Keller Group Plc – Annual Financial Report

24 March 2026

Keller Group plc

Annual Report and Accounts for the year ended 31 December 2025

Keller Group plc («Keller», the «Company») announces that the Annual Report and
Accounts for the year ended 31 December 2025 («Annual Report 2025») is available
to view on the Investors section of the Company’s website at Investor centre |
Keller Group plc (https://investors.keller.com/).

In compliance with UK Listing Rule 6.4.3R, a copy of the Annual Report 2025 has
been submitted to the National Storage Mechanism via the FCA’s Electronic
Submission System and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

In accordance with DGTR 6.3.5R, this announcement contains information in the
Appendix about the principal risks and uncertainties, the Directors’
responsibility statement and note 29 to the accounts on related party
transactions. This information has been extracted in full unedited text from the
Annual Report 2025. This material should be read in conjunction with and is not
a substitute for reading the full Annual Report 2025. References to page numbers
and notes in the Appendix refer to those in the Annual Report 2025. A condensed
set of financial statements was appended to the Keller’s preliminary results
announcement issued on 3 March 2026.

For further information, please contact:

Keller Group plc www.keller.com

Silvana Glibota-Vigo, Group Head of Secretariat                              020
7616 7575

Notes to editors:

Keller is the world’s largest geotechnical specialist contractor providing a
wide portfolio of advanced foundation and ground improvement techniques used
across the entire construction sector. With around 10,000 staff and operations
across five continents, Keller tackles an unrivalled 5,500 projects every year,
generating annual revenue of c£3bn.

LEI number:        549300QO4MBL43UHSN10

Appendix

Principal risks and uncertainties

We list on the following pages the principal risks and uncertainties as
determined by the Board that may affect the Group and highlight the mitigating
actions that are being taken. The content of the table, however, is not intended
to be an exhaustive list of all the risks and uncertainties that may arise.

What we review when assessing our principal and key risks:

Risk Risk velocity Measuring how quickly the risk reaches its impact
ownership assessment in the event the risk crystallises.
Each risk
has a
named
owner. In
addition,
each
principal
risk is
sponsored
by a
member of
the
Executive
Committee,
who drives
progress.
Likelihood Mitigating actions Further controls and mitigating activities
and impact required to further mitigate likelihood or impact of the risk.
Managed
through a
globally
applied
five-by
-five
scoring
matrix.
Net risk Strategic levers Capturing the impact on the Group’s strategic
After levers and interdependencies between principal risks.
mitigating
controls
are taken
into
account.
Risk Emerging risks Any relevant emerging risks where the principal
appetite risk is impacted captured under medium and long-term assessed
Defined at risks.
a risk
category
level and
split into
five
levels.

All principal risks are detailed in a standardised format. This ensures an
effective and consistent review, understanding, monitoring and
reporting throughout the Group, both in the terminology and the assessment
itself. The top-down process includes a rigorous review by both the Executive
Committee and the Board twice a year. The bottom-up process includes at least
quarterly reviews facilitated by the Group Head of Risk and Assurance at a
business unit level across the Group. In addition, deep dive reviews are
conducted as required with results fed into respective reviews.

Financial risk

1. Inability
to finance
our business

Risk owner –
Chief
Financial
Officer

Link to Description Causes
strategy: and impact · Failure to
2, 3 Failure to accurately forecast
sufficiently material exposures
Timeframe: and and/or manage the
MT LT effectively financial resources
manage the of the Group.
Link to financial
viability: strength of
Yes the Group
Reduced could lead it
facility to:
headroom · Fail to
meet required
tests that
allow it to
continue to
use the going
concern basis
in preparing
its financial
statements.
· Fail to
meet financial
covenant
tests,
potentially
leading to a
default event.
· Have a
lack of
available
funds,
restricting
investment in
growth
opportunities,
whether
through
acquisition or
innovation.
· Be unable
to meet
dividend
payment
requirements.

