Slide 1: Interim Results for 2026
Keller Group plc Interim Results for 2026 4 August 2026 Strong growth drives excellent first half results keller-na.com keller-na.com
Slide 2: Cautionary statements
Cautionary statements This document contains certain ‘forward looking statements’ with respect to Keller’s financial condition, results of operations and business and certain of Keller’s plans and objectives with respect to these items. Forward looking statements are sometimes, but not All written o
Slide 3: Agenda
1. Results summary 2. Financial review 3. Market and operations 4. Summary and outlook Agenda 5. Q&A
Slide 4: Strong growth drives excellent first half results
Strong growth drives excellent first half results Record volumes Driven by North American Foundations data centres and infrastructure projects Profit growth Driven by increased activity and excellent operational execution Sustained operating margin >7% underlying operating profit margin maintained R
Slide 5: Financial review
Financial review 6-9 Queens Road Melbourne, Australia
Slide 6: Results Summary – Further delivery in H1
Results Summary – Further delivery in H1 26 Operating Operating profit Revenue profit1 margin1 £1,608.0m +11%2 £117.9m +17%2 7.3% +30bps H1 2026 H1 2026 H1 2026 H1 2025: £1,457.7m H1 2025: £102.6m H1 2025: 7.0% Net (cash)/debt/ ROCE1 Free cash flow EBITDA3 30.9% +420bps 0.1x £16.4m +15% H1 2026 H1 2
Slide 7: Summary income statement - underlying
Summary income statement - underlying 1H 2026 1H 2025 1. Revenue £m CC% 1 Underlying Underlying 1H 2025 1,457.7 FX (10.9) Revenue 1 1,608.0 1,457.7 North America 140.9 16.7% Operating costs (1,496.1) (1,358.3) EME (21.9) (5.2%) APAC 42.2 22.8% Net impairment gain/(loss) of trade receivables and cont
Slide 8: Underlying profit bridge H1 2025 to H1 2026
Underlying profit bridge H1 2025 to H1 2026 Central APAC North America EME items Down £0.2m1 to Up £14.1m1 to £93.8m Up £4.2m1 to £19.2m Cost up £0.9m1 to £m £13.8m £8.9m 125.0 4.7 120.0 1.0 (1.7) (4.9) 1.2 (0.9) 3.7 2.1 (2.2) 117.9 115.0 14.2 110.0 105.0 102.6 (1.9) 100.0 100.7 95.0 H1 2025 H1 2026
Slide 9: Summary income statement – non-underlying
Summary income statement – non-underlying 1. Non-underlying items £m 1H 2026 1H 2025 1 Cash items Non-underlying Non-underlying ERP costs (4.7) Revenue - Restructuring costs (0.4) - Contingent consideration received Operating costs (5.1) (4.7) on disposal of business 0.5 Total cash items (4.6) Net i
Slide 10: Net debt flow
Net debt flow £m HY 2026 HY 2025 1 1. Depreciation/Capex 2026 2025 Net capex/depreciation 78% 70% Underlying operating profit 117.9 102.6 Gross capex/depreciation 98% 87% Depreciation and amortisation 1 53.8 52.6 Underlying EBITDA 171.7 155.2 Non-cash items (2.4) (1.6) 2 2. Working capital 2026 2025
Slide 11: Strong balance sheet and headroom
Strong balance sheet and headroom 2025 2026 £m 100 80 60 40 20 £m 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -20 -40 -60 -80 • Net debt1: £15.9m increased by £75.6m since Dec 2025; driven by £44.2m share buyback and increased working capital investment. Compared to H1 2025, net debt decreased
Slide 12: Sustained operating margin performance
Sustained operating margin performance 8 Sustainable margin outlook 7 Operating margin1 % 7.3 % 6 5 4 4.5 % 3 2 1 0 2019 2020 2021 2022 2023 2024 2025 H1 2026 • 7.3% underlying operating margin in H1 2026 • Increase reflects excellent project execution and commercial discipline • Portfolio of varied
Slide 13: Record order book underpins revenue
Record order book underpins revenue Order book1 (£bn) North America EME APAC 2.0 • Order book elevated 1.8 1.6 by the material I-40 1.4 contract 1.2 I-40 1.0 • I-40 contract 0.8 expected to unwind 0.6 over the next 2 - 3 0.4 years as the project 0.2 is completed - Dec-22 Jun-23 Dec-23 Jun-24 Dec-24
Slide 14: Balanced capital allocation framework
Balanced capital allocation framework H1 26 capital Invest in the business allocation Strong • Maintenance capex to effectively run the business Maintain £42.1m • Investment to grow capability; expand in existing free cash and grow markets Gross capex flow Sustainable dividend • 31-yr history of a m
