Slide 1: 2026 half year results presentation
2026 half year results presentation 12 August 2026 Hinkley Point C, UK
Slide 2: Philip Hoare, Group Chief Executive
Philip Hoare Group Chief Executive Broward County Convention Center, Florida, US
Slide 3: Strong first half performance delivering profitable growth
2 Strong first half performance delivering profitable growth First half results 2026 outlook Momentum Profitable growth Full year slightly Substantial order and strong cash ahead of prior book providing performance; expectations; strong visibility; conclusion of £200 million share well positioned in
Slide 4: Well positioned in chosen growth markets
3 Well positioned in chosen growth markets UK Energy Power Transmission Power UK Defence UK Transport US Buildings & Distribution Generation UK’s largest power Proven civil nuclear Strong track record Market-leading road, Well positioned in workforce, with construction and existing footprint rail an
Slide 5: UK Power Transmission: further wins in growing market
4 UK Power Transmission: further wins in growing market Target market: 2025-30 Source: Internal estimates 24% growth £2.1 billion £6-8 billion Revenue vs H1 2025 Order book Further pipeline UK power transmission market Power revenue: 2025 First half momentum Awarded Netherton Hub £325 million civils
Slide 6: UK Defence: differentiated in well-funded growth market
5 UK Defence: differentiated in well-funded growth market +27% c.£15 billion c.£1.5 billion Our differentiators MOD real spend addressable market of work currently 2029/30 vs 2023/24 opportunity to 2030 in delivery Strong track record Extensive capability Defence Investment Plan: commitment for defe
Slide 7: US Construction: revenue growth and positive outlook
6 US Construction: revenue growth and positive outlook Organic growth strategy driven by Targeting growing sectors which align to Group expertise Buildings expansion o Further revenue growth delivered: up 19% vs HY 2025 Aviation Data centres o Leveraging existing customer relationships and Growing m
Slide 8: Myles Westcott, Chief Financial Officer
Myles Westcott Chief Financial Officer M25 Junction 10, UK
Slide 9: Headline numbers: strong first half progress
8 Headline numbers: strong first half progress £m (unless otherwise stated) HY 2026 HY 2025 Variance Group revenue 5,563 5,150 8% Profit from earnings-based businesses* 153 108 42% Profit from operations* 119 77 55% Profit for the period* 105 73 44% Basic earnings per share* 21.7p 14.4p 51% Dividend
Slide 10: Construction Services: margin improvement
9 Construction Services: margin improvement £m HY 2026 HY 2025 Revenue PFO* PFO % Revenue PFO* PFO % o UK: delivered 3.4% PFO margin, UK 1,569 54 3.4% 1,563 56 3.6% demonstrating strong progress vs prior year US 2,475 22 0.9% 2,087 (11) (0.5%) ̶ HY 2025: 2.9% margin when Gammon 495 11 2.2% 547 17 3.
Slide 11: Support Services: Power momentum driving PFO growth
10 Support Services: Power momentum driving PFO growth £m HY 2026 HY 2025 Revenue o Profitable revenues underpinned by Utilities 366 295 long-term frameworks Transportation 361 367 o 10% revenue growth driven by increased Power T&D activity Total 727 662 o Profit growth driven by improved margin % i
Slide 12: £23 billion order book maintained
11 £23 billion order book maintained £22.9 billion order book o UK Construction: now includes 8.9 8.9 £325 million Netherton Hub contract FY 2025 HY 2026 for SSEN 7.8 7.7 o 85% of UK Construction orders are target cost or cost-plus o US Construction: small decrease largely driven by timing of Civils
Slide 13: Infrastructure Investments: monitorship concluded in H1
12 Infrastructure Investments: monitorship concluded in H1 £m HY 2026 HY 2025 Pre-disposals operating loss* (12) (12) o Operating loss largely driven by Gain on disposals 3 2 monitor and legal costs in US military housing Investments operating loss* (9) (10) ̶ Monitorship concluded in June Subordina
Slide 14: £1.1 billion Infrastructure Investments Directors' valuation
13 £1.1 billion Infrastructure Investments Directors’ valuation £15m £36m £12m £(12)m £(17)m £(2)m £1,069m £1,101m FY 2025 Equity Sales Distributions Unwind of Operational Foreign HY 2026 invested proceeds received discount performance exchange
Slide 15: Further strong cash performance in first half
14 Further strong cash performance in first half HY 2026 average net cash £1,616 million £259m £23m £26m £151m £(3)m £(32)m £(41)m £(18)m £(103)m £1,446m £1,708m Net cash Operating Working Dividends Net equity Pension Lease Capital Share Other Net cash FY 2025 cash flows capital from JVAs invested^
Slide 16: 2026 outlook
15 2026 Updated guidance Prior guidance Low double digit PFO growth High single-digit PFO growth outlook from earnings-based businesses – slightly ahead of prior guidance from earnings-based businesses Infrastructure Investments: Infrastructure Investments: – small PFO loss prior to disposals – smal
