Kier Group Plc · LSE:KIE
Kier — H1 FY2026 Earnings Presentation
38 slides from Kier's earnings presentation, Mar 3, 2026
Slide 1: Kier Group plc Results for the six months to 31 December 2025
Kier Group plc Results for the six months to 31 December 2025 3 March 2026 Deyes High School
Slide 2: Disclaimer
Disclaimer No representation or warranty, express or implied, is made or given by or on behalf of Kier Group plc (the “Company” and, together with its subsidiaries and subsidiary undertakings, the “Group”) or any of its directors or any other person as to the accuracy, completeness or fairness of th
Slide 3: HY26 Highlights
HY26 Highlights Stuart Togwell Chief Executive M6 Lune Gorge
Slide 4: This morning's agenda
This morning's agenda HY26 highlights Presented by Stuart Togwell Financial highlights Tom Hinton Operational insights and Group summary Stuart Togwell Summary & outlook Stuart Togwell Q&A HY26 Results, 3 March 2026 4
Slide 5: HY26 highlights
HY26 highlights • Continued strong operational delivery, delivering revenue and operating profit growth • Record order book, at £11.6bn (December 2025), provides significant revenue visibility over FY26 and FY27 • Average net cash achieved, first time in 13 years • Disciplined capital allocation dri
Slide 6: HY26 strategic progress
HY26 strategic progress Evolving structure and capabilities to respond to market opportunities • Strengthening of the Executive committee o Tom Hinton appointed as Chief Financial Officer o Martin Staehr appointed as Group managing director, Construction o New roles created - COO and GCD • Structura
Slide 7: Financial Highlights
Financial Highlights Tom Hinton Chief Financial Officer HMP Glasgow
Slide 8: Financial highlights
Financial highlights Revenue and profit growth driving achievement of average net cash milestone • Revenue growth of 2.6% £’m HY26 % HY25 % Δ FY25 % driven by Infrastructure Services Revenue 2,029.2 1,978.6 2.6% 4,087.8 • Adjusted operating Adjusted Operating Profit profit grows 6.6%, with 71.0 3.5
Slide 9: Growth underpinned by order book, frameworks and pipeline
Growth underpinned by order book, frameworks and pipeline Order book of £11.6bn provides clear multi-year revenue visibility • 94% of FY26 and 78% of FY27 forecast revenue secured, continuing to improve in H2 with recent wins (inc. Hospital Alliance 2.0, DfE CF25 and Maple Lodge water) • Longer term
Slide 10: Revenue performance
Revenue performance Infrastructure Services growth; Consistent performance in Revenue growth of 2.6%, with H2 a Construction; FY26 H2 weighted seasonally stronger period o Infrastructure: growth £’m HY26 HY25 % continues (4.9%), from water, road and rail projects Infrastructure Sevices 1,083 1,032 4
Slide 11: Adjusted operating profit
Adjusted operating profit AOP growth of 6.6% o Infrastructure: profits driven Increased year on year adjusted operating profit margin at £71m through by revenue growth, in-house underlying, consistent growth design capability and digital services £’m HY26 HY25 % o Construction: margins at Infrastruc
Slide 12: Adjusting items (excl. amortisation)
Adjusting items (excl. amortisation) Entirely relating to fire, cladding costs and finance costs Adjusting items • Fire and cladding compliance costs of £11m £’m HY26 HY25 FY25 relate to updated Fire / cladding costs 10.7 7.5 17.0 regulations on legacy Property-related items - 2.1 4.8 projects, expe
Slide 13: Free cash flow
Free cash flow Period on period improvement in free cash flow reflects seasonal cycle • H1 operating cash improved period-on- period £’m HY26 HY25 FY25 • Working capital movement Adjusted EBITDA expected to be positively 100.8 100.5 227.9 H2 weighted Working capital movement (107.3) (110.3) 27.7 • S
Slide 14: Net cash movement
Net cash movement Half year net cash position of £103m (Dec 24: £58m) reflecting seasonal working capital & returns to shareholders £’m 204 (42) (4) (3) (23) (14) 103 (15) 58 Jun-25 Free Adjusting Pension Dividends Share buyback Shares Dec-25 Dec-24 Cashflow items deficit paid acquired payments by e
Slide 15: Average Net Cash / Debt
Average Net Cash / Debt Targeting maintenance of average net cash • FY21 to FY25 significant reduction in average net debt, Net cash: £17m to £49m • HY26 – average net cash £49m milestone of £17m achieved £116m £232m Average net (debt) / cash YoY £m £286m £582m FY21 FY22 FY23 FY24 FY25 HY26 Reported
Slide 16: Financing and liquidity
Financing and liquidity Access to debt capital markets supports growth strategy £’m Maturities by calendar year • £440m of committed facilities in place: 300 o £250m Senior Loan Notes due February 2029 250 o £190m RCF to October 2028 with two-year 200 extension option 150 • Kier Group credit ratings
Slide 17: Capital allocation
Capital allocation Recurring cashflow and efficient use of balance sheet provide opportunities to create value through focused capital allocation Capital allocation 1 Capex Ongoing investment to support the business Sustainable policy increasing dividends through earnings growth 2 Ordinary divid
Slide 18: Operational insights and Group summary
Operational insights and Group summary Stuart Togwell Chief Executive Hinkley M6 Point C Lune Gorges
Slide 19: Infrastructure Services
Infrastructure Services Order book £7.1bn (92% of FY26 revenue secured) Pipeline £13bn Framework positions and expertise across sectors that benefit Ports from multi-year investment Environment Recent wins Pipeline opportunities for future growth Nuclear & energy • Legacy Concrete Roads • Water & En
Slide 20: Construction