Slide 15: Market and operations
Market and operations Voiron France
Slide 16: Group operations overview
Group operations overview Safety performance • AFR remained low at 0.05; TRIR of 0.6 Power of the portfolio • Slight increase occurred alongside rise in working hours • Strongest geographies and sub-sectors more and overall activity • Committed to maintaining and than offset softer markets enhancing
Slide 17: Ability to pivot to fastest growing sub-sectors
Ability to pivot to fastest growing sub-sectors to drive growth Group Change North America Change top subsectors of H1 2026 from H1 25 top subsectors of H1 2026 from H1 25 Data centres Data centres Multi family residential Road Manufacturing Manufacturing Mining Mixed use (resi & commercial) Road Mu
Slide 18: North America Operating review
North America High-Speed Rail California, US Operating review Constant £m H1 2026 H1 2025 currency Revenue NORTH AMERICA 984.4 867.8 +16.7% Underlying operating profit 93.8 82.1 +17.7% OUTLOOK Underlying operating margin 9.5% 9.5% +10bps1 Order book 1,367.9 1,026.3 +29.7% • Revenue:+16.7% driven by
Slide 19: Infrastructure projects: I-40 highway remediation
In focus: Infrastructure projects: I-40 highway remediation Large scale, multi-year project underpins revenue Project brief: Keller solutions: Outcome: • Highway reconstruction • Keller able to mobilise team and • Trust in Keller’s technical along I-40 Eastbound from equipment, drawing on resources
Slide 20: Europe and Middle East Operating review
Europe and Middle East Luleå Sweden Operating review Constant Europe and Middle East £m H1 2026 H1 2025 currency Revenue 396.1 408.3 -5.2% OUTLOOK Underlying operating profit 19.2 14.6 28.0% Underlying operating margin 4.8% 3.6% +120bps Order book 396.7 335.9 +16.5% Order book +16.5% with projects w
Slide 21: Asia-Pacific Operating review
Social housing Melbourne, Australia Asia-Pacific Operating review Asia-Pacific Update pic Constant £m H1 2026 H1 2025 currency Revenue 227.5 181.6 +22.8% OUTLOOK Underlying operating profit 13.8 13.9 -1.4% Underlying operating margin 6.1% 7.7% -150bps1 Order book Order book 174.6 203.2 -18.9% -18.9%
Slide 22: Summary and outlook
Summary and outlook Sara Pettersson, Project Engineer Sweden
Slide 23: Our strategy for long-term value
Our strategy for long-term value Strategy Strategy Strategy Portfolio Performance Pipeline • Build market share in local • High performance culture • Target faster-growing customer markets • Commercial excellence segments • Market leading product portfolio • Design and value engineering • Wider prod
Slide 24: Summary and outlook
Summary and outlook H1 2026 Summary FY 26 Outlook Record performance Further progress anticipated • Outstanding performance against • Expect full year performance in line with strong comparative period recently upgraded market expectations1 • Performance ahead of Board’s • Strong momentum entering H
Slide 25: Capital Markets Day 2026
Capital Markets 2026 Day Q&A Afternoon of 14 October London Strong foundations for sustainable growth
Slide 26: Appendix
Appendix Binnenhof in The Hague Netherlands
Slide 27: Summary income statement
Charles de Gaulle Summary income statement stormwater pipeline France 2026 2025 Non- Underlying underlying Total Underlying Non-underlying Total Revenue 1,608.0 - 1,608.0 1,457.7 - 1,457.7 Operating costs (1,496.1) (5.1) (1,501.2) (1,358.3) (4.7) (1,363.0) Net impairment gain/(loss) of trade receiva
Slide 28: Balance sheet
1. Intangibles incl. goodwill £m Opening 102.8 Balance sheet Additions Amortisation 0.1 (0.8) 1 FX 1.1 Closing 103.2 2. Property, plant and equipment £m £m H1 2026 FY 2025 H1 2025 Opening 456.9 Capital expenditure 42.0 Intangibles incl. goodwill 1 103.2 102.8 102.1 Right-of-use additions 10.8 2 Disp
Slide 29: Financial modelling considerations
Financial modelling considerations H1 2026 H2 2026 considerations Trading NA – Foundations Sustained operational performance Continue to benefit from sector agility and portfolio effect to offset pockets of softer Volume growth driven by infrastructure and commercial sectors demand NA – Suncoast Res
