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keller-na.com keller-na.com Strong growth drives excellent first half results Keller Group plc Interim Results for 2026 4 August 2026
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Cautionary statements This document contains certain ‘forward looking statements’ 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. 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’, ‘will’, ‘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 may or 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. The forward- looking statements reflect knowledge and information available at the date of preparation of this announcement and Keller undertakes no obligation to update these forward-looking statements. Nothing in this document should be regarded as a profits forecast. 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. 2 Lea Cochrane, Marketing Manager, and Hesam Daryaei, Project Manager Australia
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Agenda 1. Results summary 2. Financial review 3. Market and operations 4. Summary and outlook 5. Q&A
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Strong growth drives excellent first half results Record volumes Driven by North American Foundations data centres and infrastructure projects Profit growth Driven by increased activity and excellent operational execution Sustained operating margin >7% underlying operating profit margin maintained 1constant currency Revenue £1,608m +11.1%1 Underlying operating profit £117.9m +17.1%1 Underlying operating margin 7.3% +30bps 4 Hudson River tunnels New York, US
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Financial review 6-9 Queens Road Melbourne, Australia
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Results Summary – Further delivery in H1 26 0.1x H1 2026 H1 2025: 0.2x 28.7p +57% H1 2026 H1 2025: 18.3p 30.9% +420bps H1 2026 H1 2025: 26.7% 120.1p +22% H1 2026 H1 2025: 98.1p £16.4m +15% H1 2026 H1 2025: £14.3m £1.9bn +20%2 H1 2026 H1 2025: £1.6bn £1,608.0m +11%2 H1 2026 H1 2025: £1,457.7m £117.9m +17%2 H1 2026 H1 2025: £102.6m 7.3% +30bps H1 2026 H1 2025: 7.0% Revenue Operating profit1 Operating profit margin1 ROCE1 EPS1 Net (cash)/debt/ EBITDA3 Dividend Order book Free cash flow 1 Underlying basis; 2constant currency; 3 pre-IFRS16 6
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Summary income statement - underlying 1 2 3 4 1H 2026 1H 2025 Underlying Underlying Revenue 1,608.0 1,457.7 Operating costs (1,496.1) (1,358.3) Net impairment gain/(loss) of trade receivables and contract assets 0.8 (0.6) Amortisation of acquired intangibles - - Other operating income 4.3 3.9 Share of post-tax results of joint ventures 0.9 (0.1) Operating profit 117.9 102.6 Operating profit margin (%) 7.3% 7.0% Net finance costs (9.2) (9.9) Profit/(loss) before taxation 108.7 92.7 Taxation (24.8) (21.3) Profit/(loss) for the period 83.9 71.4 Diluted earnings per share (p) 120.1 98.1 Interim dividend per share (p) 28.7 18.3 1 2 3 4 5 5 2. Operating profit Constant currency YoY growth +17.1% 3. Net financing costs £9.2m reduced due to net cash position for majority of H1 2026. 4. Taxation Effective tax rate for 1H 2026: 22.8% (1H 25: 23%). 5. Interim dividend per share up 10% Interim dividend 28.7p Earnings cover 3.0x, within adopted 2.5x to 3.5x range 7 1. Revenue £m CC% 1H 2025 1,457.7 FX (10.9) North America 140.9 16.7% EME (21.9) (5.2%) APAC 42.2 22.8% 1H 2026 1,608.0 11.1%
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Underlying profit bridge H1 2025 to H1 2026 North America Up £14.1m1 to £93.8m EME Up £4.2m1 to £19.2m APAC Down £0.2m1 to £13.8m Central items Cost up £0.9m1 to £8.9m H1 2025 H1 2026 1Movement from H1 2025 to H1 2026 on a constant currency basis £m EVO Park Netherlands 8 95.0 100.0 105.0 110.0 115.0 120.0 125.0 102.6 (1.9) 100.7 14.2 2.1 (2.2) 3.7 1.2 1.0 (1.7) 4.7 (4.9) (0.9) 117.9
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Summary income statement – non-underlying 11H 2026 1H 2025 Non-underlying Non-underlying Revenue - - Operating costs (5.1) (4.7) Net impairment (loss)/ gain of trade receivables and contract assets - - Amortisation of acquired intangibles (0.8) (0.8) Other operating income 0.5 0.2 Share of post-tax results of joint ventures - - Operating profit (5.4) (5.3) Operating profit margin (%) - Net finance costs - Profit/(loss) before taxation (5.4) (5.3) Taxation 0.9 0.8 Profit/(loss) for the period (4.5) (4.5) 1 1. Non-underlying items £m Cash items ERP costs (4.7) Restructuring costs (0.4) Contingent consideration received on disposal of business 0.5 Total cash items (4.6) Non-cash items Amortisation of acquired intangibles RECON (0.8) Total non-cash items (0.8) Total cash & non-cash items (5.4) 9
