Issuu

Annual report KELTBRAY GROUP LIMITED Annual report and consolidated financial statements 2025 For the year ended 31 October 2025

Keltbray at a glance Keltbray is a UK leading specialist contractor and civil engineering services group, committed to engineering a better world by redefining sustainable development delivery.

FINANCIALS

SUSTAINABILITY

PEOPLE

£344m

£54m

807

ANNUAL REVENUE

SOCIAL VALUE CONTRIBUTION

HEADCOUNT

£14.6m

6,827,912

4.08/5

EBITDA EXCL. REGULATORY COST

REDUCTION IN ENERGY CONSUMPTION (kWh)

WORKING WELLBEING/ ENGAGEMENT

6.1m (20.8m)

264.09tCO2e

6,000

OPERATING PROFIT EXCL. REGULATORY COSTS

SCOPE 1 & 2 EMISSIONS REDUCTION)

FLEX COURSES COMPLETED

15.1%

27,500

GROSS MARGIN ON COST

TRAINING HOURS

£49.4m NET CASH

£53m BALANCE SHEET STRENGTH

£250m ORDER BOOK

Keltbray | Annual report | 2025

HEALTH & SAFETY

0.09 ACCIDENT FREQUENCY RATE (AFR)

1481 OCCUPATIONAL HEALTH ASSESSMENT (KML)

49 EARLY CAREERS INTAKE

Contents Keltbray at a glance

Executive Chairman Statement 4 Chief Executive's Strategic Review

Look out for our Employee Testimonials

My impact comes from creating the conditions for safe, consistent, and high-quality delivery. I focus on giving teams structure and support so they can thrive. One project that I am proud to have participated in is Battersea Power Station. It was a privilege to be part of something so significant.

Oliver Long

Operations Director

Overview 9 Our Purpose and Corporate Vision

Our Services

Strategic Report

Key Performance Indicators

Operational Performance

Group Operating Review

– Built Environment Ltd

– Wentworth

– Hiperpile

– KML

Sustainability Report

Social Value Report

People Team

Health & Safety

Governance Report

Financial Report and Accounts

Keltbray | Annual report | 2025

Executive Chairman’s Statement Dear Stakeholders, 2025 was a year of stability and progress for Keltbray, as the business continued to evolve following the transition from infrastructure and established a clear new trajectory. Throughout the year, we strengthened our position as a specialist in the built environment, reinforcing the depth of our expertise and the confidence with which we deliver complex projects. At the end of 2025, we marked an important moment for the business as we said farewell to my good friend and colleague, Vince Corrigan, who retired from his role as Chief Executive Officer. I would like to take this opportunity to thank Vince for his partnership over the past ten years, during which he played a pivotal role in steering Keltbray through significant change and positioning the business strongly for the future. This period of leadership transition also coincided with another milestone for the business – our move to new offices at The Strand in London. This relocation reflects both our ambition and our confidence in the next phase of Keltbray’s journey.

Keltbray | Annual report | 2025

Performance

Social Mobility

Keltbray finished the 2025 financial year strongly. Despite a reduction in scale, gross margin increased from 11% in 2024 to 15.1% in 2025, reflecting improved quality of delivery across the business.

Social mobility is a fundamental part of the contribution Keltbray makes to the communities in which we operate. In 2025, we generated £54 million in social value, including £19 million through job creation, £1.5 million invested in apprenticeships, and £30 million supporting supply chain resilience. These outcomes reflect our belief that long term business success must go hand in hand with long term community impact.

We closed the year with a strong project pipeline, securing several significant project wins. These included 1 Victoria Street, where we have been awarded the substructure and superstructure works following the successful completion of the demolition and remodelling phases, and 60 Gracechurch Street, a landmark 36 storey commercial development in the City of London. We have also continued to diversify geographically beyond London, delivering work on major projects including Richborough Energy Park, HS2, Sellafield and Heathrow.

Strategy 2025 marked the completion of the first year of our five year strategy, focused on building sustainable growth and broadening the markets in which Keltbray operates. This initial year has been about laying strong foundations: investing in capability, deepening client relationships and positioning the business to pursue opportunities aligned with our specialist expertise. During the year, we continued our work with Richborough on the construction of a data centre, reflecting growing demand in digital infrastructure and our ability to deliver technically complex schemes in this evolving sector. We also made significant progress across major infrastructure and civils projects, including the delivery of HS2 viaducts, ongoing works at HS2 Curzon Street Station in Birmingham, and substantial activity within the nuclear sector at Sellafield. In parallel, our aviation capability continued to perform well, supported by a strong and trusted partnership with Heathrow, reinforcing Keltbray’s reputation as a reliable delivery partner in highly regulated, operational environments.

Supporting early careers has always been of personal importance to me, and it remains an area I actively champion across the business. Today, 10% of our workforce is made up of graduates and apprentices, helping to build a strong and diverse pipeline of future talent. Through initiatives such as Open Doors – delivered this year at our 50 Fenchurch Street and HS2 Curzon Street sites – we continue to give young people real insight into the breadth of opportunities within construction. At a time when attracting the next generation into our industry is more critical than ever, these engagements play an important role in opening doors and changing perceptions. As we look ahead, Keltbray is well positioned to build on its strong foundations. With a clear strategic direction, a diverse and capable pipeline, and a continued focus on engineering excellence and innovation, I am confident in the opportunities ahead. I would like to thank our employees, clients and supply chain partners for their ongoing commitment and support. Together, we enter the next year with momentum, confidence and a shared determination to continue learning, evolving and delivering responsibly.

Brendan Kerr Executive Chairman Keltbray | Annual report | 2025

Chief Executive's Strategic Review 2025 has been a year of significant progress and strategic transformation for Keltbray. Following our decision to focus exclusively on our core Built Environment business, we have strengthened the foundations of the Group, creating a more focused, agile and resilient organisation positioned for longterm sustainable growth. Against a backdrop of continued economic uncertainty and evolving market conditions, we have demonstrated the strength of our specialist capabilities, the quality of our people and the discipline of our approach. The actions taken over recent years to simplify the business, improve operational performance and focus on sectors where we can deliver the greatest value have resulted in a year of strong financial, operational and commercial performance. Our improved profitability, strengthened balance sheet and healthy cash position reflect not only the quality of the work we undertake, but also our commitment to disciplined execution, effective risk management and operational excellence. Importantly, this performance has been achieved while continuing to invest in our 6

Keltbray | Annual report | 2025

people, maintaining industryleading health, safety and wellbeing standards, and securing a pipeline of strategically important projects that provide confidence for the future.

shape of the business rather than underlying performance. Crucially, this more focused platform has enabled improved operational control and margin progression across our retained activities.

As a specialist engineering and construction business, our success is built on the expertise, dedication and professionalism of our people. I would like to thank our colleagues, clients, suppliers and partners for their continued support and commitment throughout the year. Together, we have continued to strengthen Keltbray's reputation as a trusted delivery partner capable of solving some of the UK's most complex engineering challenges.

Gross margin increased significantly from 11% to 15.1%, reflecting a stronger quality order book, disciplined bidding, improved commercial management and continued focus on delivering complex, specialist projects where Keltbray adds the greatest value. These improvements translated into a marked increase in operating profit, which grew from £11m to £20.8m year on year.

The following review highlights our performance across key areas of the business and demonstrates the strong platform we have created for the years ahead.

The strength of this performance is also evident in our balance sheet. Overall balance sheet strength increased from £39m to £54.6m during the year, supported by improved profitability and cash generation. The Group closed the year with net cash of £19.4m, providing resilience and flexibility as we look ahead. With an order book of £250m, we enter the next financial year with confidence, strong visibility and a robust platform to support sustainable growth.

Financial Performance 2025 marked an important milestone for Keltbray following the strategic decision to retain and focus on our core Built Environment business. The Group finished the year with revenue of £344m, compared to £625m in the prior year, reflecting the change in

Work Winning

Our People

Our ability to secure complex, high value projects remained a core strength of the business in 2025, reflecting both the depth of our technical capability and the confidence clients place in Keltbray to deliver safely and reliably in challenging environments.

Our performance is driven by our people. During the year, we employed an average of 807 colleagues across the Group, supported by a continued focus on learning, development and wellbeing. We delivered more than 27,500 training hours, completed over 6,000 flexible learning courses and welcomed 49 new entrants through our Early Careers programmes.

Despite a competitive and cautious market, we successfully secured 51 new contracts during the year, with a total value of £236 million. These wins span some of the most constrained and complex sites in the UK, reinforcing our position as a trusted specialist contractor for technically demanding schemes. Some of our flagship project wins in 2025 included the second phase of works at 1 Victoria Street, where we are delivering substructure and superstructure works, including a highly complex concrete core. This scheme exemplifies our early stage engineering expertise and the strength of our integrated delivery model. At 60 Gracechurch Street, we secured a technically demanding project encompassing substructure works, piling, concrete core construction, asbestos removal, soft strip demolition and structural demolition, reinforcing our reputation for managing multi disciplinary scopes on complex urban sites. Without doubt, our work at 50 Fenchurch Street attracted significant attention during the year. The project involved complex temporary works and the propping of the Grade II listed All Hallows Tower, and stands as a clear demonstration of the technical challenges Keltbray is confident in undertaking. It also highlights the strength of collaboration across our teams, drawing together specialist expertise to deliver innovative and sensitive solutions in constrained environments.

Peter Burnside Chief Executive Officer

Engagement across the business remained strong, reflected in a Working Wellbeing score of 4.08 out of 5. These figures reinforce our belief that investing in skills, capability and culture is essential to delivering consistent results for our clients.

Health & Safety Health and Safety remain our highest priority and is fundamental to how we operate as a business. In 2025, our performance reflects this commitment. We achieved an Accident Frequency Rate (AFR) of 0.09, demonstrating sustained improvement and placing Keltbray among the leading performers in our sector. This result is a direct outcome of proactive risk management and consistent engagement with our workforce on safe behaviours and standards. Alongside site safety, we continue to place significant emphasis on occupational health and long term wellbeing. During the year, we completed 1,481 occupational health assessments through KML, reinforcing our preventative approach and ensuring early identification and management of health risks associated with our work activities.

Outlook As we look ahead, Keltbray is well positioned: financially secure, operationally focused and supported by a highly capable and committed team. I would like to thank our people, clients and partners for their continued trust and support. Together, we will continue to build safely, sustainably and responsibly, while creating long term value for all our stakeholders. Keltbray | Annual report | 2025

Case Study At a glance

Fifty Fenchurch Street

A foundation challenge unlike anything else in the City of London

In the heart of the City of London, Fifty Fenchurch Street stands as an iconic landmark, preserving the medieval Tower of All Hallows Staining, a Grade I listed building, and the subterranean Lambe’s Chapel Crypt, a Grade II listed building.

£73m Contract Value Client

This development is particularly complex, and Keltbray is proud to be part of it, alongside our in-house consultancy, Wentworth and our client YardNine. Our Heritage Preservation works are a highlight of this project, involving the retention of the tower and the conservation of local archaeological finds. The final scheme will be a 37-storey tower, providing 62,000 square metres dedicated to flexible office space. Also, the Tower will be open to the public, enhancing the City’s attractions.

Key Challenges and Solutions Fifty Fenchurch Street is great example of our integrated services approach, with one core team that started at the beginning of the project and will carry through to the end. We provided:

Scope of Works – – – – – – – –

Basement construction, CFA wall Concrete core Enabling works Piling Structural demolition Substructure works Temporary works

Start Date 9th December 2023

Temporary Works: temporary propping is being done in collaboration with Wentworth. Piling: the first phase included a 1200-diameter secant wall, encompassing the perimeter of the site. The second phase will lower a small piling ring into the basement, completing the core bearing poles at the low level. Capping Beam: we have delivered around 30 linear metres of capping beam, wrapping around the site on all four elevations. Bulk Excavation: the entire sequence will require 81,000 m³ of existing grime material to be removed from the site, with the full depth being around 10 metres from the low level. Heritage Preservation: to preserve the historical assets at Fifty Fenchurch, Keltbray is working with several organisations, including MOLA (Museum of London Archaeology), to put in temporary works design, protecting the existing assets on the project. The project also has a strong focus on sustainability and circularity ambitions from the early stages. We are collaborating closely with all stakeholders to manage the embodied carbon of the works, identifying potential challenges and handling them in the best way possible.

Maintaining the integrity of the tower while excavating beneath it – supported on just four plunge columns – makes Fifty Fenchurch Street one of the most technically demanding and standout engineering projects we’ve delivered.

Harvey White

Keltbray Project Manager

Keltbray | Annual report | 2025

Overview Keltbray | Annual report | 2025

Our Purpose and Corporate Vision The Shareholder has a clear objective for the business: Building long-term shareholder value by responsibly improving people’s lives;

Our Corporate Purpose

Our primary purpose is to deliver excellence for our customers, whilst engineering a better world by redefining the way sustainable development is delivered Our Vision

To be the UK’s leader in specialist construction engineering delivery Our Values

We are deeply committed to our company values, ensuring that all that we do reflects and upholds the principles that define our company

Our Strategic Objectives: 1. Continue to grow a reliable, stable and sustainable business platform with repeatable, profitable and cash-positive work portfolios 2. Achieve market diversification facilitated by our agile operating model 3. Drive industry change by remaining true to our entrepreneurial heritage 4. Effectively invest in and deploy our ‘in-house’ resources to promote and facilitate our selfdelivery approach 5. Develop our talent by attracting, retaining and developing the best people in an inclusive environment

Keltbray | Annual report | 2025

Care for everyone and work with respect

Nurture winning teams

Put the customer at the heart of everything

Bring innovation to life

Keep our promises, aim to exceed

Work with integrity and do the right thing

With over 50 years of operations, Keltbray Group has evolved into a multimillion-pound business, offering a diverse range of services and expertise. Our journey reflects both our heritage and our ambitions for the future. The timeline below highlights key milestones in our growth since the business was founded in 1976.

1976 Keltbray is founded and opens for business

2000 – 2005 2003 – Brendan Kerr becomes sole owner and CEO of Keltbray Group

2006 – 2010 2008 – Keltbray acquires asbestos remediation company - Pectel 2009 – Keltbray acquires track maintenance and renewal company – Gamble Rail 2009 – Keltbray Piling established

2011 – 2015 2012 – Keltbray establishes Wentworth House Rail Systems 2013 – Keltbray Remediation launched

2016 – 2020 2016 – Keltbray Structures launched 2018 – Keltbray Distribution & Transmission established 2018 – Keltbray International Ltd. formed to target rail work in Canada and Australia

2021 – Present 2021 – Keltbray launches 2025 growth strategy and new business structure 2022 – Keltbray’s secured order book reaches £570m 2023 – Order book of secured work exceeds £1 billion for the ﬁrst time 2024 – Keltbray sells infrastructure division 2025 – Keltbray appoints Peter Burnside as CEO

Keltbray | Annual report | 2025

Our Services

Building Construction Civil Engineering Demolition Ground Engineering Substructures Structures Design (Wentworth)

– Asbestos Management – Piling – Earthworks – Industrial Decommissioning – Ground Remediation – Concrete Structures – Structural Steelwork

SUPPORT SERVICES

– – – – – – –

SPECIALIST ENGINEERING SERVICES

CONSTRUCTION SERVICES

Keltbray’s integrated construction engineering model enables us to provide a seamless, end-to-end service for our customers. This approach ensures greater efficiency, sustainability, and high-quality delivery over the long term. – Pre-Construction and Commercial Management – Planning – Risk Management – BIM and Digital Engineering – Plant – Haulage – Lifting Formwork & Falsework – Project Delivery Support Services – Recruitment – Operational Safety Training – Occupational Health and Wellbeing – (KML)

My role allows me to be actively involved in the evolution of the city. Being part of the Western Yards project was particularly meaningful for me. Seeing a 50‑storey tower progress from start to finish in the city centre was pretty special.

