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Results for the year ended 30 June 2025 Luton & Dunstable Hospital 16 September 2025
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FY25 Results, 16 September 2025 2 No representation or warranty, express or implied, is made or given by or on behalf of Kier Group plc (the “Company” and, together with its subsidiaries and subsidiary undertakings, the “Group”) 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 responsibility or liability is accepted for any such information. This presentation does not constitute an offer of securities by the Company and no investment decision or transaction in the securities of the Company should be made on the basis of the information contained in this presentation. This presentation contains certain information which the Company’s management believes is required to understand the performance of the Group. However, not all of the information in this presentation has been audited. Further, this presentation includes or implies statements or information that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may use forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should". By their nature, forward-looking statements involve risks and uncertainties and recipients are cautioned that any such forward-looking statements are not guarantees of future performance. The Company's or the Group’s actual results and performance may differ materially from the impression created by the forward-looking statements or any other information in this presentation. The Company undertakes no obligation to update or revise any information contained in this presentation, except as may be required by applicable law and regulation. Nothing in this presentation is intended to be, or intended to be construed as, a profit forecast or a guide as to the performance, financial or otherwise, of the Company or the Group whether in the current or any future financial year. This presentation and its contents should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Certain information in this presentation has been extracted from the announcement of FY25 full year results made by the Company on 16 September 2025 and this presentation is not a substitute for reading that announcement in full. Disclaimer
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Results Summary Andrew Davies Chief Executive Sandy Lane, Northamptonshire
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FY25 Results, 16 September 2025 4 ▪ Record order book, at £11.0bn, providing significant revenue visibility over FY26 (91%) and beyond ▪ Continued solid revenue growth of 3%, with profit levels ahead of initial expectations ▪ Free cash flow of £155m drives further de-leveraging and balance sheet strength with cash conversion well above long-term target ▪ Disciplined capital allocation driving increased shareholder returns: ▪ Proposed final dividend of 5.2p per share, a total of 7.2p for FY25 (38% increase on FY24) ▪ £10m of £20m share buyback deployed since January ▪ Increased investment in Property – now at £198m, on track to deliver 15% ROCE by FY28 ▪ Appointment of Stuart Togwell as CEO designate ▪ Progressing well towards delivering long-term sustainable growth plan FY25 Highlights
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FY25 Results, 16 September 2025 5 Track record of delivery Significant progression in operational delivery reflected in results Note: (1) FY21 EPS normalised for June 2021 equity raise Note (2) Total of reported month-end net debt, KEPS and HMRC debt
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Simon Kesterton Chief Financial Officer FY25 Results Watford Riverwell
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FY25 Results, 16 September 2025 7 ▪ Revenue growth driven by strong performances across the Group ▪ Adjusted operating profit margin of 3.9% progressing well towards 4.0-4.5% long term target range ▪ Lower debt levels offset by full year bond costs and reduced pension finance credit ▪ Profit before tax growth of 15% ▪ Net cash 22% higher, at £204m ▪ Average month-end net debt materially improved to £49m, through conversion of profits and the working capital benefit of revenue growth Financial Highlights Revenue growth of 3% driven by continued momentum in Infrastructure £’m FY25 % FY24 % Δ Revenue 4,087.8 3,969.4 3.0% Adjusted Operating Profit 159.1 3.9 150.2 3.8 5.9% Net finance costs (33.7) (32.1) (5.0%) Adjusted Profit before tax 125.4 118.1 6.2% Adjusting items (25.7) (26.8) 4.1% Amortisation (21.6) (23.2) 6.9% Profit before tax 78.1 68.1 14.7% Taxation (21.7) (16.8) (29.2%) Profit from continuing operations 56.4 51.3 9.9% Adjusted basic EPS (p) 21.6 20.6 4.9% Statutory EPS (p) 12.8 11.8 8.5% Free cash flow 155.4 185.9 (16.4%) Net cash 204.1 167.2 22.1% Average month-end net debt (49.2) (116.1) 57.6%
