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Capital Markets Day 14 October 2026 e e e CONFIDENTIAL
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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 these items. 2 Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'reasonably possible', 'targets', 'goal' or 'estimates'. By their very nature forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies and markets in which the Group operates; changes in the regulatory and competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; and changes in interest and exchange rates. For a more detailed description of these risks, uncertainties and other factors, please see the Principal risks and uncertainties section of the Strategic report in the Annual Report and Accounts. All written or verbal forward looking-statements, made in this document or made subsequently, which are attributable to Keller or any other member of the Group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements reflect knowledge and information available at the date of preparation of this presentation and Keller undertakes no obligation to update these forward-looking statements. Nothing in this document should be regarded as a profit forecast or be interpreted to mean that earnings or earnings per share for Keller for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Keller. This document is not an offer to sell, exchange or transfer any securities of Keller Group plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act. e e e CONFIDENTIAL
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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. 3 e e e CONFIDENTIAL
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Agenda Topic Presenters Approx. Timing Who we are and what we do James Wroath, CEO, and David Burke, CFO 13:30 – 14:00 Portfolio James Wroath 14:00: – 14:10 Performance Brent Byford, Chief Construction Officer 14:10 – 14:30 Pipeline James Wroath 14:30 – 14:40 Break 14:40 – 15:00 Power of the portfolio ‐ North America ‐ Europe and Middle East ‐ Asia-Pacific Scott Nichols, President North America Peter Wyton, President EME Deepak Raj, President APAC 15:00 – 15:45 Financials David Burke 15:45 – 16:00 Conclusion and Q&A James Wroath joined by all presenters 16:00 – 16:30 Drinks with the Keller team 16:30 4 e e e CONFIDENTIAL
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01 Who we are and what we do e e e CONFIDENTIAL
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Keller is the world’s largest specialist geotechnical contractor 6Who we are and what we do01 Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller Internal Data (excl. contracts <£10k r evenue) 2025 Group revenue North America 59% EME 28% APAC 13%We design and build foundations, strengthen soil, and clean up contaminated sites to make land safe and ready to build on 10,000 Employees 5,500 Projects per year 35 Countries 1,100 Equipment rigs £3.1bn Revenue £218m Operating profit Safety We do not compromise on health and safety People We grow and value our people Excellence We consistently deliver high performance Integrity We always do the right thing Our values e e e CONFIDENTIAL
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Well-positioned for sustainable growth and long-term value creation 7Who we are and what we do01 Medium-term targets Organic revenue CAGR 5-7% Group operating profit margin c.7% ROCE c.30% Free cash flow (2026 to 2030) c.£800m Dividend cover 2.5 - 3.5x Proven track record of delivering strong margins, cash and returns Strong commercial and operational execution Local focus combined with power of scale Attractive long- term structural growth drivers Diversified and sector agnostic portfolio e e e CONFIDENTIAL
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A strong and experienced Executive Leadership Team 8Who we are and what we do01 Speaking today Brent Byford Chief Construction Officer David Burke Chief Financial Officer James Wroath Chief Executive Officer Peter Wyton President, Europe and Middle East Deepak Raj President, Asia-Pacific Scott Nichols President, North America Marisa Schleter Chief Communications Officer Katrina Roche Chief Information Officer John Raine Chief HSEQ Officer Matt Stripe Chief People Officer Catherine Shuttleworth General Counsel and Company Secretary Will Reid Chief Strategy Officer *From 1 December 2026 e e e CONFIDENTIAL
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9 Keller has a long track record in geotechnical services Who we are and what we do01 1860 1970s Licensed jet grouting technology; invented compensation grouting 1984 Acquired Hayward Baker (North America) 1994 Listed on London Stock Exchange 1930s Invented the vibro ground improvement method 1972 Acquired by GKN to form Keller GKN Foundations 1990 Founded by Johann Keller in Renchen, Germany Renamed Keller after management buyout e e e CONFIDENTIAL
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10 A proven track record of value-creating M&A Who we are and what we do01 Note: Figures represent total acquisition consideration at the acquisition date, comprising cash and the recognised value of deferred or contingent consideration, and excluding transaction and financing costs. 1) NordPile was acquired by KFS Finland Oy, Keller’s 50%-owned joint venture; the figure shown represents the joint venture’s total purchas e consideration | Source: Keller annual reports 1994 2002 2007 2013 2016 2021 2001 2006 2009 2015 2018 2022 Case Foundation Company £6m McKinney Drilling£18m Systems Geotechnique HJ Foundation £11m £24m Tecnogeo£13m RECON NordPile1 Voges Drilling Subterranean £30m £7m £2m £8m North American Piling Geo-Foundations Esorfranki £159m £6m £32m Suncoast Post-Tension £62m Piling Contractors Anderson Drilling £10m £12m Resource Piling£39m Moretrench£65m GKM Consultants Nordwest Fundamentering £5m £6m £29m £27m Bencor Austral e e e CONFIDENTIAL
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Global pandemic Financial crisis Dot.com 11 Strong track record of growth since listing Who we are and what we do01 Keller Group revenue (£m) Note: 1) 2026 is H1 results and the full year consensus estimate at H1 2026 results | Source: Keller annual reports Deep dive overleaf - 500 1,000 1,500 2,000 2,500 3,000 3,500 e e e CONFIDENTIAL
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12 Strong operating profit growth driven by portfolio focus and operational execution Who we are and what we do01 Rationalised the portfolio: exited sub-scale, lower return markets (e.g. South America, Africa)Operating profit (£m) Note: 1) 2026 is H1 results and the full year consensus estimate at H1 2026 results | Source: Keller annual reports and H1 an nouncement (incl Suncoast) 89 109 181 213 218 118 0 100 200 300 2021 2022 2023 2024 2025 20261 Operating margin 4% 4% 6% 7% 7% 7% 24225% p.a. Deep dive overleaf e e e CONFIDENTIAL
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Structural improvements that underpin improved operating profit margins 13Who we are and what we do01 Portfolio optimisation Exited sub- scale and lower return markets Commercial discipline Disciplined risk- adjusted pricing Culture shift prioritising margin over volume Structured bid review process Operational excellence Strengthened product execution and processes Consistent delivery Reduced no. of loss-making contracts Integration and larger project capability Improved collaboration Unified North America under ‘One Keller’ Ability to execute complex projects drives higher margins c.4% operating profit margin c.7% sustainable operating profit margin 2021 2024 onwards e e e CONFIDENTIAL
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14 Strong and consistent growth across key financial metrics Who we are and what we do01 Robust revenue growth £m Growth in operating profit £m Strong shareholder distributions Dividends per share (Pence) Note: Total shareholder return (return if buying share at start of period and reinvesting dividends, net of UK dividend tax, in additional stock at closing price of each ex-dividend date); KLR.L, endpoint 18- Aug-2026 | Source: Keller Internal Data; LSEG/Refinitiv 0 1,000 2,000 3,000 4,000 1994 2005 2015 2025 0 50 100 150 250 1994 2005 2015 2025 0 20 40 60 80 1994 2005 2015 2025 Delivering TSR of 30% p.a. over last five years 200 e e e CONFIDENTIAL
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We design and build foundations, strengthen soil, and clean up contaminated sites to make land safe and ready to build on 15Who we are and what we do01 Carry the weight of a building or structure down, past the soft surface soil, to stronger ground underneath Foundations Modify weak or unstable ground to safely support buildings or other structures Ground improvement Strengthen the ground or fill gaps underground by injecting a liquid material that hardens like cement Grouting Hold soil securely in place to stop movement that could impact nearby structures, utilities or infrastructure Earth retention Manage or remove underground water during constructions to keep sites dry, stable and safe Groundwater control We work in geotechnical engineering and construction Design and engineering Construction Monitoring and quality control e e e CONFIDENTIAL