Kevin Murray Project Manager

Keltbray | Annual report | 2025

Case Study 1 Undershaft

At a glance

Demolishing a 118-metre tower in the heart of the Square Mile is challenging enough. Doing it bottom-up, on a building whose floors are hung from giant transfer structures at the top and mid-levels, turns it into one of the most complex demolition puzzles the City has ever seen.

Reimagining a City landmark from the bottom up

Why Bottom-Up? Because the Building Left Us No Choice.

£30m

St Helen’s unique hung-floor design – where levels are suspended from enormous trusses at the top and mid-levels rather than supported from the ground – turned the tower into a structural riddle. What was daring architecture in the 1960s had become a barrier to modern compliance. And it meant that conventional demolition methods simply weren’t possible. To unpick the tower safely, Keltbray had to reverse-engineer its entire load path.

Rebuilding the Tower Before Bringing It Down Before a single major section could be removed, the team installed 600 tonnes of new steel, floor by floor, to create a new spine that would carry the loads once the original trusses were taken out of action. Essentially, Keltbray had to rebuild the tower’s structure so it could be demolished.

The scale of this temporary works system: 10 km of steel props installed within the frame 20,000 sqm of scaffolding wrapping the structure Plant weighing up to 25 tonnes operating hundreds of feet above the street

Contract Value Client

Scope of Works – – – – –

Asbestos removal Soft strip demolition Structural demoliton Temporary works Tower crane installation

Start Date 12th August 2024

Asbestos removal, soft strip and structural demolition all formed part of the package, but the engineering challenge defined the project.

A Landmark Making Way for a New Landmark Once complete, the site will welcome One London – an architectural successor that will become the tallest building in the City of London, complete with a 2,500 sqm public gallery suspended high above the skyline.

Keltbray | Annual report | 2025

Strategic Report

Keltbray | Annual report | 2025

Key Performance Indicators FINANCIAL PERFORMANCE The Group sets stretching but achievable financial performance targets as part of its annual strategic planning process to improve performance from both a cost and sales perspective to drive appropriate financial returns, with complementary capital structures. These are derived from the Group’s consolidated financial statements. Measuring our performance The Main and Executive Boards use a balanced range of financial and operational indicators across our business units to measure the Group’s performance against its strategic targets, helping to guide our thinking and decision making at every stage of corporate development and client delivery.

Annual Revenue

Gross Margin

2025 - £344m

2025 - 13.1%

2024 - £625m

2024 - 11.3%

2023 - £869m

2023 - 10.41%

2023

2024

2025

2023

EBITDA (post regulatory & exceptional costs) 2025 - £14.6m 2024 - £22.0m 2023 - £18.5m

2024

2025

2023

2024

2025

Definition

Managed revenue represents the amount of sales generated from the provision of engineering and construction-related services, including the Group’s share of joint ventures, associations and proprietary sales.

The percentage of a company's revenue that's retained after direct expenses such as labour and materials have been subtracted.

Short for earnings before interest, taxes, depreciation, and amortisation, is an alternate measure of profitability to net income. It's used to assess a company's profitability and financial performance.

Performance Group revenue declined year-on-year, reflecting the smaller scale of the Group following the divestment in the prior financial year.

Keltbray | Annual report | 2025

Performance This improvement reflects the strength of the integrated operating model across the retained businesses.

Performance EBITDA was £14.6 million, reflecting the Group’s smaller scale following the Infrastructure disposal. Despite lower revenue, earnings remained resilient, supported by improved margins, disciplined cost management and strong project delivery. This performance highlights the strength of the business and provides a solid platform for future growth.

Balance Sheet Strength 2025 - £53.9m 2024 - £38.9m

Net Cash

2025 - 1.5%

2024 - £20.6m

2024 - 1.7%

2023 - £28m

2023

Operating Profit Margin (post regulatory & exceptional costs)

2023 - £33.5m

2023 - 0.61%

2024

2025

2023

2025 - £49.4m

2024

2025

2023

2024

2025

Definition

A company with a strong balance sheet are those that are structured to support the business’ goals and maximise profits. A strong balance sheet should include; intelligent working capital, positive cash flow, a balanced capital structure, and income generating assets.

Operating profit (post-exceptional items) before interest and taxes (PBIT), is a measure of a company's profit that includes all expenses except interest and income tax expenses, and is a key measure of the operating profitability of all revenue-generating business units.

Performance

Net cash refers to the position of a company with regard to its liquidity position. To calculate net cash, a company will need to deduct its current liabilities from its cash balance. Liabilities are a business’ obligations to transfer assets or provide a service that’s already taken place.

During the year, the Group completed a corporate restructuring as the final step in the post divestment simplification of the Group. As part of this process, Keltbray Holdings Limited, together with a number of legacy, non trading entities previously consolidated within it, was transferred outside of the Group.

Despite lower revenue following the Infrastructure business divestment in August 2024, the Group delivered an operating profit margin of 1.5% in 2025. This reflected a focus on quality of earnings over revenue volume, supported by rigorous opportunity selection, stronger project governance and enhanced commercial controls. Excluding post-divestment restructuring costs, underlying operating performance improved materially, reflecting tighter operational execution and the successful repositioning of the business for sustainable, profitable growth.

This restructuring resulted in a material improvement in the Group’s net asset position, which increased from £38.9m at the end of 2024 to £53.9m at the close of 2025.

Performance The Group ended the year with a strong net cash position of £49.4 million and no net bank debt, up from £20.6 million in the prior year. This improvement reflects stronger profitability, disciplined working capital management, robust cash conversion and the successful completion of the Group’s restructuring programme. New banking facilities secured with Metro Bank, including a £10 million overdraft and £20 million revolving credit facility, further enhance liquidity. Together with net assets increasing to £53.9 million, the strengthened balance sheet positions the Group well to pursue strategic growth opportunities while maintaining a prudent and resilient financial profile. Keltbray | Annual report | 2025

Operational Performance The Group sets and tracks operational performance through alignment to the Group strategic goals and our strategic purpose to transform the organisation into one recognised as a specialist engineering enterprise of considerable scale and profitability. These results form part of a continuous monitoring and improvement cycle that help guide the immediate next steps in our strategy realisation.

Accident Frequency Rate

Order book

Wellbeing and Engagement

2025 - 0.09

2025 - £250m

2025 - 4.08/5

2024 - 0.10

2024 - £302m

2024 - 4.1/5

2023 - 0.11

2023 - £1,100m

2023 - 4.2/5 BE Infrastructure

2023

2024

2025

2023

2024

2025

2023

2024

2025

Definition

Accident frequency rate is a measure of how often a recordable injury or illness occurs at a workplace over a specified period. It is calculated by dividing the number of accidents that occurred in a company by the total number of hours worked by all employees, and multiplying by a constant factor, usually 1 000 000. It is one of the standard safety measures that companies use to identify and analyse the number of occupational accidents.

Order book represents the value of work outstanding on secured contracts. It is a key measure of our success in winning new work and also provides visibility of future earnings.

This is calculated on the average score when employees are asked on a scale of 1-5 how happy they are in their current role.

Performance

Our wellbeing and engagement score remained stable in 2025 at 4.08 out of 5, broadly consistent with 2024 and 2023. While there has been a marginal year on year decline, the consistently high scores reflect a strong level of engagement across the business and provide a solid foundation for continued focus on employee wellbeing and culture.

Performance Our Accident Frequency Rate has continued to improve year on year, reducing from 0.11 in 2023 to 0.10 in 2024 and further to 0.09 in 2025. This sustained reduction reflects the effectiveness of our ongoing focus on health and safety, proactive risk management, and a strong safety culture across our projects.

Keltbray | Annual report | 2025

The Group closed the year with a high-quality order book of £250 million, reflecting a disciplined and selective approach to securing new work in a challenging market environment. Whilst overall market activity within the London commercial sector remained subdued, the Group continued to prioritise opportunities capable of delivering sustainable margins and strong cash generation. Together with a growing pipeline in National Infrastructure, Renewables and Data Centres, the order book provides a strong foundation for future growth and supports management’s confidence in achieving its medium-term profitability ambitions.

Performance

Environment Carbon Emissions (tCO2e) Scope 1 and 2 emissions by year

Economic Intensity Ratio (tCO2e/£m turnover (Scope 1 and 2))

2025 - 7,444

2024 - 24.42

2024 - 9,485

2025 - £54m 2024 - £74m 2023 - £66m

2023 - 29.51

2023 - 20,595*

2024

2025 - 21.65

Social Value

2025

2023

2024

2025

2023

2024

2025

Definition

Scope 1 and 2 CO₂e emissions represent the greenhouse gas emissions arising from our direct operations (Scope 1), such as fuel combustion in company-owned vehicles and equipment, and indirect emissions from purchased electricity, heat and cooling (Scope 2). Monitoring these emissions enables us to track progress towards our decarbonisation objectives and assess the effectiveness of our carbon reduction initiatives.

Economic intensity measures the amount of Scope 1 and Scope 2 greenhouse gas emissions generated for every £1 million of turnover. This metric helps assess how efficiently the business converts economic value into revenue while managing its direct operational and energyrelated carbon emissions. A lower value indicates improved carbon efficiency relative to business activity and growth.

Keltbray’s Social Value delivery is driven by and aligned to the UN’s Sustainable Development Goals. Recognising that we create greater impact when we collaborate and contribute to shared objectives that support people and planet.

Performance In 2025, our Scope 1 and 2 emissions reduced to 7,444 tCO₂e, compared with 9,485 tCO₂e in 2024, representing a 21.5% reduction year-on-year. This continued decline reflects the impact of our carbon reduction initiatives, improved operational efficiency and ongoing efforts to reduce emissions associated with energy consumption and fuel use across the business.

*Rebaselining Note:

Performance In 2025, our economic intensity reduced to 21.65 tCO₂e per £m turnover, compared with the 2024 baseline of 24.42 tCO₂e per £m turnover, representing an 11.3% improvement year-on-year. This reduction demonstrates that our Scope 1 and 2 emissions decreased at a faster rate than changes in turnover, reflecting improved operational carbon efficiency and supporting our commitment to decarbonising business activities while enabling sustainable business growth

Performance In 2025, Keltbray continued its investment in communities to ensure a lasting legacy. Our first full year of Keltbray Group’s new structure has enabled the company to strengthen its offerings and optimise Social Value activities. Building on established partnerships and initiatives from the previous year, we maximised impact through consistent and expanding engagements. Our initiatives and activities from this year demonstrate this through commitment, returning to charitable organisations and investing significant time, resources, and donations in people and places.

During 2025, the Group reviewed its greenhouse gas reporting boundaries following the divestment of the Infrastructure business (Aureos). Given the significant reduction in the size and operational footprint of the Group, 2024 has been adopted as the new baseline year for Scope 1 and 2 emissions reporting. Historical data for 2023 is presented for transparency but is not directly comparable to 2024 and 2025. Consequently, performance against emissions reduction targets should be measured against the 2024 baseline, while carbon intensity metrics provide a more appropriate basis for assessing longer-term performance trends across the reporting period. Keltbray | Annual report | 2025

Case Study At a glance

1 Victoria Street

A closed-loop breakthrough

1 Victoria Street proved that large-scale circularity isn’t just possible, but commercially and environmentally transformative.

£73m Contract Value Client

Scope of Works – – – – – – – – –

Asbestos removal Drainage Investigation works Pile enabling / attendance Soft strip demolition Structural demolition Concrete frame Pre-cast elements Basement construction

Start Date 31st January 2024

Keltbray | Annual report | 2025

At a point where less than 1% of construction glass is typically recycled back into new glass products, the project challenged us to rethink how materials travel through a building’s lifecycle. Working with Saint-Gobain, we pioneered closed-loop glass recycling, carefully dismantling nearly 1,820 windows and recovering more than 110 tonnes of high-quality cullet. Instead of being downcycled or lost to landfill, this glass was remanufactured into new architectural products, preserving material value and cutting carbon at every stage. But the story didn’t end with glass. From thousands of floor tiles to fixtures, fittings and furniture, more than 50,000 items were rehomed with charities, community groups and schools – proving that circular thinking can deliver both environmental and social value. For Keltbray, 1 Victoria Street wasn’t about making a statement – it was about doing the right thing. The project taught us to look harder for value in the materials we work with, to collaborate more openly, and to learn from the communities who benefit from these choices. It reminded us that progress often starts with small, practical steps – and that meaningful change comes from staying curious, committed and willing to do things differently.

Group Operating Review 2024 was a year of transition for Keltbray, marked by the divestment of our Infrastructure division and a deliberate reshaping of the Group. In contrast, 2025 represented a year of stability and consolidation. This period allowed us to refine our business model, strengthen our core capabilities, and move confidently into Year One of our five year strategic plan.

STRATEGIC FOCUS Review of Year One of the Five Year Plan

Head Office Relocation to Central London

During 2025, we focused on laying strong foundations to support sustainable growth and long term value creation. Key priorities included organisational alignment, talent, leadership, and targeted market focus.

The move to a central London head office has created a larger, more accessible hub for the business. This relocation supports collaboration across teams, enhances our profile in the market, and strengthens our ability to attract and retain talent

Data Centres and Digital Infrastructure

Organisational Restructuring and Leadership

Driven by the rapid growth in AI and digital demand, and building on the success of our work at Richborough, we have increased our focus on data centres and digital infrastructure. To support this strategic priority, we appointed a Director of National Infrastructure, strengthening our capability to serve both existing and new clients in this growing sector.

The appointment of a new CEO has brought fresh perspective and momentum, alongside the establishment of a refreshed Executive Board. This leadership team provides a clear, focused vision aligned to our strategic priorities, ensuring the Group is well positioned to deliver the next phase of its growth plan.

I currently work as the lead Project Lift Supervisor on complex enabling and demolition projects across the City. What I appreciate most about working at Keltbray is the environment. The company genuinely supports my growth and continues to invest in my development.