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FY25 Results, 16 September 2025 8 ▪ Overall revenue growth of 3% ▪ Infrastructure: benefiting from growth in Water and Nuclear projects ▪ Construction: delivery of MoJ projects partly offset by exit of lower margin HM contracts ▪ Property: Increased transactions in FY25 (driving profits) ▪ Continued bidding discipline and risk management 3% Revenue Performance Significant growth in Infrastructure Services 3,969 148 3 (32) 4,088 FY24 Infrastructure Services Construction Property FY25(1) Note 1: Includes £1m of corporate revenue £’m
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FY25 Results, 16 September 2025 9 ▪ Adjusted operating profit margin of 3.9% (progressing well to long term target range) ▪ AOP benefits from: ▪ Property transactions ▪ Management cost actions ▪ Partially offset by overall cost Inflation Adjusted Operating Profit Profit increased 6% on management actions and H2 property recovery 150.2 0.6 6.0 (9.3) 11.6 159.1 FY24 Volume / Price Mix Property Cost Inflation Management Actions FY25 £’m 6%
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FY25 Results, 16 September 2025 10 Adjusting items ▪ Fire and cladding compliance costs of £17m relate to updated regulations on legacy projects ▪ Adjusting items continue to fall with FY24 reduced by a one-off FX gain (partly offset by refinancing fees) Adjusting Items (excl. amortisation) Significant reduction in cash adjusting items £’m FY25 FY24 Fire / cladding costs 17.0 15.0 Property-related items 4.8 7.2 Recycle of foreign exchange - (5.9) Refinancing fees - 4.5 Other 2.0 3.1 Total adjusting items to continuing operating profit 23.8 23.9 Finance costs 1.9 2.9 Total adjusting items to continuing profit before tax 25.7 26.8 Cash cost 17.8 36.7
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FY25 Results, 16 September 2025 11 11 Our access to UK Infrastructure via Frameworks FY25 Results, 16 September 2025
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FY25 Results, 16 September 2025 12 Growth underpinned by order book and frameworks Order book of £11bn provides clear multi-year revenue visibility ▪ 91% of FY26 and c.70% of FY27 revenue secured ▪ Longer term, revenue growth underpinned by £156bn* of framework positions ▪ Long term UK Government commitment through 10 year Infrastructure Strategy Y 0 Y 1 Y 2 Y 3 Y 4 Y 5 Infrastructure Services Order Book Frameworks Y 0 Y 1 Y 2 Y 3 Y 4 Y 5 Construction Order Book Frameworks Revenue Secured: 2 years + Secured: 2 years Underpinned: 5 yearsUnderpinned: 5 years Revenue *total advertised values
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FY25 Results, 16 September 2025 13 ▪ Adjusted operating cash flow conversion of 125% significantly above long- term growth target (90%) ▪ Working capital inflow of £28m reflecting revenue growth normalisation ▪ Supplier payment days broadly consistent with prior year at 34 days Note: (1) Other consists of share-based payments, FX recycle movements, fair value adjustments, pension adjustments and profit on disposal of PPE Free Cash Flow Strong operational performance resulting in above target operating cash conversion of 125% £’m FY25 FY24 Adjusted EBITDA 227.9 208.1 Working capital inflow 27.7 68.4 Net capital expenditure including finance lease capital payments (64.9) (57.3) Joint Venture dividends less profits 5.4 0.7 Other free cash flow items(1) 3.1 (2.8) Operating Free Cash Flow 199.2 217.1 Adjusted conversion 125% 145% Net interest & tax (43.8) (31.2) Free Cash Flow 155.4 185.9
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FY25 Results, 16 September 2025 14 Net Cash Movement 167 155 (18) (8) (24) (51) (16) (1) 204 FY24 Free Cashflow Adjusting items Pension deficit payments and fees Dividends paid Investment in Property Purchase of own shares Other FY25 Free cash flow of £155m allocated in accordance with the Group’s priorities Note 1: Includes £10m of share purchases by the Group’s employee benefit trust (1) £’m
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FY25 Results, 16 September 2025 15 Average Month-End Net Debt ▪ FY21 to FY25 significant reduction in average month-end net debt, to £49m ▪ FY26 – expected further improvement from free cash flow FY21 FY22 FY23 FY24 FY25 Average debt YoY £m Reported debt KEPS HMRC £582m £286m £232m £116m £49m Near-term pathway to sustainable average month-end net cash position
