Slide 1: Audited Preliminary Results for 2025
Keller Group plc Audited Preliminary Results for 2025 3 March 2026 Building positive momentum through performance keller-na.com keller-na.com
Slide 2: Cautionary statements
Cautionary statements This document contains certain ‘forward looking statements’ with respect to Keller’s financial condition, results of operations and business and certain of Keller’s plans and objectives with respect to these items. Forward looking statements are sometimes, but not All written o
Slide 3: Agenda
1. Results summary 2. Financial review 3. Capital allocation 4. CEO reflections Agenda 5. Summary and outlook 6. Q&A
Slide 4: Record financial performance ahead of expectations; significantly increased dividend
Record financial performance ahead of expectations; significantly increased dividend; intention to launch further £100m share buyback Record results Revenue Reflect operational and financial improvements embedded across £3,087.3m the business +5.9%1 Underlying operating profit Performance £218.2m Un
Slide 5: Financial review
Financial review James and David with Tomasz Michalski, Managing Director Middle East
Slide 6: Summary income statement - underlying
Summary income statement - underlying 2025 2024 1. Revenue £m CC% 1 FY 2024 2,986.7 Underlying Underlying FX (71.4) Revenue 1 3,087.3 2,986.7 North America 87.1 +5.0% EME 34.3 +4.1% Operating costs (2,875.1) (2,775.4) APAC 50.6 +14.6% FY 2025 3,087.3 +5.9% Net impairment (loss)/ gain of trade receiv
Slide 7: Underlying profit bridge 2024 to 2025
Underlying profit bridge 2024 to 2025 Central North America EME APAC items Down £17.7m1 to £166.2m Up £30.7m1 to £38.8m Up £3.9m1 to £30.6m Up £3.5m1 £m to £17.4m 230.0 1.4 220.0 14.6 (3.3) 2.9 (1.0) (3.5) (1.0) 0.6 218.2 210.0 212.6 (7.8) 20.4 200.0 190.0 7.0 180.0 (25.8) 7.6 (3.9) (2.6) 170.0 2024
Slide 8: Summary income statement - non underlying
Summary income statement - non underlying 1. Non-underlying items £m 2025 2024 1 Cash items Non-underlying Non-underlying ERP costs (9.9) items items Restructuring costs (0.9) Revenue - - Contingent consideration received on disposal of business 0.2 Operating costs (10.8) (10.6) Total cash items (10
Slide 9: Net debt flow
Net debt flow £m FY 2025 FY 2024 1 1. Depreciation/Capex 2025 2024 Net capex/depreciation 91% 79% Underlying operating profit 218.2 212.6 Gross capex/depreciation 102% 106% Depreciation, amortisation and impairment 1 109.1 108.8 Underlying EBITDA 327.3 321.4 Non-cash items 2.0 (13.5) 2 2. Working ca
Slide 10: Strong balance sheet enables additional returns
Strong balance sheet enables additional returns £m 2024 2025 130 126 120 105 111 104 94 91 96 89 84 89 73 70 72 64 62 52 41 25 30 13 13 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecDec -60 • Net cash1: £59.7m improved by £89.2m (2024: net debt of £29.5m) • Average month-end net debt1: £42m, down 5
Slide 11: Order book demonstrates consistent demand
Order book demonstrates Bentley Tower Florida, USA consistent demand Geographic mix Order book1 (£m) (full order book) 1.8 1.6 Group 1.4 £1.5bn 1.2 North America -3%1 1.0 0.8 £1.0bn 0.6 EME +14%1 0.4 £356.0m 0.2 - APAC -5%1 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 North America EME APAC £163
Slide 12: North America Operating review
North America Hudson River tunnels New York, USA Operating review Constant £m 2025 2024 currency NORTH AMERICA Revenue 1,815.7 1,785.8 +5.0% Underlying operating profit 166.2 190.0 -9.6% OUTLOOK Underlying operating margin 9.2% 10.6% -140bps Order book 1,022.3 1,130.4 -2.6% Order book >$1bn strong o
Slide 13: Europe and Middle East Operating review
Europe and Middle East Tangenvika bridge Norway Operating review Constant Europe and Middle East £m 2025 2024 currency Revenue 873.4 835.1 +4.1% OUTLOOK Underlying operating profit 38.8 7.9 +379% Underlying operating margin 4.4% 0.9% +340bps Order book Order book 356.0 302.1 +14.2% +14.2% with good
Slide 14: Asia-Pacific Operating review
Asia-Pacific Collins Wharf Australia Operating review Asia-Pacific Constant £m 2025 2024 currency Revenue 398.2 365.8 +14.6% OUTLOOK Underlying operating profit 30.6 28.7 +14.6% Underlying operating margin 7.7% 7.8% +0bps Order book Order book 163.4 177.5 -5.4% Solid pipeline, particularly in Austra
Slide 15: Sustaining operating margin performance
Sustaining operating margin performance 7.1 % 8 7 Operating margin1 % 6 Sustainable 5 margin 4 outlook 3 4.5 % 2 1 0 2019 2020 2021 2022 2023 2024 2025 Consensus 2026-2027 • 7.1% underlying operating margin maintained in 2025 • Performance maintained despite non-repeat of 2024 exceptional NA market
