Keller Group (KLR) Trading Update summary

Trading and operational performance

• Sustained strong operational and financial performance from 2023 into 2024, with full-year results expected to meet guidance.

• Robust delivery supported by historical items and contractual claims, with a modest first-half weighting.

• Record order book and geographic diversity provide resilience amid mixed macroeconomic conditions.

Regional highlights

• North America Foundations saw continued improvement in contract performance and benefited from strong market conditions, though Suncoast profitability normalized due to pricing and lower residential volumes.

• Europe and Middle East faced weak activity and competitive pricing, impacting profitability, but challenging projects showed improvement.

• Asia-Pacific performance remained robust, led by Austral's turnaround and solid results in Australia and India, while ASEAN markets were slow.

Financial position and outlook

• Net debt/EBITDA leverage ratio expected below target range (0.5x–1.5x), with H1 2024 at 0.3x.

• Confidence in short- and medium-term outlook due to strong performance, order book, and project execution focus.

• Full-year 2024 results to be announced on 4 March 2025.