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Net debt flow £m HY 2026 HY 2025 Underlying operating profit 117.9 102.6 Depreciation and amortisation 53.8 52.6 Underlying EBITDA 171.7 155.2 Non-cash items (2.4) (1.6) Increase in working capital (87.5) (78.2) Increase in provisions, retirement benefit liabilities and other non-current liabilities 3.2 10.2 Net capital expenditure (31.2) (27.3) Additions to right-of-use assets (10.8) (9.4) Sale of other non-current assets - 2.7 Free cash flow before interest and tax 43.0 51.6 Free cash flow before interest and tax to underlying operating profit 36% 50% Net interest paid (9.6) (8.7) Cash tax paid (17.0) (28.6) Free cash flow 16.4 14.3 Dividends paid to shareholders (35.7) (23.3) Purchase of own shares (44.2) (28.8) Acquisitions (0.5) (0.5) Disposal of businesses 0.5 0.2 Non-underlying items (4.7) (4.0) Right-of-use assets / lease liability modifications (3.3) (6.3) Foreign exchange movements (2.2) 21.8 Movement in net debt (73.7) (26.6) Opening net debt (28.9) (126.9) Closing net debt (102.6) (153.5) 1 2 1 3 4 1. Depreciation/Capex 2026 2025 Net capex/depreciation 78% 70% Gross capex/depreciation 98% 87% 4. Net debt – Covenant basis £m Reported net debt 102.6 Lease liabilities (ex IAS 17 leases) (86.7) IAS 17 Covenant basis 15.9 Leverage ratio 0.1x 3. Cash tax Cash tax paid decreased by £11.8m reflecting lower US tax paid due to R&D change in 2025 2. Working capital 2026 2025 (Increase) in inventories (36.7) (27.7) (Increase) in receivables (76.8) (73.1) Increase in payables 26.0 22.6 (Increase) in working capital (87.5) (78.2) 1 2 3 4 10
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Strong balance sheet and headroom 11 -80 -60 -40 -20 0 20 40 60 80 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec £m • Net debt1: £15.9m increased by £75.6m since Dec 2025; driven by £44.2m share buyback and increased working capital investment. Compared to H1 2025, net debt decreased by £45.6m, down 74% (H1 2025: net debt of £61.5m) • Average month-end net cash1: £25.5m (H1 2025: net debt of £39.2m) • Leverage2 of 0.1x1 well within 3.0x limit and below target leverage range of 0.5x – 1.5x • Committed funding facilities: £400m syndicated revolving credit facility exp. June 2030; $300m private placement repayable in August 2030 ($120m) and August 2033 ($180m) • Headroom of £655.8m: At 30/06/26 undrawn borrowing facilities of £446.1m: £400m committed and £46.1m uncommitted, as well as cash and cash equivalents of £209.7m • Multi-year share buyback under way to return excess cash - as part of capital allocation framework − £44.2m cash outflow for the period comprises the completion of the 2025 tranche and £32.4m under the 2026 £100m tranche 1 IAS 17 lender covenant basis 2 Net debt to EBITDA 2025 2026 £m Social housing Australia Teton Highway Wyoming, US
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Sustained operating margin performance 0 1 2 3 4 5 6 7 8 2019 2020 2021 2022 2023 2024 2025 H1 2026 Embedded commercial and contract discipline continues to drive performance 4.5 % Sustainable margin outlook 7.3 % Operating margin1 % Social housing Australia 1 Underlying operating profit margin 12 • 7.3% underlying operating margin in H1 2026 • Increase reflects excellent project execution and commercial discipline • Portfolio of varied projects supports Group margin stability • Confident of sustaining margin levels due to: – Improved controls – Embedded commercial discipline – Product and solution innovation – Ongoing optimisation of processes and organisation
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Record order book underpins revenue 13 Group £1,939.2m North America £1,367.9m EME £396.7m APAC £174.6m +17%1+30%1 -19%1 - 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 North America EME APAC Order book1 (£bn) 1 Prepared on a constant currency basis • Order book elevated by the material I-40 contract • I-40 contract expected to unwind over the next 2 - 3 years as the project is completed I-40
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Balanced capital allocation framework Invest in the business Sustainable dividend Inorganic growth Return surplus cash • Maintenance capex to effectively run the business • Investment to grow capability; expand in existing markets • 31-yr history of a maintained or growing dividend • Adopted cover measure of 2.5x - 3.5x earnings • 1H 2026 dividend increased by +57% • Value accretive bolt-on acquisitions • Build capability and grow market share • Multi-year share buyback programme under way • Completed £50m buyback launched in 2025 • £100m further tranche launched in March 2026 Ordinary shareholder returns Acquisitions Share buybacks Maintain and grow Strong free cash flow Operate within leverage range of 0.5x-1.5x Invest in growth and deliver returns £42.1m Gross capex H1 26 capital allocation £19.6m Dividends None complete; healthy pipeline £44.2m1 Share buybacks 141 Comprises the completion of the 2025 tranche and £32.4m under the £100m 2026 tranche
