Balfour Beatty (BBY) Trading Update summary

Trading performance and outlook

• Trading from January to May 2025 has met expectations, with anticipated profit growth from earnings-based businesses in 2025.

• Positive momentum continues in key markets, with a focus on selective bidding for a high-quality, low-risk order book.

Major contract wins

• UK rail business secured approximately £450 million in new work, including civil engineering and fleet operations for Network Rail.

• US Buildings business awarded a $385 million contract for the Grand Hyatt Miami Beach, scheduled for completion in late 2027.

• US Civils business won an $889 million contract to reconstruct a section of Interstate 30 in Dallas County, due for completion in 2031.

Financial position and capital allocation

• Average monthly closing net cash for the first three months of 2025 was £1,060 million, up from £766 million in FY 2024.

• 2025 average net cash is now expected in the range of £900–£1,000 million.

• £125 million share buyback remains on track for completion by year-end, with £46 million completed so far.