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What’s below ground Our success is rooted in deep local market expertise 16Who we are and what we do01 Highly variable within a particular country – conditions are site specific Varies country to country and state to state Local focus, supported by global scale Geology Groundwater Seismic activity Contamination Local building codes and regulation Local construction practices Local supply chain What’s above ground e e e CONFIDENTIAL
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Illustrative cost of construction (%) Structure and finishes ~85% Building services ~15% 2025 total construction spend in Keller’s markets £6.4 trillion A small share of construction spend, but critical to project delivery 17Who we are and what we do01 Note: Building services are mechanical, electrical and plumbing; core systems to make the building functional Source: Keller Internal Data, BKI Baukosten 2026, (office/administrative buildings) KG 300 and 400; Global data - 2025 construction spend Geotechnical services ~1% What it is worth to the customer Only ~0.5-1.5% of build cost, but it de-risks ~85% of the structure and finishes spend, leading to fewer redesigns, delays and remediation What the customer needs Strong foundations and ground conditions Delivered on time and safely What it is Geotechnical engineering Prepare the ground for building on Early stage of construction project Offsite once groundworks completed e e e CONFIDENTIAL
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18 We self perform and are differentiated by our people and assets Who we are and what we do01 People ~10,000 People worldwide Locally resident, self-performing teams in 35 countries In-house technical and leadership development programmes to attract and retain top talent (eg NA Rig Operator School, Field Development Programme) Geotechnical expertise 50+ Geotechnical techniques Assets 1,100 Owned rigs - the largest geotechnical fleet in the world ~50% of projects are design and build In-house design and engineering teams Proprietary techniques, developed internally and run on Keller rigs Broad range of rigs that can perform the full technique suite offered by Keller Unique range of specialist equipment designed and built in-house Ability to mobilise assets globally to serve demand e e e CONFIDENTIAL
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Diversified end-market exposure enables us to pivot to demand 19Who we are and what we do01 Note: % indicates revenue by sector in 2025 | Excl Other – 1% of Revenue | Source: Keller internal materials Infrastructure/Public 38% Power/Industrial 30% Office/Commercial 21% Multi-family residential 10% Infrastructure/ Public Rail, roads, ports and water/sewage assets Power/Industrial Manufacturing, mining, power generation and transmission Office/Commercial Data Centres, warehouses, retail and mixed-use facilities Multi-family residential Large scale housing developments Keller is sector agnostic with proven techniques for any project e e e CONFIDENTIAL
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Who we are and what we do Serving our customers: two routes to Keller 2001 Note: Approximate split of 2025 Group revenue by customer type Asset owner Owns / sponsors the asset Via a general contractor (GC) GC delivers the wider build Customer types: • Full-service EPCs • General contractors • Project managers GC subcontracts the geotechnical package to Keller c. 75% Direct to Keller Customer types: • Energy and resource majors • Transport and infrastructure providers • Land/property developers Keller holds the primary contract, with no intermediary Single-partner geotechnical scope c. 25% OR e e e CONFIDENTIAL
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A commercial model that protects returns and incentivises productivity Section name lorem ipsum Who we are and what we do01 2121 Fixed-price contracts Cost-plus contracts Higher risk Contractor holds the risk for cost overruns, delays and scope changes Higher margin to compensate for full risk transfer Keller’s typical commercial model Balanced risk Priced contract with re-measurable Bills of Quantities (BoQ) Keller takes the risk on its own productivity Risk avoidance on third party delays, scope and design changes Strict internal bid review process Lower risk Owner bears the cost overrun risk; costs are reimbursed Lower margin reflecting the lower risk e e e CONFIDENTIAL
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22 Strongly positioned in a fragmented competitive landscape Who we are and what we do01 Scale multi-geography players National players Local SMEs Multinational foundation specialists and some vertically integrated GCs bidding for the largest, most technically complex projects worldwide National or regional specialists with deep local relationships and one or two core techniques Small contractors focused on limited number of techniques, serving one city or state Description >£500m £50–500m <£50mTypical revenue Multi-geography Single country or region Single country or state Geographic presence Broad Narrower Typical product offering Competitors More focused More fragmented e e e CONFIDENTIAL
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23 Our strategy for long-term value creation Who we are and what we do01 Portfolio Keller can follow demand across sectors, products and project sizes Pipeline Keller is well placed to deliver continued growth, with opportunity for M&A to further accelerate Performance Keller wins through local presence and relationships backed by a global engineering capability e e e CONFIDENTIAL
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02 Portfolio Keller’s diverse portfolio can meet demand across sectors, products and project sizes e e e CONFIDENTIAL
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25 Balanced and diversified portfolio across geographies, products and end-markets underpin resilience Portfolio02 Note: 1) Product and service contain a broad range of sub-techniques; FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data 2025 (excl. contracts <£10k revenue and excl. Suncoast) Diversification across sectors provides complementary demand exposure Infrastructure/Public Power/Industrial Office/Commercial Residential Other 38% 30% 21% 10% 1% ~£3bn End market Sector Keller can scale to larger contracts whilst retaining core of small and medium contracts Small <£1m Medium £1m-£10m Large >£10m 25% 47% 28% ~£3bn Contract size Revenue across breadth of Keller’s technical abilities 38% 25% 13% 6% 8% 2% 6% 3% ~£3bn Product and service Deep foundations Ground improvement Grouting Earth retention Moretrench and RECON/Environment Groundwater Control Austral Other North America EME APAC 55% 31% 14% ~£3bn Business unit North America anchors Keller’s revenue e e e CONFIDENTIAL
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26Portfolio02 Strong position across multiple geographies An optimised portfolio with room to grow e e e CONFIDENTIAL
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27 Unparalleled range of techniques offer optimal solutions for customers Portfolio02 >50 techniques Enables Keller to provide solutions for groundworks challenges across the entire construction sector Grouting Ground improvement Deep foundations Earth retention Groundwater control Mass stabilisation Dry soil mixing Dynamic compaction EQ drainsCement grouting Chemical grouting Compaction grouting Fracture grouting Injection systems Jet grouting Polyurethane grouting Slab jacking Rapid impact compaction Rigid inclusions Vibro compaction Vibro concrete columns Vibro piers Vibro replacement – Bottom feed Wet soil mixing Wick drains Auger cast Displacement piles Drilled shafts Driven piles Drop shafts Franki piles Helical pier Jacked piers Macropile Post-tensioning Predrilling Tremie seal Anchor block SS Anchors Diaphragm walls Gabions Micropile slide stabilisation Pit underpinning Sculpted shotcrete Secant tangent piles Sheet piles Soil nailing Soldier piles and lagging Dewatering Ground freezing Slurry wall TRD method Micropiles e e e CONFIDENTIAL
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Track record of growth for our core products and consistent demand for our solutions 28Portfolio02 Keller has a broad and balanced product offering underpinned by a wide range of techniques Acquisitions in environmental remediation (Moretrench and RECON) and Austral have expanded Keller’s offering Underlying demand for our solutions has remained broadly consistentRevenue (£bn) Note: 1) Moretrench and RECON reported from 2020 | FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k revenue and excl. Suncoast) £2.1bn £2.0bn £1.8bn £2.0bn £2.4bn £2.6bn £2.8bn £2.9bn 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Deep foundations Ground improvement Speciality grouting Environmental remediation Groundwater control Earth retention Austral Other e e e CONFIDENTIAL
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Multi-technique offering supports bespoke customer solutions 29Portfolio02 Broadens Keller’s opportunity set as we can offer solutions for all types of groundwork challenges Key: Ground Improvement Grouting Deep Foundations Earth Retention Other Techniques combined Rigid inclusions Jet grouting Displacement piles Soldier piles Anchors Sheet piles Groundwater treatment Dewatering The Wharf, Washington Large >£10m North America Techniques combined Jet grouting Ground investigation Underpinning Hydrostatic levelling cells The Hague Europe and Middle East Medium £5-10m Techniques combined Rigid inclusions Wick drains Mass mixing Driven precast piles Groundwater treatment Water ingress management Bruce Highway, Queensland Medium £5-10m Asia-Pacific e e e CONFIDENTIAL
