity to the 1 plant. 2 2. Refurbishment works to distributor arms on existing primary filters. 3 3. Installation of new monitoring equipment to support enhance
Slide 27: Winning work based on quality over price
Winning work based on quality over price 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% 50% 20% SHEQ 15% 38% 43% 41% 42% Sustainability and carbon 8% 9% 8% 7% 7% 80% FY23 FY2
Slide 28: Benefits of Early Contractor Involvement
Benefits of Early Contractor Involvement 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 Con
Slide 29: Organic growth: Affordable Homes
Organic growth Affordable Homes § Re-entered affordable homes market in 2024. § Targeting £250m+ higher margin revenue in 2030. § Invested in affordable homes development team and won places on a number of frameworks including: • £20bn Homes England Dynamic Purchasing System. • £3bn Hyde Main Contra
Slide 30: Organic growth investments
Organic growth investments Capital allocation in practice Water Tech manufacturing facility in Paisley, Scotland § Third manufacturing facility, § Allows manufacturing closer to our opened in 2025. Scottish and northern client base, improving delivery times. § Accommodates three of our Water Tech fi
Slide 31: Acquisitive growth
Acquisitive growth Capital allocation in practice § Acquisition of passive fire protection business, with focus on Midlands and South. Line § Adds critical mass to our existing passive and active fire AI and OFP logos protection businesses; provides springboard into larger line market share of £1bn
Slide 32: Track record of successful bolt-on acquisitions
Acquisitive growth Track record of successful bolt-on acquisitions Acquisitions The four previous deals originally brought c£124m of annual revenues and October critical mass to our Environment business which, now matured, are 2021 expected to deliver £500m-£600m of annual revenues over period 2027
Slide 33: Summary and outlook
Summary and outlook 11 periods of delivery, compelling opportunity Adjusted PBT up 20.5% § Excellent performance in the first half of the £45.0m financial year. £35.0m £20.6m £22.4m § Strong balance sheet supports deploying capital £8.7m organically and through M&A. £20.5m £24.7m £4.6m £7.8m £12.7m
Slide 34: Appendices
Appendices 1. Video library 2. Better contracting environment 3. Why we target frameworks 4. Contract types 5. Investment Case 6. Our sustainability commitments 34
Slide 35: Appendices: Video library
Appendices 1. Video library Modern Methods of Modern Construction Water sector Methods of Peel Hunt Panmure Liberum interview with Construction interview with CEO Bill Hocking The Rise, Cardiff CEO Bill Hocking Our Fact Annual business Sheet Report 35
Slide 36: Better contracting environment
Appendices 2. 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 c
Slide 37: Why we target frameworks
Appendices 3. Why we target frameworks Improved risk and favourable outcomes § Improved risk allocation: • Established and well-understood terms and conditions. 87% Work in frameworks • Long-term client relationships. • Predictable behaviours. • Certainty in tendering and typically reduced cost of t
Slide 38: Contract type: multi-stage negotiation, early contractor involvement
Appendices 4. 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: Benefits of multi-stage negotiation
Appendices 4. Contract type: multi-stage negotiation, early contractor involvement Order book procurement Benefits of multi-stage negotiation § Improved buildability, programme, and construction risk through 51% earlier collaboration between designers, contractor and supply chain. § Improved innovat
Slide 40: Investment Case
Investment Case 5. A compelling investment 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 deman
Slide 41: Our sustainability commitments
Appendices 6. 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 42: 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 not forward-looki
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