Keller Group Plc · LSE:KLR
Keller — Investor Day (October 2026)
99 slides from Keller's investor day presentation, Oct 14, 2026
Slide 1: Capital Markets Day
Capital Markets Day 14 October 2026
Slide 2: Cautionary statements
2 Cautionary statements This document contains certain 'forward-looking statements' which are based on the current expectations of the management of Keller with respect to Keller's financial condition, results of operations and business and certain of Keller's plans and objectives with respect to th
Slide 3: Today's priorities
3 Today’s priorities Explain Provide a deeper understanding of what Keller does and how it adds value. Position Demonstrate that Keller is sector-agnostic with sustainable operating margins. Excite Outline the growth prospects and how Keller can generate significant shareholder value.
Slide 4: Agenda
4 Agenda Topic Who we are and what we do Presenters James Wroath, CEO, and David Burke, CFO Approx. Timing 13:30 – 14:00 Click to navigate to Portfolio James Wroath 14:00: – 14:10 your chosen section Performance Brent Byford, 14:10 – 14:30 Chief Construction Officer Pipeline James Wroath 14:30 – 14:
Slide 5: Who we are and what we do
Strong foundations for sustainable growth O1 Who we are and what we do =O = O 5) ‘} KELLER
Slide 6: Keller is the world's largest specialist geotechnical contractor
01 Who we are and what we do 6 Keller is the world’s largest specialist geotechnical contractor 2025 Group revenue We design and build foundations, strengthen North America 59% EME 28% APAC 13% soil, and clean up contaminated sites to make land safe and ready to build on 10,000 5,500 35 Employees Pr
Slide 7: Well-positioned for sustainable growth and long-term value creation
01 Who we are and what we do 7 Well-positioned for sustainable growth and long-term value creation Diversified Strong commercial Local focus Attractive long- Proven track and sector and operational combined with term structural record of delivering agnostic portfolio execution power of scale growth
Slide 8: A strong and experienced Executive Leadership Team
01 Who we are and what we do 8 A strong and experienced Executive Leadership Team Speaking today James Wroath David Burke Brent Byford Scott Nichols Peter Wyton Deepak Raj Chief Executive Officer Chief Financial Chief Construction President, President, President, Officer Officer North America Europe
Slide 9: Keller has a long track record in geotechnical services
01 Who we are and what we do 9 Keller has a long track record in geotechnical services Founded by Johann Keller Licensed jet grouting technology; Acquired Hayward Baker Listed on London in Renchen, Germany invented compensation grouting (North America) Stock Exchange 1860 1970s 1984 1994 1930s 1972
Slide 10: A proven track record of value-creating M&A
01 Who we are and what we do 10 A proven track record of value-creating M&A £6m Case Foundation £18m McKinney Drilling £11m Systems £159m North American £13m Tecnogeo £30m RECON Company Geotechnique Piling £7m NordPile1 £24m HJ Foundation £6m Geo-Foundations £2m Voges Drilling £32m Esorfranki £8m Su
Slide 11: Strong track record of growth since listing
01 Who we are and what we do 11 Strong track record of growth since listing Keller Group revenue (£m) Deep dive overleaf Dot.com Financial Global 3,500 crisis pandemic 3,000 2,500 2,000 1,500 1,000 500 - Note: 1) 2026 is H1 results and the full year consensus estimate at H1 2026 results | Source: Ke
Slide 12: Strong operating profit growth driven by portfolio focus and operational execution
01 Who we are and what we do 12 Strong operating profit growth driven by portfolio focus and operational execution Rationalised the portfolio: exited sub-scale, lower return markets Operating profit (£m) (e.g. South America, Africa) 300 25% p.a. 242 200 213 218 181 100 118 109 89 0 2021 2022 2023 20
Slide 13: Structural improvements that underpin improved operating profit margins
01 Who we are and what we do 13 Structural improvements that underpin improved operating profit margins Integration and larger Operational project excellence capability Portfolio Commercial discipline Disciplined risk- Strengthened product execution and Improved collaboration Unified North c.7% proc