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Proven techniques for any project Sector-agnostic portfolio enables end market diversification and enhances resilience 30Portfolio02 Revenue (£bn) £2.1bn £2.0bn £1.8bn £2.0bn £2.4bn £2.6bn £2.8bn £2.9bn 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Infrastructure/Public buildings Power/Industrial Office/Commercial Residential Other Growth has been broad-based with expansion across end market sectors Exposure is weighted toward resilient infrastructure markets Able to reduce exposure to cyclical downturns Over time Keller has reduced its exposure to more cyclical residential construction Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller Internal Data (excl. contracts <£10k r evenue and excl. Suncoast) e e e CONFIDENTIAL
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£2.1bn £2.0bn £1.8bn £2.0bn £2.4bn £2.6bn £2.8bn £2.9bn 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Small <£1m Medium £1m - £10m Large >£10m Keller has scaled into larger contracts, pivoting to an optimal mix of contract sizes 31Portfolio02 Contract size revenue (£bn) Large projects >£10m are now a greater proportion of overall projects Large scale capability improved through business integration efforts in recent years eg ‘One Keller’ Scaling into larger projects has supported higher profitability Retaining a baseload of small and medium projects ensures diversification, enables crew/asset utilisation and supports large project identification Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller Internal Data (excl. contracts <£10k r evenue and excl. Suncoast) e e e CONFIDENTIAL
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Local Focus Branch-level knowledge Local ground insight delivered by specialised local teams. Global Strength Strength of global network Customer confidence Keller could deliver throughout the project. Assets and People Quality assets and skilled crews Ability to scale people, assets and specialised equipment to respond to emergency nature of project. Best Solutions Expertise earns repeat scope Confidence expanded scope with announced $207m and $650m contract variations. Safety and Sustainability Safe, sustainable delivery at pace Best-in-class safety standards upheld throughout. I-40 reconstruction 32Portfolio02 Trust in technical capability at scale converted into a multi-year platform Case study Critical infrastructure project to restore the I-40 corridor, a vital NA transport link damaged by Hurricane Helene. Project context Source: Keller internal materials Megatrend Resilience and climate adaptation c.$1bn Value of I-40 work secured to date Multi-year contract award What this win demonstrates e e e CONFIDENTIAL
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03 Performance Keller wins through local presence and relationships backed by a global engineering capability e e e CONFIDENTIAL
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More accurate pricing and better solution delivery Win more work through trusted reputation Better utilisation of assets, people, equipment Sustained margins Better knowledge of local soil and ground conditions Ability to select the projects we work on 01 Local focus Local focus is at the core of Keller’s strategy 34Performance03 Global strength and scale 02 Global expertise, shared learning, and specialist resources strengthen every local team and enable delivery of complex projects Best solutions 04 A 50+ technique toolkit and deep design expertise allow Keller to engineer the right solution for every customer challenge Highly skilled workforce and high-quality asset base 03 Specialist talent, a market-leading fleet, and in-house KGS capability enable Keller to mobilise and deliver projects at any scale Safety and sustainability Embedded safety discipline and engineering-led design support reliable execution while improving cost, programme, and environmental outcomes 05 e e e CONFIDENTIAL
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Keller’s local focus creates an advantage Dallas Houston Keller customer Discrete ground conditions exist across regions and within states Keller has deep knowledge of local ground conditions 35Performance 03Case study Variable ground conditions Soil, water table and seismic risk vary site by site Knowledge compounds Decades of local project history, applied early via design-and-build Branch density is hard to replicate 175 branches provide coverage in deliberately selected geographies and proximity to customers Rock/clay soil composition typical in central Texas Marshy soil composition consistent across Texas coastal areas e e e CONFIDENTIAL
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Global capabilities enable local teams to deliver the best solutions 36Performance03 Balance sheet strength to back it up Strong, cash-generative balance sheet provides financial resilience through market cycles and funds investment to deepen local presence Highly specialised workforce Entire global engineering network on hand to support local branches with technically complex problems 35 countries sharing best practices Innovation, project learnings and proven best practice shared across the network to benefit customers World’s largest geotechnical fleet Scale and flexibility to mobilise rigs, tools, and specialist kit across borders 50+ techniques Broad toolkit enables local teams to design the optimal solution, often combining techniques Global strength builds local leadership Specialist expertise on demand Proven learning from across the Group Determine the optimal solution Capacity to mobilise at scale Building local leadership e e e CONFIDENTIAL
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Detail overleaf Quality education Competency-led, hands-on development – supported by mentoring and external partners Capability Development Keller builds, trains and mobilises specialist capability to deliver at any scale 37Performance03 Technical Rig operators and engineers eg Driller school Delivery Project managers and field leads eg PM Academy Leadership Branch and senior leaders eg Strategic Leadership Blueprint 1,100 rigs and cranes World’s largest geotechnical equipment fleet – mobilised across markets to match site, technique, and project scale KGS In-house Proprietary equipment Competitive advantage Owned Fleet Note: 1,700 engineers as of 2025; includes all divisions; sum of: Project Management, Engineering, Business Development, and Estimating | Source: Keller internal materials Technical knowledge and best practices shared across global experts and product teams Multiple specialists, educated to Masters or PhD level Structured emerging talent programmes for graduates 1,700 engineers Specialist People e e e CONFIDENTIAL
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KGS: In-house machinery expertise creates a competitive advantage 38Performance03 KGS designs, manufactures and services in-house specialist machinery for Keller worldwide Competitive advantage in key specialist techniques and fleet productivity eg vibro and jet grouting Purpose-built machinery Proprietary equipment and monitoring systems designed for Keller Right equipment for every task Field-led innovation Direct feedback from construction teams central to equipment design and product development Faster learning and innovation Lifecycle support Delivers spare parts, maintains, repairs and services Keller equipment worldwide Support through asset lifecycle e e e CONFIDENTIAL
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39 Keller leverages technology alongside a market-leading toolkit to design and deliver the best solutions Performance03 Source: Keller internal materials Engineering breadth 50+ geotechnical techniques ~50% of projects are design and build Multiple techniques combined into a tailored solution Better customer outcomes Quality control Immediate view of installed quality Higher productivity Faster decisions and greater efficiency Delivery certainty Live visibility across site and office Proprietary data acquisition systems connect machines, field teams, and engineers as work happens Data and AI enhance equipment performance and project decision-making Illustrative interface Leveraging technology across our business Accelerated quality control Real-time equipment data Real-time data in technology-enabled engineering e e e CONFIDENTIAL
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40 Safety led culture underpins reliable project execution Performance03 Note: 1) Figures indexed to a per-100k-hours basis for comparability; exact definitions of accident may vary: Competitor A figur e is LTIF; Competitor B figure is LTIF Competitor C reflects whole -group employees (a diversified concessions/energy/construction group, ~294k staff) is a Lost time accident frequency rate Improved accident frequency rate Keller has one of the industry’s lowest accident frequency rates1 0.19 0.33 0.57 0.04 Scale multi-geography player competitor A Scale multi-geography player competitor B Scale multi-geography player competitor C Keller 0.19 0.15 0.12 0.07 0.1 0.1 0.05 0.04 2018 2019 2020 2021 2022 2023 2024 2025 Our Safety value Safety built into planning and execution Stop Work Authority controls risk throughout the project lifecycle Learnings shared across the Group We do not compromise on health and safety Annual Global Safety Week e e e CONFIDENTIAL