Charlie Dowsett Lifting Supervisor

Keltbray | Annual report | 2025

Built Environment Ltd

Contract Wins 'At a Glance' £236m Total Value

51 Total Contracts Awarded in 2025

£52.7m

£45.6m

£23.6m

1 Victoria Street

60 Gracechurch Street

Paddington Station OSD

– Substructure & Superstructure Works – Concrete Core

– – – – – –

– Enabling Works – Structural Demolition

Keltbray | Annual report | 2025

Substructure Works Piling Concrete Core Asbestos Removal Soft Strip Demolition Structural Demolition

Case Study Salisbury Square

At a glance

Set to become the new home of the City of London Police, Salisbury Square is one of those projects that will leave a lasting legacy for everyone involved.

A new era for the City of London Police

Known for its scale and premium location, this £600 million development remains one of Keltbray’s largest undertakings to date. The project comprises an 18 metre deep basement, substructure and superstructure, covering an area four times the size of St. Paul’s Cathedral.

£91m

With completion scheduled for early 2027, we are proud to be playing a defining role in the future of the City of London.

Contract Value Client

Scope of Works – – – – – – – – – – Few projects match the impressive scale and technical ambition of Salisbury Square. Its complexity has brought out the very best of our integrated teams, proving what true collaboration and expertise can achieve.

Basement construction Bulk excavation / earthworks Concrete frame Enabling works Groundworks Piling Pre-cast elements Propping Substructure works Temporary works

Keltbray Contract 21st December 2022

Anthony Walsh Operations Director

Keltbray | Annual report | 2025

Case Study At a glance

Richborough Energy Park

Supporting the UK’s energy transition

Richborough Energy Park is a blueprint for sustainable engineering at scale. Designed to support solar, wind and battery storage development, it highlights our abilities to apply complex engineering and strategic delivery to decarbonisation.

£53m Contract Value Client

Scope of Works – – – – – – –

Keltbray was appointed by Pacific Green on a design-and-build contract to deliver a Battery Energy Storage System (BESS) with an instantaneous power output of 249MW and a nominal energy capacity of 375MWh. Connected to the National Grid at 400kV, the scope includes full design, procurement, installation, construction, commissioning and testing. The embedded low-carbon thinking across this programme drives longterm value for our stakeholders, our customers and the communities we serve. The scale and ambition of this Battery Energy Storage System reflect our approach to delivering infrastructure that is resilient and purpose-built to accelerate decarbonisation, advancing the UK’s energy transition.

Asbestos removal Bulk excavation / earthworks Decommissioning Demolition survey Enabling works Site remediation Structural demolition

Start Date 3rd January 2024

My focus is on maintaining a proactive safety culture where risks are continually managed to protect our people. For me, success means ensuring everyone on site gets home safely every day.

Carlos Fernandez Site Manager

Keltbray | Annual report | 2025

For over 25 years, Wentworth has been a leader in construction engineering, playing a vital role in Keltbray's evolution while delivering expert structural and geotechnical solutions to contractors and developers across the UK and internationally. 2025 has been a year of meaningful progress — strong revenue growth, an established Middle East presence, and continued investment in the capabilities that set the business apart. Wentworth delivered revenue of £10.8 million in 2025, up 27% from £8.5 million in 2024. Growth was driven by an increase in external client activity alongside continued support to the Keltbray Group, with the business maintaining an approximately even split between Group and external commissions. Wentworth continued to deliver high-quality structural and geotechnical support across Keltbray's project portfolio. Two notable commissions this year were 50 Fenchurch Street, a landmark City of London development requiring complex temporary and permanent works design across multiple construction phases, and the Salisbury Square Development, a major public sector scheme where Wentworth's expertise contributed to the delivery of a technically demanding urban redevelopment . Both projects are representative of the collaborative approach between engineering and operations required to deliver the most complex of commissions. One of the clearer points of differentiation developing within Wentworth is the growth of its testing and monitoring business. This service line is now embedded within project delivery on a growing number of commissions, providing clients with real-time structural performance data that sits alongside and enhances the traditional consultancy

offer. Alongside this, continued investment in Wentworth Labs reflects a longer-term commitment to applied research and digital engineering tools — capabilities that are becoming increasingly relevant as clients look for more data-informed approaches to construction. The Middle East business has had a strong first full year with the establishment of a world-class leadership team and major project commissions secured in both the UAE and the Kingdom of Saudi Arabia. The region continues to offer significant opportunity for a business of Wentworth's specialist profile, and the foundations are now in place to grow the Middle East operation meaningfully over the coming years. The Design Studio achieved a significant project milestone in 2025, delivering a major mixed-use scheme at Chinatown, Glasgow from initial feasibility through to RIBA Stage 3. This project, along with numerous other engagements in progress, demonstrate the Studio's capacity to engage at the earliest stages of a development, contribute to scheme shaping, and carry a project through to a position of technical and planning confidence — a capability that is increasingly valued by developers working on complex urban sites. Wentworth enters 2026 with a well-established presence across the UK and Middle East. With a strong order book, the business expects strong growth to continue into 2026, supported by continued expansion of external client activity, a growing Middle East pipeline, and further development of the testing, monitoring, and Design Studio service lines.

Keltbray | Annual report | 2025

The Hiper ® Pile has the ability to extend and reuse deep foundations, provide added value and reduce whole life emitted carbon. Redefining sustainable construction ® The Hiper Pile has the ability This year marked significant milestones forto theextend Hiperenergy and launched alongside the new andHiperPile reusebusinesses, deep foundations, provide website, at whole Innovation Zero in Olympia, addedwww.hiperenergy.com, value and reduce life Spring 2025. emitted carbon.

The Hiperpile technology reduces embodied carbon in deep foundations by up to 40% and transforms buildings into sustainable assets, aligning with the construction future of the built Redefining sustainable environment.

Hiperenergy bridges the gap between energy providers and the using our expertise energy-enabled Thisbuilt yearenvironment, marked significant milestones forinthe Hiperenergy and HiperPile geo-structures to deliver reliable,the sustainable, and www.hiperenergy.com, affordable businesses, launched alongside new website, at thermal energy-based solutions. Innovation Zero in Olympia, Spring 2025. Financial casetechnology studies continue to embodied demonstrate the in deep foundations by up to The Hiperpile reduces carbon operational carbon and cost savings achievableassets, through 40% and transforms buildings into sustainable aligning with the future of geothermal energy for individual buildings and heat networks. the built environment. Looking ahead, we plan to expand globally by partnering with Hiperenergy bridges the gap between energy providers and the built environment, international installation partners, exporting our expertise and using our expertise in energy-enabled geo-structures to deliver reliable, intellectual property beyond the UK. sustainable, and affordable thermal energy-based solutions. Financial case studies continue to demonstrate the operational carbon and cost savings achievable through geothermal energy for individual buildings and heat networks. Looking ahead, we plan to expand globally by partnering with international installation partners, exporting our expertise and intellectual property beyond the UK.

Product Development Keltbray has invested significantly in the Hiperpile product over the last three years, refining its pre-cast, hollow pile technology, culminating this year in the successful application of advanced manufacturing techniques. Two additional international patents were filed, and the manufacturing process was trialled at scale on the prestigious LINE project in NEOM. The Hiperpile now benefits from a standardised design and manufacturing framework, enhancing its technical and commercial viability.

Keltbray | Annual report | 2025

KML Occupational Health (KMLOH) is part of the Keltbray Group and provides workplace health and wellbeing services across the UK. KML provides services covering both physical and mental health, to ensure staff wellbeing is taken care of both for Keltbray and external customers and major projects. Key KMLOH services include statutory safety critical medicals, health surveillances (such as heart, lungs, sight), drug and alcohol testing (planned and for cause) and sickness absence management. In 2025 our collaboration with the operational team at Keltbray meant we were able to create a newer and more dynamic approach to occupational health surveillance with qualified occupational health technicians widening their scope and competencies to include personal monitoring on our projects. This has allowed us to respond to any current and emerging risk and put surveillance and prevention measures in place in real time. Also, in 2025 the clinical team at KMLOH upskilled to be able to deliver optional flu vaccinations to the Keltbray team in a flexible and inclusive way. KMLOH performed well in 2025, supporting Keltbray and its external client portfolio, which continues to grow. KML have a total of 104 clients, the majority of which are for health surveillance and medicals. 2025 has seen continued growth in clients joining for all round occupational health risk management. KMLOH is SEQOHS accredited which is the Occupational Health Standard for Safe Effective Quality Occupational Health Services and as such is rigorously audited every year to maintain compliance.

Keltbray | Annual report | 2025

Sustainability Report Engineering a Better World This year, our sustainability work continued to evolve, shaped by the practical challenges and opportunities we encountered across our projects. In this report we recognise successes, while also acknowledging that we remain early in our journey. We know that the scale of the climate and sustainability challenges facing our sector requires long-term commitment and partnership. As PAS 2080 emphasises, real progress comes from shared responsibility, transparent decision making and a willingness to learn and adapt. These principles guide how we approach our work – not as a set of accomplishments, but as a continuous process of improvement.

Looking to 2026, we will carry forward the momentum built this year, but with a focus on maturing our approach, strengthening our evidence base, and directing our efforts where they can make the most meaningful difference. Sustainability remains central to our purpose, and we will continue to approach it with honesty and a commitment to doing better year on year.

Senior Leadership Insight

“

This year saw a broad range of meaningful activity across our sustainability programme. This report focuses on the positive steps we’ve taken over the past year – wins that are important to recognise because they reflect real effort, collaboration and progress across the business, of which we are very proud. At the same time, we are clear-eyed about the fact that there is still a great deal to do. The challenges we face are not solved by isolated successes, but the momentum we’ve built gives us energy and direction. As we move into 2026, we’ll carry this positivity forward and continue to focus on tackling the hard problems with the same honesty, persistence and practical action that shaped our work in 2025.

“

Keltbray | Annual report | 2025

Aisling Reynolds Head of Environmental Sustainability

The Eight Since 2020, Keltbray has aligned its sustainability commitments with the UN SDGs, recognising the significant impacts our industry has on the environment, economy, and society. We have identified 8 of 17 UN SDGs that are of particular importance to us and our stakeholders, where we believe we can make the greatest positive and last difference. These 8 goals provide a framework with which to focus our sustainability goals.

“

Social Impact remains central to Keltbray’s operations, embedded across the business. This year marks the first full year under the new Group structure, strengthening delivery and enhancing Social Value outcomes. Our Social Impact report highlights how lasting impact is achieved through legacy – a long-standing focus. Strong relationships with community partners enable us to understand needs and provide meaningful support, with 2025 case studies showing how sustained commitment – through time, resources and donations – drives greater impact. This focus continues into 2026 as Keltbray marks its 50th anniversary, celebrating progress while aiming higher. As we expand into new sectors, our impact grows through new networks and partnerships. Social Impact remains a collective effort, made possible by our teams, clients and community partners.

Jamie Parkes

Head of Sustainability Social Impact

Keltbray | Annual report | 2025

“

Year in Review Keltbray is a UK leading specialist contractor and civil engineering services group, committed to engineering a better world by redefining sustainable development delivery.

SUSTAINABILITY DIVERSION FROM LANDFILL

REUSED OR RECYCLED

ENVIRONMENTAL STEWARDSHIP

99.1%

93%

£224,478

APPRENTICESHIPS

COMMUNITY INVESTMENT

VALUE FOR JOB CREATION

£1,691,595m

£1,270,807m

£19,307,446m

IES VALUE

APPRENTICESHIP TRAINING

COMMUNITY INVESTMENT

JOB CREATION

594

SUPPORT

PEOPLE ENABLED TO START WORK

RENEWABLE ENERGY POWERING ALL FIXED LOCATIONS AND NEW PROJECTS

100% SOCIAL VALUE SOCIAL VALUE CONTRIBUTION

£54,013,342m

WEEKS

2,327

Keltbray | Annual report | 2025

COMMUNITY ORGANISATIONS

Carbon Case study

LOWER-CARBON MATERIAL TRACKING AT 10 KING WILLIAM STREET At 10 King William Street, we supported the client by developing detailed carbon forecasts for use within their Whole Life Carbon Assessment. We also provided integrated sustainability data to equip the sustainability consultant with reliable, project‑specific information for producing accurate as‑built carbon assessments. Throughout delivery, we tracked and adjusted concrete mix designs in line with real‑time weather conditions, enabling the selection of more carbon‑efficient mixes whenever conditions allowed.

Keltbray | Annual report | 2025

Case study

CONCRETE INDUSTRY COLLABORATION As a company that purchases large volumes of concrete for our customers’ projects, we recognise our significant purchasing influence and the responsibility this brings to accelerate carbon reduction within the construction value chain.

These sessions signalled our clear expectation that sustainability performance is a priority and reinforced the importance of collaborative action in driving down embodied carbon, improving resource efficiency and advancing lower carbon material solutions.

In Spring 2025, Keltbray hosted supply chain sustainability workshops with our key concrete partners. We brought together senior representatives from Holcim, Tarmac, Heidelberg Materials and Cemex to openly discuss challenges, share innovation pathways, and identify opportunities to accelerate the decarbonisation of concrete across our projects.

This proactive engagement marks an important step in aligning our supply chain with our long-term environmental objectives.

Keltbray | Annual report | 2025

Circular Economy Case study

CIRCULAR ECONOMY 55 OLD BROAD STREET Keltbray’s circular economy achievements at 55 Old Broad Street demonstrate that high volume material reuse and closed loop recycling is deliverable at scale with early planning and collaboration with industry partnerships. Landsec’s plans for the 55 Old Broad Street project set out ambitious low-carbon targets for the new development, aiming for high structural retention and material recovery. Through embracing circular economy practices, Keltbray was able to help the client stay on track to achieving these goals.

Closed-Loop Recycling: The site team worked closely with Saint Gobain’s glass removal guidance, allowing our team maintain the cullet quality thresholds necessary for remanufacture, preventing downcycling. In total, 9.36 tonnes of glass was removed, saving approximately 11.23 tonnes of virgin raw materials and avoiding the release of 6.55 tonnes of CO2e. Ironmongery: Working with Franchi ironmongery specialists, 500kg of high-quality ironmongery was recovered from site and sent away to be refurbished and redeployed back into the supply chain. Our work on 55 Old Broad street demonstrates the viability of circularity in demolition and showcases how early planning, industry collaboration and responsible deconstruction can extend product lifecycles and accelerate the transition to a circular economy.