Construction Order book £4.5bn (96% of FY26 revenue secured) Pipeline £31bn Long-term relationships and track record provide repeat business, Residential via social infrastructure frameworks and the private sector Other Recent wins Capabilities Commercial • Department of Health and Social • National
Slide 21: Property
Property Capability Moving through the cycle • Trusted public sector relationships, from outcomes-led development and regeneration Recent wins, driving gear change • Allocation of funds aligned to • GDV* of £3bn market needs • Planning secured to date on 60% of projects overall (inc. 5,500 • Joint v
Slide 22: Our 360 approach
Our 360 approach Customer benefits Leverages the Group’s capabilities across the fund, design, build and maintain project lifecycle, meeting both the needs of customers and the environmental, • Breadth of UK coverage – delivers consistent social and digital requirements of frameworks solutions • Dep
Slide 23: Environmental and social benefits
Environmental and social benefits • Important to our customers (>10% of tender scoring) and people (81% engagement score ) • First CDP A rating for climate disclosure (top 4% of companies) • First in sector, women in senior roles (FTSE 250 Women Leaders’ Review) • ‘Kier Cares’ driving safety, focus
Slide 24: Continue to drive shareholder value
Continue to drive shareholder value Medium-term financial targets • Revenue: GDP + through the cycle • Adjusted operating profit margin target: 4.0-4.5% • Cashflow conversion of operating profit c.90% • Balance sheet: average net cash position with investment of surplus cash • Sustainable dividend p
Slide 25: Summary and outlook
Summary and outlook Consistent performance positions for sustainable growth, to meet shareholder value objectives 1 Average net cash milestone delivered in period, continued strong revenue and profit growth 2 Excellent visibility of future performance, through record order book: £11.6bn, growing pip
Slide 26: Q&A
Q&A
Slide 27: Our investment case
Our investment case Attractive Differentiated Strong Capital allocation drives market position business model financial profile shareholder value • Aligned to UK’s 10 year • National scale and • Frameworks and order • Efficient balance sheet infrastructure local execution book provide multi utilisat
Slide 28: HY26 Results Appendix
HY26 Results 3 March 2026 Appendix 19 Cornwall Street
Slide 29: A specialist executive team
A specialist executive team Group Managing Directors Executive Board Members Group Functions HY26 Results, 3 March 2026 29
Slide 30: Macro environment
Macro environment Economic and political factors provide supportive environment for growth Economic, Regulatory and Political Landscape Short term A move away from globalisation, as well as a need for increased productivity and growth, driving political and economic decision-making. Economic and pol
Slide 31: UK Government and regulated industry priorities
UK Government and regulated industry priorities UK Infrastructure Strategy (via NISTA) – commitment to spend at least £725bn over next 10 years Infrastructure Services - Transportation and Natural Resources, Nuclear & Networks - 52% of Revenue (FY25) £25bn envelope Road Investment Strategy 3 (RIS3)
Slide 32: UK Government spending commitments
UK Government spending commitments Focused on schools, hospitals, housing, justice and defence Construction & Property - 48% of Revenue (FY25) DfE – launched CF25 Framework worth up to £15.4bn - 6 years from January 2026 as part of overall £38bn commitment Education DfE - 300 schools to 2030 on curr
Slide 33: Framework positions
Framework positions Maintaining and growing central and local framework positions Awarded on long-term frameworks and contracts worth up to £150bn* Supports long-term revenue growth streams, underpinning strong order book Provides barriers to entry and strengthens customer relationships Infras
Slide 34: Water operations
• Significantly increased AMP8 Water operations investment determination of £104bn1 Significant opportunities • Awarded on 18 Frameworks through AMP 8 supporting 10 customers worth investment cycle c.£11bn • Water revenues set to double by 2030, including additional opportunities from natural water
Slide 35: ESG performance
ESG performance Delivering measurable environmental, social and economic value to the UK Environmental, Social and Economic impact • First CDP A rating (for climate disclosure) and Kier in top 4% of companies • Deyes High School — 7 extra minutes of learning per lesson, and energy performance well a
Slide 36: Pension
Pension • As at 31 December 2025, the Group’s net pension scheme surplus was £81m Net pension scheme asset of £81m • Increase was predominantly due to higher than assumed asset returns £’m Dec 25 Jun 25 Δ • Triennial valuations for funding the Group Pension Schemes main defined benefit schemes to be
Slide 37: Group revenue analysis
Group revenue analysis Total 14% 21% 8% 4% 5% 14% 5% 13% 4% 6% 5% 1% Infrastructure 26% 39% 16% 8% 10% 3%1% Construction 30% 11% 28% 9% 12% 10% Property 26% 10% 63% 1% Highways Rail Water Nuclear & Energy Environment Other Education Healthcare Justice & Borders Defence Other Public Commercial Altern
Slide 38: Segmental revenue analysis
Segmental revenue analysis Infrastructure Services Total 26% 39% 16% 8% 10% 1% Transportation 39% 59% 2% Natural Resources 48% 23% 29% Highways Rail Water Nuclear & Energy Environment Design Other Construction Total 30% 11% 28% 9% 12% 10% Regional Build 33% 13% 26% 11% 7% 10% Kier Places 9% 4% 41% 3