Galliford Try Holdings Plc · LSE:GFRD
Galliford Try — Investor Presentation (September 2025)
39 slides from Galliford Try's investor presentation, Sep 17, 2025
Slide 1: Investor Presentation
Investor Presentation Consistent, sequential and profitable growth September 2025 V3 17/09/25
Slide 2: Our engine for Sustainable Growth
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 § Façade remediation and § Mul
Slide 5: Our clients
| Our clients GallifordTry lerererydrop P NORTHUMBRLAN Leicestershire 288 288 ) " WATER (iying walter ‘ De nt Minist anglianwater « dey county CouncH tees of Juste of Beonce Southern wy 6 Bed Eg us lessex Water Affinity Wate Department Hl coun Water == acacia TESS? ofealt England seer Thames United
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 4,300 87% Employees in our business 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 Hackleton Sewage Treatment Works 10
Slide 11: Fifth year of sequential growth
Fifth year of sequential growth Consistently strong performance; confident outlook £1.9bn +6.3% 3.0% + 42 BPS £45.0m +28.6% Revenue Divisional adjusted Adjusted profit (FY24: £1.8bn) operating margin1 before tax1 (FY24: 2.5%) (FY24: £35.0m) 19.0p +22.6% £178.7m +15.4% £4.1bn +£0.3bn Full year Averag
Slide 12: Segmental analysis
Segmental analysis Broad-based growth driving margins across divisions § Building continues to perform well, with strong FY25 FY241 Var demand in key sectors including defence, custodial, Revenue (£m) 1,875.2 1,763.7 +6.3% education and FM. Building 964.7 938.3 +2.8% Infrastructure 902.5 810.7 +11.3
Slide 13: Building division
Building division Strong continued demand & tight operational management High-quality order book FY25 FY24 Var £32m Revenue (£m) 964.7 938.3 +2.8% £382m £701m Adjusted operating profit (£m) 28.1 24.0 +17.1% Defence Health Adjusted operating margin (%) 2.9 2.6 +36bps Order book (£bn) 2.4 2.3 +7.0% Cu
Slide 14: Infrastructure division
Infrastructure division Demand driving growth across Environment and Highways High-quality order book FY25 FY24 Var Revenue (£m) 902.5 810.7 +11.3% £617m Adjusted operating profit (£m) 27.4 20.1 +36.3% Adjusted operating margin (%) 3.0 2.5 +50bps Environment Highways (Design and build, £1.7bn (Natio
Slide 15: Strong balance sheet
Strong balance sheet Excellent cash position § Robust cash position. Balance sheet £m 30 June 2025 30 June 2024 • Period-end cash of £237.6m, up 4.7%. Intangible assets & goodwill 97.0 97.9 • Average month-end cash of £178.7m, up 15.4%. • No drawn bank debt. PPP & other investments 38.6 41.8 • No pe
Slide 16: Capital allocation model
Capital allocation model Disciplined and consistent policy driving superior sector returns Investing for growth Returns to shareholders FY21 - FY25 § Ability to invest in technology and training to drive quality and efficiency. Reinvest § Accelerates adjacent market opportunities. in the § Enables s
Slide 17: Record performance, consistent sequential growth
Record performance 10 half periods of consistent, sequential growth FY25 revenue +6% >£2.2bn FY25 adjusted PBT2 +29% FY25 adjusted EPS2 +16% TSR 352% 1,764 1,875 1 July 2020 to 30 June 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 § Fifth year of 923 7.7 542 594 679 819 8.7 4.