Mitigation Movement
and internal since 2024
controls Constant
· risk
Centralised Seven-year
Treasury £400m RCF
function that secured
is (initial
responsible five years
for managing with two one
key financial -year
risks, extensions).
including The first
liquidity and RCF one-year
credit extension
capacity. request was
· Mixture submitted to
of long-term the RCF
committed agent.
debt with Acceptance
varying of the
maturity extension
dates which has been
comprise a given,
£400m extending
revolving the RCF
credit maturity to
facility June 2030.
maturing in This, along
2031 and a US with
private continued
placement strong
debt of operational
$300m, with performance
$120m in 2025,
maturing in demonstrates
2030 and a clear
$180m ability to
maturing in manage both
2033. existing and
· The Group future
maintains risks.
significant
undrawn
facilities
within a high
-quality RCF
bank
syndicate,
which
underpins the
liquidity
requirements
of the Group.
· Strong
free cash
flow profile
– flexibility
on capital
expenditure
and ability
to reduce
dividends.
· Embedded
procedures to
monitor the
effective
management of
cash and
debt,
including
weekly cash
reports and
regular cash
flow
forecasting
to ensure
compliance
with
borrowing
limits and
lender
covenants.
· Culture
focused on
actively
managing our
working
capital and
monitoring
external
factors that
may affect
funding
availability.

Market risk

2. A rapid
downturn
in our
markets

Risk owner
– Chief
Financial
Officer

Link to Description Causes
strategy: and impact · Customers postponing
1, 3 Inability to or reducing investment in
maintain a ongoing and new projects
Timeframe: sustainable at short notice.
MT LT level of · Impact of increasing
financial inflation, especially in
Link to performance steel, cement and energy.
viability: throughout · Political instability
Yes the leading to disruption in
Revenue construction supply chains impacting
decline industry both availability
market cycle, and price.
which grows
more than
many other
industries
during
periods of
economic
expansion and
falls harder
than many
other
industries
when the
economy
contracts.
Any
significant,
sustained
reduction in
the level of
customer
activity
could
adversely
affect the
Group’s
strategy,
reducing
revenue and
profitability
in the short
and medium
term, and
negatively
impact the
longer-term
viability of
the Group.

Mitigation Movement
and since 2024
internal Constant
controls Risk
· The The Group
diverse continues to
markets in maintain a
which the very strong
Group order book
operates, across all
both in divisions at
terms of near record
geography levels.
and market Inflation
segment, and interest
provide rate risk is
protection now
to beginning to
individual abate in
geographic Keller’s key
or segment markets.
slowdowns. Geopolitical
· uncertainty
Leveraging continues
the global both due to
scale of the
the Group, conflicts in
talent and Ukraine and
resources Gaza, plus
can be the impacts
redeployed of US tariff
to other policy.
parts of
the
company
during
individual
market
slowdowns.
· Having
strong
local
businesses
with in
-depth
knowledge
of the
local
markets
enables
early
detection
and
response
to market
trends.
· The
diverse
customer
base, with
no single
customer
accounting
for more
than 4% of
Group
revenue,
reduces
the
potential
impact of
individual
customer
failure
caused by
an
economic
downturn.

Strategic risks

3. Losing
our market
share

Risk owner
– Chief
Financial
Officer

Link to Description and Causes
strategy: impact · Increased
1, 3 Inability to competitor
activity
achieve sustainable especially in
tight
Timeframe: growth, whether or contracting
ST MT through organic markets.
growth acquisition, · Failure to
Link to new products, new adjust to changing
viability: geographies or customer demands
or
Yes industry-specific fully understand
Revenue solutions, may: and meet
decline
their requirements.
· Jeopardise our · Inability to
position as the identify changes
in
preferred market demands,
international including changes
geotechnical to promote
specialist sustainability.
contractor.
·    Lead to
inefficiencies and
increased operating
costs, which in
turn could impact
our ability to
deliver balanced
profitable growth,
which is a key
component of our
strategy.
· Failure to
deliver on our key
strategic objective
may result in the
loss of confidence
and trust of our
key stakeholders
including
investors,
financial
institutions and
customers.

Mitigation and Movement
internal since 2024
controls Constant
· An annual risk
business We
strategy continued
planning cycle to see
from which we strong
identify performance
growth across
opportunities Keller
and actions to supported
address market by the
developments, diverse
which are product
monitored at range to
local, maintain
divisional and and grow
Group level. our market
· Continued share.
analysis of
existing and
target markets
to ensure
opportunities
that they
offer are
understood.
· Business
development
and
opportunities
pipeline which
is sector
agile to
growth
segments of
the
construction
market.
· A
geographically
diverse local
branch network
which
facilitates
customer
relationships
and helps
secure repeat
work.
·
Continually
seeking to
differentiate
our offering
through
service
quality, value
for money and
innovation.
· Defined
Group M&A
Standard to
ensure
appropriate
due diligence
of target
companies
including
operational
and cultural
differences,
potential
synergies and
carefully
managed
integration
plans.

