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Ashtead Group (AHT) investor relations material
Ashtead Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary9 Dec, 2025
Executive summary
Group rental revenue grew 2% in H1 and 1% in Q2, with underlying Q2 growth at 3% after adjusting for a quiet hurricane season, in line with expectations and guidance.
Record free cash flow of $1.1 billion, up 164% year-over-year, enabled $1 billion+ returned to shareholders, seven bolt-on acquisitions, and a new $1.5 billion buyback program commencing March 2026.
Mega project and strategic account activity remains strong, with positive leading indicators for local non-residential construction and reaffirmed full-year guidance.
Strategic focus on safety, operational discipline, and advancing the Sunbelt 4.0 plan continues, with a major safety assessment initiative planned for 2026.
NYSE relisting and Investor Day scheduled for March 2026.
Financial highlights
Group revenue rose 1% to $5,763m; rental revenue up 2% to $5,357m year-over-year.
Adjusted EBITDA was $2,657m (down 2%), margin 46.1%; Q2 EBITDA margin 47%.
Adjusted pre-tax profit fell 4% to $1,208m; adjusted EPS was 212.1¢ (down 1%).
CapEx investment totaled $1.3bn in H1, down 25%, focused on both replacement and growth.
Interim dividend increased to 37.5¢ per share.
Outlook and guidance
Full-year guidance reaffirmed: Group rental revenue growth 0–4%, CapEx $1.8–$2.2bn, free cash flow $2.2–$2.5bn.
Expect continued strong megaproject activity, robust M&A pipeline, and Specialty segment leading growth.
Positive internal and external leading indicators suggest local non-residential market equilibrium and potential acceleration in starts within 12–24 months.
NYSE relisting and Investor Day in New York City scheduled for March 2026.
What strategic benefits from NYSE relisting?
How to improve NA General Tool fleet utilization?
Balance of new buyback vs growth investments
U.K. restructuring: ROI timeline and impact?
Confidence in local non-res market recovery?
Offsetting repair cost headwinds with ops?
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Next Ashtead Group earnings date
Q3 20263 Mar, 2026
Next Ashtead Group earnings date
Q3 20263 Mar, 2026
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Frequently asked questions
Ashtead Group plc engages in the construction, industrial, and general equipment rental business in the United States, the United Kingdom, and Canada. It is also involved in the provision of civil engineering and related consultancy services; asset management activities; and the provision of associated facilities management services. The company operates through two segments: Construction Equipment Rental and Industrial Rental.
The Construction Equipment Rental segment rents earth moving machines, cranes, scaffolding, concrete saws, and power tools to a range of construction industry customers. The Industrial Rental segment primarily rents production processing machinery products to a range of industrial sectors by means of short term or long term rental agreements. This segment also offers electrical and mechanical repairs to its customers' technologically advanced equipment. The company was founded in 1947 and is based in London, the United Kingdom.
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