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Market and operations Voiron France
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Group operations overview 16 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Accident Frequency Rate Safety performance • AFR remained low at 0.05; TRIR of 0.6 • Slight increase occurred alongside rise in working hours and overall activity • Committed to maintaining and enhancing leading indicators • Focus on leadership visibility and assurance activities Power of the portfolio • Strongest geographies and sub-sectors more than offset softer markets Operational execution • Maintaining margin discipline alongside increased activity Benefits of scale • Keller set apart by ability to mobilise people and equipment across our divisions
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Ability to pivot to fastest growing sub-sectors to drive growth North America top subsectors of H1 2026 Change from H1 25 Data centres Road Manufacturing Mixed use (resi & commercial) Multi family residential Group top subsectors of H1 2026 Change from H1 25 Data centres Multi family residential Manufacturing Mining Road EME top subsectors of H1 2026 Change from H1 25 Rail Multi family residential Manufacturing Power generation Road APAC top subsectors of H1 2026 Change from H1 25 Mining Data centres Port & harbour Health & aging care Oil, gas and chemical 17
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North America Operating review £m H1 2026 H1 2025 Constant currency Revenue 984.4 867.8 +16.7% Underlying operating profit 93.8 82.1 +17.7% Underlying operating margin 9.5% 9.5% +10bps1 Order book 1,367.9 1,026.3 +29.7% • Revenue:+16.7% driven by record volumes in NA foundations • Operating profit: +17.7% driven exceptional project and commercial management • Operating margin: Sustained at 9.5% • NA Foundations: Increased revenue driven by strong data centre activity and infrastructure projects • Strong performance at RECON, (geoenvironmental and industrial services) partially offset softer conditions within Moretrench Industrial (environmental remediation) affected by deferred customer spending • Suncoast (Residential post-tension business): resilient despite weaker residential markets NORTH AMERICA OUTLOOK Order book c.$1.4bn strong order book elevated by I-40 contract Pipeline Healthy work-in-hand and pipeline of opportunities across long-term structural growth markets 1 H1 2025 NA margin is 9.4% at constant currency 18 High-Speed Rail California, US
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Infrastructure projects: I-40 highway remediation In focus: Large scale, multi-year project underpins revenue Project brief: • Highway reconstruction along I-40 Eastbound from the Tennessee State Line to North Carolina following destruction from Hurricane Helene in 2024 Keller solutions: • Keller able to mobilise team and equipment, drawing on resources from across the division • Multi-technique project that includes: ‒ Temporary Soil Nailing ‒ Monitoring/Instrumentation ‒ Drilled Shafts ‒ Interlocking Pipe Piles (IPP) ‒ Tieback Anchors Outcome: • Trust in Keller’s technical capability to deliver at scale and pace • $380 million of work contracted to Keller • c.$65m revenue YTD • Multi-year contract underpins future revenue 19
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Europe and Middle East Operating review Europe and Middle East OUTLOOK Order book +16.5% with projects weighted towards infrastructure. Small increase in industrial, residential and commercial projects Pipeline Healthy work hand and Tendering activity remains strong across most markets Poised for EU government infrastructure and defence commitments – yet to materialise • Revenue: -5.2 % due to adverse Q1 weather and fewer large projects • Operating profit: +28% due to Middle East performance and strong operational execution • Margin improvement: +120 bps to 4.8% • Europe: Strong delivery of large projects in the Nordics, largely offset slow Q1 and softness in Western Europe • UK: Continued challenging conditions • ME: Resilient trading and profit growth despite the ongoing conflict; brief periods of reduced productivity partly offset by strong performance earlier in the year and in Q2 £m H1 2026 H1 2025 Constant currency Revenue 396.1 408.3 -5.2% Underlying operating profit 19.2 14.6 28.0% Underlying operating margin 4.8% 3.6% +120bps Order book 396.7 335.9 +16.5% 20 Luleå Sweden