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Keller’s early design choices can reduce carbon impact, cost and complexity 41Performance03 Early design window allows Keller to shape the solution before materials and methods are fixed Technique01 Choose the lowest impact technique Ground improvement and other techniques reduce or remove need for material- intensive foundations Material02 Substitute for lower carbon materials Replace concrete and steel with lower carbon mixes and recycled/secondary materials where possible Size03 Size the solution Optimise pile count and diameter, combine techniques, and reduce spoil and transport Outcome04 Design-led benefits Reduce cost Reduce carbon impact Reduce complexity e e e CONFIDENTIAL
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Luleå, SwedenCase study 42Performance03 Sustainable foundation solution for fossil-free steel mill Outcome >50% Client cost saving Foundation solution optimized at design stage 80-90% Lower CO2 emissions Compared with traditional foundation methods “This project has shown that through early involvement and fair cooperation we can help clients optimise designs, reduce costs and speed up the construction process.” Robert Thurner, Project Director • Concrete pile volumes were proving prohibitive in cost, time, and logistics • Reclaimed land – site dating from the 1970s • Design an alternative solution to concrete piles Project challenge Worked with customer, SSAB, to shape and validate a solution Deployed a technique mix that matched the ground and performance needs, spanning: • Vibro stone columns • Dynamic compaction • Deep soil mixing Keller solution Luleå, Sweden At a Glance €4.5bn electric steel mill 11 countries mobilised Source: Keller FY25 results presentation e e e CONFIDENTIAL
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Work on ~5,500 projects per year, providing expertise on a wide range of projects across the construction sector Deep knowledge of local ground conditions across 175 branches to anticipate and address site-specific challenges Rapid access to crews and equipment with 22 sites mobilised every day globally Industry-leading safety performance, with a 0.04 Accident Frequency Rate and integrated safety management programme Proven track record across thousands of projects, with repeat customer relationships and experience delivering at scale Why we win 43Performance 03 We understand what our customers care about beyond price… … and are well positioned to meet their needs Note: Respondents selected top 5 Key Purchasing Criteria for Geotechnical construction; ranked by % of respondents selecting that KPC | Source: 2024 Market participant survey (N=305) Expertise with similar project structures Expertise with similar geological conditions Sufficient crews and equipment to meet project timeline Safety record Reputation and track record e e e CONFIDENTIAL
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Differentiated where it matters Customers benefit from a value proposition that is both locally grounded and globally scalable Keller is highly valued by our clients 44Performance 03 Note: NPS = % promoters less % detractors | Source: Market participant survey, NA ex RECON Positive NPS in every region Customer advocacy reflects confidence in Keller’s technical expertise, design capability, and dependable delivery +20 North America +24 Europe and Middle East +33 Asia-Pacific 01 Strong local focus 02 Able to leverage global scale 03 High calibre people and assets 04 Provider of best solutions 05 Invested in safety and sustainability Trusted by leading global organisations Selected for complex, mission- critical projects across sectors and geographies General contractors Full-service EPCs Energy and resource majors Transport and infrastructure providers e e e CONFIDENTIAL
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04 Pipeline Keller is well placed to deliver continued growth, with opportunity for M&A to further accelerate e e e CONFIDENTIAL
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Construction output is expected to grow 5% per annum to 2030 We expect Keller’s revenue CAGR to beat, or at least meet this forecast across this period Growth is concentrated in structurally-driven, policy- backed investment: Energy transition and grid build-out The data-centre and AI-compute boom Transport infrastructure Forecast annual construction sector growth 2025-30F (NA, EME, APAC1 , Nominal $) Positive market dynamics underpin future growth 46Pipeline04 Note: 1) APAC: Australia, India and Singapore – Keller’s core APAC markets | Source: GlobalData c.7% c.6% c.5% c.5% c.5% c.4% Infrastructure Commercial ResidentialEnergy & Utilities Institutional Industrial e e e CONFIDENTIAL
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Megatrends support underlying growth in the geotechnical market 47Pipeline04 Adoption of technology Demand for data centre capacity and advanced manufacturing facilities in developed and emerging markets US data centre spend from Aug 25 - Aug 2026 +37% YoY Demographic shifts Larger, taller, and brownfield-built buildings need more technically demanding foundations Global stock of buildings >200m high in last decade x2 Resilience and climate adaptation Substantial public and private investment towards energy transition and climate resilience Estimated global investment for net zero target by 2050 (eg Small Modular Reactors, Wind Farms) $300Tn Defence and security Rising defence spending drives investment in military facilities, logistics, and critical infrastructure NATO Allies’ annual commitment to defence- and security-related investment by 2035 5% of GDP Urbanisation Increased investment in infrastructure in sectors including transport and water +982M City dwellers by 2050 Resource efficiency and decarbonisation Demand to reduce construction cost, carbon or use of scarce materials requiring value engineering and solutions innovation Estimated global energy and process related emissions that come from steel and cement 14% e e e CONFIDENTIAL
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Keller has consistently grown ahead of the market 48Pipeline04 Keller Canada CAGR Keller Revenue 8% Keller Revenue 15% GDP 5% GDP 5% Construction Spend 6% Construction Spend 5% CAGR 18-25 CAGR 23-25 Keller US (excl. Suncoast) CAGR Keller Revenue 7% Keller Revenue 9% GDP 6% GDP 5% Construction Spend 6% Construction Spend 3% CAGR 18-25 CAGR 23-25 Keller Australia CAGR Keller Revenue 4% Keller Revenue 6% GDP 6% GDP 4% Construction Spend 6% Construction Spend 7% CAGR 18-25 CAGR 23-25 Keller Germany CAGR Keller Revenue 5% Keller Revenue 4% GDP 4% GDP 3% Construction Spend 5% Construction Spend 1% CAGR 18-25 CAGR 23-25 Note: Keller revenue at constant FX (2026 rates); GDP nominal, current prices, local currency; construction spend nominal, lo cal currency | Source: GlobalData, IMF, Keller internal data e e e CONFIDENTIAL
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High near-term visibility: ~60% are short-order projects with 2 month unwind On the ground presence enables lead pursuit and continuous order book replenishment: Typically, unsecured identified pipeline of 2-2.5x the orderbook (excl. I-40) Orderbook elevated by significant I-40 contract but underlying NA order book remains at record levels, supported by infrastructure and data centre demand Healthy order book of contracted work gives clear visibility near-term revenue 49Pipeline04 Order book1 (£bn) 0.0 0.5 1.0 1.5 2.0 2.5 APAC North America I-40 EME c.£2.4bn Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Sep-26Dec-22 Good visibility of unsecured identified pipeline and active tenders Note: 1) Confirmed, contracted work; prepared on a constant currency basis; as of H1 2026; includes Suncoast e e e CONFIDENTIAL
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02. Technique Enhance our product offering 03. Sector Accelerate access to existing or new subsectors and customers Significant white space to drive growth through M&A 50Pipeline04 Three routes to greater local market presence and capability 01. Geography Expand within addressable markets Greater capability and customer relationships in our local markets Sector Add exposure to attractive customer segments and verticals in our local markets. Unlocks: new pools of demand and customer relationships Geography Establish or deepen presence in attractive local markets. Unlocks: local customers, channels and market knowledge Technique Add product capability or technology to our local businesses that we cannot easily replicate organically. Unlocks: cross-sell and broader solutions capability e e e CONFIDENTIAL
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51 RECON: Acquisition added capability and attractive sector exposure that continues to generate organic growth Pipeline04 Acquired 2021 £30m purchase price Delivered cash payback within 3 years Ongoing organic growth through cross-selling Sector Added exposure to the growing energy infrastructure sector along the Gulf Coast Geography Increased market presence in Texas, the US Gulf and East coasts Technique Added product capability in geotechnical environmental remediation and industrial services Integration Considered integration and strong operational management Case study e e e CONFIDENTIAL
