Hargreaves Services Plc · LSE:HSP
Hargreaves Services — H1 2026 Earnings Presentation
34 slides from Hargreaves Services's earnings presentation, Jan 28, 2026
Slide 1: Hargreaves Services plc Interim Results
Hargreaves Services plc Interim Results Six months ended 30th November 2025 28th January 2026, London
Slide 2: Presentation Team
Presentation Team Gordon Banham, Chief Executive Officer • Joined the Group in 2001 and subsequently appointed as CEO • Led management buyout in 2004 and the Company’s flotation on the London Stock Exchange and has since guided a series of major acquisitions for the Company Stephen Craigen, Chief Fi
Slide 3: Key Highlights
Key Highlights £15.0m return First tranche of Services to shareholders renewables upgrade to FY26 in FY26 sold & FY27 Strong cash Planned CEO Interim dividend position £37.3m succession up 5% to 19.5p 3
Slide 4: Strategic Value Proposition
Strategic Value Proposition • Growth supporting the infrastructure market ➢ Services revenue grown by 41% Services • Focus on contract wins in areas of core ➢ Net margin maintained at 7% competence • Realisation of renewable assets ➢ First tranche of renewable assets sold for initial proceeds of £8.
Slide 5: Hargreaves Services plc – Financial Review
Hargreaves Services plc – Financial Review Stephen Craigen
Slide 6: Financial Review – 5 Year Profile
Financial Review – 5 Year Profile Dividend yield Dividend per share (p) ROCE c6% 7.5% 7.5% 37.0 39.0 36.0 4.9% 20.4 20.6 18.5 19.5 18.0 3.4% 2.8 3.0 2.4% 2022 2023 2024 2025 2026 DPS H1 DPS Year 2022 2023 2024 2025 2026 (FC) Services Revenue £'m Services UPBT £'m UPBT CAGR of 39% Revenue CAGR of 25%
Slide 7: Financial Review – Income Statement
Financial Review – Income Statement Six months ended Nov Nov Services – Top line growth due to increased 2025 2024 work on major infrastructure projects delivering Margin £m Margin £m strong margins Revenue – Services 171.4 121.2 +41.4% Revenue – Hargreaves Land 11.7 4.1 +185.4% Group Revenue 183.1
Slide 8: Financial Review – Balance Sheet
Financial Review – Balance Sheet Including £44.9m Renewables: £3.6m for Blindwells Other: £8.6m 30 Nov 25 (£’m) Services Land HRMS Unallocated Nov 25 May 25 Tangible FA’s (incl. ROU assets) 62.2 12.2 - 1.6 76.0 69.4 Goodwill 5.8 - - - 5.8 5.8 Investments in JCEs - 5.8 57.1 - 62.9 59.8 Inventory 1.2
Slide 9: Valuation Considerations
Valuation Considerations Services* Land HRMS (Joint Venture) REVENUE £266m BOOK VALUE (Cost) c£80m BOOK VALUE (Cost) c£70m EBIT £16.8m RENEWABLE UPLIFT >£20m ANNUAL CASH RECEIPT £6-7m EBITDA £34.6m Timescale c5 years Timescale 4-6 years Equity Employed £8m-£15m Moving to a lower capital model, utili
Slide 10: Finance Review - Cashflow
Finance Review - Cashflow OPERATING ACTIVITIES INVESTING FINANCING EBITDA 10
Slide 11: Finance Review – HRMS Summary
Finance Review – HRMS Summary Consolidated Financials Income statement £’m Nov 25 Nov 24 Revenue – HRMS 89.7 109.3 Revenue – DK 49.9 47.8 Revenue 139.6 157.1 PBT – HRMS 5.1% 4.6 4.3% 4.7 LBT - DK -5.6% (2.8) -9.6% (4.6) Profit before tax 1.8 0.1 Taxation (0.6) - Profit after tax 1.2 0.1 Hargreaves s
Slide 12: Operating Review – Services
Operating Review – Services Simon Hicks
Slide 13: Our Operating Model
Our Operating Model Anticipation Innovation Reputation Inspire Excellence to Win Attraction Development Engagement Sector Service Geography Connectivity – services to build large scale Rail, Road and Airports Clean Energy – services to support the life cycle of clean energy infrastructure Environmen
Slide 14: Services Model – Resilience and Quality
Services Model – Resilience and Quality A strong base of long-term Opportunity to Grow relationships and contracts Revenue Resilience Contract Selectivity Limited Credit Exposure >6% Margins| >£11m Free Cash Flow | >100% ROCE >£34m EBITDA (FY26) Inflation Resistant 14
Slide 15: Outlook
Outlook ➢ UK Infrastructure Strategy forecasts £725bn over 10 years, which is a £20bn p.a. increase, if delivered, headline projects clearly relevant to Hargreaves service provision. ➢ Momentum continues to build in our chosen sectors with the Government announcements in the period supporting Wylva
Slide 16: Major Pipeline Timing
Major Pipeline Timing 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 AMP 8 AMP 9 Land Remediation Reservoirs (Fens, SESRO. Lincs) SZC SMR's and Nuclear Fusion CCS Great Grid Upgrade LTC (North, Tunnels, South) Highways/Regional Transport Heathrow Expansion Luton Expansion HS2 Northern Powerh
Slide 17: Lower Thames Crossing – Roads North of the Thames
Lower Thames Crossing – Roads North of the Thames Blackwell advisory services appointment was in 2024 Enabling Earthworks appointment agreed with Balfour Beatty– c. £10m First Works Commence Q2 2026 • 420,000 m3 of topsoil strip for archaeological investigation • 10 Ha of site compounds to prepare •
