OCU Group - Annual Report 2026

Powering a brighter tomorrow Transforming energy and utilities infrastructure

Annual report and financial statements | 2026

About us

OCU Group continues to evolve in response to sustained demand across energy and utilities. Increasing electrification, decarbonisation and the need for resilient infrastructure are driving long-term investment across these markets. Positioned at the centre of this revolution, OCU plays a direct role in transforming energy and utilities infrastructure, combining design, build, and maintenance capabilities across power, water, digital infrastructure, and energy transformation markets. This reflects the Group’s focus on delivering critical infrastructure safely, reliably and in a way that supports a more sustainable and connected future.

Expanding capability and geographic reach

A scalable operating platform Growth continues to be supported by a scalable operating platform. Investment in shared services, technology and data enables the business to scale while maintaining control, consistency and financial discipline. Group Services underpin operations across both UK and international activities, supporting contract mobilisation, acquisition integration, and delivery at scale. This platform provides the operational foundation required to support safe delivery, governance, and continued growth. Our people OCU Group engages approximately 5,500 people across its operations and support functions. Growth in the workforce reflects both organic expansion and acquisition activity. The Group continues to invest in the recruitment, development, and deployment of the skills required to deliver increasingly complex infrastructure. A consistent focus on health, safety and wellbeing underpins all activities, ensuring that work is carried out responsibly and that people return home safely each day. Positioned for continued growth OCU enters the next phase of its development with an expanded capability set, an emerging international platform, and a consistent approach to delivery. Aligned to its focus on transforming energy and utilities infrastructure, the Group is positioned to support increasing market demand through disciplined execution, strong operational control and a continued commitment to safe delivery.

During the year, OCU has taken measured steps to extend its geographic footprint. The Group now operates across the UK, Australia and New Zealand (ANZ) and India, supported by a selective and disciplined acquisition strategy. Four acquisitions in Australia and New Zealand have established a platform for growth in the ANZ region. These businesses, detailed later in the report, provide local capability and client access, while benefiting from integration into OCU’s operating model. This expansion is supported by existing client relationships operating across these regions, thereby aligning geographic growth with client demand. The approach remains consistent: combining local delivery strength with Group systems, governance and capability to enable scale and consistency. Broadening infrastructure capabilities OCU has continued to expand its capabilities into adjacent areas aligned to market demand. In Power Transmission & Distribution, the Group has organically developed from its established distribution capability to add transmission-related work, supporting increasing requirements for grid reinforcement and high-voltage infrastructure. Alongside this expansion, the acquisition of Athena, in May 2026, brings expertise in power systems engineering, early-stage technical consultancy, grid connection strategy, and the design-to-delivery of grid and private network infrastructure. The acquisition of Valmech provided entry into the heat networks market, extending the Group’s role in delivering infrastructure that supports the transition to lower‑carbon energy systems. Across all sectors, expansion remains capability-led, ensuring growth is aligned to technical expertise, client requirements and safe, effective delivery.

Strategic report

Governance

Financial statements

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Contents

Strategic report Highlights

Financial statements Statement of Directors’ responsibilities

104

Chair’s statement

Independent auditor’s report

105

CEO report

Consolidated income statement

108

What we do

Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity

109

Our culture and values

How we do it

110

Our journey and FY26 highlights

Operational review

111

Our strategy

Consolidated cash flow statement

112

Business model

Notes to the consolidated financial statements Parent company statement of financial position Parent company statement of changes in equity Notes to the parent company financial statements

113

Sustainability highlights

Our sustainability approach

132

Environment

Social

133

Governance

134

Reporting and performance

Stakeholders & section 172

Chief Financial Officer’s review

Risks

Governance Chair’s introduction to governance

Board of Directors

Board purpose and leadership

Division of responsibilities

Governance structure

100

Committees

101

Directors’ report

102

Visit us online: ocugroup.com

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Highlights

Financial highlights 1,2

Revenue £1,221.2m

Adjusted operating profit 3 £136.1m

Adjusted EBITDA 3 £154.1m

1. OCU Group

represents Oat Topco Limited and its consolidated subsidiaries detailed in note 24. 2. Results for all years reflect twelve months of trading. 3. Adjusted EBITDA and

£1,221.2m

£136.1m

£154.1m

2025 2026 2024 2023 2022

£886.5m

£98.9m

£111.0m

£610.6m

£58.4m

£65.7m

£454.5m

£51.6m

£56.5m

adjusted operating profit are defined on page 89.