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FY25 Results, 16 September 2025 16 Financing and liquidity Access to debt capital markets supports sustainable growth strategy 0 50 100 150 200 250 300 2026 2027 2028 2029 Senior Notes RCF Maturities by calendar year ▪ £400m of facilities in place: ▪ £250m Senior Loan Notes due February 2029 ▪ £150m RCF to March 2027 £’m
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FY25 Results, 16 September 2025 17 Capital allocation Recurring cashflow and efficient use of balance sheet provide opportunities to create value through focused capital allocation Note 1: Share buybacks are in addition to net payments relating to employee share schemes Investment in Property ▪ Disciplined investment in Property business with up to £225m capital employed ▪ Targeting ROCE of c.15% Acquisitions ▪ Group will consider value accretive acquisitions in core markets ▪ Disciplined approach to valuation Incremental shareholder returns ▪ Initial £20m share buy-back commenced January 20251 Ordinary dividend ▪ Sustainable policy increasing through earnings growth ▪ Targeting dividend cover of c.3x through the cycle Capital allocation While maintaining a strong balance sheet, targeting a sustainable average month-end net cash position 2 3 4 5 Capex ▪ Ongoing investment to support the business1
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FY25 Results, 16 September 2025 18 ▪ Continued growth in the order book and revenue visibility ▪ Proposed dividend represents earnings cover of 3x in line with our long-term policy ▪ Payment ratio: approximately one third interim dividend and two thirds final dividend ▪ Proposed final dividend of 5.2p per share, a total dividend increase of 38% on FY24, to be paid 3 December to those on the register on 31 October ▪ The initial £20m share buyback programme is approximately 50% complete Shareholder Returns Strong performance and revenue visibility allow for increased shareholder returns
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Operational Update Andrew Davies Chief Executive Alderney Water Treatment Works
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FY25 Results, 16 September 2025 20 Commercial & Operational Update ▪ Secured our first contracts on Southern Water’s AMP8 framework, working on clean and wastewater schemes totalling c. £45m. ▪ Order book £6.5bn, with 87% revenue secured for FY26 Kier Design Capability ▪ Over 700 designers ▪ Delivering expert design, engineering and technical advice ▪ Projects include: o M6 Lune Gorge bridges o A417 Missing Link and Financial Performance ▪ Revenue growth of 7% includes ramp up of Water activity ▪ Adjusted operating profit represents underlying growth of 4%, offset by one-off £6m gain in FY24 Infrastructure Services Growth driven by Water opportunities £’m FY25 FY24 Δ Revenue 2,136 1,988 7.4% Adjusted Operating Profit 111.0 112.3 (1.2%) Operating margin 5.2% 5.6% (40) bps Order book (£bn) 6.5 6.4 1.6%
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FY25 Results, 16 September 2025 21 ▪ Significantly increased AMP8 investment determination of £104bn1 ▪ Awarded places on 17 Frameworks supporting 9 customers worth c.£15bn ▪ Water revenues set to double by 2030, including additional opportunities from natural water management. ▪ Capital delivery programme driven by ageing asset base, environmental regulations and extending asset life ▪ Water companies engaging with Tier 1 contractors for long term support to deliver upgrade and maintenance programmes ▪ Kier one of the largest Tier 1 players in UK water sector Note 1: Source Ofwat between 2025 and 2030 Water Operations Significant opportunities through AMP 8 investment cycle
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FY25 Results, 16 September 2025 22 Financial Performance ▪ Project growth, such as hand over of HMP Millsike and start of HMP Glasgow, offset by exit of lower margin HM contracts in Kier Places ▪ Increase in margin driven by improved business mix (see above) Commercial & Operational Update ▪ Significant awards: ▪ Justice - Awarded a >£100m contract to deliver additional prison places at HMP Northumberland, as part of the Small Secure Houseblocks (SSHP) Alliance for the MoJ ▪ Education – awarded four projects worth c.£210m ▪ Kier Places – appointed by Wiltshire Council to their 5-year Facilities Management contract worth £3.4m p.a. ▪ Order book £4.5bn, with 95% revenue secured for FY26 Construction Underlying growth in strategic projects £’m FY25 FY24 Δ Revenue 1,911 1,908 0.1% Adjusted Operating Profit 75.0 69.2 8.4% Operating margin 3.9% 3.6% 30 bps Order book (£bn) 4.5 4.4 2.3%
