Ashtead Technology (AT) H2 2025 earnings summary

Executive summary

• Revenue grew 21% year-over-year to £203.2 million, with 3% organic growth and 19% from acquisitions/M&A.

• Adjusted EBITDA margin reached 29.1%, at the top end of the medium-term target range; adjusted EBITA rose 17% to £59.1 million.

• Adjusted EPS increased by 10% to 49.4p, reflecting a resilient business model.

• Strategic acquisitions (Seatronics, J2, ACE Winches) were fully integrated, delivering synergies ahead of plan.

• Expanded global footprint with new facilities in Houston and Norway, and strengthened leadership team.

Financial highlights

• Revenue: £203.2 million in 2025, up 21% year-over-year (3% organic, 19% inorganic, -1% FX impact).

• Adjusted EBITDA: £59.1 million, margin 29.1%.

• Adjusted EPS: 49.4 pence, up 10% year-over-year.

• Return on capital: 22.7%, well above cost of capital.

• Free cash flow: £40.4 million, EBITDA to free cash flow ratio 49%.

• Net debt to EBITDA leverage reduced to 1.3x.

Outlook and guidance

• Long-term growth underpinned by rising global energy demand, energy security concerns, and strong market fundamentals.

• Addressable market forecast to grow at 6% CAGR through 2029.

• Board confident in delivering further progress in 2026, barring extended Middle East or significant geopolitical disruption.

• Record multi-year customer backlog supports future revenue visibility.