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52 Recap of what we’ve told you so far Pipeline04 Portfolio Keller’s diverse portfolio can meet demand across sectors, products and contract sizes Pipeline Keller is well placed to deliver continued growth, with opportunity for M&A to further accelerate Performance Keller wins through local presence and relationships, backed by global engineering capability Coming up… Financials Proven results drive sustainable value Conclusions Power of the portfolio • North America • Europe and Middle East • Asia-Pacific e e e CONFIDENTIAL
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Refreshment break 15-20 minutes e e e CONFIDENTIAL
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North America 05 Power of the portfolio e e e CONFIDENTIAL
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North America Division 55Power of the portfolio North America05 Geographic overview Source: Keller internal data (excl. contracts <£10k revenue and excl. Suncoast); FX conversion is calculated at the budget FX rate for that year | Pie chart source: Keller internal finance data (incl Suncoast) 8% Canada 92% United States Keller Moretrench Industrial and RECON Suncoast Post-Tension Geo-Instruments Office Shop / yard Business units • US Foundations • Canada • Moretrench and RECON • Suncoast NA Revenue (%, 2025) 59% of Group revenue ~£1.8bn 4 business units >80 branches 4,900 employees 800 engineers 2,500 projects per year c£160m FY25 operating profit HI e e e CONFIDENTIAL
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North America 56Power of the portfolio North America05 US foundations and Canada The leading North American specialist geotechnical foundations business, providing design-build solutions across deep foundations, ground improvement, speciality grouting, and earth retention for complex construction projects Local branch teams with extensive knowledge of customers and ground conditions Safety-led, design-build delivery to reduce carbon, cost, and schedule/delivery risk Extensive technique range enables optimal single- or multi-technique solution Markets Speciality grouting Services Deep foundations Ground improvement Earth retention Infrastructure / public Power / industrial Office / commercial (incl. data centres) e e e CONFIDENTIAL
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North America RECON Environmental remediation and heavy civil construction specialist, founded in 1989 – integrates environmental, geotechnical, demolition, and civil capabilities ServicesMarkets: Power Mining Demolition and decommissioning Site preparation and development Chemical Government Waste management Oil and gas Highly trained workforce and specialised equipment Safety-led culture with industry- leading results Nationwide United States footprint Environmental remediation Mine reclamation 57Power of the portfolio North America05 Moretrench Industrial contractor with 100+ years of experience delivering construction, environmental, and infrastructure solutions across industrial, power, and mining Markets Services Industrial Power Mining Civil construction Concrete By-product management Industrial piping Mechanical structures Environmental remediation Single-source for the services industrial clients need Safety-driven culture with a strong track record Operates across the Southeastern United States North America e e e CONFIDENTIAL
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A spotlight on Suncoast 58Power of the portfolio North America05 North America Barrier cable embed bracket ® Elevated structure post-tension Engineering and field services Slab on ground post-tension Materials supply Stud reinforcement system ® Services Markets Residential Commercial Suncoast Post-Tension is the largest unbonded post-tension specialist in North America - serving the commercial and residential construction industry for over 35 years, providing fabricated, unbonded post-tensioning materials and services 10 PTI-certified fabrication facilities positioned across the United States Design and manufacturing methods focused on lean, cost-effective practices Largest geographic footprint in the industry e e e CONFIDENTIAL
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US residential market dynamics are a key driver for Suncoast 59Power of the portfolio North America05 Source: Keller internal data Suncoast tracks the residential sector more than the rest of Keller Suncoast provides an additional layer of diversification across the Keller Group where residential exposure is more limited The price of steel impacts both revenue and profit 282 327 349 430 572 493 398 345 0 0.5 1 1.5 0 200 400 600 2018 2019 2020 2021 2022 2023 2024 2025 Suncoast revenue ($m) US residential construction output (Nominal, $Tn) 398e e e CONFIDENTIAL
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Business unit (including Suncoast) 60 North America revenue is driven by US foundations Power of the portfolio North America05 Note: 1) US foundations includes corporate revenue | Source: Keller internal data Revenue (%, 2025) End market sector (excluding Suncoast) Infrastructure/Public Power/Industrial Office/Commercial Residential 35% 30% 26% 9% ~£1.6bn Contract size (excluding Suncoast) Small <£1m Medium £1m-£10m Large >£10m 23% 49% 27% ~£1.6bn US foundations1 Canada Moretrench and RECON Groundwater control Suncoast 63% 8% 12% 14% ~£1.8bn 3% 3% Product and Service (excluding Suncoast) 41% 23% 9% 14% 7% 4% ~£1.6bn Deep foundations Ground improvement Grouting Earth retention Moretrench and RECON/Environment Groundwater control Other e e e CONFIDENTIAL
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Growth has been broad-based across North American end markets, with no single sector representing more than ~40% of revenue Within sectors, office/commercial have been fastest growing recently, powered by data centre buildout Power of the portfolio North America NA products and sectors: Consistent growth and demand 6105 Note: 1) Moretrench and RECON reported from 2020; FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k revenue and excl. Suncoast) There has been consistent growth across Keller’s main products, deep foundations and ground improvement This has been complemented by acquisitions of Moretrench and RECON which expanded the services Keller can provide in environmental remediation Products Revenue (£bn, excl. Suncoast) 2018 2019 2020 2021 2022 2023 2024 2025 Deep foundations Ground improvement Grouting Environmental remediation Groundwater control Earth retention Other 0.87 0.99 0.95 1.06 1.30 1.38 1.53 1.63 Sectors Revenue (£bn, excl. Suncoast) 2018 2019 2020 2021 2022 2023 2024 2025 Infrastructure/Public buildings Power/Industrial Office/Commercial Residential Other 0.87 0.99 0.95 1.06 1.30 1.38 1.53 1.63 e e e CONFIDENTIAL
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Solid small and medium base support shift to larger contracts 62Power of the portfolio North America05 Contract size revenue (£bn, excl. Suncoast) £0.9bn £1.0bn £0.9bn £1.1bn £1.3bn £1.4bn £1.5bn £1.6bn 0.0 0.5 1.0 1.5 2.0 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Small <£1m Medium £1m - £10m Large >£10m Large contracts have grown significantly in recent years with an annual growth rate of 41% since 2020 Large contract capability enhanced by ‘One Keller’ integration North America has retained a baseload of ~72% small and medium contracts reducing reliance on single projects Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k r evenue and excl. Suncoast) e e e CONFIDENTIAL
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Key drivers shaping US pipeline demand Megatrend US construction outlook supports healthy pipeline of opportunities 63Power of the portfolio North America05 6% 5% 5% 4% 3% -0.1% Infrastructure Energy & Utilities Institutional Residential Commercial Industrial Forecast North America annual construction growth by sector (2025-30F, Nominal $) Source: GlobalData, FMI, Keller internal materials 01 Data centre growth fuelled by AI and cloud demand Adoption of technology 02 Ageing infrastructure repair cycle, supported by multi-year federally funded projects Demographic shifts 03 Urbanisation of ‘sunbelt’ areas drives development Urbanisation 04 Brownfield redevelopment rises where land is scarce Resource efficiency and decarbonisation 05 Climate resilience following natural disasters, particularly across Carolinas and Florida areas Resilience and climate adaptation Source: GlobalData, FMI, Keller internal materials e e e CONFIDENTIAL
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Rate of data centre spending growth increasing in US 64 Strong data centre growth worldwide, with spend accelerating in the US Power of the portfolio North America05 Sources: Structure Research, Synergy Research, Arterio, World Economic Forum, Goldman Sachs, US Census Bureau (Statista) Data centresSector deep dive - 10 20 30 40 50 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 Nov-19 Apr-20 Sep-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22 Mar-23 Aug-23 Jan-24 Jun-24 Nov-24 Apr-25 Sep-25 Feb-26 Thousands Data Centre Critical IT Capacity (GW) Annualised value of data centre construction put-in-place in the US ($bn, Jan '14-Apr '26) Strong data centre growth across regions, with North America leading historically and in forecast 49 53 59 67 79 100 124 156 192 228 262 LATAM Rest of EMEA Europe Rest of APAC China North America e e e CONFIDENTIAL
