Balfour Beatty (BBY) H1 2026 earnings summary

Executive summary

• Delivered strong and profitable growth in the first half of 2026, with robust cash generation and momentum across core markets in the UK, US, and Asia.

• Maintained a substantial order book at £22.9 billion, supporting future revenue and earnings visibility.

• Upgraded full-year guidance for profit from operations (PFO) and average net cash.

• Shareholder returns supported by a £200 million share buyback programme and increased interim dividend by 12% to 4.7p per share.

• Successfully concluded the US monitorship, reducing compliance costs and enabling renewed focus on US operations.

Financial highlights

• Revenue grew by 8% year-over-year to £5,563 million; underlying PFO from earnings-based businesses up 42% to £153 million.

• Group profit from operations increased 55% to £119 million; basic EPS up 51% to 21.7p.

• Average net cash improved to £1,616 million; period-end net cash at £1,708 million.

• Interim dividend up 12% to 4.7p per share; total shareholder returns expected at £267 million in 2026.

• Directors’ valuation of Investments portfolio steady at £1.1 billion.

Outlook and guidance

• Upgraded guidance: low double-digit PFO growth expected for full year, ahead of previous guidance.

• Net finance income guidance raised to £35–40 million; average net cash expected at £1.5–1.7 billion.

• Infrastructure Investments to deliver small PFO loss pre-disposals, with gains on disposals in the £5–15 million range.

• No change in Infrastructure Investments guidance.

• Positive long-term outlook supported by robust order book and growth in core markets.