Keller Group plc (KLR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning everybody and thank you for coming. Welcome to the presentation of Keller's 2025 full year results. For those of you who don't know, I'm James Wraith and I was appointed Chief Executive last August. Moving to the cautionary statements, which is a slide that I'm sure you're all very familiar with. Our agenda this morning, I'm going to take you through a brief snapshot of our results before handing over to David Burke, our CFO, who will take you through the financials in more detail. I'm then going to return to give you my initial reflections after six months in the business, followed by a summary and an outlook. And then finally, we'll finish with a Q&A. So let's have a look at the results summary. The group has delivered an outstanding set of record financial results for 2025. This reflects operational and commercial improvements that are embedded across the business. Importantly, this has also been achieved despite a mixed market backdrop and a translational FX headwind. I'm going to expand later upon the strengths I believe Keller has in its business model but geographic diversity, sector agility and resilience are definitely at the heart of the company's success. Keller North America outperformed the wider US construction market, growing revenues by 5% versus a 2% decline in the market. As expected, profitability in this division was lower versus an exceptional 2024, but nevertheless, this is a resilient result, particularly considering the softness of the US residential market. Again, as forecast, EME continues its outstanding turnaround. This was driven mainly by improvement in the performance of a previously challenging project in the Middle East in 2024, but was also supported by strong operational improvement across the businesses in Europe...