OUR CIRCULAR ECONOMY APPROACH Early planning Keltbray’s sustainability and site teams completed detailed pre-deconstruction audits on site pre-strip out, allowing us to compile data on all available material streams and identify best reuse and recycling routes. Through early preparation, Keltbray were able to properly plan for careful extraction and organise complex collection logistics before demolition commenced. Collaboration with Reuse partners On this project, Keltbray was proud to be one of the first participants in the City of London’s ROMULUS initiative with Maconda. We uploaded our material data to the initiative’s digital platform, which operates as a city-wide broker system between contractors and local stakeholders, connecting supply and demand for reused materials. In total, 40 sanitary units and 28 kitchenettes reused via ROMULUS to local schools, avoiding ~7.94 tonnes of CO₂e and generating approximately £14,000 of social value through the procurement savings for the schools. Supplier Take Back Recycling Scheme: Overall, 5.6 tonnes of carpet tiles were extracted and recovered for closed-loop recycling through Tarkett’s Restart programme. Supplier Take Back Reuse Partnership: Working with the supplier RAF, 4,000m² of raised access flooring was removed, preserved and sent back to the RAF for reuse in other Landsec projects. Keltbray | Annual report | 2025

Biodiversity Case Study

CHURCH STREET NESTING BIRDS In May of 2025, a seagull nest was discovered on the roof of the Church Street development. Keltbray site team worked with the project ecologist and the environmental team to implement the following procedure: The seagulls successful fledged in July of 2025. Although nesting birds have the potential to cause significant delays to demolition work, the Keltbray team followed the regulatory guidelines and were able to deliver a successful outcome for the birds and ensure the project remained compliant with environmental law. – The site team carried out daily inspections of the nest – Heras fencing with Monarflex sheeting was installed across the area to create an exclusion zone around the nest – Additional Monarflex was affixed to the internal handrails of the external access scaffold to form a

Keltbray | Annual report | 2025

visual barrier, ensuring the seagulls could not see the workers on the roof – Installation was carried out using non-noisy methods, such as hand tools instead of impact guns, to minimise disturbance – Once the seagull chicks had hatched and were venturing out from the nesting area, the nest was removed by KES operatives following the HSE guidelines

Case Study

HEATHROW VOLUNTEERING CLEARANCE DAY

In February of 2025, Keltbray volunteers spent the day at Bedfont Lakes Country Park, helping to clear scrub to enhance an overgrown clearing used by bats. The Heathrow Project Volunteering Clearance Day provided an opportunity for Keltbray to actively contribute to biodiversity enhancement in the local area, supporting the client Costain’s development package and fostering positive environmental outcomes. While direct implementation of Biodiversity Net Gain (BNG) targets was not feasible on the Heathrow development site, the team's participation in volunteering activities helped improve ecological value for the neighbouring area and demonstrated our commitment to responsible environmental stewardship. Through collaborative engagement, Keltbray supported habitat management and clearance efforts, promoting the resilience of local wildlife and strengthening partnerships with stakeholders invested in sustainable development.

Keltbray | Annual report | 2025

Noise Management Case study

STRENGTHENING IN HOUSE ENVIRONMENTAL ACOUSTICS CAPABILITY

Throughout 2025, Keltbray’s Sustainability team continued to enhance our Environmental Noise, Dust and Vibration (NDV) capability, investing in the development of our in-house service. A significant milestone this year was the professional development of Kathy Johnston, Acoustics and Environmental Monitoring Specialist. Kathy successfully completed the Institute of Acoustics (IOA) Diploma in Acoustics and Noise Control and achieved Associate Membership of the IOA—qualifications typically associated with external acoustic consultants who prepare, review and endorse technical submissions. Bringing this level of expertise in-house enhances Keltbray’s technical capability, improves our efficiency in producing noise and vibration assessments, and increases our independence in managing NDV control measures across our project portfolio. This investment has enabled us to deliver a more integrated and technically robust acoustic and environmental monitoring offering across our projects, reducing reliance on external consultants and improving responsiveness to project needs. By developing these skills internally, we are better positioned to plan, manage and evidence how noise and vibration impacts are controlled throughout each stage of the project lifecycle. This strengthens our ability to support compliant, responsible delivery while driving continuous improvement in our environmental performance. To read the Sustainable Development Report 2025 in full, scan the QR Code

Keltbray | Annual report | 2025

Social Value Keltbray have long been committed to adding Social Value by taking direct responsibility for delivering on our promises to consult, improve and leave a positive legacy in the communities in which we work. We firmly believe that embedding Social Value into all our activities can make a real change, redefining sustainable development. Keltbray’s Social Value delivery is driven by and aligned to the UN’s Sustainable Development Goals. Recognising that we create greater impact when we collaborate and contribute to shared objectives that support people and planet. Collaboration has been a key theme for us in 2024, working with our clients and communities to generate value. To measure our social value, we utilise Thrive, a platform that uses the Impact Evaluation Standard (IES) to calculate the added benefit of our activities as a monetary figure. The IES enables us to bring consistency and additional rigour to our auditing and reporting, encompassing economic improvement, sustainability, and community aspects.

Following an incredibly active year for social value across Keltbray, we are excited to present our social impact report.

£54,013,342

TOTAL SOCIAL VALUE GENERATED

The IES framework is a collection of metrics and guidance which has been developed by industry experts in accordance with the UK Government’s Green Book Guidance and which aligns directly to, and builds upon, the UK Government’s Social Value Model including Procurement Policy Note 06/20. This year we have continued to build on our community partnership approach, maximising our support through large social value projects. Our self-delivery capabilities allow us to donate professional services to community organisations, creating real, sustainable impact.

Community Engagement

IES VALUE

£1,270,807

Community Engagement

Organisations supported

IES VALUE

Job Creation

£19,307,446

594+

Job Creation

Jobs created

IES VALUE

Apprenticeships Training Weeks

2,327

£1,691,595

Weeks

En ga

ng ni

t en m ge

Le ar

Apprenticeship training weeks

Community training partnerships, curriculum engagements, STEM promotion and internal development frameworks.

Social Value is created when a conscious effort is made by people and organisations where the effect of their actions excites social change. These can be seen as adding social value by contributing to the long-term wellbeing and resilience of individuals, communities and the society in general.

Proactive liaison with communities, neighbours, stakeholders and local businesses to inform support activities.

in er

Community investment activities, local employment programmes, enhancing the environment and local economy initiatives.

So lut ion s

Social Value delivery

ine En g

Our projects are engineered with people in mind, both at Keltbray and in the community. Keltbray | Annual report | 2025

Community Investment

£1,270,807

Volunteering

£18,096

£54

Workforce Wellbeing

£149,700

Apprenticeships

£1,691,595

Training and Upskilling

£900,101

Keltbray | Annual report | 2025

Work Experience

£32,133

Job Creation

£19,370,446

Pre-Employment and Educational Engagement

£31,694

Supply Chain Resilience

£30,324,292

Environmental Stewardship

£224,478

Keltbray | Annual report | 2025

Keltbray and The Abbey Centre – Tea Parties Introduction Keltbray has a long-standing presence in Westminster, delivering major projects while building strong relationships with local community organisations. One such partnership is with The Abbey Centre, a well-established community hub dedicated to supporting South Westminster residents. In 2025, Keltbray worked alongside The Abbey Centre to help combat social isolation among older people through its Young at Heart Tea Parties.

Case Study Founded in 1948, The Abbey Centre’s mission is to foster a healthy, inclusive community by providing space, services, and opportunities for those who need

Keltbray | Annual report | 2025

them most. The charity champions social justice and works to improve wellbeing for vulnerable residents, promoting togetherness and reducing isolation. A key initiative is the Young at Heart programme, which offers social activities for people over 50 throughout the year. Many participants face challenges such as poor mental health and physical health issues, making these events vital for their quality of life. Twice a year, The Abbey Centre hosts its Young at Heart Tea Parties: afternoons of sandwiches, cakes, conversation, music, dancing, and of course, tea. Keltbray, alongside Mace (our main contractor at the 1 Victoria Street project), part-funded both Tea Parties and provided enthusiastic volunteers to support the events.

Volunteering plays a crucial role in the success of these gatherings, ensuring guests feel welcome and valued. For some attendees, this may be their only conversation that day, week, or even month. By engaging with participants, volunteers help create a sense of belonging and community, tackling loneliness and social isolation head-on. Keltbray is delighted to support The Abbey Centre and its mission to improve lives in Westminster. This partnership reflects our commitment to delivering social value and making a positive impact in the communities where we work.

Ace2Zambia – Building

Community Through Sport Introduction Wentworth is committed to creating opportunities that empower communities and promote social inclusion. In 2025, it partnered with Sport in Action, Zambia’s leading sport-for-development charity, through the Ace2Zambia initiative. This collaboration reflects a shared belief in the power of sport to drive positive change.

Case Study About Sport in Action Sport in Action uses sport as a tool for social transformation, empowering children and young people across Zambia. Its programmes focus on education, health awareness, gender equality, and life skills development, helping those from disadvantaged backgrounds to thrive.

About Ace2Zambia Ace2Zambia 2025 is a flagship initiative to redevelop the basketball court at Chipata Hubsite in Lusaka. The existing court limits the opportunities for play and

community engagement. The project will deliver a highquality facility that promotes physical activity, emotional wellbeing, and social inclusion. Beyond construction, the initiative encourages cultural exchange and professional development for local students.

How Wentworth Supports and Why? Financial contributions enabled the redevelopment of the Chipata basketball court and supported events such as Sport in Action’s 20th anniversary celebrations, where over 600 children received kits and meals.

Technical expertise was provided through the Ace2Zambia team, which produced detailed designs and drawings, working with local contractors and University of Zambia students to ensure construction quality. Sport is a powerful catalyst for change, offering young people safe spaces to build resilience, teamwork, and confidence: skills that extend far beyond the court. This support reflects Wentworth’s values of social responsibility and sustainable development, creating a lasting impact through sport and community engagement.

Keltbray | Annual report | 2025

Social Value Breakdown

Social Value Breakdown Activity

Description

Community Investment

Supporting communities and anchor institutions through donations, fundraising, professional services, and levy contributions

Volunteering

Supporting local organisations and charities through volunteering

Workforce Wellbeing

Ensuring our people have access to health and wellbeing support and proactive initiatives

Apprenticeships

Supporting new entrants and development within our workforce through Apprenticeship programmes

Training and Upskilling

Creating formal and informal learning opportunities for our people, supply chain, and communities

Work Experience

Supporting young people, job seekers, and T-Level students with meaningful work placements

Job Creation

Creating career opportunities through local employment programmes, supporting those from disadvantaged backgrounds

Pre-Employment and Educational Engagement

Inspiring young people and job seekers through engagement sessions to promote career pathways in construction

Supply Chain Resilience

Boosting local economies and supporting SMEs through responsible spending

Environmental Stewardship

Protecting the environment through carbon reduction, circular economy initiatives, and raising awareness

Total Social Value Generated

Keltbray | Annual report | 2025

Delivery

Social Value (£)

81 community organisations supported

£1,270,807

510.5 hours of volunteering

£18,096

147 people participated in initiatives to improve physical wellbeing

£149,700

2,327 Apprenticeship weeks completed

£1,691,595

22,489 training weeks completed

£900,101

61 work experience placement weeks completed

£32,133

594 people were enabled to start work

£19,370,446

830 hours of support delivered to education establishments, youth organisations, and prisons

£31,694

£20m+ spent with businesses local to our projects

£30,324,292

152 metric tonnes of waste diverted from landfill through circular economy initiatives alone

£224,478

£54,013,342

Keltbray | Annual report | 2025

People Team OVERVIEW KELT (Keltbray Employee Leadership Team) KELT plays a vital role in supporting the business, with a focus on wellbeing, communication, and diversity and inclusion. Initiatives led by KELT during the year included the rollout of Hard Hat Media, a communication platform designed to improve information sharing with site based teams.

Recognition and Awards Rising Star Award Lavinia Toma, Assurance Strategic Projects Manager, won the Rising Star category at the CN Awards 2025, recognising her outstanding contribution and leadership potential.

Learning & Development 5% Club – Platinum Membership Keltbray achieved Platinum Membership of the 5% Club for the first time in 2025. This milestone follows three consecutive years of Gold Membership and reflects having more than 10% of the workforce engaged in ‘earn and learn’ schemes.

Senior Leadership Development – Mini MBA The first cohort of the Senior Leadership Development Mini MBA programme, launched in 2024, graduated during the year. A second cohort commenced the programme in September 2025.

Apprentice of the Year Ewart Mason, Demolition Supervisor, was named BPIC Apprentice of the Year, recognising his commitment, technical excellence and progression within the industry.

I’m a Senior Learning and Development Advisor at Keltbray, where I’ve been since 2018. I’m truly proud to have contributed to our Gold membership in The 5% Club, reflecting our strong learning culture. Connecting with people and supporting their development is my favourite part of the job!

Helen Trinh

Senior Learning & Development Advisor

Keltbray | Annual report | 2025

People Team Highlights GENDER PAY GAP REPORT 2025 Progress, participation and long term momentum Keltbray’s 2025 Gender Pay Gap Report shows continued progress across pay, bonus outcomes and workforce representation. While we recognise that closing the gender pay gap remains a long term challenge within the construction and engineering sector, this year’s results reflect sustained momentum and the positive impact of targeted action across the business.

How we are addressing the gap Our focus remains on long term, sustainable actions that support equality, progression and retention. Recruitment and attraction We continue to invest in early careers programmes and inclusive recruitment approaches, increasing female participation across apprenticeships, graduate roles and new starters. Outreach, work experience and site based engagement help challenge industry stereotypes and encourage more women to consider careers in construction and engineering. Development and progression We are strengthening development pathways to support progression into senior and higher paid roles. Strong female performance levels are translating into promotions and increased participation in learning and leadership programmes. Clearer career pathways, mentoring, secondments and succession planning remain central to this approach. Retention and engagement Employee feedback gathered through KELT (Keltbray Employee Leadership Team) and the annual Wellbeing & Engagement Survey helps us identify barriers, strengthen inclusion and retain female talent across the business. Together, these actions continue to support sustainable progress in reducing our gender pay gap.

Looking ahead

Headline results (2025 vs 2024) Pay gap – Mean gender pay gap: 26.32% (down from 26.87% in 2024) – Median gender pay gap: 22.20% (down from 29.42% in 2024)

Bonus gap – Mean bonus gap: 40.87% (down from 83.11% in 2024) – Median bonus gap: 40% (down from 57.89% in 2024)

Bonus articipation – 43.42% of women received a bonus (up from 9.94% in 2024) – 37.31% of men received a bonus (up from 8.4% in 2024)

Workforce representation – Women represent 18.86% of Keltbray’s workforce – An increase of 2.27% compared with 2024

Our 2025 results demonstrate tangible progress, particularly in bonus outcomes, workforce representation and development opportunities. While increasing female representation at senior levels remains a priority, we are committed to building a fair, inclusive and progressive workplace where everyone has the opportunity to thrive.

Keltbray | Annual report | 2025

Health & Safety Governance Model Suitable and sufﬁcient compliance, representation and transfer of information are achieved via a structure of clear hierarchical arrangements. Collectively, this model provides a platform that ensures health and safety is comprehensively managed, encompassing all stakeholders within the organisation.

EXECUTIVE LEVEL Setting Direction & Accountability

t R evie w

to r

ir e

Portfolio governance and accountability, tactical development, section risk management, initiative development, policy implementation, portfolio trend review, compliance structure, and lesson sharing.

OLF D

MANAGERIAL LEVEL Translating Strategy into Plans

e Lead rship Te or a i n

Employee Leade ray rsh b t ip el K Te am

KE L

Overall direction of travel, high-level governance and accountability, strategic development, corporate risk management, corporate learning, and high potential/impact reviews.

a M an

SUPERVISORY LEVEL Enabling Safe Work Sectional governance and accountability, functional development, activity risk management, initiative implementation, procedural implementation, categorised trend analysis, compliance review, resource coordination, and lesson sharing.

lbeing Group Wel

Keltbray | Annual report | 2025

H& up

Project-level governance and accountability, operational development, task risk management, initiative suggestion, safe system implementation, localised learning, compliance delivery, and lesson sharing.