4. Ethical
misconduct
and non
-compliance
with
regulations

Risk owner
– General
Counsel and
Company
Secretary

Link to Description and Causes Failure to comply with laws,
strategy: impact regulations or the Code of Business Conduct
2 Keller operates could stem from:
in many · Failure to establish a robust corporate
Timeframe: different culture.
ST jurisdictions ·    Failure to identify or adequately
and is subject address compliance risks, including new laws
Link to to various and regulations.
viability: laws, ·    Failure to embed the Group’s values
Yes regulations and and behaviours across the entire
One-off other legal organisation.
costs requirements. ·    Failure to have clear compliance
Failure to policies and procedures.
comply with ·    Failure to have a robust training and
those laws or monitoring programme in place.
regulations or ·    Inadequate due diligence in M&A
the Code of process.
Business ·    Deliberate non-compliance.
Conduct could
leave the Group
exposed to:
· Instances
of bribery and
corruption.
· Fraud and
deception.
· Human
rights abuses,
such as modern
slavery, child
labour abuses
and human
trafficking.
· Unfair
competition
practices.
· Unethical
treatment
within our
supply chain.
· Personal
data breaches.
This could also
apply to M&A
activity in
relation to
past deeds of
acquired
companies.These
failures could
result in
regulatory
investigations
and legal
proceedings,
leading to
fines and
penalties,
reputational
damage and
business
losses.

Mitigation and Movement since 2024
internal Constant Risk
controls We continue to review and refresh our
· A Code of compliance policies and training programme.
Business We have updated our procedures to reflect
Conduct that the introduction of the UK ‘failure to
sets out prevent fraud’ offence in September 2025.The
minimum Compliance Committee was formed in Q4 2025
expectations to oversee, support and advance Keller’s
for all ethics and compliance programme.
colleagues in
respect of
ethics,
integrity and
legal
requirements,
that is updated
regularly and
is backed by a
training
programme to
ensure that it
is fully
embedded across
the Group.
·
Compliance
policies and
procedures
which underpin
the Code of
Business
Conduct.
·    Ethics
and Compliance
Officers in
every business
unit who
support the
ethics and
compliance
culture and
ensure best
practice is
communicated
and embedded
into local
business
practices.
·    Regular
risk reviews
across the
Group to ensure
compliance
risks are
identified and
addressed.
·    Ethics
and compliance
updates to the
Audit and Risk
Committee semi
-annually.
·    A Group
M&A Standard
that sets out
the approach
and process to
be followed for
any M&A
activity.
·    An
independent
third-party
whistleblowing
helpline that
is actively
promoted.
Complaints are
independently
investigated by
the Compliance
and Internal
Audit teams and
appropriate
action taken
where
necessary.
·    A
Compliance
Committee with
representation
from the
divisions and
functions.

5. Inability
to maintain
our
technological
product
advantage

Risk owner –
Chief
Construction
Officer

Link to Description Causes
strategy: and impact · Failure to
1, 2, 3 Keller has a maintain
history of investment in
Timeframe: innovation innovation and
MT LT that has digitisation.
given us a · Increased
Link to technological competitor
viability: advantage investment in
No which is innovative
recognised by solutions.
our clients · Failure to
and continue to
competitors. invest
Failure in our people.
to maintain
this
advantage
through the
continued
technological
advancements
in our
equipment,
products and
solutions
may:
· Impact
our position
in the
market.
· Result in
us not being
selected for
key complex,
high-value
projects
that support
the Group
strategy.
· Result in
the loss of
reputation
for
delivering
the best
engineered
solutions.