Slide 18: Sustainable Growth to 2030
Sustainable Bill Growth to 2030 Hocking Chief Executive Woodham Academy, County Durham 18
Slide 19: Margin improvement
Margin improvement Divisional adjusted operating margin 4.0% Divisional adjusted d. Higher operating margin margin work c. Operational (Specialist 3.0% b. Better contracting improvement (quality, Services, Investments a. Volume efficiency, and affordable environment digital & tech) homes) growth & l
Slide 20: Drivers of revenue growth
Drivers of revenue growth a. 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/ne
Slide 21: Robust markets
Robust markets a. 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 Scot
Slide 22: Growing, high-quality order book
Growing, high-quality order book a. Volume growth and leverage Order book by division Order book by client type 93% Repeat clients for FY25 £4.1bn £4.1bn (FY24: 93%) £3.7bn £3.8bn £3.7bn £3.8bn 7% £3.4bn 9% 41% 13% 41% 39% 92% 41% 93% 87% 91% Work secured for FY26 59% 61% 59% (FY24: 92%) 59% 75% FY2
Slide 23: Why we target frameworks
Why we target frameworks b. Better contracting environment Frameworks provide long-term visibility Infrastructure § Improved risk allocation. § Established and well- understood T&Cs. § Long-term visibility Building and better strategic planning. § Long-term client relationships. Adjacent markets § C
Slide 24: Winning work based on quality over price
Winning work based on quality over price b. 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% 20% SHEQ 15% 38% 43% 41% Sustainability and carbon 8% 9% 8… 7% 80% FY23 FY24 FY25 T
Slide 25: Benefits of Early Contractor Involvement
Benefits of Early Contractor Involvement b. 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
Slide 26: Drivers of margin growth
Drivers of margin growth c. 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 Robu
Slide 27: Excellent water position
Excellent water position d. Higher margin work (Operates across 20 21 55 the UK) AMP7/8 frameworks 14 Design & Build Capital Maintenance Water Technologies 13 We are working with all of the UK’s major water and sewerage companies. Average number of consecutive years Lintott control panels 18 working
Slide 28: Growing in higher margin specialist businesses
Growing in higher margin specialist businesses d. Higher margin work 2025 2026 2027 2028 2029 2030 Environment AMP8 AMP9 (Capital Maintenance) Environment Agency Asset Operation Maintenance Response Environment Agency Asset Operation Maintenance Response Environment AMP8 AMP9 (Water Technologies) En
Slide 29: Summary and outlook
Summary and outlook Five years of delivery, confident route ahead Adjusted PBT1 up 28.6% § Another year of strong results. £45.0m § Consistent cash conversion of profits; clear £35.0m capital allocation policy and new £10m share £20.6m £22.4m buyback announced. £8.7m £16.8m £20.5m £4.6m £7.8m £12.7m
Slide 30: Appendices
Appendices 1. Video library 2. Better contracting environment 3. Why we target frameworks 4. Contract types 5. Forward order book 6. Our approach to M&A 7. Our sustainability commitments 30
Slide 31: Video library
Appendices 1. Video library Water sector Our Fact Annual Report interview with CEO business Sheet Bill Hocking 31
Slide 32: 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 cu
Slide 33: Why we target frameworks
Appendices 3. Why we target frameworks 90% Improved risk and favourable outcomes § Improved risk allocation: • Established and well-understood terms and conditions. Work in frameworks • Long-term client relationships. • Predictable behaviours. • Certainty in tendering and typically reduced cost of t
Slide 34: Contract type: multi-stage negotiation
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 35: 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 51% through earlier collaboration between designers, contractor and supply chain. § Improved innovat
Slide 36: Forward order book
Appendices 5. Forward order book § <£20m average contract Forward order book distribution – Building (excluding size. FM) 70 60 Number of contracts 50 40 30 20 10 0 m m m m m m m m m m m 10 10 20 30 40 50 60 70 80 90 0 10 <£ >£ >£ >£ >£ >£ >£ >£ >£ >£ >£ Contract size 36
Slide 37: Our approach to M&A
Appendices 6. Our approach to M&A Our 2030 strategic targets do not assume any further acquisitions, however Acquisition history our capital allocation framework allows for investment in M&A given the following criteria are met. October 2021 Strategic criteria Financial criteria Existing or adjacent
Slide 38: Our sustainability commitments
Appendices 7. 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 39: 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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