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FY25 Results, 16 September 2025 23 Financial Performance ▪ Revenue performance reflects large one-off sale in FY24 ▪ Adjusted operating profit growth driven by higher volume of transactions (nine vs five in FY24). ▪ Capital employed currently at £198m Commercial & Operational Update ▪ Activity: ▪ Planning secured for: ▪ Six Trade City industrial units at Maple Cross ▪ 55 homes in Saffron Walden under the Vistry Joint Venture ▪ Construction phase: ▪ Eleven Trade City units at Bognor Regis ▪ Ten Trade City units at St Albans ▪ Acquired a four-acre site at Sharston ▪ Further development at Watford with development starting on new Town Square, Riverwell Square ▪ Targeting capital employed of up to £225m generating a consistent ROCE of c.15% Property Recapitalisation starting to deliver returns, on track to achieve 15% target by FY28 £’m FY25 FY24 Δ Revenue 38 71 (45.9%) Adjusted Operating Profit 12.2 6.2 96.8% Operating margin 31.8% 8.7% 2310 bps Capital employed 198 166 19.3% ROCE 6.7% 3.9% 280 bps
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FY25 Results, 16 September 2025 24 Our Planet – action to reduce carbon, building resilience to climate-change related events, value nature through protecting biodiversity and move to resource efficient construction Our Places – we aim to leave a positive legacy in the communities we work in and help to tackle inequality through tools and opportunities Our People – we will build a workforce with the necessary skills and capabilities whilst ensuring fair and equal treatment for our entire workforce Key focus areas: Sustainability Framework Building for a Sustainable World
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FY25 Results, 16 September 2025 25 ▪ Carbon – 4% reduction in scope 1 & 2 carbon in 2025 Carbon Waste • Waste – 3% year on year reduction in the waste intensity(1) from 16.8 in FY24 to 16.3 in FY25 Environmental On track for a net zero future by 2039 for scope 1 & 2 emissions Note 1: Waste intensity: tonnes of waste per £1m of revenue
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FY25 Results, 16 September 2025 26 Safety SME Spend Apprenticeships ▪ 12-month AIR 115 a 26% reduction vs FY24 ▪ 12-month AAIR 343, a 6% reduction vs FY24 ▪ >60% of subcontractor spending with SMEs ▪ 590 apprentices ▪ >10% of total workforce in training and development programme ▪ >40% of graduate intake are women Supply Payment Days ▪ Average 34 supplier payment days ▪ Adherence to Prompt Payment Code Social In FY25 we delivered over £500m of social value to the communities which we serve
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FY25 Results, 16 September 2025 27 Long-term sustainable growth plan Long-term targets to drive shareholder value and superior margins Transportation Natural Resources, Nuclear & Networks Construction Property ▪ Revenue: GDP + through the cycle ▪ Adjusted operating margin target: 4.0-4.5% ▪ Cashflow conversion of operating profit c.90% ▪ Balance sheet: average net cash position with investment of surplus cash ▪ Sustainable dividend policy: c.3x cover through the cycle
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FY25 Results, 16 September 2025 28 Summary and Outlook Strong operational and financial performance, with margins progressing well towards recently increased long term target of 4.0 to 4.5% Excellent visibility of future performance, through strong order book: £11bn and £156bn of framework positions Significant increase in shareholder returns through initial share buyback and higher dividends FY26 has started well, trading slightly ahead of the Board’s expectations 1 2 3 4
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Q&A
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FY25 Results Bletchley Super Depot 16 September 2025 Appendix
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FY25 Results, 16 September 2025 31 Our investment case Value accretive earnings-led business model Attractive market positions Strong order book Experienced management team Delivering sustainably stronger returns Focused on UK Infrastructure Services and Construction, aligned to Government's priorities Underpinned by long-term contracts and framework agreements Proven track record of operational and financial delivery