Mitigation and Movement
internal since
controls 2024
· Innovation Constant
initiatives risk
developed at
both Group and
divisional
level to ensure
a structured
approach to
innovation is
in place across
the Group.
· Innovation
in low-carbon
materials
(cement,
concrete,
cement-free
binders), by
carrying out
field trials
and
collaborating
with cement
suppliers and
other companies
innovating in
this space.
·
Digitisation
initiatives
focusing on
strategy of
facilitating
equipment
and operational
data capture.
· We take a
leadership role
in the
geotechnical
industry, with
many of our
team playing
key roles in
professional
associations
and industry
activities
around the
world.
· Global
product teams
set standards,
provide
guidance and
disseminate
best practice
across the
Group.
· Continued
investment in
both external
and internal
equipment
manufacture.

6. Climate
change

Risk owner –
Chief
Construction
Officer

Link to Description and Causes
strategy: impact · Failure to
1, 2, 3 Climate change update product
is a global and equipment
Timeframe: threat and offerings in
ST MT LT failure to line with both
manage and legislation and
Link to mitigate it customer
viability: could lead to: demand.
Yes · An
One-off inability to
costs achieve
Keller’s
commitment to
deliver
solutions in an
environmentally
conscious
manner, which
may in turn
have a negative
impact on our
reputation,
affect employee
morale and lead
to a loss of
confidence from
our customers,
suppliers and
investors.
· Product
offerings and
equipment used
becoming
obsolete
because they
are no longer
compliant with
environmental
standards.
· Remediation
of non
-compliant work
at our own
expense to
maintain
compliance.

Mitigation and Movement since
internal 2024
controls Constant risk
· We continue to
Sustainability win project
Steering opportunities
Committee that related to
is responsible climate
for resilience.
integrating This is
sustainability tempered by
targets and the
measures into introduction
the Group of more
business plan legislation
to relating to
successfully climate
drive changes impact, eg
important to CSRD in
the company. Europe. We
· Scope 1 continue to
and 2 carbon focus on
emissions delivering
verified by against our
accredited sustainability
external third targets and
party (Carbon meeting TCFD
Intelligence). reporting
· Carbon requirements.
calculator
tool used to
identify/improv
e carbon
efficiency.
· Processes
to meet TCFD
requirements
embedded into
business-as
-usual
activities.
· Cross
-functional
working group
created to
understand and
develop
processes and
procedures to
meet the
Corporate
Sustainability
Reporting
Directive
(CSRD)
legislation.

Operational risks

7. Ineffective
management of
our projects

Risk owner –
Chief
Construction
Officer

Link to Description Causes
strategy: and impact · Misinterpretation of client
1,2 Inability to requirements or miscommunication of
successfully requirements by the client may lead to a
Timeframe: deliver poorly designed solution and consequently
ST projects in failure.
line with the · Failure to understand and engage with
Link to agreed the customer on a balanced approach to
viability: customer allocation or sharing of risk in the
Yes requirements contract.
Contract (while · Failure to identify and manage risks in
margin decline maintaining our projects to ensure that they are
satisfactory delivered on time and to budget, eg due to
and unforeseen ground and site conditions,
appropriate weather-related delays, unavailability of
contractual key materials, workforce shortages or
terms), site equipment breakdowns.
and loading · Lack of comprehensive understanding of
conditions contract obligations.
and local · Inadequate resources (people, physical
constraints assets and materials).
(eg
neighbouring
buildings).
In addition,
an inadequate
design of a
customer
product
and/or
solution or
failure to
effectively
manage
suppliers may
lead to:
· Cost
overruns,
contractual
disputes and
a failure to
meet quality
standards,
damaging our
reputation
with the
customer and
giving rise
to potential
regulatory
action and
legal
liability,
ultimately
impacting
financial
performance.
· Delays to
executing
projects
waiting for
materials and
ongoing
business
disruption,
along with
additional
costs to find
alternative
suppliers.
· Exposing
the Group to
long-term
obligations
including
legal action
and
additional
costs to
remedy
solution
failure.

