Billington Holdings Plc · LSE:BILN
Billington — FY2025 Earnings Presentation
38 slides from Billington's earnings presentation, April 2026
Slide 1: Results for the 12 months ended 31 December 2025
1 Results for the 12 months ended 31 December 2025 April 2026
Slide 2: Presentation Team
2 Presentation Team Mark Smith Trevor Taylor Dave Jones Chief Executive Officer Chief Operating Officer Chief Financial Officer Mark has an in-depth knowledge A fellow of the Institute of A member of the Association of of the construction industry with Chartered Accountants in England Chartered Cert
Slide 3: Executive Summary
3 Executive Summary Robust performance against a backdrop of challenging market conditions Billington is a leading UK structural steel and construction safety solutions specialist Revenue of £95.7 million Underlying Profit Before Tax (PBT) of £4.1 million with an underlying operating margin of 3.6%
Slide 4: Corporate
4 Corporate London (AIM) Share Price Ordinary Shares in Issue (No.) Market Cap. (GBP, Millions) Major Shareholders BILN 380.00 13,334,327 50.67 Gutenga Stiftung Foundation 19.4% as of 14/04/2025 Charles Stanley Group 10.0% Trinity Bridge 8.9% GPIM 7.2% Crucible Clarity Fund 5.2% IG Markets 5.2% Ocor
Slide 5: Financial Highlights
5 Financial Highlights All England Lawn Tennis Club Strong asset-backed balance sheet underpins future strategy Revenue of £95.7m as a result of large, complex projects with reduced steel content 4.2% increase in productive output from structural steel operations Underlying operating margin of 3.6%
Slide 6: Financial Highlights – In Numbers
6 Financial Highlights – In Numbers Sandwell Aquatic Centre Robust performance in light of subdued market conditions Underlying Operating Underlying Profit Revenue of £95.7m (2024: £113.1m) Profit Margin of 3.6% Before Tax of £4.1m (2024: 8.9%) (2024: £10.8m) Cash Balance Net Assets of £50.4m of £20
Slide 7: Income Statement
7 Income Statement Derby Multi Sport Arena Structural steel consolidation completed in the year Year to Year to Year to 31 December 31 December 31 December £’000 2025 2025 2024 Underlying Total Total Revenue 95,694 95,694 113,061 Total costs (excluding 89,553 92,311 100,700 depreciation) EBITDA 6,14
Slide 8: Net Cash Movement
8 Net Cash Movement Capital investment programme principally completed in 2025 Debt free and £6m RCF available Disciplined capital allocation policy Cash balance prudently managed with ability to capitalise on opportunities Yate facility anticipated to be realised in 2026
Slide 9: Continued Capital Investment
9 Continued Capital Investment Continued investment in capacity and capability 2025 Capital Investment – Plant, equipment & machinery £m Tubecon extension (Shafton; £0.43m AUC in 2024) 1.24 Hoard-it and Easi-Edge hire stock 1.18 Assets under construction (Shafton) 0.26 Leases (IFRS 16) 0.17 Plant an
Slide 10: Divisional Breakdown
10 Divisional Breakdown Tubecon activities increasing 2025 Revenue Breakdown 4% 6% 2% Structural Steel Safety Solutions 10% 6% 70% 2% Billington Structures Easi-Edge Marshall Steel Stairs Hoard-it Shafton Tubecon Specialist Protective Coatings
Slide 11: Divisional Highlights
11 Divisional Highlights Stallingborough Interchange Diverse orderbook secured for 2026 and into 2027 Project: Telehouse Admin Project: Walsall Energy from Project: North London Heat Sector: Data Waste and Power Project Sector: Power Generation Sector: Power Generation Client: Flynn Construction Cli
Slide 12: Divisional Highlights
12 Divisional Highlights University of South Wales Delivering large metalwork packages for a diverse client base Project: 1 Liverpool Street Project: Lidl Distribution Centre Project: Bankside Western Yard Sector: Commercial Offices Sector: Distribution Sector: Residential Client: William Hare Clien
Slide 13: Divisional Highlights
13 Divisional Highlights Medical Centre, Square One Construction Investment in new hire stock continued Project: Southampton Sports Project: Huntingdon Project: Olive School Sector: Leisure Sector: Accommodation Sector: Education Client: Morgan Sindall Client: Oliver Hind Client: Reynolds & Litchfie
Slide 14: Divisional Highlights
14 Divisional Highlights Eastwick & Sweetwater, McAleer & Rushe Operated at near full capacity in 2025 Project: Brabazon Project: Ardrossan Project: Mayfield Client: YTL Developments Client: Morgan Sindall Client: Landsec / Mayfield Meterage: 500 lm Meterage: 600 lm Meterage: 500 lm Hire/Sale: Sale
Slide 15: Divisional Highlights
15 Divisional Highlights 50mm Thick Hook Shape Market leading steel processing capabilities Heavy Plate Profiling Shotblasting Plate Girder Carcass Production Client: GWF Engineering Client: Sebden Steel Services Client: William Hare CNC Plate Cutting & Drilling Shear Punch Fittings Plasma Profiling
Slide 16: Divisional Highlights
16 Divisional Highlights Gas Filter Vessel, Wefco Increased reach of non-structural steelwork markets Project: Pipe Frame Project: Filter Vessels Project: Base Plates Sector: Infrastructure Sector: Gas Sector: Infrastructure Client: Direct Engineering Client: Wefco Client: Tinsley Bridge Project: Ba
Slide 17: Divisional Highlights
17 Divisional Highlights Project Merlin Largest order received to date Project: Cuckoos Hollow Project: Meridian Water Project: Peterborough Sector: Infrastructure Sector: Infrastructure Court Canopy Sector: Commercial Client: Milestone Infrastructure Client: Taylor Woodrow Client: OAG Project: Merl