£295.2m

£40.7m

£45.5m

Operational highlights

Investing in people, safety and operational excellence

Energy transformation through integrated delivery

International expansion with a scalable platform During the year, OCU expanded its international presence through acquisitions in Australia and New Zealand, establishing a platform serving renewable energy, power infrastructure and related markets. These additions broadened the Group’s geographic footprint while creating opportunities to share operational expertise, technology and best practice across regions. The expansion reflects OCU’s disciplined approach to building long-term capability in strategically attractive markets.

The continued development of OCU’s people, culture and operating platform remained a key priority throughout the year. Investment in training, leadership development, digital systems and operational processes has strengthened the Group’s ability to scale while maintaining high standards of quality and safety. Supported by a strong safety culture and shared values, these investments ensure OCU remains well positioned to support clients and communities over the long term. Progression into transmission infrastructure OCU has organically built its presence in electricity transmission, complementing its established position within distribution networks. By combining specialist engineering, civil construction and grid connection expertise, the Group has expanded its capability to support larger and more complex infrastructure programs. This progression strengthens OCU’s ability to contribute to the modernisation and resilience of critical energy networks across the UK.

OCU continued to strengthen its position across the energy transformation landscape, delivering projects that combine design, specialist engineering, horizontal directional drilling and electrical infrastructure. This integrated approach has enabled the Group to support clients across both regulated and non‑regulated markets, providing end-to-end solutions that reduce interfaces, improve delivery certainty and create long-term relationships across the asset lifecycle. Advancing digital capability across the Group Digital innovation continued to support operational performance throughout the business. OCU’s workforce, data and operational platforms have enhanced visibility, reporting and decision-making while helping teams work more efficiently in the field. Continued investment in digital tools, automation and data-driven processes is improving productivity, strengthening client engagement and supporting consistent delivery standards across the Group.

Strategic acquisitions strengthening capability

OCU maintained its disciplined acquisition strategy, adding complementary expertise across energy, water and specialist infrastructure markets. Recent acquisitions have enhanced capabilities in areas including heat networks, power infrastructure, specialist engineering and horizontal directional drilling. Together, these additions broaden the Group’s unified service offering while supporting a consistent operating model focused on safe, efficient and high-quality delivery.

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Chair’s statement

This year marks another important milestone in OCU's evolution. Through continued disciplined growth, operational excellence and an unwavering commitment to safety, we have further strengthened our position as a leading infrastructure delivery partner across the UK while establishing a platform for long-term international growth.

David Taylor-Smith, MBE Non-Executive Chair

Building a platform for long‑term growth

Expanding capability and reach Over the past year, OCU has continued to enhance its capabilities through a combination of organic development and targeted acquisitions. The integration of businesses acquired in recent years has progressed well, broadening our expertise across specialist civil engineering, HDD technologies, mechanical and electrical services, and design capabilities. A significant milestone was the establishment of an international footprint through the acquisition and continued investment in our new Australia and New Zealand operations. Building on the acquisition of All Energy Contracting (AEC) in Brisbane in July 2025 and subsequent investments, OCU now has an established ANZ platform capable of supporting clients across multiple infrastructure sectors while creating opportunities to share expertise, talent and best practice across Group territories.

The markets in which we operate continue to benefit from powerful long-term drivers. Energy security, electrification, ageing infrastructure, digital connectivity, and environmental resilience are driving sustained long-term demand for the specialist services and solutions that OCU provides. Our strategy remains aligned with these structural trends, enabling us to invest with confidence while maintaining a balanced approach to risk and opportunity. The scale we achieved during the year is notable, but scale alone is not our measure of success. Our focus remains on quality of growth: balanced organic growth, value‑accretive and well‑integrated acquisitions, disciplined capital allocation, robust commercial control and continued strong service delivery that protects long-term value for clients, colleagues, shareholders and wider communities over time.

In the UK, we have continued to strengthen our presence within regulated Power Transmission & Distribution markets, enhancing our capabilities in transmission infrastructure. We remain a market leader in the UK energy transition market with a growing presence in battery energy storage systems (BESS) and wind projects. We also expanded our position in emerging growth areas such as heat networks. Our strong digital and power capabilities have helped us grow our presence in the data centre and rail markets and our water offering continues to grow well. These developments reflect our strategy of broadening capabilities in markets where long-term investment requirements remain compelling.

