Kier Group (KIE) Q2 2026 TU earnings summary

Executive summary

• First half and estimated full year performance remain in line with Board expectations, with strong trading momentum carried into the second half.

• Achieved a significant milestone by reaching an average month-end net cash position for the period.

Financial highlights

• Order book reached approximately £11.6bn as of 31 December 2025, up from £11.0bn a year earlier.

• 94% of FY26 Group revenue is estimated to be secured, providing high revenue visibility.

• Average month-end net cash position of around £15m, compared to net debt of £38m in the prior year period.

• Period-end net cash position expected to be substantially above the prior year comparative (£58m).

Outlook and guidance

• Full year expectations remain unchanged, with continued focus on operational delivery and cash management.

• Significant growth opportunities anticipated from UK Government's 10 Year Infrastructure Strategy, especially in regulated industries.