Slide 14: Strong and consistent growth across key financial metrics
01 Who we are and what we do 14 Strong and consistent growth across key financial metrics Robust revenue growth Growth in operating profit Strong shareholder distributions £m £m Dividends per share (Pence) 4,000 250 80 200 3,000 60 150 2,000 40 100 1,000 20 50 0 0 0 1994 2005 2015 2025 1994 2005 201
Slide 15: We design and build foundations, strengthen soil, and clean up contaminated sites
01 Who we are and what we do 15 We design and build foundations, strengthen soil, and clean up contaminated sites to make land safe and ready to build on We work in geotechnical engineering and construction Design and engineering Construction Monitoring and quality control Foundations Ground improve
Slide 16: Our success is rooted in deep local market expertise
01 Who we are and what we do 16 Our success is rooted in deep local market expertise What’s below ground What’s above ground Highly variable within a Varies country to country particular country – and state to state conditions are site specific Local building codes Geology and regulation Groundwater
Slide 17: A small share of construction spend, but critical to project delivery
01 Who we are and what we do 17 A small share of construction spend, but critical to project delivery Building Geotechnical services ~1% services ~15% What it is What the customer needs Geotechnical engineering Strong foundations and Prepare the ground for building on ground conditions £6.4 Structur
Slide 18: We self perform and are differentiated by our people and assets
01 Who we are and what we do 18 We self perform and are differentiated by our people and assets People Geotechnical expertise Assets ~10,000 50+ 1,100 People worldwide Geotechnical techniques Owned rigs - the largest geotechnical fleet in the world Locally resident, self-performing ~50% of projects
Slide 19: Diversified end-market exposure enables us to pivot to demand
01 Who we are and what we do 19 Diversified end-market exposure enables us to pivot to demand 38% Infrastructure/ Power/Industrial Infrastructure/Public 30% Public Rail, roads, ports and Manufacturing, mining, power generation and Power/Industrial water/sewage assets transmission 21% Office/Commerci
Slide 20: Serving our customers: two routes to Keller
01 Who we are and what we do 20 Serving our customers: two routes to Keller Asset owner Owns / sponsors the asset Via a general contractor (GC) OR Direct to Keller GC delivers the wider build Keller holds the primary contract, with no intermediary GC subcontracts the geotechnical package to Keller S
Slide 21: A commercial model that protects returns and incentivises productivity
01 Section Who we name are and lorem whatipsum we do 21 A commercial model that protects returns and incentivises productivity Fixed-price contracts Cost-plus contracts Keller’s typical commercial model Balanced risk Priced contract with re-measurable Higher risk Bills of Quantities (BoQ) Lower risk
Slide 22: Strongly positioned in a fragmented competitive landscape
01 Who we are and what we do 22 Strongly positioned in a fragmented competitive landscape Scale multi-geography players National players Local SMEs Description Multinational foundation specialists and National or regional specialists with Small contractors focused on limited some vertically integrat
Slide 23: Our strategy for long-term value creation
01 Who we are and what we do 23 Our strategy for long-term value creation Portfolio Performance Pipeline Keller can follow demand Keller wins through local Keller is well placed to across sectors, products presence and relationships deliver continued growth, and project sizes backed by a global with
Slide 24: Portfolio
02 Portfolio Keller’s diverse portfolio can meet demand across sectors, products and project sizes
Slide 25: Balanced and diversified portfolio across geographies, products and end-markets underpin resilience
02 Portfolio 25 Balanced and diversified portfolio across geographies, products and end-markets underpin resilience North America anchors Revenue across breadth of Diversification across sectors Keller can scale to larger Keller’s revenue Keller’s technical abilities provides complementary contracts