S a fe ty

FRONTLINE LEVEL Carrying out the Work Safely

S Fo r u m

S Weekly H&

Work

Main Board

EXECUTIVE

bac k

gui

dan

SUPERVISORY sals

t h ly

O LF Su

id gu

als

k& ac db

ion

MANAGERIAL

F Managers OL

rop o

mmittee

ev iew s

vi so

e dir

dA ud it Co

tm es

E xe c .

orking Gro Six W up s Big

ctio

fee d

i al R

d fee

dire

ck ba

p ro &p

als

CEO R

tio

A Six

ec dir

PH2 and Big

id gu

e n t P a n el

tive Boa rd ecu Ex

op pr

FRONTLINE

fee

Forum title Supporting forum

Keltbray | Annual report | 2025

Case Study

Controlling Risks from Moving Plant and Machinery Reinforcing Safe Behaviours Around One of Construction's Highest Risks Plant and machinery interactions continue to be one of the leading causes of fatal and life-changing injuries across the construction industry. Recognising this risk, Keltbray launched a company-wide "Controlling Risks from Moving Plant and Machinery" campaign during 2025 to reinforce critical controls and raise workforce awareness. The campaign centred around the practical application of the Hierarchy of Controls, encouraging project teams to challenge traditional approaches and consider opportunities to eliminate, substitute or engineer out risks before relying on procedural controls or personal protective equipment. Through a combination of tailored briefings, toolbox talks, visual learning materials and workforce engagement sessions, employees were encouraged to consider how design choices, work sequencing, exclusion zones, plant selection and technology can be used effectively to reduce risk. The campaign formed part of our wider Big Six risk management strategy and helped strengthen understanding of one of the most significant safety risks faced across our projects.

Keltbray | Annual report | 2025

Governance Report Keltbray | Annual report | 2025

Governance Principles The Company’s governance framework applies the Wates Corporate Governance Principles for Large Private Companies, published in December 2018. The core activities of the Main Board and its subcommittees are planned and documented on an annual basis, and this constitutes the framework within which the Main Board and its subcommittees operate, spanning the entire Group. The Main Board has clear terms of reference that follow the Wates principles and cover the following:

Purpose and leadership Develop and promote the purpose of a company, and ensure that its values, strategy and culture align with that purpose.

Board composition The right balance of skills, backgrounds, experience and knowledge to make a valuable contribution.

Director responsibilities Clear understanding of directors’ accountabilities and responsibilities in ensuring effective decision making and independent challenge.

Opportunity and risk Promote the long-term sustainable success of the company by identifying opportunities to create value and establish oversight for the identification and mitigation

Remuneration Promote executive remuneration structures aligned to the long-term sustainable success of the Group.

Stakeholder relationships and engagement Foster effective stakeholder relationships aligned to the Company’s purpose to inform effective decision making.

Keltbray | Annual report | 2025

Governance Framework Main Board The Main Board determines the strategic direction of the Group and the allocation of necessary resources to ensure the implementation of the Group’s strategy. It retains oversight of operations through regular reports by the Chief Executive Officer and his direct reports. It has overall responsibility for the management of risk and reviews the effectiveness of internal controls and risk management procedures at Group level through reports by the Risk Committee Chairman.

Independent assurance

Main Board

Executive Board

Risk and Audit Committees

Remuneration and Nominations

Operational Directors H&S Committee

Keltbray Employee Leadership Team

Executive Investment Panel

Plant Management Board

Labour Board

Wentworth Board

Project governance

MAIN BOARD TIME ALLOCATION

A key function of Keltbray’s corporate governance framework is the identification, management and mitigation of operational and financial risks. At every governance level, we ensure the necessary decision-making processes are functioning correctly, in line with developments in company laws, industry requirements, corporate governance and best practice.

How the Main Board allotted its time in FY2025

How the Main Board allotted its time in FY2024

Group strategy Business performance Finance and risk management People and inclusion Corporate governance and regulatory compliance

Keltbray | Annual report | 2025

Board Leadership The Main Board comprises the Executive Chairman; Chief Executive Officer; Chief Financial Officer; Chief Operating Officer and three independent Non-executive Directors. Its primary responsibility is to promote the long-term success of Keltbray by creating and delivering sustainable value. The Keltbray Main and Executive Boards are comprised of 17 members, all of whom possess the necessary experience and expertise to deliver our strategic priorities, while upholding the highest standards of business conduct.

Phil Wilbraham

Brendan Kerr

Tony Douglas

EXECUTIVE CHAIRMAN

NON-EXECUTIVE CHAIRMAN

NON-EXECUTIVE DIRECTOR BSC, CENG, MICE, MIHT

Committee membership 1, 4

Committee membership 1, 3, 10

Brendan contributes to Keltbray significant leadership, customer relationship building and private company governance experience across the specialist engineering and construction sectors.

Tony joined the Keltbray Group Board as a Non-executive Director in 2010, and was appointed Non-executive Chairman in 2015.

Brendan joined Keltbray in 1989 and became sole equity owner and Chief Executive in 2003, expanding the service portfolio through business development and acquisition. Keltbray’s success has been built on Brendan’s focus on business development, innovation and technical leadership, commitment to health and safety, and consideration for quality and the environment. His focus on customer service and bespoke solutions has established long-term repeat business customer relationships. External appointments • Trustee for the Chicken Shed Theatre Foundation

Tony is currently Chief Executive Officer of Riyadh International Airlines (RIA). He has over 20 years of international leadership experience in transportation, infrastructure, and government sectors. Prior to joining RIA he was Chief Executive Officer of Etihad Aviation Group from 2018. Previous roles include working for the UK’s Ministry of Defence, where he served as CEO of the Defence Equipment and Support department, responsible for procuring and supporting all the equipment and services for the British Armed Forces, managing a budget of US$20 billion a year. Tony has also held senior leadership positions in the UAE, most notably as CEO of Abu Dhabi Airports Company and Abu Dhabi Ports Company, where he was responsible for the successful delivery of Khalifa Port. In the UK, he held senior positions with airport operator British Airports Authority (BAA), and Chief Operating Officer and Group Chief Executive designate of Laing O’Rourke. His roles under BAA included Managing Director of Heathrow Terminal 5 project, Group Supply Chain Director, Group Technical Director, and CEO of Heathrow Airport. External appointments • Chief Executive Officer, Riyadh International Airlines (RIA)

Keltbray | Annual report | 2025

Phil Wilbraham has spent his career in major programme and project leadership, design management and civil engineering design, latterly specialising in airport development. He has delivered complex private and public sector programmes from strategy stage, through design, to construction and operation. Over the last ten years, he has demonstrated strong leadership delivering mega projects at Heathrow Airport: he led the Expansion (third runway) Programme; the Terminal 2 Programme; and was integral to the success of the Terminal 5 Programme. External appointments • Trustee of the Building Research Establishment • Non-executive Director of Epsom and St Helier NHS Trust

Ashley Muldoon NON-EXECUTIVE DIRECTOR Committee membership 1 Ashley is the Chief Operating Officer of Global Switch, the leading owner, operator and developer of large-scale network dense, carrier and cloud neutral multi-tenanted data centres in Europe and Asia-Pacific. Prior to joining Global Switch, Ashley was CEO of Multiplex, a global construction business, where he was responsible for overseeing Multiplex’s UK, Middle East and Canadian portfolios. He has over 27 years of experience delivering outstanding high-quality projects within the construction industry. External appointments • Chief Operating Officer, Global Switch • Trustee for The Chickenshed Theatre Foundation • Development Board member of the Willow Foundation

Peter Burnside CHIEF EXECUTIVE OFFICER FCAI Committee membership 1, 2, 3, 4 Peter began his accounting career at KPMG, before moving to BDO (then Stoy Hayward) where he spent the next 28 years. During that time, he held the positions of Head of Tax and later Managing Partner of the Northern Ireland firm, where he worked on a number of large corporate finance transactions and tax assignments for both local and international groups. While at the company, Peter was introduced to Keltbray and worked as an external advisor to the Group and its shareholder for 12 years, prior to joining full-time as Chief Financial Officer in February 2018.

Scott Bennett CHIEF FINANCIAL OFFICER FCAI Committee membership 1, 2, 3, 4 Scott began his career in accounting with Carillion before joining Keltbray in 2011. Starting as an apprentice, Scott progressed rapidly through the organisation, achieving ACCA chartered status and later becoming a Fellow in 2023. His rise through the Group’s finance structure culminated in his appointment as Group Treasury Manager in 2019, during which he successfully led multiple refinancing initiatives with leading banks and debt institutions. In 2023, Scott was promoted to Finance Director and joined the Executive Board. Most recently, in 2025, he became Group Finance Director and is now a member of the Group’s Main Board. Scott’s leadership has been instrumental in steering the Group through challenging economic conditions, including the impacts on the business from COVID, Brexit, the war in Ukraine, and periods of hyperinflation. Notably, he played a pivotal role in securing a £25m and a further £10m debt finance mezzanine raise under tight deadlines, enabling the successful divestment of the Group’s Infrastructure business in 2024

Keltbray | Annual report | 2025

Lee Cain CHIEF OPERATING OFFICER Committee membership

1, 2, 3, 5, 7, 8, 10

Lee has over 17 years’ experience in the construction industry gained in demolition, piling, groundworks, substructures and rail work. Lee joined Keltbray in 2009 as Contracts Manager for the Piling Division and was instrumental in the growth of the business in becoming a significant player in the UK piling market. With his extensive experience and technical excellence, Lee progressed to Managing Director for the Built Environment, and most recently, was appointed Chief Operating Officer. Lee has successfully managed multiple projects both in the UK and the Gulf region and he establishes excellent working relationships with project teams to deliver high quality projects. He enjoys the continued daily challenges offered by the multi-disciplinary projects Keltbray undertake.

Keltbray | Annual report | 2025

Executive Board The Executive Board is comprised of seven senior leaders, all of whom are experts in their professional field. Collectively they are responsible for the management of the Group under the leadership of the Chief Executive Officer. This includes formulating strategy proposals for Main Board approval and ensuring that the agreed business plans are implemented in a timely, safe and effective manner.

Peter Burnside

Scott Bennett

Lee Cain

Chief Financial Officer FCAI

Chief Financial Officer

Executive Director

Committee Membership: 1, 2, 3, 4, 7, 10

Committee Membership: 1, 2, 3, 5, 7, 8, 10

Martin Hinde

Neil Patterson

Holly Price

Pre-Construction Director

Group People Director

Group Assurance Director

Committee Membership: 2, 5, 7

Committee Membership: 2, 4, 6, 8, 9

Committee Membership: 2, 3, 5, 6

Ryan Kerr

Age Diversity

Director

21-30

Committee Membership: 2, 7, 8, 10

31-40

41-50

51-60

Age

2024

2025

61-70

Total

Gender Diversity Sex

2024

2025

Male

Female

Total

Keltbray | Annual report | 2025

Governance Review Our governance is subject to continuous rigorous review and forms part of all Board and Committee meeting agendas. Our Boards are committed to ensuring governance is at the heart of all decision making.

MAIN BOARD COMPOSITION

DIRECTOR RESPONSIBILITIES

The Main Board is chaired by an independent Non-executive Director and further comprises the Executive Chairman, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and two further Independent Non-executive Directors. The size and composition of the Board is considered to be appropriate for a business of this scale and complexity.

During 2025, the Main Board operated within the Wates Corporate Governance Principles for Large, Private Companies which sets out the responsibilities, accountabilities and obligations of Board members and their subcommittees. The aim is to provide a clear understanding of roles and responsibilities linked to the company purpose, vision and values. The policies and procedures are clearly set out within our Business Management System (BMS) to support effective decision-making and to deliver long-term value to the Group and its stakeholders.

The Main Board operates through several executive committees including Risk & Audit and REMCO which are both chaired by NonExecutive Directors to ensure independent challenge. Main Board members have equal voting rights and their specific modus operandi is set out within the Company’s Articles of Association, a copy of which can be requested from the Group General Counsel or UK Companies House. The Group is confident that the Main Board has the right skills and experience to discharge its duties effectively and this is continually reviewed with the Keltbray Main Board Statutory Directors Competency Assessment Framework which is based upon the Wates Principles. This assessment is owned by REMCO with reviews presented to the Chief Executive Officer and Chairman for approval. This evaluation includes a focus upon succession planning which is constantly under regular review at all operational levels, aligned to the 5-year strategic plan. The Main Board calendar also includes regular visits to projects to establish an understanding of operational delivery capabilities where Directors are free to request information as they may wish on any aspect of the Group’s operations.

Keltbray | Annual report | 2025

The Main Board delegates day-today management of the Group to the Executive Board and specific matters to the other committees whose role it is to consider relevant matters and recommend a course of action to the Main or Executive Board depending upon subject. Directors are aware of their statutory and ethical duties in relation to potential conflicts of interest which may compromise objective decision making. If a perceived conflict of interest arises, the Main Board (or one of its subcommittees if appropriate) will manage the matter as appropriate. Main Board, Executive Board and Subcommittee papers and all supporting information are provided through a secure digital portal.

STAKEHOLDER RELATIONSHIP & ENGAGEMENT The Board recognises that strong governance and clear communication are key to delivering our purpose and maintaining the Group’s reputation with stakeholders. We engage employees via internal emails, newsletters, social media, Intranet blogs, leadership conferences, and an annual roadshow. An annual engagement survey tracks understanding of our purpose and confidence in the Group’s direction and opportunities. Customer interviews help improve engagement, with insights shared across the business. For major contracts, we host community events like ‘Meet the Buyer’ to connect with local stakeholders. Our sustainability strategy includes targets on waste, energy, and community engagement, with updates shared through our website, Intranet, and social channels.

PROJECT GOVERNANCE

BOARD EFFECTIVENESS

Project delivery reviews are governed by the standardised processes and practices of Keltbray’s Business Management System (BMS) – a systematic approach to risk management and quality assurance in the setup and delivery stages of all projects, whatever their scale and complexity. Through Keltbray’s approved business quality management system, the project leadership teams ensure project activities are performed in line with commercial targets, legislation, regulations, codes of practice and the requirements of specific quality management assurance accreditations relative to the project. Continual improvement is achieved through the implementation of business objectives, audits, data analysis, corrective and preventive actions and management.

All directors are advised regularly of likely time commitments and are asked to seek approval from the Board if they wish to take on additional external appointments. The ability of individual directors to allocate sufficient time to the discharge of their responsibilities is considered as part of the directors’ annual performance review process overseen by the Executive Chairman. Any issues concerning the Chairman’s time commitments are dealt with by the Main Board. An induction programme is agreed with all new directors aimed at ensuring that they are quickly able to develop an understanding and awareness of the Company’s governance structure and core processes, its people and businesses. In addition to the above, as part of the induction process, new directors will typically visit the Group’s principal operations in order to meet employees and gain an understanding of the Group’s projects and services. Ongoing training and development is provided for individual directors as required. Directors are supplied with mobile tablet-based information in a timely manner that is in a form and of a quality appropriate to enable them to discharge their duties. In the normal course of business, such information is provided in a regular report to the Main Board that includes information on operational matters, strategic developments, reports on the performance of Group operations, financial performance relative to the business plan, business development, corporate responsibility and customer/ stakeholder relations.

