Trading Update

Keller Group plc ('Keller' or 'the Group'), the world's largest geotechnical specialist contractor, issues a trading update for the period ended 31 October 2025.

The Group remains on track to deliver full-year results in line with market expectations1, with our more typical modest weighting towards the second half as previously guided. Whilst the volatile macroeconomic background is affecting demand in a number of regions and there are translational FX headwinds, the Group continues to combine improved operational performance with a good level of new project wins in our more resilient markets. This overall sustained performance of the Group together with our strong order book, maintained at record levels, and healthy tendering pipeline underpins our confidence in the trading outlook for the short and medium term, whilst mindful of further FX headwinds.

In North America, the Foundations business has performed well through the period. Whilst the expected normalisation in pricing has continued following the buoyant market in 2024, the business has sustained the operational improvements achieved in recent years, delivering healthy margins and is operating resiliently overall against a softer construction market backdrop. In addition, it has also benefited from some historic claim settlements. At Suncoast, the decreased level of activity and softer pricing versus 2024 experienced in the first half has continued, driven by the increasingly weak US residential market. Moretrench Industrial has continued to perform strongly and RECON is delivering well at the new LNG project in Louisiana.

In the Europe and Middle East Division, we are yet to see any signs of broad based macroeconomic recovery in Europe, however our strong project delivery performance achieved in the first half has continued. In the Middle East trading remains resilient and benefitted from the non-recurrence of losses on a challenging project.

In the Asia-Pacific Division, performance continued to be robust, driven principally by Austral and India. The foundations business in Australia benefitted from project close out settlements that offset generally softer market conditions.

Reflecting the Group's continuing strong performance overall and focus on cash generation, we expect to be approaching a net cash position at the year end, providing headroom to our net debt/EBITDA target range of 0.5x - 1.5x (H1 2025: 0.2x).

On 29 September 2025 Keller announced a further £25 million share buy-back tranche following the successful completion of an initial £25 million tranche of our multi-year share buyback programme in the first half of 2025. Keller has purchased approximately 0.5 million shares for £7.8m since 29 September 2025. The Board regularly reviews the Group's cash performance and ongoing capital requirements and continues to consider the share buyback programme to be in the best interests of the Group and its shareholders, providing a further means of returning surplus capital to shareholders, whilst maintaining the financial flexibility to invest in the Group's strategy.

Commenting on the trading update, James Wroath, CEO of Keller Group plc, said:

"Keller remains on track to deliver a full-year performance in line with market expectations1 for 2025, despite the ongoing FX headwind. The Group's sustained record-level order book and geographically diverse portfolio provides both visibility and resilience in the current mixed economic conditions, underpinning our confidence of continued delivery. Our strong balance sheet provides us with flexibility, enabling organic growth as well as targeted M&A, along with further financial returns to shareholders through share buybacks."

The Group will announce its full year results for 2025 on 3 March 2026.

1Analyst consensus underlying operating profit for 2025: £214m.