This financial year has been another important period in OCU Group's evolution. We have continued to strengthen our position across our core markets of Power Transmission & Distribution, Energy Transformation, Water & Environmental services, and Digital Infrastructure, while extending our geographic reach and broadening the capabilities available to our clients. The continued evolution of the Group has been characterised by our long‑standing commitment to disciplined growth, strong operational delivery and continued investment in our organisational capability to support long-term success. Across the Group, our focus has remained on maintaining high standards of safety, governance and client service while ensuring that OCU is best positioned to support the increasing global demand for critical infrastructure investment.

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Chair’s statement continued

Operational excellence and safety The Board continues to place safety above all other priorities. Our commitment to ensuring every colleague returns home safely remains fundamental to how we operate and make decisions. Throughout the year, the Group has continued to embed its 'Think Safe + Work Safe = Home Safe' culture across all operations. Supported by ongoing investment in leadership, training, technology and assurance processes, this approach continues to strengthen our safety performance and reinforce accountability at every level of the organisation. Alongside our safety focus, we have continued to invest in the systems, governance and operational disciplines required to support a business of increasing scale and complexity. These investments provide greater visibility, consistency and control across the Group, while maintaining the entrepreneurial culture that has been central to our success. As OCU has grown, governance has continued to evolve in step. During the year, the Board and its committees maintained regular oversight of performance, financial controls, acquisitions and integration, principal risks, succession and sustainability. Strong Group Services have supported clear and timely data and information, consistent assurance and effective decision‑making across our businesses. The Board has also kept stakeholder considerations central to its decisions. This includes balancing the long-term interests of our people, clients, supply chain partners, communities, shareholders and the environment. Through the ESG Committee and wider governance framework, we continue to assess, monitor and improve our social and environmental impact as the Group's footprint and responsibilities develop.

Looking forward OCU enters FY27 from a position of strength. We have a diversified portfolio of services, strong service delivery, a growing international presence, strong client relationships and a talented leadership team with deep sector expertise. The opportunities ahead remain significant. Governments, regulators, infrastructure owners and private investors continue to commit substantial capital towards the renewal, reinforcement and expansion of critical infrastructure. OCU is well positioned to support these programs through its design, build and maintain capabilities and its commitment to safe, high-quality delivery. Future development will remain selective and focused on delivering strong shareholder value creation, responding to clear client demand with relevant capability and our capacity to deliver safely. We will support management in strengthening the UK and Ireland and ANZ and evaluating further international opportunities at the appropriate time. This preserves local ownership and proximity while maintaining the consistency, visibility and control expected across OCU.

On behalf of the Board, I would like to thank our employees, clients, shareholders and wider stakeholders for their continued support and commitment throughout the year. Their contribution remains central to OCU's ongoing success and future development.

David Taylor-Smith, MBE Non-Executive Chair

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CEO report

Surpassing £1bn in annual revenue for the first time is a significant achievement for OCU Group. It reflects the strength of our people, the trust of our clients, and the effectiveness of a strategy built on operational excellence, disciplined growth and long‑term infrastructure investment.

Michael Hughes Chief Executive Officer

Delivering another year of strong performance

Powering a brighter tomorrow, through infrastructure delivery We have strengthened our position across our core infrastructure markets, expanded our capabilities, entered new sectors and continued to invest in the people, systems and operational excellence that underpin our long-term growth. Our purpose remains clear. We support the delivery, maintenance and renewal of critical infrastructure that enables communities, businesses and economies to thrive. Whether through regulated power networks, energy transformation projects, water infrastructure, heat networks or digital connectivity, our teams continue to play an important role in connecting the future.

Behind the headline result was continued attention to the quality and resilience of delivery. Greater consistency in contract governance, forecasting and cost-to-complete disciplines has strengthened visibility at project, business and Group level, allowing teams to identify issues earlier and direct support where most valuable. It also helps maintain a balanced portfolio of recurring framework activity and project-based work, supporting stability and selective growth. The breadth of our activities across regulated Power Transmission & Distribution, Energy Transformation, Water & Environmental, and Digital Infrastructure continues to provide resilience and opportunity. Combined with a growing international presence and increasing visibility through long-term frameworks and recurring client relationships, this provides a strong foundation for future growth.

The long-term drivers supporting our markets remain firmly in place. Increasing electricity demand, the transition towards lower-carbon energy systems, the need to modernise ageing infrastructure and the continued growth of digital connectivity requirements all reinforce the importance of the services OCU provides. These trends continue to create attractive opportunities for sustainable growth across our business. As the Group has developed, we have changed how we describe our operations to reflect the way they are now managed. Our FY26 operational review is presented first by territory – UK, and ANZ – and then through market: Power Transmission & Distribution, Energy Transformation, Digital Infrastructure and Water & Environmental. This preserves proximity to clients and local management ownership while providing a consistent Group lens across safety, commercial management, people, data and assurance. Decisions remain close to operations, supported by shared standards and services.

