Wilson Bayly Holmes-ovcon Limited · JSE:WBO
Wilson Bayly Holmes-ovcon — H1 2026 Earnings Presentation
35 slides from Wilson Bayly Holmes-ovcon's earnings presentation, December 2025
Slide 1: Results Presentation December 2025
RESULTS PRESENTATION DECEMBER 2025 DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT 1
Slide 2: Contents
CONTENTS 1. OPERATIONAL REVIEW CONTENTS 2. FINANCIAL REVIEW 3. ORDER BOOK, PIPELINE AND OUTLOOK 2
Slide 3: Operational Review
OPERATIONAL REVIEW 1. ESG PERFORMANCE OPERATIONAL 2. BUILDING AND CIVIL ENGINEERING REVIEW 3. ROADS AND EARTHWORKS 4. UNITED KINGDOM 3
Slide 4: ESG Performance
ESG PERFORMANCE H1:FY2026 PERFORMANCE LOST TIME INJURY FREQUENCY RATIO (LTIFR) • All time safety record maintained with an LTIFR of 0.14 (FY2025: 0.14) 0.8 • Zero fatalities in the last 12 months 0.69 0.7 • Intensified focus on safety is visible in the downward trend 0.60 0.59 • Safety statistics re
Slide 5: Building and Civil Engineering
BUILDING AND CIVIL ENGINEERING BUILDING 1. H1:FY2026 PERFORMANCE AND CIVIL 2. GEOGRAPHIC ANALYSIS ENGINEERING 3. ORDER BOOK 5
Slide 6: Building and Civil Engineering H1:FY2026 Performance
BUILDING AND CIVIL ENGINEERING H1:FY2026 PERFORMANCE • Decline in revenue of 7.3% but an improved operating margin of 5.0% up from 4.7% at 31 December 2024 7,000 400 6,298 6,232 BUILDING 5,840 5,836 5,556 6,000 • Decline in revenue of 21% primarily due to 55% decrease in activity in Gauteng • Coasta
Slide 7: Building and Civil Engineering Geographic Analysis
BUILDING AND CIVIL ENGINEERING GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 9,000 6,074 5,598 REVENUE (Rm) 6,000 3,000 242 224 0 H1 2026 H1 2025 SOUTH AFRICA REST OF AFRICA 400 283 OPERATING PROFIT (Rm) 260 300 200 100 31 15 0 H1 2026 H1 2025 SOUTH AFRICA REST OF AFRICA 7
Slide 8: Building and Civil Engineering Order Book
BUILDING AND CIVIL ENGINEERING ORDER BOOK UP 7% 30 June 31 Dec To June Beyond • Building order book increased by 15% 2025 2025 2026 2026 - Margins remain under pressure in a highly competitive market South Africa 12 727 12 015 5 684 6 331 - Strong pipeline of work in the Western Cape with R1billion
Slide 9: Roads and Earthworks
ROADS AND EARTHWORKS 1. H1:FY2026 PERFORMANCE ROADS AND 2. GEOGRAPHIC ANALYSIS EARTHWORKS 3. ORDER BOOK 9
Slide 10: Roads and Earthworks H1:FY2026 Performance
ROADS AND EARTHWORKS H1:FY2026 PERFORMANCE • Decrease in revenue of 7% at an operating margin of 7.4% up from 7.2% SOUTH AFRICA 6,000 600 5,035 • Revenue lower by 8% with operating margin maintained at 6.9% 4,699 4,658 4,561 5,000 • Weighting toward roadwork increased significantly to 71% of work ex
Slide 11: Roads and Earthworks Geographic Analysis
ROADS AND EARTHWORKS GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 5,000 3,507 3,216 4,000 REVENUE (Rm) 3,000 1,528 1,442 2,000 1,000 0 H1 2026 H1 2025 SOUTH AFRICA REST OF AFRICA 300 241 223 OPERATING PROFIT (Rm) 200 121 120 100 0 H1 2026 H1 2025 SOUTH AFRICA REST OF AFRICA 11
Slide 12: Roads and Earthworks Order Book
ROADS AND EARTHWORKS ORDER BOOK DOWN 8% 30 June 31 Dec To June Beyond • Sizeable order book in South Africa despite slight contraction 2025 2025 2026 2026 • R1 billion of the R5.3 billion Olifants Management Model Programme South Africa 16 535 15 854 3 425 12 429 released for commencement after the
Slide 13: United Kingdom
UNITED KINGDOM 1. H1:FY2026 PERFORMANCE UNITED 2. GEOGRAPHIC ANALYSIS KINGDOM 3. ORDER BOOK 13
Slide 14: United Kingdom H1:FY2026 Performance