Slide 26: Strong position across multiple geographies
02 Portfolio 26 Strong position across multiple geographies An optimised portfolio with room to grow
Slide 27: Unparalleled range of techniques offer optimal solutions for customers
02 Portfolio 27 Unparalleled range of techniques offer optimal solutions for customers Grouting Ground improvement Cement grouting Chemical Compaction Fracture grouting Injection systems Jet grouting Polyurethane Slab jacking Dry soil mixing Dynamic EQ drains Mass grouting grouting grouting compacti
Slide 28: Track record of growth for our core products
02 Portfolio 28 Track record of growth for our core products and consistent demand for our solutions Underlying demand for our solutions has remained Revenue (£bn) broadly consistent £2.9bn 3.0 £2.8bn £2.6bn 2.5 £2.4bn £2.1bn £2.0bn £2.0bn 2.0 £1.8bn Keller has a broad and balanced Revenue (£bn) pro
Slide 29: Multi-technique offering supports bespoke customer solutions
02 Portfolio 29 Multi-technique offering supports bespoke customer solutions Broadens Keller’s opportunity set as we can offer solutions for all types of groundwork challenges The Wharf, Washington Bruce Highway, Queensland The Hague Large >£10m North America Medium £5-10m Asia-Pacific Medium £5-10m
Slide 30: Sector-agnostic portfolio enables end market diversification and enhances resilience
02 Portfolio 30 Sector-agnostic portfolio enables end market diversification and enhances resilience Revenue (£bn) Growth has been broad-based 3.5 with expansion across end market sectors £2.9bn 3.0 £2.8bn £2.6bn Exposure is weighted toward 2.5 £2.4bn resilient infrastructure markets £2.1bn £2.0bn £
Slide 31: Keller has scaled into larger contracts
02 Portfolio 31 Keller has scaled into larger contracts, pivoting to an optimal mix of contract sizes Contract size revenue (£bn) Large projects >£10m are 3.5 now a greater proportion of overall projects £2.9bn 3.0 £2.8bn £2.6bn 2.5 £2.4bn Large scale capability improved through business integration
Slide 32: I-40 reconstruction
Case study 02 Portfolio 32 I-40 reconstruction Trust in technical capability at scale converted into a multi-year platform c.$1bn Multi-year Megatrend Value of I-40 work contract award Resilience and secured to date climate adaptation What this win demonstrates Branch-level knowledge Local Focus Loc
Slide 33: Performance
03 Performance Keller wins through local presence and relationships backed by a global engineering capability
Slide 34: Local focus is at the core of Keller's strategy
03 Performance 34 Local focus is at the core of Keller’s strategy 02 03 Highly skilled workforce Global strength and scale Better knowledge of and high-quality asset base local soil and ground conditions Global expertise, shared learning, Specialist talent, a market-leading and specialist resources
Slide 35: Keller has deep knowledge of local ground conditions
Case study 03 Performance 35 Keller has deep knowledge of local ground conditions Discrete ground conditions exist across Keller’s local focus regions and within states creates an advantage Variable ground conditions Soil, water table and seismic risk vary site by site Dallas Rock/clay soil composit
Slide 36: Global capabilities enable local teams to deliver the best solutions
03 Performance 36 Global capabilities enable local teams to deliver the best solutions Building local leadership Highly 35 countries World’s largest 50+ specialised sharing best geotechnical techniques Global strength builds workforce practices fleet local leadership Entire global Innovation, projec
Slide 37: Keller builds, trains and mobilises specialist capability to deliver at any scale
03 Performance 37 Keller builds, trains and mobilises specialist capability to deliver at any scale Detail overleaf Specialist People Capability Development Owned Fleet 1,700 engineers Quality education 1,100 rigs and cranes Technical knowledge and best Competency-led, hands-on World’s largest geote
Slide 38: KGS: In-house machinery expertise creates a competitive advantage