FY26 was a landmark year for OCU Group as annual revenue exceeded £1bn for the first time in the Group's history. This achievement reflects the continued strength of our operating model, the macro factors driving growth within our addressable markets, the quality of our client relationships and the commitment of our people across every part of the business. It should be noted, however, that while revenues exceeding £1bn is an important milestone for the Group, it is the consequence of a mindset that prioritises being the best we can be, as opposed to being the biggest. Our performance has been driven by a balanced combination of organic growth, strategic acquisitions and the continued expansion of long-standing client relationships. Importantly, this growth has been delivered while maintaining a disciplined approach to safety, operational delivery and commercial management. Across the Group, we remain focused on building sustainable value through consistent execution, strong governance and investment in capability.

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CEO report continued

Broadening our capabilities During the year we continued to develop the breadth and depth of our service offering. Our strategy remains focused on providing clients with integrated capabilities across the infrastructure lifecycle, from design and engineering through to construction, commissioning, maintenance and asset support. In Power Transmission & Distribution, we continued to build our position within distribution markets, supporting clients as investment accelerates across the UK's electricity network. In January 2026, we established capabilities that have allowed us to also enter the UK transmission market, through a number of projects for National Grid. This is an important strategic step for the Group as it positions the Group as having market propositions across the main components of the UK power market, namely: generation (e.g. through our work on onshore wind farms, onshoring power generated by offshore wind farms and solar); storage and transmission and distribution. We have also maintained strong momentum within energy transformation markets, supporting projects associated with renewable generation, battery storage and wider network reinforcement. The acquisition of Valmech in November 2025 marked our entry into the heat network sector, adding specialist capabilities in a market that is expected to play an increasingly important role in the future energy landscape. The mechanical capabilities of Valmech, allied to OCU’s long‑established pipeline capabilities, positions OCU with a unique proposition for clients. Alongside our established strengths in water and environmental services, digital infrastructure and HDD solutions, this further broadens the range of services available to our clients.

Investment in people is also how we protect OCU's culture as the Group expands. Our six values provide a common reference point across businesses and territories, reinforced through leadership, recognition, learning and engagement. Our academies and earn-and-learn routes widen access to infrastructure careers and build scarce technical skills from within. Gold membership of The 5% Club, with 13% of colleagues in formal earn-and-learn positions, is welcome recognition of that commitment. Technology continues to play an increasingly important role in supporting scale, integration and operational performance. Investments in proprietary data, digital platforms and business systems are improving visibility, enhancing decision-making and creating greater consistency across the Group. We have also established a pragmatic AI program, focused on applying the technology where it delivers tangible operational value. Whether supporting street works planning, workforce deployment, estimating, engineering design or automating routine processes, our approach is centred on improving productivity, strengthening decision‑making and enabling our people to deliver better outcomes for clients. Together, these capabilities support operational excellence and provide a scalable platform for the continued growth and integration of the Group. We are now seeing practical evidence of this investment at contract level. Within our Digital Infrastructure operations, AI-supported ingestion of job packs has reduced associated manual activity by 84%, releasing time for higher-value operational work and improving the speed at which information becomes available. OCU One continues to connect field delivery, safety, skills and assurance, while our data platform strengthens management insight.

As our international operation continues to develop, we remain focused on disciplined growth, careful integration and delivering consistent outcomes for clients across all regions. In ANZ, alongside operational delivery, our immediate priority has been to establish leadership, governance and operating foundations for sustainable development. AEC's energy infrastructure capability, together with Pilecom and Bam Bam's specialist foundation and piling expertise, provides complementary strengths across Australia and New Zealand. We are integrating in sequence: preserving local client relationships and entrepreneurial focus while introducing Group safety, commercial and reporting disciplines. This allows shared capability to develop at a pace aligned with operational capacity. Investing in people, technology, safety and sustainability The strength of OCU has always been its people. Throughout FY26 we continued to invest in recruitment, training, leadership development and early careers programs to ensure we have the skills and capabilities required to support future growth. Our People First approach remains central to the way we operate. Through our nationwide academies, development programs and leadership initiatives, we continue to create opportunities for colleagues to build long-term careers within the Group while supporting the wider skills requirements of the industries we serve.

