Ashtead Technology (AT) H2 2025 TU earnings summary

Executive summary

• Achieved strong margin performance, with adjusted EBITA ahead of expectations for the year ended 31 December 2025.

• Expanded international footprint and enhanced service offerings, positioning for further strategic progress in 2026.

• Maintained focus on operational execution and quality of revenue despite geopolitical and business environment uncertainties.

Financial highlights

• Full year revenue expected at approximately £203 million, up 21% year-over-year (2024: £168 million), including 3% organic growth.

• Second half revenues about 5% higher than the first half.

• Adjusted EBITA margin anticipated towards the top end of medium-term target, slightly ahead of market profit expectations.

Outlook and guidance

• Improved business momentum entering 2026, supported by mobilisation of longer-term projects previously delayed.

• Net debt expected to improve to below 1.0x by end of 2026.

• Planned capital expenditure of approximately £35 million in 2026 to support growth and customer needs.