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Asia-Pacific Operating review Asia-Pacific OUTLOOK Order book -18.9% but well positioned to convert several opportunities to confirmed contracts Pipeline India: Expected increased in activity H2; continuing to build presence to support future opportunities. Australia: Several high- value marine and civil opportunities as well as continued buoyant foundations market £m H1 2026 H1 2025 Constant currency Revenue 227.5 181.6 +22.8% Underlying operating profit 13.8 13.9 -1.4% Underlying operating margin 6.1% 7.7% -150bps1 Order book 174.6 203.2 -18.9% • Revenue: +22.8% driven by Austral momentum and Keller Australia foundations • Operating profit: -1.4%, impacted by severe weather in Queensland, margin pressure at Keller Australia and the non-repeat of project closure settlements reported in H1 2025 • Austral: Performed strongly, increasing revenue and profit compared to the prior period • Keller Australia: Record revenues with good demand across public spending and data centres, with profit impacted by weather and margin pressure, as described above. • Keller Asia: Revenue and profit broadly flat, slow start in India expected to pick up in H2 21 Update pic 1 H1 2025 APAC margin is 7.6% at constant currency Social housing Melbourne, Australia
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Summary and outlook Sara Pettersson, Project Engineer Sweden
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Portfolio PipelinePerformance Our strategy for long-term value • Build market share in local markets • Market leading product portfolio • Agility to pivot to higher growth markets • Leverage Group scale Strategy Strategy Strategy • High performance culture • Commercial excellence • Design and value engineering • Innovation through technology • Optimised fleet • Industry leading health and safety • Target faster-growing customer segments • Wider product deployment • Pursue bolt-on acquisitions to accelerate organic growth 23 ➢ Organic investment for high- growth markets ➢ Major projects ➢ Bolt-on acquisition mapping and pipeline ➢ Talent and performance management ➢ Group ERP and Project Management software ➢ Productivity management 2026 priorities
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Summary and outlook H1 2026 Summary Record performance • Outstanding performance against strong comparative period • Performance ahead of Board’s expectations at the start of the year • Sector-agnostic strategy and diversified portfolio driving growth • Record order book, underpins future revenue • Strong balance sheet supports enhanced shareholder returns, continuing unbroken track record Clear opportunity ahead for Keller to create value and deliver returns Further progress anticipated • Expect full year performance in line with recently upgraded market expectations1 • Strong momentum entering H2, with performance weighted to the second half • Continued focus on commercial discipline and operational execution • Well positioned to capitalise on megatrends and pivot to growth sectors • Strong balance sheet provides optionality to grow both organically and through bolt-on acquisitions FY 26 Outlook 241Current company compiled consensus for the year-ending 31 Dec 2026 is revenue of £3,337m and underlying operating profit of £242m
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Q&A Capital Markets Day Strong foundations for sustainable growth 2026 Afternoon of 14 October London
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Appendix Binnenhof in The Hague Netherlands
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Summary income statement 2026 2025 Underlying Non- underlying Total Underlying Non-underlying Total Revenue 1,608.0 - 1,608.0 1,457.7 - 1,457.7 Operating costs (1,496.1) (5.1) (1,501.2) (1,358.3) (4.7) (1,363.0) Net impairment gain/(loss) of trade receivables and contract assets 0.8 - 0.8 (0.6) - (0.6) Amortisation of acquired intangible assets - (0.8) (0.8) - (0.8) (0.8) Other operating income 4.3 0.5 4.8 3.9 0.2 4.1 Share of post-tax results of joint ventures 0.9 - 0.9 (0.1) - (0.1) Operating profit / (loss) 117.9 (5.4) 112.5 102.6 (5.3) 97.3 Operating profit margin (%) 7.3% - 7.0% 7.0% - 6.7% Net finance costs (9.2) - (9.2) (9.9) - (9.9) Profit/(loss) before taxation 108.7 (5.4) 103.3 92.7 (5.3) 87.4 Taxation (24.8) 0.9 (23.9) (21.3) 0.8 (20.5) Profit/(loss) for the period 83.9 (4.5) 79.4 71.4 (4.5) 66.9 Diluted earnings per share (p) 120.1 113.6 98.1 91.8 Interim dividend per share (p) 28.7 28.7 18.3 18.3 Charles de Gaulle stormwater pipeline France 27