That breadth was visible in work delivered during the year: from round-the-clock electricity network fault response and complex transmission connections to renewable generation, battery storage, high-volume digital maintenance, data‑centre enablement and critical water programs. We brought together ground engineering, mechanical, electrical, design and HDD expertise where projects required an integrated response. These examples show how capability developed in one part of OCU can strengthen delivery elsewhere and provide clients with continuity from early engagement through construction and asset support. Growing internationally A major highlight of the year has been the establishment of our Australian and New Zealand operations. The acquisition of AEC, together with subsequent acquisitions completed within the financial year (Pilecom and Bam Bam in December 2025) and after the year end (Volta in June 2026), has created a strong platform from which to support clients across energy and infrastructure markets. The acquisitions have also quickly established OCU as a national presence in Australia, with operations in Queensland, New South Wales, Victoria and Western Australia. In New Zealand, we have expanded our reach by opening a site on the North Island to complement the site on the South Island, acquired as part of the AEC acquisition. Beyond expanding our geographic reach, these investments provide access to new capabilities, new markets, new clients and a growing pool of talent. Importantly, it demonstrates the ability of the OCU model to enter new countries and then scale successfully while retaining the values, culture and operational disciplines that define our business.

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CEO report continued

Investing in people, technology, safety and sustainability continued Alongside the development of a global shared services centre, these tools provide a repeatable backbone for integrating businesses without removing the local expertise and accountability that make them successful. Above all, safety of all our stakeholders remains our first priority. The continued development of our safety culture, supported by OCU One, leadership engagement and operational assurance, reflects our commitment to protecting our people, clients and communities. Safety is not a program or initiative; it is a core part of who we are and how we operate. We are pleased to have significantly improved our already industry‑leading safety performance during the year. That focus has contributed to a rolling Accident Frequency Rate of 0.028 (UK – June 2026), alongside continued leadership engagement, stand-downs and the use of data to identify and address risk. Our responsibility extends beyond safety. During the year, 99% of waste was diverted from landfill, alongside continued investment in fleet transition and colleague wellbeing across OCU. Our wider sustainability program continued to focus on climate resilience, resource efficiency, skills and social value. We have made progress, but we remain clear that integration, contract risk, adaptation and data quality require sustained management attention as OCU grows.

Looking ahead As we move into FY27, OCU is well positioned for the next phase of its development. We operate in markets supported by long-term investment drivers, maintain strong relationships with leading clients and continue to enhance the capabilities that differentiate our business. Our combination of technical expertise, operational excellence, commercial discipline and dynamic culture provides a strong platform from which to pursue future opportunities. However, we recognise that yesterday's performance does not guarantee today's. As an organisation, we remain committed to a program of continued enhancement and investment that will enable us to provide the highest level of service possible to clients. Our priorities for FY27 are therefore clear: deliver safely and consistently for clients; embed the businesses and capabilities added during FY26; improve productivity and visibility through technology; and continue developing the people who will lead the next stage of OCU's growth journey. We will carefully deepen our position in the UK and Ireland, build ANZ in a measured sequence and remain connected to multinational client strategies where they create a clear, credible route into other markets. Any further step will be demand-led, capability-led and supported by the strong Group platform already in place. The year ahead will bring new challenges and new opportunities. We remain focused on delivering safely, supporting our clients, developing our people and creating long-term value for all stakeholders.

Lastly, I would like to extend my thanks to all colleagues, clients, partners and shareholders for their continued support. Their commitment, professionalism and expertise remain the foundation of OCU's ongoing success.

Michael Hughes Chief Executive Officer

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What we do

Strategic operational capability

Operational governance

Confidence for the future

We operate across regulated and non-regulated infrastructure markets, supporting clients and their customers with the safe, reliable and efficient delivery of essential services. Our activities span the full asset lifecycle, from design and engineering through to construction, commissioning, maintenance and renewal. Underpinning our operations is a mature Group platform that combines people, technology, commercial discipline and strong operational governance to support consistent performance across OCU.

OCU’s capabilities span critical energy, water, and digital infrastructure assets, enabling us to support clients at every stage of the asset lifecycle. Through OCU Utilities, OCU Energy and OCU – ANZ, we operate across Power Transmission & Distribution, Energy Transformation, Water & Environmental, Digital Infrastructure and selected adjacent markets, combining specialist expertise with end‑to‑end delivery capability. Our activities support major programs in electricity transmission and distribution, battery energy storage systems, renewable energy, heat networks, water infrastructure, digital connectivity and asset maintenance. This breadth enables us to respond to changing market requirements while maintaining a focus on safety, quality and long-term client relationships. As our international presence continues to develop, we remain committed to delivering the same operational standards and client-focused approach across all regions.