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Keller is strongly positioned to capitalise on data centre investment 65Power of the portfolio North America05 Note: Intended to give directional view of forecasted investment per state performance and available data | Source: Dodge WA IDOR CA NV UT AZ MT ND SD WY CO NM TX OK KS NE MN MI WI IA MO LA AR IN OH PA IL ME NY VT FL MS TN KY NC VA GAAL SC WV MD NH RI CT NJ DE MA AK HI High investment (~$16bn)Low investment (~$1m) States below $1m future investment threshold that have been excluded Keller location White dots represent 2018 to 2026 Data Centres projects by location Local coverage with national reach Keller branches close to areas of investment Customer relationships carried across multiple locations Common high- standards across states e e e CONFIDENTIAL
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Local focus Field-led problem solving On-site teams used local knowledge, adapting in real time to existing shafts and site conditions. Global strength Scale to move at speed People, equipment, and engineering capacity matched a fast-track schedule programme. Assets and people High productivity specialist crews 1,475 aggregate piers installed in c. 6 weeks. Best solutions Design-build unlocked the optimal approach Aggregate pier system replaced the original deep foundation system. Safety and sustainability Efficient re-use of an existing system Ground improvement enabled redevelopment without reinstating the deep foundation system. Serverfarm data centre: Design-build expertise unlocks speed at scale to capture US data centre growth 66Power of the portfolio North America05Case study Megatrend Adoption of technology 1,475 Aggregate piers installed c. 6 weeks to complete the works Schedule improved through design and real-time field adjustments Project context Redevelopment of an existing Texas data centre, requiring removal of drilled shafts and a faster alternative to deep foundations. What this win demonstrates e e e CONFIDENTIAL
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Deep knowledge of local conditions Keller brought extensive experience with local, and sometimes difficult ground conditions, and the team were able to adapt quickly and continue project progress when they encountered unexpectedly high groundwater conditions. Specialist expertise, locally applied Keller drew on global experience in excavation and secant pile systems to solve an unusually deep, complex and high-risk excavation challenge. Technical breadth at scale In-house engineers and specialist teams combined multiple techniques, dedicated drilling equipment and advanced monitoring technology to deliver the project on schedule despite exceptional technical complexity. Hybrid, multi-technique solution Rather than applying a standard design, Keller engineered a hybrid system for the techniques through difficult soils, transitioning to rock nails and shotcrete in competent rock. The approach created a water-resistant excavation while reducing construction time and cost. Supporting safer, more resilient infrastructure Keller’s work supports a programme designed to improve highway safety and reduce congestion while enabling major flood-resilience infrastructure, including over six miles of drainage tunnels and a pump station capable of moving 260,000 gallons of water per minute. Local focus Global strength Assets and people Best solutions Safety and sustainability I-35 Capital Express 67Power of the portfolio North America05Case study Specialist capability at scale across critical infrastructure Project context Keller is supporting multiple elements of TxDOT’s I-35 Capital Express programme in Austin, Texas, a $5.7bn+ investment to improve safety, reduce congestion and upgrade 28 miles of interstate. Keller’s specialist teams are delivering solutions across the programme’s pump station, drainage tunnels and highway expansion works. What this win demonstrates Infrastructure Megatrend Urbanisation, Resilience and climate adaptation 120ft Excavation 400+ Secant piles and tieback anchors e e e CONFIDENTIAL
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05 Power of the portfolio Europe and Middle East e e e CONFIDENTIAL
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Europe and Middle East Division 69Power of the portfolio Europe and Middle East05 Geographic overview Source: Keller internal data 5 business units >80 branches across 28 countries 2,500 projects per year 3,400 employees 600 engineers c.£40m FY25 operating profit 14% Middle East 86% Europe Business units • North-west Europe • North-east Europe • South-west Europe • South-east Europe and Nordics • Middle East ~0.9b Revenue (%, 2025) 28% of Group revenue e e e CONFIDENTIAL
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Business Unit ~£0.9bn Middle East South-east Europe and Nordics South-west Europe North -east Europe North -west Europe 14% 30% 14% 14% 28% Product and Service ~£0.9bn Deep Foundations Ground Improvement Speciality Grouting Earth Retention Other 36% 31% 26% 4%4% End Market Sector ~£0.9bn Infrastructure/Public Power/Industrial Office/Commercial Residential Other 43% 22% 19% 15% 1% Contract Size ~£0.9bn Small <£1m Medium £1m-£10m Large >£10m 35% 40% 24% 70 EME combines local market strength with balanced geographic and end-market exposure Power of the portfolio Europe and Middle East05 Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k r evenue) Revenue (%, 2025) e e e CONFIDENTIAL
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EME products and sectors: broad-based growth led by infrastructure and supported by diverse product portfolio 71Power of the portfolio Europe and Middle East05 Note: EME has historic revenues as reported today (including Middle East); FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k revenue) 2018 2019 2020 2021 2022 2023 2024 2025 Infrastructure/Public buildings Power/Industrial Office/Commercial Residential Other Sectors Revenue (£bn) 0.75 0.70 0.64 0.66 0.77 0.85 0.87 0.90 EME has grown consistently across deep foundations, ground improvement and grouting Deep foundations remain EME’s largest product, accounting for 36% of revenue in 2025 and growing at 11% CAGR since 2020 Infrastructure/public buildings remains the largest end market, representing 43% of 2025 revenue Growth has been diversified across sectors, with power/ industrial, office/commercial and residential all expanding since 2020 Products Revenue (£bn) 2018 2019 2020 2021 2022 2023 2024 2025 Deep foundations Ground improvement Grouting Groundwater control Earth retention Other 0.75 0.70 0.64 0.66 0.77 0.85 0.87 0.90 e e e CONFIDENTIAL
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£0.8bn £0.7bn £0.6bn £0.7bn £0.8bn £0.8bn £0.9bn £0.9bn 0.0 0.5 1.0 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Small <£1m Medium £1m - £10m Large >£10m EME has shifted materially towards larger contracts 72Power of the portfolio Europe and Middle East05 Note: EME has historic revenues as reported today (including Middle East); FX conversion is calculated at the budget FX rate for that year Source: Keller Internal Data (excl. contracts <£10k revenue) Contract size revenue (£bn) Large contracts have been the fastest growing segment, increasing at 40% CAGR since 2020 Repeatable base of small and medium contracts allows scaling up for larger contracts e e e CONFIDENTIAL
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Key drivers shaping EME pipeline demand Megatrend 01 Multi-year public infrastructure programmes expand transport and public-asset investment Urbanisation 02 Grid, energy and water security investment accelerates as Europe renews ageing networks Resilience and climate adaptation 03 AI and data centre capacity build-out supports new campuses Adoption of technology 04 Defence and resilience spending rises as NATO members invest Defence and security 05 Urban renewal and government backed Gulf investment sustain brownfield, commercial and major project demand Urbanisation Supportive EME construction outlook 73Power of the portfolio Europe and Middle East05 6% 6% 6% 6% 5% 5% Commercial Infrastructure Energy & utilities Residential Institutional Industrial Forecast EME annual construction growth by sector (2025-30F, Nominal $) Source: GlobalData, FMI, Keller internal materialsSource: GlobalData, BMF, European Commission, NATO, Keller internal materials e e e CONFIDENTIAL
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Rauheberg Tunnel: Railway infrastructure 74Power of the portfolio Europe and Middle East05 Innovative tunnel stabilisation securing critical rail infrastructure Case study Project context Stabilisation of a critical Deutsche Bahn tunnel section on a major high-speed rail corridor – 5.2km tunnel with 180m stabilisation zone. What this win demonstrates c.€120m Largest order in Keller Germany at award 150+ Keller employees mobilised for project delivery Megatrend Urbanisation Local focus Trusted customer relationship Close collaboration with Deutsche Bahn enabled an innovative stabilisation concept. Global strength Cross-business unit collaboration KGS, Keller Germany, and broader EME teams combined specialist expertise . Assets and people Large scale delivery capability 24/7 delivery with 150+ Keller employees deployed to site. Best solutions Innovation under challenging conditions Jet grouting and permeation grouting combined and tailored to the tunnel geometry. Programme delivery despite challenges Joint solutions supported progress following unexpected water inflow. Safety and sustainability e e e CONFIDENTIAL