UNITED KINGDOM H1:FY2026 PERFORMANCE • Growth of 9% in revenue due to timing of awards rather than an indication of improving market conditions 4,000 300 • Increased margin of 3.6% reflects increased activity in Russell WBHO 3,035 BYRNE GROUP 2,845 2,748 • 12% decline in Group revenue as London mark
Slide 15: United Kingdom Geographic Analysis
UNITED KINGDOM GEOGRAPHIC FOOTPRINT GEOGRAPHIC PERFORMANCE 3,000 2,205 1,967 REVENUE (Rm) 2,000 878 1,000 415 0 H1 2026 H1 2025 BYRNE GROUP RUSSELL WBHO 150 OPERATING PROFIT (Rm) 100 78 74 50 34 2 0 (7) (2) -50 H1 2026 H1 2025 BYRNE GROUP RUSSELL WBHO WBHO UK 15
Slide 16: United Kingdom Order Book
UNITED KINGDOM ORDER BOOK DOWN 11% 30 June 31 Dec To June Beyond 2025 2025 2026 2026 • Recent awards within Byrne Bros helped sustain order book levels Byrne Group 4 096 4 145 2 049 2 096 • Minimal secured work within Russell WBHO beyond June 2026 Russell WBHO 1 727 1 035 905 130 - Manchester curren
Slide 17: Financial Review
FINANCIAL REVIEW 1. FINANCIAL PERFORMANCE FINANCIAL 2. KEY FINANCIAL INDICATORS REVIEW 3. FINANCIAL POSITION 17
Slide 18: Key Financial Indicators
KEY FINANCIAL INDICATORS December December June 2025 2024 2025 Target / growth Revenue (decline)/growth (4.3)% 10.2% 3.5% >10% Segment operating margin 5.4% 5.2% 5.5% 4.0% - 5.5% Earnings per share from continuing operations (cents) 1 086 1 080 2 299 0.6% Headline earnings per share from continuing
Slide 19: Financial Performance
FINANCIAL PERFORMANCE CONTINUING OPERATIONS • Revenue down 4.3% against the comparative period but up 1.5% against H2:FY2025 20,000 2,000 • Order book sustained above R30 billion since December 2023 14,658 14,227 - fluctuations in revenue stem from timing of awards 14,023 13,835 13,299 15,000 1,500
Slide 20: Consolidated Contribution by Geography – Continuing Operations
CONSOLIDATED CONTRIBUTION BY GEOGRAPHY – CONTINUING OPERATIONS December December December 2025 December 2024 REVENUE 2025 2024 % change South Africa 9 460 10 282 (8) 20% 18% Rest of Africa 1 718 1 756 (2) 12% 12% United Kingdom 2 845 2 620 9 70% 68% Total 14 023 14 658 (4) December December December
Slide 21: Financial Performance
FINANCIAL PERFORMANCE December December June Rm 2025 2024 2025 Revenue 14 023 14 658 28 493 Operating profit before non-trading items 758 762 1 569 Share-based payment expense (82) (67) (154) Share of profits from interests in associates and joint ventures 32 34 111 Net finance income 98 113 243 Pro
Slide 22: Financial Position – Property, Plant and Equipment
FINANCIAL POSITION December June Property, plant and equipment (Rm) 2025 2025 • Capital expenditure remains elevated in support Property, plant and equipment 2 546 2 559 of the activity levels within the Roads and Right of use assets (IFRS 16) 111 131 earthworks division Total 2 657 2 690 • Approved
Slide 23: Financial Position – Associates and Joint Ventures
FINANCIAL POSITION Share of profits Interests in associates Country Effective Carrying December December and joint ventures (Rm) Industry of operation % amount 2025 2024 Concession investments: Gigajoule Group Power and gas Mozambique 26.6 417 25 24 Tsala-Bese Uyavuma Serviced accommodation South Af
Slide 24: Financial Position – Tax
FINANCIAL POSITION December June Tax (Rm) 2025 2025 Deferred tax asset consists of: Net deferred tax asset 392 416 • Tax losses of R23m (June 2025: R22m) Net current tax asset 103 112 • Timing differences of R369m United December2 December June (June 2025: R396m) Tax expense (Rm) Africa Kingdom 025