Our leadership team, supported by the Board, provides strategic direction and oversight across the Group. Group Services brings together finance, commercial, technology, HR, SHEQ, procurement, legal, sustainability, communications and program management functions, creating a scalable platform that supports growth while maintaining effective governance and control. With thousands of colleagues working across multiple locations and operational environments, OCU combines regional

Our presence across regulated frameworks, project delivery and long-term asset maintenance provides a balanced platform for sustainable growth. Supported by long‑standing client relationships, specialist capabilities and a strong safety culture, OCU is well positioned to support the increasing investment in energy transformation, water infrastructure and digital connectivity. Over the past year, we have continued to strengthen our capabilities through targeted investment, selective acquisitions and the expansion of our international footprint. This includes growing our presence in Australia and New Zealand, extending our transmission and energy transformation capabilities, and entering new adjacent markets such as heat networks. Together with the ongoing development of our people, systems, and operational model, these investments provide a strong foundation as we continue to power a brighter tomorrow and transform energy and utilities infrastructure.

delivery capability with Group-wide standards, systems and processes.

Continued investment in digital platforms, data, workforce management and operational support functions helps maintain consistency, visibility and responsiveness across our activities while supporting safe and efficient delivery for our clients.

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What we do continued

OCU Group structure

OCU leads the way in end-to-end infrastructure

Group organisation

OCU Group

engineering across energy, utilities and digital markets, specialising in safely and efficiently delivering complex client requirements. Our breadth of capabilities and depth of operational capacity, paired with our cutting‑edge technology, ensure that we are not just part of the market; we are leading it.

Business units

OCU Utilities

OCU Energy

Group Services

• Regulated Power Transmission & Distribution • Regulated Water & Environmental • Digital Infrastructure

Markets

• Energy transformation

Sub-business units

OCU Utilities

OCU Trenchless

Energy Projects

RJ McLeod

Energy & Utilities

Infrastructure services: • LV to EHV on underground circuits • Substations • Overhead lines • Data centres – fibre & low voltage • Water & wastewater • Heat networks • Multi‑utility • Rail fibre • Fibre – maintenance • Fibre – residential & business build • Horizontal directional drilling (HDD)

Horizontal directional drilling: • Offshore wind farm cable landfall • Interconnector cable landfall • Onshore cable drills • Crossings • Rail • Highways • Waterways Also supports Utilities HDD

Power systems: • Battery energy storage systems (BESS) • Solar • Onshore wind • Long linear cabling • Network connections • Grid infrastructure solutions • HVDC • Microgrid and private networks • Data centre connections • EV charging • Rail electrification • Operations & maintenance • Manufacturing solutions

Infrastructure engineering: • Onshore wind farms • BESS civils • Civil engineering • Flood defence • Hydroelectric • Synchronous condenser • Harbours & piers • Highways

Capabilities

Technical support

• OCU design capabilities based in the UK and India – providing extended hours of design coverage

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Our culture and values One Company United

At OCU, our culture is defined by One Company United , bringing together talented people, diverse capabilities and a shared commitment to delivering for our clients, communities and each other. As we continue to grow, this culture remains the foundation that connects our teams across Group territories, markets and specialist disciplines.

Our culture and values underpin everything we do, helping us deliver critical energy, utilities and digital infrastructure projects safely, responsibly and with purpose. They guide how we work together, how we build lasting relationships and how we safely create positive outcomes for the environments and communities we serve. As the business evolves, our focus remains on attracting, developing and retaining great people, fostering collaboration and sharing expertise across the Group. By combining local knowledge with the strength of a broader platform, we create opportunities for our people while delivering consistent, high-quality outcomes for our clients. These principles support our ambition to be recognised not only for what we deliver but for how we deliver it: through strong leadership, operational excellence, innovation, integrity, and an unwavering commitment to safety. Together, they enable us to continue to power a brighter tomorrow and help shape the infrastructure that underpins modern life.

Our values Six core values capture our identity and guide our operations: We care about safety

We deliver to grow

We make a positive impact

Safety is non-negotiable in every activity, ensuring that everyone in our environments is protected and secure. Our safety mindset is ‘Think Safe + Work Safe = Home Safe’.

We commit to the best performance in all the work we do, creating growth for our clients and for OCU through market‑leading outcomes. We lead with integrity We maintain the highest ethical standards in all our work, ensuring transparency and honesty in every action.

We are dedicated to improving communities and enhancing the environment, strengthening our commitment through proactive initiatives.

We strive to be better every day

We are One Company United

We embrace each day as an opportunity for improvement, pushing boundaries for professional development and operational excellence.