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Local focus Local considerations Deep understanding of local ground conditions and the surrounding area enabled Keller to develop a solution tailored to a dense Warsaw city-centre location and the stringent settlement requirements of adjacent buildings. Global strength Applying world class expertise Keller combined local geotechnical knowledge with specialist expertise, technology and experience from across the wider organisation to solve a technically demanding urban challenge. Assets and people Design capability and specialist delivery working together Keller’s engineers and specialist site teams worked as an integrated design-and-build capability, supported by dedicated diaphragm-wall equipment and specialist cranes for excavation and lifting. Best solutions Engineering that improves project economics By acting as both designer and contractor, Keller optimised the pile-raft foundation and excavation solution, reducing costs for the client while managing groundwater and complex geotechnical risk. Safety and sustainability Protecting surrounding structures and enabling urban renewal The solution maintained settlement within strict limits throughout Keller’s works and the wider four- year construction period, helping protect neighbouring buildings. 75Power of the portfolio North America05Case study The Bridge Value creation through engineering-led design in a complex urban environment What this win demonstrates Project context Keller was both lead geotechnical designer and specialist contractor for The Bridge in Warsaw, delivering deep excavation, foundation and groundwater-control works for a landmark 174m office tower, including diaphragm walls, barrette piles and a Soilcrete anti-filtration barrier. 47,000m2 Office space 35m deep D-wall foundations Megatrend Urbanisation e e e CONFIDENTIAL
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05 Power of the portfolio Asia-Pacific e e e CONFIDENTIAL
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Asia-Pacific Division 77Power of the portfolio Asia-Pacific05 Geographic overview Note: 1) Australia includes Austral | FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k revenue) Business units • Keller Australia • Keller Asia • Austral Construction 28% Asia 72% Australia ~0.4b Revenue (%, 2025) 13% of Group revenue 3 business units 16 branches 300 projects per year 1,600 employees 250 engineers c.£30m FY25 operating profit e e e CONFIDENTIAL
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Austral is a national contractor with 70 to 80% of activity in Western Australia supporting iron ore transport infrastructure – rails, ports and roads, “from pit-to-port” Two offices and three yards across the region Majority of field employees on FIFO, 2x1 roster Contracting models: master service agreements, lump sum, day rates, unit rates The Pilbara covers a vast geographic area >500,00 sq km, approximately the same size as Spain Spotlight on Austral 78Power of the portfolio Asia-Pacific05 01 Dampier Bulk Handling Facility 02 Parker Point Stockyards ECI 03 Bridge 09 Structural 04 Rio Tinto Rail Renewals 05 Ministers North 06 BHP Rail Renewals 07 FMG TLO 08 BHP Bridges 09 Roy Hill Broken Ground 10 PDP2 Rail Loop 01 02 03 04 05 06 07 08 09 10 Tom Price Newman Onslow Dampier Karratha Port Hedland Western Australia Pilbara rail lines Rio Tinto Rail Renewals Bridge 09 Structural Dampier Bulk Handling Facility BHP Rail Renewals FMG TLO BHP Bridges Parker Point Stockyards ECI e e e CONFIDENTIAL
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Business unit 79 APAC business harnesses Austral’s strength Power of the portfolio Asia-Pacific05 Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller Internal Data (excl. contracts <£10k r evenue) Revenue (%, 2025) ~£0.4bn Austral Australia Asia 43% 29% 28% Contract size ~£0.4bn Small Medium £1m-£10m Large >£10m 12% 52% 36% End market sector ~£0.4bn 48% 39% 8% 4% 1% Power/Industrial Infrastructure/Public Office/Commercial Residential Other Product and service ~£0.4bn Austral Deep foundations Ground improvement Earth retention Grouting Other 43% 27% 21% 5% 4%1% e e e CONFIDENTIAL
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Power/Industrial is APAC’s largest end market, representing 48% of 2025 revenue, driven by mining activity Infrastructure/Public remains a major contributor, providing further diversification across the portfolio Austral has experienced significant growth benefiting from mining and infrastructure investment Deep foundations, ground improvement, grouting and earth retention have all experienced significant growth post-pandemic APAC products and sectors: revenue driven by Austral activity and diverse range of sectors 80Power of the portfolio Asia-Pacific05 Note: FX conversion is calculated at the budget FX rate for that year | Source: Keller internal data (excl. contracts <£10k r evenue) 2018 2019 2020 2021 2022 2023 2024 2025 Power/Industrial Infrastructure/Public buildings Office/Commercial Residential Other Sectors Revenue (£bn) 0.45 0.29 0.22 0.28 0.30 0.41 0.38 0.42 Products Revenue (£bn) 2018 2019 2020 2021 2022 2023 2024 2025 Austral Deep foundations Ground improvement Earth retention Grouting Other 0.45 0.29 0.22 0.28 0.30 0.41 0.38 0.42 e e e CONFIDENTIAL
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Mining is APAC’s largest subsector, with Keller spanning the pit-to-port lifecycle 81Power of the portfolio Asia-Pacific05 Australian iron ore is key to global construction ~98% of global iron ore production is used to make steel 52% of global steel use is in buildings and infrastructure #1 Australia is the largest iron ore producer Pit / mine Foundations, cutoff walls, water mgmt Transport network Rails, roads, bridges Export infrastructure Wharves, ports, bulk-handling Throughout operating life Maintenance, decommissioning Keller’s capabilities span the pit-to-port lifecycle Opportunities for upside and growth Sustain, maintain, replace Rail, bridges, wharves, and site infrastructure Expand and optimise New/extend mines, customers, commodities Decarbonise and restore Net-zero projects, mine decommissioning, remediation Keller’s established relationships with key iron ore producers Durable base of sustained investment for Keller via global steel demand Source: World Steel Association, Geoscience Australia, USGS e e e CONFIDENTIAL
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APAC’s market is driven by larger projects; contracts >£10m contracts have expanded £1m–£10m contracts remain the core of APAC revenue, consistently contributing ~50% of revenue £0.5bn £0.3bn £0.2bn £0.3bn £0.3bn £0.4bn £0.4bn £0.4bn 0.0 0.5 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) Small <£1m Medium £1m - £10m Large >£10m APAC market is driven by larger projects 82Power of the portfolio Asia-Pacific05 Note: APAC historic revenues reported as the division is today (excl. ME); FX conversion is calculated at the budget FX rate for that year Source: Keller internal data (excl. contracts <£10k revenue) Contract size revenue (£bn) e e e CONFIDENTIAL
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Key drivers shaping APAC pipeline demand Megatrend 01 Australia’s A$242bn five-year infrastructure pipeline supports transport, utilities, and housing Urbanisation 02 India’s industrial and semiconductor build-out creates new manufacturing and logistics sites Adoption of technology 03 AI-led data centre expansion accelerates across APAC Adoption of technology 04 Energy transition and critical minerals investment drives power, renewables, and mine development Resource efficiency and decarbonisation 05 Defence and resilience programmes support bases, ports and other critical infrastructure Defence and security Construction outlook supports healthy pipeline of opportunities 83Power of the portfolio Asia-Pacific05 9% 9% 8% 8% 7% 7% Energy & utilities Infrastructure Industrial Residential Institutional Commercial Forecast Australia, Singapore, India annual construction growth by sector (2025-30F, Nominal $) Source: GlobalData, FMI, Keller internal materials Note: 1) APAC is Australia, Singapore, and India (Keller’s core APAC markets) Source: GlobalData, Infrastructure Australia, india.gov, gov.au, Keller internal materials e e e CONFIDENTIAL
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Mining | Major Australian iron ore export facility 84Power of the portfolio Asia-Pacific05 Combining civil and marine capability with local delivery across multiple critical projects at one facility Case study What this win demonstrates Local focus Strong Local content and lasting impact Creating local employment and supply opportunities, including Indigenous participation, and retaining a skilled workforce in the Western Australia. Global strength Trusted delivery partner Leveraging Keller's global expertise through the transfer of DTH (down the hole) hammer piling technology from Europe to Australia, enabling safe and efficient installation in challenging tidal conditions. Assets and people Integrated teams and innovative solutions Marine and Civil teams working together, using temporary works design, alternative access solutions and one of the largest jack-up barges in Australia. Best solutions Technology transfer Introduction of DTH hammer piling, to drill up to 200Mpa strength Hard Granite. Safety and sustainability Keeping Australia’s iron ore moving Maintaining the safety, integrity and availability of a critical export facility. 100Mtpa Million tonnes per annum Export Capacity Port c.150 workforce Peak personnel Resource efficiency and decarbonisation Project context Austral is simultaneously delivering four interconnected marine and civil infrastructure packages within one operating iron ore export facility, using integrated project teams to safely maintain and enhance critical export infrastructure while keeping the facility operational. 1. Structural Integrity 41 dolphins renovated; access catwalks and ship- loader structures renewed 2. Marine Offloading Facility (MOF) 55 piles using DTH hammer technology; marine structures and revetment 3. Stockyards Bulk earthworks, drainage and civil infrastructure supporting port operations 4. Coastal Waters Supply Sustaining (CWSS) project Civil infrastructure to support the port’s water supply and services e e e CONFIDENTIAL