INDEPENDENT ASSURANCE AND ACCREDITATION Keltbray is independently audited to ensure governance and compliance against internal, ISO and industry standards through alignment with the Considerate Constructors and Local Authority Considerate Contractor schemes. This governance structure ensures that in addition to a sound financial performance, Keltbray operates safely, ethically, sustainably and responsibly, with qualified professionals in all areas of the business. The Group acknowledges responsibility to the Modern Slavery Act 2015 within its business and supply chain. Our Company Directors and senior management take responsibility for implementing this policy, as well as providing adequate resources and investment to ensure that slavery and human trafficking are not taking place within the organisation or our supply chain. A copy of our Modern Slavery and Human Trafficking policy can be viewed on our website: keltbray.com

Keltbray | Annual report | 2025

Finance Report and Accounts 58

Keltbray | Annual report | 2025

Chief Financial Officer’s Report OVERVIEW Keltbray Group is pleased to present its Annual Report and Accounts for the year ended 31 October 2025. The year represents the first full period of trading following the disposal of the Group’s Infrastructure business in August 2024. Against a backdrop of continued economic uncertainty, both in the UK and internationally, the Group remained focused on delivering excellence for its clients and strengthening long term client relationships. While trading conditions were challenging at times during the year, a disciplined approach to cost control, commercial delivery and cash management was maintained throughout. The business has continued to diversify across both sectors and geographies, with a renewed emphasis on its core UK market. During the year, a number of legacy, non trading entities previously consolidated within Keltbray Holdings Limited were transferred outside of the Group. As a result, the Group closed the year with a robust balance sheet and a strong liquidity position, providing an appropriate level of resilience as the business enters the next financial year.

Group Financial Performance Despite a reduction in scale, the Group delivered a robust financial performance during the year, with gross operating margins increasing from 11.3% in 2024 to 13.1% in 2025. This improvement reflects the strength of the integrated operating model across the retained businesses. Turnover reduced from £624m in 2024 to £344m in 2025, reflecting the smaller scale of the Group following the divestment in the prior financial year. Reported results for the year include a non recurring gain of £14.4m recognised within Other Operating Income, arising from the release of intercompany debt as part of the corporate restructuring completed during the year. Excluding this item, the Group returned this year to both an operating profit and profit before tax position, delivering operating profit of £5.3m and an operating margin of 1.5%. This compares to an operating margin of 1.7% in the prior year, excluding regulatory costs incurred in connection with the CMA fine. Excluding £1.0m of one off exceptional costs relating to a redundancy process, the Group would have delivered an underlying operating profit margin this year of 1.8%, representing a marginal improvement on 2024. At a profit before tax level, excluding regulatory and redundancy related exceptional items, performance improved year

on year, with margins increasing from 0.7% to 1.6%, supported by the Group operating on a debt free basis. EBITDA for the year was £14.6m, representing 4.2% of revenue, compared to an EBITDA margin of 3.5% in 2024. This margin improvement demonstrates a continued upward trend and reflects the Group’s focus on the quality of earnings.

Net Funds The Group closed the year with net funds of £19.4m and no external debt. During the year, a new £30m working capital facility was secured with Metro Bank on a three year term, comprising a £10m overdraft and a £20m revolving credit facility. This increased total liquidity headroom to £49.4m at the year end, compared to £20.6m in 2024 when no working capital facility was in place, providing the Group with a strong platform of financial resilience as it enters the next phase of its strategic growth.

Balance Sheet Strength During the year, the Group completed a corporate restructuring as the final step in the post divestment simplification of the Group. As part of this process, Keltbray Holdings Limited, together with a number of legacy, non trading entities previously consolidated within it, was transferred outside of the Group.

Group’s net asset position, which increased from £38.9m at the end of 2024 to £53.9m at the close of 2025.

Order Book The Group’s order book is set out on page Y. The Group continues to benefit from a strong forward order book, which stood at £250m at the year end. This level of secured work provides good visibility of future activity and underpins the growing financial resilience of the business. A strong forward order book supports disciplined selectivity in contract bidding and enables the Group to maintain an appropriate balance of risk and reward across its portfolio of work. As the Group’s sectoral view of the market continues to develop, the Board is targeting opportunities to further extend the order book across additional sectors, supporting increased diversification and resilience within the business.

Pensions The group operates a number of pension schemes with leading industry providers in the UK. These are defined contribution schemes and as such there are no outstanding pension liabilities.

This restructuring resulted in a material improvement in the Keltbray | Annual report | 2025

Taxation The Group takes its responsibilities as a responsible corporate citizen seriously and is committed to paying the appropriate amount of tax arising from its business activities. The Group’s Tax Strategy is published on its website and is available for public inspection. This represents the first full year in which the Group has benefited from having a dedicated Head of Tax. This role continues to lead the oversight of the Group’s tax affairs, ensuring that they are conducted appropriately, with due consideration given to risk management and compliance. This has resulted in a more structured, risk based approach to tax reporting across the Group. The Group continues to invest significantly in research and development activities, reflecting the complex engineering challenges encountered in the delivery of its projects. Expenditure on qualifying R&D activities continues to provide a benefit in mitigating the Group’s effective tax rate.

Insurance The Group’s global insurance broking arrangements are consolidated with Clear Insurance Management, whose technical expertise in underwriting across the Group’s principal insurance programmes, including Directors’ and Officers’ insurance, corporate liabilities, property, fleet, heavy plant and commercial combined supports access to both national and international insurance markets and has assisted the Group in securing competitive terms. Where specialist cover is required, including cyber insurance and health and life cover, the Group engages specialist brokers as appropriate. During 2024/25, the Group continued to experience low levels of claims, consistent with prior years. The Group’s insurance profile closely aligns with its strong safety performance. As a result of this favourable claims experience, the Group benefits from market leading levels of insurance cover, particularly in respect of Professional Indemnity and Liability insurance.

Other Operating Income Other operating income for the year includes £2.9m relating to the profit on the disposal of elements of 60

Keltbray | Annual report | 2025

the Group’s plant fleet. This reflects the ongoing realignment of the fleet to meet future operational requirements, with proceeds reinvested in new and more appropriate equipment. As in prior years, other operating income also includes a credit arising from the Group’s Research and Development claim. For the year, this amounted to £3.6m and reflects the scale of the Group’s continued investment in innovation to support the delivery of complex engineering solutions for its clients. In addition, other operating income includes £14.4m arising from the corporate restructuring completed during the year. This restructuring represented the final step in the post divestment simplification of the Group following the disposal of the Infrastructure business in the prior financial year. The £14.4m relates to the gain recognised on the release of intercompany debt associated with legacy, non trading entities transferred outside of the Group. This includes the residual transfer of the remaining liability in respect of the CMA fine, which resides within Keltbray Limited, an entity no longer consolidated within the Group, with a firm commitment from the shareholder to fund the remaining amount payable to the CMA via an alternative route.

Exceptional Items During the financial year, the Group incurred exceptional one off costs of £1.0m in relation to redundancies arising from a rightsizing initiative following the divestment of the Infrastructure business in the prior financial year. This reflected the reduced requirement for Group level roles within a business operating at a smaller scale.

Finance and Treasury The Group maintains sufficient financial capacity to support its long term contracting commitments and to accommodate future economic and operational challenges. During the year, the Group secured a £30m working capital facility with Metro Bank on a three year term, providing appropriate funding capacity to support the delivery of the Group’s profitable growth strategy. At present, the Group maintains a significant bonding line with substantial unused capacity. Recent developments in the construction sector have placed pressure on the

bonding market, and the Group remains well positioned, in part due to regular communication between the finance team and bonding underwriters. In addition, the Group continues to benefit from significant credit insurance facilities. While this cover is held by members of the Group’s supply chain, its availability is supported by regular briefings provided by the Group to the main credit insurance underwriters. The Group continues to review its credit support requirements and engagement with key financial stakeholders, including banking, bonding and credit insurance providers, who support the Group’s long term strategic growth agenda. The Group will continue to ensure that its treasury policy remains appropriate for the scale, complexity and operating environment of the business.

Exceptional Items The Group has responded proactively to prevailing trading challenges and will continue to focus on its core business, investing in its proven service offering and striving to deliver excellence for clients. The Board remains confident that the Group’s growth plans are realistic and achievable. Increasing diversification in revenue streams is delivering a more balanced profit profile, and the Group continues to target opportunities to extend sector coverage into growth oriented markets. The Executive Board continues to review the Group’s capital structure and will consider opportunities to improve efficiency within the current operating model. The Group is satisfied that it has an appropriate organisational structure, well balanced cash flows, an acceptable level of risk exposure across the supply chain, and a strong order book. The Group believes it is well positioned to deliver sustained growth over the next five year business planning period, supported by its shareholder and, where appropriate, augmented by external banking facilities. The Group will continue to deepen and strengthen relationships with key clients and supply chain partners across higher value sectors and markets.

Scott Bennett

Chief Financial Officer

Auditor’s report and consolidated financial statements Contents

Officers and Professional Advisors

Directors’ report 62 Independent Auditor’s report

Consolidated statement of comprehensive income

Consolidated statement of Financial Position

Company Statement of financial position

Consolidated statement of changes in equity

Company statement of changes in equity

Consolidated statement of cash flows

DIRECTORS Mr S Bennett Mr B Kerr

COMPANY SECRETARY Rhona Sittlington

REGISTERED NUMBER 09845675

REGISTERED OFFICE St Andrew’s House Portsmouth Road Esher Surrey KT10 9TA

Notes to the financial statements 73

INDEPENDENT AUDITOR Grant Thornton (NI) LLP Chartered Accountants and Statutory Auditors 12-15 Donegall Square West Belfast BT1 6JH

BANKERS Santander UK plc 2 Triton Square Regent’s Place London NW1 3AN

Keltbray | Annual report | 2025

Directors’ report The directors present their report and the financial statements for the year ended 31 October 2024.

Directors’ responsibilities statement The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: – Select suitable accounting policies for the Group's financial statements and then apply them consistently – Make judgements and accounting estimates that are reasonable and prudent – State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements – Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business The directors are responsible for keeping adequate accounting

Keltbray | Annual report | 2025

records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Directors The directors who served the company during the year were as follows: P Burnside B Kerr Subsequent to the year end the following directors were appointed: Mr S Bennett (appointed 22 December 2025) Mr K Goose (appointed 22 December 2025) Mr A Muldoon (appointed 22 December 2025) Mr P Wilbraham (appointed 22 December 2025)

PRINCIPAL ACTIVITY The Group and its subsidiaries principal activities during the year were demolition, structural and geotechnical engineering, design of permanent and temporary works, reinforced concrete structures, piling, asbestos removal, remediation and waste treatment and supply of plant and haulage services.

RESULTS AND DIVIDENDS The profit for the year, after taxation and minority interests, amounted to £15,659,036 (2024 loss £9,226,577). Dividends of £411,857 were authorised and paid during the year (2024 - £17,500).

Independent Auditor's Report to the Members of Keltbray Group Limited

EMPLOYEE INVOLVEMENT During the year, the policy of providing employees with information about the Group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

EMPLOYMENT OF DISABLED PERSONS As per the Group's equal opportunity policy, all job applicants, employees and others who work for the Group will not be discriminated against in any of the equality grounds, to include disability. The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by disabled persons. Where an existing employee becomes disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

confirmed that: – So far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and – The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information

EVENTS AFTER THE REPORTING DATE There have been no events affecting the Company since the year end.

AUDITOR The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 22 May 2026 and signed on its behalf.

DISCLOSURE OF INFORMATION IN THE GROUP STRATEGIC REPORT Please refer to the strategic report regarding financial overview, business review, key performance indicators, principal risks and uncertainties and corporate social responsibilities.

DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are directors at the time when this Directors' Report is approved has

This report was approved by the board on 22 May 2026 and signed on its behalf.

Scott Bennett Director

Keltbray | Annual report | 2025

Independent Auditor's Report to the Members of Keltbray Group Limited

OPINION We have audited the financial statements of Keltbray Group Limited (the 'Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity for the financial year ended 31 October 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Keltbray Group Limited's financial statements: – Give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the Company as at 31 October 2025 and of the Group financial performance and cash flows for the financial year then ended; and – Have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

OTHER INFORMATION

We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Strategic Report and Directors' Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.

Keltbray | Annual report | 2025

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Independent Auditor's Report to the Members of Keltbray Group Limited

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: – The information given in the Strategic Report and Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and – The Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: – Adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or – The parent Company financial statements are not in agreement with the accounting records and returns; or – Certain disclosures of directors' remuneration specified by law are not made; or – We have not received all the information and explanations we require for our audit

RESPONSIBILITIES OF MANAGEMENT AND

THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

RESPONSIBILITIES OF THE AUDITOR FOR THE AUDIT OF THE FINANCIAL STATEMENTS The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditor's report.

EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). Keltbray | Annual report | 2025

Independent Auditor's Report to the Members of Keltbray Group Limited

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Group and Company and industry, we identified that the principal risks of non- compliance with laws and regulations to compliance with Data Privacy laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and compliance with UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non- compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off unusual transactions. We apply professional scepticism throughout the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/ inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: – Inquiries of management on the polices and procedures in place regarding compliance with

Keltbray | Annual report | 2025

–

– –

–

laws and regulations, including consideration of known or suspected instances of noncompliance and whether they have knowledge of any actual, suspected or alleged fraud Inspection of the Group’s regulatory and legal correspondence and review of minutes of Board meetings during the year to corroborate inquiries made Gaining an understanding of the internal controls established to mitigate risk related to fraud Discussion amongst the engagement team in relation to the identified laws and regulations and regarding the manipulation of financial statements throughout the audit Identifying and testing journal entries to address the risk of inappropriate journals and management override of controls Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing Challenging assumptions and judgements made by management in their significant accounting estimates, including estimating an allowance for the recoverability of debtors, useful economic lives of tangible assets, carrying value of investments and long term contract revenue; and Review the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion,

forgery, intentional omissions, misrepresentations or override of internal controls.

THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Ms. Louise Kelly, FCA Senior Statutory Auditor

For and on behalf of: Grant Thornton (NI) LLP Chartered Accountants and Statutory Auditors 12-15 Donegall Square West Belfast BT1 6JH

Consolidated statement of comprehensive income

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Note

Turnover

Cost of sales

2025 £

2024 £

343,851,842

624,499,763

(298,710,378)

(554,140,003)

Gross profit

45,141,464

70,359,760

Administrative expenses

(45,255,375)

(65,615,645) 6,112,202

Other operating income

6,537,037

Exceptional other operating income

14,409,657

–

Exceptional costs

(1,131,353)

(12,752,657)

Operating profit/(loss)

19,701,430

(1,896,340)

Loss on sale of subsidary

(1,438,228)

–

Interest payable and similar expenses

(1,909,568)

(6,044,700)

Other finance income Profit/(loss) before taxation Tax on profit/(loss)

(161,922) (8,102,962)

(958,076)

(1,492,888)

15,395,558

(9,595,850)

Owners of the parent Company

15,659,036

(9,226,577)

Non-controlling interests

(263,478)

(369,273)

15,395,558

(9,595,850)

Profit/(loss) for the financial year

– 16,353,634

Profit/(loss) for the year attributable to:

All amounts relate to continuing operations. There was no other comprehensive income for 2025 (2024:£NIL). The notes on pages 24 to 50 form part of these financial statements.

Keltbray | Annual report | 2025

Consolidated statement of financial position

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Note

2025 £

2024 £

Intangible assets

3,651,797

3,028,070

Tangible assets

27,443,012

28,363,835

Investments

Fixed assets

Current assets Stocks

–

501,321

31,094,809

31,893,226

1,592,772

1,750,225

Debtors

92,931,283

110,645,272

Cash at bank and in hand

19,321,957

20,630,102

113,846,012

133,025,599

Current liabilities Creditors: amounts falling due within one year

(77,626,013)

Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year

(97,117,719) 36,219,999

35,907,880

67,314,808

67,801,106

(8,131,491)

(23,862,253)

Provisions for liabilities Other provisions

Net assets

(5,233,792)

(5,000,000) (5,233,792)

(5,000,000)

53,949,525

38,938,853

Capital and reserves Called up share capital

Share premium account

25,000,000

24,898,029

Profit and loss account

29,643,608

14,396,429

Equity attributable to the owners of the parent company

54,643,609

39,294,459

Non-controlling interests

(694,084)

(355,606)

53,949,525

38,938,853

Shareholders' funds

The (loss)/profit for the financial year of the parent company was £4,000,000 (2024: £Nil). The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.

Mr S Bennett Director Registered number: 09845675

Keltbray | Annual report | 2025

Company statement of financial position

KELTBRAY GROUP LIMITED Year ended 31 October 2025

2025 £

Note

2024 £

Fixed assets Investments

98,999,999

–

98,999,999

–

Current assets Debtors

28,522,404

–

Cash at bank and in hand

100

101

28,522,504

101

Creditors: amounts falling due within one year

(7,522,403)

– 21,000,101

101

Total assets less current liabilities

120,000,100

99,000,100

Net liabilities

120,000,100

99,000,100

Net current assets

Capital and reserves Called up share capital

–

Share premium account

124,000,099

99,000,099

Profit and loss account

(4,000,000)

–

120,000,100

99,000,100

Shareholders' funds

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.

Mr S Bennett Director Registered number: 09845675

Consolidated statement of changes in equity Called up share capital £

Share premium account £

Profit and loss account £

Equity attributable to owners of the parent company £

Non-controlling interests £

Total equity £

24,898,029

14,396,429

39,294,459

(355,606)

38,938,853

Profit for the year

–

15,659,036

(263,478)

15,395,558

Total comprehensive income for the year

–

15,659,036

(263,478)

15,395,558

Dividends: Equity capital

–

(411,857)

(75,000)

(486,857)

Shares issued during the year

–

101,971

–

101,971

–

101,971

Total transactions with owners

–

101,971

(411,857)

(309,886)

(75,000)

(384,886)

At 31 October 2025

25,000,000

29,643,608

54,643,609

(694,084)

53,949,525

At 01 November 2024

Keltbray | Annual report | 2025

Consolidated statement of changes in equity

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Called up share capital £

Share premium account £

At 01 November 2023

–

Loss for the year

–

(9,226,577)

(369,273)

(9,595,850)

Total comprehensive income for the year

–

(9,226,577)

(369,273)

(9,595,850)

Dividends: Equity capital

–

(17,500)

(35,000)

Shares issued during the year

24,898,029

–

24,898,030

–

24,898,030

(75)

–

(75)

–

(75)

–

6,952,040

(6,952,040)

–

Shares cancelled during the year NCI release Distribution of KISL Total transactions with owners At 31 October 2023

Equity attributable to Profit and owners of the parent loss account company £ £

20,942,839

Non-controlling interests £

Total equity £

6,983,207

27,926,121

20,942,914

–

(4,254,373)

–

(4,254,373)

(74)

24,898,029

2,680,167

27,578,122

(6,969,540)

20,608,582

24,898,029

14,396,429

39,294,459

(355,606)

38,938,853

Called up share capital £

Share premium account £

At 01 November 2022

–

At 01 November 2023

–

Shares issued during the year

Profit and loss account £

Total equity £

99,000,099

99,000,100

Shares cancelled during the year

(75)

–

(75)

Total transactions with owners

(74)

99,000,099

99,000,025

At 31 October 2024

99,000,099

99,000,100

Loss for the year

–

Shares issued during the year

–

25,000,000

Total transactions with owners

–

25,000,000

At 31 October 2025

124,000,099

Keltbray | Annual report | 2025

(4,000,000)

(120,000,100)

Company statement of changes in equity

KELTBRAY GROUP LIMITED Year ended 31 October 2025

2025 £

2024 £

15,395,558

(9,595,850)

Depreciation of tangible assets

9,430,498

11,110,085

Amortisation of intangible assets

(335,144)

283,117

Cash flows from operating activities Profit/(loss) for the financial year Adjustments for:

Gain on financial assets at fair value

–

161,922

Gain on disposal of tangible assets

(2,625,801)

(4,376,820)

958,076

1,492,888

Tax on (loss)/profit Regulatory provision

–

(6,250,000)

Changes in accruals and deferred income

13,533,001

(46,205,008)

Research & Development tax credit

(3,615,616)

(3,302,843)

Loss on disposal of investments

119,573

33,285

Gain on release of InterCo debt

(14,409,657)

Changes in stocks

157,453

2,416,039

Changes in trade and other debtors

25,531,464

108,823,468

Changes in trade and other creditors

(41,353,898)

(72,778,188)

Tax paid

(1,120,319)

(1,145,099)

Changes due to sale of subsidiary

13,765,037

Net cash generated from operating activities

15,430,225

(19,333,004)

Purchase of tangible fixed assets

(10,832,328)

(13,059,825)

Purchase of intangible fixed assets

(288,584)

(893,322)

Cash flows from investing activities

Purchase of other investments

–

(38,308)

Net outflow on acquisition of subsidiary

–

14,585,112

4,948,454

5,958,282

Proceeds from sale of tangible fixed assets Proceeds from sale of other investments Net cash used in investing activities

–

51,451

(6,172,458)

6,603,390

Cash flows from financing activities Issue of ordinary shares

101,971

24,897,955

–

(22,000,000)

Repayment of/new finance leases

(4,640,629)

(2,950,420)

Payments to related parties

(5,540,397)

4,574,231

Payments from/(to) directors

–

(466,969)

(486,857)

(4,289,372)

Net cash used in financing activities

(10,565,912)

(234,575)

Net (decrease)/increase in cash and cash equivalents

(1,308,145)

(12,964,189)

Cash and cash equivalents at beginning of year

20,630,102

33,594,291

Cash and cash equivalents at the end of year

19,321,957

20,630,102

19,321,957

20,630,102

19,321,957

20,630,102

Repayment of borrowings

Distribution

Cash and cash equivalents at the end of year comprise: Cash at bank and in hand

Keltbray | Annual report | 2025

Consolidated statement of cash flows KELTBRAY GROUP LIMITED Year ended 31 October 2025

1. GENERAL INFORMATION The Company is a private Company limited by shares, registered and incorporated in England and Wales. The address of the registered office is St. Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA. The Group and its subsidiaries principal activities during the year were demolition, structural and geotechnical engineering, design of permanent and temporary works, reinforced concrete structures, piling, asbestos removal, remediation and waste treatment and supply of plant and haulage services.

2. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in Sterling (£). The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: – Disclosures in respect of financial instruments have not been presented – No cash flow statement or net debt reconciliation has been presented for the Company – No disclosure has been given for the aggregate remuneration of key management personnel The preparation of financial statements in compliance with FRS 102 requires the use of certain 72

Keltbray | Annual report | 2025

critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:

2.2 Basis of consolidation The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

2.3 Non-controlling interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest's share of changes in equity since the date

of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

2.4 Going concern The activities of the Keltbray Group, along with the factors that may affect its future performance and position are set out in the directors’ report. The Group remains mindful of the economic and trading uncertainties resulting from macroeconomic and geopolitical conditions in the UK and overseas. While these factors have driven cost inflation and aggressive pricing behaviour across elements of the construction market, particularly among some main contractors, the Specialist Engineering sector is gradually emerging from these conditions. This position is supported by the Group’s contract profile, which typically comprises shorter duration contracts and an increasing proportion of cost reimbursable arrangements within the overall portfolio. Keltbray’s robust governance over work winning activities has resulted in the Group continuing to bid selectively, including stepping away from opportunities that do not meet minimum margin requirements or where the risk profile does not align with that of the Group. Taken together with the Group’s significant awarded workload, this provides a more resilient operating base and enables the directors to adopt a longer term view of the markets in which the Group chooses to operate. The directors regularly review the Group’s working capital requirements through detailed monthly cash flow forecasting, quarterly re forecasting and annual budget scenario planning.

Notes to the financial statements KELTBRAY GROUP LIMITED Year ended 31 October 2025

Forecasts have been prepared for the period to 31 October 2028. These forecasts, while subject to the inherent uncertainties associated with forecasting, indicate continued growth in turnover, improved margins driven by profitable trading, and stabilising levels of working capital investment. As a response to the demand side uncertainty in some of the Group’s traditional markets, the Group has focused its work winning activities on those major projects, in both infrastructure and counter recessionary markets which provide a hedge against the more cyclical sectors. Margins are forecast to increase modestly on a year on year basis over the forecast period. This reflects the continued strengthening of governance over tendering activities and the Group’s increased focus on infrastructure related markets, which are typically characterised by more stable risk profiles and returns. The Group has prepared cash flow forecasts for the period from 31 October 2025 to 31 October 2028. Based on these forecasts, the directors consider that the Group has sufficient cash reserves and committed finance facilities to meet its financial obligations as they fall due and to remain compliant with its quarterly financial covenants. After making appropriate enquiries and having considered the factors and sensitivities outlined above under a range of scenarios, together with the Group’s diversified customer base and substantial level of awarded work, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.5 Revenue Turnover represents net invoiced sales of services, excluding value added tax. The majority of turnover is on long-term contracts. These contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs by reference to the stage of completion at the reporting date. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss accounts as the difference between the reported turnover and related costs for that contract. Provision is made for all known or expected losses. For the plant business, turnover represents invoiced sales net of value added tax in respect of hire of plant and haulage services. For the occupational health business, turnover represents services provided for medical assessments. For the waste remediation and recycling businesses, turnover is recognised on receipt of waste and for sites that involve restoration and landscaping, turnover is recognised on importation of soils. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.7 Sale and leaseback Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method. When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

2.8 Finance costs Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6 Operating leases: the Group as lessor Rent payable for operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Keltbray | Annual report | 2025

straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.9 Pensions Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the

Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.10 Current and deferred taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: – The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; – Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and – Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11 Exceptional items Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.12 Intangible assets Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that

the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Patents – 10 years Goodwill – 5-10 years Negative goodwill – 5-10 years

2.13 Tangible fixed assets Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14 Valuation of investments Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Buildings – 5-15 years Plant and machinery – 3-7 years Motor vehicles – 4 years Fixtures and fittings – 7 years Computer equipment – 3 years The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

2.15 Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16 Debtors Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18 Creditors Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair 76

Keltbray | Annual report | 2025

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19 Provisions for liabilities Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.

2.20 Financial instruments The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short- term loan that is not at market rate, the financial asset

or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: – At fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably – At cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.21 Loans & borrowings All borrowings by the Group are initially recorded at the amount of cash received less separately incurred transaction costs, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised.

2.22 Hire purchase and finance leases Assets held under finance leases are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

2.23 Ordinary share capital The ordinary share capital of the Group is presented as equity.

2.24 Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: a. Allowances for impairment of debtors The Company estimates the allowance for doubtful receivables based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain companies are

unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. b. Useful economic life of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. c. Carrying value of investments Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary. d. Long term contract revenue Recognised amounts of long term revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of ongoing contracts and the order backlog. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty.

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

4. TURNOVER An analysis of turnover by class of business is as follows:

Construction contracts and related services

2025 £

2024 £

343,851,842

624,499,763

343,851,842

624,499,763

The whole of the turnover is derived from the United Kingdom. An analysis of turnover by business operation is given below:

Built Environment services Infrastructure services

2025 £

2024 £

343,851,842

338,396,379

–

236,103,384

343,851,842

624,499,763

2025 £

2024 £

2,921,421

2,809,359

5. OTHER OPERATING INCOME

Other operating income Sundry income

3,615,616

3,302,843

6,537,037

6,112,202

2025 £

2024 £

14,409,657

–

14,409,657

–

6. EXCEPTIONAL OTHER OPERATING INCOME

Gain on intercompany debt release

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

7. OPERATING PROFIT/(LOSS) The operating profit/(loss) is stated after charging: 2025 £

2024 £

Amortisation of intangible assets

(351,609)

283,117

Depreciation of tangible assets

9,430,499

11,110,085

Gains on disposal of tangible assets

(2,625,801)

(5,958,282)

Lease payments

3,587,435

3,839,044

–

161,922

Loss on disposal of investment

8. AUDITOR’S REMUNERATION During the year, the Group obtained the following services from the Company's auditor and its associates: 2025 £

2024 £

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements

145,925

177,000

Fees payable to the Company's auditor and its associates for other services inrespect of: Other non-audit related services

40,425

52,150

9. STAFF COSTS Staff costs, including directors' remuneration, were as follows: 2025 £

2024 £

Wages and salaries

56,492,330

108,159,070

Social security costs

7,301,868

12,744,837

Other pension costs

1,365,325

2,425,230

65,159,523

123,329,137

The average monthly number of employees, including the directors, during the year was as follows:

Production staff Administrative staff

2025 No

2024 No

315

1,005

471

1,077

786

2,082

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

10. DIRECTORS' REMUNERATION The number of directors who accrued benefits under the companies pension plans was 6 (2024 - 2). The highest paid director received remuneration of £1,114,682 (2024 £2,476,767). Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Directors of Keltbray Group Limited are deemed to be the key management personnel. 2025 £

2024 £

4,318,877

2,930,304

73,885

1,321

4,392,762

2,931,625

2025 £

2024 £

–

3,602,032

14,091

–

Finance leases and hire purchase contracts

891,256

1,030,622

Other interest payable

1,004,221

1,412,046

1,909,568

6,044,700

Directors' emoluments Group contributions to defined contribution pension schemes

11. INTEREST PAYABLE AND SIMILAR EXPENSES

Bank interest payable Loans from group undertakings

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

12. TAXATION 2025 £

2024 £

Corporation tax Current tax on profits for the year

1,282,975

79,454

Adjustments in respect of previous periods

(190,373)

