AGM Trading Update

Keller Group plc ('Keller' or 'the Group'), the world's largest geotechnical specialist contractor, issues a trading update for the first four months of the year (the 'period') ahead of its Annual General Meeting to be held at 10.00am today.

Trading in the period was strong, maintaining the momentum achieved in recent years as a result of a more consistent operational and financial performance albeit in a North American market which, as anticipated, was less buoyant than the prior year. This, combined with our strong order book, gives us confidence that the Group will continue to deliver a full year performance in line with the Board's expectations, reflecting our more typical second half weighting (after an exceptionally strong first half in 2024).

Given the local nature of our services and supply chain, the Group has limited direct exposure to the recently announced US tariffs. However, we remain cognisant of the current macroeconomic uncertainty and the potential impact of tariffs on economic activity generally, along with any future US tax changes and a foreign exchange headwind that could build if the USD weakens further.

In North America, trading continued to be strong, driven by ongoing infrastructure spend and the sustained improvement in the operational performance of the foundations business. At Suncoast, as expected, soft market conditions in the residential segment weighed on pricing. Moretrench Industrial performed strongly in the period. In the Europe and Middle East Division, weak demand persisted in the residential and commercial sectors across Europe, whilst the infrastructure sector continued to remain resilient. The previously highlighted challenging project in the division is performing to plan operationally and our discussions with the client to remedy the commercial performance continue. The APAC division continued to perform well.

The Group's strong cash performance continued in the period and we expect the Group's net debt/EBITDA leverage ratio to remain below the 0.5x - 1.5x target range at the half year (2024 HY: 0.3x). Following the launch of the initial £25m tranche of the multi-year share buyback programme on 31 March 2025, the Group has to date purchased approximately 1.056m shares at a cost of £15m.

The Group will announce its Interim Results on 5 August 2025.