Ashtead Technology (AT) Trading Update summary

Financial performance

• Revenues reached approximately £99m in H1 2025, up 23% year-on-year on a reported basis but down 6% on a pro-forma basis.

• Adjusted EBITA margin was resilient at around 27.3%, aligning with medium-term targets.

• Cash generation met expectations, with pro forma net debt leverage at about 1.6x as of 30 June 2025.

• Adjusted profit before tax for the full year is expected to be in line with previous guidance.

Business environment and outlook

• Revenue was impacted by geopolitical challenges, US market disruption, and FX headwinds.

• Focus remains on higher quality rental revenues and reducing low-margin sales.

• H2 2025 is expected to see high single-digit percentage growth over H1 revenues.

• Full year Adjusted EBITA is now expected to be modestly below prior expectations.

• Customers report significant backlogs and contract awards, supporting medium-term market confidence.

Strategic initiatives and operational updates

• Achieved higher operational synergies from recent acquisitions faster than anticipated.

• Continued disciplined cost control while investing in strategic growth initiatives.

• Plans to move to the Main Market of the London Stock Exchange during 2025 remain on track.

• Results for the six months ended 30 June 2025 will be published on 26 August 2025.