1,666,545

Total current tax

1,092,602

1,745,999

(134,526)

(233,193)

Deferred tax Origination and reversal of timing differences Adjustments in respect to prior periods

–

(19,918)

Total deferred tax

(134,526)

(253,111)

Tax on (loss)/profit

958,076

1,492,888

Factors affecting tax charge for the year The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below: 2025 £

2024 £

Profit/(loss) on ordinary activities before tax

16,353,634

(8,102,962)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)

4,088,409

(2,025,741)

Effects of: Expenses not deductible for tax purposes

363,000

3,591,793

Capital allowances for year in excess of depreciation

–

(91,148)

Adjustment to tax charge in respect of prior periods

(190,388)

1,646,627

Chargeable gains Movement in deferred tax not recognised Income not taxable

–

69,279

968,724

470,114

(4,866,209)

(825,711)

Other differences leading to a decrease in the tax charge

594,540

(1,342,325)

Total tax charge for the year

958,076

1,492,888

Factors that may affect future tax charges There were no factors that may affect future tax charges. 13. DIVIDENDS

2025 £

Dividends paid

2024 £

411,857

17,500

411,857

17,500

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

14. EXCEPTIONAL ITEMS

Regulatory costs Restructuring costs

2025 £

2024 £

–

12,752,657

1,131,353

–

1,131,353

12,752,657

Restructuring costs of £1.1m relate to redundancy costs incurred in the year. Regulatory costs in the prior year relate to the settlement of claim and legal costs incurred of £12.8m. 15. INTANGIBLE ASSETS Group and Company

Cost At 01 November 2024 Additions On disposals

Goodwill £

Negative goodwill £

Patents £

Total £

11,163,995

(9,881,259)

2,388,486

3,671,222

–

288,584

–

9,881,259

–

(8,140,499)

At 31 October 2025

11,163,995

–

2,677,070

13,841,065

Amortisation At 01 November 2024

9,889,685

(9,246,533)

–

643,152

Charge for the year

283,117

(634,726)

16,466

(335,143)

–

9,881,259

–

9,881,259

10,172,802

–

16,466

10,189,268

On disposals At 31 October 2025 Net book value At 31 October 2025

991,193

–

2,660,604

3,651,797

At 31 October 2024

1,274,310

(634,726)

2,388,486

3,028,070

Other than goodwill, the groups' intangible assets relate to capitalisation of internal and external costs associated with the development of patents and trade marks. These items are assessed annually for impairment and are amortised when brought into use. Amortisation is included in administrative expenses. The Company has no intangible assets (2024: £nil).

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

16. TANGIBLE FIXED ASSETS Long-term leasehold property £

Plant and machinery £

Fixtures and fittings £

Motor vehicles £

Computer equipment £

Total £

Cost At 01 November 2024

6,661,286

52,604,832

1,324,622

3,924,761

6,491,970

71,007,471

Additions

2,206,457

7,219,361

2,044

726,133

678,323

10,832,318

Disposals

(55,670)

(11,977,632)

–

(807,359)

(24,037)

(12,864,698)

At 31 October 2025

8,812,073

47,846,561

1,326,666

3,843,535

7,146,256

68,975,091

Depreciation At 01 November 2024

3,033,768

31,608,372

1,249,805

2,353,200

4,398,491

42,643,636

Group

Charge for the year

971,354

6,377,123

40,293

818,976

1,222,753

9,430,499

Disposals

(14,548)

(9,918,612)

–

(584,859)

(24,037)

(10,542,056)

At 31 October 2025

3,990,574

28,066,883

1,290,098

2,587,317

5,597,207

41,532,079

Net book value At 31 October 2025

4,821,499

19,779,678

36,568

1,256,218

1,549,049

27,443,012

At 31 October 2024

3,627,518

20,996,460

74,817

1,571,561

2,093,479

28,363,835

The Company has no tangible assets. Finance leases and hire purchase contracts Included within the carrying value of plant and machinery is £14.6m (2024: £20.1m) relating to assets held under finance lease or hire purchase agreements..

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

17 FIXED ASSET INVESTMENTS Listed investments £

Other investments £

Total £

Cost or valuation At 01 November 2024

1,712,240

764,630

2,476,870

Disposals

(1,712,240)

(119,573)

(1,831,813)

–

645,057

Impairment At 01 November 2024

1,330,492

645,057

1,975,549

Impairment on disposals

(1,330,492)

–

(1,330,492)

At 31 October 2025

–

645,057

Net book value At 31 October 2025

–

At 31 October 2024

381,748

119,573

501,321

Group

At 31 October 2025

Listed investments At 31 October 2025, the market value of listed investments was £Nil (2024: £381,748).

Cost of valuation

Investments in subsidiary companies £

At 31 November 2024

98,999,999

At 31 October 2025

98,999,999

Net book value At 31 October 2025

98,999,999

At 31 October 2024

98,999,999

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Direct subsidiary undertakings The following were direct subsidiary undertakings of the Company: Name

Registered office

Principal activity

Class of shares

Holding

Keltbray Consulting and Engineering Limited

England & Wales

Holding company

Ordinary

100%

Keltbray Built Environment Limited

England & Wales

Demolition and civil engineering

Ordinary

100%

Keltbray Management Services Limited

England & Wales

Group services

Ordinary

100%

Keltbray Plant Limited

England & Wales

Supply of plant to the construction industry

Ordinary

100%

Keltbray Developments (Dundee) Limited

England & Wales

Dormant

Ordinary

100%

Hiper Pile Limited

England & Wales

Construction

Ordinary

100%

Hiper Energy Limited

England & Wales

Dormant

Ordinary

100%

Kerr Property Holdings Limited

England & Wales

Property investment

Ordinary

87.5%

Registered office

Principal activity

Class of shares

Holding

Wentworth House Partnership Limited

England & Wales

Civil engineering design

Ordinary

100%

KML Occupational Health Limited

England & Wales

Undertaking of occupational health services

Ordinary

100%

Indirect subsidiary undertakings The following were indirect subsidiary undertakings of the Company:

Wentworth Construction & Engineering Services LLC

Dubai

Civil engineering design

Ordinary

100%

Cedarr Properties Limited

England & Wales

Property investment

Ordinary

100%

Kerr Prop Two Limited

England & Wales

Property investment

Ordinary

100%

Konstructive Recruitment Services Limited

England & Wales

Dormant

Ordinary

100%

Keltbray Electrification Plant Limited

England & Wales

Construction

Ordinary

100%

Sudai Arabia

Construction

Ordinary

100%

Republic of Ireland

Construction

Ordinary

100%

Keltbray Consult Keltbray Ireland Limited

Keltbray Group Limited has guaranteed the liabilities of Keltbray Electrification Plant Limited, a company incorporated in England, for the year ended 31 October 2025. Keltbray Electrification Plant Limited (company number 04305072) has claimed exemption from audit under section 479A of the Companies Act 2006. On 30 June 2025, the company disposed of the share capital of Keltbray Holdings Limited for £200 to Crumlin Capital Limited. A loss on disposal of £1,438,228 was recorded.

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

18. STOCKS

Raw materials and consumables

Group 2025 £

Group 2024 £

1,592,772

1,750,225

1,592,772

1,750,225

The replacement value of stock is not materially different to the cost as stated above in the current or prior year. 19. DEBTORS Group 2025 £

Group 2024 £

Company 2025 £

Company 2024 £

Due within one year Trade debtors

25,977,290

Amounts owed by related parties

14,709,269

30,862,100

–

8,838,794

3,522,401

–

25,000,000

–

1,137,054

1,000,891

–

Amounts owed by group undertakings Deferred tax asset Prepayments and accrued income

5,423,347

5,238,854

–

Amounts recoverable on contracts

38,267,558

58,433,108

–

Other debtors

7,416,765

6,271,525

–

92,931,283

110,645,272

28,522,404

–

Amounts owed by group undertakings and related parties are unsecured, interest free, and repayable ondemand. Included within other debtors is a balance of £2,565,547 due from a company director (2024: £126,424 dueto a company director) . Included within Other debtors is corporation tax recoverable of £2,651,125 (2024: £2,488,882). 20. CASH AND CASH EQUIVALENTS Group 2025 £

Cash at bank and in hand

Keltbray | Annual report | 2025

Group 2024 £

Group 2025 £

Group 2024 £

19,321,957

20,630,102

100

101

19,321,957

20,630,102

100

101

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 £

Group 2024 £

Company 2025 £

Company 2024 £

19,923,840

27,333,044

–

5,000,000

7,522,403

–

42,183,915

50,716,916

–

Amounts owed to related parties

5,176,435

2,196,484

–

Social security and other taxes

1,523,204

49,712

–

Obligations under finance leases and hire purchase contracts

5,099,250

6,054,841

–

Other creditors

3,719,368

5,640,298

–

126,424

–

77,626,013

97,117,719

7,522,403

–

Trade creditors Amounts owed to Group undertakings Accruals and deferred income

Directors current account

Accruals Included within accruals and deferred income is £14,573,110 (2024: £26,805,172) of contract accruals. Assets held under finance lease The assets held under finance leases are secured upon the assets to which they relate.

22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors Obligations under finance leases and hire purchase contracts

Group 2025 £

Group 2024 £

65,096

13,002,075

8,066,395

10,860,178

8,131,491

23,862,253

Assets held under finance lease The assets held under finance leases are secured upon the assets to which they relate.

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

23. FINANCE LEASE AND HIRE PURCHASE CONTRACTS The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

Not later than one year Later than 1 year and not later than 5 years

Group 2025 £

Group 2024 £

5,590,964

6,054,841

8,066,395

10,860,178

13,657,359

16,915,019

24. DEFERRED TAXATION The deferred tax included in the statement of financial position is as follows: 2025 £

At beginning of year

1,000,891

Charged to profit or loss

136,163

At end of year

1,137,054

The deferred tax asset is made up as follows:

Accelerated capital allowances

Group 2025 £

Group 2024 £

1,137,054

1,000,891

1,137,054

1,000,891

There is no deferred tax in the Company (2024: £Nil).

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

25. EMPLOYEE BENEFITS Defined contribution plans The amount recognised in profit or loss as an expense in relation to defined contribution plans was £1,365,325 (2024: £2,425,230). 26. PROVISIONS Contract provision £

Group

At 1 November 2024

5,000,000

Charged to profit or loss

233,792

At 31 October 2025

5,233,792

27.SHARE CAPITAL

Allotted, called up and fully paid

2025 £

2024 £

100,000 (2024 - 100,000) Ordinary shares of £0.00001 each

49,899 (2024 - 49,695) Preferred ordinary shares of £0.00001 each

–

–1

28. RESERVES Share premium account This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account This reserve records retained earnings and accumulated losses. 29. OPERATING LEASES At 31 October 2025 the Group and the Company had future minimum lease payments due under noncancellable operating leases for each of the following periods:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years

Group 2025 £

Group 2024 £

4,664,180

2,653,016

15,280,119

8,274,722

24,058,495

20,952,993

44,002,794

31,880,731

30. CONTINGENCIES The group has a facility with Metro Bank PLC. There is a cross-company guarantee in place between Keltbray Group Limited, Keltbray Plant Limited, Keltbray Consulting & Engineering Limited, Wentworth House Partnership Limited, Keltbray Built Environment Limited, Keltbray Management Services Limited, KML Occupational Health Limited, HIPER Pile Limited and HIPER Energy Limited. In addition, the bank has a debenture over all of the assets and undertakings of each of the aforementioned companies.

Keltbray | Annual report | 2025

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

31. RELATED PARTY TRANSACTIONS Group This reserve records retained earnings and accumulated losses. BMJ Waste Limited is an entity related by virtue of common ultimate control. During the year, the Group made sales of £354,300 (2024: £210,359) to BMJ Waste Limited. These sales related to the sale of scrap metal extracted from demolition and decommissioning projects. BMJ Waste Limited subsequently sold this scrap metal at an average mark up of 18% to a third party recycling processor. The scrap metal was transported directly by Keltbray Group to the processor. The Group also made purchases of £256,338 (2024: £347,202) from BMJ Waste Limited. During the year, the Group made purchases from Kerr Partnership LLP, an entity related by virtue of common control, of £990,000. During the year, the Group made sales to Keltbray Developments Limited, an entity related by virtue of common control, of £1,123,000. During the year, the Group made purchases from Kapff Medical an entity related by virtue of common Director, of £44,225. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33. Amounts owed by related parties who are related by virtue of control: 2025 £

2024 £

Keltbray Limited Limited

3,511,457

–

Keltbray Developments Limited

6,496,827

4,143,698

–

3,355,266

Kerr Partnership LLP Greenshire Limited

–

676,684

Callender St Trustees (Sandy Lane)

212,089

211,842

Tearmann Care Ireland Limited

27,679

–

164,352

10,248,052

8,551,842

2025 £

2024 £

2,565,547

(126,424)

2,565,547

(126,424)

BMJ Waste Limited

Amounts owed to related parties:

Directors current account

Amounts owed to related parties who are related by virtue of common control:

Keltbray (BE) Holdings Limited

2025 £

2024 £

1,033,433

–

Kerr Partnership LLP

42,711

–

Keltbray Fleet Limited

113,044

(279,657)

Crumlin Capital Limited

284,068

878,054

–

1,150,000

Keltbray Developments Limited Arcs Energy Limited

Keltbray | Annual report | 2025

–

168,430

1,473,256

1,916,827

Notes to the financial statements cont.

KELTBRAY GROUP LIMITED Year ended 31 October 2025

Company The Company has taken advantage of the exemption contained in paragraph 33.1A of FRS 102 not to disclose any transactions with its 100% owned subsidiary undertakings on the grounds that the consolidated financial statements are publicly available. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33 32. COMPARATIVE INFORMATION Comparative information has been reclassified where necessary to conform to the current financial year. There was no impact on reported profit for the year ended 31October 2024, or on retained earnings as at 1 November 2024, or on net assets as at 31 October 2024. 33. EVENTS AFTER THE REPORTING DATE There have been no events affecting the Company since the year end. 34. CONTROLLING PARTY At 31 October 2025, the Company was 67% owned by Project Osprey Holdings Limited and 33% owned by Keltbray (BE) Holdings Limited. The Company's ultimate controlling party is B Kerr who is the majority shareholder of Project Osprey Holdings Limited. The largest and smallest group in which the group is consolidated is Keltbray Group Limited. The address is St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA.

This report was written, designed and produced by Keltbray Communications Team. No part of it may be reproduced without the prior permission of Keltbray Group Limited. Keltbray | Annual report | 2025

SCAN TO WATCH OUR FILM Watch our corporate film to find out what we do and how we are redefining the way sustainable development is delivered

REDEFINING SUSTAINABLE DEVELOPMENT

Ferry Works Summer Road Thames Ditton KT7 0QJ T: +44 (0) 20 7643 1000 E: enquiries@keltbray.com keltbray.com © This document is the copyright of Keltbray Group Limited. Any unauthorised reproduction or usage by any person other than the addressee is strictly prohibited.