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Balance sheet 1 2 3 4 5 £m H1 2026 FY 2025 H1 2025 Intangibles incl. goodwill 103.2 102.8 102.1 Managed assets Property, plant and equipment 458.2 456.9 440.9 Receivables and inventory 921.1 822.5 899.0 Other assets 160.2 155.5 124.9 Total managed assets 1,539.5 1,434.9 1,464.8 Other liabilities (886.6) (864.6) (834.7) 756.1 673.1 732.2 Funded by Net debt 102.6 28.9 153.5 Shareholders’ funds 653.5 644.2 578.7 Total 756.1 673.1 732.2 5. Net debt £m Net debt (IAS 17 lender covenant) 15.9 Lease liabilities (ex IAS 17 leases) 86.7 Total 102.6 1 2 3 4 5 1. Intangibles incl. goodwill £m Opening 102.8 Additions 0.1 Amortisation (0.8) FX 1.1 Closing 103.2 2. Property, plant and equipment £m Opening 456.9 Capital expenditure 42.0 Right-of-use additions 10.8 Disposals & transfers (1.4) Depreciation of fixed assets (36.1) Depreciation of ROU assets (17.7) FX 3.7 Closing 458.2 3. Receivables and inventory £m Opening 822.5 Volume / performance 90.9 FX 7.7 Closing 921.1 4. Other liabilities £m Opening (864.6) Volume / performance (17.0) FX (5.0) Closing (886.6) 28
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Financial modelling considerations H1 2026 H2 2026 considerations Trading NA – Foundations Sustained operational performance Volume growth driven by infrastructure and commercial sectors Continue to benefit from sector agility and portfolio effect to offset pockets of softer demand NA – Suncoast Resilient performance despite weak market conditions Continued resilient performance Europe and Middle East Profit growth driven by Middle East performance and improved project execution across the division Middle East: Uncertainty around ongoing conflict. APAC Continued momentum at Austral offset by margin pressure at Keller Australia Continued momentum at Austral and improved performance at Keller Australia. Volume growth in India compared to 1H Operating profit phasing Normal H2 weighting Normal H2 weighting Interest Marginal decrease due to lower average net debt Similar to 1H 2026: debt (USPP) is on fixed rate Tax rate 23% +/- 23% FX (USD/EUR/AUD) Actual (average) 1.34 / 1.15 / 1.92 Macro dependent Cash / debt Net capex Approximately in line with depreciation Approximately in line with depreciation Leverage (IAS 17) Net debt c.Net cash, below 0.5x to 1.5x Net debt/ EBITDA leverage range, subject to M&A Dividend Rebased to 28.7p in line with policy cover range of 2.5x to 3.5x Anticipated full-year dividend cover of 3.0x Share buybacks Further £100m tranche launched in March, £32.4m completed in 1H 26 Continuation of £100m tranche 29
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Consistent improvement in financial results 30 Revenue (£m) 2,945 2,966 2,987 3,087 2022 2023 2024 2025 Operating profit1 (£m) 108.6 180.9 212.6 218.2 2022 2023 2024 2025 3.7% 6.1% 7.1% 7.1% 2022 2023 2024 2025 ROCE1 14.9% 22.8% 28.2% 30.7% 2022 2023 2024 2025 Net (cash)/debt / EBITDA2 1.2 0.6 0.1 -0.2 2022 2023 2024 2025 -33.8 103.2 192.6 175.9 2022 2023 2024 2025 EPS1 (pence) 100.7 153.9 199.9 211.3 2022 2023 2024 2025 Dividend (pence) 37.7 45.2 49.7 70.4 2022 2023 2024 2025 1.4 1.5 1.6 1.5 2022 2023 2024 2025 1 Underlying basis 2 (pre-IFRS16) Operating profit margin1 Free cash flow (£m) Order book (£bn) Marco van Smoorenburg Construction Manager, Sweden
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Keller overview Lovraeide marine ground works Norway
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Keller today Every day millions of people around the world live, work and play on ground prepared by Keller £ 3.0bn revenue pa 175 branches C10,000 employees 5,500 contracts pa Three divisions To be the leading provider of specialist geotechnical solutions Safety People Excellence Integrity To build the foundations for a sustainable future Our purpose Our vision Our values 32
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A balanced portfolio with a diverse customer base Our operations • Operating globally in a number of sectors gives us the resilience to trade through national cyclicality • Good access to all markets with no overweight exposure • Geopolitically secure Revenue by sector (2025) Office / Commercial 19% Residential 19% Power / Industrial 28% Infrastructure/ Public buildings 34% North America 64% AMEA 14% Revenue by geography (2025) North America 59% APAC 13% Europe & Middle East 28% Our contracts • Our large client spread means we’re not overly reliant on certain customers • Contracts over £5m revenue make up around 1% of the number of contracts, but account for 43% of total revenue Revenue by contract size (2025) £1m to £5m 28% Above £5m 43% £250k to £1m 15% Below £250k 14% Number of contracts (2025) £1m to £5m - 8% Above £5m - 1% £250k to £1m - 18% Below £250k - 73% 33