Slide 17: Philip Hoare, Group Chief Executive
Philip Hoare Group Chief Executive Grand Hyatt Miami Beach, Florida, US
Slide 18: Strong and diversified Group
17 Strong and diversified Group Across Core our geographies by revenue geographies InGrowth our growth markets markets Profitable growth framework UK Energy UK 44% UK Defence UK Transport US 47% US Buildings Asia 9% Design & Programme Construction Operations & End-to-end Engineering Management Manag
Slide 19: Profitable growth framework: long-term value creation
18 Profitable growth framework: long-term value creation Evolve Long-term value creation Strengthen Drive Advance Invest in Improve Shape our the core operational our people what margins portfolio excellence strategy matters Zero Harm Energise Deepen Accelerate Accelerate profitable Sustainable Acce
Slide 20: Six months in: building momentum across the Group
19 Six months in: building momentum across the Group Evolve Energise Explore Strengthen our core Accelerate profitable growth Shape what’s next Long-term Margin improvement plans progressing Group-wide customer account management Innovation investment and productivity value creation programme pilots
Slide 21: A powerful platform for growth
20 A powerful o Strong first half performance with further momentum into second half and beyond platform for o Significant and high-quality order book o Well positioned in growing markets, with growth increasing demand for the Group’s expertise o Disciplined governance processes Confidence in creati
Slide 22: Appendix
Appendix Marine Corps Recruit Depot Mess Hall, California, US
Slide 23: Disclaimer and important information
22 Disclaimer and important information This presentation, including information incorporated by reference in it, contains statements that are or may be forward-looking statements which are prospective in nature with respect to Balfour Beatty’s business, financial condition, operations and prospects
Slide 24: Balfour Beatty investment proposition
23 Balfour Beatty investment proposition High quality o Diverse portfolio across UK, US & Asia and de-risked o £23 billion order book Over £1.2 billion of shareholder returns portfolio o Robust governance and disciplined bidding 2021 – 2026 c.£267m o Track record of complex infrastructure delivery E
Slide 25: Order book by phase
24 Order book by phase Total HY 2026 £22.9bn Total HY 2025 £19.5bn £7.8bn £6.4bn £6.0bn £5.6bn £5.2bn £4.5bn £3.4bn £3.5bn HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 0-6 months 7-18 months 19-30 months 31+ months UK Construction US Construction Gammon Support Services US Constru
Slide 26: US Construction order book by sector
25 US Construction order book by sector Diversified $10.2 billion order book
Slide 27: Underlying profit from operations
26 Underlying profit from operations £m HY 2026* HY 2025* UK Construction 54 56 US Construction 22 (11) Gammon 11 17 Construction Services 87 62 Support Services 66 46 Earnings-based businesses 153 108 Infrastructure Investments Pre-disposals operating loss (12) (12) Gain on disposals 3 2 Corporate
Slide 28: Group balance sheet
27 Group balance sheet £m HY 2026 FY 2025 Goodwill and intangible assets 1,080 1,075 Current working capital (1,906) (1,639) Net cash (excluding infrastructure concessions) 1,708 1,446 Investments in joint ventures and associates 356 363 PPP financial assets 17 18 Infrastructure concessions – non-re
Slide 29: Cash flow
28 Cash flow £m HY 2026 HY 2025 £m HY 2026 HY 2025 Operating cash flows before working capital Working capital flows 151 161 movements and pension deficit payments Inventories 18 4 Working capital inflow^ 259 290 Net contract assets 74 97 Pension deficit payments≠ (32) (8) Trade and other receivable
Slide 30: Working capital
29 Working capital £0m 0 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Jun 26 £(250)m (4)% £(500)m (8)% £(750)m £(1,000)m (9.9)% (12)% (12.1)% £(1,250)m (16)% (15.3)% (15.4)% (14.9)% £(1,500)m (15.6)% (17.3)% (20)% £(1,750)m (19.1)% £(2,000)m (24)% Period end working capital Period end working ca
Slide 31: Pensions: balance sheet movement
30 Pensions: balance sheet movement £231m £223m £133m £89m £69m £54m £29m £13m £32m £2m £(48)m 2018 2019 2020 2021 2022 2023 2024 2025 Employer Net HY 2026 contributions actuarial gains & other
Slide 32: Net finance income
31 Net finance income £m HY 2026 HY 2025 Subordinated debt interest receivable 11 Interest on infrastructure concession assets 1 Interest on non-recourse borrowings (7) 5 6 Net finance income – pension schemes - 1 Other interest receivable 29 Other interest payable (4) 25 22 US private placement (5)
Slide 33: Borrowing repayment profile
32 Borrowing repayment profile £80m £40m 60 32 26 19 19 £0m 2027 2029 2031 2032 2036 US Private Placement notes