Slide 16: Results Summary – Further delivery in FY25
Results Summary – Further delivery in FY25 Operating Operating profit Revenue profit1 margin1 £3,087.3m +6%2 £218.2m +7%2 7.1% flat 2025 2025 2025 2024: £2,986.7m 2024: £212.6m 2024: 7.1% 2023: £2,966.0m 2023: £180.9m 2023: 6.1% Net (cash)/debt/ ROCE1 Free cash flow EBITDA (pre-IFRS16) 30.7% +250bps
Slide 17: Capital allocation
Capital allocation Binnenhof in The Hague Netherlands
Slide 18: Balanced capital allocation framework
Balanced capital allocation framework 2025 capital Invest in the business allocation Strong • Maintenance capex to effectively run the business Maintain £90.4m • Investment to grow capability; expand in existing free cash and grow markets Gross capex flow Sustainable dividend • 31-yr history of a ma
Slide 19: CEO reflections
CEO reflections Hospital in Queensland Australia
Slide 20: CEO reflections
CEO reflections Engineering excellence People and culture • Market-leading portfolio of • Performance driven global products and services that team with the brightest minds deliver innovative solutions in the industry Established portfolio Local focus • Diverse geographic • Strong relationships pair
Slide 21: Keller’s strategic progress
Keller’s strategic progress 2022 - 2025 TODAY 2026+ Resetting the Demonstrating Clear opportunity business delivery ahead • Portfolio rationalisation – exiting • Diversified portfolio and robust • Unrelenting focus on maintaining sub-scale markets order book underpin future revenue margins; deliveri
Slide 22: Keller’s investment case today
Keller’s investment case today • Diverse portfolio and sector agnosticism make Keller resilient to market ~£3bn Resilient cyclicality revenue pa revenues • Expansive capability enables access to range of projects Sustainable • Relentless focus on quality of margin; embedded commercial mindset >7% un
Slide 23: Building market share in local markets
Building market share in local markets Key Leading position Established position Krystyna Żabicka, Site Engineer Poland Source: Relative Market Share (RMS) based on internal and external data from 2024 strategic review 23
Slide 24: Refining our strategy for long-term value
Refining our strategy for long-term value Strategy Strategy Strategy Portfolio Performance Pipeline • Build market share in local • High performance culture • Target faster-growing customer markets • Commercial excellence segments • Market leading product portfolio • Design and value engineering • W
Slide 25: Case study: Luleå, Sweden
Case study: Luleå, Sweden Sustainable foundations solution for fossil-free steel mill Challenge: Solution: Outcome: • Design an alternative • Work with customer, SSAB, • Significant reduction in client solution to concrete piles to to design a solution that cost and climate impact reduce customer co
Slide 26: Case study: Serverfarm Data Centre, Texas
Case study: Serverfarm Data Centre, Texas Pivoting to the fastest growing markets Challenge: Solution: Outcome: • Redevelopment of an • Integrated design-build approach • 1,475 aggregate existing data centre site • Keller proposed an aggregate pier piles installed • Removal of existing solution to r
Slide 27: Summary and outlook
Summary and outlook Sara Pettersson, Project Engineer Sweden
Slide 28: Summary and outlook
Summary and outlook 2025 Summary Outlook Another outstanding Further progress anticipated performance • Unrelenting focus on maintaining margins; • Market outperformance building on delivering profit and free cash flow material step-up of previous year • Continued delivery of operational excellence
Slide 29: Q&A
Q&A 6-9 Queens Road Melbourne
Slide 30: Appendix
Appendix Baltic Hub Poland
Slide 31: Summary income statement
Charles de Gaulle Summary income statement stormwater pipeline France 2025 2024 Non- Underlying underlying Total Underlying Non-underlying Total Revenue 3,087.3 - 3,087.3 2,986.7 - 2,986.7 Operating costs (2,875.1) (10.8) (2,885.9) (2,775.4) (10.6) (2,786.0) Net impairment profit/ (loss) on trade re
Slide 32: Balance sheet
1. Intangibles incl. goodwill £m Opening 111.2 Balance sheet Additions Amortisation 0.1 (1.7) 1 FX (6.8) Closing 102.8 2. Tangible fixed assets £m £m FY 2025 FY 2024 Opening 461.4 Capital expenditure 90.3 Intangibles incl. goodwill 1 102.8 111.2 Right-of-use additions 21.4 2 Disposals & transfers 5.