Slide 18: Services – Key Customer Data
Services – Key Customer Data Major Customers Customer concentration Top 5 Top 10 Top 20 Services Revenue % 65% 74% 80% Services Revenue £’m 111m 124m 138m Customer length of 1 year 3 years 5 years relationship ago ago ago % of current year revenue 99% 66% 34% Average contract duration 3.9 years Reve
Slide 19: Operating Review – Land
Operating Review – Land Gordon Banham
Slide 20: Hargreaves Land
Hargreaves Land Multi Phase Delivering serviced plots for residential and Master commercial development Developer Bespoke Secure new development opportunities Commercial within retail warehousing and logistics Development space Planning Strategic Land adding value through the promotion planning proc
Slide 21: Key events
Key events Renewables First tranche of renewables assets sold • October 2025 • £8.8m received up front • Up to £5m variable consideration due by Sept 29 Blindwells H1 completion of a16-acre sale (217 plots) to Bellway plc in July 2025 for total consideration of £11.5m. 21
Slide 22: Project Pipeline
Project Pipeline Market outlook Momentum is building, yet full recovery is hampered by high build costs and planning delays. Interest rates are currently reducing and if this continues it will aid confidence and assist delivery. Residential demand remains high across all tenures with solid interest
Slide 23: Hargreaves Land - Renewables portfolio
Hargreaves Land - Renewables portfolio Independent Status Nov 25 Book Value Valuation Update 1 Windfarm First tranche of 5 renewables assets sold in OPERATIONAL 158MW 2 Access Agreements October 2025 for initial cash consideration of £8.8m. UNDER 1 Battery Storage 500MW Top-up consideration of up to
Slide 24: Operating Review - HRMS
Operating Review - HRMS Gordon Banham
Slide 25: Hargreaves Raw Materials GmbH – JV
Hargreaves Raw Materials GmbH – JV HRMS is a Joint Venture Hargreaves owns 49.9% of voting shares, however, is entitled to 86% of economic benefit through non-voting shares. The results of HRMS are not consolidated in the Group accounts, they are represented by a single line the in the P&L and Balan
Slide 26: Hargreaves Share of Profit Before Tax
Hargreaves Raw Material GmbH - trading Historic performance of the Trading business Profits from trading in HRMS have been variable over the 18.0 period of ownership, given HARGREAVES SHARE OF PROFIT BEFORE TAX 16.0 dependency on commodity cycles and market pricing. 14.0 12.0 10.0 Trading has remain
Slide 27: DK Recycling Operating Model
DK Recycling Operating Model Blast Suppliers Inputs Output Customers Furnace Coke c130kt Pig Iron 250kt Coal c40kt Zinc 5kt Iron Ore c30kt Energy Steel waste c 500kt DK is a net energy generator with surplus output being sold back to the German grid. 27
Slide 28: Turning Risk into an Opportunity: DK Zinc Recycling
Turning Risk into an Opportunity DK Zinc Recycling Key Facts 1. Project spend of circa €18m including land buildings 2. Minimum ROCE target of 20% on total project capital employed 3. In receipt of German Government Grant of €2 million 4. In process of applying for a State Guaranteed loan of €4m 5.
Slide 29: DK Zinc Recycling Leaching Process
DK Zinc Recycling Leaching Process Chemical Suppliers Inputs Output Customers Leaching ZnO widely traded commodity, letters of intent in place. High Zinc Content Zinc Oxide c6,500t Waste Dust c50kt Electric Arc Waste Dust c40kt Chemical treatments Furnace Steel Waste dust reused in the Producers tra
Slide 30: Outlook
Outlook Gordon Banham
Slide 31: Hargreaves Services Plc - Outlook
Hargreaves Services Plc - Outlook Services • Over 55% of revenues secured under contract for next financial year. • Growing pipeline of critical major infrastructure opportunities. • Confidence in the continued delivery of sustainable and reliable profits into the future. Group Outlook ✓ Trading out
Slide 32: Hargreaves Services Plc Investment Proposition
Hargreaves Services Plc Investment Proposition Experienced Board with Proven Track Record Strong Balance Excellent and Sheet with No Sustainable Bank Debt Dividend High quality Return asset backed income Strong Visibility Three Pillars of of Forward Business Value – Work Pipeline Services, Land, HRM
Slide 33: Questions
Questions li
Slide 34: Disclaimer
Disclaimer No representation or warranty, expressed or implied, is made or given by or on behalf of Hargreaves Services plc (the “Company”) or any of its directors or any other person as to the accuracy, completeness or fairness of the information contained in this presentation, and no responsibilit