Mitigation Movement since 2024
and internal Constant Risk
controls Project execution in 2025 continued to
· Ensuring maintain the improvement trend witnessed
we understand throughout 2024. The new Project
all of our Performance Management process was
risks successfully trialled in three branches in
throughout North America and will put in place better
the Project controls to ensure continued effective
Performance execution of projects across Keller.
Management Following the successful trial, full
process and rollout across Keller will commence in Q1
applying 2026.
rigorous
policies and
processes to
manage and
monitor risks
and contract
performance.
· The Group
has
professional
commercial/con
tracts
personnel and
lawyers
engaged when
negotiating
contracts.
· Ensuring
we have high
-quality
people
delivering
projects.
Keller’s
Project
Management
Academy and
Field
Leadership
Academy are
designed to
create
project
managers with
a consistent
skill set
across the
entire
organisation.
The academies
cover a broad
range of
topics
including
contract
management,
planning,
risk
assessment,
change
management,
decision
-making and
finance.
·
Continuing to
enhance our
technological
and
operational
capabilities
through
investment in
our product
teams,
project
managers and
our
engineering
capabilities.
· High
-quality
safety
standards for
operations
(eg platform,
cage
handling),
equipment
standards and
fleet
renewal.
· The
Project
Lifecycle
Management
(PLM)
Standard aims
to drive a
consistent
approach to
project
delivery with
robust
controls at
every project
phase. This
is currently
being updated
and will be
renamed
Project
Performance
Management
(PPM).
Alongside the
updated
standard will
be an app to
support the
efficient and
effective
execution of
projects.
· The Group
has developed
long-term
partnerships
with key
suppliers,
working
closely with
them to
understand
their
operations,
but is not
over-reliant
on any single
one, with an
extensive
network of
approved
suppliers in
place across
the
organisation
to support
its strategic
ambitions.
· A Supply
Chain Code of
Business
Conduct that
sets out
minimum
expectations
for all
suppliers in
respect of
ethics,
integrity and
regulatory
requirements,
that is
updated
annually.

8. Causing
a serious
injury or
fatality
to an
employee
or a
member of
the public

Risk owner
– Chief
HSEQ
Officer

Link to Description Causes
strategy: and impact · Inadequate risk
2 Failure to identification,
maintain high assessment
Timeframe: standards of and management.
ST health and · Lack of clear
safety, and leadership driving the
Link to an increase safety culture.
viability: in serious · Lack of employee
Yes injuries or competency.
One-off fatalities · Conscious decision
costs leading to: taken by employee to
· An shortcut approved
erosion of process to benefit
trust of production.
employees and · Poorly designed
potential processes that do not
clients. eliminate or mitigate
· Damage to risk.
staff morale, · Lack of focus on
an increase the wellbeing and
in employee mental
turnover health of employees and
rates JV partners.
and a
decrease in
productivity.
· Threat of
potential
criminal
prosecutions,
fines,
disbarring
from
future
contract
bidding and
reputational
damage.

Mitigation and Movement
internal since
controls 2024
· Board-led Constant
commitment to Risk
drive health
and safety
programmes and
performance
with a vision
of zero harm.
· An
emphasis on
safety
leadership to
ensure both
HSEQ
professionals
and
operational
leaders drive
implementation
and
sustainment of
our safety
standards
through
ongoing site
presence,
using safety
tours, safety
audits, safety
action groups
and mandatory
employee
training.
· Ongoing
improvement of
existing HSEQ
systems to
identify and
control known
and emerging
HSEQ risks,
which conform
to internal
standards.
· Incident
Management
Standard and
incident
management
software
driving a
robust and
consistent
management
process across
the
organisation
that ensures
the cause of
the incident
is identified
and actions
are put in
place to
prevent
recurrence.

9. Not
having the
right
skills to
deliver

Risk owner
– Chief
People
Officer

Link to Description and Causes
strategy: impact ·
1, 2, 3 Failure to attract, Inability to
develop and retain recruit and
Timeframe: the retain
ST MT LT right people could strong
negatively impact performers.
Link to our: · Lack of
viability: · Capability to win a diverse
No and execute work workforce.
safely and · Failure
efficiently. to maintain
· Ability to stay and promote
ahead of our the Keller
competition. culture.
· Reputation and ·
the confidence of our Overheating
key stakeholders. of market
causing
significant
increase in
demand or
competition
for people.
· Lack of
visibility
of long-term
pipeline for
career
progression
resulting in
existing
employees
leaving the
business.
· Post
COVID-19
recovery
driving
increase in
attrition or
people
leaving
sector.
· Pressure
from wage
inflation
and
increased
offers from
competition.

