Kier Group Plc · LSE:KIE
Kier — FY2026 Earnings Presentation
45 slides from Kier's earnings presentation, Sep 15, 2026
Slide 1: Kier Group Full Year 26
Kier Group Full Year 26 1 Devonport Royal Dockyard
Slide 2: Agenda
Kier Group Full Year 26 2 Agenda 1. Introduction 2. FY26 Highlights & Outlook 3. Strategy 4. Summary 5. Q&A Stuart Togwell Tom Hinton Chief Executive Chief Financial Officer
Slide 3: Introduction
Kier Group Full Year 26 3 Introduction Stuart Togwell Chief Executive
Slide 4: Achievements in FY26
Kier Group Full Year 26 4 Achievements in FY26 • Revenue +7.5% | AOP +6.7% | Order book +8.2% • Simplified business model, creating a £2.3bn Infrastructure powerhouse Growth • Focused business, with places on key sector frameworks £150bn £200bn • Justice alliance blueprint (>£500m revenue), delive
Slide 5: Strategic priorities for long term value creation
Kier Group Full Year 26 5 Strategic priorities for long term value creation 1 2 3 £ Growth Resilience Performance Focus on core Infrastructure Further strengthen the Enhance quality of and Construction markets balance sheet, targeting earnings, targeting underpinned by structural >£200m of average n
Slide 6: FY26 Highlights & Outlook
Kier Group Full Year 26 6 FY26 Highlights & Outlook Tom Hinton Chief Financial Officer
Slide 7: Group highlights
Kier Group Full Year 26 7 Group highlights Revenue and profit growth, underpinned by record order book and leading framework positions Revenue Order book Frameworks £4.4bn +7.5% £11.9bn +8.2% c.£200bn +c.£50bn CAGR: +7.5% £4.4bn CAGR: +5.0% £11.9bn £3.3bn £9.8bn Unrivalled range across 120 public an
Slide 8: Group highlights
Kier Group Full Year 26 8 Group highlights £11m average net cash position and growing shareholder returns Operating FCF Free cash flow Avg. net cash £206m +3.5% £165m +6.2% £11m +£60m >£650m of FCF £165m >£500m improvement >£900m of OFCF £206m £108m £11m £55m £582m1 2022 2026 2022 2026 2021 2022 202
Slide 9: Cash flow & balance sheet
Kier Group Full Year 26 9 Cash flow & balance sheet 121% cash conversion1 and £232m closing net cash £206m Operating FCF £m £165m FCF 236 10 16 9 (65) (41) (20) (22) (36) (56) (3) 204 232 Net cash Adjusted Working Capex JV dividends Other Net interest Adjusting items Property Pension Shareholder Oth
Slide 10: FY26 divisional highlights
Kier Group Full Year 26 10 FY26 divisional highlights Growth in core Infrastructure and Construction businesses Infrastructure Construction Property Revenue Revenue Revenue £2,340m +10% Key drivers £1,987m +4% Key drivers £63m +65% Market Justice & AOP Water AOP AOP impacted by borders £129m +
Slide 11: Outlook & Guidance
Kier Group Full Year 26 11 Outlook & Guidance Good Strong visibility Recent significant momentum in of secured contract and early FY27 revenue framework trading awards Growing order Confidence FY27 adjusted book and EPS will be at the top end of expanding the Board’s expectations pipeline
Slide 12: Strategy
Kier Group Full Year 26 12 Strategy Stuart Togwell Chief Executive Tom Hinton Chief Financial Officer
Slide 13: Our strategic priorities for long term value creation
Kier Group Full Year 26 13 Our strategic priorities for long term value creation 1 2 3 £ Growth Resilience Performance Focus on core Infrastructure Further strengthen the Enhance quality of and Construction markets balance sheet, targeting earnings, targeting underpinned by structural >£200m of aver
Slide 14: Reallocate Property capital, prioritising Growth, Resilience and Performance
Kier Group Full Year 26 14 Reallocate Property capital, prioritising Strategic rationale Growth, Resilience and Performance £ Focus on Build average net Reduce Provide capital core business cash position earnings volatility optionality Long term growth Strengthen the balance Enhance quality Aligned
Slide 15: Property investments realised in line with existing development plans
Kier Group Full Year 26 15 Property investments realised in line Phased roadmap with existing development plans From now From FY27 to FY29 No investment in new Property Simplified model reduces earnings volatility developments Capital invested expected Realise cash proceeds (c.£150m by FY29) to peak
Slide 16: Growth
Kier Group Full Year 26 16 Growth Stuart Togwell Chief Executive
Slide 17: Powerhouse platform for growth
