Kier Group

1 Kier Group Interim results for the six months ended 31 December 2017. 15 March 2018. Kier Group plc Interim results for the six months ended 31 December 2017 1. Disclaimer No representation or warranty, expressed or implied, is made or given by or on behalf of Kier Group plc (the Company and, together with its subsidiaries and subsidiary undertakings, the Group ) or any of its directors or any other person as to the accuracy, completeness or fairness of the information contained in this presentation and no responsibility or liability is accepted for any such information. This presentation does not constitute an offer of securities by the Company and no investment decision or transaction in the securities of the Company should be made on the basis of the information contained in this presentation.

2 This presentation contains certain information which the Company's management believes is required to understand the performance of the Group . However, not all of the information in this presentation has been audited. Further, this presentation includes or implies statements or information that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may use forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should". By their nature, forward-looking statements involve risks and uncertainties and recipients are cautioned that any such forward-looking statements are not guarantees of future performance. The Company's or the Group 's actual results and performance may differ materially from the impression created by the forward-looking statements or any other information in this presentation.

3 The Company undertakes no obligation to update or revise any information contained in this presentation, except as may be required by applicable law or regulation. Nothing in this presentation is intended to be, or intended to be construed as, a profit forecast or a guide as to the performance, financial or otherwise, of the Company or the Group whether in the current or any future financial year. This presentation and its contents should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Certain information in this presentation has been extracted from the announcement of interim results made by the Company on 15 March 2018 and this presentation is not a substitute for reading that announcement in full.

4 Kier Group plc Interim results for the six months ended 31 December 2017 2. Haydn Mursell Chief Executive Kier Group plc Interim results for the six months ended 31 December 2017 3. Agenda Overview Highlights Vision 2020 progress Financial and operational overview A market and client-led strategy Summary and outlook Kier Group plc Interim results for the six months ended 31 December 2017 4. Highlights Good first half performance Two-year portfolio simplification concluded Investment levels in Property and Residential sufficient to deliver Vision 2020 targets Robust order books and pipelines Increased future visibility Interim dividend of per share On course to deliver double-digit profit growth in 2018 and on track with Vision 2020 goals Kier Group plc Interim results for the six months ended 31 December 2017 5.

5 On track with Vision 2020 targets Key metrics 2020 target December 2017. Annual average operating profit growth >10% On target Property ROCE >15% Ahead Residential ROCE to 15% Improving and on track Construction EBITA to On track Services EBITA to On track Net debt: EBITDA 1:1 Achieved Dividend cover 2x Improving and on track Kier Group plc Interim results for the six months ended 31 December 2017 6. Corporate responsibility Accident incidence rate (AIR) December 2017. 450. HSE Benchmark 400. 350. 300. 250. 200. 150. 100 97. 50. 0. Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17. Safety Environment Industry-leading AIR <100 30x30 energy strategy launched and in progress Workforce health and wellbeing improved Training and development Customer experience Active member of the 5% Club 91% recommend us Shaping your World' campaign launched to improve Investment in Oracle the image of the industry Finance, HR, Procurement Kier Group plc Interim results for the six months ended 31 December 2017 7.

6 Market-leading positions Strong long-term fundamentals Infrastructure Services Buildings Developments &. Housing c. 2bn c. 2bn c. 1bn Revenue Revenue Revenue Invest, build and maintain all asset classes Repeat clients and clients working with 2+ businesses > 50% of revenue Kier Group plc Interim results for the six months ended 31 December 2017 8. Bev Dew Financial and operational review Kier Group plc Interim results for the six months ended 31 December 2017 9. Financial highlights Good performance in line with management expectations Operating profit1 of up 5%. Earnings per share1 of up 3%. Net debt of 239m in line with expectations Order book of c. with potential extensions of c. Interim dividend of 23p up 2%. 1. Arising on continuing operations, stated before non-underlying items.

7 Kier Group plc Interim results for the six months ended 31 December 2017 10. 1. Operating profit Progression towards Services Property Residential Construction Services 10% 11% 15%. 21% 25% 9% 11%. 41% 11%. 1%. 47% 50%. 51m 57m 1%. 56%. 70m 74m 54% 82m 25%. 31% 28%. 33% 20%. HY14 HY15 HY16 HY17 HY18. 1. Arising on continuing operations, stated before non-underlying items, excluding corporate costs. Kier Group plc Interim results for the six months ended 31 December 2017 11. Income statement EPS and dividend growth 3. Six months to 31 Dec 2017 Six months to 31 Dec 2016 Change m m %. Revenue1 2,154 2,001 +8. Operating profit 2. Property +58. Residential +7. Construction -20. Services +19. Corporate ( ) ( ) +33. Underlying operating profit +5.

8 Underlying operating profit margin Net finance cost2 ( ) ( ) +10. Profit before tax2 +4. Basic earnings per share2 +3. Interim dividend per share +2. 1. Group and share of joint ventures for continuing operations. 2. Arising on continuing operations stated before non-underlying items. 3. Restated to classify Biogen as discontinued. Kier Group plc Interim results for the six months ended 31 December 2017 12. Property performance Stable capital generating continued long-term strong returns Financials ROCE & average capital employed m ROCE. Revenue1. 120 29%. 100 27%. 25%. 138m +200% 80. 23%. 60. Operating profit1 40. 21%. 19%. 20 17%. 0 15%. +58%. 2014 2015 2016 2017 HY18. Operational highlights Equity invested c. 200m 8 year pipeline GDV.

9 Industrial 13% Retail & leisure 13%. Average capital employed 105m ROCE stable 23% Student accommodation 15%. Offices 30%. Well-diversified end-market exposure Regional bias outside London Mixed use 29%. 1 Group and share of joint ventures from continuing operations Kier Group plc Interim results for the six months ended 31 December 2017 13. Residential performance Stable capital with ROCE increasing Financials Average capital employed m Revenue1 300. 250. 166m -2% 200. Total Operating profit1 150. Private 100. 50 Mixed tenure +7%. 0. 2014 2015 2016 2017 2018. Operational highlights ROCE. 3 year land bank, equity invested c. 300m: 12% Private - Private led units ,700 Total 10%. - Mixed tenure led units ,600 8% Mixed tenure 965 units completed 6%.

10 Growing mixed tenure land led strategy 4%. 2%. - Mixed tenure pipeline 600m 0%. ROCE 11% H12014. 2014 H12015. 2015 H12016. 2016 H1 2017. 2017 H12018. 2018. 1 Group and share of joint ventures Kier Group plc Interim results for the six months ended 31 December 2017 14. Construction performance Robust order book Financials Underlying operating profit and margins m H1 FY. Revenue1 50. 40. 949m -7% 30 Operating profit1 20. 10. -20% 0. 2014 2015 2016 2017 2018. Operational highlights Contract size distribution Number Order book +12% 200. Average 7- 8m Caribbean and Hong Kong settlement concluded; 160. final cost incurred 120. Revenue second half weighted, 100% secured for 2018 80. 70% delivered through frameworks 40. Average project size 7 - 8m 0.