Balfour Beatty PLC, a leading international infrastructure group, reported strong financial results for the full year ended December 31, 2025. The company achieved significant growth in earnings and order book, with a 23% increase in its order book to £22.7 billion, driven by new UK power generation projects. Revenue grew by 8% to £10.767 billion, and underlying profit from operations (PFO) from earnings-based businesses rose by 16% to £293 million.
Key highlights include
**Financial Performance**Underlying profit after tax increased to £239 million, and underlying EPS grew by 9% to 47.6p. The company also reported strong cash generation, with average net cash increasing to £1,212 million.
**Dividends and Share Buybacks**Balfour Beatty increased its full-year dividend by 12% to 14 pence per share and announced a £200 million share buyback for 2026, reflecting its commitment to returning value to shareholders.
**Strategic Growth**The company made progress across its diverse portfolio, with UK Construction surpassing its 3% margin target a year ahead of schedule and Support Services achieving an 8.5% PFO margin.
**Market Position**Balfour Beatty strengthened its position in chosen markets, particularly in UK power transmission and US buildings, and secured significant new projects, including UK power generation and defense contracts.
**Sustainability and People**The company continued to invest in its people and technology, focusing on productivity and operational excellence. It also made progress in sustainability, reducing carbon emissions and delivering social value.
Despite challenges in the US Civils business due to cost overruns on a specific project, Balfour Beattys overall performance was robust, with further profitable growth forecast for 2026 and 2027. The companys strong balance sheet, resilient business model, and strategic focus on high-growth markets position it well for continued success.
| Metric | 2024 (£ million) | 2025 (£ million) | Change (£ million) | Change (%) |
|---|---|---|---|---|
| Revenue | 10,015 | 10,767 | 752 | 7.5% |
| Underlying Profit from Operations (PFO) | 252 | 293 | 41 | 16.3% |
| Profit Before Tax | 289 | 323 | 34 | 11.8% |
| Profit for the Year | 227 | 239 | 12 | 5.3% |
| Basic Earnings per Share (pence) | 43.6 | 47.6 | 4.0 | 9.2% |
| Order Book (£ billion) | 18.4 | 22.7 | 4.3 | 23.4% |
| Net Cash (excluding non-recourse net borrowings and lease liabilities) | 943 | 1,446 | 503 | 53.4% |
| Average Net Cash (excluding non-recourse net borrowings and lease liabilities) | 766 | 1,212 | 446 | 58.2% |
| Net Debt (including non-recourse net borrowings and lease liabilities) | (335) | (411) | (76) | (22.7%) |