03 Performance 38 KGS: In-house machinery expertise creates a competitive advantage KGS designs, manufactures and services in-house specialist machinery for Keller worldwide Purpose-built machinery Field-led innovation Lifecycle support Proprietary equipment and monitoring Direct feedback from const
Slide 39: Keller leverages technology alongside a market-leading toolkit
03 Performance 39 Keller leverages technology alongside a market-leading toolkit to design and deliver the best solutions Engineering Better customer breadth Real-time data in technology-enabled engineering outcomes 50+ Proprietary data acquisition systems Quality control Immediate view of installed
Slide 40: Safety led culture underpins reliable project execution
03 Performance 40 Safety led culture underpins reliable project execution Improved accident frequency rate Our Safety value We do not compromise on health and safety 0.19 0.15 0.12 0.07 0.1 0.1 0.05 0.04 Safety built into planning 2018 2019 2020 2021 2022 2023 2024 2025 and execution Keller has one
Slide 41: Keller's early design choices can reduce carbon impact, cost and complexity
03 Performance 41 Keller’s early design choices can reduce carbon impact, cost and complexity Early design window allows Keller to shape the solution before materials and methods are fixed 01 Technique 02 Material 03 Size 04 Outcome Choose the Substitute for Size the Design-led lowest impact lower c
Slide 42: Sustainable foundation solution for fossil-free steel mill
03 Performance 42 Sustainable foundation solution for fossil-free steel mill Case study Luleå, Sweden Project challenge Keller solution • Concrete pile volumes were proving prohibitive Worked with customer, SSAB, in cost, time, and logistics to shape and validate a solution • Reclaimed land – site d
Slide 43: Why we win
03 Performance 43 Why we win We understand what our customers care … and are well positioned to meet their needs about beyond price… Work on ~5,500 projects per year, providing expertise on a Expertise with similar wide range of projects across the construction sector project structures Deep knowled
Slide 44: Keller is highly valued by our clients
03 Performance 44 Keller is highly valued by our clients Positive NPS Trusted by leading Differentiated in every region global organisations where it matters Customer advocacy reflects Selected for complex, mission- Customers benefit from a value confidence in Keller’s technical critical projects ac
Slide 45: Pipeline
04 Pipeline Keller is well placed to deliver continued growth, with opportunity for M&A to further accelerate
Slide 46: Positive market dynamics underpin future growth
04 Pipeline 46 Positive market dynamics underpin future growth Forecast annual construction sector growth 2025-30F (NA, EME, APAC1 , Nominal $) Construction output is expected to grow 5% per annum to 2030 c.7% c.6% We expect Keller’s revenue CAGR to beat, or at least meet c.5% c.5% c.5% this forecas
Slide 47: Megatrends support underlying growth in the geotechnical market
04 Pipeline 47 Megatrends support underlying growth in the geotechnical market Urbanisation Demographic shifts Resource efficiency Resilience and Adoption of Defence and and decarbonisation climate adaptation technology security Increased investment Larger, taller, and Demand to reduce Substantial p
Slide 48: Keller has consistently grown ahead of the market
04 Pipeline 48 Keller has consistently grown ahead of the market Keller US (excl. Suncoast) Keller Australia CAGR CAGR Keller Revenue 7% Keller Revenue 4% CAGR 18-25 GDP 6% CAGR 18-25 GDP 6% Construction Spend 6% Construction Spend 6% Keller Revenue 9% Keller Revenue 6% CAGR 23-25 GDP 5% CAGR 23-25
Slide 49: Healthy order book of contracted work gives clear visibility near-term revenue
04 Pipeline 49 Healthy order book of contracted work gives clear visibility near-term revenue Order book1 (£bn) High near-term visibility: c.£2.4bn ~60% are short-order projects 2.5 with 2 month unwind 2.0 On the ground presence enables Good visibility lead pursuit and continuous order 1.5 of unsecu
Slide 50: Significant white space to drive growth through M&A