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Diversified by product Revenue by application (2025) Deep foundations 30% Grouting 13% Earth retention 7% Post- tension systems 9% Ground improvement 31% Instrumentation and monitoring 1% Marine 2% Industrial services 7% • Vibro • Rigid inclusions • Dynamic improvement • Soil mixing • Consolidation Ground improvement Deep foundations Grouting • Driven piles • Micropiles • Bored piles /drilled shafts • Continuous flight auger Earth retention • Jet grouting • Compensation grouting • Compaction grouting • Anchors and soil nails • Subsurface walls • Modular retaining walls • Slab on ground • High rise structures Post-tension systems Marine Instrumentation and monitoring • Wharf construction, maintenance and repair • Bridge construction • Civil works • Environmental • Geotechnical • Structural • Software Industrial services • Environmental remediation • Soil mixing • Consolidation • Projects often require a variety of techniques • With access to our global knowledge base and industry leading product portfolio, our engineers can design the best solutions that reduce materials, cost and time for our clients • Our project management capabilities mean we can also integrate other subcontractors and deliver ‘turnkey’ contracts reducing the interfaces and risk for our customers 34
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Market demand trends play to our strengths We value engineer or design solutions for customers. We remove cost and carbon, which can reduce construction time. We share knowledge and experience among our global teams so that we can bring best practice and innovation Urbanisation Demographic shifts Resource efficiency & decarbonisation Resilience & climate adaptation Adoption of technology Key megatrends Geotechnical market trends Our response Increased investment in infrastructure in sectors including transport, water and defence Larger, taller buildings and those on brownfield sites need more technically demanding foundations Demand to reduce costs of construction, carbon or use of scarce materials requiring value engineering and solutions innovation Increased public and private investments towards energy transition and climate resilience Demand for data centre capacity and advanced manufacturing facilities in developed and emerging markets Our business is structured to provide a local focus through our extensive branch network located in major metropolitan areas. Our local teams can rely on the scale of the Group for support to complete any project we take on We are sector agile in the projects that we take on and are not tied to any one subsector of the construction market. Our local teams pivot to higher-growth market sectors Our global strength from our broad product portfolio and expertise of our engineers ensures we can design and deliver the best solutions We deploy products into markets where we see customer demand or where we believe it will give us the opportunity to offer the best solutions. We have the balance sheet strength for value-accretive acquisitions 35
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Geotechnical market size Geotechnical market size • We are the world’s largest geotechnical specialist contractor • We have 12.0% market share in core markets where we choose to operate • We still have potential to grow our market share in our chosen regions • Our BU's understand their local markets and have access to our global network of engineers • This combination delivers the solutions and performance that drive market share A strong position but plenty of room to grow 36
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Resilient financial performance since listing in ‘94 Top quartile relative TSR performance vs FTSE 250 over last three years Revenue (£m) Underlying operating profit (£m) Dividend per share (p) Share price (p) 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 CAGR = 9% 0 500 1,000 1,500 2,000 2,500 3,000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR = 9% 0 20 40 60 80 100 120 140 160 180 200 220 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR = 10% 0 10 20 30 40 50 60 70 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR = 10% 37