Kier Group Full Year 26 17 Powerhouse platform for growth Infrastructure Construction Delivering vital economic infrastructure across the UK Delivering vital social infrastructure across the UK Existing platform Future work Existing platform Future work £2.3bn CAGR: +9% £7.6bn Order book & £2.0bn CA
Slide 18: Water
Kier Group Full Year 26 18 Water Visibility of 15 year growth opportunity Our credentials Structural trends underpinning Growth 10 out of 12 water £104bn £24bn company customers +40%1 + Population Aging UK Climate (England & Wales) change growth infrastructure AMP 8 AMP 9 SROs2 Plus Environment Agen
Slide 19: Energy
Kier Group Full Year 26 19 Energy Multi-decade investment cycle with high barriers to entry Our credentials Structural trends underpinning growth 14 years working at Hinkley Point C Population growth Energy security Climate change Credentials to win major Our existing opportunity provides resilience
Slide 20: Defence
Kier Group Full Year 26 20 Defence Applying justice ‘blueprint’ to 10 year investment plan Our credentials Structural trends underpinning growth >£500m projects currently >£20bn addressable in PCSA market (Naval bases and National Aging UK estate development) security infrastructure 40 years on site
Slide 21: Healthcare
Kier Group Full Year 26 21 Healthcare Addressing 10+ year opportunity, through end-to-end capability Our credentials Structural trends underpinning growth 49 complex healthcare projects delivered since Population growth Aging UK infrastructure January 2024 Our existing opportunity provides resilienc
Slide 22: Kier's differentiated proposition
Kier Group Full Year 26 22 Kier's differentiated proposition Our differentiators Long-term National scale, End-to-end strategic local delivery capability framework positions Naturally Social value Connected, high- Digital and outcomes performing culture
Slide 23: Unrivalled positions on c.£200bn of frameworks across public & regulated sector
Kier Group Full Year 26 23 Unrivalled positions on c.£200bn of frameworks across public & regulated sector Growth sectors Core sectors Water Defence Energy Healthcare Transport Education Government * £13bn 5y £11bn 5y £3bn 5y £57bn 12y £10bn 8y £9bn 8y £88bn 5y AMP cycle Frameworks with 10 DIO:
Slide 24: National scale, local delivery of economic and social value
Kier Group Full Year 26 24 National scale, local delivery of economic and social value FY26 revenue Order book PCSA/ECI The benefits of Kier’s national scale North, Scotland & NI and local delivery: £1.0bn £3.0bn £0.7bn 1. Operating leverage and skill set from national footprint East & Midlands £1.7
Slide 25: Uniquely combined end-to-end capability
Kier Group Full Year 26 25 Uniquely combined end-to-end capability Approach: >800 >£2bn person Works in 1. Partnering with customers at each Design PCSA/ECI stage of the project lifecycle capability stage 2. Delivering outcome-led design management based on deep experience of real-world delivery >3,
Slide 26: Connected, high-performing culture
Kier Group Full Year 26 26 Connected, high-performing culture Supporting Growth Dedicated divisional Specialist sector Deeply embedded leadership accreditations Clients & Markets team £ Providing Resilience 82% employee >500 engagement apprentices Driving Performance Multi-decade COO and GCD Consist
Slide 27: Our purpose is to create lasting value through essential infrastructure
Kier Group Full Year 26 27 Our purpose is to create lasting value through essential infrastructure Powerhouse platform for growth, Strong forward view of Significant growth focused on economic and social order book, frameworks opportunities in sectors, infrastructure and pipeline with proven credent
Slide 28: Resilience & Performance
Kier Group Full Year 26 28 Resilience & Performance Tom Hinton Chief Financial Officer
Slide 29: Resilience underpinned by quality order book and commercial mix
Kier Group Full Year 26 29 Resilience underpinned by quality order book and commercial mix Work in hand Mix of work £11.9bn (+8%) >£2bn 95% cost reimbursable/two-stage2 Order book (Secured & Probable) PCSA &ECI By contract type 76% Public Order book cover1 c.90% >90% Repeat 13% Regulated FY27 >95% b
Slide 30: Significant capital generated by core business and Property reallocation