Slide 25: Financial Position – Long-term Liabilities
FINANCIAL POSITION December June Long-term liabilities (Rm) 2025 2025 Property funding (ABSA) 101 101 • Property funding related to co-ownership of student accommodation Asset-based finance 320 291 - Repayment of debt extended to July 2028 VRP settlement 40 38 - Sale of 50% interest actively pursued
Slide 26: Financial Position – Cash and Cash Generated from Operations
FINANCIAL POSITION December June Cash and cash equivalents (Rm) 2025 2025 South Africa 2 210 1 978 • Good cash generation in SA supported increased cash balances Africa 823 862 • The rest of Africa and the UK in line with June United Kingdom 1 484 1 465 2025 balances Total 4 517 4 305 December Decem
Slide 27: Financial Position – Cash Flow Bridge
FINANCIAL POSITION 8 000 6 000 93 942 4 517 4 305 35 3 170 234 30 4 000 221 201 2 000 - Cash & cash Foreign Operating Working Net finance Taxation Dividends paid Cash flows Cash flows Cash flows Cash & cash equivalents currency profit adjusted capital changes and paid from investing from financing f
Slide 28: Order Book, Pipeline and Outlook
ORDER BOOK, PIPELINE AND OUTLOOK 1. CONSOLIDATED ORDER BOOK ORDER BOOK, PIPELINE AND 2. PROJECT PIPELINE OUTLOOK 3. OUTLOOK 28
Slide 29: Consolidated Order Book
CONSOLIDATED ORDER BOOK GROUP ORDER BOOK DOWN 3% 30 June 31 Dec To June Beyond • Order book remains elevated despite off peak at 30 June 2025 2025 2026 2026 2025 South Africa 29 262 27 870 9 109 18 761 • 5% decline in South Africa - R5.4 billion in awards post the reporting period Rest of Africa 2 4
Slide 30: Project Pipeline – Building and Civil Engineering
PROJECT PIPELINE South Rest of December June Building and civil engineering (Rm) Africa Africa 2025 2025 Commercial and mixed-use 13 704 1 491 15 195 13 799 7% developments Residential 7 167 1 000 8 167 9 088 Industrial buildings and warehousing 15 028 - 15 028 10 544 Data centres 3 406 - 3 406 3 84
Slide 31: Project Pipeline – Roads and Earthworks
PROJECT PIPELINE South Rest of December June Roads and earthworks (Rm) Africa Africa 2025 2025 28% Roadwork 27 440 1 050 28 490 30 850 Mining infrastructure 2 625 11 155 13 780 35 700 72% Energy infrastructure 9 380 11 400 20 780 18 600 Marine infrastructure - 700 700 820 SOUTH AFRICA Airports, rail
Slide 32: Project Pipeline – United Kingdom and Summary
PROJECT PIPELINE December June 2025 2025 United Kingdom Rm Rm Byrne Group 27 041 26 890 Russell WBHO 8 488 10 306 Total 35 529 37 196 December June 2025 2025 Summary Rm Rm Building and civil engineering 119 331 127 706 Roads and earthworks 108 300 131 080 United Kingdom 35 529 37 196 Total 263 160 2
Slide 33: Outlook
OUTLOOK • Macro economic indicators in South Africa are improving - National debt is stabilizing - Modest growth recovery - Infrastructure development led reform with associated budget allocation - Bodes well for local construction industry • Growing private investment in rail, port and water infras
Slide 34: Disclaimer
DISCLAIMER Certain statements contained within this presentation may be classified as forward-looking statements. Words, including but not limited to, “believe”, “anticipate”, “expect”, “seek”, “intend”, “estimate”, “project”, “plan”, or “predict” are used to identify such statements. Forward- looki
Slide 35: Thank you
Thank you DISCLAIMER: THIS PRESENTATION IS BEING RECORDED. YOUR CONTINUED ATTENDANCE AT THE PRESENTATION CONFIRMS YOUR CONSENT
Wilson Bayly Holmes-Ovcon — H1 2026 Earnings Presentation on 6ix