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Festival Plaza 85Power of the portfolio Asia-Pacific05 Engineering innovation for a landmark urban development Case study Project context Keller delivered an Australian-first foundation solution for One Festival Tower, a 29-level commercial development in Adelaide, installing megacolumn piles through an existing five-level operational basement where conventional piling methods were not feasible. What this win demonstrates Local focus Local knowledge, landmark delivery Building on previous experience at Festival Plaza, Keller used its understanding of the site to deliver within a highly constrained, live CBD environment. Global strength Specialist expertise, locally applied Combining local knowledge with wider engineering expertise and relationships with global equipment suppliers to develop an Australian-first solution. Assets and people Engineering expertise and specialist equipment Experienced engineers and operators combined bespoke guide frames, specialist piling equipment and close collaboration with manufacturers to overcome complex site constraints. Best solutions Solving what conventional methods couldn’t A bespoke piling solution enabled 24 megacolumn foundations to be installed through an operational five-level basement, completed in just 29 working days. Safety and sustainability Delivering safely in a live urban environment Maintaining basement operations, public access and traffic flow while monitoring and protecting the neighbouring heritage-listed building. Megatrend Urbanisation 29 days Installation period 24 Megacolumn piles e e e CONFIDENTIAL
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06 Financials e e e CONFIDENTIAL
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87 Keller is well-positioned to deliver sustainable growth and attractive returns Financials06 Focus on business performance Key financials People worldwide, performing the design and construction in-house Order book Record order book; continued replenishment Cash flow Consistent, highly cash generative model Leverage / liquidity Material deleveraging and strong headroom Capex Disciplined investment to sustain and grow Acquisitions Actively assessing market for quality bolt-ons Disciplined approach to investing and growth Committed to growing shareholder returns Dividends Sustainable dividend supported by earnings Share buybacks Surplus cash into disciplined buybacks Underpinned by commercial discipline, rigorous project controls, and greater management visibility e e e CONFIDENTIAL
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88 Strong track record of financial performance Financials06 Note: FY25; includes Suncoast; 1) Underlying basis; 2) pre-IFRS16 | Source: Keller annual reports Revenue (£m) 2,945 2,966 2,987 3,087 2022 2023 2024 2025 Order book (£bn) 1.4 1.5 1.6 1.5 2022 2023 2024 2025 ROCE1 14.9% 22.8% 28.2% 30.7% 2022 2023 2024 2025 Free cash flow (£m) (-33.8) 103.2 192.6 175.9 2022 2023 2024 2025 Operating profit1 (£m) 2022 2023 2024 2025 108.6 180.9 212.6 218.2 EPS (pence)1 2022 2023 2024 2025 100.7 153.9 199.9 211.3 Net debt / EBITDA2 2022 2023 2024 2025 1.2 0.6 0.1 (-0.2) Dividend (pence) 2022 2023 2024 2025 37.7 45.2 49.7 70.4Operating profit margin1 2022 2023 2024 2025 3.7% 6.1% 7.1% 7.1% e e e CONFIDENTIAL
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89 Sustaining attractive operating margins Financials06 1 Underlying operating profit margin Embedded commercial and contract discipline continues to drive performance Confident of sustaining margin levels: Improved controls Embedded commercial discipline at project manager level Product and solution innovation Ongoing optimisation processes and organisation Portfolio management Baseline divisional margins c.9% North America c.5% Europe and Middle East c.7% Asia-Pacific c.7% Sustainable Group margin1 outlook 0 1 2 3 4 5 6 7 8 2019 2020 2021 2022 2023 2024 2025 Operating margin1 % 4.5% 7.1% 2026-2030 e e e CONFIDENTIAL
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Free cash flow Consistent and sustainable delivery of free cash flow Operating cash conversion1 of 108% delivered in FY2025 Reflects improved group financial performance 90Financials06 Note: 1) Operating cash conversion = free cash flow before interest and tax / underlying operating profit; FY25; includes Sun coast | Source: Keller annual reports Free cash flow (£m) Revenue (£m)Free cash flow Revenue -50 0 50 100 150 200 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2018 2019 2020 2021 2022 2023 2024 2025 A highly cash generative business e e e CONFIDENTIAL
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(0.2)x FY25 leverage1 Comfortably within 3.0x covenant limit and below 0.5x to 1.5x target range Creates financial flexibility and provides balance sheet headroom Material deleveraging has strengthened the balance sheet 91Financials06 Net debt to adj. EBITDA Leverage1 actively reduced from 1.7x to (0.2)x since 2018 2018 2019 2020 2021 2022 2023 2024 2025 -0.5 0.0 0.5 1.0 1.5 2.0 Note: 1) Net debt to adj. EBITDA (excl. IFRS 16) - as of end FY25 | Source: Keller annual reports e e e CONFIDENTIAL
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~£219m US private placements Fixed-rate debt1 ~£88m due Aug 20302 ~£131m due Aug 20332 Broad funding sources £400m Syndicated RCF Fully undrawn 9 banks in syndicate Matures June 2031 Long-dated, diversified funding protects financial flexibility 92Financials06 Diversified capital structure with well-staggered maturity profile Note: As of H1 2026; 1) Weighted average fixed debt interest rate 6.4%; 2) FX conversion at 2026 budget CC rates Source: Keller H1 report, internal data 2026 2027 2028 2029 2030 2031 2032 2033 £88m £400m Debt maturity RCF expiry No debt maturity prior to 2030 £131m e e e CONFIDENTIAL
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Financial strength supports disciplined approach to M&A 93Financials06 Keller is actively assessing the market for attractive M&A opportunities to strengthen position in existing, prioritised markets 02. Technique Enhance our product offering 03. Sector Accelerate access to existing or new subsectors and customers Disciplined capital allocation Remain within leverage target Disciplined approach Earnings accretive Compounds value creation Revenue synergies Self-funded bolt-ons Established market player Strong management team Expansion through Geography, Technique or Sector Bolt-on focus01. Geography Expand within addressable markets e e e CONFIDENTIAL
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c.£800m Total free cash flow (2026 to 2030) Maintain and grow 2.5 – 3.5x cover dividend policy Bolt-on acquisitions Invest in the business Sustainable dividend Invest in growth Return surplus cash Share buybacks Steady capex programme Typically, c.3.5% of annual revenue c.40% allocate to dividends c.60% remaining cash for inorganic growth and additional returns Disciplined capital allocation to drive compounding growth 94Financials06 Operate within leverage range of 0.5x-1.5x Invest in growth and deliver returns Balance free cash flow between acquisitions and additional shareholder returns, depending on best opportunity set Medium term capital allocation framework Allocation principles e e e CONFIDENTIAL
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Ambitious medium-term financial targets for our next phase of growth 95Financials06 Revenue growth 5-7% organic revenue CAGR Group operating profit margin c.7% sustainable baseline ROCE c.30% supports bolt-on M&A Free cash flow c.£800m total free cash flow between 2026-2030 Dividend cover 2.5 - 3.5x progressive in line with earnings e e e CONFIDENTIAL
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Conclusions e e e CONFIDENTIAL
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What we have achieved today 97 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 operating margins that underpin performance. Excited Keller is growing. The Group has multiple opportunities, paired with the financial flexibility, to continue to generate material shareholder value. 9707 Conclusions e e e CONFIDENTIAL
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A compelling investment proposition 98Who we are and what we do01 Medium-term targets Organic revenue CAGR 5-7% Group operating profit margin c.7% ROCE c.30% Free cash flow (2026 to 2030) c.£800m Dividend cover 2.5 - 3.5x Proven track record of delivering strong margins, cash and returns Strong commercial and operational execution Local focus combined with power of scale Attractive long- term structural growth drivers Diversified and sector agnostic portfolio e e e CONFIDENTIAL
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Q&A e e e CONFIDENTIAL