Collaborating as one team, valuing diverse perspectives to deliver positive results.

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How we do it Safety built into every decision

Safety is the foundation that enables everything we do At OCU, safety is the principle that underpins every decision we make. As we continue to expand our capabilities across Energy Transformation, Power Transmission & Distribution, Water & Environmental and Digital Infrastructure, our commitment to protecting people remains constant. Safety begins with leadership and is embedded throughout our governance framework. It is the first and most important item discussed at all Board, executive and leadership meetings and remains central to planning, mobilisation and delivery activities across the Group. This visible commitment helps create a culture where safe outcomes are prioritised alongside operational performance and client service. Our approach is built on personal responsibility and collective accountability. Every colleague is empowered to challenge unsafe behaviours, intervene when required and contribute to a culture where everyone looks after one another.

Digital tools supporting safer outcomes

Technology continues to play an increasingly important role in how we manage safety. OCU One provides a single platform for reporting, communication, observations, interventions and workforce engagement, helping create greater visibility across our operations. Combined with real-time operational support and data-driven insight, these capabilities allow us to identify trends, respond quickly and continuously improve performance. Safety leadership that is visible and active Safety is reinforced through continuous training and development, regular site engagement, leadership visits and direct involvement from senior management teams. Our ‘Think Safe + Work Safe = Home Safe’ mindset remains a visible reminder of the standards expected across every project and location. Every employee continues to be supported by Stop Work Authority, ensuring concerns can be raised and addressed immediately.

Creating consistency across a growing platform The continued growth of OCU has

Raising the standard As OCU evolves, so too does our approach to safety. Through leadership training, innovation and continuous improvement, we remain focused on setting high standards for ourselves and creating an environment where people can perform at their best while returning home safely every day.

Learning together, improving together

strengthened the importance of maintaining a consistent safety culture across all parts of the Group. Through common systems, shared learning and aligned leadership, we continue to reinforce the standards expected across every business and location. Our integrated approach enables teams to benefit from collective experience while retaining the agility required to support local client and project requirements.

Our quarterly safety stand-downs provide opportunities to share learning, discuss emerging risks and reinforce the behaviours that help keep people safe. By creating open dialogue and encouraging participation from all levels of the organisation, we continue to strengthen our collective commitment to safe delivery.

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How we do it continued Our culture accelerates our future

One Company United A culture shaped by ownership and accountability

Developing people and capabilities

United by common values Our six core values remain at the centre of how we operate. They provide a common language across the Group and help ensure that growth, integration and expansion are supported by a consistent culture and shared behaviours. These values guide how we make decisions, build relationships and deliver for our clients.

The success of OCU is built on the quality of its people. We continue to invest in training, leadership development, graduate programs, apprenticeships and technical capability, helping colleagues build rewarding careers while supporting the future needs of our business and clients. By developing talent in our academies and attracting expertise from across our sectors, we continue to strengthen the depth and resilience of our organisation. Innovation through collaboration As infrastructure markets evolve, so too must the way we work. Our people combine specialist expertise with industry and client accreditations that enable them to work across critical networks. We encourage teams to challenge convention, embrace technology, optimise design and identify opportunities to improve safety, efficiency and client outcomes, supporting continuous improvement and long-term success.

Our culture is one of the defining strengths of OCU. As the Group continues to grow, we remain focused on fostering an environment where people take ownership, act with integrity and work together to deliver the right outcomes for clients, colleagues and communities. This culture creates clarity, accountability and a shared commitment to excellence throughout the organisation.

A platform for the future The integration of new capabilities, new Group territories and new teams has reinforced the strength of our culture. While our footprint continues to expand, the principles that define OCU remain unchanged. We are One Company United, bringing together diverse skills, specialist expertise and shared ambition to deliver the infrastructure that supports communities, economies and future generations.

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How we do it continued Building a connected infrastructure platform

Regional strength with international reach Our roots remain firmly embedded in the communities we serve, supported by a network of operational hubs across the UK. This footprint has been further strengthened through expansion into Australia and New Zealand, extending our ability to support clients operating across multiple geographies. By combining local knowledge with broader capability, we are able to deliver responsive, client-focused solutions at scale. As OCU continues to power a brighter tomorrow, we are creating a platform that combines local delivery expertise with expanding national and international reach. Through investment in people, capabilities and locations, we are strengthening our ability to support clients throughout the lifecycle of critical infrastructure assets.