04 Pipeline 50 Significant white space to drive growth through M&A Three routes to greater local market presence and capability 01. Geography Geography Establish or deepen presence in attractive local markets. Expand within addressable markets Unlocks: local customers, channels and market knowledge
Slide 51: RECON: Acquisition added capability and attractive sector exposure
Case study 04 Pipeline 51 RECON: Acquisition added capability and attractive sector exposure that continues to generate organic growth Geography Technique Delivered cash Increased market Added product capability presence in Texas, the in geotechnical payback within US Gulf and East coasts environmen
Slide 52: Recap of what we've told you so far
04 Pipeline 52 Recap of what we’ve told you so far Coming up… Power of the portfolio • North America • Europe and Middle East • Asia-Pacific Portfolio Performance Pipeline Financials Keller’s diverse portfolio Keller wins through local Keller is well placed to Proven results drive can meet demand ac
Slide 53: Refreshment break
Refreshment break 15-20 minutes
Slide 54: Power of the portfolio: North America
05 Power of the portfolio North America
Slide 55: North America Division
05 Power of the portfolio North America 55 North America Division Geographic overview 4 >80 59% of Group business units branches revenue 800 2,500 engineers projects per year ~£1.8bn NA 4,900 c£160m Revenue (%, 2025) employees FY25 operating profit HI 8% Canada Business units • US Foundations • More
Slide 56: North America: US foundations and Canada
05 Power of the portfolio North America 56 North America US foundations and Canada Services The leading North American specialist geotechnical Deep foundations Speciality grouting foundations business, providing design-build solutions across deep foundations, ground improvement, speciality grouting,
Slide 57: North America: Moretrench and RECON
05 Power of the portfolio North America 57 North America North America Moretrench RECON Industrial contractor with 100+ years of experience delivering Environmental remediation and heavy civil construction construction, environmental, and infrastructure solutions across specialist, founded in 1989 –
Slide 58: A spotlight on Suncoast
05 Power of the portfolio North America 58 A spotlight on Suncoast North America Services Suncoast Post-Tension is the largest unbonded Barrier cable Elevated Engineering post-tension specialist in North America - serving embed bracket ® structure and field the commercial and residential constructio
Slide 59: US residential market dynamics are a key driver for Suncoast
05 Power of the portfolio North America 59 US residential market dynamics are a key driver for Suncoast Suncoast revenue ($m) US residential construction output (Nominal, $Tn) Suncoast tracks the 600 572 1.5 residential sector more than the rest of Keller 493 430 398 400 1 349 345 327 282 Suncoast p
Slide 60: North America revenue is driven by US foundations
05 Power of the portfolio North America 60 North America revenue is driven by US foundations Revenue (%, 2025) Business unit Product and Service End market sector Contract size (including Suncoast) (excluding Suncoast) (excluding Suncoast) (excluding Suncoast) 4% 9% 14% 3% 3% 14% 27% 23% 35% 41% 12%
Slide 61: NA products and sectors: Consistent growth and demand
05 Power of the portfolio North America 61 NA products and sectors: Consistent growth and demand Products Sectors Revenue (£bn, excl. Suncoast) Revenue (£bn, excl. Suncoast) Deep foundations Ground improvement Grouting Infrastructure/Public buildings Power/Industrial Environmental remediation Ground
Slide 62: Solid small and medium base support shift to larger contracts
05 Power of the portfolio North America 62 Solid small and medium base support shift to larger contracts Contract size revenue (£bn, excl. Suncoast) 2.0 Large contracts have grown significantly in recent years with £1.6bn an annual growth rate of 41% £1.5bn since 2020 1.5 £1.4bn £1.3bn Large contrac
Slide 63: US construction outlook supports healthy pipeline of opportunities
