Keller Regulatory News (KLR)

13 November 2025

Keller Group plc

Trading Update

Full year outlook remains in line with market expectations1

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.

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Notes to editors:

Keller is the world's largest geotechnical specialist contractor providing a wide portfolio of advanced foundation and ground improvement techniques used across the entire construction sector. With around 10,000 staff and operations across five continents, Keller tackles an unrivalled 5,500 projects every year, generating annual revenue of c£3bn.

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', '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. Keller does not intend 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 of 1933 (as amended). 

LEI number: 549300QO4MBL43UHSN10 Classification: 3.1 Additional regulated information