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FY25 Results, 16 September 2025 32 Our business model Strong cashflow generation allows disciplined investment of cash Designs, builds and maintains for: ▪ National Highways ▪ Local Authorities ▪ HS2 ▪ Rail ▪ Aviation ▪ Ports Invests and develops sites: ▪ Partnership housing ▪ Property Delivers public and private sector projects for: ▪ Education ▪ Healthcare ▪ Justice & Borders ▪ Defence ▪ Commercial ▪ Housing Maintenance ▪ Facilities Management Enhancing returns Repairs, maintains and delivers capital works for: ▪ Water ▪ Nuclear ▪ Energy Construction Natural Resources, Nuclear & Networks Transportation Property Urban Regeneration Free cashflow generation
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FY25 Results, 16 September 2025 33 Kier’s journey Rationalised, recapitalised and growing business. Focused on accelerating growth and returns 2019 2020 2021 2022 2023 2024 April 2019 New CEO, Andrew Davies Strategic Review June 2019 Cost savings of c. £100m implemented March 2020 New senior management team in place June 2020 Portfolio rationalisation and exiting loss making contracts May 2021 Refinancing package agreed Sale of housebuilding business, Kier Living June 2021 Equity raise 2022 - 2023 Delivering against medium-term value creation plan March 2024 Refinancing of credit facilities Re-entry to dividend list and FTSE 250 2025 + through the cycle ✓ Strategic review ✓ Cost reduction ✓ Legacy issues addressed ✓ Operational turnaround ✓ De-risked the business and rationalised portfolio ✓ Appointment of leadership team Rationalisation ✓ Sale of non-core business ✓ Capital raise ✓ Extension of credit facilities ✓ Focus on FCF generation ✓ Launch of medium-term plan Recapitalisation ✓ Growing high quality order book to c.£10.8bn ✓ Revenue, earnings and free cashflow growth ✓ Deleveraging with sight to average net cash ✓ Property capital allocation increased Growth September 2023 Bolt-on acquisition of Buckingham’s rail assets 2025 + Organic growth Dividends and share buyback Investment in property Value accretive M&A Sustainable Growth Turnaround Phase August 2025 Appointment of Stuart Togwell as CEO Designate
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FY25 Results, 16 September 2025 34 PURPOSE To sustainably deliver infrastructure which is vital to the UK VISION To be the UK’s leading infrastructure services and construction company GROUP STRATEGY Kier’s Strategic Framework Our strategy focuses on leveraging our attractive market positions to sustainably deliver infrastructure which is vital to the UK.
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FY25 Results, 16 September 2025 35 Macro environment Economic and political factors provide supportive environment for growth Longevity and growth adding pressure on health, social care and housing Construction historically used to stimulate economy and counter weak economic growth Impact on roads, rail and airports through population growth and increased travel Efforts to increase spending and regeneration to narrow the UK’s regional inequality Energy security and net zero commitments driving domestic investment Population growth Economic growth Congested transport Geographic imbalance Climate change Age of asset base and environmental regulations driving maintenance and upgrade programmes Economic and political factors driving long-term growth Short term Long term A move away from globalisation, as well as a need for increased productivity and growth, driving political and economic decision-making. Ageing infrastructure Economic, Regulatory and Political Landscape
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FY25 Results, 16 September 2025 36 Our abilities Kickstart economic growth We operate on 125 frameworks regionally and nationally across economic and social infrastructure 10-year Infrastructure Strategy Experience on strategic frameworks across economic and social infrastructure Take back our streets Key strategic partner delivering prison expansion and refurbishment Break down barriers to opportunity Connecting communities, improving schools and creating jobs and apprenticeships Build an NHS fit for the future Experienced delivery of major hospital projects and community healthcare facilities Procurement planning and devolution Value-add approach to procurement Making Britain a clean energy superpower Delivering warm homes and supporting decarbonisation New nuclear build expertise and supporting new technologies Housing and regeneration Public sector partnerships to deliver affordable housing and regenerate public spaces Defence readiness to deter the growing UK threats Expertise and framework positioning to support defence estate optimisation and defence nuclear infrastructure Government agenda vs our abilities Well-placed to support government priorities Government priorities Contains public sector information licensed under the Open Government License v3.0.
