Ahead of today’s AGM, the group said performance since January had remained in line with expectations, with the board still targeting high single‑digit growth in profit from operations this year. Its diversified contract mix continues to shield the business from wider economic volatility and inflationary pressures.

The UK energy market continues to be one of Balfour Beatty’s strongest drivers. The power transmission business is delivering a growing pipeline of grid upgrade schemes for National Grid, SSEN and Scottish Power, with 15 projects currently in design. Most are expected to move into construction within the next 18 months, at which point their full value will be added to the order book.

Momentum also strengthened across UK transport.

Key awards included:

• the £138 million North Hykeham Relief Road dual carriageway and bridge scheme in Lincolnshire
• the £315m Warwickshire Highways Maintenance contract, which could rise to £900m over 13 years if extension options are exercised.

These wins helped keep the forward order book broadly in line with year‑end levels, supported by the group’s disciplined, selective bidding strategy.

Balfour Beatty is sharpening its push into the expanding UK defence sector. During Q1, the group launched multiple pursuits for major Defence Nuclear Enterprise construction frameworks, positioning itself for long‑term growth in one of the UK’s fastest‑rising infrastructure markets.

The group’s US operations also delivered a strong start to the year, with significant new awards including:

• a $270m redevelopment at Fort Carson military base in Colorado, delivering around 400 new homes for army families
• a $150m data centre for a long‑term client in the Northwest
• a $140m high school project in California

In Hong Kong, Gammon — Balfour Beatty’s 50:50 joint venture — secured two major schemes:

• a new train station in the Northern Metropolis development zone
• a residential project on Lantau Island, worth around £330m to Balfour Beatty’s share

The group’s balance sheet remains a key strength. Average monthly closing net cash for the first quarter reached £1.554bn, up from £1.212bn a year earlier. The Board continues to expect 2026 average net cash to fall within the £1.3bn–£1.5bn range.

Its £200m share buyback remains on track for completion by year‑end, with £54m repurchased so far.