Keller Group Plc · LSE:KLR
Keller — H1 2025 Earnings Presentation
39 slides from Keller's earnings presentation, Aug 5, 2025
Slide 1: Keller Group plc Interim results for 2025
Keller Group plc Interim results for 2025 5 August 2025 1
Slide 2: Cautionary statements
Cautionary statements This document contains certain ‘forward looking in interest and exchange rates. statements’ with respect to Keller’s financial condition, For a more detailed description of these risks, uncertainties and results of operations and business and certain of other factors, please se
Slide 3: Agenda
01 Summary 02 Financial results 03 Business performance 04 Summary and outlook 05 Q&A
Slide 4: Summary – Good H1 performance ahead of expectations
Summary – Good H1 performance ahead of expectations Underlying Underlying Underlying operating operating diluted Revenue profit margin EPS2 Order book Dividend £1,457.7m £102.6m 7.0% 98.1p £1.6bn 18.3p -2% -9% Down from 7.6% -5% (+2% CC1) +10% YoY (+1% CC1) (-6% CC1) Good H1 performance ahead of m
Slide 5: Financial results
Financial results
Slide 6: Summary income statement
Summary income statement H1 2025 H1 2024 Non- Non- Underlying Total Underlying Total underlying underlying Revenue 1,457.7 - 1,457.7 1,489.8 - 1,489.8 Operating costs (1,358.3) (4.7) (1,363.0) (1,379.6) (6.6) (1,386.2) Net impairment loss of trade receivables and contract assets (0.6) - (0.6) (2.8)
Slide 7: Summary income statement - underlying
Summary income statement - underlying 1. Revenue £m CC% H1 2025 H1 2024 H1 2024 1,489.8 FX (40.7) Underlying Underlying North America 6.9 +0.8% Revenue 1,457.7 1 1,489.8 EME (3.5) -0.8% Operating costs (1,379.6) APAC 5.2 +2.9% (1,358.3) H1 2025 1,457.7 +0.6% Net impairment loss of trade receivables
Slide 8: Underlying operating profit bridge H1 2024 to H1 2025
Underlying operating profit bridge H1 2024 to H1 2025 North America APAC Central items EME £m Down £21.2m to Up £3.7m to £13.9m Cost up Up £11.9m to £14.6m £82.1m £1.3m to £8.0m 115.0 113.2 110.0 (3.7) (4.0) 105.0 (1.1) 1.3 0.3 (1.3) 3.7 3.2 102.6 100.0 1.9 11.1 (4.8) 95.0 90.0 (0.7) 4.8 85.0 (21.3)
Slide 9: Summary income statement – non-underlying
Summary income statement – non-underlying H1 2025 Non- Underlying Total 1. Non-underlying items underlying Revenue 1,457.7 - 1,457.7 Cash items £m Operating costs (1,358.3) (4.7) (1,363.0) ERP costs (4.1) Net impairment loss of trade receivables and Restructuring (0.6) contract assets (0.6) - (0.6)
Slide 10: Net debt flow
Net debt flow £m H1 2025 H1 2024 Underlying operating profit 1. Depreciation/Capex 2025 2024 102.6 113.2 1 Net capex/depreciation 70% 69% Depreciation, amortisation and impairment 52.6 54.0 Gross capex/depreciation 87% 96% Underlying EBITDA 155.2 167.2 Non-cash items (1.6) (3.3) Increase in working
Slide 11: Balance sheet
Balance sheet 1. Intangibles incl. goodwill £m Opening 111.2 Amortisation acquired (0.8) £m H1 2025 FY 2024 H1 2024 FX (8.3) Intangibles incl. goodwill 102.1 1 111.2 113.3 Closing 102.1 Managed assets 2. Property, plant and equipment £m Property, plant and equipment 440.9 2 461.4 461.7 Opening 461.4
Slide 12: Net debt profile (£m)
Net debt profile (£m) 2025 2024 130 126 120 105 101 104 94 91 96 89 64 62 52 41 25 30 13 13 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec • Net debt1: £61.5m increased by £32m since Dec 2024; driven by £25m share buyback and increased working capital investment. Compared to H1 2024, net debt decre
Slide 13: Financial modelling considerations
Financial modelling considerations H1 2025 H2 considerations Trading NA – Foundations Normalised pricing environment (buoyant 2024) Similar to H1 Sustained operational performance Increased macro uncertainty NA – Suncoast Profitability negatively impacted by pricing Weak market conditions to continu
Slide 14: Business performance
Business performance Jones Beach - New York, USA, drilled piles
Slide 15: Safety and wellbeing
Safety and wellbeing Performance • AFR reduced to 0.04 (12-month rolling) Accident Frequency Rate • We have improved safety year to date, with 3 fewer injuries than the prior period 0.61 • TRIR is 0.48, an improvement y-on-y, 0.39 0.35 0.34 representing 8 fewer recordable injuries 0.23 0.1 0.1 0.19
Slide 16: Sustainability initiatives
Sustainability initiatives Planet People Principles Carbon reduction Safety Gender Good governance • Scope 1: first hybrid rig procured in • Safety Stand Down saw the entire • General counsel appointed as part the US for New York project trials. Group stop work to focus on recent of ExCom • Scope 2:
Slide 17: Strong order book maintained at £1.6bn
Strong order book maintained at £1.6bn Geographic mix Order book (£m) (Full order book) 1,800 Group £1.6bn +2%1 1,600 North America 1,400 £1.0bn -1%1 1,200 EME 1,000 £335.9m -7%1 800 APAC £203.2m +56%1 600 2019 2020 2021 2022 2023 2024 2025 17 1Constant currency basis
Slide 18: North America Operating review
Bentley Tower, Miami, USA. Deep soil mixing North America Operating review £m H1 2025 H1 2024 Constant £m £m currency Revenue 867.8 883.8 +0.8% Underlying operating profit 82.1 105.8 -20.5% Underlying operating margin 9.5% 12.0% -250bps Order book 1,026.3 1,131.0 -1.4% • Revenues higher at Moretrenc
Slide 19: Europe and Middle East Operating review