Slide 33: Financial modelling considerations
Financial modelling considerations 2025 2026 considerations Trading NA – Foundations Normalised pricing environment (buoyant 2024). Similar to 2025. Continue to benefit from sector agility. Sustained operational performance. Increased macro uncertainty. NA – Suncoast Profitability negatively impacte
Slide 34: Keller overview
Keller overview EVO Park Netherlands
Slide 35: Keller today
Keller today Every day millions of people around the world live, work and play on ground prepared by Keller Three divisions 14 business units Our purpose Our vision Our values To build the To be the leading Safety 175 foundations for a provider of specialist branches People sustainable future geotec
Slide 36: A balanced portfolio with a diverse customer base
A balanced portfolio with a diverse customer base Our operations Our contracts • Operating globally in a number of sectors gives us the • Our large client spread means we’re not overly reliant resilience to trade through national cyclicality on certain customers • Good access to all markets with no
Slide 37: Diversified by product
Diversified by product • Projects often require a variety of techniques Revenue by application (2025) • With access to our global knowledge base and industry leading product portfolio, our engineers can design the best solutions that reduce materials, cost and time for our Marine 2% Instrumentation
Slide 38: Market demand trends play to our strengths
Market demand trends play to our strengths Key megatrends Geotechnical market trends Our response Our business is structured to provide a local focus through our Increased investment in infrastructure in extensive branch network located in major metropolitan areas. Urbanisation sectors including tra
Slide 39: Geotechnical market size
Geotechnical market size • We are the world’s largest geotechnical specialist contractor • We have 12.0% market share of the markets in which we choose to operate •We still have potential to grow our market share in our Geotechnical chosen regions • market Our BU's size understand their local market
Slide 40: Resilient financial performance since listing in ‘94
2025 2025 2024 2024 2023 2023 2022 2022 2021 2021 2020 2020 2019 2019 2018 2018 Top quartile relative TSR performance vs FTSE 250 over last three years 2017 2017 40 2016 2016 2015 2015 2014 2014 2013 2013 Underlying operating profit (£m) 2012 2012 2011 2011 2010 2010 2009 2009 2008 2008 2007 2007 20
Slide 41: Sustainability performance
Sustainability performance Accident Frequency Rate • Increased Leadership Site Safety Interactions. 0.61 • Increased site / yard inspections and business 0.39 0.35 0.34 unit audits. 0.23 0.19 0.1 0.1 • AFR and TRIR improved People 0.07 0.05 0.15 0.04 0.12 whilst maintaining near 2013 2014 2015 2016
Slide 42: Full product range
Full product range Right combination of products leads to optimal solutions for the soil conditions and structure type 42
Slide 43: Factors to consider in geotechnical engineering
Factors to consider in geotechnical engineering Value engineering with an equipment advantage Site conditions Requirements Loading Constraints conditions • World’s largest equipment fleet • Sand, silt, clay, • Performance • Neighbouring (allowable • Spread, low buildings with flexibility to move bet
Slide 44: Specialist versus generalist business model
Specialist versus generalist business model Project lifespan Keller General contractor Ground engineering General construction • Early stage • Longer, larger projects • Lower cyclicality • National focus • Specialist design capability • Higher cyclicality • A mix of contracts • Integration of multip
Slide 45: Keller fact sheet
Keller fact sheet • Established 1860, now world’s largest geotechnical specialist contractor • Approx. 50% of our contracts are design and build. globally • Contracts over £5m revenue make up around 1% of the number of contracts, • Revenue by division: North America 59%; EME 28%; APAC 13%; (only but
Slide 46: Investor Relations contact
Investor Relations contact Nicola Rogers Group Head of Investor Relations +44 20 7616 7575 nicola.rogers@keller.com 46