Mitigation and Movement
internal controls since 2024
· Continuing to Constant
invest in our RiskThere
people and are still
organisation in some
line with the pockets of
four pillars of pressure on
the Keller People competition
agenda as noted for skilled
below. personnel
· Ensuring that in some
the `Right parts of
Organisation’ is Keller.
in place with However,
people having generally,
clear job markets
accountabilities; are
each beginning
organisational to show
unit is properly signs of a
configured with a slowdown,
matrix of line which will
management, hopefully
functional ease this
support and issue. The
product focus
expertise. remains on
· As an retaining
industry leader, staff with
that Keller is the right
made up of `Great skills to
People’ that are deliver.
well trained,
motivated and
have
opportunities to
develop to their
full potential.
Project managers
and field
employees receive
comprehensive
training
programmes which
cover a broad
range of topics
including
contract
management,
planning, risk
assessment,
change
management,
decision-making
and finance.
· A strong
focus on the
`Exceptional
Performance’ of
employees in
delivering
commercial
outcomes safely
for Keller based
upon project
successes for our
customers.
Business leaders
are incentivised
to deliver their
annual financial
and safety
commitments to
the Group.
· The `Keller
Way’ provides
guidance to the
company’s
employees and
leaders to comply
with local laws
and work within
Keller’s values
and Code of
Business Conduct.

10. Information
Technology,
cyber security
and assurance

Risk owner –
Chief
Information
Officer

Link to Description and impact Causes
strategy: Failure, degradation · Failure to
1, 2, 3 or error in IT systems maintain
or cyber security appropriate
Timeframe: incidents could result threat
ST in: prevention,
· Loss of identification
Link to intellectual property and resolution
viability: and mechanisms
No competitive advantage. either
· Loss of personal technically or
data. through
· Operational impact processes.
restricting the · Poor
ability to carry out internal
business-critical governance.
activities. · Failure to
· Potential fines embed
and penalties. preventative
· Reputational culture.
damage leading to loss · Lack of or
of inadequate
market and customer training and
confidence. awareness
· Failure to meet leading to
client IT or security mistakes and
requirements to win or errors.
maintain contracts. ·
Inconsistent
approach to
data security,
especially
with JV
partners and
external third
parties.
· Cyber
attacks.
· Failure to
obtain or
maintain
external
security
certifications
that are
required by
clients.

Mitigation and Movement
internal since
controls 2024
· The Group Constant
has a cyber Risk
security and
information
assurance team
and is
utilising zero
-trust layered
technology.
· The Group
has created an
Information
Security
Management
System
framework,
referencing
industry
standards to
ensure
appropriate
governance,
control and
risk
management and
then onward
management for
compliance,
maturity and
development of
service.
·
Introduction
of technical
capabilities
and services
to further
enable
prevention,
detection,
prediction and
response
services.
· Multi
-factor
authentication
for all users
prevents
unauthorised
access to
Keller’s
networks and
applications
and further
controls limit
access to only
Keller
-approved
devices.
· Advanced
threat
protection on
all IT
equipment
delivers
comprehensive,
ongoing and
real-time
protection
against
viruses,
malware and
spyware.
· Data
protection
framework to
ensure
compliance
with the
General Data
Protection
Regulation
(GDPR) and
other
standards of
data
protection.
· Proactive
threat-hunting
throughout the
environment.

Responsibility statement of the Directors in respect of the Annual Report and
the financial statements

We confirm that to the best of our knowledge:

· the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company and the undertakings
included in the consolidation as a whole; and
· the Strategic report and the Directors’ report, including content contained
by reference, includes a fair review of the development and performance of the
business and the position and performance of the company and the undertakings
included in the consolidation taken as a whole, together with a description of
the principal risks and uncertainties that they face.

The Board confirms that the Annual Report and the financial statements, taken as
a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group’s position and performance,
business model and strategy.

29 Related party transactions

Transactions between the parent, its subsidiaries and joint operations, which
are related parties, have been eliminated on consolidation. Other related party
transactions are disclosed below:

Compensation of key management personnel

The remuneration of the Board and Executive Committee, who are the key
management personnel, comprised:

2025 2024
£m £m
Short-term employee benefits 8.7 8.5
Post-employment benefits 0.3 0.3
Termination payments – –
9.0 8.8

Other related party transactions

As at 31 December 2025, there was a net balance of £nil (2024: £nil) owed by the
joint venture. These amounts are unsecured, have no fixed date of repayment and
are repayable on demand.

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