05 Power of the portfolio North America 63 US construction outlook supports healthy pipeline of opportunities Key drivers shaping US Forecast North America annual construction Megatrend growth by sector (2025-30F, Nominal $) pipeline demand 6% Data centre growth fuelled Adoption 01 by AI and cloud d
Slide 64: Strong data centre growth worldwide, with spend accelerating in the US
Sector deep dive Data centres 05 Power of the portfolio North America 64 Strong data centre growth worldwide, with spend accelerating in the US Strong data centre growth across regions, with Rate of data centre spending growth increasing North America leading historically and in forecast in US Data
Slide 65: Keller is strongly positioned to capitalise on data centre investment
05 Power of the portfolio North America 65 Keller is strongly positioned to capitalise on data centre investment Local coverage ND with national reach WA MT MN ME WI SD VT OR MI AK ID NH WY NY IA MA NE RI NV IL IN OH PA NJ CT Keller branches close UT CO KS MO WV DE MD to areas of investment KY VA CA
Slide 66: Serverfarm data centre: Design-build expertise unlocks speed at scale
Case study 05 Power of the portfolio North America 66 Serverfarm data centre: Design-build expertise unlocks speed at scale to capture US data centre growth 1,475 c. 6 weeks to complete the works Megatrend Aggregate Schedule improved through design Adoption of technology piers installed and real-tim
Slide 67: I-35 Capital Express
Case study 05 Power of the portfolio North America 67 I-35 Capital Express Specialist capability at scale across critical infrastructure Megatrend 120ft 400+ Urbanisation, Infrastructure Excavation Secant piles and tieback Resilience and anchors climate adaptation What this win demonstrates Deep kno
Slide 68: Power of the portfolio: Europe and Middle East
05 Power of the portfolio Europe and Middle East
Slide 69: Europe and Middle East Division
05 Power of the portfolio Europe and Middle East 69 Europe and Middle East Division Geographic overview 5 >80 28% of Group branches across revenue business units 28 countries 3,400 600 employees engineers ~0.9b Revenue 2,500 c. £40m (%, 2025) FY25 operating projects per year profit 14% Middle East B
Slide 70: EME combines local market strength with balanced geographic and end-market exposure
05 Power of the portfolio Europe and Middle East 70 EME combines local market strength with balanced geographic and end-market exposure Revenue (%, 2025) Business Unit Product and Service End Market Sector Contract Size 4% 1% 14% 4% 15% 24% 28% 36% 35% 26% ~£0.9bn ~£0.9bn 19% ~£0.9bn 43% ~£0.9bn 30%
Slide 71: EME products and sectors: broad-based growth led by infrastructure
05 Power of the portfolio Europe and Middle East 71 EME products and sectors: broad-based growth led by infrastructure and supported by diverse product portfolio Products Sectors Revenue (£bn) Revenue (£bn) Deep foundations Ground improvement Grouting Infrastructure/Public buildings Power/Industrial
Slide 72: EME has shifted materially towards larger contracts
05 Power of the portfolio Europe and Middle East 72 EME has shifted materially towards larger contracts Contract size revenue (£bn) 1.0 Large contracts have been £0.9bn £0.9bn the fastest growing segment, £0.8bn increasing at 40% CAGR £0.8bn £0.8bn since 2020 £0.7bn £0.6bn £0.7bn Revenue (£bn) 0.5 R
Slide 73: Supportive EME construction outlook
05 Power of the portfolio Europe and Middle East 73 Supportive EME construction outlook Key drivers shaping EME Forecast EME annual construction growth by sector pipeline demand Megatrend (2025-30F, Nominal $) Multi-year public infrastructure 01 programmes expand transport Urbanisation and public-as
Slide 74: Rauheberg Tunnel: Railway infrastructure
Case study 05 Power of the portfolio Europe and Middle East 74 Rauheberg Tunnel: Railway infrastructure Innovative tunnel stabilisation securing critical rail infrastructure c.€120m 150+ Megatrend Largest order in Keller Keller employees mobilised Urbanisation Germany at award for project delivery W
Slide 75: The Bridge
Case study 05 Power of the portfolio Europe and Middle East 75 The Bridge Value creation through engineering-led design in a complex urban environment 47,000m2 35m deep Megatrend Office space D-wall foundations Urbanisation What this win demonstrates Local considerations Deep understanding of local
