Balfour Beatty (BBY) Trading Update summary

Executive summary

• On track to achieve full year earnings expectations for 2025, with strong cash and order book growth driven by UK Construction and energy market momentum.

• Further share buybacks planned for 2026, reaffirming commitment to shareholder returns.

Financial highlights

• 2025 revenue expected to be over 5% ahead of prior year (£10.0 billion in FY2024).

• Underlying profit from operations (PFO) from earnings-based businesses expected to exceed FY2024 (£252 million).

• Average monthly net cash for 2025 projected at the top end of £1.1–£1.2 billion range (FY2024: £766 million).

• Gains on Infrastructure Investment disposals expected at £30–£40 million for 2025.

Outlook and guidance

• Order book anticipated to grow by around 20% in 2025 (FY2024: £18.4 billion), mainly from UK Construction and new power generation orders.

• Group expected to continue PFO growth in 2026, with groundwork being laid for further progress.