Slide 30: Consistent improvement in financial results
Consistent improvement in financial results Revenue (£m) Operating profit1 (£m) Operating profit margin1 3,087 7.1% 7.1% 212.6 218.2 6.1% 2,987 180.9 2,966 2,945 3.7% 108.6 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 ROCE1 Net (cash)/debt / EBITDA2 Free cash flow (£m) 1.2 28.2% 30.7%
Slide 31: Keller overview
Keller overview Lovraeide marine ground works Norway
Slide 32: Keller today
Keller today Every day millions of people around the world live, work and play on ground prepared by Keller Three divisions Our purpose Our vision Our values 175 branches To build the To be the leading Safety foundations for a provider of specialist £ 3.0bn People sustainable future geotechnical sol
Slide 33: A balanced portfolio with a diverse customer base
A balanced portfolio with a diverse customer base Our operations Our contracts • Operating globally in a number of sectors gives us the • Our large client spread means we’re not overly reliant resilience to trade through national cyclicality on certain customers • Good access to all markets with no
Slide 34: Diversified by product
Diversified by product • Projects often require a variety of techniques Revenue by application (2025) • With access to our global knowledge base and industry leading product portfolio, our engineers can design the best solutions that reduce materials, cost and time for our Marine 2% Instrumentation
Slide 35: Market demand trends play to our strengths
Market demand trends play to our strengths Key megatrends Geotechnical market trends Our response Our business is structured to provide a local focus through our Increased investment in infrastructure in extensive branch network located in major metropolitan areas. Urbanisation sectors including tra
Slide 36: Geotechnical market size
Geotechnical market size • We are the world’s largest geotechnical specialist contractor • We have 12.0% market share in core markets where we choose to operate •We still have potential to grow our market share in our Geotechnical chosen regions • market Our BU's size understand their local markets
Slide 37: Resilient financial performance since listing in '94
2026 2025 2025 2024 2024 2023 2023 2022 2022 2021 2021 2020 2020 2019 2019 2018 2018 Top quartile relative TSR performance vs FTSE 250 over last three years 2017 2017 37 2016 2016 2015 2015 2014 2014 2013 Underlying operating profit (£m) 2013 2012 2012 2011 2011 2010 2010 2009 2008 2009 2007 2008 20
Slide 38: Sustainability performance
Sustainability performance Accident Frequency Rate 0.61 • Continued low rates 0.39 • Small increase alongside 0.35 0.34 rise in activity 0.23 0.19 0.15 • Committed to maintaining 0.12 0.07 0.1 0.1 and enhancing our leading People 0.05 0.04 0.05 indicators 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 39: Full product range
Full product range Right combination of products leads to optimal solutions for the soil conditions and structure type 39
Slide 40: Factors to consider in geotechnical engineering
Factors to consider in geotechnical engineering Value engineering with an equipment advantage Site conditions Requirements Loading Constraints conditions • World’s largest equipment fleet • Sand, silt, clay, • Performance • Neighbouring (allowable • Spread, low buildings with flexibility to move bet
Slide 41: Specialist versus generalist business model
Specialist versus generalist business model Project lifespan Keller General contractor Ground engineering General construction • Early stage • Longer, larger projects • Lower cyclicality • Higher cyclicality • Specialist design capability • Integration of multiple suppliers and subcontractors • A mi
Slide 42: Keller fact sheet
Keller fact sheet • Established 1860, now world’s largest geotechnical specialist contractor • Approximately 50% of our contracts are design and build. globally • Contracts over £5m revenue make up around 1% of the number of contracts, • Revenue by division: North America 59%; EME 28%; APAC 13%; (on
Slide 43: Investor Relations contact
Investor Relations contact Nicola Rogers Group Head of Investor Relations +44 20 7616 7575 nicola.rogers@keller.com 43