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FY25 Results, 16 September 2025 37 UK Government and regulated industry priorities 1 Anticipated private sector investment driven by the Government’s Ten Point Plan for Green Industrial Revolution, Net Zero and Energy Strategy Infrastructure Services Transportation and Natural Resources, Nuclear & Networks - 52% of Revenue (FY25) Roads and Rail Water and Environment Energy £25bn Road Investment Strategy 3 (RIS3) £8.3bn fund for potholes and other highways maintenance £44bn committed over 5 years for CP7 rail network Government support for HS2 Water England/Wales - AMP8 £104bn to 2030 NI Water £4bn to 2027 Strategic water storage and transfer £24bn 10-year flood and coastal defences plan worth £7.9bn UK leading net-zero pledge and plan to make the UK a green energy superpower £100bn investment in UK energy security by 2030(1) Greener buildings, public transport and carbon capture Great British Energy: £8.3bn UK Infrastructure Strategy – commitment to spend at least £725bn over next 10 years
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FY25 Results, 16 September 2025 38 UK Government spending commitments Construction & Property 48% of Revenue (FY25) Focused on schools, hospitals, housing, prisons and defence DefenceJustice & Borders Education Healthcare Housing Maintenance DfE – launched CF25 Framework worth up to £15.4bn - 6 years from January 2026 as part of overall £38bn commitment DfE - 431 schools to 2030 (c.90 pa) Local authority schools to support New Towns/ housing growth New Hospital Programme estimated at £23bn over next 10 years £16bn pipeline of work for NHS Trusts and other Healthcare providers 10-year plan worth £6.3bn to expand prison capacity Capital maintenance a priority with opportunities up to c.£2.8bn over next 5 years Government commitment to spend 3.5% of GDP (up from 2.3%) on defence £5.1bn Defence Estate Optimisation Portfolio Single Living Accommodation alliance to build 16,000 new bedspaces for armed forces Retrofitting and maintenance of public housing particularly in high density urban areas £39bn for a 10 year Affordable Homes Programme Geographic redistribution and regeneration - including 100 new towns submitted for consideration 20,000 homes, along with new schools and health facilities and an ambition to unblock 700,000 homes across 350 sites Urban Regeneration
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FY25 Results, 16 September 2025 39 Framework positions Maintaining and growing central and local framework positions ▪ Awarded places on long-term frameworks and contracts worth up to £156bn* ▪ Supports long-term revenue growth streams, underpinning strong order book ▪ Provides barriers to entry and strengthens customer relationships ConstructionInfrastructure Services ▪ 12 national framework positions ▪ 42 regional framework positions ▪ Typical durations 4+ years ▪ Total advertised value circa: £31bn ▪ 33 national framework positions ▪ 38 regional framework positions ▪ Typical framework duration 4 years; average of 2 years remaining ▪ Total advertised value circa: £125bn *total advertised values
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FY25 Results, 16 September 2025 40 ▪ As at 30 June 2025, Group’s pension scheme asset was £47m ▪ Decrease due to lower than assumed asset returns, partially offset by lower scheme liabilities resulting from an increase in the discount rate (higher corporate bond rates) and a decrease in inflation rate ▪ Triennial valuations for funding the defined benefit schemes to be agreed in FY26 Year FY26 FY27 FY28 FY29 & beyond Current schedule £5m £4m £1m - Deficit payment schedule £’m Jun 25 Jun 24 Δ Group Pension Schemes Market value of assets 1,135.2 1,218.6 (83.4) Present value of liabilities (1,088.0) (1,138.1) 50.1 Net pension asset 47.2 80.5 (33.3) Assumptions Discount rate % 5.50 5.15 0.35 Inflation rate (Retail Price Index) % 2.90 3.20 (0.30) Inflation rate (Consumer Price Index) % 2.20 - 2.65 2.40 - 2.85 (0.20) Pension Net pension scheme asset of £47m
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FY25 Results, 16 September 2025 41 3% Group Revenue Analysis 26% 14% 39% 21% 15% 8% 8% 4% 10% 5% 2% 1% 28% 13% 15% 7% 26% 12% 7% 3% 11% 5% 13% 6% 7% 11% 51% 1% 31%Property Construction Infrastructure Services Total Highways Rail Water Nuclear & Energy Environment Other Education Healthcare Justice & Borders Defence Other Public Commercial Industrial Alternatives Regeneration Office
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FY25 Results, 16 September 2025 42 Construction Segmental Revenue Analysis Infrastructure Services 8% 31% 28% 4% 17% 15% 50% 22% 26% 1% 8% 7% 28% 8% 11% 9% 14% 13% Kier Places Regional Build Total Education Healthcare Justice & Borders Defence Other Public Commercial 40% 26% 60% 39% 44% 15% 24% 8% 29% 10% 3% 2% Natural Resources, Nuclear & Networks Transportation Total Highways Rail Water Nuclear & Energy Environment Other