Slide 76: Power of the portfolio: Asia-Pacific
05 Power of the portfolio Asia-Pacific
Slide 77: Asia-Pacific Division
05 Power of the portfolio Asia-Pacific 77 Asia-Pacific Division Geographic overview 3 16 13% of Group revenue business units branches 1,600 250 employees engineers ~0.4b Revenue 300 c. £30m (%, 2025) FY25 operating projects per year profit 28% Asia Business units • Keller Australia • Austral Constru
Slide 78: Spotlight on Austral
05 Power of the portfolio Asia-Pacific 78 Spotlight on Austral Rio Tinto Rail Bridge 09 Parker Point Dampier Bulk Renewals Structural Stockyards ECI Handling Facility Austral is a national contractor with 70 to 80% of activity in Western Australia supporting iron ore transport infrastructure – rails
Slide 79: APAC business harnesses Austral's strength
05 Power of the portfolio Asia-Pacific 79 APAC business harnesses Austral’s strength Revenue (%, 2025) Business unit Product and service End market sector Contract size 1% 4% 4% 1% 12% 5% 8% 28% 36% 21% ~£0.4bn 43% ~£0.4bn 43% ~£0.4bn 48% ~£0.4bn 39% 52% 29% 27% Austral Austral Power/Industrial Smal
Slide 80: APAC products and sectors: revenue driven by Austral activity
05 Power of the portfolio Asia-Pacific 80 APAC products and sectors: revenue driven by Austral activity and diverse range of sectors Products Sectors Revenue (£bn) Revenue (£bn) Austral Deep foundations Ground improvement Power/Industrial Infrastructure/Public buildings Office/Commercial Residential
Slide 81: Mining is APAC's largest subsector, with Keller spanning the pit-to-port lifecycle
05 Power of the portfolio Asia-Pacific 81 Mining is APAC’s largest subsector, with Keller spanning the pit-to-port lifecycle Australian iron ore is key to global construction Keller’s capabilities span the pit-to-port lifecycle Pit / mine Foundations, cutoff walls, water mgmt ~98% 52% #1 Transport n
Slide 82: APAC market is driven by larger projects
05 Power of the portfolio Asia-Pacific 82 APAC market is driven by larger projects Contract size revenue (£bn) 0.5 APAC’s market is driven by larger £0.5bn projects; contracts >£10m £0.4bn £0.4bn contracts have expanded £0.4bn £0.3bn Revenue (£bn) £0.3bn £0.3bn £0.2bn £1m–£10m contracts remain the c
Slide 83: Construction outlook supports healthy pipeline of opportunities
05 Power of the portfolio Asia-Pacific 83 Construction outlook supports healthy pipeline of opportunities Key drivers shaping Forecast Australia, Singapore, India annual APAC pipeline demand Megatrend construction growth by sector (2025-30F, Nominal $) Australia’s A$242bn five-year 01 infrastructure
Slide 84: Mining: Major Australian iron ore export facility
Case study 05 Power of the portfolio Asia-Pacific 84 Mining | Major Australian iron ore export facility Combining civil and marine capability with local delivery across multiple critical projects at one facility 100Mtpa Resource c.150 workforce efficiency and 1. Structural Integrity 2. Marine Offloa
Slide 85: Festival Plaza
Case study 05 Power of the portfolio Asia-Pacific 85 Festival Plaza Engineering innovation for a landmark urban development 29 days 24 Megatrend Installation period Megacolumn piles Urbanisation What this win demonstrates Local knowledge, landmark delivery Local focus Building on previous experience
Slide 86: Financials
Strong foundations for sustainable growth 06 Financials 5) ‘} KELLER
Slide 87: Keller is well-positioned to deliver sustainable growth and attractive returns
06 Financials 87 Keller is well-positioned to deliver sustainable growth and attractive returns Focus on business Disciplined approach to Committed to growing performance investing and growth shareholder returns Key financials Leverage / liquidity Dividends People worldwide, performing the Material
Slide 88: Strong track record of financial performance
06 Financials 88 Strong track record of financial performance Revenue (£m) Order book (£bn) ROCE1 3,087 1.6 28.2% 30.7% 2,966 2,987 1.5 1.5 22.8% 2,945 14.9% 1.4 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Operating profit1 (£m) Free cash flow (£m) EPS (pence)1 199.9 211.3 212.6 218.