Kier Group Full Year 26 30 Significant capital generated by core business and Property reallocation FY27-FY29 c.£150m c.£150m £600m c.£130m £600m - - £700m £700m £450m - £550m Operating* Property Tax Interest Fire & Total Maintenance Ordinary Capital FCF capital Cladding allocatable capex dividend f
Slide 31: Capital allocation framework
Kier Group Full Year 26 31 Capital allocation framework Primary allocation 1 Capex Ongoing investment to support and grow the business 2 Dividend Cover of 3x Strategic allocation 3 Balance sheet Avg. net cash >£200m target by FY29 c.£500m 4 (FY27-FY29) Inorganic growth Consider selective value accre
Slide 32: Significant growth and shareholder value across the medium-term
Kier Group Full Year 26 32 Significant growth and shareholder value across the medium-term Delivering significant total shareholder returns >10% EPS CAGR B % A Ordinary dividend 23.5p - Grow in line with earnings - 3x cover FY26 EPS AOP growth Reduced interest costs FY29 EPS EPS Medium-term Revenue
Slide 33: Medium-term targets
Kier Group Full Year 26 33 Medium-term targets Revenue & earnings Cash flow & balance sheet Shareholder distributions Operating free cash Dividend in line with Revenue growth flow conversion earnings 3x cover Mid-single digit >90% Adjusted Avg. net cash operating margin >£200m by FY29 4.0-4.5% Doubl
Slide 34: Summary
Kier Group Full Year 26 34 Summary Stuart Togwell Chief Executive
Slide 35: Our investment case – creating value from a stronger, more focused Kier
Kier Group Full Year 26 35 Our investment case – creating value Medium-term targets from a stronger, more focused Kier Revenue growth Mid-single digit Significant momentum and market opportunity Adjusted operating margin 5% CAGR c.£200bn £65bn Order book growth Framework positions 4.0-4.5% Pipeline
Slide 36: Q&A
Kier Group Full Year 26 36 Q&A
Slide 37: Appendix
Kier Group Full Year 26 37 Appendix
Slide 38: Executive Board members and Executive committee
Kier Group Full Year 26 38 Executive Board members Stuart Togwell Tom Hinton Chief Executive Chief Financial Officer Executive committee James Askew Louisa Finlay Joe Incutti Stephen Milne Martin Staehr Niki Steel Leigh Thomas Group Commercial Chief Operating Group Managing General Counsel & Group M
Slide 39: Group financial summary
Kier Group Full Year 26 39 Group financial summary Revenue Adjusted operating profit (AOP) £m FY26 FY25 ▲▼ £m FY26 FY25 ▲▼ Infrastructure 2,340.1 2,136.0 9.6% Infrastructure 128.7 111.0 15.9% Construction 1,986.8 1,910.5 4.0% Adjusted operating margin (%) 5.5% 5.2% 30bps Property 63.4 38.4 65.1% Con
Slide 40: Adjusting items
Kier Group Full Year 26 40 Adjusting items £m FY26 FY25 Amortisation of acquired intangibles 19.0 21.6 Fire / cladding costs 32.1 17.0 Property-related items - 4.8 Other - 2.0 Total adjusting items to continuing operating profit 51.1 45.4 Finance costs 1.5 1.9 Total adjusting items to continuing pro
Slide 41: Financing & Liquidity
Kier Group Full Year 26 41 Financing & Liquidity • £440m of committed £’m Maturities by calendar year facilities in place: o £250m Senior Loan Notes due February 2029 o £190m RCF to October 2028 with two-year extension option 250 • Kier Group credit ratings of 190 BB+ (S&P and Fitch) provide financi
Slide 42: Pension
Kier Group Full Year 26 42 Pension Net pension scheme asset of £59m • As at 30 June 2026, the Group’s £m Jun 26 Jun 25 ▲▼ net pension scheme surplus was Group Pension Schemes £59m Market value of assets 1,140.1 1,135.2 0.4% • Increase was predominantly due Present value of liabilities (1,080.8) (1,0
Slide 43: ESG performance
Kier Group Full Year 26 43 ESG performance Delivering measurable environmental, social and economic value to the UK – important to our customers (>10% of scoring) and our employees (82% employee engagement) Environmental, Social and Economic impact • First CDP A rating (for climate disclosure) and K
Slide 44: Group revenue analysis
Kier Group Full Year 26 44 Group revenue analysis Total 20% 15% 9% 5% 4% 1% 16% 11% 5% 4% 3% 3% 1% 3% Infrastructure 37% 27% 18% 9% 7% 2% Services Construction 35% 23% 12% 8% 7% 6% 9% Property 45% 16% 16% 2% 20% Rail Highways Water Environment Energy Design Justice & Borders Education Other Public H
Slide 45: Disclaimer
Kier Group Full Year 26 45 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, com