Bringing capabilities together The infrastructure challenges facing our clients increasingly require integrated delivery models. OCU has continued to develop complementary capabilities across Energy Transformation, Power Transmission & Distribution, Water & Environmental and Digital Infrastructure, enabling us to provide a broader range of services from a single platform. This approach enhances collaboration, improves efficiency and simplifies program delivery for clients operating in complex and evolving markets.

Operational resilience through connected services Our National Operations Centre provides round‑the-clock support to clients and operational teams, helping co-ordinate activity, maintain service continuity and provide real-time visibility across multiple sectors. Combined with our digital platforms and regional operating model, this creates a resilient and responsive delivery capability that can effectively support clients throughout the asset lifecycle.

Looking ahead The future of infrastructure will require greater collaboration, deeper technical expertise and the ability to deliver across multiple markets. By continuing to invest in capabilities, locations and people, OCU is strengthening its position as a trusted delivery partner for essential infrastructure programs both today and in the years ahead.

Supporting communities through growth

Our growth continues to create opportunities for people and communities. Through direct employment, training, apprenticeships and local supply chain engagement, we seek to create lasting value wherever we operate.

As infrastructure investment increases, we remain committed to developing the skills and talent required to support future delivery.

Key:

Active market

Target market

Strategic report

Governance

Financial statements

14 OCU Group Annual report and financial statements 2026

Our journey and FY26 highlights

FY26

The infrastructure required to support modern economies is changing at pace. Power networks are expanding, renewable generation is accelerating, digital connectivity continues to grow, and essential utility assets require ongoing investment to meet future demand. OCU operates at the intersection of these long‑term trends, providing the expertise, specialist capabilities and delivery scale required to support critical infrastructure across the asset lifecycle. From Power Transmission & Distribution and water networks to energy transition projects and digital infrastructure, we help clients deliver, maintain and enhance the assets that keep communities connected. Built on a strong foundation of safety, operational excellence and long-standing client relationships, OCU continues to broaden its capabilities, expand its geographic reach and invest in its people, technology and delivery platforms. The milestones highlight key moments in our development and the achievements that shaped FY26.

2025

In FY26 OCU expanded its platform through AEC, Bam Bam and Pilecom in Australia and New Zealand, and Valmech in the UK. FY27 brought two further acquisitions: Athena in the UK in May 2026 and Volta in ANZ in June 2026, bringing the total since 2022 to 19

OCU acquired Nettworx, RJ McLeod, Purestream, and McCormack Drilling

2024

OCU won RoSPA Order of Distinction Award – marking 15 consecutive Gold Awards – and RoSPA Fleet Safety Gold Award

OCU acquired Modus Utilities, Northavon Group, Integrum Power Engineering, Hornbill Engineering, and Insiris

2023

OCU exceeded £1bn annual revenue for the first time, supported by continued organic growth and strategic acquisitions

OCU maintained Gold partner status for Armed Forces Covenant

OCU built and expanded an engineering design team and support services capability in India

OCU acquired FKS, Opals, InICT, and Andrews Associates

2022

OCU achieved Gold status with The 5% Club, with more than 7% of colleagues in earn-and-learn positions

OCU secured positions on major UK transmission infrastructure programs, expanding its presence in the high-voltage grid sector

OCU acquired by Triton Partners

OCU surpassed 5,000 people working in the UK every day

OCU acquired Valmech, establishing a platform in the heat networks market

OCU released its first dedicated Sustainability Report

2014

OCU Group (OCU) formed

OCU maintained over 5,500 people working across the Group, supporting clients throughout the UK, Australia and New Zealand

OCU secured a number of energy transformation projects following the successful integration of Hornbill, Integrum, Modus, and RJ McLeod into the Group

The Group's order book of contracted work and framework opportunities surpassed £4bn for the first time

Acquired OCU Services (formerly Instalcom)

2002

OCU introduced the UK’s first e-hotbox, setting new safety standards

OCU continued the rollout of its digital operating platform, supporting workforce management, operational control and client reporting at scale

OCU introduced ‘George’, the UK’s largest pipe pusher, accelerating project timescales and minimising community disruption

OCU strengthened its National Operations Centre capability, providing 24/7/365 support for critical infrastructure operations

OCU Utility Services established by our founders Tim & Tom O'Connor

1994

OCU won the VMO2 fibre maintenance contract and the Northern Powergrid framework contract

OCU expanded its portfolio of battery energy storage, renewable energy and grid connection projects supporting the energy transformation; alongside an organic entry into transmission

Key:

FY26 key events

OCU National Operations Centre fully functioning 24/7/365

Calendar years

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