Keller Group (KLR) Trading Update summary

Trading performance and outlook

• Strong trading in the first four months, maintaining recent momentum despite a softer North American market.

• Full year performance expected to align with Board expectations, with typical second half weighting after an exceptionally strong H1 2024.

• Limited direct exposure to new US tariffs, but monitoring macroeconomic uncertainty, potential tariff impacts, US tax changes, and FX headwinds.

Regional highlights

• North America saw robust activity from infrastructure spending and improved foundations business; Suncoast faced soft residential market conditions, while Moretrench Industrial performed well.

• Europe and Middle East experienced weak residential/commercial demand but resilient infrastructure; challenging project progressing operationally with ongoing commercial discussions.

• APAC division continued to perform well.

Financial position and capital allocation

• Strong cash performance sustained; net debt/EBITDA leverage expected to remain below 0.5x–1.5x target at half year (2024 HY: 0.3x).

• Approximately 1.056m shares repurchased for £15m as part of the £25m multi-year buyback launched in March 2025.