Ashtead Technology (AT) H1 2025 earnings summary

Executive summary

• Achieved 23% year-on-year revenue growth to £99.1 million in H1 2025, with adjusted EBITA up 20% to £27.0 million and a 27.3% margin, driven by both oil & gas and renewables markets.

• Integrated Seatronics and J2 Subsea acquisitions, delivering higher-than-expected operational synergies and expanding capabilities.

• Maintained robust profitability and record customer backlogs despite market and geopolitical headwinds, with delayed projects now mobilized.

• Continued investment in talent, technology, and geographic expansion, notably in Norway and the U.S.

• Move to the Main Market of the London Stock Exchange expected on 6 October 2025 to enhance liquidity and investor access.

Financial highlights

• Revenue: £99.1 million in H1 2025, up 23.2% year-on-year.

• Adjusted EBITA: £27.0 million (20% YoY growth), margin 27.3%.

• Adjusted EPS grew 15% year-on-year to 21.9p.

• ROIC at 24.2%, above cost of capital but down from prior year due to increased investment.

• Net debt at end of June was £131.9 million, up due to CapEx and acquisition funding.

Outlook and guidance

• Board expectations for full year remain in line with July trading update, with confidence in H2 growth as delayed projects have mobilized.

• Medium-term outlook supported by 8% CAGR in addressable market through 2028.

• U.S. offshore wind removed from forecasts due to political uncertainty; any activity will be treated as upside.

• Free cash flow forecasted for the year, supporting deleveraging to 1.4x net debt.

• Move to main market expected October 6th to enhance liquidity and investor access.