Slide 18: Sustainability Commitments
18 18 Sustainability Commitments Planet People Principles Group Sustainability committee to identify, develop and Support the communities in which the companies To ensure the interests of the Company, management, implement carbon reduction projects operates through taking active involvement in commu
Slide 19: Strategic Milestones and Initiatives
19 Strategic Milestones and Initiatives Continued implementation of strategic projects Strategic Projects and Achievements Capital investment and modernisation programme principally complete Closure of Yate facility with transfer and expansion of productive resources at Barnsley sites Construction o
Slide 20: Strategy – Five P's
Strategy — Five P’s y Holdings Ple gee, = People 9 To provide a quality product 2 > To challeng ssing a right fest time . f manufac ay ° s nour indus Product >To operate with Toe waste through pro agement for eneray redk optimum J SS ea f a Sispas Sete a a partne Planet hat
Slide 21: Growth Strategy
21 Growth Strategy DRIVING LONG TERM GROWTH ORGANIC INORGANIC Internal Enhancements Commercial Focus Acquisitions and Diversification Continued focus on margin improvement and driving Continued expansion of and diversification into Identification of complementary efficiencies: infrastructure and bri
Slide 22: The Wider Steel Market
22 The Wider Steel Market Import quotas anticipated from 1 July 2026 Government assumed control of British Steel in April 2025 with negotiations to regain public ownership continuing Stable steel pricing during 2025 with increases noted in 2026 UK demand remained subdued in 2025 The Group continued
Slide 23: Forward Order Book
23 Forward Order Book Significant productive hours secured for Billington Structures Forward Order Book (£m and Productive Hours) Significant secured forward workload Contracts secured spanning £m Productive Hours into 2027 Smaller number of larger, labour intensive projects Diverse range of project
Slide 24: Market Outlook
24 Market Outlook Romford Leisure Centre Significant secured forward workload, combined with strong customer relationships and an excellent track record of delivery sees Billington well placed in the market Data Centre and Power Generation sectors continue to present significant opportunities Inflat
Slide 25: Summary
25 Summary One Bedford Avenue Our financial stability and strong orderbook, in what is a challenging market, provides cautious optimism for the future. Operations 2025 materially saw the completion of the capital investment programme to improve operational efficiencies, increase capacity and enhance
Slide 26: Any Questions? Appendix
Billington Any Questions? Appendix
Slide 27: Statement of Financial Position
27 Statement of Financial Position Significant net cash balance combined with property assets £’000 31 December 2025 31 December 2024 Non-Current Assets 28,375 30,442 Current Assets 43,955 47,673 Total Assets 72,330 78,115 Current Liabilities (17,626) (20,033) Non-Current Liabilities (4,317) (5,059)
Slide 28: Cash Flow
28 Cash Flow Consistent cash management with net cash of £20.5m Year to Year to £’000 31 December 31 December 2025 2024 Profit after tax 1,327 8,272 Net cash flow from operating activities 3,496 8,710 Net cash flow from investing activities (1,861) (4,674) Net cash from financing activities (4,130)
Slide 29: Steel Manufacture – Raw Material Trends
29 Steel Manufacture – Raw Material Trends Increases being noted in 2026 as a consequence of the conflict in the Middle East • Coal prices have risen rapidly in Q1 2026, • Prices have remained over $100 in Q1 2026 remaining over $200 since the end of Q4 2025 with highs of $111.6 before steadying at
Slide 30: Steel Manufacture – Raw Material Prices
30 Steel Manufacture – Raw Material Prices Steel raw materials principally hedged Iron Ore Coking Coal Coke Scrap CFR Turkey Source I British Steel I April 2026
Slide 31: Award Success
31 Award Success Honourable Mentions Plot 7B, New Bailey 2024 Structural Steel Design Awards Shortlist NOMA, 4 Angel Square 2024 Structural Steel Design Awards Shortlist The Glass Works, Barnsley 2022 Structural Steel Design Awards Shortlist All England Lawn Tennis Club Skelton Grange EfW Newhurst E
Slide 32: Projects
32 Projects Projects
Slide 33: International Airport
33 International Airport Doncaster TK MAXX Footbridge Panattoni Multi-Storey Car Park New Bailey
Slide 34: North Lindsey College Rivenhall Energy from Waste
34 North Lindsey College Rivenhall Energy from Waste South Trafford Health and Wellbeing Centre Sandwell Aquatic Centre
Slide 35: The Glassworks
35 The Glassworks Europe Data Centre Pinewood Studio RAF Marham
Slide 36: Contacts
36 Contacts Billington Holdings Plc Cavendish Capital Markets Ltd IFC Advisory Limited Mark Smith, Chief Executive Officer Ed Frisby | Trisyia Jamaludin | Tim Metcalfe | Graham Herring | Trevor Taylor, Chief Operating Officer Andrew Burdis Zach Cohen Dave Jones, Chief Financial Officer 020 7220 0500
Slide 37: Disclaimer
37 Disclaimer The content of this promotion has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all
Slide 38: Billington-holdings.plc.uk
38 01226 340666 Billington-holdings.plc.uk