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• Updated anti-bribery and anti- fraud policy. • Continue evolving our ethics and compliance programme. • Extended our UNICEF charitable partnership, donating £1.3m since 2021. Sustainability performance - 2,000 4,000 6,000 8,000 10,000 2019 2020 2021 2022 2023 2024 2025 tCO2e 0 20 40 60 80 100 2019 2020 2021 2022 2023 2024 2025 tCO2e/£m revenue Scope 3 94% Scope 1 6% Scope 2 0.1% Scope 3 Scope 2 Scope 1 3.3m tCO2e Quantified globally for the first time Accident Frequency Rate • Continued low rates • Small increase alongside rise in activity • Committed to maintaining and enhancing our leading indicators • Continuously improving our compliance programme • Continue evolving our sustainability reporting with a new Sustainability Governance Committee • Extended our UNICEF charitable partnership, donating £1.3m since 2021 Planet People Principles 0.61 0.39 0.35 0.34 0.23 0.19 0.15 0.12 0.07 0.1 0.1 0.05 0.04 0.05 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 38
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Full product range Right combination of products leads to optimal solutions for the soil conditions and structure type 39
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Factors to consider in geotechnical engineering • World’s largest equipment fleet with flexibility to move between markets to match local demand • 1,700 engineers; some focused purely on design • c.50% of projects are ‘design and build’ where value engineering can substantially reduce cost and save time • Manufacturing and servicing of our own equipment where there is competitive advantage to do so Site conditions • Sand, silt, clay, rock, organic • Loose, soft, stiff, hard, porous • Deep, shallow, cavities • Water levels (high, low) Loading conditions • Spread, low intensity • Slender, high intensity, sensitive • Seismic loading and liquefaction • Dynamic, wind Requirements • Performance (allowable settlements) • Schedule • Cost Constraints • Neighbouring buildings • Noise, vibration • Utilities, other underground structures Value engineering with an equipment advantage 40
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Specialist versus generalist business model Project lifespan Keller • Early stage • Lower cyclicality • Specialist design capability • A mix of contracts • Higher margin • Resource base • Longer, larger projects • Higher cyclicality • Integration of multiple suppliers and subcontractors • Low asset base • Low to negative working capital General contractor Ground engineering General construction 41
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Keller fact sheet • Established 1860, now world’s largest geotechnical specialist contractor globally • Revenue by division: North America 59%; EME 28%; APAC 13%; (only <3% of business in UK) • Revenue by sector: Infrastructure/Public buildings 34%, Power/Industrial 28%, Residential 19%, Office/Commercial 19%. • Room to grow: • Global geotechnical contracting market - £48bn • Core geotechnical contracting markets where Keller operates - £25.5bn (excludes China, Japan, Korea and Russia) • Keller today c£3bn – a 12.0% market share in core markets where we operate • Operate in 35 countries, across five continents • Three divisions, 175 branches • Approx.10,000 employees, of which around 1,700 are engineers • Approx. 1,100 rigs and cranes globally - the largest foundation equipment fleet in the world • Approx. 19% of our projects are executed using specialist Keller equipment • On average we work on c.5,500 contracts per year • Approximately 50% of our contracts are design and build. • Contracts over £5m revenue make up around 1% of the number of contracts, but account for 43% of total revenue • Typical contract value range £25k to £10m • On average c.22 sites mobilised every day, across the world • We typically spend a few weeks on site (smaller projects) with up to two years for large projects • We have over 50 techniques or products, with eight major product groups • Product split: Deep foundations 30%; Ground improvement 31%; Post-tension systems 9%; Grouting 13%; Earth retention 7%; Industrial services 7%; Marine 2%; Instrumentation and monitoring 1% • Industry trends are favourable to Keller: Urbanisation/large scale development, Brownfield/marginal land, Infrastructure renewal, Complete Solutions, Technical complexity • We are the leading consolidator in the industry – more than 27 acquisitions since 2000 • Strong safety focus, AFR 0.04 in 2025 • Well-embedded Code of Business Conduct which reflects which reflects our key commitments as an organisation, including to support employees’ rights, maintain ethical and honest behaviour, stay free from fraud, bribery and corruption and protect our environment. 42
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Investor Relations contact Nicola Rogers Group Head of Investor Relations +44 20 7616 7575 nicola.rogers@keller.com 43