Hawar Resort Development, Bahrain. Europe and Middle East Micropiles Operating review £m H1 2025 H1 2024 Constant £m £m currency Revenue 408.3 418.9 -0.8% Underlying operating profit 14.6 3.0 +440.7% Underlying operating margin 3.6% 0.7% +290bps Order book 335.9 367.3 -6.9% • Revenue • Similar to PY
Slide 20: Asia-Pacific Operating review
Coomera Connector, Queensland Australia. Asia-Pacific Mass Soil Mixing Operating review £m H1 2025 H1 2024 Constant £m £m currency Revenue 181.6 187.1 +2.9% Underlying operating profit 13.9 11.1 +36.3% Underlying operating margin 7.7% 5.9% +180bps Order book 203.2 142.5 +55.6% • Revenue • Increase l
Slide 21: Summary and outlook
$ KELLER Summary and outlook
Slide 22: Summary and outlook
Summary and outlook Good H1 performance ahead of market expectations • Performance further evidences the sustainability of the material step-up in performance delivered in 2023 and 2024 • Completed £25m tranche of multi-year share buyback • Strong balance sheet; ND/EBITDA leverage ratio of 0.2x • In
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Slide 24: Keller overview
¢ KELLER Keller overview
Slide 25: Keller today
Keller today Every day millions of people around the world live, work and play on ground prepared by Keller Three divisions Our purpose Our vision Our values 14 business units To build the To be the Integrity foundations for leading provider a sustainable of specialist Collaboration 170 future geote
Slide 26: Building the foundations for a sustainable future
Building the foundations for a sustainable future • Diverse geographies Resilient • Diverse market sectors revenues • Diverse products • Diverse customers • Specialist project profile Firm Sustainable • Improved focus on quality of margin foundations margins • Strong competitive position • Proprieta
Slide 27: Well balanced in terms of geography and sector
Well balanced in terms of geography and sector • Operating globally in a number of sectors gives us the resilience to trade through national cyclicality • Good access to all markets with no overweight exposure • Geopolitically secure Revenue by geography (2024) Revenue by sector (2024) AMEA APAC 14%
Slide 28: The best solutions
The best solutions • Projects often require a variety of techniques • 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 clients • Our project management capabilities mean we can al
Slide 29: Diverse customer base
Diverse customer base • Our large client spread means we’re not overly reliant on certain customers • Contracts over £5m revenue make up around 2% of the number of contracts, but account for 43% of total revenue Revenue by contract size (2024) Number of contracts (2024) Above £5m - 2% £1m to £5m - 8
Slide 30: Geotechnical market size
Geotechnical market size A strong position but plenty of room to grow • We are the world’s largest geotechnical specialist contractor • We have 12.5% market share of the markets in which we operate • We still have potential to grow our Geotechnical market share in our chosen regions market size • Ou
Slide 31: 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 32: Market demand trends play to our strengths
Market demand trends play to our strengths Urbanisation and more large- 65m people will be added to urban population 01 scale development projects every year. 67% of the world’s population will live in metropolitan regions by 2040 Increasing land shortage, 02 driving a need to use more brownfield an
Slide 33: Factors to consider in geotechnical engineering
Factors to consider in geotechnical engineering Site conditions Requirements Loading Constraints conditions • Sand, silt, clay, • Performance • Neighbouring rock, organic (allowable • Spread, low buildings settlements) intensity • Noise, vibration • Loose, soft, stiff, hard, porous • Schedule • Slen
Slide 34: Full product range
Full product range Right combination of products leads to optimal solutions for the soil conditions and structure type 34
Slide 35: Value engineering with an equipment advantage
Value engineering with an equipment advantage • World’s largest equipment fleet with flexibility to move between markets to match local demand • 1,650 engineers; some focused purely on design • 50% of projects are ‘design and build’ where value engineering can substantially reduce cost and save time
Slide 36: Our people
Our people The right organisation, with great people, delivering exceptional performance Safety • Significant improvement, with Accident Frequency Rate halved year-on year and a notable reduction in Total Recordable Incident Rate Quality education • Strengthening talent development through a new glo
Slide 37: Resilient financial performance since listing in ‘94
2024 2024 2023 2023 2022 2022 2021 2021 2020 2020 2019 2019 2018 2018 2017 2017 Resilient financial performance since listing in ‘94 Underlying operating profit (£m) 2016 2016 Keller TSR of 70% vs. FTSE All Share TSR of 9% (2024) 2015 2015 2014 2014 2013 2013 2012 2012 2011 2011 2010 2010 2009 2009
Slide 38: Keller fact sheet
Keller fact sheet Established 1860, now world’s largest geotechnical specialist Approx. 50% of our contracts are design and build. contractor globally Contracts over £5m revenue make up around 2% of the number Revenue by division: North America 60%; Europe 28%; AMEA of contracts, but account for 43%
Slide 39: Investor Relations contact
Investor Relations contact Caroline Crampton Group Head of Investor Relations +44 20 7616 7575 [email protected] 39