OCU Group - Annual Report 2026

Strategic report

Governance

Financial statements

2 OCU Group Annual report and financial statements 2026

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.