Slide 89: Sustaining attractive operating margins
06 Financials 89 Sustaining attractive operating margins 8 7.1% 7 c.7% Operating margin1 % 6 5 Sustainable Group 4 4.5% margin1 outlook 3 2 1 Baseline divisional margins 0 2019 2020 2021 2022 2023 2024 2025 2026-2030 c.9% North America Confident of sustaining margin levels: Improved controls c.5% Em
Slide 90: A highly cash generative business
06 Financials 90 A highly cash generative business Free cash flow (£m) Free cash flow Revenue Revenue (£m) Free cash flow 200 3,500 Consistent and 150 3,000 sustainable delivery 2,500 of free cash flow 100 2,000 Operating cash 50 1,500 conversion1 of 108% 1,000 delivered in FY2025 0 500 Reflects imp
Slide 91: Material deleveraging has strengthened the balance sheet
06 Financials 91 Material deleveraging has strengthened the balance sheet Leverage1 actively reduced from 1.7x to (0.2)x since 2018 (0.2)x FY25 leverage1 Net debt to adj. EBITDA 2.0 Comfortably within 3.0x 1.5 covenant limit and below 0.5x to 1.5x target range 1.0 Creates financial 0.5 flexibility a
Slide 92: Long-dated, diversified funding protects financial flexibility
06 Financials 92 Long-dated, diversified funding protects financial flexibility Debt maturity Diversified capital structure with well-staggered maturity profile Broad funding sources RCF expiry No debt maturity prior to 2030 £400m Syndicated RCF Fully undrawn 9 banks in syndicate £400m Matures June
Slide 93: Financial strength supports disciplined approach to M&A
06 Financials 93 Financial strength supports disciplined approach to M&A Keller is actively assessing the market for attractive M&A opportunities to strengthen position in existing, prioritised markets 01. Bolt-on focus Disciplined Disciplined capital Geography approach allocation Expand within addr
Slide 94: Disciplined capital allocation to drive compounding growth
06 Financials 94 Disciplined capital allocation to drive compounding growth Allocation principles Medium term capital allocation framework Invest in growth and deliver returns Invest in the business Steady capex programme Typically, c.3.5% of annual revenue Maintain and grow Sustainable dividend c.4
Slide 95: Ambitious medium-term financial targets for our next phase of growth
06 Financials 95 Ambitious medium-term financial targets for our next phase of growth Revenue Group operating ROCE growth profit margin 5-7% c.7% c.30% organic revenue CAGR sustainable baseline supports bolt-on M&A Free cash flow Dividend cover c.£800m 2.5 - 3.5x total free cash flow progressive in
Slide 96: Conclusions
Strong foundations for sustainable growth Conclusions ‘} KELLER
Slide 97: What we have achieved today
07 Conclusions 97 What we have achieved today Explained Keller is a differentiated and specialist engineering partner within the construction industry. Positioned Keller is sector-agnostic, pivoting to highest demand markets. Keller is a well-run and financially disciplined business with sustainable
Slide 98: A compelling investment proposition
07 Conclusions 98 A compelling investment proposition Diversified Strong commercial Local focus Attractive long- Proven track and sector and operational combined with term structural record of delivering agnostic portfolio execution power of scale growth drivers strong margins, cash and returns Medi
Slide 99: Strong foundations for sustainable growth
Strong foundations for sustainable growth QEA CMD } KELLER